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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 3: Hello, and welcome to She Is on the Money, the

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Speaker 3: podcast Millennials to Want Financial Freedom. My name is Georgia King.

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Speaker 3: I'm a copywriter and journalism student who has all us

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Speaker 3: left to learn when it comes to money, and thankfully

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Speaker 3: here to help me out as always is financial advisor

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Speaker 3: Victoria devine V.

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Speaker 4: Hello, hello friend.

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Speaker 3: Now today on the show, we are going to be

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Speaker 3: tackling quite a big one. That is, what is the

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Speaker 3: real cost of divorce?

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Speaker 1: Now?

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Speaker 3: It's estimated that in Australia, roughly fifty thousand divorces occur

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Speaker 3: each year, and that, perhaps unsurprisingly, women are usually more

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Speaker 3: likely to come out of the split worse than men. Now,

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Speaker 3: divorces are also not as simple as calling it a day,

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Speaker 3: going to separate ways. Oursets need to be divided, kids

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Speaker 3: need to be considered, and the whole process can end

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Speaker 3: up being significantly more expensive than you may think. But

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Speaker 3: before we talk through this big old topic and not

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Speaker 3: out how we can set ourselves up for as financially

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Speaker 3: positive a divorce as possible, Victoria, let's start on a

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Speaker 3: happier note, or maybe it's not happy. Talk me through

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Speaker 3: your money wins or confessions from this week time.

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Speaker 4: Jod it's not a happier note. I have a confession

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Speaker 4: this week to share with you.

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Speaker 5: What have you done?

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Speaker 1: So?

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Speaker 4: I think I loaded on the podcast very recently that

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Speaker 4: I had a money win because I didn't have to

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Speaker 4: pay for my parking in the CBT. Yeah, but I

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Speaker 4: didn't knock on wood when we are recorded that. So

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Speaker 4: I actually have ended up with a parking fine for

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Speaker 4: parking in a spot for too long. And it turns

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Speaker 4: out that that is one hundred and twenty dollars fine

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Speaker 4: here in the Melbourne cbd D.

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Speaker 5: So yeah, a bit steep, bit of a sting past.

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Speaker 3: So that should not be a thing right now. I

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Speaker 3: don't think.

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Speaker 4: No, it's a bit rude because again I was at

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Speaker 4: work exactly, but I think that, you know, maybe.

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Speaker 5: That was deserved because I should have kept.

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Speaker 4: An eye on my parking time a little bit more.

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Speaker 5: True, more closely.

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Speaker 4: But that that is what it is. If you've got

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Speaker 4: a money win or confession for me, please win.

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Speaker 3: I've got a win to make up for yours, although

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Speaker 3: it is kind of set.

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Speaker 4: So I feel like our money when dank confessions are

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Speaker 4: getting sad and we are grasping its straws, but I'm here.

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Speaker 5: It's time I got a parking ticket. What if you

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Speaker 5: done so a couple of.

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Speaker 3: Weeks ago, back in the days when you could go

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Speaker 3: to cafes and sit in them for that limited time

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Speaker 3: period in Melbournis.

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Speaker 5: I remember those days from play.

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Speaker 3: Yes, So I went to a cafe with a girlfriend.

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Speaker 3: We waited for an hour for a seat at a

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Speaker 3: table because it was so novel, you know, we hadn't

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Speaker 3: done that in a long.

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Speaker 5: Time, that's crazy.

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Speaker 3: We waited, it was fine. We sat down, you know,

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Speaker 3: chattered for a little bit, decided what we were going

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Speaker 3: to order. I went up. It was going to be

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Speaker 3: my shout. I didn't tell Aaron that my friend, but

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Speaker 3: it was going to be girl anyway, ordered went to pay.

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Speaker 3: Only had cash on me because I lost my bank

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Speaker 3: card like like thought, I blocked it and everything, it's all.

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Speaker 3: Jake went back to Aaron, said, girl, can I borrow

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Speaker 3: your card? They did not taking cash at the moment,

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Speaker 3: COVID life, and she was like, I only have cash.

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Speaker 3: So we had to leave there without our fifty dollar breakfast, coffee, taie,

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Speaker 3: all of the things. So it was kind of waste.

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Speaker 3: Breakfast at home yeah, I did, so that's kind of

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Speaker 3: where the wind ties into it. It was a waste of

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Speaker 3: a morning. I mean, I still got to hang out

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Speaker 3: with Aaron.

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Speaker 5: Love you dull, but you're a top blowcairy.

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Speaker 3: She goes, all right, but yeah, I didn't didn't pay

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Speaker 3: for my breakfast or for hers, so fifty dollars in

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Speaker 3: my bank account that I wouldn't have had.

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Speaker 5: So good. That's kind of a sucky cod story. But

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Speaker 5: that's all right.

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Speaker 3: Let's let's turn our attention to our brilliant Facebook community. Yes,

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Speaker 3: get involved if you're not already a member. Victoria, do

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Speaker 3: you have a favorite post from this week?

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Speaker 4: I do. I have one from Ashley and she said

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Speaker 4: that she has a money win for us, right love that.

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Speaker 4: She said that she's getting married in October, and then

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Speaker 4: in brackets she said hopefully with the fingers Press. But

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Speaker 4: she said so, there's a very variouslim portion of her

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Speaker 4: budget allocated to buying clothes or nice treats for herself,

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Speaker 4: and she was desperate for a new winter dress and

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Speaker 4: a few nice pieces to spruce up her wardrobe. And

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Speaker 4: she went to the up shop last week spent a

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Speaker 4: total of sixty dollars on five different items, three of

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Speaker 4: which were brand new tags still on, and two of

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Speaker 4: them were from higher end designer brands like Peter Alexander

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Speaker 4: and Trent Nathan. She said she added it up and

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Speaker 4: to buy these clothes in Soare it would have cost

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Speaker 4: her more than two hundred and fifty dollars, which is

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Speaker 4: a massive saving. Each saved one hundred and ninety dollars.

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Speaker 4: She says she's feeling very proud of herself for not

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Speaker 4: only snagging a total bargain, but investing in more sustainable

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Speaker 4: fashion options. And she said that she has actually had

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Speaker 4: so many compliments on her new outfits already, which I love,

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Speaker 4: and I think that that is just really inspirational given

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Speaker 4: our fast fashion very recently.

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Speaker 5: Georgia, good one.

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Speaker 3: You, Ashley loved that.

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Speaker 5: What have you got for us, Georgia?

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Speaker 3: Yeah, so mine it's not a win, but it was

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Speaker 3: a very cute post that I saw today. So it's

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Speaker 3: from Chloe. She's written in Hi guys new to this group.

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Speaker 5: I thought I would share.

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Speaker 3: She's actually printed out a money saving tree.

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Speaker 5: Oh I saw these.

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Speaker 3: It it's a literal tree and each leaf represents fifty dollars,

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Speaker 3: so she colors them in each time she pops.

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Speaker 4: To us into a holiday savings account.

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Speaker 5: It's right.

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Speaker 3: Yeah, so the whole tree with all its leaves amounts

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Speaker 3: to ten thousand dollars, which I think is two hundred

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Speaker 3: livus math. So yeah, that was just really cute, A

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Speaker 3: nice little idea. It's for a trip to Europe. Hopefully

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Speaker 3: that'll happen one day.

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Speaker 4: I wonder if we can get that printable in the

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Speaker 4: Facebook group. Yeah, I think there could be a thing.

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Speaker 4: I'm going to get in touch with Chloe. I'm going

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Speaker 4: to get in touch with Chloe. Chloe, I'm coming for

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Speaker 4: you and your tree.

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Speaker 3: Look out. Alrighty, now it is on to the main

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Speaker 3: topic of today's show, What is the real cost of

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Speaker 3: a divorce? Now we've spoken about engagement rings and weddings

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Speaker 3: on the show before, but we're yet to have explored

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Speaker 3: the financial impacts of divorce, or, as it is technically known,

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Speaker 3: the formal legal ending of marriage, which guys probably already knew,

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Speaker 3: but I thought I throw it in there now. Given

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Speaker 3: that one in three marriages in Australia does actually end,

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Speaker 3: and that women are often left financially worse off from

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Speaker 3: divorce than men, we think this topic is absolutely worthy

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Speaker 3: of conversation, even if divorce may seem a foreign concept

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Speaker 3: for our younger listeners or a far off concept for

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Speaker 3: people that are loved up. So to start us off, Victoria,

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Speaker 3: can you please give us an idea of what is

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Speaker 3: actually involved when it comes to divorce and why it

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Speaker 3: can be so expensive.

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Speaker 4: Yes, so I'm glad we chose such a light topic

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Speaker 4: for today's show, but let's be honest, it is actually

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Speaker 4: one that is incredibly important because, as I always say,

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Speaker 4: like we just need to be educated. You don't have

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Speaker 4: to be in a position where you're even thinking about

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Speaker 4: a divorce to know what you need to know if

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Speaker 4: you were ever in that position, or what you need

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Speaker 4: to know to hold a hand of a friend who's

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Speaker 4: potentially going through that situation. So divorce does impact individuals

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Speaker 4: in super substantial ways financially, and so this is why

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Speaker 4: we are talking about this today, So Georgia. It also

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Speaker 4: directly affects more than one hundred thousand Australians each and

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Speaker 4: every single year, so it is not an uncommon thing

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Speaker 4: for people to be going through. Obviously, every single divorce

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Speaker 4: will vary and the financial ramifications of it for everyone

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Speaker 4: will alter. But today I really want to provide the

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Speaker 4: top line info of what we need to be looking

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Speaker 4: out for and how we can put ourselves first, especially

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Speaker 4: because most of our listeners, Georgia are actually women. So

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Speaker 4: to kick us off, also really cool quickly about an

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Speaker 4: amicable divorce which is settled out of court via mediation

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Speaker 4: and it all runs pretty smoothly. So Georgia and amicable

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Speaker 4: divorce is when both parties are in agreeance, they kind

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Speaker 4: of come to the table and say, hey, do you

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Speaker 4: want a divorce In the other parties as yeah, so

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Speaker 4: glad last I'm here for that too, and they actually

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Speaker 4: separate in a way that has no conflict involved in

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Speaker 4: it at all. So you're, you know, still friends, or

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Speaker 4: you're maybe not friends, but you're still okay with each

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Speaker 4: other and you just want the relationship over. You're happy

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Speaker 4: to negotiate on things like property or houses or even

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Speaker 4: if you don't have kids. Just come to a conclusion

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Speaker 4: around what that means. So whilst you might think that

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Speaker 4: that's the cheap way out of it, Georgia, Fidan chev Kat,

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Speaker 4: who also spoke to Finder recently, has said that these

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Speaker 4: were cost around five to eight thousand dollars and that's

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Speaker 4: because there's no divorce lawyers involved, and it would be

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Speaker 4: relatively painless. This is actually the scenario that most Australian

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Speaker 4: families go through, and it is only a small percentage

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Speaker 4: of divorces that go to court. So I do really

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Speaker 4: want to call that out on because we're not talking

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Speaker 4: about every single divorce that happens, because more often than not,

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Speaker 4: when you decide to get a divorce, you might not

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Speaker 4: be happy with the other person or something has happened,

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Speaker 4: but you usually come to some level of agreement between

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Speaker 4: the two parties so that you can actually just settle

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Speaker 4: things and go okay, well we've argued about it, but

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Speaker 4: now here's the outcome. It's often a very small amount

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Speaker 4: of people who end up in court or end up

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Speaker 4: stringing divorces out for numbers of years, which you know,

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Speaker 4: some large expenses obviously come into play there. So also

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Speaker 4: according to TVA Law in Australia, we can expect divorces

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Speaker 4: to on average cost us between fifteen to twenty thousand dollars,

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Speaker 4: which is according to them, quite reasonable. I don't know

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Speaker 4: how I feel about that, Georgia.

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Speaker 5: That's sensitive variety, Yeah, exactly.

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Speaker 4: And this cost actually covers the initial negotiations, initiating court

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Speaker 4: proceedings AFFI David's lawyer costs and mediation and court biling

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Speaker 4: fees and everything that's associated with that. So unfortunately, this

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Speaker 4: can absolutely skyrocket if things aren't amicable between both parties.

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Speaker 4: So if you're in disagreement about who gets the kids,

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Speaker 4: or who gets the dog, or you know, who gets

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Speaker 4: what house, or you know, even if it's just some

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Speaker 4: savings that you're fighting over, this can absolutely skyrocket the

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Speaker 4: second you get any lawyer involved. Because Georgia, on average,

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Speaker 4: a lawyer costs hundreds of dollars per hour to engage.

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Speaker 4: So this is the basis of the court system fees

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Speaker 4: if you go down that road for divorce. So I

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Speaker 4: think that it's important to just be aware. We're not

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Speaker 4: just saying, oh, take it, take them to court. We're saying, okay, well,

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Speaker 4: that's actually a really big financial undertaking for both parties. However,

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Speaker 4: the financial impacts of divorce go far beyond just the

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Speaker 4: divorce itself, and there are lots of elements we need

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Speaker 4: to discuss and consider and actually take into consideration.

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Speaker 3: Tell me a little bit more about processing.

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Speaker 4: So Georgia, the main financial impact we actually need to

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Speaker 4: be really weary of when it comes to divorce, is

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Speaker 4: that the whole process can quite dramatically reduce our savings

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Speaker 4: and our assets. It can actually with our superannuation. It

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Speaker 4: can impact our ability to afford a home once the

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Speaker 4: divorce has actually settled, which is quite scary if we

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Speaker 4: think about it. Then there are so many other personal

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Speaker 4: costs that we will touch on too in this conversation,

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Speaker 4: like the cost of therapy if it's required. Like, let's

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Speaker 4: be honest, if you have been living with somebody regardless

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Speaker 4: of how amicable your divorce is, I think it's a

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Speaker 4: really great idea to go and see someone and talk

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Speaker 4: that through because regardless of what you say or how

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Speaker 4: amicable it is, that is a traumatic situation that you

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Speaker 4: are going through, no matter how amicable it is. And

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Speaker 4: I think that that's really important to point out. And

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Speaker 4: I also think it's a really strong thing for you

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Speaker 4: to do. And that's a complete side note, but I

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Speaker 4: do think it's really important to talk about that because

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Speaker 4: there are so many other costs associated with the divorce

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Speaker 4: that aren't just like okay, well i lost half my

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Speaker 4: savings because my partner took it. So other things like

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Speaker 4: spousal support that could exist. So spousal support is where

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Speaker 4: you have to pay your partner some money so that

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Speaker 4: they can live their life because they got used to

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Speaker 4: a certain type of lifestyle or they're unable to support

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Speaker 4: themselves immediately after a breakup. And for some people that

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Speaker 4: can last for a really long time, or that can

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Speaker 4: last for a really short period of time until they

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Speaker 4: get back on their feet. And there's other things like

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Speaker 4: child support that you would have to pay as well

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Speaker 4: if you are separating with a partner and have children involved.

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Speaker 4: It's generally cheaper to live as a duo than a solo,

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Speaker 4: and this is why generally, as young people we have

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Speaker 4: housemates and we live with other people and sometimes we

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Speaker 4: share the bills and foot the rent together. Like, I

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Speaker 4: think it's really important to take that into consideration that

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Speaker 4: when you get a divorce, life usually gets a bit

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Speaker 4: more expensive and more often than not, if you're getting

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Speaker 4: a divorce, you aren't in the mind frame where having

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Speaker 4: housemate is normal to you. Having a housemate might be

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Speaker 4: something that you go no victoria, like I'm not going

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Speaker 4: to go get a housemate because I've lived on my

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Speaker 4: own or I've lived with my partner for the last

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Speaker 4: five ten years. I can't do it. I need to

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Speaker 4: just get my own space. So more often than not,

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Speaker 4: your cost of living increases once you divorce as an individual.

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Speaker 4: So we're not saying it's going to be like double,

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Speaker 4: but as a solo person, you are going to be

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Speaker 4: spending a little bit more money. You guys already know

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Speaker 4: how passionate I am about future you and making sure

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Speaker 4: that they are put in the best possible position. So

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Speaker 4: I think it's really important to note that according to

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Speaker 4: a recent Australian study, superannuation balances are significantly lower for

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Speaker 4: divorced parents than they are for their married counterparts, and

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Speaker 4: the stat is that divorced mothers have sixty eight percent

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Speaker 4: less super than married moms and similarly divorced fathers between

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Speaker 4: the ages of forty five and sixty four. According to

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Speaker 4: this study, Georgia have sixty percent less super than married

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Speaker 4: dads five years after their relationships have ended. Why is

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Speaker 4: that just because it's split. It could be split, It

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Speaker 4: could be so many different things. I think it's really

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Speaker 4: important to note that more often than not, if you're

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Speaker 4: a single mum and you've been divorced, you've probably gone

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Speaker 4: through a very large period of your life where you

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Speaker 4: are not generating an incoming contributing to your super and

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Speaker 4: I think that's then a completely different podcast topic that

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Speaker 4: I really want to discuss as well, and that should

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Speaker 4: your partner ever contribute to your superannuation, which is crazy

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Speaker 4: to think about, but also makes a lot of sense

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Speaker 4: if you are both working towards financial freedom and being

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Speaker 4: equitable and being on the same page. So I think

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Speaker 4: it's just really interesting to know these stats and be

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Speaker 4: educated about what's going on. I also think it's really

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Speaker 4: important to note in every state in Australia, superannuation is

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Speaker 4: seen as a joint asset, except for in do WA,

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Speaker 4: where if you get a to force and your partner

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Speaker 4: has three hundred thousand dollars in their superannuation account and

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Speaker 4: you are leaving them and you know whatever is going on,

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Speaker 4: you don't actually have access to that. And that is

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Speaker 4: one thing that terrifies me because you guys have been

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Speaker 4: working together and a relationship. In my eyes, and this

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Speaker 4: is very personal opinion. Now, relationship in my eyes is

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Speaker 4: about partnership. And if you are a stay at home mum,

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Speaker 4: you are doing so much work. You just don't have

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Speaker 4: a salary for it, Yeah, and I think that you

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Speaker 4: are absolutely well and truly contributing, so for then the

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Speaker 4: relationship to to dissolve and the other party be significantly

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Speaker 4: financially benefited. But you being disadvantaged is just not fair.

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Speaker 4: So I think that we need to start talking about this.

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Speaker 4: And I think that that's a really important stat to know,

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Speaker 4: because you might just assume that it's an asset that

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Speaker 4: you know, if we get a divorce, you'll be able

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Speaker 4: to access, whereas if you live in WA that's not

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Speaker 4: the case at all, Georgia. In that same report, it

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Speaker 4: also found the home ownership was a huge challenge for

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Speaker 4: divorced parents, with forty percent of divorced mothers and thirty

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Speaker 4: two percent of divorced fathers still renting five years after

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Speaker 4: their marriage has ended. I think we can obviously see

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Speaker 4: that this is putting people in a position where they

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Speaker 4: are disadvantaged and they're not having the same opportunity that

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Speaker 4: they would have had. As much as we can look

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Speaker 4: at it pragmatically and go, okay, Georgia, well they had

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Speaker 4: a dual income, fantastic, But also, we don't ever want

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Speaker 4: to put you in a situation where you would be

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Speaker 4: disadvantaged if you decided to leave a situation that was

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Speaker 4: no longer serving you. And we know that relationships often

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Speaker 4: keep continuing because of financial reasons, so people might not

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Speaker 4: leave their relationship because they know this is going to happen.

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Speaker 4: So if we can have these conversations earlier, and we

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Speaker 4: can have these conversations so we're all on the same

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Speaker 4: page always, we won't ever be in a situation where

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Speaker 4: we are in a relationship because we know it's financially beneficial.

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Speaker 4: And I just feel like we deserve that we deserve

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Speaker 4: to be in a position where we can make a

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Speaker 4: choice that is not a financial choice, you know, all

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Speaker 4: of that fluffy stuff about following our heart. I just

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Speaker 4: feel like mental health is equally important to financial health.

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Speaker 3: I think another point to note, Victoria is that the

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Speaker 3: emotional toll and the heartache of divorce can mean that

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Speaker 3: people are just like wanting to get it over with

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Speaker 3: as soon as possible, just rushing through it, not really

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Speaker 3: thinking through their options. Would you say that that is

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Speaker 3: something we need to be mindful of.

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Speaker 4: Absolutely, I do feel like a lot of people rush

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Speaker 4: into a divorce, And I'm not saying that's a bad thing.

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Speaker 4: I mean, I've never been through a divorce, so I

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Speaker 4: can't say, hey, here's what I would do, this is

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Speaker 4: how it would pan out. I've been through relationship breakdowns.

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Speaker 4: I've been through, you know, separating from a partner who

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Speaker 4: I lived with, which was absolutely heartbreaking. But at the

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Speaker 4: same time, I feel like I also have a lot

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Speaker 4: of experience working with my clients who have gone through divorce,

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Speaker 4: and I think that if you're in a position when

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Speaker 4: you are thinking about this, the best thing you can

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Speaker 4: do is get advice before you let your partner know

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Speaker 4: that that's the case. And I think that that is

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Speaker 4: the number one thing that I know has changed the

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Speaker 4: trajectory of my client's ability to have an amicable divorce.

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Speaker 4: We're not saying go to a lawyer and then let

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Speaker 4: your partner know that you're divorcing them via the lawyer.

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Speaker 4: I think it's go to your financial advisor, go see

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Speaker 4: a counselor go and seek the help of a lawyer

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Speaker 4: for an hour just to un stand the process properly,

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Speaker 4: so that if this is something that is going to happen,

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Speaker 4: you're in a position where you actually know what's going on.

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Speaker 4: You're not pulling a trigger and not knowing where you're

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Speaker 4: going to land. And I think that that's a really

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Speaker 4: important part of this. It's not because you're and we've

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Speaker 4: done an episode Geordor on a financial abuse. Absolutely not

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Speaker 4: because you're in that situation. It's so that you are

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Speaker 4: empowered and have clarity and at a time when you

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Speaker 4: don't have heaps of certainty, that is going to make

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Speaker 4: you feel a whole heap more secure. So just get

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Speaker 4: some advice, know what the process is, understand what's going on.

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Speaker 4: But then from a financial point of view, before you

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Speaker 4: even do anything, make sure that you know your financial situation.

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Speaker 4: So if your partner and you share bank accounts, make

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Speaker 4: sure that you know where all of your money is

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Speaker 4: and what is going on. If you have joint assets,

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Speaker 4: make sure that you've got those listed in a place

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Speaker 4: that is easily accessible. And I'm not saying this is

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Speaker 4: because everything's going to go badly, but you need to

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Speaker 4: be in a position that if that happened, you go okay, well,

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Speaker 4: you know, A had all the information I needed and

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Speaker 4: you're not arguing over statements and trying to find where

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Speaker 4: things are. And we discussed this in the financial abuse episode,

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Speaker 4: which I think was a really impactful episode that helped

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Speaker 4: us put ourselves in positions where, you know, if we

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Speaker 4: were experiencing that, we knew what to do, but also

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Speaker 4: we knew the signs of that and how to protect

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Speaker 4: ourselves in the best possible way. So I think a

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Speaker 4: good family lawyer is someone that you can reach out

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Speaker 4: to to say, hey, let me know what the process is,

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Speaker 4: how do I make this as easy as possible, and

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Speaker 4: they will give you the expertise. Yeah, because you can

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Speaker 4: be proactive instead of reactive to the situation.

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Speaker 5: And more often than.

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Speaker 4: Not, you've probably been thinking about this for a while.

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Speaker 4: Let's be honest, it's not a ah I decided last

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Speaker 4: week I would like a divorce. Don't know where we're

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Speaker 4: going to land. I'll just let them know.

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Speaker 3: Yeah.

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Speaker 4: So I think that it's really important to just be

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Speaker 4: prepared and be you know, in a situation where you

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Speaker 4: are educated.

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Speaker 3: So seeing a lawyer and seeing a financial advisor are

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Speaker 3: potentially quite expensive of choices for some people, but you've

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Speaker 3: stressed the importance. Are there other places we can go

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Speaker 3: that are more affordable or free.

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Speaker 4: Georgia That is a really good point. And I think

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Speaker 4: that if you're in a position where you are able

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Speaker 4: to seek the advice of a lawyer or a financial

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Speaker 4: advisor that is really privileged. That is a great position

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Speaker 4: to be in. But if you are not in that position,

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Speaker 4: there are so many free resources and we'll put a

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Speaker 4: list in the show notes for everybody in case you

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Speaker 4: do want to access these, just so you can familiarize

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Speaker 4: yourself with the process or you know, if you're going

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Speaker 4: through something you're like Victoria, this is exactly what I've needed.

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Speaker 4: I hope that that can be of help to you.

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Speaker 4: Legal aid is a really good place to start because

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Speaker 4: they can help you seek out compassionate lawyers or even

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Speaker 4: lawyers who work pro bono if you're in that situation.

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Speaker 4: I think counseling or financial Counseling Australia is a really

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Speaker 4: good resource as well because they will help you get

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Speaker 4: through that situation. And obviously when you're talking to these people,

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Speaker 4: it's not because you want to personally understand how to

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Speaker 4: get through that. I think therapy is another thing that

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Speaker 4: you should be looking into, but Financial counsel Australia is

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Speaker 4: really great. The Debt Free Hotline is also a place

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00:20:04,240 --> 00:20:06,320
Speaker 4: to go as well, which is really good and I'll

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00:20:06,359 --> 00:20:08,840
Speaker 4: pop that in the show notes. There are also other

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Speaker 4: services like divorce counseling services. I actually have a friend,

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Speaker 4: Tanya Summerton, Hi, if you're listening. She runs a company

439
00:20:16,160 --> 00:20:18,480
Speaker 4: called Divorce Angel, and she actually has her own podcast

440
00:20:18,560 --> 00:20:21,119
Speaker 4: on getting a divorced and she guides you through the

441
00:20:21,160 --> 00:20:23,879
Speaker 4: process if you're worried or confused about where to start

442
00:20:23,920 --> 00:20:26,840
Speaker 4: with having a successful divorce. And she's really trying to

443
00:20:26,880 --> 00:20:30,920
Speaker 4: reframe divorce, which I think is incredible. She's very empowering.

444
00:20:31,000 --> 00:20:33,119
Speaker 4: She wants to hold your hand through the whole process

445
00:20:33,240 --> 00:20:35,479
Speaker 4: so that it can be amicable and you don't have

446
00:20:35,560 --> 00:20:38,960
Speaker 4: to get lawyers involved. So if you're at a stage where,

447
00:20:38,960 --> 00:20:42,040
Speaker 4: like Ketria, I need some advice, like I can't avoid

448
00:20:42,040 --> 00:20:44,359
Speaker 4: a lawyer, but like I've got some money to spend,

449
00:20:44,640 --> 00:20:47,640
Speaker 4: I think that something like Divorce Angel by Tanya Summittin

450
00:20:47,720 --> 00:20:49,600
Speaker 4: would be a really good thing. That's absolutely not a

451
00:20:49,640 --> 00:20:51,439
Speaker 4: paid plug, by the way. I just think that what

452
00:20:51,520 --> 00:20:55,040
Speaker 4: she does is honestly so beautiful, and you know, it's

453
00:20:55,080 --> 00:20:57,720
Speaker 4: reframing the way that we do get divorced. And she's

454
00:20:57,760 --> 00:21:00,840
Speaker 4: in a position where she is actually helping people. But

455
00:21:01,040 --> 00:21:03,960
Speaker 4: not many of us knew a service like this existed before. Now,

456
00:21:04,040 --> 00:21:07,480
Speaker 4: I bet I didn't exactly is that a woman's only thing.

457
00:21:08,359 --> 00:21:12,199
Speaker 4: It's for everybody, So these services are definitely not just

458
00:21:12,240 --> 00:21:15,440
Speaker 4: for females. At the end of the day, males experience

459
00:21:15,920 --> 00:21:20,760
Speaker 4: very similar outcomes and experience very similar disadvantage. Obviously not

460
00:21:21,000 --> 00:21:24,240
Speaker 4: to the same level that historically females have, but I

461
00:21:24,280 --> 00:21:26,760
Speaker 4: think that we really need to open up the conversation.

462
00:21:27,160 --> 00:21:30,800
Speaker 4: The waves doesn't just impact females, it impacts males as well. Yes,

463
00:21:30,960 --> 00:21:35,000
Speaker 4: as a woman, we are significantly more likely to experience disadvantage,

464
00:21:35,080 --> 00:21:37,240
Speaker 4: but wou'd be naive to say that it is a

465
00:21:37,280 --> 00:21:38,400
Speaker 4: female only problem.

466
00:21:38,600 --> 00:21:40,840
Speaker 3: Well, this kind of leads into my next question, Victoria,

467
00:21:40,880 --> 00:21:45,080
Speaker 3: because women are statistically worse off than men post of all,

468
00:21:45,240 --> 00:21:46,920
Speaker 3: So why why is that?

469
00:21:47,000 --> 00:21:50,800
Speaker 4: There are so many reasons, Georgia. And every relationship is different,

470
00:21:50,840 --> 00:21:55,080
Speaker 4: every relationship breakdown is different, so I can't speak for everybody,

471
00:21:55,359 --> 00:21:58,679
Speaker 4: but more often than not, a female is usually the

472
00:21:58,720 --> 00:22:02,280
Speaker 4: primary caregiver in a real relationship, especially if children are involved.

473
00:22:02,600 --> 00:22:06,200
Speaker 4: And I think that the sacrifices women make are not

474
00:22:06,320 --> 00:22:10,879
Speaker 4: necessarily sacrifices. They're making on purpose for financial reasons. So

475
00:22:11,040 --> 00:22:13,800
Speaker 4: more often than not, women will decide okay, well, I

476
00:22:13,880 --> 00:22:15,800
Speaker 4: just want to work part time in admin because my

477
00:22:15,920 --> 00:22:18,480
Speaker 4: husband works crazy hours and I'd love to be able

478
00:22:18,480 --> 00:22:20,400
Speaker 4: to pick the kids up from school at three point

479
00:22:20,400 --> 00:22:23,000
Speaker 4: fifteen every single day. And I think that that is

480
00:22:23,040 --> 00:22:26,040
Speaker 4: a lifestyle choice, but that's a choice that that woman

481
00:22:26,119 --> 00:22:29,000
Speaker 4: has made for her family. So more often than not,

482
00:22:29,119 --> 00:22:31,400
Speaker 4: if that's the experience she's had for the last ten

483
00:22:31,520 --> 00:22:34,680
Speaker 4: or fifteen years of her life, she has far less

484
00:22:34,720 --> 00:22:39,600
Speaker 4: earning potential coming out of that relationship, which therefore disadvantages her.

485
00:22:39,960 --> 00:22:42,840
Speaker 4: It's a really nice sacrifice you're making for your family,

486
00:22:42,920 --> 00:22:45,320
Speaker 4: but I think we really need to think about the

487
00:22:45,320 --> 00:22:49,200
Speaker 4: way we divide these tasks and actually choose our careers

488
00:22:49,240 --> 00:22:52,280
Speaker 4: when we have a family, and the sacrifices we're making

489
00:22:52,640 --> 00:22:55,240
Speaker 4: because if the relationship doesn't work out, which you know,

490
00:22:55,359 --> 00:22:56,800
Speaker 4: we don't want to be betting on that. We don't

491
00:22:56,800 --> 00:22:59,879
Speaker 4: want to say, hey, I would love to get another

492
00:23:00,280 --> 00:23:02,760
Speaker 4: because like, if this doesn't work out in our happily

493
00:23:02,800 --> 00:23:06,000
Speaker 4: married relationship, I just don't want to be disadvantaged. But

494
00:23:06,040 --> 00:23:08,280
Speaker 4: I think we really need to talk about it because

495
00:23:08,320 --> 00:23:13,480
Speaker 4: I think unknowingly, we as women make sacrifices for reasons

496
00:23:13,800 --> 00:23:15,920
Speaker 4: that makes sense at the time, whether that is our

497
00:23:16,000 --> 00:23:19,800
Speaker 4: family or our friends. Also, our partner can work longer hours.

498
00:23:20,119 --> 00:23:24,680
Speaker 4: We end up choosing things that put us in disadvantaged

499
00:23:24,720 --> 00:23:28,040
Speaker 4: positions over the long term. It's not one decision. It's

500
00:23:28,040 --> 00:23:31,080
Speaker 4: not she decided to stay home and therefore she was

501
00:23:31,160 --> 00:23:33,760
Speaker 4: in a disadvantage position when they broke up. It's the

502
00:23:33,800 --> 00:23:37,479
Speaker 4: small things. It's choosing to have a child and staying

503
00:23:37,480 --> 00:23:39,560
Speaker 4: home with that child for a couple of years, and

504
00:23:39,600 --> 00:23:42,160
Speaker 4: then that leading into wanting to work part time because

505
00:23:42,200 --> 00:23:44,600
Speaker 4: you want to put your family first, and not going

506
00:23:44,600 --> 00:23:46,960
Speaker 4: and chasing that career or that dream that you had,

507
00:23:47,320 --> 00:23:50,160
Speaker 4: and being in a position where you're not actually progressing

508
00:23:50,200 --> 00:23:52,760
Speaker 4: your career in the same way that your partner is.

509
00:23:53,240 --> 00:23:56,440
Speaker 4: That puts you at a significant disadvantage. Now, if you're

510
00:23:56,440 --> 00:23:59,280
Speaker 4: in a relationship for the rest of ever, that's fantastic

511
00:23:59,359 --> 00:24:02,040
Speaker 4: because you have really great income. But I think that

512
00:24:02,400 --> 00:24:05,119
Speaker 4: more often than not, women are not getting the recognition

513
00:24:05,200 --> 00:24:08,760
Speaker 4: they need for the sacrifices they are making that actually

514
00:24:08,800 --> 00:24:11,800
Speaker 4: propel their partner's careers. And I think we need to

515
00:24:11,840 --> 00:24:14,080
Speaker 4: probably have a really good discussion and just open the

516
00:24:14,119 --> 00:24:18,160
Speaker 4: conversation up about that, because women are making these sacrifices

517
00:24:18,400 --> 00:24:21,640
Speaker 4: and they aren't just financial, they're about career success, they're

518
00:24:21,640 --> 00:24:25,560
Speaker 4: about family, they're about friends, so Georgia. Whilst divorce has

519
00:24:25,800 --> 00:24:29,040
Speaker 4: little impact on a man's employment status, which is quite scary,

520
00:24:29,240 --> 00:24:32,160
Speaker 4: many female divorces do end up returning to work, which

521
00:24:32,200 --> 00:24:35,240
Speaker 4: is fantastic, but they end up receiving ten percent less

522
00:24:35,280 --> 00:24:37,840
Speaker 4: remuneration than a married woman. Why do you think that

523
00:24:37,960 --> 00:24:40,320
Speaker 4: is such just because they're not perceived as being as

524
00:24:40,320 --> 00:24:42,119
Speaker 4: skilled anymore because they've been out of the game, or

525
00:24:42,240 --> 00:24:45,440
Speaker 4: potentially it's likely because they were perceived as having been

526
00:24:45,480 --> 00:24:47,760
Speaker 4: out of the gay men and not as vital as

527
00:24:47,760 --> 00:24:50,199
Speaker 4: an employee as they would have been had they not

528
00:24:50,280 --> 00:24:53,119
Speaker 4: gone on a break, which is heartbreaking Georgia. And now

529
00:24:53,119 --> 00:24:56,800
Speaker 4: they're really interesting. Stat from Relationships Australia found that women

530
00:24:56,840 --> 00:25:00,359
Speaker 4: are less likely than men to remarry after divorce, so

531
00:25:00,440 --> 00:25:03,920
Speaker 4: they are relying on that one income rather than reaping

532
00:25:04,000 --> 00:25:06,359
Speaker 4: the benefits of having two streams of income, like a

533
00:25:06,400 --> 00:25:08,879
Speaker 4: lot of men might jump back into a relationship, get

534
00:25:08,960 --> 00:25:12,000
Speaker 4: married and then have a duel income again some women,

535
00:25:12,240 --> 00:25:15,880
Speaker 4: or actually from her research, most women don't actually remarry

536
00:25:15,920 --> 00:25:17,960
Speaker 4: after divorce, which is interesting.

537
00:25:18,080 --> 00:25:20,760
Speaker 3: I think also they're not going to be jumping into

538
00:25:21,080 --> 00:25:23,800
Speaker 3: CEO positions or those really high powered positions because they

539
00:25:23,840 --> 00:25:25,840
Speaker 3: have been out of the game for that long as well, right, Like,

540
00:25:26,240 --> 00:25:29,160
Speaker 3: that's not going to be earning a killing straight away.

541
00:25:29,280 --> 00:25:32,200
Speaker 4: Absolutely, And I think it's really upsetting to see as well,

542
00:25:32,200 --> 00:25:35,719
Speaker 4: because I feel like women have so much to offer,

543
00:25:36,119 --> 00:25:39,760
Speaker 4: and even if you haven't quote been working, you've been

544
00:25:39,800 --> 00:25:43,480
Speaker 4: learning relationship management, you've been bringing children up, You've been

545
00:25:43,560 --> 00:25:46,040
Speaker 4: learning so much and doing so much, and I just

546
00:25:46,119 --> 00:25:50,639
Speaker 4: feel like those skills can be super transferable into a workplace,

547
00:25:50,680 --> 00:25:52,879
Speaker 4: and workplaces in general need to be a little bit

548
00:25:52,880 --> 00:25:56,080
Speaker 4: more open to this discussion and you know, bringing people

549
00:25:56,119 --> 00:25:58,320
Speaker 4: in and saying cool, you're really skilled, Like look at

550
00:25:58,359 --> 00:26:01,320
Speaker 4: the dedication you've had over the line last eighteen years,

551
00:26:01,359 --> 00:26:04,240
Speaker 4: Like look how crazy that is. You've you know, literally

552
00:26:04,240 --> 00:26:07,879
Speaker 4: developed people. How cool is that? And I think that

553
00:26:08,000 --> 00:26:10,040
Speaker 4: another stat that I want to throw in here before

554
00:26:10,240 --> 00:26:12,200
Speaker 4: you know you ask another question which I can see

555
00:26:12,240 --> 00:26:15,359
Speaker 4: you're excited to do, is that sixty three percent of

556
00:26:15,400 --> 00:26:19,040
Speaker 4: single mothers receive a government pension as their principal source

557
00:26:19,040 --> 00:26:19,520
Speaker 4: of income.

558
00:26:19,720 --> 00:26:21,199
Speaker 3: Do you think that means that they're not working?

559
00:26:22,080 --> 00:26:24,600
Speaker 4: Jordre absolutely could mean that, but a lot of single

560
00:26:24,720 --> 00:26:27,320
Speaker 4: mothers actually receive a government pension. Because they're not able

561
00:26:27,359 --> 00:26:30,160
Speaker 4: to find employment, or the fact that childcare is far

562
00:26:30,240 --> 00:26:33,400
Speaker 4: more expensive than what the government pension actually provides them

563
00:26:33,400 --> 00:26:36,120
Speaker 4: with or what a part time salary is actually going

564
00:26:36,119 --> 00:26:41,000
Speaker 4: to pay them. Childcare around Australia is insanely expensive. So

565
00:26:41,080 --> 00:26:43,000
Speaker 4: I think that if you are then in a single

566
00:26:43,040 --> 00:26:46,159
Speaker 4: income family, going back to work for some women just

567
00:26:46,240 --> 00:26:49,359
Speaker 4: doesn't make any financial sense because they end up, you know,

568
00:26:49,640 --> 00:26:52,880
Speaker 4: actually backwards. Childcare each day can be up to two

569
00:26:52,960 --> 00:26:55,600
Speaker 4: hundred and fifty dollars a day for a child here

570
00:26:55,640 --> 00:26:56,360
Speaker 4: in Melbourne.

571
00:26:56,400 --> 00:26:56,960
Speaker 3: Is that true.

572
00:26:57,080 --> 00:26:59,760
Speaker 4: Yes, it is, and it's insane. So it makes sense

573
00:26:59,800 --> 00:27:02,400
Speaker 4: that that might be a reason why women are saying, well,

574
00:27:02,400 --> 00:27:03,920
Speaker 4: I don't want to go back to work. It makes

575
00:27:03,960 --> 00:27:07,040
Speaker 4: absolutely no sense. I'll stay home with my family, look

576
00:27:07,080 --> 00:27:08,920
Speaker 4: after them. I get to spend time with my kids,

577
00:27:08,960 --> 00:27:12,199
Speaker 4: I love them, because it's actually just too expensive for

578
00:27:12,240 --> 00:27:14,760
Speaker 4: them to go back to work, which also shoots ourselves

579
00:27:14,800 --> 00:27:17,760
Speaker 4: in the foot because we don't actually get that career

580
00:27:17,880 --> 00:27:20,840
Speaker 4: experience that we would love to say we had should

581
00:27:20,920 --> 00:27:23,080
Speaker 4: we want to then go get another job once they're

582
00:27:23,080 --> 00:27:25,199
Speaker 4: back in school. So I feel like there is just

583
00:27:25,320 --> 00:27:28,520
Speaker 4: so much here that plays into it, and we as

584
00:27:28,600 --> 00:27:31,160
Speaker 4: a whole need to understand a little bit more about it.

585
00:27:31,280 --> 00:27:34,120
Speaker 4: Do you deal with many divorces in your line of work? Look,

586
00:27:34,160 --> 00:27:36,119
Speaker 4: I can't say I've dealt with heaps and heaps and

587
00:27:36,160 --> 00:27:37,919
Speaker 4: heaps of them, but I have held the hand of

588
00:27:37,920 --> 00:27:41,160
Speaker 4: a number of clients going through this situation and it's

589
00:27:41,200 --> 00:27:44,200
Speaker 4: empowering at the same time as being a little bit

590
00:27:44,200 --> 00:27:47,320
Speaker 4: confusing for them. I feel like once they have decided

591
00:27:47,320 --> 00:27:50,160
Speaker 4: that that's the case. I've worked with clients where it's

592
00:27:50,160 --> 00:27:54,120
Speaker 4: really straightforward and their partner and them just separate assets

593
00:27:54,160 --> 00:27:58,240
Speaker 4: and it's very, very straightforward, Whereas I also have a

594
00:27:58,280 --> 00:28:01,639
Speaker 4: couple of clients who their divorce drawn out over a

595
00:28:01,720 --> 00:28:04,120
Speaker 4: number of years because they can't come to a settlement

596
00:28:04,400 --> 00:28:07,280
Speaker 4: and someone wants one thing but the other person doesn't

597
00:28:07,280 --> 00:28:09,520
Speaker 4: want them to have it, or you know, child support

598
00:28:09,560 --> 00:28:12,840
Speaker 4: can't be agreed upon or whatever it is. So yes,

599
00:28:13,000 --> 00:28:15,040
Speaker 4: I have dealt with it in my line of work,

600
00:28:15,160 --> 00:28:17,800
Speaker 4: and I just feel like what we need to be

601
00:28:17,840 --> 00:28:21,520
Speaker 4: mindful of is putting ourselves first and making sure that

602
00:28:21,560 --> 00:28:25,359
Speaker 4: we are actually looking after ourselves sometimes, and I know

603
00:28:25,480 --> 00:28:27,359
Speaker 4: that this is not what a lot of people going

604
00:28:27,400 --> 00:28:30,000
Speaker 4: through this are going to want to hear. Sometimes the

605
00:28:30,040 --> 00:28:33,359
Speaker 4: fight is not worth it. Sometimes it is better to

606
00:28:33,640 --> 00:28:36,600
Speaker 4: just say, you know what, clean slate for my mental health,

607
00:28:36,800 --> 00:28:39,720
Speaker 4: for my physical health, for my family. I'm just calling

608
00:28:39,760 --> 00:28:41,600
Speaker 4: it a day. We're not going to argue over this

609
00:28:41,720 --> 00:28:45,760
Speaker 4: ten thousand dollars. I think sometimes people do get really

610
00:28:45,800 --> 00:28:49,400
Speaker 4: wrapped up into he said, she said, she wants, he wants,

611
00:28:49,400 --> 00:28:53,000
Speaker 4: they want whatever that looks like, and they actually forget

612
00:28:53,080 --> 00:28:56,280
Speaker 4: about their mental health and this can drag on for years.

613
00:28:56,600 --> 00:28:58,479
Speaker 3: I can imagine like, you're not breaking up with them

614
00:28:58,520 --> 00:29:01,120
Speaker 3: because they're the best. You're probably a little bit sick

615
00:29:01,120 --> 00:29:01,440
Speaker 3: of them.

616
00:29:01,560 --> 00:29:03,280
Speaker 4: Yeah, you're probably a little bit sick of them. You're

617
00:29:03,280 --> 00:29:05,680
Speaker 4: probably a little bit bitter. And I just feel like

618
00:29:06,000 --> 00:29:08,440
Speaker 4: we need to sit back and think about this ourselves

619
00:29:08,480 --> 00:29:10,240
Speaker 4: and go is this actually serving me?

620
00:29:10,640 --> 00:29:10,760
Speaker 3: Like?

621
00:29:10,800 --> 00:29:11,680
Speaker 4: Do I need this?

622
00:29:11,880 --> 00:29:12,160
Speaker 5: Please?

623
00:29:12,160 --> 00:29:14,760
Speaker 4: Don't get me wrong, there are definitely fights worth having,

624
00:29:15,040 --> 00:29:17,360
Speaker 4: but sometimes we really need to have a little bit

625
00:29:17,360 --> 00:29:19,920
Speaker 4: of a think. And I've sought through this with clients before,

626
00:29:20,160 --> 00:29:22,400
Speaker 4: where we go, is this worth it? Do we want

627
00:29:22,440 --> 00:29:25,280
Speaker 4: this to drag on for another twelve months? Or do

628
00:29:25,320 --> 00:29:26,840
Speaker 4: you want your headspace back?

629
00:29:26,960 --> 00:29:27,200
Speaker 5: Yeah?

630
00:29:27,240 --> 00:29:28,680
Speaker 4: Like, do you want this to be the thing that

631
00:29:28,720 --> 00:29:31,160
Speaker 4: you think about each and every single day? Or do

632
00:29:31,200 --> 00:29:32,880
Speaker 4: we want to just bite the bullet and find a

633
00:29:32,880 --> 00:29:35,640
Speaker 4: way that we can interpret charge your income and actually

634
00:29:35,680 --> 00:29:37,800
Speaker 4: get you to a point where you can just generate

635
00:29:37,840 --> 00:29:39,400
Speaker 4: that back and go, you know what, that was a

636
00:29:39,400 --> 00:29:40,400
Speaker 4: really bad investment.

637
00:29:40,880 --> 00:29:43,880
Speaker 3: So Victoria, would you say that a way of avoiding

638
00:29:43,880 --> 00:29:47,160
Speaker 3: all of this angst is to get a little prenup

639
00:29:47,200 --> 00:29:49,120
Speaker 3: set up in our relationships, such a thing.

640
00:29:49,240 --> 00:29:50,920
Speaker 4: I mean, if you were in America, that would be

641
00:29:50,960 --> 00:29:53,400
Speaker 4: a really good I need to set up a pre nup.

642
00:29:53,640 --> 00:29:56,440
Speaker 4: But given we're in Australia, we don't actually have pre nups.

643
00:29:56,600 --> 00:29:57,040
Speaker 5: Really.

644
00:29:57,240 --> 00:29:59,760
Speaker 4: No, you can see a lawyer and you can actually

645
00:29:59,800 --> 00:30:03,800
Speaker 4: have what we call here a binding financial agreement established,

646
00:30:03,840 --> 00:30:06,920
Speaker 4: which I absolutely well and truly would recommend. They are

647
00:30:06,920 --> 00:30:09,640
Speaker 4: also referred to as bfas, which I think is really important.

648
00:30:09,840 --> 00:30:12,440
Speaker 4: But yes, I think that a common misconception here in

649
00:30:12,480 --> 00:30:15,680
Speaker 4: Australia is that prenups actually exist in the same way

650
00:30:15,680 --> 00:30:18,280
Speaker 4: that we think that credit scores are really important and

651
00:30:18,400 --> 00:30:21,320
Speaker 4: actually are going to impact our entire lives. That's an

652
00:30:21,320 --> 00:30:23,800
Speaker 4: American thing. I think that we really need to be

653
00:30:23,920 --> 00:30:26,520
Speaker 4: in a situation where we understand what's going on, and

654
00:30:26,680 --> 00:30:29,280
Speaker 4: a BFA is something that you could implement that could

655
00:30:29,360 --> 00:30:33,040
Speaker 4: put you in a position where should your relationship break down,

656
00:30:33,520 --> 00:30:36,120
Speaker 4: you will know how to divide up those assets and

657
00:30:36,200 --> 00:30:40,000
Speaker 4: resources if it comes to that. And I actually think

658
00:30:40,080 --> 00:30:42,440
Speaker 4: that this is something that if you are moving in

659
00:30:42,480 --> 00:30:45,760
Speaker 4: with anyone, Georgia, you should be thinking about. I don't

660
00:30:45,800 --> 00:30:48,400
Speaker 4: care how old you are, I don't care what situation

661
00:30:48,520 --> 00:30:50,840
Speaker 4: that is. If you're in a situation where you are

662
00:30:50,920 --> 00:30:53,720
Speaker 4: moving in with a partner, you should be comfortable enough

663
00:30:53,720 --> 00:30:55,840
Speaker 4: to talk about your assets. And if you're not comfortable

664
00:30:55,920 --> 00:30:57,640
Speaker 4: enough to talk about your assets with a partner that

665
00:30:57,680 --> 00:31:00,800
Speaker 4: you're literally moving in with, I think you need to

666
00:31:00,800 --> 00:31:03,000
Speaker 4: have a think about how comfortable you are to actually

667
00:31:03,000 --> 00:31:06,120
Speaker 4: moving with them. So a binding financial agreement, I think

668
00:31:06,200 --> 00:31:08,440
Speaker 4: is actually a really beautiful thing. And I know that

669
00:31:08,520 --> 00:31:12,520
Speaker 4: this sounds really lame, but the idea that while you

670
00:31:12,640 --> 00:31:16,080
Speaker 4: to have an incredible relationship like Georgia, I want to

671
00:31:16,120 --> 00:31:18,440
Speaker 4: move in with you. We are so in love, we

672
00:31:18,560 --> 00:31:21,720
Speaker 4: are so excited to do this, that is the time

673
00:31:21,760 --> 00:31:24,800
Speaker 4: that we should be having the discussion about what happens

674
00:31:24,800 --> 00:31:27,520
Speaker 4: if this doesn't work out. Because I think that in

675
00:31:27,560 --> 00:31:30,800
Speaker 4: that moment, and in that situation in life, you are

676
00:31:30,960 --> 00:31:34,880
Speaker 4: most likely to be thinking the straightest about what happens

677
00:31:34,880 --> 00:31:37,040
Speaker 4: if we break up. I want the best for you, Georgia.

678
00:31:37,120 --> 00:31:40,000
Speaker 4: I want you to be as equitable as me. And

679
00:31:40,280 --> 00:31:43,080
Speaker 4: if you can sit down and create a binding financial

680
00:31:43,080 --> 00:31:45,920
Speaker 4: agreement together that says, okay, well, if we go our

681
00:31:46,000 --> 00:31:48,480
Speaker 4: separate ways, I want the best for you because I'm

682
00:31:48,520 --> 00:31:51,600
Speaker 4: so in love with you, and vice versa, you actually

683
00:31:51,600 --> 00:31:55,040
Speaker 4: come to an agreement that once everything hits the fan, like,

684
00:31:55,120 --> 00:31:58,280
Speaker 4: let's be honest, divorce is messy, like people get bitter.

685
00:31:58,760 --> 00:32:00,560
Speaker 4: It's really nice to have a docum meant to fall

686
00:32:00,600 --> 00:32:03,280
Speaker 4: back on and say, hey, this is the document we

687
00:32:03,280 --> 00:32:05,800
Speaker 4: put together when we just wanted the best for each other,

688
00:32:06,400 --> 00:32:09,120
Speaker 4: truly and honestly, and this is what we are going

689
00:32:09,200 --> 00:32:11,800
Speaker 4: to do. So I think that it is really important

690
00:32:11,840 --> 00:32:13,960
Speaker 4: to do that, regardless of who you're moving in with

691
00:32:14,040 --> 00:32:15,640
Speaker 4: or how old you are. I think that it is

692
00:32:15,680 --> 00:32:18,280
Speaker 4: a really nice thing to go through. I've done this

693
00:32:18,360 --> 00:32:20,360
Speaker 4: with my partner, and I think that it is really

694
00:32:20,400 --> 00:32:23,000
Speaker 4: important to do it with any partner that you're considering

695
00:32:23,080 --> 00:32:26,560
Speaker 4: living with or pursuing a very significant relationship with.

696
00:32:26,760 --> 00:32:28,880
Speaker 3: It sounds kind of unromantic, though, no.

697
00:32:29,280 --> 00:32:32,880
Speaker 4: Look it is totally unromantic, But I do think that

698
00:32:32,920 --> 00:32:35,160
Speaker 4: we need to be a little bit more comfortable with

699
00:32:35,240 --> 00:32:39,600
Speaker 4: the unromantic because it creates a more stable relationship. Knowing

700
00:32:39,640 --> 00:32:42,640
Speaker 4: where you stand all the time is really important. And

701
00:32:42,880 --> 00:32:46,080
Speaker 4: now I don't want you entering relationships with the idea

702
00:32:46,120 --> 00:32:48,440
Speaker 4: in your head that it might not work out. Hopefully,

703
00:32:48,760 --> 00:32:51,840
Speaker 4: this binding financial agreement that you're right is the biggest

704
00:32:51,880 --> 00:32:55,120
Speaker 4: waste of time you ever go through, because you end

705
00:32:55,200 --> 00:32:56,560
Speaker 4: up in a position where you never use it and

706
00:32:56,560 --> 00:32:59,640
Speaker 4: it gets put in a drawer somewhere somehow, and years

707
00:32:59,640 --> 00:33:01,960
Speaker 4: from now someone's cleaning out your drawers because you're no

708
00:33:02,000 --> 00:33:02,680
Speaker 4: longer around them.

709
00:33:02,840 --> 00:33:06,480
Speaker 5: Wow, like this exists. Yeah, Like that's how I want.

710
00:33:06,240 --> 00:33:09,480
Speaker 4: The agreement to exist. I don't want people going into

711
00:33:09,560 --> 00:33:12,880
Speaker 4: relationships with the expectation that they won't work out. But

712
00:33:13,000 --> 00:33:15,320
Speaker 4: I do think that we need to be putting ourselves first,

713
00:33:15,600 --> 00:33:18,000
Speaker 4: because if things start to get rocky and we start

714
00:33:18,040 --> 00:33:21,000
Speaker 4: to feel really uncomfortable, the best thing that we can

715
00:33:21,040 --> 00:33:23,240
Speaker 4: do is know what the plan is. And how do

716
00:33:23,320 --> 00:33:24,880
Speaker 4: you know how the other person is going to react

717
00:33:24,920 --> 00:33:26,160
Speaker 4: if you haven't discussed it before.

718
00:33:26,240 --> 00:33:28,760
Speaker 3: So it's like a little bit of insurance for the relationship.

719
00:33:28,880 --> 00:33:31,400
Speaker 4: Absolutely, and I think that it's really important to see

720
00:33:31,400 --> 00:33:34,120
Speaker 4: it that way. I genuinely think it is a really

721
00:33:34,160 --> 00:33:36,240
Speaker 4: good thing. I know it's unromantic. You're not going to

722
00:33:36,280 --> 00:33:37,840
Speaker 4: be like, hey, dabe, let's go on a date night

723
00:33:37,880 --> 00:33:39,680
Speaker 4: and talk about our blinding financial agreement.

724
00:33:39,760 --> 00:33:42,160
Speaker 3: That kind of sounds like something you would do, though, yeah, look.

725
00:33:42,080 --> 00:33:46,080
Speaker 4: Me personally, but definitely not other people. But you are right,

726
00:33:46,200 --> 00:33:48,920
Speaker 4: they are unromantic. But I think that it is really

727
00:33:48,960 --> 00:33:51,960
Speaker 4: important to have this discussion with your partner and what

728
00:33:52,040 --> 00:33:54,920
Speaker 4: that actually means and how that's actually going to work,

729
00:33:55,000 --> 00:33:57,680
Speaker 4: because it's such a powerful position to be in, and

730
00:33:57,720 --> 00:34:00,520
Speaker 4: it will just make you as a couple stronger.

731
00:34:00,680 --> 00:34:02,880
Speaker 3: You think about your partner and you're like, they will

732
00:34:02,920 --> 00:34:04,760
Speaker 3: never do the wrong thing by me. I love them,

733
00:34:04,920 --> 00:34:07,400
Speaker 3: they love me. But you know you're fast forward forty

734
00:34:07,440 --> 00:34:10,719
Speaker 3: years down the track. Bloody hate Tomo your partner. I

735
00:34:10,760 --> 00:34:12,719
Speaker 3: don't know why I chose Tomo as a name, but

736
00:34:12,760 --> 00:34:15,239
Speaker 3: you know, things can get nasty, and we can underestimate

737
00:34:15,280 --> 00:34:17,520
Speaker 3: that when we're in the throes of love in the.

738
00:34:17,480 --> 00:34:20,120
Speaker 4: Early stages, right, which is exactly why I think that

739
00:34:20,160 --> 00:34:22,080
Speaker 4: while you are in the throes of love and you

740
00:34:22,120 --> 00:34:24,120
Speaker 4: are so loved up and want the best for each other,

741
00:34:24,160 --> 00:34:26,680
Speaker 4: that is the best time to create an agreement where

742
00:34:26,680 --> 00:34:29,200
Speaker 4: you are both putting each other first. And I think

743
00:34:29,200 --> 00:34:32,440
Speaker 4: that that is really important to take into consideration because

744
00:34:32,480 --> 00:34:35,520
Speaker 4: by the time that you are getting a divorce, more

745
00:34:35,560 --> 00:34:38,880
Speaker 4: often than not, something has triggered it. Let's be honest,

746
00:34:39,280 --> 00:34:41,920
Speaker 4: and I think that you know, when you're under financial

747
00:34:41,960 --> 00:34:44,920
Speaker 4: stress and when you are under relationship stress and maybe

748
00:34:44,920 --> 00:34:48,880
Speaker 4: there's someone else involved, things get really bitter, and I

749
00:34:48,960 --> 00:34:52,000
Speaker 4: think that you need to just be really pragmatic about it. Okay, well,

750
00:34:52,040 --> 00:34:54,120
Speaker 4: this is what we agreed upon. And I know couples

751
00:34:54,120 --> 00:34:57,719
Speaker 4: who have binding financial agreements that differ depending on what

752
00:34:57,800 --> 00:35:00,319
Speaker 4: the outcome of the relationship is what I mean, So

753
00:35:00,600 --> 00:35:04,799
Speaker 4: if some partner cheats, really a different set of outcomes

754
00:35:04,800 --> 00:35:09,399
Speaker 4: will ensue. So it's super interesting, and you can talk

755
00:35:09,440 --> 00:35:11,880
Speaker 4: to a lawyer about what you could include in yours

756
00:35:11,960 --> 00:35:14,640
Speaker 4: or what you're most comfortable with. But I know that

757
00:35:14,880 --> 00:35:16,719
Speaker 4: a lot of couples. You know, you can get a

758
00:35:17,239 --> 00:35:20,120
Speaker 4: stock standard binding financial agreement, but you can also get

759
00:35:20,120 --> 00:35:22,600
Speaker 4: a really customized one depending on what you want.

760
00:35:23,040 --> 00:35:24,719
Speaker 3: Do you have to do it as well at the

761
00:35:24,760 --> 00:35:27,080
Speaker 3: start of the relationship or when you're moving in or

762
00:35:27,239 --> 00:35:29,120
Speaker 3: before you get married, or can you do it like

763
00:35:29,200 --> 00:35:30,440
Speaker 3: five years into your marriage.

764
00:35:30,520 --> 00:35:32,520
Speaker 4: You can do it whenever. But I do feel like

765
00:35:32,600 --> 00:35:35,319
Speaker 4: that if you're like Toney's into a marriage, then turning hey,

766
00:35:35,360 --> 00:35:38,120
Speaker 4: honey about a binding financial agreement a.

767
00:35:38,080 --> 00:35:40,640
Speaker 5: Little bit suspicious, A little bit suspicious.

768
00:35:40,200 --> 00:35:42,560
Speaker 4: But also maybe a little bit late, because you already

769
00:35:42,600 --> 00:35:45,840
Speaker 4: have joint assets and you already are in a position where,

770
00:35:46,040 --> 00:35:48,200
Speaker 4: let's say you go to court and things happen, like

771
00:35:48,280 --> 00:35:50,640
Speaker 4: the start point is fifty to fifty for the court,

772
00:35:50,640 --> 00:35:53,000
Speaker 4: and then it goes back and forth from there. I'm

773
00:35:53,040 --> 00:35:55,120
Speaker 4: by no means a lawyer, so this is by no

774
00:35:55,200 --> 00:35:57,960
Speaker 4: means legal advice, but I think that it is really

775
00:35:57,960 --> 00:36:00,520
Speaker 4: important to get it upfront from the beginning so that

776
00:36:00,560 --> 00:36:03,000
Speaker 4: you are on your own standing. But also, Georgia, I

777
00:36:03,040 --> 00:36:06,200
Speaker 4: think that because we are here trying to empower young

778
00:36:06,239 --> 00:36:09,759
Speaker 4: women to get their stuff together and be really financially

779
00:36:09,840 --> 00:36:12,960
Speaker 4: literate on their road, we're going to see, hopefully, like

780
00:36:13,080 --> 00:36:16,359
Speaker 4: let's cross our fingers, so many more women going into

781
00:36:16,400 --> 00:36:20,799
Speaker 4: relationships with assets that I genuinely think should be protected.

782
00:36:21,040 --> 00:36:23,160
Speaker 4: And the BFA is something that is going to help

783
00:36:23,200 --> 00:36:25,040
Speaker 4: you say, hey, cool, so if we're going to go

784
00:36:25,040 --> 00:36:27,520
Speaker 4: and live together, this share portfolio that I have been

785
00:36:27,560 --> 00:36:30,320
Speaker 4: growing for myself. If we break up, you're not you

786
00:36:30,360 --> 00:36:32,239
Speaker 4: don't get any of that, and I want you to

787
00:36:32,280 --> 00:36:35,160
Speaker 4: sign that you're very comfortable with that because you didn't

788
00:36:35,200 --> 00:36:37,399
Speaker 4: work your butt off for someone else to take half

789
00:36:37,400 --> 00:36:38,120
Speaker 4: of your stuff.

790
00:36:38,239 --> 00:36:42,600
Speaker 3: Okay, so bfas slush prenups if you will are obviously

791
00:36:42,600 --> 00:36:44,960
Speaker 3: a really good idea. But what should we be doing

792
00:36:45,000 --> 00:36:47,640
Speaker 3: if we don't have a prenup slush BFA, how can

793
00:36:47,680 --> 00:36:48,960
Speaker 3: we prepare ourselves for divorce?

794
00:36:49,080 --> 00:36:52,680
Speaker 4: We want prenup, we want prena. Yeah, I know, maybe

795
00:36:52,719 --> 00:36:55,800
Speaker 4: that could be edited out. But before you do anything,

796
00:36:55,920 --> 00:36:58,799
Speaker 4: I think seek advice. They already said this. Golden gets

797
00:36:58,800 --> 00:37:01,520
Speaker 4: some advice, because if you've got a lawyer, they should

798
00:37:01,560 --> 00:37:03,680
Speaker 4: be able to figure out the best situation of exit

799
00:37:03,840 --> 00:37:07,040
Speaker 4: for you. As I said, we want to be really

800
00:37:07,280 --> 00:37:10,720
Speaker 4: prepared and not reactive to the situation, like we actually

801
00:37:10,719 --> 00:37:13,000
Speaker 4: want to plan our exit and make sure that we

802
00:37:13,040 --> 00:37:16,440
Speaker 4: are utilizing the free resources that are available, some of which,

803
00:37:16,480 --> 00:37:17,919
Speaker 4: as we said, we're going to leave in the show

804
00:37:17,960 --> 00:37:20,319
Speaker 4: notes for you so you can make a plan that

805
00:37:20,360 --> 00:37:23,160
Speaker 4: works best for you and you can actually stage this

806
00:37:23,320 --> 00:37:25,960
Speaker 4: exit in the best way that puts you both in

807
00:37:26,040 --> 00:37:29,000
Speaker 4: the best possible position. It also gives you time to

808
00:37:29,000 --> 00:37:32,359
Speaker 4: start utilizing free resources and educate yourself on what's going

809
00:37:32,400 --> 00:37:34,839
Speaker 4: to happen and make a plan. And this could be

810
00:37:34,880 --> 00:37:37,160
Speaker 4: from small things like okay, like I want to start

811
00:37:37,200 --> 00:37:39,359
Speaker 4: thinking about this, like where am I going to move like,

812
00:37:39,440 --> 00:37:43,000
Speaker 4: which is obviously a big thing, but also about assets

813
00:37:43,080 --> 00:37:46,399
Speaker 4: more holistically and actually understanding what's going on. And as

814
00:37:46,440 --> 00:37:48,480
Speaker 4: I said, there are so many other resources that are

815
00:37:48,480 --> 00:37:50,880
Speaker 4: available George that I'm just going to link in the

816
00:37:50,920 --> 00:37:53,080
Speaker 4: show notes. So I think that those are things that

817
00:37:53,120 --> 00:37:55,720
Speaker 4: we need to have a look at. And i'd also

818
00:37:55,920 --> 00:37:58,959
Speaker 4: like to say, and I've said this about financial advisors.

819
00:37:59,000 --> 00:38:02,480
Speaker 4: Having a good financial advisories obviously really important. It is

820
00:38:02,560 --> 00:38:05,279
Speaker 4: also very much like having a good doctor, like if

821
00:38:05,320 --> 00:38:08,239
Speaker 4: you don't feel comfortable with your doctor to tell them

822
00:38:08,239 --> 00:38:10,920
Speaker 4: what's up or if there's a problem, how can they

823
00:38:10,920 --> 00:38:13,400
Speaker 4: actually help you solve that issue, Which is what I

824
00:38:13,400 --> 00:38:15,480
Speaker 4: say to all my clients in their first session. I'll

825
00:38:15,480 --> 00:38:18,320
Speaker 4: always say literally be like, hey, I have loved this session,

826
00:38:18,760 --> 00:38:21,239
Speaker 4: but if I'm not the right fit for you, that's

827
00:38:21,280 --> 00:38:23,880
Speaker 4: totally okay. I need you to be really comfortable with me.

828
00:38:24,200 --> 00:38:27,800
Speaker 4: The same thing goes for divorce lawyers. Don't just choose

829
00:38:27,800 --> 00:38:31,040
Speaker 4: the first one you meet because you're flustered and you're worried.

830
00:38:31,280 --> 00:38:33,479
Speaker 4: If you do not feel like that is the right fit,

831
00:38:33,719 --> 00:38:37,120
Speaker 4: shop around, Go meet other people, understand who's there. Maybe

832
00:38:37,239 --> 00:38:39,360
Speaker 4: talk to a friend who has been through a divorce

833
00:38:39,360 --> 00:38:41,800
Speaker 4: and get some advice, and put yourself in a position

834
00:38:42,120 --> 00:38:46,120
Speaker 4: where you can actually see yourself working with that lawyer

835
00:38:46,239 --> 00:38:48,839
Speaker 4: if you need one, because you're going to be paying

836
00:38:48,840 --> 00:38:50,520
Speaker 4: them money. You're probably going to be paying them a

837
00:38:50,520 --> 00:38:52,640
Speaker 4: lot of money, and it's really important to get along

838
00:38:52,680 --> 00:38:54,520
Speaker 4: with them as they're the ones that are going to

839
00:38:54,520 --> 00:38:57,160
Speaker 4: be engaging in the divorce and they need to understand you,

840
00:38:57,480 --> 00:38:59,400
Speaker 4: and you need to feel like they're putting you first.

841
00:39:00,120 --> 00:39:02,480
Speaker 4: Another thing I want to note here before you try

842
00:39:02,480 --> 00:39:05,520
Speaker 4: and wrap me up to all this question, is that

843
00:39:05,560 --> 00:39:08,120
Speaker 4: if there are kids involved, which likely there will be,

844
00:39:08,200 --> 00:39:11,440
Speaker 4: given that forty seven point three percent of divorces involve

845
00:39:11,560 --> 00:39:14,600
Speaker 4: children according to our friends at the ABS, it is

846
00:39:14,680 --> 00:39:17,399
Speaker 4: a really good idea to strive to settle sooner rather

847
00:39:17,480 --> 00:39:20,120
Speaker 4: than later. And this is not just personal advice, this

848
00:39:20,200 --> 00:39:23,320
Speaker 4: is advice that I think every divorce lawyer would agree

849
00:39:23,320 --> 00:39:26,480
Speaker 4: with me on. This avoids the kids being used as

850
00:39:26,520 --> 00:39:29,160
Speaker 4: a negotiation tool, And I know that that sounds really

851
00:39:29,160 --> 00:39:31,920
Speaker 4: savage and really mean, but we all know it has happened.

852
00:39:31,960 --> 00:39:35,759
Speaker 4: We all know about joint custody discussions and arguments that

853
00:39:35,800 --> 00:39:38,400
Speaker 4: people have been through. Sometimes one party will try and

854
00:39:38,440 --> 00:39:40,440
Speaker 4: ask for a fifty to fifty custody settle if it

855
00:39:40,480 --> 00:39:43,359
Speaker 4: means that they will have to pay less child support, etc.

856
00:39:43,880 --> 00:39:46,239
Speaker 4: But if you settle on the financial early, then this

857
00:39:46,320 --> 00:39:48,759
Speaker 4: is far less likely to occur. So I think that

858
00:39:48,840 --> 00:39:51,759
Speaker 4: it's really important to do this, and then also want

859
00:39:51,760 --> 00:39:54,000
Speaker 4: to stress speak to a financial advisor if you've just

860
00:39:54,040 --> 00:39:56,680
Speaker 4: gone through a divorce, like it is really important to

861
00:39:56,719 --> 00:39:59,160
Speaker 4: make sure that you are getting back on track asap

862
00:39:59,480 --> 00:40:01,640
Speaker 4: and you are putting yourself first, and you are putting

863
00:40:01,680 --> 00:40:05,000
Speaker 4: future you first because you don't want to be disadvantaged

864
00:40:05,080 --> 00:40:07,800
Speaker 4: long term. You know what, Talk to your friends as well,

865
00:40:07,840 --> 00:40:10,719
Speaker 4: create a network, be open, be honest that you're going

866
00:40:10,719 --> 00:40:13,600
Speaker 4: through something that's pretty challenging and you'll be surprised at

867
00:40:13,600 --> 00:40:15,880
Speaker 4: the people that show up. Just ensure that you feel

868
00:40:15,880 --> 00:40:17,320
Speaker 4: supported through the whole process.

869
00:40:17,400 --> 00:40:17,720
Speaker 1: Yeah.

870
00:40:17,800 --> 00:40:21,239
Speaker 3: So this conversation has absolutely not covered everything, but I

871
00:40:21,239 --> 00:40:23,600
Speaker 3: think we've had a really good chat about the financial

872
00:40:23,640 --> 00:40:27,760
Speaker 3: aspects of divorce. Obviously it's an incredibly emotionally taxing time

873
00:40:28,239 --> 00:40:30,960
Speaker 3: and there'd be a plethora of podcasts and resources out

874
00:40:31,000 --> 00:40:33,960
Speaker 3: there for people who are going through divorce and need

875
00:40:34,000 --> 00:40:36,480
Speaker 3: that support, So we'll probably, I don't know, maybe we

876
00:40:36,480 --> 00:40:37,880
Speaker 3: could create a blog post and.

877
00:40:37,920 --> 00:40:40,279
Speaker 5: Yeah, absolutely I think that of the great ratourses.

878
00:40:41,120 --> 00:40:43,279
Speaker 3: But hopefully this chat has helped you out in some

879
00:40:43,440 --> 00:40:50,320
Speaker 3: way today. Hi, then you've breached that ses on the

880
00:40:50,320 --> 00:40:52,399
Speaker 3: moneymail box. Do you have a money problem you want

881
00:40:52,440 --> 00:40:54,200
Speaker 3: help solving? Do you have the money to lemmy? You

882
00:40:54,440 --> 00:40:56,879
Speaker 3: just want to chat about? Victoria is here to help.

883
00:40:57,280 --> 00:40:59,520
Speaker 3: Every week we'll be playing your questions to help make

884
00:40:59,560 --> 00:41:01,359
Speaker 3: sense of a honey mess you may have found yourself in.

885
00:41:01,719 --> 00:41:03,520
Speaker 3: Make a quick recording on your phone and send it

886
00:41:03,560 --> 00:41:05,960
Speaker 3: through to podcasts at choose onthmoney dot com. Do you

887
00:41:06,120 --> 00:41:08,200
Speaker 3: and you might even find yourself on the show. But

888
00:41:08,280 --> 00:41:10,000
Speaker 3: for now, here's today's listener question.

889
00:41:11,160 --> 00:41:15,000
Speaker 2: Hello. So I'm just checking in because I've been living

890
00:41:15,000 --> 00:41:17,960
Speaker 2: with my partner for ten years now. We're not married,

891
00:41:18,000 --> 00:41:21,040
Speaker 2: but we do have a shared mortgage and we've decided

892
00:41:21,080 --> 00:41:25,360
Speaker 2: it's time to move on as it's just not working anymore. Fortunately,

893
00:41:25,400 --> 00:41:28,920
Speaker 2: we are on good terms, which will make the process easier,

894
00:41:29,200 --> 00:41:31,560
Speaker 2: But I was wondering if you had any tips on

895
00:41:31,719 --> 00:41:34,360
Speaker 2: how I can set myself up financially for the future.

896
00:41:35,640 --> 00:41:38,320
Speaker 3: What is the deal with this one, Victoria?

897
00:41:38,520 --> 00:41:42,400
Speaker 4: Well, it is interesting because, as she's mentioned, she's not married,

898
00:41:42,640 --> 00:41:45,799
Speaker 4: but in Australia, the fact her partners are treated the

899
00:41:45,800 --> 00:41:48,880
Speaker 4: same as married partners. It's the rules and regulations that

900
00:41:48,920 --> 00:41:52,400
Speaker 4: go around that, and they are treated very, very similarly

901
00:41:52,480 --> 00:41:54,719
Speaker 4: to marriages. You just don't have to go through the

902
00:41:54,760 --> 00:41:57,759
Speaker 4: court proceedings of getting an official divorce. Yeah, but you

903
00:41:57,800 --> 00:41:59,640
Speaker 4: do need to register that you're no longer in a

904
00:41:59,680 --> 00:42:02,960
Speaker 4: relationationship together because you will be nominated as a de

905
00:42:03,040 --> 00:42:05,000
Speaker 4: facto partner and that could be on your tax return,

906
00:42:05,040 --> 00:42:07,719
Speaker 4: It could be through birth jests and marriages, it could

907
00:42:07,760 --> 00:42:10,440
Speaker 4: be through anything. But if you've lived with your partner

908
00:42:10,480 --> 00:42:13,719
Speaker 4: for more than two years, as our listener has obviously,

909
00:42:13,800 --> 00:42:16,319
Speaker 4: then you are actually classified as de facto and you

910
00:42:16,400 --> 00:42:19,520
Speaker 4: will be financially intertwined. And I think that that's a

911
00:42:19,560 --> 00:42:22,560
Speaker 4: really important point because two years creeps up pretty quickly,

912
00:42:23,040 --> 00:42:25,960
Speaker 4: Like I know that I didn't in my personal relationship,

913
00:42:26,000 --> 00:42:28,799
Speaker 4: didn't realize how quickly it creeped up. And I think

914
00:42:28,840 --> 00:42:32,000
Speaker 4: that it's really important to know. So since March two

915
00:42:32,000 --> 00:42:35,040
Speaker 4: thousand and nine, de facto and married couples are treated

916
00:42:35,160 --> 00:42:37,880
Speaker 4: exactly the same. As I said, there is no difference.

917
00:42:38,160 --> 00:42:41,320
Speaker 4: It is somewhat recent, so I know that some people

918
00:42:41,360 --> 00:42:43,920
Speaker 4: will be getting advice from parents or family or friends

919
00:42:44,080 --> 00:42:47,400
Speaker 4: the say no, no, no, de facto isn't married, no nowadays,

920
00:42:47,600 --> 00:42:49,440
Speaker 4: And I know that two thousand and nine, although it

921
00:42:49,440 --> 00:42:53,239
Speaker 4: doesn't feel that long ago, it's totally long ago, is

922
00:42:53,280 --> 00:42:56,239
Speaker 4: actually exactly the same. So your de factor has two

923
00:42:56,280 --> 00:42:59,080
Speaker 4: years from separation to make any claims on your assets

924
00:42:59,360 --> 00:43:01,799
Speaker 4: if they can establish one, and I think that that's

925
00:43:01,840 --> 00:43:05,400
Speaker 4: really important as well. So you might be amicable. But

926
00:43:05,719 --> 00:43:08,759
Speaker 4: for two years after you separate, they can actually come

927
00:43:08,800 --> 00:43:11,960
Speaker 4: back and go, hey, Georgie, actually about that, and they

928
00:43:12,000 --> 00:43:15,040
Speaker 4: have a legal standing to do that, which is quite

929
00:43:15,120 --> 00:43:17,719
Speaker 4: scary because often there's a period of time where people

930
00:43:17,760 --> 00:43:20,279
Speaker 4: are waiting out that two years and going, oh, can

931
00:43:20,360 --> 00:43:22,040
Speaker 4: they can't they? I don't know if they're going to

932
00:43:22,040 --> 00:43:24,239
Speaker 4: ask for it or not. So there's a couple of

933
00:43:24,320 --> 00:43:27,920
Speaker 4: rules around this. So if they meet these following criteria,

934
00:43:28,000 --> 00:43:30,640
Speaker 4: they could potentially make a claim on your assets. So

935
00:43:30,719 --> 00:43:32,680
Speaker 4: the first one is that you live together as a

936
00:43:32,719 --> 00:43:35,920
Speaker 4: couple on a quote genuine domestic basis for two years

937
00:43:36,280 --> 00:43:39,680
Speaker 4: obviously they've met, that you have a child together, or

938
00:43:39,760 --> 00:43:43,279
Speaker 4: they make a substantial contribution on your property, and there

939
00:43:43,320 --> 00:43:45,840
Speaker 4: would be serious injustice if they were not permitted to

940
00:43:45,880 --> 00:43:47,960
Speaker 4: make a claim. So that could be you moved in

941
00:43:47,960 --> 00:43:49,759
Speaker 4: and with a partner who owned a property, and then

942
00:43:49,760 --> 00:43:52,360
Speaker 4: over the last ten years you guys have renovated it together,

943
00:43:52,680 --> 00:43:55,960
Speaker 4: albeit it was somebody else's property to begin with, you

944
00:43:56,120 --> 00:43:59,040
Speaker 4: kind of start to get some eligibility to make a

945
00:43:59,080 --> 00:44:01,960
Speaker 4: claim on that. So I think it's really really important

946
00:44:02,040 --> 00:44:05,160
Speaker 4: to take these things into consideration. So for our listener,

947
00:44:05,440 --> 00:44:08,440
Speaker 4: I would suggest, just like I would advise any client

948
00:44:08,480 --> 00:44:11,920
Speaker 4: heading into advorce, to your research, go and see a

949
00:44:11,920 --> 00:44:16,239
Speaker 4: family lawyer, plant stage it, understand it, and utilize some

950
00:44:16,320 --> 00:44:19,719
Speaker 4: of the appomentioned free resources and advice to figure out

951
00:44:19,840 --> 00:44:22,240
Speaker 4: how you can best set yourself up for a positive

952
00:44:22,280 --> 00:44:25,920
Speaker 4: experience in the breakup of a relationship. Now, as she said,

953
00:44:25,960 --> 00:44:29,280
Speaker 4: they're amicable, but this sometimes isn't always the case forever.

954
00:44:29,600 --> 00:44:32,479
Speaker 4: So I think just getting it done asap, but also

955
00:44:32,520 --> 00:44:34,839
Speaker 4: getting good advice along the way and making sure you're

956
00:44:34,880 --> 00:44:37,879
Speaker 4: in a financially stable position. As soon as you can

957
00:44:38,040 --> 00:44:41,440
Speaker 4: is really important. A financial advisor, family lawyer. We can

958
00:44:41,480 --> 00:44:43,759
Speaker 4: help you here, but by looking at all of your

959
00:44:43,800 --> 00:44:46,560
Speaker 4: assets and projected future wealth, you'll be able to put

960
00:44:46,600 --> 00:44:48,799
Speaker 4: all your cards on the table and clarify it for

961
00:44:48,880 --> 00:44:50,479
Speaker 4: us in them because at the end of the day,

962
00:44:50,680 --> 00:44:52,680
Speaker 4: I can't help you if I don't know what's going on.

963
00:44:56,080 --> 00:44:58,200
Speaker 3: Now for the fun stuff, what good would a money

964
00:44:58,200 --> 00:45:01,400
Speaker 3: podcast be without the furby bits. It's time for money diaries.

965
00:45:01,640 --> 00:45:04,080
Speaker 1: Hi, I'm twenty five and I'm adjusting to the real

966
00:45:04,120 --> 00:45:05,760
Speaker 1: world and this is my money diary.

967
00:45:05,840 --> 00:45:08,400
Speaker 3: I started off by asking her about her attitude to money.

968
00:45:08,560 --> 00:45:12,560
Speaker 1: I grew up in sort of an average household. My

969
00:45:12,719 --> 00:45:15,160
Speaker 1: mom was a stay at home mum for majority of

970
00:45:15,200 --> 00:45:17,520
Speaker 1: my life, and so my parents were living off a

971
00:45:17,600 --> 00:45:20,759
Speaker 1: single income, and so I think I've developed quite good

972
00:45:20,800 --> 00:45:24,680
Speaker 1: money habits because we had to sort of ration to

973
00:45:24,719 --> 00:45:26,400
Speaker 1: be able to live on that single income for my

974
00:45:26,480 --> 00:45:28,160
Speaker 1: mom to be able to raise my brother and I.

975
00:45:29,120 --> 00:45:31,920
Speaker 1: So we never had a lot, but what my dad

976
00:45:32,000 --> 00:45:34,160
Speaker 1: sort of brought into the family, we really had to

977
00:45:34,480 --> 00:45:38,520
Speaker 1: make it go far. So up until the age of

978
00:45:38,600 --> 00:45:41,640
Speaker 1: twenty three, when I moved to Melbourne, I was super

979
00:45:41,680 --> 00:45:45,040
Speaker 1: good at saving. Yeah, I had a job all throughout

980
00:45:45,160 --> 00:45:50,560
Speaker 1: university and I even bought my first car or by myself,

981
00:45:50,640 --> 00:45:52,520
Speaker 1: and then I bought my second car, which was about

982
00:45:52,560 --> 00:45:56,080
Speaker 1: fifteen grand I managed to buy that outright. So I

983
00:45:56,120 --> 00:45:59,200
Speaker 1: had a really good relationship with money early on, which

984
00:45:59,239 --> 00:46:02,200
Speaker 1: is kind of funny. It's like the opposite to most people.

985
00:46:02,280 --> 00:46:04,319
Speaker 1: Normally they get better with money, but I kind of

986
00:46:04,360 --> 00:46:07,680
Speaker 1: got worse with it. When I moved to Melbourne. I

987
00:46:07,719 --> 00:46:11,680
Speaker 1: found it extremely hard to adjust to paying rent and

988
00:46:11,719 --> 00:46:14,799
Speaker 1: paying bills, and also in a new city, you want

989
00:46:14,800 --> 00:46:16,960
Speaker 1: to make new friends and things. So I was, you know,

990
00:46:17,040 --> 00:46:20,000
Speaker 1: spending a lot going out, and you know, I moved

991
00:46:20,000 --> 00:46:22,560
Speaker 1: over here with a suitcase of stuff, and so to

992
00:46:22,640 --> 00:46:24,520
Speaker 1: kind of build my life, I had to spend a

993
00:46:24,520 --> 00:46:27,080
Speaker 1: lot of my savings. So that really took a hit.

994
00:46:27,760 --> 00:46:29,919
Speaker 1: But now that I'm twenty five, I've sort of been

995
00:46:30,080 --> 00:46:34,080
Speaker 1: back on the savings dwagon for about probably six to

996
00:46:34,120 --> 00:46:35,040
Speaker 1: twelve months now.

997
00:46:35,080 --> 00:46:37,920
Speaker 3: So yeah, let's get into the juicy stuff. How much

998
00:46:37,920 --> 00:46:39,719
Speaker 3: does she earn and how much is sitting in her

999
00:46:39,719 --> 00:46:40,760
Speaker 3: bank account right now?

1000
00:46:40,840 --> 00:46:44,600
Speaker 1: So for work, I'm a business administrator and I'm currently

1001
00:46:44,640 --> 00:46:47,680
Speaker 1: on sixty two k plus super so I've got quite

1002
00:46:47,719 --> 00:46:50,799
Speaker 1: a few bank accounts. In my main house savings, I

1003
00:46:50,840 --> 00:46:53,919
Speaker 1: currently have twelve thousand dollars for an emergency fund, which

1004
00:46:53,960 --> 00:46:56,480
Speaker 1: is two thousand dollars, and then I've just got, you know,

1005
00:46:56,520 --> 00:46:59,400
Speaker 1: a few hundred in the other various accounts like bills

1006
00:46:59,400 --> 00:47:01,400
Speaker 1: and things like that. So I'd say, all up, I've

1007
00:47:01,400 --> 00:47:03,360
Speaker 1: probably got about fifteen thousand dollars.

1008
00:47:03,480 --> 00:47:06,360
Speaker 3: And what exactly happens to that money after it's deposited

1009
00:47:06,400 --> 00:47:07,200
Speaker 3: into her account.

1010
00:47:07,400 --> 00:47:10,080
Speaker 1: I'm trying to get used to being paid monthly for

1011
00:47:10,120 --> 00:47:13,759
Speaker 1: the first time, which is actually quite difficult. So what

1012
00:47:13,800 --> 00:47:16,240
Speaker 1: I've done is I've created a bunch of bank accounts.

1013
00:47:16,320 --> 00:47:19,120
Speaker 1: So the first thing that I do is transfer money

1014
00:47:19,120 --> 00:47:22,440
Speaker 1: into my savings account, and then from there, I've got

1015
00:47:22,480 --> 00:47:25,279
Speaker 1: all little individual accounts like a bill's account. I've got

1016
00:47:25,280 --> 00:47:27,839
Speaker 1: one for my cat just for expenses for that, I've

1017
00:47:27,840 --> 00:47:31,360
Speaker 1: for a short term savings account. So I'm really trying

1018
00:47:31,400 --> 00:47:34,120
Speaker 1: to divide my money up because by the end of

1019
00:47:34,160 --> 00:47:36,439
Speaker 1: the month, I kind of find that I'm running quite

1020
00:47:36,440 --> 00:47:39,400
Speaker 1: low on funds, so just dividing it up kind of

1021
00:47:39,560 --> 00:47:42,280
Speaker 1: makes it easier for me to grab what I need.

1022
00:47:42,440 --> 00:47:44,680
Speaker 3: How does she feel about investing? Does she invest?

1023
00:47:44,760 --> 00:47:47,480
Speaker 1: And if so I have invested, and I do invest.

1024
00:47:48,600 --> 00:47:51,719
Speaker 1: I was very fortunate that when I was when I

1025
00:47:51,760 --> 00:47:57,040
Speaker 1: was about twenty one, I inherited ten thousand dollars from

1026
00:47:57,200 --> 00:48:00,279
Speaker 1: a passing of a family member, and I was in

1027
00:48:00,320 --> 00:48:05,160
Speaker 1: a really good position that the initial instinct would be

1028
00:48:05,200 --> 00:48:08,280
Speaker 1: to spend that money. But speaking to my dad, he said,

1029
00:48:08,280 --> 00:48:12,120
Speaker 1: you should invest, and I had no idea about investing.

1030
00:48:12,160 --> 00:48:14,800
Speaker 1: I was only twenty one years old, so he really

1031
00:48:15,440 --> 00:48:19,439
Speaker 1: he really helped me to find my path in where

1032
00:48:19,440 --> 00:48:22,200
Speaker 1: to invest that money. And so I slip the money

1033
00:48:22,200 --> 00:48:25,520
Speaker 1: into two lots, so five thousand dollars, and I invested

1034
00:48:25,560 --> 00:48:30,080
Speaker 1: five thousand into a managed fund and five thousand into

1035
00:48:30,440 --> 00:48:33,960
Speaker 1: shares like the stock market. And then since then I

1036
00:48:34,000 --> 00:48:37,840
Speaker 1: really haven't invested too much, just because I have fallen

1037
00:48:37,840 --> 00:48:41,600
Speaker 1: off the wagon. But about twelve months ago I started

1038
00:48:41,680 --> 00:48:44,520
Speaker 1: up a raise account, and what I'm doing is I'm

1039
00:48:44,520 --> 00:48:48,439
Speaker 1: sort of accumulating about one thousand dollars and then once

1040
00:48:48,480 --> 00:48:50,240
Speaker 1: I get to that, then I'm going to be putting

1041
00:48:50,239 --> 00:48:54,520
Speaker 1: that into into buying shares. So I've got about nine

1042
00:48:54,560 --> 00:48:56,640
Speaker 1: hundred at the moment, so I'm not too far off

1043
00:48:57,239 --> 00:49:00,560
Speaker 1: creating my first parcel of a thousand dollars debt.

1044
00:49:00,680 --> 00:49:02,600
Speaker 3: Let's learn a little bit more about her credit card

1045
00:49:02,600 --> 00:49:03,640
Speaker 3: and personal loans.

1046
00:49:03,920 --> 00:49:08,120
Speaker 1: So I've never had a credit card in my life. However,

1047
00:49:08,200 --> 00:49:11,240
Speaker 1: I did go to university, so I do have about

1048
00:49:11,280 --> 00:49:12,719
Speaker 1: a thirty eight thousand dollars.

1049
00:49:12,560 --> 00:49:15,040
Speaker 3: Hex step And does she have any good money habits

1050
00:49:15,040 --> 00:49:16,160
Speaker 3: that she's especially proud of?

1051
00:49:16,480 --> 00:49:20,800
Speaker 1: So I've got two. Firstly, I sell all my unwanted

1052
00:49:20,840 --> 00:49:24,239
Speaker 1: things on marketplace. As soon as there's something that I

1053
00:49:24,239 --> 00:49:27,319
Speaker 1: don't use, I put it straight on Facebook Marketplace and

1054
00:49:27,400 --> 00:49:29,560
Speaker 1: it usually sells quite quickly if you put it at

1055
00:49:29,600 --> 00:49:32,880
Speaker 1: a decent price. And secondly, I bring my lunch to

1056
00:49:33,000 --> 00:49:36,279
Speaker 1: work easily four out of five days a week. I

1057
00:49:36,400 --> 00:49:38,880
Speaker 1: maybe treat myself like once a week once a fortnight

1058
00:49:39,000 --> 00:49:43,560
Speaker 1: to to a lunch, a takeaway lunch, but otherwise I'm

1059
00:49:43,600 --> 00:49:45,000
Speaker 1: bringing my lunch every day.

1060
00:49:45,160 --> 00:49:46,959
Speaker 3: And what about her worst money habit.

1061
00:49:47,040 --> 00:49:49,799
Speaker 1: I spend a lot of money on rent. So I

1062
00:49:49,840 --> 00:49:53,680
Speaker 1: currently spend almost four hundred dollars a week on rent

1063
00:49:53,800 --> 00:49:58,560
Speaker 1: because I do live by myself in Melbourne, so that's

1064
00:49:58,600 --> 00:50:01,560
Speaker 1: something that I kind of value, and so I do see,

1065
00:50:01,920 --> 00:50:03,960
Speaker 1: you know, the value in putting my money into that

1066
00:50:04,040 --> 00:50:07,680
Speaker 1: because I really value my alone time and my space.

1067
00:50:09,160 --> 00:50:11,560
Speaker 1: Another thing is I also buy a lot of plants

1068
00:50:11,560 --> 00:50:13,680
Speaker 1: and home to core, which is really bad.

1069
00:50:14,400 --> 00:50:17,560
Speaker 3: So what's today's money, dear is actually saving for what's

1070
00:50:17,600 --> 00:50:18,520
Speaker 3: her big money goal.

1071
00:50:18,640 --> 00:50:21,720
Speaker 1: I think for me, I definitely want to purchase a house.

1072
00:50:22,520 --> 00:50:25,120
Speaker 1: I've lived in a few places now, and I just

1073
00:50:25,200 --> 00:50:27,560
Speaker 1: would really love to be able to renovate a place.

1074
00:50:27,960 --> 00:50:31,080
Speaker 1: I'm kind of in the design industry, so that kind

1075
00:50:31,080 --> 00:50:32,400
Speaker 1: of means a lot to me to be able to

1076
00:50:32,440 --> 00:50:35,080
Speaker 1: have your own space that you can create as your own,

1077
00:50:35,200 --> 00:50:38,680
Speaker 1: and obviously renting doesn't allow that. Something that kind of

1078
00:50:38,719 --> 00:50:40,960
Speaker 1: makes me fall off the bandwagon a bit is the

1079
00:50:41,040 --> 00:50:45,640
Speaker 1: idea of house prices increasing and my savings not being

1080
00:50:45,640 --> 00:50:47,759
Speaker 1: able to keep up with that. You know, the other day,

1081
00:50:47,800 --> 00:50:50,319
Speaker 1: I sort of worked out how long it would take

1082
00:50:50,360 --> 00:50:52,879
Speaker 1: me to afford a deposit on even just a one

1083
00:50:52,920 --> 00:50:57,880
Speaker 1: bedroom home apartment, you know, in the city, and for me,

1084
00:50:58,000 --> 00:51:00,319
Speaker 1: that's going to take at least five years, and that

1085
00:51:00,400 --> 00:51:02,560
Speaker 1: kind of really puts me off a bit, and that

1086
00:51:02,640 --> 00:51:05,040
Speaker 1: kind of knocks me back, and I sort of tend

1087
00:51:05,080 --> 00:51:07,640
Speaker 1: to start from scratch from there. And also I guess

1088
00:51:07,880 --> 00:51:10,239
Speaker 1: to do with that as well is seeing people around me.

1089
00:51:10,280 --> 00:51:13,160
Speaker 1: You know, my brother and you know, comparing myself to

1090
00:51:13,239 --> 00:51:16,880
Speaker 1: people who are currently purchasing their first property, and you know,

1091
00:51:17,040 --> 00:51:19,000
Speaker 1: we're the same age, and I kind of think why

1092
00:51:19,040 --> 00:51:22,160
Speaker 1: and I in that stage as well. So I think

1093
00:51:22,239 --> 00:51:25,680
Speaker 1: definitely the idea of purchasing a property is high on

1094
00:51:25,719 --> 00:51:28,920
Speaker 1: my list. But I do feel discouraged at times because

1095
00:51:29,560 --> 00:51:31,840
Speaker 1: I feel like I can't keep up with people around me.

1096
00:51:32,320 --> 00:51:35,360
Speaker 3: So how would today's money diarist write her own relationship

1097
00:51:35,360 --> 00:51:35,800
Speaker 3: with money?

1098
00:51:35,920 --> 00:51:38,680
Speaker 1: So I'd say about a year ago, if you had

1099
00:51:38,680 --> 00:51:41,680
Speaker 1: to asked me that, I would have said probably a C.

1100
00:51:42,600 --> 00:51:45,040
Speaker 1: But I think at the moment I'm probably an A minus.

1101
00:51:45,120 --> 00:51:49,320
Speaker 1: I feel like I'm kind of across everything in terms

1102
00:51:49,360 --> 00:51:51,520
Speaker 1: of you know, I've got my savings and I've invested

1103
00:51:51,560 --> 00:51:55,200
Speaker 1: a bit, but I definitely have room to improve, particularly

1104
00:51:55,200 --> 00:51:58,440
Speaker 1: around my mindset around money and you know, not comparing

1105
00:51:58,480 --> 00:51:59,960
Speaker 1: myself to other people so much.

1106
00:52:00,080 --> 00:52:03,120
Speaker 3: But yeah, i'd say, names Victoria, what did you make

1107
00:52:03,200 --> 00:52:04,480
Speaker 3: of this week's money Diarist?

1108
00:52:04,760 --> 00:52:06,960
Speaker 4: I really liked it. I felt like she was really

1109
00:52:07,000 --> 00:52:09,040
Speaker 4: harsh on herself. Though I feel like a broken record.

1110
00:52:09,080 --> 00:52:10,880
Speaker 4: I say that everyone feels harsh to yourselves.

1111
00:52:10,920 --> 00:52:11,360
Speaker 3: Had okay.

1112
00:52:11,440 --> 00:52:13,799
Speaker 4: She said that she compared herself to her friends a

1113
00:52:13,840 --> 00:52:15,759
Speaker 4: lot and didn't feel like she had it together. And

1114
00:52:15,840 --> 00:52:17,399
Speaker 4: then she's like, oh, and by the way, I've got

1115
00:52:17,400 --> 00:52:19,279
Speaker 4: this in my savings, and I've you know, structured this,

1116
00:52:19,360 --> 00:52:20,960
Speaker 4: and I even have an account for my cat, which

1117
00:52:21,000 --> 00:52:24,040
Speaker 4: obviously I love. But I just felt like she had

1118
00:52:24,080 --> 00:52:27,920
Speaker 4: it together. That's more than other people do, and so

1119
00:52:28,080 --> 00:52:30,000
Speaker 4: much more than she's giving herself credit for.

1120
00:52:30,760 --> 00:52:33,000
Speaker 3: I think I'm a similar age. I just turned twenty

1121
00:52:33,080 --> 00:52:36,840
Speaker 3: six and on I have this conversation with my girlfriends

1122
00:52:36,880 --> 00:52:39,640
Speaker 3: all the time. It's like, God, we are old. Now,

1123
00:52:40,200 --> 00:52:42,520
Speaker 3: we're old, and we are not where we thought we

1124
00:52:42,560 --> 00:52:46,000
Speaker 3: would be. Life is really hard, it's really expensive. She

1125
00:52:46,080 --> 00:52:47,400
Speaker 3: said that she's not old.

1126
00:52:47,440 --> 00:52:47,839
Speaker 5: By the way.

1127
00:52:47,880 --> 00:52:49,719
Speaker 4: I'm just going to jump in there and be like,

1128
00:52:49,840 --> 00:52:52,600
Speaker 4: are you kidding twenty six? I'm twenty nine now two

1129
00:52:53,040 --> 00:52:55,520
Speaker 4: and that doesn't feel old either. What do you mean

1130
00:52:55,560 --> 00:52:56,480
Speaker 4: halfway to fifty two?

1131
00:52:56,520 --> 00:52:57,439
Speaker 5: That's halfway girl?

1132
00:52:57,600 --> 00:52:58,560
Speaker 3: Yeah, okay, that is true.

1133
00:52:58,600 --> 00:52:59,080
Speaker 5: Calm down.

1134
00:52:59,600 --> 00:53:01,359
Speaker 3: But what I'm saying is that we're all gone through

1135
00:53:01,400 --> 00:53:03,920
Speaker 3: it the same thing. But she did mention that she

1136
00:53:04,320 --> 00:53:07,920
Speaker 3: spends four hundred dollars a week on rent, which in Melbourne,

1137
00:53:07,960 --> 00:53:10,239
Speaker 3: I think that's really expensive, But she did say it

1138
00:53:10,280 --> 00:53:12,880
Speaker 3: align to with values. She wants to live alone. I

1139
00:53:13,000 --> 00:53:16,160
Speaker 3: get that. I've lived with some salty housemates in the.

1140
00:53:16,120 --> 00:53:18,239
Speaker 5: Past, so I get it. I get it.

1141
00:53:18,400 --> 00:53:20,760
Speaker 4: Guys. She lived with my little sister for a while.

1142
00:53:20,760 --> 00:53:22,640
Speaker 5: So I don't know what that means.

1143
00:53:22,680 --> 00:53:25,600
Speaker 4: Don't read too much into it, but I do agree,

1144
00:53:25,680 --> 00:53:28,239
Speaker 4: and I think that that's a decision that she has

1145
00:53:28,320 --> 00:53:32,520
Speaker 4: made consciously, and that's why I like it. As you know, Georgia,

1146
00:53:32,600 --> 00:53:35,600
Speaker 4: I have absolutely no issue with what you spend. It's

1147
00:53:35,640 --> 00:53:38,000
Speaker 4: that you are spending it, not just in line with

1148
00:53:38,040 --> 00:53:40,880
Speaker 4: your values, but consciously, so that you are not just

1149
00:53:40,920 --> 00:53:44,440
Speaker 4: making unconscious decisions and somehow you've ended up spending four

1150
00:53:44,480 --> 00:53:46,759
Speaker 4: hundred dollars on rent. She was quite clear that was

1151
00:53:46,800 --> 00:53:49,280
Speaker 4: something that she wanted to spend on and she's making

1152
00:53:49,320 --> 00:53:51,040
Speaker 4: up for it in other places, and I think that

1153
00:53:51,040 --> 00:53:52,680
Speaker 4: that's great. If you want to do that, you do you.

1154
00:53:52,960 --> 00:53:53,520
Speaker 5: I loved that.

1155
00:53:53,600 --> 00:53:55,880
Speaker 3: She also said she spends a lot of money on

1156
00:53:55,920 --> 00:53:58,720
Speaker 3: her plants and home day care, which I also truly

1157
00:53:59,280 --> 00:54:01,920
Speaker 3: responded to. I just felt like she was my people,

1158
00:54:02,400 --> 00:54:05,320
Speaker 3: plants and a cat fund she really wants.

1159
00:54:05,400 --> 00:54:08,080
Speaker 4: Does it get any better? Maybe it was my money there,

1160
00:54:08,120 --> 00:54:08,680
Speaker 4: you guys know.

1161
00:54:09,400 --> 00:54:12,239
Speaker 3: One last little question for you before we wrap up

1162
00:54:12,600 --> 00:54:15,040
Speaker 3: the investing of the inheritance. Did you think that that

1163
00:54:15,200 --> 00:54:15,800
Speaker 3: was a good idea.

1164
00:54:15,840 --> 00:54:17,640
Speaker 4: I thought that was a great idea, and I really

1165
00:54:17,719 --> 00:54:21,000
Speaker 4: liked that she got that guidance from her dad early on.

1166
00:54:21,160 --> 00:54:24,320
Speaker 4: I really liked that she also clearly valued it as well.

1167
00:54:24,600 --> 00:54:27,200
Speaker 4: She didn't know, and I really liked that she said that.

1168
00:54:27,239 --> 00:54:30,480
Speaker 4: She's also kind of diversified a little bit further, and

1169
00:54:30,520 --> 00:54:35,120
Speaker 4: she's recently got a micro investing platform Raise, which you know,

1170
00:54:35,280 --> 00:54:37,680
Speaker 4: as a financial advisor, I can't say, oh, it's incredible,

1171
00:54:37,719 --> 00:54:40,040
Speaker 4: it's this, it's that, But I know lots of people

1172
00:54:40,120 --> 00:54:42,600
Speaker 4: in our community use it and really enjoy it, and

1173
00:54:42,640 --> 00:54:44,440
Speaker 4: we do have a She's on the Money code for it.

1174
00:54:44,480 --> 00:54:46,960
Speaker 4: If you guys are into it, I absolutely do. Okay,

1175
00:54:47,000 --> 00:54:49,160
Speaker 4: so yeah, I think in some she's probably being a

1176
00:54:49,200 --> 00:54:51,239
Speaker 4: little bit too harsh in herself and she's actually kill

1177
00:54:51,280 --> 00:54:55,040
Speaker 4: on it. Yay, yay, alrighty that is all we have

1178
00:54:55,160 --> 00:54:56,120
Speaker 4: time for today, guys.

1179
00:54:56,160 --> 00:54:58,240
Speaker 3: But before we head off, let's quickly wrap the boring

1180
00:54:58,280 --> 00:55:01,040
Speaker 3: but important stuff. The advice on She's on the Money

1181
00:55:01,120 --> 00:55:04,520
Speaker 3: is general in nature and does not consider your individual circumstances.

1182
00:55:04,880 --> 00:55:07,680
Speaker 3: She's on the money, it exists purely for educational purposes

1183
00:55:07,719 --> 00:55:10,040
Speaker 3: and should not be relied upon to make an investment

1184
00:55:10,160 --> 00:55:14,120
Speaker 3: or financial decision and stress less, we promised. Victoria Devine

1185
00:55:14,160 --> 00:55:18,319
Speaker 3: is an authorized representative of Australia Pacific Funds Management Proprietary

1186
00:55:18,360 --> 00:55:21,319
Speaker 3: Limited ABN three four one three two four six three

1187
00:55:21,400 --> 00:55:24,200
Speaker 3: two five seven AFSL three three nine one five one

1188
00:55:24,480 --> 00:55:27,360
Speaker 3: And as always, a massive shout out to our audio

1189
00:55:27,440 --> 00:55:30,160
Speaker 3: lord Brian John for putting together today's podcast.

1190
00:55:30,400 --> 00:55:32,839
Speaker 4: We would love it if you joined our Facebook group

1191
00:55:32,840 --> 00:55:36,160
Speaker 4: where our community shares money tips and tricks every single

1192
00:55:36,239 --> 00:55:39,160
Speaker 4: day free of judgment. So She's on the Money on

1193
00:55:39,200 --> 00:55:41,719
Speaker 4: Facebook and join us. If Facebook's not your thing or

1194
00:55:41,719 --> 00:55:44,200
Speaker 4: you want us on multiple platforms, you can also find

1195
00:55:44,280 --> 00:55:47,600
Speaker 4: us on Instagram, where She's on the Money a US.

1196
00:55:47,400 --> 00:55:49,240
Speaker 3: And what else happened recently progress.

1197
00:55:49,320 --> 00:55:52,000
Speaker 4: We're also on YouTube now guys too, so so She's

1198
00:55:52,040 --> 00:55:55,000
Speaker 4: on the Money AUS on YouTube and you'll find some fun,

1199
00:55:55,080 --> 00:55:57,799
Speaker 4: fun videos. If you haven't heard enough of us on the.

1200
00:55:57,719 --> 00:55:59,680
Speaker 3: Podcast, all right, we'll see you next week.

1201
00:55:59,800 --> 00:56:04,840
Speaker 5: See next week. Goes bye

1202
00:56:11,719 --> 00:56:12,040
Speaker 1: M hm