Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud Order
Speaker 1: Order Kernie Whoalbury and a waddery woman. And before we
Speaker 1: get started on She's on the Money podcast, I would
Speaker 1: like to acknowledge the traditional custodians of the land of
Speaker 1: which this podcast is recorded on a wondery country, acknowledging
Speaker 1: the elders, the ancestors and the next generation coming through
Speaker 1: as this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 2: Hello, and welcome to She's on the Money the pod
Speaker 2: cast the mag's personal finance fun especially on Fridays. It's
Speaker 2: our favorite day of the week because this week we're
Speaker 2: getting the team together and we are celebrating you how
Speaker 2: incredible She's on the Money community. First cab off the rank.
Speaker 2: We've got Miss Grig and she's going to be sharing
Speaker 2: some money wins and confessions from the community. Miss bech
Speaker 2: Sayed has a few broke tips for us. Beck I
Speaker 2: actually have a tip to add this week. I don't
Speaker 2: know if it's a good tip, but I sent the
Speaker 2: TikTok of it to Jess yesterday. No, no, it's not. Well,
Speaker 2: it's not a money win because I didn't buy it.
Speaker 2: It's like a tip. You can have it, you can
Speaker 2: have it, but it'll be like a coy. Thank god,
Speaker 2: thank god he was on TikTok again, like I live there.
Speaker 2: We're going to be answering a money dilemma this week.
Speaker 2: It's all about how to pay for your egg freezing.
Speaker 2: And we've also got a juicy conversation to have something
Speaker 2: that you slid into our d MS about. We're going
Speaker 2: to be talking about buying property with a family member
Speaker 2: before I ask you about how your weeks were, My loves,
Speaker 2: do you know what today is? What? It is the
Speaker 2: last day of intake for the Investing master Class, and
Speaker 2: would you believe thousands of women have joined us now.
Speaker 2: I am so excited about it, but I wanted to
Speaker 2: mention it just right here at the top because it
Speaker 2: is the last day. Doors are closing today. So if
Speaker 2: you've been on the fence about jumping into the Investing
Speaker 2: master Class you're not sure if it's for you, go
Speaker 2: have a look at the website. We're going to put
Speaker 2: all of the information in the show notes. Obviously, I'm
Speaker 2: going to give you a discount if you use the
Speaker 2: code podcast, you'll get a cheeky little discount at checkout.
Speaker 2: But I'm really excited because it starts on Monday. The
Speaker 2: reason we're closing doors is to make sure that everybody
Speaker 2: gets in at the same time. They all have an
Speaker 2: epic experience and we can like go through each module
Speaker 2: live and we can drop it to make sure that
Speaker 2: you are on top of it, because I feel like
Speaker 2: sometimes you're like I've got all the best intentions in
Speaker 2: the world, and then you don't do it, so it's
Speaker 2: like kind of us holding you accountable. There are already
Speaker 2: hundreds of women in our Facebook group as well talking
Speaker 2: about how excited they are. There's a few posts I've
Speaker 2: seen where people are looking for accountability partners, and I
Speaker 2: just think it's the sweetest thing ever because you can
Speaker 2: just see that they're making friends with one another, and
Speaker 2: I honestly cannot wait to jump in. So if you
Speaker 2: haven't dove in yet and you really want to the
Speaker 2: Code is podcast because obviously, like we're going to need
Speaker 2: a discount, but also I don't mean to put the
Speaker 2: pressure on. I haven't before doors do close. So if
Speaker 2: you want to be in it to literally win it
Speaker 2: or like invest it, you need to do that sooner
Speaker 2: rather than later. But moving on, my loves, how are
Speaker 2: your weeks? Goohed?
Speaker 4: Happy public holiday to everyone in Melbourne and gets a
Speaker 4: day off for the footy?
Speaker 2: Love that for us? Wait is that this week?
Speaker 4: Yes?
Speaker 2: Oh so have Friday off? Yeh, you're coming to work
Speaker 2: on Friday.
Speaker 1: No.
Speaker 2: I love being the boss and knowing everything about my
Speaker 2: own vis will come. That's cool. Do you know what's
Speaker 2: actually quite funny? I saw Gabby who used to work
Speaker 2: at She's on the Money, who now works for the
Speaker 2: af L. She was telling me all about this yesterday.
Speaker 2: She's like, oh, they I need to borrow all address
Speaker 2: because you know I've got all these grand final things.
Speaker 2: I did not put two and two together that she
Speaker 2: borrowed a dress because it was this week. I was
Speaker 2: just like, yeah, come raid my wardrobe. All good or good,
Speaker 2: no worries. She did tell me it was for Friday.
Speaker 2: My brain, my brain no comprehended.
Speaker 5: No, it's shockingly not all consuming this year, Like I
Speaker 5: just feel like I haven't heard or seen but maybe I'm.
Speaker 2: If it's your team. It depends. Yeah, and then there
Speaker 2: are no Melbourne teams and this. Yeah, maybe that's why
Speaker 2: I don't know why I am so useless. But I
Speaker 2: also did watch The Brownlow, so like, yeah, you know
Speaker 2: you were saying, oh, like I feel like it's not anywhere.
Speaker 2: I'm like, oh, it's been everywhere for me. Yeah, And
Speaker 2: I've been all over TikTok looking at all the girls dresses.
Speaker 2: Like because when I say I watched the Brown Low,
Speaker 2: I just watched the red carpet section like a normal person. Yeah, fa,
Speaker 2: that's it. I just want to see the dresses. I
Speaker 2: want to see what's going on. I want to see
Speaker 2: who brought who, and then I want to go to
Speaker 2: bed early. But about that, Jess, You've got a public holiday,
Speaker 2: so this week is a good week. Thrilled. I have
Speaker 2: a racket racket club, so hopefully I've heard about racket clubs.
Speaker 4: Six degrees of separation. It's like a consignments rate. It's
Speaker 4: like you sell your clothes, you rent a rack. Basically
Speaker 4: you and I've done fun to markets before where you
Speaker 4: stand there for hours on end and you're selling your
Speaker 4: stuff and you're hggling. And it was good it was fun.
Speaker 4: We had a good time.
Speaker 2: Gillies now brought their pets. I got to drink coffee,
Speaker 2: I got to meet heaps of people. Also, I love
Speaker 2: a little bit of a circular economy really absolutely. We're
Speaker 2: just talking about my girlfriend coming over because she borrowed
Speaker 2: one of my dresses. I love that reduced free recycling.
Speaker 4: Yeah, so it's like a similar thing, except do you
Speaker 4: render it for like a longer period. So I a
Speaker 4: girlfriend and I went halves. So we've got like this
Speaker 4: rack for two weeks. It's I think about the same
Speaker 4: price point as like a one day at like a
Speaker 4: like a Camwell market.
Speaker 2: That's cool because racket I was like taking off. I've
Speaker 2: seen it all over social media again chronically online over here.
Speaker 4: And it's co founded by Alice, who used to work
Speaker 4: on Jason Lauren.
Speaker 2: Yeah that's right. Yeah, that's kind of fun.
Speaker 4: She used to wear for iHeart and then when you know,
Speaker 4: obviously that and all the redundanties and stuff happened, she
Speaker 4: and her friends started this business and they're just opening
Speaker 4: like their third styeah.
Speaker 2: Like they didn't do one, They've now got three. Isn't
Speaker 2: that iNeST really cool?
Speaker 1: Yeah?
Speaker 4: And so I said I've done my big sprinkling. I've
Speaker 4: been selling stuff, so now I've just dumped it all.
Speaker 4: I mean, I dump it all there for the weekend.
Speaker 2: Is that Scanlin dress that I saw on deep Pop
Speaker 2: going to be there? Absolutely? Oh so you've got good stuff? Yeah,
Speaker 2: I love it? So what you you borrow a whole rap? Yeah,
Speaker 2: and reut your clothes in the shop and they really
Speaker 2: and go to the shop and like basically go and
Speaker 2: purchase your stuff and then they sell it for you.
Speaker 2: Obviously they're going to clip the ticket on the way through.
Speaker 2: But then at the end of the two weeks they'll
Speaker 2: be like, hey, Jess, come pick up the stuff that
Speaker 2: you haven't sold, right and new money. And I'm just
Speaker 2: doing it.
Speaker 4: Like the stuff that I have on deepop is still
Speaker 4: on deeper because you can track it online what has sold.
Speaker 4: Like if something sells at Racket Club, I'll just market
Speaker 4: is sold on deep Op. So it's like smiling and
Speaker 4: I don't have to stand there all day like it
Speaker 4: just as a shopkeeper who does it all at the
Speaker 4: lovely great How good is that?
Speaker 2: Okay? I'm so sorry.
Speaker 5: I know that we're probably I don't want to take
Speaker 5: up too much time but you're renting the physical rack.
Speaker 5: I'm thinking you're renting a rack of clothes and just
Speaker 5: wearing them for the week.
Speaker 2: They're I understand, I understand. I'm so sorry. Okay, why
Speaker 2: are you sorry? Honestly, if you were thinking it's someone somewhere,
Speaker 2: we're sitting in their club being jess. You have so
Speaker 2: many clothes, why would you rent a whole rack of
Speaker 2: clothes to wear? I hope there's at least one person
Speaker 2: sitting at a club club. Slide into my DM so
Speaker 2: that I can show back, so that we can all
Speaker 2: feel better about this situation. Yes, please, no, but I
Speaker 2: love that borrow a friend's dress go to racket club,
Speaker 2: like it's a good idea. I was thinking about that
Speaker 2: when I got dressed this morning, because I put on
Speaker 2: this skirt that I'm wearing. I love it. I've had
Speaker 2: it for ten plus years. I was putting it on
Speaker 2: this morning, and I was like, oh, this is probably
Speaker 2: not a good thing. But like Scanlon Theodore used to be,
Speaker 2: I won't say accessible, it was like a bit more expensive,
Speaker 2: but more recently they've gone insane with their prices, Like
Speaker 2: I cannot justify it. Like I used to be like, oh,
Speaker 2: this is, you know, obviously very bougie purchased, but like
Speaker 2: two hundred and fifty three hundred dollars for a skirt,
Speaker 2: Like I could find a way to make it work
Speaker 2: in my budget because I'm a fashion girly. But now
Speaker 2: they're like eight hundred dollars. I'm out. I'm out.
Speaker 4: Dress times are the only reason I have it is
Speaker 4: I got it at a warehouse, but it was originally
Speaker 4: I think, like seven hundred dollars.
Speaker 2: It's insane, right, And I was just thinking, hey, I've
Speaker 2: got pretty good cosper wear out of this skirt. Like
Speaker 2: I tried to track back when I got it, and
Speaker 2: I was like, I don't know when I got it,
Speaker 2: but I remember going on dates with my husband wearing
Speaker 2: this skirt when we first met. And then I was like, oh,
Speaker 2: that was a really long time ago. And then I
Speaker 2: was like, oh, this skirt's probably ten isn't it. Can
Speaker 2: say pieces that last that long, they're good quality.
Speaker 1: I know.
Speaker 2: I was actually kind of low key chuffed. I was like,
Speaker 2: this is like that's cool, and it comes around, doesn't
Speaker 2: it totally? Do you know why I've pulled it back
Speaker 2: out because I was coming back, you know, I saw
Speaker 2: something similar online and I was like, I think I
Speaker 2: have something like that perfect. I never throw out your
Speaker 2: clothes anyway, Beck, Yes, enough about racket clothes and my outfits.
Speaker 2: How's your week being really good?
Speaker 5: I was actually going to tell you guys before we
Speaker 5: started this, but I didn't want to take up too
Speaker 5: much time.
Speaker 2: But I was diagnosed with ADHD yesterday. And I know
Speaker 2: it's so funny because offline I was like, oh my god,
Speaker 2: so my ADHD meds x y Z and don't even
Speaker 2: manage to tell me that. No, while I was like, oh,
Speaker 2: we probably should start, and I was like, I felt
Speaker 2: bad that I was taking too much time. So I
Speaker 2: was like, maybe just like dropping and then we'll we'll
Speaker 2: talk about it on the pod to talk about medical history,
Speaker 2: just straight on the post. We never do. Oh ye, god, congratulations,
Speaker 2: thank you. I do feel validated.
Speaker 1: I know that.
Speaker 5: Like what I was saying to my psychiatrist in like
Speaker 5: the most chaotic and ironically like yeah, back and forth
Speaker 5: kind of way was I was worried that I wouldn't
Speaker 5: be taken seriously because so many people are a kind
Speaker 5: of realizing that they may have ADHD all at the
Speaker 5: same time.
Speaker 2: That's because we all do.
Speaker 5: Yeah.
Speaker 2: I think that a lot of people do. Yeah.
Speaker 5: I was like awful in school, but not from lack
Speaker 5: of like, you know, intelligence or the capacity to learn.
Speaker 5: It was purely that, like I just yeah, I think
Speaker 5: that my brain has always worked in a certain way.
Speaker 5: I'm glad that I finally have done something about it.
Speaker 5: I'm like, what could I have been if I'm impressed?
Speaker 5: I'm actually so impressed. What was your process? Like, you know,
Speaker 5: complete side.
Speaker 2: No, I know people listening are going to be like, oh,
Speaker 2: I've been thinking about this or you know, I'm not
Speaker 2: sure what this looks like, and I'm no help because
Speaker 2: I got diagnosed at like eighteen nineteen, like I've known
Speaker 2: for my entire career. I lied about it for a
Speaker 2: long time, if we're being honest, because I was embarrassed
Speaker 2: off it and now everyone's talking about it. I was like, oh,
Speaker 2: so it's like not the worst thing ever. Oh okay,
Speaker 2: thank you for validating me. But how long did it
Speaker 2: take you to get diagnosed? So for me, I was
Speaker 2: really lucky. I have heard the people go.
Speaker 5: To psychologists like twenty times and then go to a
Speaker 5: psychiatrist blah blah blah. But I went to my doctor
Speaker 5: in Brunswick, East. I love her with my whole heart.
Speaker 5: And she was like, I'll find you the cheapest psychiatrist.
Speaker 5: Didn't I didn't have to go to a psychologist.
Speaker 2: No, psychologists can't like diagnose anyway.
Speaker 5: And I think that I thought that they were the
Speaker 5: ones to refer to you, right, But they can, they can,
Speaker 5: they can, they will. But I went to my GP
Speaker 5: and I told her about this, and I was like,
Speaker 5: I think I want to maybe see and then she
Speaker 5: was like cool. She set me up an appointment with
Speaker 5: a psychiatrist of Telehealth in Tasmania. It's the cheapest that
Speaker 5: she could find and it was.
Speaker 2: What g six hundred out of pocket?
Speaker 1: Wow?
Speaker 2: Thousands wow. And so I went to her. She referred me.
Speaker 5: I had an appointment bing bong bang, literally one appointment yesterday.
Speaker 5: And in that same appointment he was like you you
Speaker 5: fit criteria, blah blah blah. And then so now I
Speaker 5: have to go back to my GP when it's already
Speaker 5: she's gonna give me something for that.
Speaker 2: Oh, she's gonna manage you strategy. How good? Yeah? So
Speaker 2: I think it's yeah, it's been great. It's a journey.
Speaker 2: It's a journey. It's very validating knowing that it's not
Speaker 2: just you totally, like it's yeah, I totally get that,
Speaker 2: all right, totally. Let's jump into the episode because I
Speaker 2: would love to talk about ADHD all day because it's
Speaker 2: like super pervy but like your medical history like probably true,
Speaker 2: like she's on the money vibes like it is it is,
Speaker 2: but we won't push it. You sure you can take it. Yeah,
Speaker 2: don't worry. I'm gonna But Jess, what have you pulled
Speaker 2: out of the community this week? I feel like there's
Speaker 2: been a lot of good money wins. I've been in
Speaker 2: that thread this week replying and asking for pet tax.
Speaker 2: So what have you pulled out?
Speaker 4: Alrighty? My first win this week comes from Cat who
Speaker 4: said she has gotten on the train. She's made about
Speaker 4: three hundred bucks last week by selling things she no
Speaker 4: longer needed on Facebook Marketplace. Things were selling super quickly,
Speaker 4: and she said it's a win all round because now
Speaker 4: she has less clutter as well, which we love. Next,
Speaker 4: I've got money win from Katie who said it's that
Speaker 4: time of year where a cost co membership is one
Speaker 4: hundred and thirty dollars for executive, but you can get
Speaker 4: cash back on it.
Speaker 2: To reduce the cost.
Speaker 4: Of your annual fee, which is not something I'd ever
Speaker 4: thought about looking for. If you're someone who has a
Speaker 4: cost Co membership, apparently you can access cash back to
Speaker 4: reduce it. Really one hundred and thirty dollars that's the
Speaker 4: executive membership, which, if I'm being honest, I don't really
Speaker 4: know what that means.
Speaker 2: That sounds bougie for somebody shopping at She's goad all
Speaker 2: that is sixty five dollars for a normal oh, with
Speaker 2: no incentives paid off.
Speaker 4: So I'm not too sure. I'm not entirely sure. But
Speaker 4: she said she got ninety six dollars cash back.
Speaker 2: Oh okay, I don't know, so maybe that from one
Speaker 2: thirty that's a good deal. Yeah, so of that look
Speaker 2: to know, I'm a little skimned on the details.
Speaker 4: But all I'm saying is you have a cost Co membership,
Speaker 4: or you want to look into a cost Co membership,
Speaker 4: Now it's the time to shine. Yeah, I have a
Speaker 4: look for some cash back because that's a great deal
Speaker 4: to me. Next, I've got a money win from Mel
Speaker 4: who said she's trying to make an extra thousand dollars
Speaker 4: by Christmas. Guys, there's only ninety two days until Christmas.
Speaker 2: I'm sure, Yeah, that's disgusting. Just for go to get
Speaker 2: about it. The Christmas decoration throughout the shops.
Speaker 4: So do as Mal is doing, Start thinking, start saving
Speaker 4: if you haven't already. She said, She's banked two hundred
Speaker 4: and seventy three bucks this week from a combo of
Speaker 4: marketplace sales and surveys.
Speaker 2: I'm going to railroad this completely. Should we be inspired
Speaker 2: by Meil and get a like one thousand dollars saving
Speaker 2: tracker up so that people can save one thousand dollars
Speaker 2: before Christmas? Definitely, they even work towards it, Like we're
Speaker 2: not talking like, you know, make a savings plan and
Speaker 2: just direct debit it, like we're gonna find it, We're
Speaker 2: gonna hustle it up, we're gonna like depop it, we're
Speaker 2: gonna Facebook marketplace that, we're gonna do some surveys like
Speaker 2: but we'll all try and get to one thousand dollars
Speaker 2: before Christmas. And even if you don't get to one
Speaker 2: thousand dollars and you're only able to find fifty bucks,
Speaker 2: like that's fifty dollars you didn't have before Christmas, and
Speaker 2: like that's gonna help too.
Speaker 1: So true.
Speaker 2: That's actually great. I am going to get a little
Speaker 2: sheet together. We're going to do this and it will
Speaker 2: be in our Facebook group today. There you go.
Speaker 4: Everybody's going to have a little look sie for that
Speaker 4: because it'll be here before you know it. Next, I've
Speaker 4: got a money win from Shanade who said money win.
Speaker 4: My local fruit market had a case of jam strawberries,
Speaker 4: which is eighteen punnets for ten dollars what she picked
Speaker 4: the best punnets for fresh eating and then made a
Speaker 4: batch with the rest of homemade jam.
Speaker 2: That's so cute. Also coming into Christmas, so that would
Speaker 2: be a really cute present. Yeah, that's quite Cutely imagine
Speaker 2: if someone gifted your homemade jam that was so sweet?
Speaker 2: Yeh literally? Also ever made jam? Maybe I should make jam?
Speaker 6: Yeah?
Speaker 5: I think we should be making jams because it's like
Speaker 5: it's such a sweet gesture, isn't It's like you're.
Speaker 2: Over the stove, yeah, for hours, and the little jars
Speaker 2: are so cute. So you can make a little label strawberries.
Speaker 2: I love cheap money win, but like, do we have
Speaker 2: faced jams? I'm a raspberry kind of goal. I'm strawberry. Yeah,
Speaker 2: strawberry as well. See we always have strawberry and raspberry
Speaker 2: in my house because I always have raspberry and my
Speaker 2: husband's like el raspberry only eats strawberry. The chunks freak
Speaker 2: me out. All of it freaks me out.
Speaker 4: Or if you had something a little left of center
Speaker 4: of BlackBerry jam, it's quite nice, okay, but that's really expecs.
Speaker 2: Pineapple can't really find it's like favorite. But she's like
Speaker 2: one thousand years old. You leave her alone.
Speaker 4: You can make whatever you want, buy it cheap, make
Speaker 4: the jam, you preserve it a last start now and
Speaker 4: by Christmas you'll have had plenty of time to make
Speaker 4: them all.
Speaker 2: Yes out of ten. Love that.
Speaker 4: That's a great one. And lastly, this week I have
Speaker 4: money win from Emma who said it's a current money loss,
Speaker 4: but a future money win. She said, thanks to she's
Speaker 4: in the money and listening to the show, she became
Speaker 4: aware of the hit that her superannuation took when she
Speaker 4: took a year off of work for maternity leave. So
Speaker 4: she worked out what she would have added to her
Speaker 4: to be she had been working during that time, and
Speaker 4: she's working at effectively paying it back, so she's just
Speaker 4: started doing it with pre tax contributions through her work
Speaker 4: as well as chucking any extra money in like a
Speaker 4: tax return and stuff like that. And she's going to
Speaker 4: keep working await until she pays back that full year.
Speaker 2: I'm obsessed. Yeah, what a queen. Can you imagine how
Speaker 2: far ahead she's going to be when she retires, Like,
Speaker 2: just oh, the impact of that. And I know that
Speaker 2: she probably calculated and was like, all right, so you
Speaker 2: know with twelve months off, you know, the average person
Speaker 2: you know probably contributes anywhere between six and ten thousand
Speaker 2: dollars to Super each year. Like you go, oh, maybe
Speaker 2: that's not the biggest deal ever, but that could compound
Speaker 2: over your lifestyle, that could compound over your lifetime, and
Speaker 2: by the time you retire, it's probably worth more than
Speaker 2: one hundred grand. Like, can you imagine being like beck
Speaker 2: by making a decision today, you're gonna have like another
Speaker 2: six figures in your Super. Yeah you're so sandy, well done.
Speaker 2: I love this, I love it.
Speaker 4: That's it for me this week.
Speaker 2: All right, Well, the tables are turning back. It is
Speaker 2: your time to shine. What are you broke tears? What
Speaker 2: are you bringing to the table? Okay, so I notice
Speaker 2: a bit rogue, but I do have one from the
Speaker 2: car I did not see this.
Speaker 5: For surprises, one from the community that's new, one for
Speaker 5: myself that's like semi new. And then I also thought,
Speaker 5: because a few people email me or sorry, I should
Speaker 5: say message me. Email is very I don't know it's
Speaker 5: still current. Anyway, someone messaged me about a few things
Speaker 5: that I have mentioned before, so I thought i'd just
Speaker 5: give them a shout out as a combined community broke.
Speaker 2: You know what, it's your segment. You do whatever makes
Speaker 2: your heart happy. Thank you so much.
Speaker 5: So this one comes from a multitude of people, so Libby.
Speaker 5: As we have mentioned, it's a audiobook subscription from your
Speaker 5: local library free audiobooks.
Speaker 2: Great, great Great. I do want to also give another
Speaker 2: shout out to eat Club.
Speaker 5: I know it's been a while since I mentioned it,
Speaker 5: but a club is an app where you can you'll
Speaker 5: be able to put your location in there. It will
Speaker 5: search for cheap specials around you from like you know, restaurants,
Speaker 5: take away all this stuff like really cheap food. Great
Speaker 5: great great. Those are the main two I wanted to mention,
Speaker 5: So I'm gonna there are a few others in here
Speaker 5: that have popped up a few times, but I'll save
Speaker 5: those for next week.
Speaker 2: Now.
Speaker 5: The new one we have comes from Maddie. Maddie says,
Speaker 5: the more air that's in your fuel tank, the fast
Speaker 5: you petrol will evaporate. So to get most out of
Speaker 5: your fuel, regularly top it up rather than letting it
Speaker 5: drop to almost empty. I did hear about this once
Speaker 5: years ago. I was like, oh, it makes sense if
Speaker 5: if there's more in there, yeah, tank, I mean, I'm
Speaker 5: happy to save money. And it's always like rogue things
Speaker 5: like that where don't get me wrong. I feel like
Speaker 5: in this economy, anyone who has a full petrol tank
Speaker 5: is to check their privilege. Like, if you're filling up
Speaker 5: your entire tank, like you must be financially doing much
Speaker 5: better than most people.
Speaker 2: Totally, Like that's a good position to be. But if
Speaker 2: you can build it up over time and then you know,
Speaker 2: consistently I had ten or twenty dollars worth of fuel
Speaker 2: as you go, but try and keep it up instead
Speaker 2: of letting it go all the way down to when
Speaker 2: it dings at you and you're like, I know you're
Speaker 2: not done. I know you're not done. I see that
Speaker 2: you had to put fuel in me, But I know
Speaker 2: there's at least fifty k's there. I can see you.
Speaker 4: I was laughing when you were saying it, because I
Speaker 4: consistently will drive on zero like I have because r
Speaker 4: ACV like three times because I see the which I
Speaker 4: know is really bad for your cartlets don't company.
Speaker 2: But like I was just having a little gigle.
Speaker 5: I was like in my mind, I was like, I
Speaker 5: think my eyes are playing like one of them probably
Speaker 5: sometimes looks bigger than the other one I'm reading.
Speaker 2: I was like, Jess is laughing at my looking at
Speaker 2: your No.
Speaker 4: I was just literally imagine like remembering last week when
Speaker 4: I drove like all the way to the city of zero,
Speaker 4: living life.
Speaker 6: On the edge.
Speaker 2: Also, like that's from somebody who I know has a
Speaker 2: very good in cash flow. Sister. Yes, it's like shocked
Speaker 2: that this is coming from me, Like of all people
Speaker 2: I know, she's got the cash for her fuel. It's
Speaker 2: been set aside for the last six years.
Speaker 5: I know, it's been totally You never go to the
Speaker 5: petrol station with like you know how it says like
Speaker 5: a minimum two leaders. Yeah, so many times I've done
Speaker 5: that minimum two leaders. It has been like two dollars
Speaker 5: twenty five cents and I have it in the and
Speaker 5: I have to walk up and be like, I always
Speaker 5: left my wallet at home.
Speaker 2: Really, I just this is all I wanted. This is like,
Speaker 2: so if you need to.
Speaker 5: Pop up your fuel one time, if you have the
Speaker 5: money one time, and then just try and keep go
Speaker 5: there with like five bucks, just try and keep it
Speaker 5: up top. So that way, it's also good for an
Speaker 5: emergency because you're like, oh, I have no money this week,
Speaker 5: You're like, cool, I actually have a full taker petrol.
Speaker 2: So it's like it's a double twin win. One thing
Speaker 2: that I will say has been helpful for a few
Speaker 2: friends of mine who are not so good at, you know,
Speaker 2: managing their money and their budget and their cash flow.
Speaker 2: I've got a girlfriend who whenever she has some extra
Speaker 2: cash in her bank account, because she just knows that
Speaker 2: she's going to blow through it. I feel like she
Speaker 2: gives beck vibes like she just and that's not a
Speaker 2: bad thing. You just have to be aware of how
Speaker 2: you're managing money. If she goes to the checkout, she
Speaker 2: also buys a gift card for like ten or twenty
Speaker 2: dollars and sticks it in her center console so that
Speaker 2: when the time comes and she knows she can't afford
Speaker 2: fuel or she doesn't have cash in the bank, She's like,
Speaker 2: I know, there's maybe like twenty or thirty dollars with
Speaker 2: gift cards that I can use to pay for fuel
Speaker 2: in my center console. So like that, I feel like
Speaker 2: it's a good little hack. Yeah, it's not necessarily going
Speaker 2: to save you heaps of money, but if you're the
Speaker 2: type of person that just runs your bank account into
Speaker 2: the ground and you're always struggling to keep the fuel going,
Speaker 2: that might be a hack that works for you totally.
Speaker 2: I think that's a really really good idea. You can
Speaker 2: just hide it away and then you forget about it,
Speaker 2: and then when you're desperate, you're like, good, oh my god,
Speaker 2: there is actually ten bucks there, Like how good is
Speaker 2: that good? When that happens? And then my one comes
Speaker 2: from myself an indie. You guys are he'll love You'll.
Speaker 5: In producer every now and then she was talking about
Speaker 5: bi carb. I have mentioned by car before that she
Speaker 5: was talking about how she had like I don't want
Speaker 5: to shame her, but she had an odor in her
Speaker 5: laund room, so she put some bike carb on the lounge.
Speaker 2: Indy, how's your stinky lounge, stinky lound room going.
Speaker 5: And she put it on her carpet on the lounge
Speaker 5: and she just left overnight and then soaks everything, soaks
Speaker 5: everything up, and then she just vacuumed it off and
Speaker 5: it's completely gone.
Speaker 2: She said.
Speaker 5: So it works for like laundry detergent. You chuck some
Speaker 5: essential oils in with the laundry and your bi car.
Speaker 5: But that's all you need.
Speaker 2: It's a good carpet cleaner, lounge cleaner, turns out car cleaner.
Speaker 5: Everything like it is off walls as well. Yes, and
Speaker 5: you chuck some lemon in there, you clean your sink
Speaker 5: and all that kind of stuff.
Speaker 2: God's great, but I know that are good for cleaning
Speaker 2: like fabrics and carpets and stuff. Yes, comes up on
Speaker 2: my TikTok for you page all the time, all the time.
Speaker 2: Speaking of TikTok. Actually this is like a it's not
Speaker 2: a segment, but it might become a segment. It's things.
Speaker 2: Victoria d m to Jessica. This week, I love that,
Speaker 2: and it's always rogue. It might be about racket club,
Speaker 2: it might be about saving some money. This week it
Speaker 2: was about tubleware. Because we've seen all over the news
Speaker 2: that Tupleware has gone into liquidation in the US. In
Speaker 2: the US, we do you mean that's brand? Yeah, the
Speaker 2: brandy that's obviously going to filter down to Australia in
Speaker 2: some way, shape or form. And I think it is
Speaker 2: because my TikTok for You page is full of girls
Speaker 2: going to the reject shop and buying tubleware containers for
Speaker 2: like three dollars fifty four dollars fifty like reasonable prices.
Speaker 2: And I wanted to mention it because I feel like
Speaker 2: when you're trying to save money, you're always buying the
Speaker 2: cheap things, like you might buy cheap Kmart tublewear containers
Speaker 2: that don't, get me wrong, nothing wrong with them, but
Speaker 2: we all know that they don't last. Jessica, a couple
Speaker 2: of weeks ago, A couple of weeks ago, we're telling
Speaker 2: me a lot. Yeah, it's interest in our community. Tell
Speaker 2: me about your ask cooker.
Speaker 4: So I have a rice cooker that it's like, it's
Speaker 4: really cool. It's a tupware contraption. You put it in
Speaker 4: your microwave. It's tay you cook christ genius. I've never
Speaker 4: once know That's like, I've cooked rice on my stove
Speaker 4: once and I've burnt it. So love this thing. But
Speaker 4: I got it from my mum's friends. Mule you splong
Speaker 4: to my mum's friend's mummy.
Speaker 2: She's rolled.
Speaker 4: Yeah, she's been some star generation of women to own
Speaker 4: this tubeway of rice.
Speaker 2: Wow.
Speaker 4: Still works like a treat and it goes to the
Speaker 4: micwave at least three times a week.
Speaker 2: But even though we don't love how expensive tupeway usually is,
Speaker 2: Like we're talking like thirty forty dollars a container, Like
Speaker 2: it's insane, Like I would never purchase at full price,
Speaker 2: but you're telling me it's like three dollars fifty or
Speaker 2: four dollars fifty or whatever. At the reject shop right now,
Speaker 2: I can buy some stuff that I'm going to have
Speaker 2: that can go through the dishwasher that's not going to
Speaker 2: break or crack. Like money win. If you're looking to
Speaker 2: buy some tupware that is good quality and that's going
Speaker 2: to last, Yes, and I feel like that's all colors. Yeah,
Speaker 2: real cu exactly.
Speaker 5: Had not a single clue tupperware was not universally called
Speaker 5: Tupwaar Topway is the brand.
Speaker 4: Have you seen those posts where it runs you through
Speaker 4: like all the things that we call So it's like, Yeah,
Speaker 4: glad Rap's a good one. Yeah a revel glad Rap
Speaker 4: is not glad rap film.
Speaker 2: Really yeah, it's a cooler.
Speaker 4: But we call like especially Ozzie's called them Esquesski's the brand.
Speaker 4: There's a there's a post was tiktokal Instagram but it
Speaker 4: broke down a bunch of it was so interesting anyway, Yeah,
Speaker 4: your financial Yeah, let's go to a break.
Speaker 2: Just consend you that. And on the flip side, we're
Speaker 2: going to be talking about paying for your egg freezing,
Speaker 2: how to do that, what that looks like, And we're
Speaker 2: going to talk about something a little bit spicier that
Speaker 2: you slid into our dms about this week, we're going
Speaker 2: to be answering the question about whether you should be
Speaker 2: buying property with a family member or not. So guys,
Speaker 2: don't go anywhere. Welcome back everyone. Let's take a listen
Speaker 2: to this week's money dilemma. Hi, there, have you got
Speaker 2: a money to you just can't solve the She's on
Speaker 2: the Money team is here to help. Every week, we
Speaker 2: tackle your dilemmas, both big and small, to answer your
Speaker 2: most burning money, career and life questions. To get involved,
Speaker 2: simply head to our website and leave us a short
Speaker 2: voice recording and you might just find yourself on the show. Now,
Speaker 2: let's take a listen to this week's money dilemma.
Speaker 7: Hi, she's on the Money team. I'm in a little
Speaker 7: bit of a pickle and I wanted to get your thoughts.
Speaker 7: So I'm about to start doing a creezing for medical reasons,
Speaker 7: and my doctor is thinking I'm going to need at
Speaker 7: least two rounds to get the result that we're hoping
Speaker 7: for with this. Each round is about twelve thousand dollars
Speaker 7: each before I get any rebates back. My partner is
Speaker 7: paying half because we're a team and we're doing this
Speaker 7: for our future. So what I'm trying to weigh up
Speaker 7: is do I take it out of my super and
Speaker 7: put it back in as my rebates come in and
Speaker 7: as a salary sacrifice to make it up, I do
Speaker 7: have over one hundred thousand dollars in my super. Or
Speaker 7: do I take out a twelvemonth interest free loan that
Speaker 7: I'm eligible for, but then that also pushes us back
Speaker 7: finally having a holiday next year. So I wanted to
Speaker 7: get your thoughts and the pros and cons.
Speaker 6: Thanks.
Speaker 2: I have like technical things to add about that. But
Speaker 2: what do you guys think?
Speaker 5: Well, I just know that I have a friend who
Speaker 5: works in super and always says, never take your money
Speaker 5: out of super.
Speaker 2: Did you listen to your friend who said never take
Speaker 2: your money out of super when you took your money
Speaker 2: out of Superman? I did not listen to my friend.
Speaker 2: And now, well, I'm not kicking myself yet, but I
Speaker 2: do know, you know, compound interests, all this other stuff,
Speaker 2: it will eventually be well, work it at different, thank
Speaker 2: you so much, It'll be fun.
Speaker 5: But at the same time, I don't know. I think
Speaker 5: that I would both personally go the loan, but I
Speaker 5: thinks I'm also not very why.
Speaker 2: Would you go the loan though, like work shopping it
Speaker 2: not because I'm like, oh, give advice back, like and
Speaker 2: it's not to make totally totally silly either, it's literally
Speaker 2: like why would you do that? Because obviously she's having
Speaker 2: this thought process as well, like why would she be
Speaker 2: weighing it up if she didn't see value in it?
Speaker 5: Of course, I think like interest free always gets me
Speaker 5: hook line and sinker. I'm not even questioning anything, which
Speaker 5: is really bad, but I'm like cool interest free. It's
Speaker 5: like I have the money that I like, if I
Speaker 5: could save a thousand dollars, for example, in five weeks,
Speaker 5: which we're.
Speaker 2: Going to before Christmas savings challenge, which I'm super stoked about. Anyway,
Speaker 2: I'm going to try to do that, and five weeks
Speaker 2: I saved one thousand dollars. It's like that future me
Speaker 2: that has that money in that amount of time is
Speaker 2: just I'm just getting all that now, and I'm like paying,
Speaker 2: you know what I mean? It feels like if there's
Speaker 2: no interest, it feels like it's I'm borrowing from the
Speaker 2: savings that I would have saved from myself. Do you
Speaker 2: know what I mean? No, I totally get it. So
Speaker 2: Super does feel like more complicated.
Speaker 5: Yeah, because like interest, it's growing interest while it's in
Speaker 5: there or something, and so I'm like, I maybe I
Speaker 5: want to leave that.
Speaker 1: I don't know.
Speaker 2: Agreed. Agreed, Jess, how are you feeling about it? I
Speaker 2: actually agree.
Speaker 4: I think for me the cost benefit is, you know,
Speaker 4: obviously when you take the money out of Super, depending
Speaker 4: on how long it takes you to pay it back.
Speaker 4: Let's assume that it's on the same timeline. So taking
Speaker 4: out interest free your card for a yar versus having
Speaker 4: your money out of super free yar generally speaking, with
Speaker 4: the interest free card, assuming you are responsible enough to
Speaker 4: pay it back, because I've had an interest free card
Speaker 4: and I didn't pay any extra money when I had that.
Speaker 4: Assuming you are responsible and you will pay it back
Speaker 4: on time, generally speaking, you just pay like an annual
Speaker 4: or monthly fee. And I don't know if the case
Speaker 4: for your card, but when I did it, it was
Speaker 4: relatively nominal, and I would imagine. I mean, the way
Speaker 4: that I would work it out is I would just
Speaker 4: compare the approximate amount of money you would lose on
Speaker 4: your super from compounding interest over the twelve months versus
Speaker 4: the money you paid for the fee. My best guess though,
Speaker 4: is that the interest free card would be cheaper, which
Speaker 4: is why I would go for it. But it only
Speaker 4: works if you pay it back on time, because the
Speaker 4: interest on twenty four thousand dollars of IVF would be
Speaker 4: I would imagine astronomical. M tell us the actual anthiaty.
Speaker 2: There's not an actual answer, and it goes back to
Speaker 2: what you were saying, Beck and Jess. Like Jess, you
Speaker 2: were like, well, if you can be responsible with paying
Speaker 2: back the interest free loan, Like that's a no brainer.
Speaker 2: But for me, the interest free loan carries a little
Speaker 2: bit of risk, right, Like I can't guarantee what financial
Speaker 2: position you'll be in in twelve months, and what happens
Speaker 2: if hypothetically these rounds are not successful and you need
Speaker 2: to take out more and more money Because, like, I
Speaker 2: get it, I desperately wanted kids and I was in
Speaker 2: the very very blessed position to be able to get
Speaker 2: pregnant without intervention. So that's a money win for me.
Speaker 2: But like I know that if I did one round
Speaker 2: of IVF and it wasn't successful, I'd be lining up
Speaker 2: for the next one, Like I knew that kids were
Speaker 2: part of my journey, So I get it. But what
Speaker 2: does that look like long term? Like if in twelve months,
Speaker 2: And I mean I'm probably reading into this, you're saying,
Speaker 2: if you take the loan, you might not go on
Speaker 2: a holiday, Like I'm a you mean you don't have
Speaker 2: a massive emergency fund. Yes, you've got one hundred thousand
Speaker 2: dollars in super Like there's a lot to weigh up.
Speaker 2: The other thing I want to kind of like segue
Speaker 2: off and talk about is do you guys know why
Speaker 2: credit card companies or loan companies offer zero percent loans.
Speaker 4: Because they assume that people won't pay it back and
Speaker 4: the interest. I think the interest on my interest free
Speaker 4: card if I did jump my pay money for twenty
Speaker 4: four percent, yeah, I think it was like about twenty percent.
Speaker 2: Ye.
Speaker 4: Wow, again if it's on twenty something thousand dollars, that's
Speaker 4: a lot of money.
Speaker 2: Yeah. So companies or institutions that lend money offer you
Speaker 2: these interest free loans for true reasons. So Jess has
Speaker 2: hit the nail on the head. Obviously, high interest once
Speaker 2: that twelve month period ends, so it'll jump to like
Speaker 2: twenty percent, which is much more than like a personal
Speaker 2: loan or a secured loan that you might have gotten
Speaker 2: in any other way. The other reason is customer acquisition,
Speaker 2: so they want more customers. Obviously getting somebody to change
Speaker 2: who they bank with is actually big deal. Like I
Speaker 2: can almost guarantee that most of you are currently with
Speaker 2: the bank that you set your first bank account up with,
Speaker 2: because why would you change to another bank unless you
Speaker 2: know you went to an ing or you went to
Speaker 2: an up bank who had significant customer acquisition value, So
Speaker 2: either you really liked the app or you had a
Speaker 2: really high interest rate on a savings account. There was
Speaker 2: like a reason that you changed. It wasn't just like, oh,
Speaker 2: I probably should one day sit down and review my
Speaker 2: banking and finance and just pick the right bank for me.
Speaker 2: Like people don't often do that. So two reasons. One,
Speaker 2: they'll get new clients, but they'll also probably have you
Speaker 2: not meet that twelvemonth interest free period. There. I won't
Speaker 2: say praying on, but I just did. The fact that
Speaker 2: people are inherently not good at managing their money, and
Speaker 2: that's why I'm scared of these things. It's not because
Speaker 2: that's not a good idea. And if I sat down
Speaker 2: and I use Jess as an example, because I know
Speaker 2: and Jess, it's not a bad thing. It's a bloody
Speaker 2: good thing. You're so good at money management. It comes in.
Speaker 2: I know her system because it's the one I built,
Speaker 2: if she did the money master class. But I know
Speaker 2: your money comes in. It's either automated or she manually
Speaker 2: goes in and transfers her cash around. I know what
Speaker 2: that looks like. I know Jess has a really good
Speaker 2: emergency fund. I know she's always cared about her super
Speaker 2: Because I know her situation so deeply, I could say, Jess,
Speaker 2: I wouldn't actually have an issue with you getting a
Speaker 2: twelve month interest free loan for something if you knew
Speaker 2: that you wouldn't go over budget or you wouldn't keep
Speaker 2: adding to it, like okay, pretty much a non issue
Speaker 2: for someone like Jess. I don't know this diarist. I
Speaker 2: don't know who's written in. I don't know what you're
Speaker 2: like when it comes to managing money, Like there are
Speaker 2: a few things that kind of sent a few red
Speaker 2: flags about the holiday, Like you said, if I take
Speaker 2: the interest free loan, then we won't have a holiday
Speaker 2: next year. And I'm wondering why that might be, because
Speaker 2: if you've got a loan but you've also budgeted for
Speaker 2: a holiday, why couldn't you go on that Is it
Speaker 2: because you're paying it back or is it because you
Speaker 2: know you were planning on taking loan out to go
Speaker 2: on a holiday, Like I just there's so many things
Speaker 2: that I want to understand. But let's pretend it's all
Speaker 2: very cut and dry and you're in a very just situation.
Speaker 2: You are correct, the interest free loan might make sense,
Speaker 2: but I want you to create a plan to pay
Speaker 2: it back, like even a savings plan from the day
Speaker 2: that you take out that loan to smash out that
Speaker 2: debt early.
Speaker 1: Right.
Speaker 2: But the other thing is, and I want to open
Speaker 2: this conversation up and go off here, is that so
Speaker 2: many people don't know that to pay for your fertility treatments,
Speaker 2: you actually have access to supranuation. So for egg freezing,
Speaker 2: for IVF, if you've got any type of health complication
Speaker 2: that you currently can't pay for, very likely that you
Speaker 2: could draw on your supranuation. I was saying to somebody
Speaker 2: the other day when they were asking me about a
Speaker 2: breast reduction, I was like, did you know you could
Speaker 2: access your supranuation for that? And they said no, I
Speaker 2: had no idea. And that's another reason why we need
Speaker 2: to be having these conversations, so that you're like, uh,
Speaker 2: maybe I'm not going to use this information, but I
Speaker 2: might go to breakfast with a friend, or I might
Speaker 2: catch up with a friend for a coffee and she
Speaker 2: mentioned something and I can help her financially because I
Speaker 2: have more knowledge, Like knowledge is power, and the more
Speaker 2: we know, the more we can help each other but
Speaker 2: also help ourselves. So, yes, you can access your super
Speaker 2: I would weigh up what that looks like for me
Speaker 2: if I wasn't that good at money, and I knew
Speaker 2: that maybe I might get in a little bit of
Speaker 2: a pickle with an interest free loan. Yes, you're losing
Speaker 2: some compounding in your super. But what you can do
Speaker 2: is go to your employer and say, hey, can you
Speaker 2: please increase my superannuation contributions so that I can get
Speaker 2: back in line with what I'm taking out. You don't
Speaker 2: even have to tell your employer why. You just say, hey,
Speaker 2: I'd like to bump it up one percent for the
Speaker 2: next twelve months. I'd like to bump it up three
Speaker 2: percent or whatever that looks like, to make sure that
Speaker 2: if you're going to draw down on your superbalance, you
Speaker 2: don't ultimately end up behind. So there's obviously a few
Speaker 2: moving parts. There's obviously like a good argument for why
Speaker 2: you'd take an interest free loan, but also a good
Speaker 2: argument for why you might go into super and new way.
Speaker 2: And that is a question I can't answer for you.
Speaker 2: I can just give you the information, and you need
Speaker 2: to make the decision that makes the most sense for
Speaker 2: you and your family.
Speaker 4: Pushing lots of luck on your IVF journey and yeah,
Speaker 4: exciting and a lot to take on one.
Speaker 2: And egg freezing is just so smart, Like, I just
Speaker 2: I love being alive in twenty twenty four, Like we
Speaker 2: can just do stuff. Yeah, it just freeze time. Can
Speaker 2: you imagine me going back and like talking to my
Speaker 2: grandma in the nineteen fifties when she was having babies
Speaker 2: and being like, by the way, one day people are
Speaker 2: going to be able to freeze their eggs and have
Speaker 2: babies later in life. She'd be like, sorry, what so cool?
Speaker 2: Get it in all right, let's move on because we
Speaker 2: have a community DM that I think you guys are
Speaker 2: going to have some opinions about, and I love that
Speaker 2: for us. Would you like me to read it out?
Speaker 2: Absolutely right? So high? Shehag's on the money money dilemma.
Speaker 2: I'm thinking about purchasing my first home with my brother
Speaker 2: to help increase our buying power. He currently is in
Speaker 2: a de facto relationship with his really lovely girlfriend. To
Speaker 2: be eligible for first home buyers, we would be living
Speaker 2: in this property for twelve months. I'm worried about the
Speaker 2: possibility of his relationship breaking down and what that could
Speaker 2: mean for a joint asset. It's going to be a
Speaker 2: hard conversation to have. Would you risk it?
Speaker 1: Oh?
Speaker 2: That's a great question. I actually shocking, have not a
Speaker 2: single clue would you buy would you buy property with
Speaker 2: your brothers?
Speaker 5: I probably would buy property with my brother because he's very,
Speaker 5: very good financially, and so I it's always.
Speaker 1: Like a.
Speaker 5: Buy property with me, absolutely, But so I wouldn't get
Speaker 5: a brother on the phone.
Speaker 2: I guess like there always is.
Speaker 5: That risk that, like you've especially I like you've not
Speaker 5: lived with a sibling since you were children, you don't
Speaker 5: know that he might actually get sick of them. This
Speaker 5: is not even taking into consideration the de facto relationship.
Speaker 5: This is purely just like living with a sibling. So
Speaker 5: I think that risk is always there. So you have
Speaker 5: to live in a place for twelve months before you
Speaker 5: can get the The.
Speaker 2: Reason that they would be living in it for twelve
Speaker 2: months is very likely to be because they want to
Speaker 2: access the first Home biased scheme. And to get access
Speaker 2: to the first Home Buyers scheme, you need to have
Speaker 2: it as your primary residence for twelve months after purchase. Ah,
Speaker 2: so you don't get that immediately, that's shocking. No, no, no,
Speaker 2: you get it, but you need to meet the criteria
Speaker 2: to keep it otherwise next tax here they're going to
Speaker 2: come knocking and say, hey, so you didn't do what
Speaker 2: you said you were going to do, and we gave
Speaker 2: you this great benefit to move into a house that
Speaker 2: you own, and you took the mickey.
Speaker 5: Okay, well that's that's a really tricky one. I think
Speaker 5: if it's purely just like you and your sibling, then
Speaker 5: just like suck it up. But I guess that there
Speaker 5: is that fear and I don't I'm sure there's like
Speaker 5: some legal thing with de facto relationship, like do they
Speaker 5: have access to.
Speaker 2: If they're de facto? Yes they do. Yeah, that's where
Speaker 2: it gets asset, not yours. So that's used to to
Speaker 2: you know what, I'm going to back out a little
Speaker 2: bit because I want to know what Jess has to say.
Speaker 4: Before I do to Actually, I mean, I personally would
Speaker 4: not do it, but I'm very protective of my assets.
Speaker 4: And I think that it gets complicated when you add
Speaker 4: somebody else in. I think it's more complicated when you
Speaker 4: add in the de facto element because as you are
Speaker 4: kind of alluding to that, she has a claim on
Speaker 4: some portion of that, which just makes it messier in
Speaker 4: my opinion. And I think as well, the fact that
Speaker 4: you have to live together. It's going to really depend
Speaker 4: on your relationship. But even if you like someone a lot,
Speaker 4: it doesn't mean that you're going to live well together,
Speaker 4: which can cause friction, and if one of you needs
Speaker 4: to move out, then it kind of cooks. As VD
Speaker 4: was saying the first home oti grant, So I think
Speaker 4: it's to me, it just feels messy, and I personally
Speaker 4: wouldn't do it, But I also understand that that might
Speaker 4: be the only way that you can get a house,
Speaker 4: or the way you might feel like it's the only
Speaker 4: way that you can get into a house right now.
Speaker 4: And I fully understand, you know, the desperation and the
Speaker 4: desire to get that done, and maybe the opportunity cost
Speaker 4: of not buying now versus buying in five years when
Speaker 4: you've had time to save your own deposit.
Speaker 2: But I would probably say, talk to a mortgage broker
Speaker 2: and see what your options done on your own money.
Speaker 2: Mortgage brand.
Speaker 4: Absolutely you're both to Jack this morning, Oh teen, Yeah,
Speaker 4: is there any updates?
Speaker 2: Yeah, I want to touch you after action.
Speaker 4: So yeah, I would absolutely attat to one of the
Speaker 4: Gillies at Zala and see what your options are on
Speaker 4: your own And I imagine it's Jack though Jack's I
Speaker 4: love it.
Speaker 2: I mean, I love all the Gillies I know, but
Speaker 2: like Jack's been with me for the longest, and I
Speaker 2: feel like, obviously all of our brokers are insane. But
Speaker 2: I just I know that she was talking to you
Speaker 2: before hours, like I know that she was up at
Speaker 2: the crack of dawn being like, so, jes, this is
Speaker 2: what I've been thinking. You're like, do you have a sleep.
Speaker 4: So see where options are on your own, and then
Speaker 4: what things could look like with your brother and his girlfriend.
Speaker 4: But if like my answer is if I would do it, no, personally,
Speaker 4: that doesn't mean that it's a bad option, but I
Speaker 4: would just explore all your options first, because I g
Speaker 4: as someone who is planning on buying by herself, like
Speaker 4: it is more feasible than you would think, so.
Speaker 2: One hundred percent. I also want to touch on why
Speaker 2: you're buying with a sibling. So obviously it increases your
Speaker 2: purchasing power, but is that because you really want to
Speaker 2: get into the market sooner instead of just waiting until
Speaker 2: you've got a whole deposit or maybe you have a
Speaker 2: higher income or you know you're in a position to
Speaker 2: buy on your own, Because like as just said, you
Speaker 2: are probably going to have a lot more power than
Speaker 2: you think you do. But I don't like the idea
Speaker 2: that people are compromising their long term financial security and
Speaker 2: their financial success long term because they are trying to
Speaker 2: rush into something Like a lot of people that I've
Speaker 2: spoken to historically that are like, I really want to
Speaker 2: purchase with a family member or a friend or whatever.
Speaker 2: It's because they just really desperate to own property. And
Speaker 2: I just go, well, let's just kind of zoom out.
Speaker 2: Is the big picture you owning your own property? Okay, well,
Speaker 2: purchasing You know, if Jess and I purchased one tomorrow,
Speaker 2: we're on different life trajectories, Like she might want to
Speaker 2: dispose of it sooner than me and I don't. I
Speaker 2: want to hold on to it and keep that rental
Speaker 2: income coming in, Like it just creates problems down the line.
Speaker 2: So you actually have to be on exactly the same page.
Speaker 2: So you know, in the next one or two years,
Speaker 2: you might go, no, it's not going to be a
Speaker 2: problem at all. But like, Okay, what if he and
Speaker 2: his partner get married and they have a kid, or
Speaker 2: what if they unexpectedly have a kid and they need
Speaker 2: access to finance and they need to sell the property.
Speaker 2: Are you in a position where you can purchase your
Speaker 2: brother outright of that property so that you don't lose
Speaker 2: anything financially or you know, again, I'm just making up
Speaker 2: a hypothetical situation, but you know it's one that could
Speaker 2: literally happen. What if you're in the position where they go,
Speaker 2: we are having a baby, this wasn't planned financially, We're
Speaker 2: going to have to dispose of the house. And you go, oh,
Speaker 2: I'm going to lose a whole heap of money as
Speaker 2: well because we have to sell it a loss. Yeah.
Speaker 2: Are you then going to have some animosity in that
Speaker 2: relationship because your brother's forcing your hand? Are you going
Speaker 2: to not feel good about that? Is there a backup plan?
Speaker 2: What does that look like. The other thing I want
Speaker 2: to talk about is joint tenancy versus tenants in common.
Speaker 2: We have covered this in the Property Playbook, so if
Speaker 2: you haven't listened to that podcast, Jess does an incredible
Speaker 2: job of hopeing it and we talk about all the
Speaker 2: nitty gritty, But essentially, in joint tenancy, there's what's called
Speaker 2: a rite of survivorship. So essentially, if one tenant dies
Speaker 2: and I'm being a bit dramatic here, but if one
Speaker 2: tenant dies, it automatically passes to the other tenant because
Speaker 2: it is based off a de facto relationship. So like,
Speaker 2: if I pass away, obviously I want my house to
Speaker 2: go to my husband. But if I'm purchasing with a
Speaker 2: sibling or a friend, I would want a tenancy in
Speaker 2: common agreement, which means that two or more people co
Speaker 2: own a property with defined shares. So I could go
Speaker 2: in and be like, okay, Like Jess, maybe you're purchasing
Speaker 2: seventy percent and I'm purchasing thirty percent. But the additional
Speaker 2: benefit of that is that I can sell my share
Speaker 2: without impacting Jess. We can actually get two separate loans,
Speaker 2: so she can have her own lending facility. I can
Speaker 2: have my own. We can also, you know, pass it
Speaker 2: on to somebody else, Like if something happened between Jess
Speaker 2: and I and Jess want it out, she could sell
Speaker 2: it to somebody else if she wanted to, but I
Speaker 2: wouldn't lose out. So like, we need to look at
Speaker 2: structure as well as the relationship. And then on top
Speaker 2: of that, I'd want to binding financial agreement. If I'm
Speaker 2: going into this relationship with somebody where Now, yeah, I
Speaker 2: trust you, Beck, but like, what if something happens and
Speaker 2: you know, back to that pregnancy situation, unforeseen happens. Now
Speaker 2: there's animosity because I don't want to lose money. I
Speaker 2: don't want to sell the property. But also we haven't
Speaker 2: pre agreed to anything when we were both wanting the
Speaker 2: best for one another. So I think that sitting down
Speaker 2: and even if and like I talk to people all
Speaker 2: the time about this, they're like, the a binding financial
Speaker 2: agreement is so expensive. I get it, But if you
Speaker 2: can't afford to do that and you're planning on buying property,
Speaker 2: can you actually afford the loss that would be incurred
Speaker 2: if it went wrong? Like, can we talk about that?
Speaker 2: Can we also sit down and have like I don't know,
Speaker 2: if you have a date night with your brother, is
Speaker 2: that weird? That's weird, weird down which it's absolutely bad.
Speaker 2: You're going to sit down, You're going to have a drink,
Speaker 2: and what you're going to do is go, well, let's
Speaker 2: think of all of the worst case scenarios and let's
Speaker 2: work shop what we'd do. So, like, Beck, I want
Speaker 2: you to think of the worst thing that could happen.
Speaker 2: House burns, down. Okay, what are we going to do?
Speaker 2: I want you to be on the same page about
Speaker 2: the outcomes before you get there, so that you default
Speaker 2: back to Okay, Well, when we work shopped this, this
Speaker 2: was the outcome. This is what we agreed to. So
Speaker 2: there's no like, hey, awkward, but what are we going
Speaker 2: to do now? Like you already kind of have a plan,
Speaker 2: but that's my advice. So would you do it?
Speaker 6: You know what?
Speaker 2: Lots of people have done it successfully totally. Lots of
Speaker 2: people in our dms are like, don't do it. It
Speaker 2: didn't work for me. So would you like to hear
Speaker 2: the tea?
Speaker 7: Always?
Speaker 2: Okay? So before we get to the tea, we did
Speaker 2: ask the community, would you ever buy property with a sibling?
Speaker 2: Forty seven percent of you setting up too risky, and
Speaker 2: fifty three percent said yeah, that could work for me.
Speaker 2: We asked, would you rather own fifty percent of a
Speaker 2: property now or wait and own one hundred percent? Miss
Speaker 2: Jessica Ricci Hard yes, one hundred percent. She wants to
Speaker 2: own everything and not share a thing. I love it.
Speaker 2: Forty five percent of you said I want to own
Speaker 2: fifty percent now, but fifty five percent of you said
Speaker 2: I'm gonna wait for one hundred percent ownership. We then said, babe,
Speaker 2: what's your two cents share? One person said I bought
Speaker 2: with my brother. It went really badly, almost ripped my
Speaker 2: family apart. Wow, that really sad. Really ooh. Someone else said,
Speaker 2: BFA all day, baby. That is is she's on the
Speaker 2: money a T shirt. BFA all day, finding financial agreements
Speaker 2: all to day. BFA all day. I want that on
Speaker 2: a T shirt. Someone else said, get this communication communication.
Speaker 4: Wow.
Speaker 2: I restrained myself from saying it when you were talking
Speaker 2: about don't say it, don't say it, don't say it.
Speaker 2: Someone else said my cousins bought property together and it
Speaker 2: set them up for a super successful future. Beautiful. Someone
Speaker 2: else said, even if everyone is level headed now, things
Speaker 2: can change. Someone else said, tenants in common. That way,
Speaker 2: if it does go downhill, there's an extra layer of protection.
Speaker 2: We love that. Someone else said, I would never buy
Speaker 2: with family. I did it, and it destroyed our relationship completely.
Speaker 2: That's really sad. It's actually really sad. Someone said, my
Speaker 2: boyfriend's brother won't sell or buy him out, which means
Speaker 2: that I am massively held back from buying our own place.
Speaker 2: Oh true, But also I don't want to defend your
Speaker 2: boyfriend's brother here because obviously I'm meant to be on
Speaker 2: your side. But I get it, like he bought a
Speaker 2: property and he doesn't want to sell it. Yeah, like
Speaker 2: I buy property. I can almost guarantee the second jessico
Speaker 2: to each she gets her hands on property. Are you
Speaker 2: going to be able to convince that woman to sell it?
Speaker 1: No?
Speaker 2: Like from my cold far, to only come this far.
Speaker 2: And that's what we've got to think about when we're
Speaker 2: going into situations like this, Like you're life has significantly
Speaker 2: changed and now you want to buy with your partner
Speaker 2: so romantic. I love this for you, but your partner
Speaker 2: already has a financial commitment with somebody else and that
Speaker 2: kind of needs to be respected as well. It sucks,
Speaker 2: but like what you're going to do? Someone else said
Speaker 2: if they settle as tenants in common, the girlfriend would
Speaker 2: only have rights to his fifty percent, which is true. Yes,
Speaker 2: and we'll leave it there. Great. How are we feeling
Speaker 2: about that? On Sunday? I can't wait to get off
Speaker 2: this podcast because Jess said that we can talk after
Speaker 2: about her meeting with Jack from Zella Money, and that
Speaker 2: means that there might be property in the works for mistress.
Speaker 2: Don't don't know, don't know, don't know, don't know, eggs
Speaker 2: no basket no, all right, So have a good week, guys.
Speaker 2: Don't forget it is the last day that you can
Speaker 2: get into the Investing Masterclass if you haven't joined us.
Speaker 2: Doors are closing at five pm. If you want to
Speaker 2: join as well, use the Code podcast, but obviously a
Speaker 2: very cheeky discount. But we'll see you right nearly on
Speaker 2: Monday for a money diary and a little bonus episode tomorrow.
Speaker 2: So so enjoy the weekend, My loves by guys. Bye.
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