Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging 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 podcast
Speaker 2: for millennials who want financial freedom. Today is Friday, which
Speaker 2: means it is time to get the team together and
Speaker 2: celebrate you our incredible She's on the Money community. Today
Speaker 2: we'll be sharing some of our favorite money wins with
Speaker 2: missus Jess Geruci, and we're going to be helping to
Speaker 2: answer a juicy money dilemma, which this week is all
Speaker 2: about buying property, which is very well timed because you
Speaker 2: guys have an episode dropping next week with our very
Speaker 2: own Cape Brands Grove from Zella Money, who is going
Speaker 2: to talk you through the ins and outs of mortgages
Speaker 2: and we're going to be unpacking something that you guys
Speaker 2: slid into our DMS about this week, which is the
Speaker 2: Bank of Mum and Dad with us. As always, we
Speaker 2: also have Miss Beck said, how has your week been?
Speaker 4: Hi, VICKI D week's been good. Good, We's been good,
Speaker 4: very uneventful. But I'm I'm so tired.
Speaker 2: I'm so tired.
Speaker 4: I think it's because I didn't do anything. You know,
Speaker 4: you know when you feel a little bit like a slug.
Speaker 5: Yeah, I think that's what it is, and it's just snowballing.
Speaker 2: Now. I'm peak slug, peak slug. Jesse, you peak slug
Speaker 2: or if you had a good week. No, this week
Speaker 2: has been a good week.
Speaker 6: It was Valentine's Day, as we all know, I love
Speaker 6: us themes, so I've been a holiday girlie. Yeah, I've
Speaker 6: been wearing pink all week, really living the best life.
Speaker 6: But apart from that, nothing exciting has been happening.
Speaker 2: Have you ever thought, wow, I really should have lived
Speaker 2: in America where they really all the time. I just
Speaker 2: feel like Jess lives in America, like she's meant to
Speaker 2: live in America with the amount she loves her holidays
Speaker 2: and how much Americans celebrate holidays. Jess and I went
Speaker 2: to Orlando last year. We were there for fin Con,
Speaker 2: which is like a finance conference. It was actually really fun.
Speaker 2: It was not going to be exploring that with you
Speaker 2: right now, because you're quite judgmental and I just don't
Speaker 2: want the feedback. But Jess and I had a very
Speaker 2: good time. Okay, But while we were there, we actually
Speaker 2: had to prioritize going to all the walmarts and targets
Speaker 2: in the area because Jess wanted to bring home pumpkins,
Speaker 2: ceramic ceramic pumpkins, ceramic decoration for when she got home
Speaker 2: in time for Halloween, because.
Speaker 6: We don't do that yet. It's not fair.
Speaker 5: No, It's very hard to find a pumpkin around.
Speaker 6: I'm on the side of TikTok that is a American
Speaker 6: TikTok because its people going to like American Target all
Speaker 6: places like that way. They do all the decorature TikTok
Speaker 6: And all I want now, even though I think it's vile,
Speaker 6: is those really big jugs of doctor pepper and then
Speaker 6: I want to put They like put things in their
Speaker 6: doctor pepper obviously, look at beckspace them TikTok, you like
Speaker 6: soda milkshake without them, Like they'll put things like cosfee creamer.
Speaker 5: Oh my god, it's a lot.
Speaker 6: It's crazy in a doctor pepper.
Speaker 2: Yeah, because in Utah, a lot of the people that
Speaker 2: live there are Mormons, any Mormon culture. They don't drink drinks.
Speaker 2: They don't drink tea or coffee or alcohol. So the
Speaker 2: one thing that they can have is usually like soda,
Speaker 2: and they just have soda bars all around Utah and
Speaker 2: that's what they do. Yeah, they do beignets and soda
Speaker 2: like that's a thing. And I learn all of this
Speaker 2: from TikTok because I am col Cha or a spider.
Speaker 2: They basically make spiders. Yeah, but they like they got
Speaker 2: me on too. And we've talked about this on the
Speaker 2: podcast before, and Jesse, you reached the benefits of this.
Speaker 3: I have.
Speaker 2: I ordered it's called true lime. It's like crystallized lime juice,
Speaker 2: so you can put it in your wallet and then
Speaker 2: put it in your diet coke. Anywhere you go.
Speaker 5: You put it in your wallet.
Speaker 6: So I like have this like a little salt packet
Speaker 6: that you have this little it's glad bagged.
Speaker 3: Yes.
Speaker 2: So I had this little baggy in my wallet and
Speaker 2: I pull it.
Speaker 7: Out my.
Speaker 5: Bag of crystals.
Speaker 2: Crystallized lime, and I put it in my McDonald's diet coke.
Speaker 2: Ask yes, is it good?
Speaker 5: It is okay, so good.
Speaker 2: And utah mom TikTok got me onto it. And I
Speaker 2: have no shape.
Speaker 4: My eyes are watering at the thought of how sour
Speaker 4: that would be.
Speaker 2: But it's it's it's proper lime. I also learned one
Speaker 2: thing that I'm going to be asking for for Christmas
Speaker 2: is a bench top ice maker, the.
Speaker 6: Nugget ice machine.
Speaker 2: Yeah, and nugget ice machine.
Speaker 6: I tried to buy you one for Christmas?
Speaker 7: Did you know?
Speaker 6: I tried to buy you one for your wedding present?
Speaker 6: And did you know nowhere in Australia makes them. And
Speaker 6: I thought about importing one. I was worried the conversion
Speaker 6: wouldn't work and it would like leak and stuff because
Speaker 6: like the faultye, that kind of stuff. So I benched
Speaker 6: it for now.
Speaker 2: If anyone knows where to get a nugget ice snaker
Speaker 2: in Australia, you have one customer standing right here.
Speaker 6: I have made Let's move on.
Speaker 2: People aren't here to learn about dit cloth or lime
Speaker 2: juice or beignetes or Utah mums, or even that Victoria
Speaker 2: wants a nugget ice machine. Don't here to talk about money, uh,
Speaker 2: specifically community money wins, Miss Jess Gorici, what have you
Speaker 2: round up this week for us?
Speaker 6: We're going to start off with a festive one, Teagan said.
Speaker 6: My husband and I did an early Valentine's dinner to
Speaker 6: avoid having to pay for inflated dinner packages. Smart so
Speaker 6: smart because so many places you only do set menu,
Speaker 6: which sucks if you're like me and you're fussy, because
Speaker 6: nine times out of ten, at least one of the
Speaker 6: courses I'm like, I don't want that.
Speaker 2: I also find when it's set menu, like you don't
Speaker 2: need that much food. Like I don't know about you guys,
Speaker 2: but my partner and I often like do an entree
Speaker 2: each and they're more like share and like a side
Speaker 2: and a salad and then be like, oh, we've got
Speaker 2: enough room for dessert, and like that is not what
Speaker 2: happens when you go and do the set menu. Because
Speaker 2: Valentine's Day, that's what we did.
Speaker 6: Yeah, sucked in take him was smart.
Speaker 2: I did get sucked in tig and as much Styleway next,
Speaker 2: I'm feeling great about myself. These money ins just keep
Speaker 2: on giving.
Speaker 6: My next money in comes from La Bagna, who said
Speaker 6: my husband wanted to buy a smart watch for a
Speaker 6: while last year. Both of us upgraded our phones outright,
Speaker 6: so I didn't buy him the watch. It was originally
Speaker 6: eight hundred dollars, then it went on sale for six hundred.
Speaker 6: Then I did sending you online and found one on
Speaker 6: being Lea for four ninety. So then I went to
Speaker 6: Office Works to get the price match plus the additional
Speaker 6: five percent off that they do. So all up, I
Speaker 6: paid four hundred and seventy two dollars for a seven
Speaker 6: hundred ninety nine Samsung Watch five Pro. Hubby, you were
Speaker 6: super surprised.
Speaker 2: What a genius I run away, Yes, but I didn't
Speaker 2: even know that there was an additional five percent in
Speaker 2: Office Works. And I feel like Office Works has all
Speaker 2: of these random things that I didn't even know they sold. Yeah, watches.
Speaker 2: Did you know Office Works did watches? I thought they
Speaker 2: just dedprinted.
Speaker 4: I thought that they only sold humongous bags of mentos.
Speaker 2: Oh my god, yeah, hit the giant tins of my
Speaker 2: low y.
Speaker 6: Why this is so deep.
Speaker 2: I don't know it. It's commercial. It's meant to be feelings. Yeah, okay,
Speaker 2: it's just for the office of the office.
Speaker 5: Yeah, just clocked right now.
Speaker 2: Yeah, you're on all right, Jess.
Speaker 5: I've got one serving size.
Speaker 2: Like this is my type of Miloja.
Speaker 5: Finally someone sees, someone gets me.
Speaker 6: My next money in comes from Debbie, who said, after
Speaker 6: having me reconstructive surgery, my income protection insurance claim was
Speaker 6: just approved. The recovery time for this surgery is twelve months,
Speaker 6: so the money is very much welcome.
Speaker 5: What twelve months?
Speaker 6: Isn't that crazy?
Speaker 2: Oh my gosh, how awful.
Speaker 6: Super awful and a really good example of why income
Speaker 6: protection all of those insurances that I had never heard
Speaker 6: of until I listened to this podcast are really important.
Speaker 2: Now you have them because your boss is a bully
Speaker 2: pretty much pretty much and sent me all up quick
Speaker 2: note on that actually, because I feel like I've gotten
Speaker 2: a lot of dms recently, because everyone seems to be
Speaker 2: getting their finances in order and people are asking me
Speaker 2: a lot, oh what do I do about my insurances?
Speaker 2: Like you mentioned someone on a podcast at some point.
Speaker 2: That person would have been Phil Thompson from Sky Wealth,
Speaker 2: And you can either go directly to him and be like,
Speaker 2: okay the girls that she's on the money say that
Speaker 2: you have to look after me. Or you can actually
Speaker 2: head to our website She's on the Money dot com
Speaker 2: dot au and we can match you with somebody who
Speaker 2: can help you out with your situation. So you can
Speaker 2: go to that website and say I just want my
Speaker 2: insurances sorted and will send you to the right person.
Speaker 2: Or you might even want some financial advice and you'll
Speaker 2: be like, okay, cool, Well I don't just want insurances,
Speaker 2: I want financial advice, and I really want to look
Speaker 2: at everything holistically. And we have a whole panel of
Speaker 2: people that we recommend, because, as you guys know, I'm
Speaker 2: no longer a financial advisor, so I've had to bring
Speaker 2: in all of my big dog friends to look after
Speaker 2: you guys.
Speaker 6: Really really good. We'll pop a link in the show
Speaker 6: notes where you can fill that out this week as well.
Speaker 6: My next money win comes from Danny, who said she
Speaker 6: got fifteen free credit points from class Pass by threatening
Speaker 6: to cancel her membership. That is Lovable Boy free Whole
Speaker 6: Polarates classes for free. These classes are Speno two, very
Speaker 6: very expensive.
Speaker 4: You can get a lot just by blackmailing on it
Speaker 4: and yeah, class past I try.
Speaker 2: Your bringing to the podcast in twenty twenty three.
Speaker 5: It's not our that's not our angle, is it? No blackmailing?
Speaker 4: Sorry, just I've noticed that with like I've tried to
Speaker 4: join like Fitness First and stuff like this, and I
Speaker 4: kind of if I'm sitting on the fence about it.
Speaker 5: They'll send me firstly like thirty dollars a week, and
Speaker 5: then it goes down to twenty dollars a week, and
Speaker 5: then I'm just gonna.
Speaker 4: Wait and wait and wait until it's really cheap and
Speaker 4: then jump on it because I'm going to join either way,
Speaker 4: but I'm waiting until.
Speaker 5: It's real, real cheap.
Speaker 4: She's a smart girl, so that's a money win class
Speaker 4: pass gym, same same.
Speaker 2: It reminds me of that movie that came out last
Speaker 2: year called Queen Pins. Do you remember that, Jess. I
Speaker 2: feel like you'd be all over it. And if you
Speaker 2: haven't seen it yet, I think it's on Prime and
Speaker 2: given you the Queen of Amazon, I know that you
Speaker 2: have Prime, sure, But it was all about these people
Speaker 2: who were like super Coop Honors over in the US,
Speaker 2: and then they learned that you could complain and a
Speaker 2: company would then send you a free product, so they
Speaker 2: get the coop of the free product, and then they
Speaker 2: started like reproducing them and printing them holes to them,
Speaker 2: and then they were selling the coupons anyway. It was yeah,
Speaker 2: I know that's extreme coupon and gone scammers. I just
Speaker 2: like Jess would love that.
Speaker 6: I have to check it out. That's brilliant. Speaking of Dotty, actually,
Speaker 6: Andrew said she used her Flybys dollars this week to
Speaker 6: pay for fuel, so she only had to pay eight bucks.
Speaker 2: Oh my gosh, and fuels so expensive at the moment.
Speaker 5: Cross geez.
Speaker 6: And my very last one that I have this week
Speaker 6: is from Abby, she said, money win. I recycled my
Speaker 6: laptop through Apple's trading process and received a voucher to
Speaker 6: spend with them, so pretty much got free AirPods that
Speaker 6: are going to arrive tomorrow. Money win.
Speaker 2: Speaking of recycling, just was it you on TikTok the
Speaker 2: other day that said that you can take your furniture
Speaker 2: back to I?
Speaker 6: Oh my gosh, yes, how good is that? Yeah? You
Speaker 6: can jump online and just they have like an estimator,
Speaker 6: so you put in what furniture you have and it's.
Speaker 2: My calic shelves they are going home.
Speaker 6: Laid to rest from whence they came?
Speaker 2: All right, so what there's an estimator online.
Speaker 6: Yeah, you pick the condition it's like kind of excellent, average, poor,
Speaker 6: and I'll give you an estimation. I mean you've had
Speaker 6: it for ever, so that seems pretty fair.
Speaker 2: That's thrifty.
Speaker 6: We love that. And they'll give you an estimation what
Speaker 6: they think you're gonna get back, and then you just
Speaker 6: take it straight in. They'll have someone check it over
Speaker 6: and they're actually really good because one of my things
Speaker 6: I had marked it as I think average, and they're like, no,
Speaker 6: it's in like great condition. We'll give you the higher
Speaker 6: price point. So they actually check it properly and are
Speaker 6: like quite generous with it, and then you just get
Speaker 6: about it. I got tw hundred bucks back and that paid, Yeah,
Speaker 6: paid for my new TV unit, and it meant that
Speaker 6: I didn't have to get rid of the stuff and
Speaker 6: it was a little bit easier than selling a marketplace,
Speaker 6: which you know, I love, But coordinating with people, yeah,
Speaker 6: huge pain in the ass. So just taking it straight
Speaker 6: back to Ikea could be good.
Speaker 2: I have a business idea. You might like it, Beck,
Speaker 2: So what you're going to do. Is you going to
Speaker 2: go on Facebook marketplace?
Speaker 6: I had this thought. I was like, it might be
Speaker 6: a little bit unethic.
Speaker 2: Maybe I'll blame Jess know where we're going. I feel
Speaker 2: like Jess and I live in the same blinked.
Speaker 4: A certain way and just like, yeah, I get it.
Speaker 1: Yeah.
Speaker 2: It was my body twitch and she was like yeah, okay,
Speaker 2: And though I know exactly.
Speaker 6: Whereas three words, and I was like, I'm pretty sure.
Speaker 2: I feel like this happens every day back But what
Speaker 2: you do is you go on Facebook marketplace and find
Speaker 2: all of the free pieces of furniture that ikea forniture
Speaker 2: that people are trying to get rid of. You take
Speaker 2: them to Ike Bank.
Speaker 5: That is so clever.
Speaker 6: It's probably as well.
Speaker 2: Yeah, it's probably not a good business idea since you
Speaker 2: only get store credits. Yeah you could go along the
Speaker 2: Queen Pins route and sell your store credits.
Speaker 5: Yeah yeah, yeah.
Speaker 4: I just feel like this buy for economy in here,
Speaker 4: build it, sell it like oh I already you know
Speaker 4: I already yeah, and then sell those brand new, great
Speaker 4: condition and then you get money eventually.
Speaker 2: I feel like that is very backwards. I'm not going
Speaker 2: to go buy something brand new from my key to
Speaker 2: make it to sell it back to them at a loss.
Speaker 2: You are not in charge of the financial playing in
Speaker 2: this situation. Let's go to a really quick break and
Speaker 2: on the other side, we're gonna talk about a juicy
Speaker 2: money dilemma, which this week is all about buying property,
Speaker 2: and we're gonna unpack something that a couple of you
Speaker 2: guys have slid into our dms about recently, and that's
Speaker 2: the bank of Mum and Dad. So don't go anywhere.
Speaker 6: Welcome back, everybody. You know, I'm so about the property
Speaker 6: journey right now. I'm so in the thick of our answer.
Speaker 6: I'm pumped to hear this week's money dilemma, Becau. Apparently
Speaker 6: it's all about property.
Speaker 7: It is.
Speaker 2: Let's have a listen. Hi, there, have you got a
Speaker 2: money dilemma you just can't solve? The She's on the
Speaker 2: Money team is here to help. Every week, we tackle
Speaker 2: your dilemmas, both big and small, to answer your most
Speaker 2: burning money, career and life questions. To get involved, simply
Speaker 2: head to our website and leave us a short voice
Speaker 2: 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: My partner I got married last year, so we are
Speaker 7: starting to build our savings again as well as payoff
Speaker 7: one of our credit cards. It's got about seven thousand
Speaker 7: dollars on it. We are looking to buy a house
Speaker 7: next year or the year after. We're just trying to
Speaker 7: get a deposit together. And I was wondering how much
Speaker 7: should we be looking at saving for this deposit and
Speaker 7: when it is a good time to reach out in
Speaker 7: regards to broker information or lending information. Thank you look
Speaker 7: forward to hearing from you.
Speaker 2: She sounds lovely. Love This is a very good question
Speaker 2: and actually perfectly timed because we have Kate, our resident
Speaker 2: mortgage broker from Zella Money, coming on the show next
Speaker 2: week to talk about buying property and what's going on
Speaker 2: in the property market in twenty twenty three. But you
Speaker 2: know what, I feel like the best person to directly
Speaker 2: talk about this because you're on that journey right now,
Speaker 2: is you, Jess, what are your recommendations?
Speaker 6: I feel like there is no such thing as reaching
Speaker 6: out to a broker to because I reached out when
Speaker 6: I thought I was maybe kind of a year and
Speaker 6: a halfish out from my journey, and turns out the
Speaker 6: journey has been on longer than I'd hoped for, but
Speaker 6: it was really helpful because it allowed me to firstly
Speaker 6: find a broker that I liked, which wasn't something that
Speaker 6: I anticipated having to do. And as you know we've
Speaker 6: spoken about it before, I found how to jump through
Speaker 6: a couple before I obviously ended up with Kate, who
Speaker 6: is the best.
Speaker 2: So you get that's what you get for trying to
Speaker 2: keep it out of the business and out of work. Yeah,
Speaker 2: not mix work and pleasure. Turned out you should just
Speaker 2: be It turns out you should just mix work and
Speaker 2: pleasure always you would have thought.
Speaker 6: So that was a whole time thing that I didn't anticipate,
Speaker 6: and then obviously just being able to prepare. So in
Speaker 6: this situation, you can talk to a broker. They might say, hey, well,
Speaker 6: you've got this credit card debt. It might be more
Speaker 6: valuable for you to pay off that before you apply
Speaker 6: for the loan, because maybe it's more detrimental than the
Speaker 6: amount of money that you could get. Or maybe they
Speaker 6: might say, oh, well, you think you need a ten
Speaker 6: percent deposit, but actually there's this scheme that's just come
Speaker 6: in and you only need five that you wouldn't have
Speaker 6: known about. So I feel like it's better to talk
Speaker 6: to you broker sooner than later because they just know
Speaker 6: so much more than anybody else does, and they'll be
Speaker 6: able to tell you what things you need to do
Speaker 6: to get ready. They might be able to give you
Speaker 6: a rough timeline and help you out, and then you
Speaker 6: can kind of just touch base with them as you're going,
Speaker 6: as Kate will attest to you, because at least once
Speaker 6: a fortnight she gets to text from me being like, Hey,
Speaker 6: what's up. Crazy question? But and Urine, it's just helpful
Speaker 6: to be able to go, oh, if I have a question,
Speaker 6: They're there to answer it for you one hundred percent.
Speaker 2: And I feel like a lot of people think that
Speaker 2: they're a burden when they reach out and they're like,
Speaker 2: but I'm not ready to buy. Like they're going to
Speaker 2: think I'm wasting their time. It's like, no, I promise
Speaker 2: a mortgage broker can actually sort out the people who
Speaker 2: are legitimately on that property buying journey, even if they're
Speaker 2: like two or three years out. And those people that
Speaker 2: are time wasters, promise you that they it's not their
Speaker 2: first rodeo. But also, a mortgage broker is actually going
Speaker 2: to love the fact that you're there early. There's no
Speaker 2: time pressure, there's no you turning up and being like,
Speaker 2: oh my gosh, Kate, I found this house this weekend
Speaker 2: and I want to settle on it. I want to
Speaker 2: put an offering that can be that's worse. Yeah, that's worse.
Speaker 2: Like that's scrambling to make things happen. And you know
Speaker 2: a good broker will do that and bend over backwards
Speaker 2: for you. But you know, Jess, we got you in
Speaker 2: early so we could set up your cash flow and
Speaker 2: set things up and make sure that you've dotted all
Speaker 2: your eyes and crossed all your tea's because sometimes you
Speaker 2: just don't realize. Sometimes you'd go, oh, I didn't even
Speaker 2: know that was a thing, And just like you said,
Speaker 2: sometimes a broker's going to go, oh, Jess, did you
Speaker 2: actually know you could buy now instead of later? Like
Speaker 2: you don't need that twenty percent deposit that you're working towards.
Speaker 2: So the question here was like how much should I
Speaker 2: be saving? Well, I can't tell you that because I
Speaker 2: don't know the semantics of your situation. I don't know
Speaker 2: how much you're buying for, how much your combined income is,
Speaker 2: what your expenses are, or what your life looks like,
Speaker 2: or even where you're going to be purchasing, because it
Speaker 2: will really depend on location too, because sometimes you need
Speaker 2: a high deposit for different locations around Australia, which is
Speaker 2: wild to think about, but I do think you should
Speaker 2: get in touch with a mortgage broker. And one thing
Speaker 2: that we find really helpful, and Jess you've been through
Speaker 2: this is the hour of power with our Zella Money team,
Speaker 2: where they'll actually sit you down and instead of just
Speaker 2: having a normal broken conversation, they'll sit down and go
Speaker 2: all right, Beck, where are we at? What are your goals?
Speaker 2: And actually instead of sitting down and just doing your
Speaker 2: borrowing capacity, they'll actually help you set up a budget
Speaker 2: and a cash flow that gets you to the goal
Speaker 2: that you're working towards and give you a lot more
Speaker 2: accountability and a cash flow system that works and something
Speaker 2: that's actually going to help you on that journey. It's
Speaker 2: a lot more hands on. But if you're in that
Speaker 2: position where you're like I'm not really sure what I'm
Speaker 2: doing or where I'm going, and I want to talk
Speaker 2: to a broker, but I don't even know what I
Speaker 2: want to buy, maybe an hour of power. Session is
Speaker 2: going to you know, turbo charge that journey and actually
Speaker 2: give you the clarity you're looking for. Yeah, all right,
Speaker 2: let's move on from that. As much as I love
Speaker 2: talking about property, there's going to be a lot of
Speaker 2: it next week. Let's move on to our community concern
Speaker 2: because this week we're unpacking something that you guys slid
Speaker 2: into our DMS about, which is the bank of Mum
Speaker 2: and Dad. So I want to talk about it. The
Speaker 2: message that we got was hello, ladies, hoping for a
Speaker 2: little bit of here. I'm struggling to come to terms
Speaker 2: with a friend of mine who just gets handouts from
Speaker 2: her parents left, right and center. I have to work
Speaker 2: really hard to be able to afford a new dress
Speaker 2: or even a bottomless brunch, and she can just message
Speaker 2: her dad and say I'm out of money, can you
Speaker 2: pay for my brunch? And he'll just transfer her money.
Speaker 2: I know that's not her fault. I'm battling with my
Speaker 2: own feelings of jealousy as I wish it came that
Speaker 2: easy for me too sometimes. But I was just wondering
Speaker 2: if you guys had any pointers for navigating the feelings
Speaker 2: I'm having around money. Beck. You see infuriated.
Speaker 4: No, I just I relate to this so much. It's
Speaker 4: such a hard thing to balance because I, on the
Speaker 4: one hand, want to be so happy for my friends
Speaker 4: who either like you know, get inheritance. It doesn't have
Speaker 4: to be from their mum and dad, just anyone in
Speaker 4: their family who has the ability to one day give
Speaker 4: the money to one day by house. I know that
Speaker 4: I'll never no matter what why you look at my life,
Speaker 4: I'm never ever going to have that, And so I'm
Speaker 4: constantly weighing up like feeling so were not good about it,
Speaker 4: feeling like oh my god, I wish I had that,
Speaker 4: but then genuinely being happy. And then also, if you
Speaker 4: look past my friend who just receivalless money, you're looking
Speaker 4: at an adult who purposely wanted this for their future
Speaker 4: children or grandchildren. So good on them for being able
Speaker 4: to make that happen. It's just a very I totally
Speaker 4: know that feeling of being so.
Speaker 2: Juxtaposition right, but you want to feel good for them,
Speaker 2: but then you're also low key envious, But then you're
Speaker 2: also like, why shouldn't you work as hard as I
Speaker 2: do for this? But then you can also see that
Speaker 2: if their parents have set them up in that way,
Speaker 2: like they're getting a lot of gratification out of it.
Speaker 2: It must be really hard, Jess. Is this something that
Speaker 2: you see in you know, friendship groups around you.
Speaker 6: It's not super common. I think the friends that I have,
Speaker 6: none of them are ones that sound like this person
Speaker 6: where they're I guess, taking advantage of it. But I
Speaker 6: do have friends who have found themselves in situations where
Speaker 6: they've you know, things have been really tight, and they
Speaker 6: have asked their parents for help and their parents have
Speaker 6: been able to and I agree, like, I've never received
Speaker 6: money for my parents. I never will receive money from
Speaker 6: my parents. And it's one of those things where you
Speaker 6: kind of go, it's like an equity thing.
Speaker 2: I guess.
Speaker 6: You go, oh, like, I love my family, and you know,
Speaker 6: it's really hard to think about some families generationally have
Speaker 6: created that wealth and have you know, potentially really thought
Speaker 6: about setting their kids up and doing those things. And
Speaker 6: if you're from a family where maybe that was in
Speaker 6: a position they were able to be and it's not
Speaker 6: because they didn't love you, but it is also hard
Speaker 6: because you go, oh, well, this person gets opportunities that
Speaker 6: I don't know if I had that money, I could
Speaker 6: do this, and you know, it is really tough to
Speaker 6: I guess, balance the emotional side of it and feeling
Speaker 6: like you're lesser than or that your family is lesser than,
Speaker 6: when really it's just the card of hands that a
Speaker 6: lot of people would dealt and there's nothing that you
Speaker 6: can do about that. But I feel like she's being
Speaker 6: very self aware, like she's saying, oh my gosh, how
Speaker 6: to deal with this exactly, which I think is a
Speaker 6: really great thing, because if you let those feelings sit,
Speaker 6: it just makes you feel icky and gross.
Speaker 2: And it seems really common because we took it to
Speaker 2: you guys and asked you and did a few polls online.
Speaker 2: We said, do you have a friend that benefits from
Speaker 2: the bank of mum and dad? And sixty seven percent
Speaker 2: of you said yes, which it's not a bad thing.
Speaker 2: And I think that what we need to really outline
Speaker 2: here is this is not a conversation of judgment, because,
Speaker 2: as you said before, Beck, like you know, parents have
Speaker 2: planned for that, or there might be intergenerational wealth at play,
Speaker 2: someone at some point has worked really hard, so that
Speaker 2: situation can occur. But I think it can be really
Speaker 2: hard when you're comparing yourself in This plays into the
Speaker 2: conversation of comparison culture, right, and like me seeing Jess's
Speaker 2: situation being like, oh, I'm so envious of everything she does.
Speaker 2: But then Jess, you know, maybe looking back at me
Speaker 2: and going, well, I'm envious of stuff you're doing, when
Speaker 2: in reality we should be sticking to our own lanes
Speaker 2: and seeing our own finances and seeing our own situations
Speaker 2: for what they are instead of what could have been
Speaker 2: or what might have been if our situations were different,
Speaker 2: because that doesn't change anything. Like you and I could
Speaker 2: sit here all day and talk about like, oh, well,
Speaker 2: what if we got massive inheritances and no one at
Speaker 2: this table is going to be in that position, Like
Speaker 2: it's just not who we are, it's not the families
Speaker 2: that we come from, and that's totally okay, But we
Speaker 2: could talk about it all day.
Speaker 5: Like what would you do with a million dollars?
Speaker 2: Or what would you do or what would you do
Speaker 2: back if your parents helped you buy a hat? Like
Speaker 2: it's nice to sometimes have conversations that are aspirational, but
Speaker 2: I don't believe that's aspirational because it can't happen. So
Speaker 2: why are we hindering ourselves with these ideas and thoughts. Instead,
Speaker 2: why don't we go, oh, they've bought a house and
Speaker 2: like they got a leg up. But you know what,
Speaker 2: I live in Australia, I have a good job. How
Speaker 2: can I do that for myself?
Speaker 1: Like?
Speaker 2: Is that not something that we should be rewarding more
Speaker 2: or celebrating more? Like, yeah, I know that every single
Speaker 2: house purchase or every single financial goal in our community
Speaker 2: that's achieved is for the greater good. And it's kind
Speaker 2: of like that quote that we talk about all the time,
Speaker 2: a rising tide lift soul ships. But I think we
Speaker 2: really need to go back to where we come from
Speaker 2: and go is that constructive for us to talk about this?
Speaker 2: Is that actually, you know, going to put me in
Speaker 2: a better place having had this conversation? Or should I
Speaker 2: be channeling my efforts into something that I can actually
Speaker 2: change or that I have power over? And the easiest
Speaker 2: way to be disheartened about a circumstance or any type
Speaker 2: of situation is to put yourself in a situation where
Speaker 2: you know that that's not achievable. It feels like trash. Yeah,
Speaker 2: like it feels awful. The second I start being like, oh, beck,
Speaker 2: so you won't get an inheritance. What are you going
Speaker 2: to do about that? That's a trash conversation to have.
Speaker 2: Let's not have it, Beck, what are you going to do?
Speaker 2: Oh my gosh, you've talked about on the podcast being
Speaker 2: bankrupt before, and now you know before this episode, Beck
Speaker 2: and I were having a good conversation about credit scores
Speaker 2: and how to build yours up, and I think you
Speaker 2: didn't realize how good of a position you were in.
Speaker 2: And I think it's how do we build you up
Speaker 2: to put you in the best possible position because we
Speaker 2: don't all have the same start point.
Speaker 4: That's so true and it is something that I'm learning.
Speaker 4: It is possible no matter where you start, no matter
Speaker 4: how far back you've gone, it's possible to better your
Speaker 4: money situation.
Speaker 5: And that is huge.
Speaker 6: I write abundance mindset.
Speaker 2: I love it.
Speaker 5: Yeah, what do you reckon?
Speaker 2: I actually wrote something down this morning as I was
Speaker 2: drying my and I was thinking about this idea because
Speaker 2: someone on TikTok responded to one of my videos and
Speaker 2: we're like, oh, what's the point. It's fifty bucks a month.
Speaker 2: It's not actually going to put you in a position
Speaker 2: where you have millions to retire, Like what's the point?
Speaker 2: I was just like, what isn't the point? Like every
Speaker 2: step in the right direction is a step that is
Speaker 2: going to put you ahead. And by not taking any
Speaker 2: action at all and being like, what's the point, you're
Speaker 2: actually securing your worst possible fate, Like instead of saying, oh, yeah, well,
Speaker 2: actually I do do ten dollars a month and it's
Speaker 2: working towards my financial future at the end of that,
Speaker 2: is that not better than having nothing at all because
Speaker 2: you didn't take action? And I feel like it's such
Speaker 2: a gen z and millennial tone of voice. I suppose
Speaker 2: to go, well, what's the point we'll never buy a house,
Speaker 2: or what's the point you know everybody else has it
Speaker 2: given to them, or what's the point my friend's mum
Speaker 2: gives her everything? Like that's not the point. Isn't every
Speaker 2: step in the right direction a step in the right direction?
Speaker 2: And shouldn't we be seeing it for what it is?
Speaker 2: Like even if you invest over your entire lifetime and
Speaker 2: you're like, okay, cool, V I only have twenty bucks
Speaker 2: a month, but I've been doing that since I was eighteen,
Speaker 2: it's going to put me in a position where I have,
Speaker 2: you know, three hundred thousand dollars more than I was
Speaker 2: going to have had I not. Some people might see
Speaker 2: it and be like, but you need millions to retire.
Speaker 2: Isn't three hundred thousand dollars a lot more than what
Speaker 2: you didn't have already?
Speaker 5: But do you know what I mean?
Speaker 2: It blows my mind that there's this idea of well
Speaker 2: why bother? And I feel like the bank of Mum
Speaker 2: and Dad complained to that because you see your friends
Speaker 2: and you see this comparison culture, and you immediately go, well,
Speaker 2: what's the point. They've got everything given to them, Why
Speaker 2: should I even bother? I don't have that, like, I'm
Speaker 2: never going to be successful, And it blows my mind.
Speaker 6: What did the people say? What did everyone else kind
Speaker 6: of think? Were they on the same wavelengths?
Speaker 2: They absolutely were. It's actually a little bit colorful, and
Speaker 2: this week we got a few more emotional responses than
Speaker 2: we usually get. So someone said, this was something I
Speaker 2: realized when I started work, and it made me feel
Speaker 2: better about not comparing myself to others when I learned
Speaker 2: how much into generational wealth has helped some people. And
Speaker 2: that's from somebody who is in a state planning lawyer.
Speaker 2: Someone said, my parents helped me with money to get
Speaker 2: a property at twenty four that I live in Now.
Speaker 2: I actually feel really guilty as I've avoided the rental
Speaker 2: crisis and that's not something I can say is true
Speaker 2: for my friends.
Speaker 6: Yeah, I guess as the flip side of that, hey, Like,
Speaker 6: I mean, some people probably aren't selfware enough to realize
Speaker 6: the impact that they're having on their friends by being privileged.
Speaker 6: But for some people, maybe they feel awkward about it too.
Speaker 2: Yeah, I live in this world where I just don't
Speaker 2: think privilege shouldn't exist. I think that if we are
Speaker 2: going to have privilege existing, we actually just need to
Speaker 2: be acknowledging it. Like I am privileged because I am
Speaker 2: a white woman who grew up in Australia and had
Speaker 2: every opportunity thrown at her. Yes, I didn't come from
Speaker 2: intergenerational wealth, but like I had super supportive parents and
Speaker 2: I went to a good school, and those things at
Speaker 2: a base level are I guess, gratuities or things that
Speaker 2: weren't extended to other people in our community. And I
Speaker 2: think that we need to regardless of what our level
Speaker 2: of privilege, we need to acknowledge that and if it
Speaker 2: happens to be you've got into generational wealth. Great, like
Speaker 2: be self aware of it. I think if we like
Speaker 2: shifted this conversation a bit and your friend in this
Speaker 2: circumstance was a bit more self aware, maybe that wouldn't
Speaker 2: make you feel as bad if your friend was like,
Speaker 2: oh my gosh, yes, or maybe was a little bit
Speaker 2: more sneaky about it, unless like, oh, I just get
Speaker 2: mum and dad to pay for it, do you know
Speaker 2: what I mean? Like, I feel like it's the conversation
Speaker 2: around it because having grown up in an area where
Speaker 2: we weren't wealthy, but there were a lot of wealthy people,
Speaker 2: Like I remember talking to my parents and then being like, yep,
Speaker 2: we're not going to be able to afford to purchase
Speaker 2: you your first card, and I was like, yep, of course,
Speaker 2: I'll work for that. And then you know, going to
Speaker 2: school and one of the girls I went to school
Speaker 2: with having been given a brand new BMW for her
Speaker 2: sixteen mile said, but I remember that juxtaposition of being like, wow,
Speaker 2: like she has this, and you know, my parents have
Speaker 2: said that I need to save and Mum and dad
Speaker 2: were like, can you know we can match you to
Speaker 2: this and help you, and like my parents were so good.
Speaker 2: But you know, even then, you just feel a bit like, oh, like,
Speaker 2: how does this happen? Yeah, but that person never acknowledged
Speaker 2: their privilege, and I think that makes it worse, Like
Speaker 2: that makes it feel weird, as though they deserve it. Yeah,
Speaker 2: like that's not the case at all. Someone else said
Speaker 2: good communication always goes a long way, which I think
Speaker 2: was really good. Someone said, this happened with my partner.
Speaker 2: She doesn't understand my upbringing with money, and it can
Speaker 2: cause drama because I feel especially guilty because she got
Speaker 2: her unifees paid for and has family savings and doesn't
Speaker 2: have to worry at all. Yeah, like that's so true, right,
Speaker 2: Like I don't know about you, guys. Beck, you would
Speaker 2: be exactly the same as me. You just had to
Speaker 2: go to work the second you got to an age
Speaker 2: where you could earn go to work exactly, Like that's
Speaker 2: how it's gonna work for you. Another person said, when
Speaker 2: my friend's parents are guarantees on their property loans and
Speaker 2: my parents won't offer to it makes me feel like trash,
Speaker 2: Like that's really hard. Someone else said, well, it's not
Speaker 2: really teaching her the reality of the world. Yeah, but
Speaker 2: I argue that's the reality of her world exactly, like,
Speaker 2: and that's not the reality. Like just because another reality
Speaker 2: exists doesn't mean you have to experience it for it
Speaker 2: to be true exactly. Someone said, I'm very transparent with
Speaker 2: my close friends about how my parents really support me
Speaker 2: and lend me, slash give me money, which I think
Speaker 2: is really good. And I think if you're in that circumstance,
Speaker 2: can we just be transparent about it? Yeah, Like, if
Speaker 2: your parents are being guarantores on your property, I know
Speaker 2: that sometimes people feel a little bit guilty, like a
Speaker 2: little bit like, oh, I don't want to tell anybody
Speaker 2: because like I want people to know that I worked
Speaker 2: really hard for this, because sometimes I feel like if
Speaker 2: you admit that you had a guaranteur, it's diminishing the
Speaker 2: efforts that you put towards getting that property. And I'm
Speaker 2: not saying that it does at all, but it also
Speaker 2: diminishes the feelings of your friends if you don't admit
Speaker 2: to them how you somehow came up with a two
Speaker 2: hundred and fifty thousand dollars deposit when they're scrambling to
Speaker 2: get their first one hundred grand together as a couple.
Speaker 2: Does that make I can feel like Oh wow. I
Speaker 2: didn't even know they was saving for a house, and
Speaker 2: all of a sudden, they've got a one point two
Speaker 2: million dollar property with their partner. What How did this happen?
Speaker 7: Like?
Speaker 2: Oh, yeah, like we've just been saving what.
Speaker 6: Yeah, it makes it go both ways. My favorite response
Speaker 6: that I saw said transparency helps. When my friends started
Speaker 6: buying one point five million dollar properties, I was shocked,
Speaker 6: But then when I asked if they had family help,
Speaker 6: most of them did. It made me feel better knowing
Speaker 6: what had happened. And after talking to one of my friends,
Speaker 6: she was self aware of the privilege and it made
Speaker 6: us feel so much closer having that conversation. I think
Speaker 6: this person, aka the person who DMed us, needs to
Speaker 6: talk to her friend about how she feels and maybe
Speaker 6: even set some boundaries around what activities they can do together.
Speaker 6: If she's feeling like there's a bit of financial stress
Speaker 6: on her because she has less money than her friend
Speaker 6: or less room in her budget. Otherwise, just being open
Speaker 6: about it might help the friendship. It's hard to tell
Speaker 6: if the rich friend here is being ignorant or if
Speaker 6: she's just pressuring her to keep up.
Speaker 2: Yeah, one hundred percent, And I think the crux of
Speaker 2: this conversation is comparison is the thief of joy, and
Speaker 2: we absolutely should not be comparing ourselves to anybody else's circumstances.
Speaker 2: But then also acknowledging that maybe there is some family
Speaker 2: help there sometimes that you don't even see. And it's
Speaker 2: also that crash landing pad, right, Like you see friends
Speaker 2: who do rely on their parents, they might be more
Speaker 2: likely to take on risks because they know, like if
Speaker 2: everything fails and if I blow the budget, and like
Speaker 2: I go to Europe and I come home with absolutely nothing,
Speaker 2: Mum and dad will look after me. Whereas that's not
Speaker 2: the reality for a lot of people, Like that's not
Speaker 2: an option, Like you don't have anybody to rely on.
Speaker 2: And I think that the bank of mum and Dad
Speaker 2: is not just about home guarantores and big amounts of
Speaker 2: money being gifted. I think sometimes it can also be
Speaker 2: that financial security of knowing that somebody else has your back.
Speaker 2: It might be fifty bucks, Like you might not come
Speaker 2: from a super high income family, but you know, if
Speaker 2: everything hit the fan tomorrow, you've got parents that you
Speaker 2: can call me, like, hey, Mom, I really need help.
Speaker 2: I'm in a bit of a pickle and that is
Speaker 2: not something that is exc ended to everybody in our
Speaker 2: community either, and I feel like that for me also
Speaker 2: falls into the bank of mum and Dad, which is
Speaker 2: that feeling of financial security when you have good relationships
Speaker 2: with family members.
Speaker 6: Super interesting and if you do want to have those
Speaker 6: conversations with us, make sure you're following us on Instagram
Speaker 6: where She's on the Money AUS. We share our community
Speaker 6: concern every single week and we want you to weigh
Speaker 6: in because it's really interesting to get all of those
Speaker 6: different perspectives one hundred percent.
Speaker 2: But speaking of talking to us in person, Jessica, what's
Speaker 2: happening soon?
Speaker 6: Oh my gosh, it's only a few short weeks until
Speaker 6: International Women's Day. We are so freaking pumped about it.
Speaker 6: Oh my gosh. Not that she's counting or anything, but
Speaker 6: if you haven't already, I believe two of our four
Speaker 6: cities are. There's like fifteen to twenty tickets left. They're
Speaker 6: slim pickings, very slim picking. So if you haven't grabbed
Speaker 6: your ticket, please head to the website. We'll link it
Speaker 6: in the show notes. It's so exciting. This week we
Speaker 6: announced the goodie bags. They very little bit city by city,
Speaker 6: but they're all worth over three hundred dollars.
Speaker 2: It's actually so exciting. I cannot believe that our team
Speaker 2: has pulled this together. It's wild.
Speaker 6: The brands that we have are unreal. And if you
Speaker 6: want to see that hedge the Instagram because we did
Speaker 6: a post summarizing it all so you can have a
Speaker 6: little squizz.
Speaker 2: But I'm going to give you a little bit of
Speaker 2: a hint, like if you're just a listener please Okay.
Speaker 2: So we have our friends on board from Go to Skincare.
Speaker 2: We've got Adoor Beauty, Cadbury Chocolates, Naked Harvest, the Quick Flick.
Speaker 2: We've got our friends from LSKD which Jess and I
Speaker 2: are obsessed with. They're a whole heap. We've also got
Speaker 2: Skinstitute and Frank Body, which I am obsessed with. Just
Speaker 2: like a little few just to do some name dropping, you.
Speaker 6: Know, oh my god. Yeah, but there's this beautiful face
Speaker 6: of mom.
Speaker 2: And dad people they name drop.
Speaker 6: Oh yeah. So definitely if you want to grab a ticket,
Speaker 6: please hea to the website. We're so excited to be
Speaker 6: putting on. We couldn't do it without our friends from
Speaker 6: Chasas who have just been absolutely incredible and so supportive
Speaker 6: of us. They really embody I think the whole idea
Speaker 6: that we really love buying International Women's Day. They've got
Speaker 6: Roberts who will actually be making an appearance at some of.
Speaker 2: The events, which I'm obsessed with her.
Speaker 6: I think she's the coolest per and she's a part
Speaker 6: of their CEO team. We love a business led by
Speaker 6: a female, We just truly do.
Speaker 2: And I feel like they have always been super supportive
Speaker 2: of the content we create, which obviously is one thing
Speaker 2: to say, but they really walk the walk, like they
Speaker 2: really embrace the content that we create so that other
Speaker 2: people can be in better financial circumstances because of them,
Speaker 2: and people can start their investing journeys. Like I'm obsessed
Speaker 2: with them, which you guys already know, but I think
Speaker 2: that's enough. If you want International Women's Day tickets, our
Speaker 2: link will be in the show notes, along with all
Speaker 2: of the links for everything else we've mentioned this episode. Guys,
Speaker 2: it's been a good week. I hope you have a
Speaker 2: good weekend and we'll see you again on Monday.
Speaker 4: See you guys, then bye bye.
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Speaker 8: on the Money exists purely for educational purposes and should
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