1 00:00:00,200 --> 00:00:02,960 Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations 2 00:00:03,000 --> 00:00:08,600 Speaker 1: woman and I'm here to acknowledge country t Glenn Young Ganya, Niana, 3 00:00:08,680 --> 00:00:11,479 Speaker 1: Kaka yah y and beIN Ahaka nian Ar gay In 4 00:00:11,640 --> 00:00:17,120 Speaker 1: Mbini yakarum Jar Dominyamiga Umagahawaka Woman, Damon Imlan Bomba ban 5 00:00:17,160 --> 00:00:20,040 Speaker 1: Gadabomba in and now in wakah ghan On yak rum 6 00:00:20,120 --> 00:00:24,560 Speaker 1: Jar water Nadaa. Hello, beautiful friends, we gather on the 7 00:00:24,640 --> 00:00:27,920 Speaker 1: lands of the Aboriginal people. We thank acknowledge and respect 8 00:00:27,960 --> 00:00:30,880 Speaker 1: the Aboriginal people's land that we're gathering on today. Take 9 00:00:30,920 --> 00:00:33,680 Speaker 1: pleasure in all the land and respect all that you see. 10 00:00:34,600 --> 00:00:40,160 Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections, 11 00:00:40,960 --> 00:00:44,560 Speaker 1: bringing you the tools, knowledge and resources for you to thrive. 12 00:00:45,080 --> 00:00:46,800 Speaker 2: She's on the Money. 13 00:00:47,040 --> 00:00:47,840 Speaker 3: She's on the Money. 14 00:01:08,240 --> 00:01:11,120 Speaker 4: Hello and welcome to She's on the Money, the podcast 15 00:01:11,160 --> 00:01:15,280 Speaker 4: that makes personal finance fun, especially on Fridays. It is 16 00:01:15,400 --> 00:01:17,120 Speaker 4: our favorite day of the week because we get our 17 00:01:17,200 --> 00:01:19,679 Speaker 4: little team together and we get to celebrate you our 18 00:01:19,800 --> 00:01:23,959 Speaker 4: incredible She's on the Money Community. Miss Jesse Grici, She's 19 00:01:24,040 --> 00:01:25,960 Speaker 4: here and she's going to be sharing our favorite money 20 00:01:26,000 --> 00:01:27,920 Speaker 4: wins of the week. Miss Becksayed is here and she 21 00:01:28,080 --> 00:01:30,360 Speaker 4: has a lineup of very good road tips to share 22 00:01:30,400 --> 00:01:32,000 Speaker 4: with you. And we're going to be helping to answer 23 00:01:32,040 --> 00:01:34,680 Speaker 4: a money dilemma which is all about how your hex 24 00:01:34,680 --> 00:01:38,160 Speaker 4: step really affects your borrowing capacity and something that's lead 25 00:01:38,200 --> 00:01:40,880 Speaker 4: into our dms about what do you do when you 26 00:01:40,959 --> 00:01:45,039 Speaker 4: think your parents are going to make a bad money choice. Oh, 27 00:01:45,080 --> 00:01:47,760 Speaker 4: I feel like it's like backwards financial advice, but we 28 00:01:47,960 --> 00:01:50,840 Speaker 4: are all finding ourselves in positions like this more recently. 29 00:01:51,680 --> 00:01:54,440 Speaker 5: Before we get there, though, guys, how have your weeks been? 30 00:01:54,760 --> 00:01:54,920 Speaker 6: Yes? 31 00:01:55,040 --> 00:01:57,680 Speaker 5: Go first please, I am having a great week. 32 00:01:57,840 --> 00:02:01,760 Speaker 3: Oh not just a good week, I know, different from me. 33 00:02:01,920 --> 00:02:03,560 Speaker 4: That's giving what's her name, Kylin? 34 00:02:03,880 --> 00:02:04,760 Speaker 3: And you love Kylan? 35 00:02:06,520 --> 00:02:10,239 Speaker 4: You know what you are chronically online like after? 36 00:02:11,720 --> 00:02:14,200 Speaker 6: Yes, there's just lots of fun, exciting things happening in 37 00:02:14,280 --> 00:02:16,840 Speaker 6: my life right now that I am so happy about 38 00:02:16,880 --> 00:02:18,959 Speaker 6: and I can't wait to share with everybody. I know. 39 00:02:19,240 --> 00:02:25,679 Speaker 4: I know you a little bit, you know, but like 40 00:02:25,840 --> 00:02:29,160 Speaker 4: we aren't telling people this secret. Yes, she's not pregnant, 41 00:02:29,600 --> 00:02:30,880 Speaker 4: just to be very clear. 42 00:02:31,000 --> 00:02:34,760 Speaker 3: Not engage, no, but yes, anyway, we'll share the really seeds. 43 00:02:34,800 --> 00:02:35,480 Speaker 3: So that's really exciting. 44 00:02:35,520 --> 00:02:37,480 Speaker 6: And you know what, today it's sunny. I was driving 45 00:02:37,520 --> 00:02:39,280 Speaker 6: and I had a really good day list on Spotify. 46 00:02:39,440 --> 00:02:40,880 Speaker 5: Oh gorge, and I just like had. 47 00:02:40,880 --> 00:02:43,840 Speaker 6: You know those really simple like it's like a very 48 00:02:44,080 --> 00:02:47,640 Speaker 6: ordinary life moment, just like, oh my god, like life 49 00:02:47,760 --> 00:02:48,679 Speaker 6: is worth living. 50 00:02:50,600 --> 00:02:52,239 Speaker 4: Just to pay rise check? 51 00:02:53,040 --> 00:02:53,400 Speaker 2: You know what? 52 00:02:54,800 --> 00:02:57,000 Speaker 4: I was just you must have a really good boss. 53 00:02:58,240 --> 00:02:59,960 Speaker 3: Live life, loving my way through life right now? 54 00:03:00,120 --> 00:03:03,440 Speaker 4: That is so frizing, isn't the kicker? I think she's 55 00:03:03,600 --> 00:03:05,160 Speaker 4: just tu on an extra high. 56 00:03:05,320 --> 00:03:09,519 Speaker 7: I am on a definitely sure, Yes, for sure, there's 57 00:03:09,520 --> 00:03:12,480 Speaker 7: something through like it's so warm, like it's very contagious. 58 00:03:12,720 --> 00:03:15,320 Speaker 5: I'm like, oh my god, life is worth living, is 59 00:03:15,440 --> 00:03:18,680 Speaker 5: and like someone's coming. Like we're out of the cold, 60 00:03:18,760 --> 00:03:21,079 Speaker 5: We're out of the rut. Like I feel like everything's 61 00:03:21,120 --> 00:03:28,040 Speaker 5: looking up Millhouse. Ye, yes, my week has been gorgeous. Yes, lovely. Actually, 62 00:03:28,480 --> 00:03:31,880 Speaker 5: just hondering sun things, aciding to bloom. 63 00:03:32,720 --> 00:03:34,920 Speaker 4: A girlfriend the other day actually, and she was telling 64 00:03:34,960 --> 00:03:37,000 Speaker 4: me that you were painting her bin. 65 00:03:37,320 --> 00:03:38,800 Speaker 7: Yes, she really wants. I don't know if you've seen that, 66 00:03:38,920 --> 00:03:42,320 Speaker 7: that lady, that's like done. The looks cool, the bin 67 00:03:42,440 --> 00:03:43,880 Speaker 7: painting like stripes. 68 00:03:43,960 --> 00:03:44,840 Speaker 3: Anyone who hasn't seen it. 69 00:03:44,880 --> 00:03:49,360 Speaker 7: It's like green and red and blue and another color 70 00:03:49,360 --> 00:03:51,280 Speaker 7: I can't remember, and you just paint your bin. This 71 00:03:51,440 --> 00:03:54,120 Speaker 7: color was really cool because I kept making all these 72 00:03:54,160 --> 00:03:56,520 Speaker 7: like craft things because I haven't been working for so long, 73 00:03:56,600 --> 00:03:58,720 Speaker 7: but just as like please no more, but do things. 74 00:03:58,760 --> 00:04:01,880 Speaker 5: They actually need my bin and so you pain and 75 00:04:02,040 --> 00:04:04,440 Speaker 5: it's just so much fun and it was like, oh yeah, 76 00:04:04,520 --> 00:04:06,080 Speaker 5: it like really brinds up a space. 77 00:04:06,840 --> 00:04:08,960 Speaker 6: The bin driver loves seeing a fun bin because like 78 00:04:09,000 --> 00:04:11,280 Speaker 6: you look at the same bins, like how many bins 79 00:04:11,280 --> 00:04:12,000 Speaker 6: would you see in today? 80 00:04:12,120 --> 00:04:13,360 Speaker 5: So many and really fun one. 81 00:04:13,360 --> 00:04:14,760 Speaker 3: I feel like that would be excited totally. 82 00:04:15,440 --> 00:04:18,080 Speaker 4: My mum under the bus here and Judy adore you 83 00:04:18,320 --> 00:04:20,560 Speaker 4: please don't hate me for saying this. In fact, turn 84 00:04:20,640 --> 00:04:23,640 Speaker 4: this off. But growing up, my mum decorated our bin 85 00:04:23,800 --> 00:04:26,960 Speaker 4: with these really large stickers. Like that sounds a bitt 86 00:04:26,960 --> 00:04:29,200 Speaker 4: in theory, but why did they have to be friend japannies? 87 00:04:29,600 --> 00:04:32,280 Speaker 4: And because they were always in the sun, they faded, 88 00:04:32,360 --> 00:04:35,280 Speaker 4: so I think they looked awful, but like she loved them. 89 00:04:35,440 --> 00:04:37,440 Speaker 5: It was the eithnts exactly. 90 00:04:37,520 --> 00:04:39,920 Speaker 4: She's ahead of her time. She was she was the 91 00:04:40,000 --> 00:04:42,920 Speaker 4: bin lady before TikTok that's here exactly. 92 00:04:43,120 --> 00:04:44,839 Speaker 5: You know, great week, what about you. I'm glad. 93 00:04:45,000 --> 00:04:47,360 Speaker 4: I'm just glad that the sun's coming back. Like I 94 00:04:47,480 --> 00:04:50,880 Speaker 4: feel like this winter, like both Jess and I we 95 00:04:51,040 --> 00:04:54,360 Speaker 4: get sad, which is like seasonal effective disorder, which is 96 00:04:54,400 --> 00:04:57,400 Speaker 4: why we love a hatch alarm clock. We're like, we'd 97 00:04:57,440 --> 00:05:00,080 Speaker 4: love doing you know, lots of just different things in 98 00:05:00,160 --> 00:05:02,440 Speaker 4: winter to help us feel better. But there's literally nothing 99 00:05:02,480 --> 00:05:05,480 Speaker 4: better than sunlight and like feeling like there's a little 100 00:05:05,480 --> 00:05:07,920 Speaker 4: bit of warmth in the air like the other day. 101 00:05:08,040 --> 00:05:09,920 Speaker 4: And this is so lame. Maybe this is just a 102 00:05:09,960 --> 00:05:12,520 Speaker 4: sign that I'm getting really old. I was walking to 103 00:05:12,560 --> 00:05:15,800 Speaker 4: the coffee shop lame, but someone who had just mowed 104 00:05:15,800 --> 00:05:18,440 Speaker 4: their lawn and it was the smell of mode lawn 105 00:05:18,680 --> 00:05:20,960 Speaker 4: and it was like a not freezing morning and I 106 00:05:21,080 --> 00:05:22,880 Speaker 4: was like, life is a worth a living. 107 00:05:23,360 --> 00:05:25,560 Speaker 3: Yeah, truly, it really is. I love the smell of 108 00:05:25,560 --> 00:05:26,240 Speaker 3: fresh cut ground. 109 00:05:26,279 --> 00:05:26,479 Speaker 1: Yeah. 110 00:05:26,560 --> 00:05:28,240 Speaker 4: Like it was just like an on a morning when 111 00:05:28,240 --> 00:05:30,359 Speaker 4: I'm walking to the coffee shop and I wasn't wearing 112 00:05:30,480 --> 00:05:33,719 Speaker 4: like my jacket and my puffer and feeling really cold, 113 00:05:34,000 --> 00:05:36,240 Speaker 4: like sometimes I just like slog it to the coffee. 114 00:05:36,680 --> 00:05:38,600 Speaker 4: But it just it was a good day. To have 115 00:05:38,680 --> 00:05:40,919 Speaker 4: a good day. You know, Oh my god, this is lovely. 116 00:05:41,160 --> 00:05:42,880 Speaker 4: Whole episode is so sunny. I love it, and it's 117 00:05:42,880 --> 00:05:45,680 Speaker 4: all about not, I guess, spending any money. I suppose 118 00:05:46,320 --> 00:05:46,880 Speaker 4: a little thing. 119 00:05:47,200 --> 00:05:50,120 Speaker 5: Literally, it really is. But speaking of like being on 120 00:05:50,200 --> 00:05:51,840 Speaker 5: a high, you were like, oh, it's so warm, it's 121 00:05:51,880 --> 00:05:52,160 Speaker 5: so good. 122 00:05:52,320 --> 00:05:53,960 Speaker 4: We have a five star review. Would you like to 123 00:05:54,040 --> 00:05:54,240 Speaker 4: hear it? 124 00:05:54,600 --> 00:05:55,480 Speaker 5: Plaicly so? 125 00:05:55,680 --> 00:05:58,280 Speaker 4: Five star review from Perth Gal twenty three. 126 00:05:58,880 --> 00:05:59,280 Speaker 5: I love it. 127 00:05:59,480 --> 00:05:59,840 Speaker 2: I love it. 128 00:06:00,040 --> 00:06:02,920 Speaker 4: And her title is from Delulu to money Queen, and 129 00:06:03,000 --> 00:06:04,640 Speaker 4: that's why I picked it, because I was like, same queen, 130 00:06:04,760 --> 00:06:07,680 Speaker 4: SAME's That's where I've come from. Yes, she said, I 131 00:06:07,800 --> 00:06:10,960 Speaker 4: am so happy I found this. My money story was 132 00:06:11,040 --> 00:06:13,800 Speaker 4: all about spending it before somebody else spent it for me. 133 00:06:14,279 --> 00:06:17,320 Speaker 4: I've learned to trust more of myself and that saving 134 00:06:17,400 --> 00:06:20,159 Speaker 4: through a rainy day is actually so much less stressful. 135 00:06:20,600 --> 00:06:23,160 Speaker 4: I listened to this religiously and I'm always waiting for 136 00:06:23,240 --> 00:06:25,840 Speaker 4: the next episode. Love the honesty, the tough love, and 137 00:06:26,000 --> 00:06:28,560 Speaker 4: the beautiful friendships that shine through the episode. 138 00:06:28,800 --> 00:06:33,880 Speaker 5: Oh Cherry on top of godeous morning. Yeah, we're just friends. 139 00:06:34,080 --> 00:06:36,960 Speaker 5: We're just having a good time. Sorry, what do you mean? 140 00:06:37,040 --> 00:06:38,920 Speaker 4: People gave us a podcast a yap on. 141 00:06:39,800 --> 00:06:41,080 Speaker 5: Thank you so much, perth Gal. 142 00:06:41,480 --> 00:06:44,960 Speaker 4: Thanks perth Gal twenty three. Really appreciate it very But 143 00:06:45,120 --> 00:06:48,279 Speaker 4: speaking of people in our community, Miss Jessicrici, I believe 144 00:06:48,360 --> 00:06:51,000 Speaker 4: that you have some money wins or confessions to share 145 00:06:51,040 --> 00:06:51,480 Speaker 4: with the group. 146 00:06:51,680 --> 00:06:52,480 Speaker 5: I sure do. 147 00:06:52,960 --> 00:06:55,400 Speaker 6: First Sunday Week comes from Casey, who said a new 148 00:06:55,440 --> 00:06:57,600 Speaker 6: Pilarti studio opened in her area and it had a 149 00:06:57,680 --> 00:06:58,920 Speaker 6: foundational membership. 150 00:06:59,120 --> 00:07:00,440 Speaker 4: Okay, good deal, yeah. 151 00:07:00,400 --> 00:07:03,480 Speaker 6: Which I only recently learned what a foundational membership is 152 00:07:03,560 --> 00:07:04,800 Speaker 6: for those who don't know, it's kind of when a 153 00:07:04,920 --> 00:07:07,600 Speaker 6: new gym or party studio or like any type of 154 00:07:07,640 --> 00:07:10,640 Speaker 6: place opens and you can get like a limited time like. 155 00:07:10,960 --> 00:07:12,360 Speaker 3: Long term membership. 156 00:07:12,760 --> 00:07:15,440 Speaker 6: And so Casey now pays forty four dollars a week 157 00:07:15,480 --> 00:07:18,520 Speaker 6: for unlimited Polarates classes and twenty four seven access to 158 00:07:18,600 --> 00:07:18,880 Speaker 6: the gym. 159 00:07:19,080 --> 00:07:19,760 Speaker 4: That's so good. 160 00:07:19,960 --> 00:07:21,840 Speaker 6: She said, her old studio, she's paying thirty dollars for 161 00:07:21,920 --> 00:07:24,600 Speaker 6: one class, so that's actually that is a money win. 162 00:07:24,760 --> 00:07:25,320 Speaker 5: That's really good. 163 00:07:25,480 --> 00:07:29,080 Speaker 4: Like I just feel like that's a like complete side note, 164 00:07:29,160 --> 00:07:31,240 Speaker 4: maybe not a positive side note, so sorry to bring 165 00:07:31,320 --> 00:07:35,080 Speaker 4: down the vibes, but like sorry, that's ridiculous, Like thirty 166 00:07:35,160 --> 00:07:37,760 Speaker 4: dollars for a Polarates class. Please don't get me wrong, 167 00:07:37,880 --> 00:07:40,480 Speaker 4: Like self care really important. I'm a pilates girl, but 168 00:07:40,640 --> 00:07:43,560 Speaker 4: I'm like, i'd say budget conscious Polarities girl. Like, as 169 00:07:43,640 --> 00:07:45,560 Speaker 4: you know, Jess and I tech, well, Jess and I 170 00:07:45,640 --> 00:07:47,640 Speaker 4: both do pilartis, but we'll like text each other about 171 00:07:47,680 --> 00:07:49,440 Speaker 4: Polarates packs and be like, oh they're on sale, Like 172 00:07:49,520 --> 00:07:51,880 Speaker 4: how good that stays nab On at twenty percent off, 173 00:07:51,880 --> 00:07:54,200 Speaker 4: because then class is like twenty one dollars each money win, 174 00:07:54,520 --> 00:07:58,440 Speaker 4: but like thirty dollars a class, that's just that's exorbitant. 175 00:07:58,640 --> 00:07:59,480 Speaker 3: Yeah, it's a lot. 176 00:07:59,600 --> 00:08:00,640 Speaker 4: That's so much money. 177 00:08:00,840 --> 00:08:04,160 Speaker 6: I know, So very well done there to Casey. Next, 178 00:08:04,280 --> 00:08:06,080 Speaker 6: I have a money win. And I wanted to give 179 00:08:06,080 --> 00:08:08,640 Speaker 6: a little PSA from Alicia. So Alisia said her husband 180 00:08:08,720 --> 00:08:10,760 Speaker 6: has been off work this week to deal with his 181 00:08:11,160 --> 00:08:14,240 Speaker 6: late father's affairs. And I did comment this already, but 182 00:08:14,480 --> 00:08:16,200 Speaker 6: very sorry, sending lots of love to you and your 183 00:08:16,200 --> 00:08:19,320 Speaker 6: whole family. She said his workplace gives two mental health 184 00:08:19,400 --> 00:08:22,440 Speaker 6: days per year, and so he used two of those 185 00:08:22,520 --> 00:08:23,760 Speaker 6: for the week that he had to take off, and 186 00:08:23,840 --> 00:08:27,640 Speaker 6: he was able to just then use three annual leave days. Good, 187 00:08:28,120 --> 00:08:30,280 Speaker 6: but I replied to Malitia, and a good little fyi 188 00:08:30,400 --> 00:08:30,960 Speaker 6: for everybody. 189 00:08:31,400 --> 00:08:32,480 Speaker 3: Everybody who works. 190 00:08:32,320 --> 00:08:35,719 Speaker 6: Part time or full time nationally is entitled to two 191 00:08:35,840 --> 00:08:39,640 Speaker 6: days of bereavement when you lose a direct relation, So 192 00:08:39,760 --> 00:08:41,959 Speaker 6: go to the Fairwork website for more information. And this 193 00:08:42,120 --> 00:08:44,719 Speaker 6: is per loss, so god forbid, if you were to 194 00:08:44,840 --> 00:08:47,360 Speaker 6: lose two people close to you in one year, it'd 195 00:08:47,440 --> 00:08:48,880 Speaker 6: be two days per. 196 00:08:50,240 --> 00:08:51,000 Speaker 3: Yeah, per person. 197 00:08:51,600 --> 00:08:53,680 Speaker 6: So I come to Bach to relish and I said, 198 00:08:53,679 --> 00:08:55,080 Speaker 6: see if you can switch it over so he doesn't 199 00:08:55,120 --> 00:08:57,840 Speaker 6: have to use this annually. But it's good fyi for everybody, 200 00:08:57,920 --> 00:09:01,480 Speaker 6: because I don't know that all workplaces automatically tell you that, 201 00:09:01,559 --> 00:09:02,559 Speaker 6: but you're entitled to it. 202 00:09:03,120 --> 00:09:05,120 Speaker 4: And you can also talk to your workplace as well 203 00:09:05,280 --> 00:09:08,040 Speaker 4: about using your sick and care is leaves because like, 204 00:09:08,160 --> 00:09:13,080 Speaker 4: you know, sorry, I'm not well, like not mentally well. 205 00:09:13,480 --> 00:09:15,839 Speaker 4: I know that lots of places and maybe this is 206 00:09:15,920 --> 00:09:17,600 Speaker 4: just me with a bee in my bonnet, like lots 207 00:09:17,600 --> 00:09:20,319 Speaker 4: of places off like mental health days, but like sorry, 208 00:09:20,559 --> 00:09:22,079 Speaker 4: if you need to use that, should that not be 209 00:09:22,160 --> 00:09:24,240 Speaker 4: built into your sickly Yeah, totally. You don't need to 210 00:09:24,400 --> 00:09:26,719 Speaker 4: justify to me what type of sick you are. You 211 00:09:26,760 --> 00:09:29,079 Speaker 4: could have the flu fantastic, or you could just like 212 00:09:29,760 --> 00:09:30,880 Speaker 4: need a bed rock day. 213 00:09:31,120 --> 00:09:31,880 Speaker 3: Yeah, totally. 214 00:09:32,240 --> 00:09:35,960 Speaker 4: You can shine at work the next day. Sorry, Like yeah, anyway, 215 00:09:35,960 --> 00:09:37,640 Speaker 4: And I've just got a lot of conversation about that. 216 00:09:37,960 --> 00:09:40,760 Speaker 4: But care is leaves should go into that because you go, Okay, cool, 217 00:09:40,760 --> 00:09:42,360 Speaker 4: Well I actually have to take time off to support 218 00:09:42,400 --> 00:09:44,360 Speaker 4: my family or my husband or my you know whatever, 219 00:09:44,520 --> 00:09:45,959 Speaker 4: my mum, because like that's a lot. 220 00:09:46,120 --> 00:09:48,600 Speaker 6: Absolutely, it's sending you and your whole family lots of love. 221 00:09:48,640 --> 00:09:51,680 Speaker 6: But hopefully that's a little extra wind for you. Next, 222 00:09:51,760 --> 00:09:54,040 Speaker 6: I've got a money win from Daniel who said she 223 00:09:54,160 --> 00:09:57,120 Speaker 6: finally saved three months of expenses in her emergency fund. 224 00:09:57,120 --> 00:09:58,880 Speaker 6: And it's all because if she's in the money, stop it. 225 00:09:59,000 --> 00:10:01,920 Speaker 6: It's taken her years. She feels so secure knowing that 226 00:10:02,080 --> 00:10:04,160 Speaker 6: the money is there, and she's really proud of herself 227 00:10:04,200 --> 00:10:04,959 Speaker 6: for making it happen. 228 00:10:05,120 --> 00:10:07,719 Speaker 4: So I can legitimately blow your mind. Yeah, like what 229 00:10:07,840 --> 00:10:09,360 Speaker 4: we do, like when we have a little yap and 230 00:10:09,440 --> 00:10:11,040 Speaker 4: have a good time and we're like talking about the 231 00:10:11,120 --> 00:10:13,040 Speaker 4: sunshine and like, yes we talk about other things too, 232 00:10:13,559 --> 00:10:16,000 Speaker 4: but people are changing their lives because of the content 233 00:10:16,080 --> 00:10:16,559 Speaker 4: that we make. 234 00:10:16,800 --> 00:10:18,640 Speaker 5: Yeah, that's really cool, isn't that cool? 235 00:10:19,800 --> 00:10:21,560 Speaker 6: I don't know if everyone can see the little badges 236 00:10:21,640 --> 00:10:23,439 Speaker 6: or it's just us because we're admins. 237 00:10:23,520 --> 00:10:25,400 Speaker 4: But I think you can see the badgers because I'm 238 00:10:25,400 --> 00:10:28,439 Speaker 4: also in Glenn James's Facebook, Yes, and I can see 239 00:10:28,480 --> 00:10:28,960 Speaker 4: his badges. 240 00:10:29,080 --> 00:10:29,559 Speaker 1: Oh there you go. 241 00:10:29,640 --> 00:10:31,800 Speaker 6: Because it said Danielle was a rising contributor, so I 242 00:10:31,880 --> 00:10:34,320 Speaker 6: was just like, look at her, go what a queen. Next, 243 00:10:34,360 --> 00:10:36,800 Speaker 6: I've got a money in from Louise, who said she 244 00:10:36,920 --> 00:10:39,680 Speaker 6: got a smart meter for her electricity so she could 245 00:10:39,720 --> 00:10:42,160 Speaker 6: show her family the cost difference each day when they 246 00:10:42,200 --> 00:10:43,760 Speaker 6: were turning things off and not using that. 247 00:10:43,920 --> 00:10:45,320 Speaker 4: She's my level of crazy. 248 00:10:45,480 --> 00:10:48,760 Speaker 6: I love They've already say fifty dollars on their quarterly 249 00:10:48,800 --> 00:10:51,679 Speaker 6: bill and still water go money, we gorgeous, really good. 250 00:10:51,760 --> 00:10:53,400 Speaker 5: And then you can lean into like the little bit 251 00:10:53,440 --> 00:10:55,760 Speaker 5: of Delulu, like we to measure everything. 252 00:10:56,000 --> 00:10:56,319 Speaker 2: Why not? 253 00:10:57,880 --> 00:10:59,320 Speaker 6: And then last of this week, I've got a money 254 00:10:59,360 --> 00:11:01,680 Speaker 6: in from Maddie said after listening to the Rich Girl 255 00:11:01,720 --> 00:11:04,640 Speaker 6: Mindset episode, she finally bit the bullet and bought a 256 00:11:04,720 --> 00:11:07,280 Speaker 6: big ticket item that she had saved four months ago 257 00:11:07,559 --> 00:11:09,400 Speaker 6: but had been too afraid to send the money on. 258 00:11:09,720 --> 00:11:11,400 Speaker 6: She now has a new split system hit her and 259 00:11:11,440 --> 00:11:13,480 Speaker 6: cooler and can no longer see her breath at night. 260 00:11:13,840 --> 00:11:16,840 Speaker 4: I love that summer and future is gotten. 261 00:11:16,880 --> 00:11:19,440 Speaker 3: Thank you well, money well spent, Maddie. 262 00:11:19,600 --> 00:11:22,439 Speaker 4: Absolutely, it's hard when we've been stuck in this like 263 00:11:22,640 --> 00:11:25,800 Speaker 4: scarcity mindset, that even when we have the cash to 264 00:11:25,920 --> 00:11:29,600 Speaker 4: make these bigger financial decisions, because like, yes, you saved 265 00:11:29,720 --> 00:11:31,280 Speaker 4: for it, but also like what if I need it 266 00:11:31,320 --> 00:11:33,440 Speaker 4: for something else? Or like should I really be splurging 267 00:11:33,520 --> 00:11:35,480 Speaker 4: on this item, Like I don't technically need it, I 268 00:11:35,520 --> 00:11:38,120 Speaker 4: could put on another pair of socks, Like I just 269 00:11:38,160 --> 00:11:40,360 Speaker 4: think that that's a learning as well, to be actually 270 00:11:40,520 --> 00:11:42,760 Speaker 4: able to spend the money that you've saved because you've 271 00:11:42,800 --> 00:11:46,960 Speaker 4: got a plan. Absolutely, that's cool. That's really cool. Completely agree, everybody, 272 00:11:47,240 --> 00:11:51,760 Speaker 4: Well done everyone, miss x Yes, talk to me. What 273 00:11:51,920 --> 00:11:53,920 Speaker 4: have you got when it comes to broke tips? 274 00:11:54,120 --> 00:11:57,160 Speaker 7: Okay, so this first one comes from Francis, who says, 275 00:11:57,400 --> 00:12:01,280 Speaker 7: my library has video games Xbox, PlayStation and Switch. It's 276 00:12:01,320 --> 00:12:03,480 Speaker 7: a good way to see which games the kids love 277 00:12:03,640 --> 00:12:06,360 Speaker 7: enough to shell out seventy dollars for such great that's. 278 00:12:06,240 --> 00:12:08,600 Speaker 4: Actually such a good deal. I didn't know that they would. 279 00:12:08,640 --> 00:12:11,000 Speaker 4: I mean, I shouldn't be surprised. Libraries have everything. I 280 00:12:11,080 --> 00:12:12,040 Speaker 4: have everything. It's crazy. 281 00:12:12,440 --> 00:12:14,880 Speaker 7: Love a library, as friends has said, you know, libraries 282 00:12:14,880 --> 00:12:16,040 Speaker 7: off of these video games and stuff like that. But 283 00:12:16,080 --> 00:12:17,840 Speaker 7: I thought i'd mentioned that because of the school holidays 284 00:12:17,920 --> 00:12:20,800 Speaker 7: at a gym. Yeah, I don't know why I'm on 285 00:12:20,840 --> 00:12:23,520 Speaker 7: top of school holidays. I actually you don't even ask kids. 286 00:12:23,720 --> 00:12:24,880 Speaker 4: She is my kids. 287 00:12:25,320 --> 00:12:25,840 Speaker 8: I have a mother. 288 00:12:26,120 --> 00:12:27,439 Speaker 4: Actually, yeah, thank you. 289 00:12:27,800 --> 00:12:29,760 Speaker 5: I just judge it by me on when I can 290 00:12:30,559 --> 00:12:32,080 Speaker 5: speed through the school though. 291 00:12:32,840 --> 00:12:36,120 Speaker 4: Say yeah, yeah, okay, she's got a priority exactly. I 292 00:12:36,320 --> 00:12:38,800 Speaker 4: just like when there's less like traffic in the morning. 293 00:12:39,480 --> 00:12:41,520 Speaker 5: Yeah yeah, really show I have to. 294 00:12:41,559 --> 00:12:44,640 Speaker 4: Drive through like four school zones because like in relation 295 00:12:44,760 --> 00:12:48,400 Speaker 4: to where I live versus the studio, Like I'm not 296 00:12:48,520 --> 00:12:50,520 Speaker 4: on a freeway, like I have to go through like 297 00:12:50,679 --> 00:12:54,800 Speaker 4: residential areas and that's not a journey. But during school holidays, 298 00:12:55,080 --> 00:12:57,800 Speaker 4: I'm living it takes you like ten to fifteen minutes 299 00:12:57,840 --> 00:12:58,480 Speaker 4: to get to work. 300 00:12:58,800 --> 00:12:59,440 Speaker 8: So good. 301 00:12:59,559 --> 00:13:01,440 Speaker 7: I've always been curious and I don't want to spend 302 00:13:01,480 --> 00:13:02,839 Speaker 7: too much time. Is what do you do when you 303 00:13:03,000 --> 00:13:06,200 Speaker 7: have because I don't imagine we don't have school holidays off, 304 00:13:06,280 --> 00:13:07,920 Speaker 7: like if your child has school holidays. 305 00:13:08,280 --> 00:13:12,079 Speaker 4: This is a conversation about ICEE, money and life. You've 306 00:13:12,120 --> 00:13:14,920 Speaker 4: got to work it out. That's insane to many parents 307 00:13:15,040 --> 00:13:17,319 Speaker 4: that I know, And this is really started. Maybe we 308 00:13:17,400 --> 00:13:19,319 Speaker 4: can do a whole episode on how to budget for 309 00:13:19,400 --> 00:13:22,440 Speaker 4: school holidays, you know, niche because not everyone in our 310 00:13:22,480 --> 00:13:25,679 Speaker 4: community is a mum, but interesting to know because like 311 00:13:25,720 --> 00:13:27,959 Speaker 4: we've a good friend that's a mum. A lot of 312 00:13:28,000 --> 00:13:30,480 Speaker 4: my friends are using that annual leave, Like they'll rely 313 00:13:30,640 --> 00:13:32,520 Speaker 4: on their grandparents a few days, but then they might 314 00:13:32,640 --> 00:13:34,520 Speaker 4: take three days of that annual leave so that they 315 00:13:34,559 --> 00:13:37,400 Speaker 4: can look after kids. They might do school holiday programs, 316 00:13:38,120 --> 00:13:41,160 Speaker 4: which I did a lot growing up, but like sometimes 317 00:13:41,240 --> 00:13:42,880 Speaker 4: you don't want to do that, or sometimes they're really 318 00:13:43,000 --> 00:13:47,240 Speaker 4: ridiculously expensive family cares. Sometimes families who you know have 319 00:13:47,320 --> 00:13:49,040 Speaker 4: a little bit more cash and go on holidays. That's 320 00:13:49,040 --> 00:13:51,120 Speaker 4: why they plan their holidays during school holidays, not just 321 00:13:51,160 --> 00:13:53,000 Speaker 4: because the kids are off school, but because they're like, well, 322 00:13:53,040 --> 00:13:55,040 Speaker 4: what else are we going to do with the kids? Yeah, 323 00:13:55,400 --> 00:13:57,880 Speaker 4: we may as well two for one. But in saying that, 324 00:13:57,920 --> 00:13:59,760 Speaker 4: I would say that traveling during school holidays is a 325 00:13:59,800 --> 00:14:03,319 Speaker 4: lot more expensive. As someone who's a relatively new mum, 326 00:14:03,640 --> 00:14:06,319 Speaker 4: I used to always avoid the school holidays when it 327 00:14:06,400 --> 00:14:08,480 Speaker 4: came to travel because I was like, sorry, I don't 328 00:14:08,480 --> 00:14:10,679 Speaker 4: want to be in Queensland. When every man in his 329 00:14:10,800 --> 00:14:13,880 Speaker 4: dogs in Queensland, it's going to be packed. But yeah, 330 00:14:13,960 --> 00:14:17,559 Speaker 4: there's a whole logistics conversation around that. And then to 331 00:14:17,640 --> 00:14:20,560 Speaker 4: add to that logistics conversation, it makes me think about 332 00:14:20,600 --> 00:14:22,840 Speaker 4: this conversation I was having with a friend last week 333 00:14:22,920 --> 00:14:26,640 Speaker 4: about how ridiculous work hours versus school hours are. Yeah, 334 00:14:26,760 --> 00:14:30,360 Speaker 4: like school hours nine till three, work hours eight thirty 335 00:14:30,400 --> 00:14:30,840 Speaker 4: two five? 336 00:14:31,080 --> 00:14:31,440 Speaker 9: What what? 337 00:14:32,000 --> 00:14:32,200 Speaker 4: Yeh? 338 00:14:32,280 --> 00:14:33,800 Speaker 5: I don't like it. We're spending so much time. 339 00:14:33,880 --> 00:14:37,680 Speaker 4: Anyway, I wait, different conversations, different an episode. 340 00:14:38,080 --> 00:14:41,360 Speaker 5: Yeah, way, yes, anyway, sorry to derail. 341 00:14:41,520 --> 00:14:43,080 Speaker 4: No, I think going to a good conversation. 342 00:14:43,640 --> 00:14:44,120 Speaker 5: I think so. 343 00:14:44,440 --> 00:14:46,240 Speaker 7: So this next one comes from Machelin, So sorry if 344 00:14:46,240 --> 00:14:48,880 Speaker 7: I'm saying that wrong. The wholesale beauty supply shop will 345 00:14:48,920 --> 00:14:51,680 Speaker 7: sell you twenty Leaders of body wash for fifty dollars 346 00:14:51,920 --> 00:14:53,120 Speaker 7: work twenty lids. 347 00:14:53,160 --> 00:14:54,680 Speaker 5: Wow, what are you going to do with twenty Leaders 348 00:14:54,720 --> 00:14:57,560 Speaker 5: of body wash? You'll get through it. That's a life tippened. 349 00:14:57,680 --> 00:14:58,840 Speaker 3: You always got to watch your body. 350 00:14:58,960 --> 00:15:01,000 Speaker 5: Yeah, you're always got to wash your body. 351 00:15:01,160 --> 00:15:03,280 Speaker 4: I like that. But are we taking the big twenty 352 00:15:03,360 --> 00:15:04,880 Speaker 4: liter bottle and putting it on the floor of the 353 00:15:04,960 --> 00:15:06,720 Speaker 4: shower with a pump on it, Like, what are we doing? 354 00:15:07,200 --> 00:15:07,400 Speaker 1: Well? 355 00:15:07,840 --> 00:15:10,080 Speaker 5: I guess it's like you just keep the one bottle 356 00:15:10,400 --> 00:15:11,720 Speaker 5: and then you keep refeeling. 357 00:15:12,200 --> 00:15:15,880 Speaker 7: But the Machelin says, my kids keep making potions and 358 00:15:15,960 --> 00:15:17,920 Speaker 7: such in the shower, and with seven people in the house, 359 00:15:18,120 --> 00:15:21,520 Speaker 7: body wash in one liter bottles doesn't cut it. So yeah, 360 00:15:21,520 --> 00:15:24,280 Speaker 7: I can imagine that you, like you could put. 361 00:15:24,200 --> 00:15:27,960 Speaker 5: The potions kid. I think been a potion's kid too. 362 00:15:28,240 --> 00:15:29,360 Speaker 5: I'm still a potion's kid. 363 00:15:29,440 --> 00:15:31,640 Speaker 4: Yeah I am as well. So like my favorite body 364 00:15:31,800 --> 00:15:34,640 Speaker 4: wash is complete side note, also not that cheap? Are 365 00:15:34,680 --> 00:15:36,120 Speaker 4: the lush body washes? 366 00:15:36,720 --> 00:15:36,960 Speaker 6: Yeah? 367 00:15:36,960 --> 00:15:40,200 Speaker 4: Okay, the Sleepy Time wine and then the honey I 368 00:15:40,360 --> 00:15:43,720 Speaker 4: washed the kids one and my two favorites, but they're colored. 369 00:15:44,320 --> 00:15:46,440 Speaker 4: So in the shower, I turn into a kid and 370 00:15:47,920 --> 00:15:50,560 Speaker 4: I'm sorry, yeah yeah, yeah, so lovely. Yeah. And then 371 00:15:50,560 --> 00:15:52,560 Speaker 4: when my friends come over to stay, they're like, your 372 00:15:52,600 --> 00:15:54,480 Speaker 4: shower is so fun because you're just got like so 373 00:15:54,600 --> 00:15:58,080 Speaker 4: many different like bodyes, washes and just stuff the shower. 374 00:15:58,400 --> 00:16:01,240 Speaker 5: Use it all, use it all you can make. Absolutely, 375 00:16:01,640 --> 00:16:05,600 Speaker 5: showering is time for whimsy. Yeah. I pretend I'm in 376 00:16:05,720 --> 00:16:07,960 Speaker 5: movies when I'm in the shower, you know, like I mean, 377 00:16:08,040 --> 00:16:08,520 Speaker 5: like I'm in. 378 00:16:08,520 --> 00:16:11,680 Speaker 4: A A lot of people might go, I grew up 379 00:16:11,720 --> 00:16:14,840 Speaker 4: in the era of the drought, so like I did 380 00:16:14,920 --> 00:16:17,440 Speaker 4: as well, and like I can just remember my dad 381 00:16:17,600 --> 00:16:19,720 Speaker 4: banging on the bathroom draw, get out of the shower, 382 00:16:20,000 --> 00:16:23,160 Speaker 4: spend more than three minutes. So I carry that trauma 383 00:16:23,560 --> 00:16:25,440 Speaker 4: and think about that often while I sit on the 384 00:16:25,480 --> 00:16:28,400 Speaker 4: floor of my shower. Of course, wasting water. 385 00:16:28,480 --> 00:16:30,400 Speaker 5: I suppose you could turn that into wimsy as well. 386 00:16:30,520 --> 00:16:35,480 Speaker 4: That is whimsy, evil study farmer, but I could make 387 00:16:35,480 --> 00:16:36,280 Speaker 4: a cup of narrative. 388 00:16:36,520 --> 00:16:39,000 Speaker 7: But anyway, I'm so sorry I keep derely, but I 389 00:16:39,200 --> 00:16:42,360 Speaker 7: just want to give my broach here, which is which 390 00:16:42,400 --> 00:16:45,200 Speaker 7: actinually not that great or helpful. But I was watching 391 00:16:45,240 --> 00:16:48,200 Speaker 7: this TikTok and these people were like, if you do 392 00:16:48,400 --> 00:16:50,440 Speaker 7: can't afford to travel, bring travel to you. And I 393 00:16:50,520 --> 00:16:52,120 Speaker 7: was really silly, and it's like, okay, we get all. 394 00:16:52,240 --> 00:16:54,600 Speaker 4: That's very beck coded. Though definitely I love this kind 395 00:16:54,600 --> 00:16:56,600 Speaker 4: of thing because like you bring the movie cinema to 396 00:16:56,680 --> 00:16:59,440 Speaker 4: your house and everything to your house and you just 397 00:16:59,480 --> 00:16:59,960 Speaker 4: make it happy. 398 00:17:00,280 --> 00:17:03,480 Speaker 7: It's so magical, and it's maybe more magical and way 399 00:17:03,600 --> 00:17:07,760 Speaker 7: less stressful than actually traveling. So you know, and this TikTok. 400 00:17:08,080 --> 00:17:09,560 Speaker 7: I think they wanted to like travel to Italy and 401 00:17:09,600 --> 00:17:11,080 Speaker 7: then they brought Italy to them. So it was just 402 00:17:11,160 --> 00:17:14,360 Speaker 7: like go out and like do a whole itly themed day. 403 00:17:15,040 --> 00:17:18,000 Speaker 4: This gn my Instagram stories by a chance, because I 404 00:17:18,080 --> 00:17:20,440 Speaker 4: was talking about it like a few weeks ago on 405 00:17:20,560 --> 00:17:23,359 Speaker 4: my stories about like you can be in Italy by 406 00:17:23,480 --> 00:17:26,639 Speaker 4: cooking this Italy meal that I got on Mali's, and 407 00:17:26,840 --> 00:17:29,160 Speaker 4: you could be in France by cooking some wag used 408 00:17:29,160 --> 00:17:30,760 Speaker 4: steak like tomorrow we're in. 409 00:17:30,800 --> 00:17:35,280 Speaker 5: Mexico because we're having tacos. That's actually very very similar 410 00:17:35,320 --> 00:17:35,480 Speaker 5: to me. 411 00:17:35,600 --> 00:17:38,760 Speaker 4: Yeah, we're on the same page, but it was bringing it, yes, 412 00:17:38,920 --> 00:17:40,840 Speaker 4: exactly exactly expensive. 413 00:17:41,000 --> 00:17:42,880 Speaker 7: I would even argue I would like I would i'ld 414 00:17:42,880 --> 00:17:44,320 Speaker 7: go as far as to say, you can like decorate 415 00:17:44,359 --> 00:17:48,720 Speaker 7: your house in that. Like so that's my broke tap, 416 00:17:48,800 --> 00:17:50,960 Speaker 7: which is not very helpful. I'm so sorry, but I 417 00:17:51,080 --> 00:17:54,720 Speaker 7: really just do like a themed date or day or 418 00:17:54,760 --> 00:17:56,040 Speaker 7: whatever because it's cheaper. 419 00:17:56,560 --> 00:17:59,040 Speaker 5: It is still expensive, but it's cheaper than traveling and 420 00:17:59,520 --> 00:18:01,000 Speaker 5: so much I love that. 421 00:18:01,240 --> 00:18:03,200 Speaker 4: All right, let's go to a really quick break because 422 00:18:03,280 --> 00:18:04,960 Speaker 4: on the flip side, we get to have a chat 423 00:18:05,080 --> 00:18:07,880 Speaker 4: about how your hex or your help debt for those 424 00:18:07,920 --> 00:18:10,160 Speaker 4: of you who are actually younger than me and don't 425 00:18:10,240 --> 00:18:13,600 Speaker 4: call it hex anymore, really affects your borrowing capacity if 426 00:18:13,640 --> 00:18:16,200 Speaker 4: you're thinking about purchasing a house and something that you 427 00:18:16,280 --> 00:18:18,560 Speaker 4: slid into our dms about this week, we're talking about 428 00:18:18,560 --> 00:18:20,000 Speaker 4: what do you do when you think your parents are 429 00:18:20,000 --> 00:18:22,800 Speaker 4: going to make a bad money decision? Because I don't 430 00:18:22,840 --> 00:18:25,040 Speaker 4: know anyway, guys, don't go anywhere. 431 00:18:29,160 --> 00:18:31,720 Speaker 3: Welcome back, everybody. Let's take a listen to this week's 432 00:18:31,880 --> 00:18:32,720 Speaker 3: money dilemma. 433 00:18:34,920 --> 00:18:37,240 Speaker 5: Hi, there, have you got a money dilemma you just 434 00:18:37,320 --> 00:18:39,800 Speaker 5: can't solve that. She's on the Money team is here 435 00:18:39,880 --> 00:18:40,240 Speaker 5: to help. 436 00:18:40,640 --> 00:18:43,639 Speaker 9: Every week we tackle your dilemmas, both big and small, 437 00:18:43,720 --> 00:18:46,760 Speaker 9: to answer your most burning money, career and life questions. 438 00:18:47,000 --> 00:18:49,480 Speaker 9: To get involved, simply head to our website and leave 439 00:18:49,560 --> 00:18:51,680 Speaker 9: us a short voice recording and you might just find 440 00:18:51,720 --> 00:18:52,600 Speaker 9: yourself on the show. 441 00:18:53,040 --> 00:18:55,639 Speaker 4: Now, let's take a listen to this week's money dilemma. 442 00:18:58,200 --> 00:19:01,680 Speaker 2: Hey, She's on the Money. I'm in the process of 443 00:19:01,800 --> 00:19:04,800 Speaker 2: staving to buy my first home and I'm trying to 444 00:19:04,840 --> 00:19:08,040 Speaker 2: grow a deposit. I have a question about hextet. I 445 00:19:08,160 --> 00:19:10,840 Speaker 2: have about twenty three thousand dollars remaining on my HEX. 446 00:19:11,240 --> 00:19:14,800 Speaker 2: I'm working full time, and I'm wondering if it's better 447 00:19:14,880 --> 00:19:17,520 Speaker 2: for me to pay down my HEX debt with additional 448 00:19:17,680 --> 00:19:21,040 Speaker 2: contributions or if it would be better to funnel that 449 00:19:21,160 --> 00:19:25,000 Speaker 2: money towards my deposit instead. I'm just wondering about the 450 00:19:25,080 --> 00:19:28,120 Speaker 2: hextet and how it's going to impact my capacity to borrow, 451 00:19:28,400 --> 00:19:30,760 Speaker 2: and the advice on this topic would be great. Thank 452 00:19:30,800 --> 00:19:31,280 Speaker 2: you so much. 453 00:19:31,480 --> 00:19:33,160 Speaker 3: I feel like, surely you just take this one away. 454 00:19:33,880 --> 00:19:36,159 Speaker 4: You just want me to take it away. Yeah, I'm 455 00:19:36,200 --> 00:19:40,240 Speaker 4: happy with that, all right. So the team of being 456 00:19:40,400 --> 00:19:43,600 Speaker 4: Lazy today talk to a mortgage broker, because that's a 457 00:19:43,680 --> 00:19:48,440 Speaker 4: fantastic question. But more often than not, it's actually not 458 00:19:48,600 --> 00:19:50,840 Speaker 4: about how much hex stet you have. It's about how 459 00:19:50,920 --> 00:19:53,359 Speaker 4: much savings you have and what that looks like. And 460 00:19:53,400 --> 00:19:56,240 Speaker 4: there's actually a lot of changes coming in with some 461 00:19:56,520 --> 00:20:00,359 Speaker 4: banks recently, and it's all different across the board, but 462 00:20:00,600 --> 00:20:02,359 Speaker 4: a few banks are starting to not even look at 463 00:20:02,400 --> 00:20:05,159 Speaker 4: your hex step. So if you go and pay off 464 00:20:05,200 --> 00:20:07,000 Speaker 4: your hex stet, because you go, you know, I should 465 00:20:07,000 --> 00:20:09,240 Speaker 4: be completely out of debt before I purchase this house, 466 00:20:09,280 --> 00:20:11,879 Speaker 4: because do you know what that feels logical? And then 467 00:20:11,960 --> 00:20:13,760 Speaker 4: you go to your mortgage broker and they go, oh, 468 00:20:13,800 --> 00:20:15,000 Speaker 4: you didn't need to pay that off. We could have 469 00:20:15,040 --> 00:20:18,120 Speaker 4: had an extra twenty grand sitting in your savings account 470 00:20:18,119 --> 00:20:20,960 Speaker 4: and you would have avoided LMI. I know what situation 471 00:20:21,160 --> 00:20:23,600 Speaker 4: I would have preferred to be in. So from the 472 00:20:23,680 --> 00:20:26,359 Speaker 4: perspective of someone who literally works in the industry, I 473 00:20:26,480 --> 00:20:28,720 Speaker 4: own a mortgage broken business called Zella Money, go and 474 00:20:28,800 --> 00:20:31,920 Speaker 4: talk to them and say, hey, this is the sitch 475 00:20:32,000 --> 00:20:34,240 Speaker 4: I want to be in, and you might actually find 476 00:20:34,320 --> 00:20:37,440 Speaker 4: yourself closer to the end goal than you thought you 477 00:20:37,520 --> 00:20:40,719 Speaker 4: were before. Sometimes we do have our clients pay off 478 00:20:40,720 --> 00:20:43,040 Speaker 4: a little bit of their hex debt, but I would 479 00:20:43,080 --> 00:20:45,600 Speaker 4: say most of the time, if I'm just broadbrush speaking 480 00:20:45,640 --> 00:20:48,320 Speaker 4: about the average, we often say, please don't do that, 481 00:20:48,400 --> 00:20:52,200 Speaker 4: because that actually doesn't benefit your situation. Looked at your situation, 482 00:20:52,520 --> 00:20:54,440 Speaker 4: we might get you to, I don't know, close a 483 00:20:54,520 --> 00:20:57,159 Speaker 4: credit card or like close a line of credit like 484 00:20:57,200 --> 00:20:58,800 Speaker 4: an after pay or a zip pay debt and go 485 00:20:58,880 --> 00:21:01,119 Speaker 4: get rid of that that off, like so it's not 486 00:21:01,200 --> 00:21:02,960 Speaker 4: even about paying it down. You might have a credit 487 00:21:03,000 --> 00:21:05,120 Speaker 4: card that has a two thousand dollar limit and we go, okay, 488 00:21:05,160 --> 00:21:07,399 Speaker 4: cool bank doesn't love that, just close that and then 489 00:21:07,400 --> 00:21:09,480 Speaker 4: we can talk about your mortgage, and you'll go, what 490 00:21:09,600 --> 00:21:11,480 Speaker 4: about my HEX, And we'll be like, do you know what, 491 00:21:11,840 --> 00:21:14,600 Speaker 4: It doesn't even factor into it because at the end 492 00:21:14,640 --> 00:21:17,040 Speaker 4: of the day, yes, and I don't want you to 493 00:21:17,119 --> 00:21:19,400 Speaker 4: think r V. So banks don't even look at HEX. 494 00:21:19,800 --> 00:21:22,040 Speaker 4: Most of them will look at your hex's debt, but 495 00:21:22,160 --> 00:21:24,640 Speaker 4: they just look at it as a payment that you make. 496 00:21:25,240 --> 00:21:28,399 Speaker 4: So you know your HEX every salary, let's pretend is 497 00:21:28,400 --> 00:21:31,600 Speaker 4: one hundred dollars. The bank isn't going to go, oh, 498 00:21:32,200 --> 00:21:35,280 Speaker 4: they've got a debt of twenty x thousand dollars and 499 00:21:35,920 --> 00:21:37,960 Speaker 4: you really should get rid of it. They're like, okay, cool, 500 00:21:38,080 --> 00:21:40,640 Speaker 4: Like she just has one hundred dollars less every month 501 00:21:40,720 --> 00:21:43,680 Speaker 4: that she could contribute towards this loan, and more often 502 00:21:43,720 --> 00:21:45,960 Speaker 4: than not, when we do the maths, I'd actually prefer 503 00:21:46,040 --> 00:21:47,760 Speaker 4: you to pay off that one hundred dollars a month 504 00:21:48,280 --> 00:21:49,920 Speaker 4: or one hundred dollars a week or whatever it ends 505 00:21:50,000 --> 00:21:52,080 Speaker 4: up being. Then pay off your HEX s deet in 506 00:21:52,160 --> 00:21:55,359 Speaker 4: its entirety, because having that cold, hard cash in your 507 00:21:55,400 --> 00:21:58,200 Speaker 4: hand is a lot more powerful towards your borrowing capacity 508 00:21:58,680 --> 00:22:00,560 Speaker 4: than not having a one hundred dollar pay come out 509 00:22:00,600 --> 00:22:04,040 Speaker 4: every single month. It is treated very differently to what 510 00:22:04,320 --> 00:22:07,639 Speaker 4: I categorize as bad debts. So bad debt is lines 511 00:22:07,680 --> 00:22:11,119 Speaker 4: of credit, car loans, things that actually don't help your wealth. 512 00:22:11,680 --> 00:22:14,480 Speaker 4: But when you have a HEX debt, if we just 513 00:22:14,600 --> 00:22:17,880 Speaker 4: look at probability, you're more likely to have a higher 514 00:22:17,920 --> 00:22:21,760 Speaker 4: paying job, You're more likely to have consistent gainful employment. 515 00:22:21,840 --> 00:22:23,880 Speaker 4: That's not saying that you have to go to university 516 00:22:24,000 --> 00:22:27,560 Speaker 4: or anything like that, but banks and people who are 517 00:22:27,600 --> 00:22:30,720 Speaker 4: assessing your credit risk are often like putting you in 518 00:22:30,840 --> 00:22:33,440 Speaker 4: buckets because that's their job to work out should we 519 00:22:33,560 --> 00:22:35,439 Speaker 4: lend to this person or not. They're going to put 520 00:22:35,480 --> 00:22:37,800 Speaker 4: you in some buckets, and that's not the worst one. 521 00:22:37,720 --> 00:22:38,000 Speaker 8: To be in. 522 00:22:39,080 --> 00:22:40,520 Speaker 4: So do you need to pay off all of your 523 00:22:40,600 --> 00:22:44,200 Speaker 4: hex's debt? The answer is talk to a broker to 524 00:22:44,280 --> 00:22:48,080 Speaker 4: get the best possible outcome, because there's no right or wrong, and. 525 00:22:48,119 --> 00:22:50,160 Speaker 6: A very person to person bank to bank right, which 526 00:22:50,200 --> 00:22:51,679 Speaker 6: is why you need someone to kind of look at 527 00:22:51,680 --> 00:22:51,920 Speaker 6: your hole. 528 00:22:52,000 --> 00:22:55,040 Speaker 4: Is exactly because I might go, oh yeah, actually, with 529 00:22:55,200 --> 00:22:57,600 Speaker 4: your situation, just extinguish it because I don't know. She 530 00:22:57,640 --> 00:22:59,600 Speaker 4: didn't tell us how much of a house deposit she has, 531 00:22:59,720 --> 00:23:01,840 Speaker 4: so I don't know, are you sitting on six hundred 532 00:23:01,880 --> 00:23:04,119 Speaker 4: grand and you know that's actually a drop in the 533 00:23:04,240 --> 00:23:06,880 Speaker 4: ocean in comparison, which point I might be like, Okay, 534 00:23:06,960 --> 00:23:09,280 Speaker 4: let's do some financial planning, and then we do and 535 00:23:09,359 --> 00:23:11,640 Speaker 4: it turns out that, yeah, let's just extinguish that never 536 00:23:11,680 --> 00:23:15,000 Speaker 4: think about it again. But like most of us, I 537 00:23:15,040 --> 00:23:18,119 Speaker 4: would say, are really trying to make the most of 538 00:23:18,240 --> 00:23:21,840 Speaker 4: every thousand dollars that we have totally and that can 539 00:23:21,960 --> 00:23:24,800 Speaker 4: make a really big impact. Y, Yeah, get advice and 540 00:23:24,920 --> 00:23:26,680 Speaker 4: you know what, A broke is going to do that 541 00:23:26,960 --> 00:23:29,520 Speaker 4: for free for you. We love that money win. 542 00:23:29,560 --> 00:23:31,159 Speaker 3: Should we get into this week as susy dilemma? 543 00:23:31,240 --> 00:23:31,720 Speaker 5: I can't wait. 544 00:23:32,119 --> 00:23:34,600 Speaker 4: Hi, she's on the money. I'd love for this question 545 00:23:34,720 --> 00:23:36,960 Speaker 4: to be answered on the podcast. My mum is a 546 00:23:37,040 --> 00:23:40,040 Speaker 4: disability support worker who uses her car to get to 547 00:23:40,160 --> 00:23:43,280 Speaker 4: and from clients. This financial year, she wasn't able to 548 00:23:43,320 --> 00:23:45,480 Speaker 4: claim back as much tax on her car as it 549 00:23:45,560 --> 00:23:49,359 Speaker 4: had depreciated. She's adamant this means she should take out 550 00:23:49,400 --> 00:23:51,000 Speaker 4: a car loan to buy a new car so that 551 00:23:51,119 --> 00:23:54,200 Speaker 4: she can claim more on tax next year. She's looking 552 00:23:54,240 --> 00:23:56,399 Speaker 4: to retire in the next five or so years. How 553 00:23:56,480 --> 00:23:58,760 Speaker 4: do I explain to her that a car loan at 554 00:23:58,840 --> 00:24:01,280 Speaker 4: this point in her life is a terrible idea, And 555 00:24:01,400 --> 00:24:03,080 Speaker 4: spending all of that money on a car to try 556 00:24:03,119 --> 00:24:06,000 Speaker 4: and then save some money on tax doesn't actually come 557 00:24:06,040 --> 00:24:09,199 Speaker 4: out well in the wash. Are my assumptions even correct? 558 00:24:09,359 --> 00:24:10,600 Speaker 4: Or am I mistaken? 559 00:24:11,160 --> 00:24:16,160 Speaker 5: Hmmmm? I assume she's not talking about anovated lease. 560 00:24:17,359 --> 00:24:19,840 Speaker 4: No, no, And like, okay, just even of what was 561 00:24:19,880 --> 00:24:24,760 Speaker 4: anvated lease. Arguably, yes, buying a brand new, massive asset 562 00:24:25,320 --> 00:24:29,120 Speaker 4: to save some money on tax, yeah, rarely comes out 563 00:24:29,160 --> 00:24:31,919 Speaker 4: in the wash. No, well financially, but like we all 564 00:24:31,960 --> 00:24:34,400 Speaker 4: love the idea of saving tax and getting tax back, 565 00:24:34,480 --> 00:24:38,560 Speaker 4: but like, what does that even mean in the long term? 566 00:24:38,920 --> 00:24:42,440 Speaker 7: I would think if it's like purely for tax reasons, 567 00:24:42,640 --> 00:24:46,120 Speaker 7: surely she knows that spending like twenty thousand dollars over 568 00:24:46,200 --> 00:24:49,160 Speaker 7: the year and saving maybe like a few thousand dollars 569 00:24:49,200 --> 00:24:52,600 Speaker 7: at tax time, or getting a few thousand extra dollars 570 00:24:52,640 --> 00:24:55,040 Speaker 7: at tax time, surely she knows Like that's silly, that 571 00:24:55,080 --> 00:24:58,280 Speaker 7: doesn't make sense. It's not you know, But maybe she's 572 00:24:58,359 --> 00:25:00,800 Speaker 7: just like I want a new car, you know, that's 573 00:25:00,840 --> 00:25:03,720 Speaker 7: the vibe I'm getting, because I can't imagine if the 574 00:25:03,840 --> 00:25:07,240 Speaker 7: math is very clearly like you're losing this much math 575 00:25:07,320 --> 00:25:07,800 Speaker 7: is not mathing. 576 00:25:07,880 --> 00:25:08,960 Speaker 3: The math is mathing. 577 00:25:11,160 --> 00:25:13,200 Speaker 7: I know this is not very helpful, especially because you're 578 00:25:13,400 --> 00:25:16,879 Speaker 7: not asking me for this kind of advice, But I 579 00:25:16,960 --> 00:25:17,600 Speaker 7: would just like. 580 00:25:18,000 --> 00:25:20,240 Speaker 5: Find the root of this, because there's a part of 581 00:25:20,320 --> 00:25:20,760 Speaker 5: me that there. 582 00:25:20,720 --> 00:25:22,879 Speaker 4: You're getting from mommy. You're just trying to justify a 583 00:25:22,920 --> 00:25:24,840 Speaker 4: new car because you want one different story. 584 00:25:25,000 --> 00:25:29,240 Speaker 5: In which case, pop off girl a new car. You know, 585 00:25:29,320 --> 00:25:32,399 Speaker 5: it's been a long Line's almost probably not a choice. 586 00:25:33,000 --> 00:25:36,959 Speaker 7: She's about to retire, lin live, you're spending all your 587 00:25:37,080 --> 00:25:38,200 Speaker 7: life working. 588 00:25:38,840 --> 00:25:39,280 Speaker 3: Some new car. 589 00:25:39,720 --> 00:25:42,080 Speaker 5: Just pop off right before your retirement, just go into 590 00:25:42,160 --> 00:25:43,080 Speaker 5: a little bit more debt. 591 00:25:43,160 --> 00:25:45,960 Speaker 4: It's such a good idea. But maybe she's like, maybe 592 00:25:46,000 --> 00:25:48,560 Speaker 4: she's got the money for it, Maybe she's got the Dolulu, 593 00:25:48,800 --> 00:25:51,080 Speaker 4: maybe she's got the Dolulu. Who knows, Jess. 594 00:25:51,840 --> 00:25:53,720 Speaker 3: I would just say, do the math to me. 595 00:25:54,520 --> 00:25:57,480 Speaker 4: Don't be out here using logic against saying the math 596 00:25:57,600 --> 00:25:58,080 Speaker 4: is not mathing. 597 00:25:58,119 --> 00:25:59,480 Speaker 6: I feel like if you put in front of her 598 00:25:59,520 --> 00:26:02,119 Speaker 6: and say, like, totally understand if you were to purchase 599 00:26:02,160 --> 00:26:05,359 Speaker 6: this new car at you know, the tax appreciation, et cetera, 600 00:26:06,080 --> 00:26:08,439 Speaker 6: this is what your current like if you kept your 601 00:26:08,480 --> 00:26:10,760 Speaker 6: current car, This is how the math that would work. 602 00:26:10,800 --> 00:26:12,680 Speaker 6: Out versus like, if you're to buy the new car, 603 00:26:13,080 --> 00:26:15,720 Speaker 6: you have obviously the cost of the new car, plus 604 00:26:16,080 --> 00:26:19,520 Speaker 6: the interest on the loan of that car, presumably, and 605 00:26:19,640 --> 00:26:22,080 Speaker 6: then factor in whatever she would say new cars. 606 00:26:21,840 --> 00:26:24,399 Speaker 4: Aren't cheap, like you're not spending ten thousand dollars. I 607 00:26:24,440 --> 00:26:27,919 Speaker 4: don't know. I feel like so many people justify new 608 00:26:28,040 --> 00:26:29,760 Speaker 4: purchases because they go, I can claim it on. 609 00:26:29,840 --> 00:26:33,320 Speaker 3: Taxing, yeah, which is like you it's like that thing, 610 00:26:33,400 --> 00:26:35,800 Speaker 3: what is it that's a write off? Like if that 611 00:26:35,960 --> 00:26:37,120 Speaker 3: works people, you don't. 612 00:26:37,720 --> 00:26:40,520 Speaker 4: You don't write off the whole purchase price. You write 613 00:26:40,600 --> 00:26:43,840 Speaker 4: off some of the tax payable. And for most people 614 00:26:43,920 --> 00:26:46,920 Speaker 4: in Australia, their tax rate is thirty percent, so only 615 00:26:47,040 --> 00:26:49,960 Speaker 4: thirty percent of that asset is quote right off a bull. 616 00:26:50,119 --> 00:26:53,200 Speaker 4: And even with like depreciation, you're not getting that full 617 00:26:53,240 --> 00:26:55,320 Speaker 4: amount back in the first year. It takes a while. 618 00:26:55,960 --> 00:26:58,639 Speaker 4: Like let's like make an example of this, right, I 619 00:26:58,640 --> 00:27:01,160 Speaker 4: would say that an hour I've reached brand new cars 620 00:27:01,160 --> 00:27:04,720 Speaker 4: probably what forty grand, So forty thousand dollars. Your mom's 621 00:27:04,760 --> 00:27:06,399 Speaker 4: going to go out and she's like really want the 622 00:27:06,440 --> 00:27:08,680 Speaker 4: tax deduction, and let's pretend it's got nothing to do 623 00:27:08,800 --> 00:27:11,240 Speaker 4: with like any other reason Like, it's not because she 624 00:27:11,320 --> 00:27:13,120 Speaker 4: wants a new car because she's worked her whole life. 625 00:27:13,160 --> 00:27:15,160 Speaker 4: It's not because she like doesn't feel safe, like we're 626 00:27:15,200 --> 00:27:17,280 Speaker 4: not having those conversations. She just wants it for the tax. 627 00:27:17,400 --> 00:27:19,880 Speaker 4: Right off, Let's pretend she has a thirty percent tax 628 00:27:19,960 --> 00:27:21,920 Speaker 4: rate like most people in Australia. She might get what 629 00:27:22,480 --> 00:27:25,840 Speaker 4: twelve grand back at tax Time's still for twenty eight 630 00:27:25,920 --> 00:27:29,880 Speaker 4: thousand dollars. Yeah, out of pocket, Like that's how she's 631 00:27:29,920 --> 00:27:32,440 Speaker 4: gonna have to come up with if you've got the cash, call, 632 00:27:32,480 --> 00:27:34,440 Speaker 4: we probably could have done a little bit more with that, 633 00:27:34,600 --> 00:27:37,600 Speaker 4: especially right before retirement. If you don't have the cash, 634 00:27:37,800 --> 00:27:40,840 Speaker 4: that's a twenty eight thousand dollars loan on what type 635 00:27:40,840 --> 00:27:44,280 Speaker 4: of interest rate, like usually a lot more. So, Yeah, 636 00:27:44,359 --> 00:27:46,800 Speaker 4: you get a deduction, but it's not a magic free 637 00:27:46,920 --> 00:27:50,399 Speaker 4: car that you can just claim. And I think another 638 00:27:50,440 --> 00:27:52,479 Speaker 4: way that you could put this is like, what if 639 00:27:52,520 --> 00:27:55,320 Speaker 4: I told you give me ten dollars, Yes, I'll give 640 00:27:55,320 --> 00:27:57,680 Speaker 4: you three dollars back. Is that a good deal? 641 00:27:58,680 --> 00:27:59,560 Speaker 3: I mean it's not the best. 642 00:28:00,080 --> 00:28:05,120 Speaker 4: Probably wouldn't do it right, but that's how tax deductions work. Yeah, 643 00:28:05,359 --> 00:28:08,320 Speaker 4: you beck, you give me ten bucks, I'll give you 644 00:28:08,400 --> 00:28:10,920 Speaker 4: three dollars. Okay, so that a good deal for free? 645 00:28:12,840 --> 00:28:17,920 Speaker 4: You would free three dollars. Like, no, you're losing money, 646 00:28:18,080 --> 00:28:20,840 Speaker 4: like you only get to save or keep a fraction 647 00:28:21,000 --> 00:28:23,640 Speaker 4: of what you've spent. And like just because you're getting 648 00:28:23,640 --> 00:28:26,200 Speaker 4: a discount doesn't make it a good deal. Yeah, like 649 00:28:26,280 --> 00:28:30,399 Speaker 4: that's how marketing works. I oh, sorry, I. 650 00:28:31,000 --> 00:28:32,800 Speaker 7: Don't know who needs to hear this, and I could 651 00:28:32,840 --> 00:28:35,200 Speaker 7: be completely wrong, But for like an average person, let's 652 00:28:35,200 --> 00:28:38,800 Speaker 7: say me, less am earning. I'm definitely not earning one 653 00:28:38,880 --> 00:28:41,400 Speaker 7: hundred k, but that's just a number that works well 654 00:28:41,440 --> 00:28:44,480 Speaker 7: for me in my brain if you round numbers when 655 00:28:44,600 --> 00:28:49,120 Speaker 7: doing examples. Yes, yeah, so what I think when people say, like, oh, 656 00:28:49,160 --> 00:28:50,960 Speaker 7: that's a rite off or whatever. If you buy a 657 00:28:51,000 --> 00:28:52,880 Speaker 7: forty thousand dollars car and you can claim all of 658 00:28:52,920 --> 00:28:56,200 Speaker 7: that on tax, that means that your tax the amount 659 00:28:56,280 --> 00:28:58,880 Speaker 7: payable for that year is sixty thousand dollars. 660 00:28:58,960 --> 00:29:00,840 Speaker 5: Now that's the amount you paying tax on. Is that 661 00:29:00,880 --> 00:29:01,480 Speaker 5: how that works? 662 00:29:01,920 --> 00:29:05,640 Speaker 3: Yes, that's not as clean because you can't claim generally 663 00:29:05,760 --> 00:29:06,760 Speaker 3: the whole cost of the car. 664 00:29:06,880 --> 00:29:07,360 Speaker 6: Can you know? 665 00:29:07,480 --> 00:29:10,360 Speaker 4: You can't go hypothetically if you could, so you can't. 666 00:29:10,480 --> 00:29:13,120 Speaker 4: Even so even with your math, even if it made 667 00:29:13,680 --> 00:29:15,840 Speaker 4: got you, got you, got you? Okay, Like, let's pretend 668 00:29:15,880 --> 00:29:18,360 Speaker 4: your mum is earning enough to be in a thirty 669 00:29:18,400 --> 00:29:21,600 Speaker 4: thousand dollar tax bracker. Let's call it like eighty thousand dollars, right, 670 00:29:22,040 --> 00:29:24,480 Speaker 4: and then your mum goes out and buys a forty 671 00:29:24,560 --> 00:29:27,280 Speaker 4: thousand dollar car, Like she's gonna have to cough up 672 00:29:27,400 --> 00:29:31,120 Speaker 4: in her after tax money twenty eight thousand dollars for 673 00:29:31,200 --> 00:29:33,640 Speaker 4: a forty thousand dollar car because you can only claim 674 00:29:33,760 --> 00:29:37,360 Speaker 4: thirty percent of that car's value, which is twelve thousand dollars, right, 675 00:29:37,760 --> 00:29:41,640 Speaker 4: So like that math doesn't math, and a lot of 676 00:29:41,680 --> 00:29:44,880 Speaker 4: people will justify it, Oh, it's tax deductible whatever, Like 677 00:29:44,960 --> 00:29:47,280 Speaker 4: there's another like side of the coin. And some people 678 00:29:47,320 --> 00:29:48,880 Speaker 4: will be like, well I got a new car because 679 00:29:48,920 --> 00:29:49,400 Speaker 4: I haven't, and. 680 00:29:49,440 --> 00:29:49,760 Speaker 2: Do you know what? 681 00:29:49,800 --> 00:29:52,800 Speaker 4: There's always the like, yeah, but what people You see 682 00:29:52,800 --> 00:29:55,080 Speaker 4: them on TikTok, you see them on Instagram, you see 683 00:29:55,080 --> 00:29:58,240 Speaker 4: them like in the comments section. They've always got something 684 00:29:58,360 --> 00:30:02,200 Speaker 4: to say about this situation. But it's like not the situation. 685 00:30:02,520 --> 00:30:03,640 Speaker 3: There's the exception to everything. 686 00:30:03,680 --> 00:30:07,440 Speaker 4: There's an exception to every rule because like personally, I'm 687 00:30:07,600 --> 00:30:11,560 Speaker 4: young or I think I'm still four I'm young. 688 00:30:12,360 --> 00:30:15,440 Speaker 5: Aging is a privilege. I am trying to cut. 689 00:30:15,280 --> 00:30:17,360 Speaker 4: Out this conversation and be like, I'm getting so old. 690 00:30:17,640 --> 00:30:21,960 Speaker 4: Shut up, Victoria. That's a good thing anyway. I am young. 691 00:30:22,320 --> 00:30:25,200 Speaker 4: So like in my business, I have my car and 692 00:30:25,320 --> 00:30:27,880 Speaker 4: that's a part of like my big cash flow situation. 693 00:30:28,040 --> 00:30:30,240 Speaker 4: And I talk to my accountant and do you know 694 00:30:30,320 --> 00:30:33,040 Speaker 4: what more recently, obviously there were a number of other reasons. 695 00:30:33,080 --> 00:30:34,840 Speaker 4: I had a baby, so I needed a bigger cartoons 696 00:30:34,880 --> 00:30:37,640 Speaker 4: out of two door coupe was not ideal for a 697 00:30:37,760 --> 00:30:41,920 Speaker 4: car seat. But I got a new car, and part 698 00:30:41,960 --> 00:30:43,560 Speaker 4: of that is being able to claim it on tax. 699 00:30:43,640 --> 00:30:45,760 Speaker 4: And he said, Okay, like after about six years, we're 700 00:30:45,800 --> 00:30:48,040 Speaker 4: probably going to want to swap that car out anyway 701 00:30:48,200 --> 00:30:50,320 Speaker 4: because we'll no longer be able to claim the depreciation, 702 00:30:50,440 --> 00:30:52,200 Speaker 4: and like it just becomes an asset that's kind of 703 00:30:52,280 --> 00:30:55,640 Speaker 4: not claimable. It's not just good, which from a business 704 00:30:55,720 --> 00:30:59,800 Speaker 4: perspective kind of makes sense. But I'm not at the 705 00:31:00,160 --> 00:31:03,040 Speaker 4: end stage of my career where I'm talking about retirement, 706 00:31:03,040 --> 00:31:04,720 Speaker 4: and you know, I've got five years of planning, and 707 00:31:04,840 --> 00:31:07,760 Speaker 4: like twenty eight thousand dollars is a very big difference, right, 708 00:31:08,280 --> 00:31:11,440 Speaker 4: So for some people it's going to work out, and 709 00:31:11,600 --> 00:31:13,520 Speaker 4: for some people they're going to go, oh, well, it 710 00:31:13,720 --> 00:31:16,440 Speaker 4: makes a lot of sense to do that. For me, 711 00:31:16,960 --> 00:31:19,440 Speaker 4: we're not talking about you, baby cakes. We are talking 712 00:31:19,440 --> 00:31:23,880 Speaker 4: about this specific situation where it's probably a bad deal, 713 00:31:24,240 --> 00:31:25,160 Speaker 4: probably a bad idea. 714 00:31:25,480 --> 00:31:26,040 Speaker 3: Just do the math. 715 00:31:26,120 --> 00:31:28,560 Speaker 4: I feel like that's the simplest I mean, that sounds simple, yes, 716 00:31:28,720 --> 00:31:31,240 Speaker 4: but how many people actually do the math? Like and 717 00:31:31,400 --> 00:31:34,080 Speaker 4: please don't get me wrong, like doing the math sounds 718 00:31:34,120 --> 00:31:36,320 Speaker 4: really good, but lots of us just don't want to 719 00:31:36,320 --> 00:31:38,520 Speaker 4: do it because it actually doesn't lean into our narrative. 720 00:31:39,080 --> 00:31:40,880 Speaker 4: It doesn't think she might just want a new. 721 00:31:40,800 --> 00:31:44,200 Speaker 5: Bloody car, saving saving, saving toward end exactly. 722 00:31:44,480 --> 00:31:47,160 Speaker 4: So it doesn't mean that she's making a wrong decision. 723 00:31:47,400 --> 00:31:49,600 Speaker 4: But if she told you that the reason the decision 724 00:31:49,640 --> 00:31:51,560 Speaker 4: is being made is tax, yes, I would say that's 725 00:31:51,680 --> 00:31:55,240 Speaker 4: not a good decision. We also ask the community, obviously, 726 00:31:55,560 --> 00:32:00,440 Speaker 4: we said what do you think of her mum's tax strategy? Risingly, 727 00:32:00,520 --> 00:32:03,479 Speaker 4: sixty nine percent of you said the math ain't mathing, 728 00:32:04,720 --> 00:32:07,800 Speaker 4: twenty two percent said that's pretty risky close to a retirement, 729 00:32:08,920 --> 00:32:11,000 Speaker 4: and eight percent of you need a little bit of 730 00:32:11,040 --> 00:32:13,120 Speaker 4: a reality check. I'm sorry. This is where tough love. 731 00:32:13,200 --> 00:32:15,600 Speaker 4: Victoria comes in because eight percent of you said, makes 732 00:32:15,600 --> 00:32:16,840 Speaker 4: sense if she needs a new car. 733 00:32:17,880 --> 00:32:20,240 Speaker 5: Where is the sense you're losing dollars? 734 00:32:22,120 --> 00:32:23,320 Speaker 3: Very nice part from You've got done. 735 00:32:23,680 --> 00:32:28,840 Speaker 5: Oh my god, I didn't mean a pun anyway. 736 00:32:28,920 --> 00:32:29,560 Speaker 4: I saw the same thing. 737 00:32:29,640 --> 00:32:30,760 Speaker 5: Yeah, sorry, yeah, thank you. 738 00:32:31,120 --> 00:32:32,840 Speaker 4: It also went over my head and it came out 739 00:32:32,880 --> 00:32:35,120 Speaker 4: of my mouth. So the next thing we said was 740 00:32:35,480 --> 00:32:38,440 Speaker 4: how would you handle your parent making a big financial 741 00:32:38,480 --> 00:32:41,480 Speaker 4: decision that you don't particularly agree with. Seventy five percent 742 00:32:41,520 --> 00:32:43,040 Speaker 4: of you said I would try and educate them with 743 00:32:43,080 --> 00:32:46,400 Speaker 4: the numbers. Fourteen percent of you said, not my circus, 744 00:32:46,440 --> 00:32:49,200 Speaker 4: not my monkeys. I would respect their choice. Nine percent 745 00:32:49,240 --> 00:32:52,240 Speaker 4: of you said, be blunt, don't let it go. That's me. 746 00:32:52,560 --> 00:32:55,600 Speaker 4: Doesn't always work out that way. Don't just always be blunt. 747 00:32:55,760 --> 00:32:59,120 Speaker 4: Not everybody loves that. And one percent said I actually 748 00:32:59,160 --> 00:33:02,800 Speaker 4: avoid money to in any circumstance. Oh yeakay. We then 749 00:33:02,880 --> 00:33:04,760 Speaker 4: asked what is your two cents? And I would say, 750 00:33:04,800 --> 00:33:06,920 Speaker 4: this is my favorite question to ask the community. So 751 00:33:07,120 --> 00:33:09,400 Speaker 4: I've got a little round up. First person said, go 752 00:33:09,520 --> 00:33:12,480 Speaker 4: see a financial advisor. I think that's a good suggestion 753 00:33:12,640 --> 00:33:15,600 Speaker 4: close to retirement. If you're also making big money decisions like, 754 00:33:15,680 --> 00:33:18,520 Speaker 4: that's true. Probably, Like if there's a fair few things 755 00:33:18,600 --> 00:33:20,240 Speaker 4: going on, you're like, well, I'm planning for retirement, do 756 00:33:20,360 --> 00:33:21,080 Speaker 4: I want a new car? 757 00:33:21,320 --> 00:33:21,360 Speaker 2: Like? 758 00:33:21,480 --> 00:33:23,280 Speaker 4: Have I paid off my mortgage? Like, that's probably a 759 00:33:23,320 --> 00:33:25,440 Speaker 4: good time to like set things up. And there's no 760 00:33:25,560 --> 00:33:27,760 Speaker 4: such thing as being too late, Like literally five years 761 00:33:27,800 --> 00:33:30,320 Speaker 4: before retirement you could be in such a better financial 762 00:33:30,400 --> 00:33:33,760 Speaker 4: position when that day comes. So that is actually extrapolating 763 00:33:33,800 --> 00:33:35,960 Speaker 4: that out a bit, a really good decision or a 764 00:33:36,000 --> 00:33:38,840 Speaker 4: really good suggestion. Someone else said I actually had a 765 00:33:38,840 --> 00:33:40,880 Speaker 4: similar chat with my mum a month ago regarding a 766 00:33:40,960 --> 00:33:43,960 Speaker 4: car loan at sixty five. I think it's really tough 767 00:33:44,000 --> 00:33:45,120 Speaker 4: and she didn't really like it. 768 00:33:45,560 --> 00:33:47,360 Speaker 3: Oh, I use this hard. 769 00:33:47,200 --> 00:33:49,320 Speaker 6: When you like reverse the role, right, Like I feel like, 770 00:33:49,520 --> 00:33:51,200 Speaker 6: as a parent, you go, well, my role is to 771 00:33:51,360 --> 00:33:54,600 Speaker 6: educate my children, So to have that narrative flipped probably 772 00:33:54,600 --> 00:33:55,720 Speaker 6: would be kind of confronting. 773 00:33:55,880 --> 00:33:56,080 Speaker 8: Yeah. 774 00:33:56,680 --> 00:33:59,920 Speaker 4: Another person said, we actually just need to get better education. 775 00:34:00,080 --> 00:34:02,040 Speaker 4: And on tax and what that means. So many people 776 00:34:02,080 --> 00:34:04,800 Speaker 4: get attached to this idea of getting money back on tax, 777 00:34:04,840 --> 00:34:06,960 Speaker 4: but it's actually already their money. 778 00:34:07,480 --> 00:34:10,040 Speaker 3: That's your favorite thing to say, Yeah, I mean that, 779 00:34:10,239 --> 00:34:11,760 Speaker 3: and like from. 780 00:34:11,680 --> 00:34:14,120 Speaker 5: Little things big things grow. And I also say a lot, 781 00:34:14,360 --> 00:34:15,800 Speaker 5: not my circles, not my monkeys. 782 00:34:16,640 --> 00:34:18,120 Speaker 3: Do you have a few If you're a doll, you'd 783 00:34:18,160 --> 00:34:19,319 Speaker 3: have a couple of catchphrases. 784 00:34:19,480 --> 00:34:23,600 Speaker 4: You press the button, miss Rachel doll, but it's Victoria's doll. 785 00:34:23,640 --> 00:34:27,960 Speaker 4: And when you press the button because slay, Yes, I 786 00:34:28,080 --> 00:34:30,719 Speaker 4: feel like everyone would die because no one likes me 787 00:34:30,800 --> 00:34:31,319 Speaker 4: saying slay. 788 00:34:31,360 --> 00:34:32,600 Speaker 3: I say, we hear it enough in real life. 789 00:34:32,719 --> 00:34:33,040 Speaker 6: I don't. 790 00:34:33,200 --> 00:34:35,960 Speaker 4: I don't even like saying slay. It just falls out 791 00:34:36,000 --> 00:34:36,600 Speaker 4: of my mouth. 792 00:34:36,680 --> 00:34:39,640 Speaker 5: I know there are certain words like I ask queen 793 00:34:39,800 --> 00:34:41,680 Speaker 5: comes out of my mouth a lot as well. Yes, 794 00:34:41,840 --> 00:34:43,239 Speaker 5: there's some things that just fall out. 795 00:34:43,600 --> 00:34:46,560 Speaker 4: I have been trying to teach my stim queen. I've 796 00:34:46,600 --> 00:34:51,520 Speaker 4: been like, say yes queen. He only says queen. We'll 797 00:34:51,560 --> 00:34:53,799 Speaker 4: get there, because like I want to be like, when 798 00:34:53,840 --> 00:34:56,600 Speaker 4: you see a really pretty person, what do you say? 799 00:34:56,960 --> 00:34:57,399 Speaker 4: Say clean? 800 00:34:57,560 --> 00:34:59,000 Speaker 3: If I were a past a kidnap, that to me, 801 00:35:00,280 --> 00:35:01,040 Speaker 3: I do just feel. 802 00:35:00,840 --> 00:35:01,359 Speaker 2: Like that's good. 803 00:35:01,440 --> 00:35:04,560 Speaker 4: But anyway, anyway, someone said retirement is way too close. 804 00:35:04,640 --> 00:35:07,200 Speaker 4: It is not worth a couple of dollars back in tax. 805 00:35:07,800 --> 00:35:09,840 Speaker 4: Another person said, I really feel like this is the 806 00:35:09,960 --> 00:35:12,520 Speaker 4: generation my mum is almost sixty and she keeps talking 807 00:35:12,520 --> 00:35:14,200 Speaker 4: about taking out another car Loan? 808 00:35:15,719 --> 00:35:17,439 Speaker 3: What is what's with the people? 809 00:35:17,480 --> 00:35:18,160 Speaker 5: They were a party? 810 00:35:18,640 --> 00:35:20,320 Speaker 6: I mean, I guess, yeah, I do get what you 811 00:35:20,360 --> 00:35:22,719 Speaker 6: were saying before about how like they've saved for so long, 812 00:35:22,880 --> 00:35:24,399 Speaker 6: like maybe they do want to live a life. 813 00:35:24,640 --> 00:35:25,960 Speaker 5: Yeah, they've probably got to make that money. 814 00:35:26,000 --> 00:35:29,279 Speaker 4: Totally get that. There was a lot of commentary, so 815 00:35:29,360 --> 00:35:31,359 Speaker 4: I won't get into like every single response, but there 816 00:35:31,400 --> 00:35:34,879 Speaker 4: was genuinely a lot of commentary just people saying, look, 817 00:35:34,920 --> 00:35:37,080 Speaker 4: there seems to be so many like people who have 818 00:35:37,200 --> 00:35:39,840 Speaker 4: misconceptions about getting money back on tax and I couldn't 819 00:35:39,880 --> 00:35:41,719 Speaker 4: agree more. Like I go on and on and on 820 00:35:41,840 --> 00:35:44,320 Speaker 4: about it. And then someone else said, I think she 821 00:35:44,520 --> 00:35:46,360 Speaker 4: just wants a new card and might be using this 822 00:35:46,480 --> 00:35:50,600 Speaker 4: as her excuse tbh. And that's probably a really good 823 00:35:50,640 --> 00:35:52,920 Speaker 4: place to leave it, because like everyone's kind of all 824 00:35:53,040 --> 00:35:55,160 Speaker 4: on the same train of like, it's really hard to 825 00:35:55,200 --> 00:35:57,600 Speaker 4: have money conversations with people who maybe aren't ready to 826 00:35:57,640 --> 00:36:00,879 Speaker 4: hear them. Also, it's really hard to talk about debt 827 00:36:00,960 --> 00:36:04,000 Speaker 4: with people who really want an asset. Play your cards right, 828 00:36:04,160 --> 00:36:06,239 Speaker 4: You're the only person that's going to know how your 829 00:36:06,320 --> 00:36:08,440 Speaker 4: mom's going to receive that, And like how to have 830 00:36:08,640 --> 00:36:11,640 Speaker 4: that conversation because like even conversing about this, if you 831 00:36:11,760 --> 00:36:13,960 Speaker 4: two had this idea and I was like, not so 832 00:36:14,160 --> 00:36:16,120 Speaker 4: keen on it, the way I'd approach Beck and the 833 00:36:16,160 --> 00:36:19,839 Speaker 4: way I approached Jess very different, right, So it's going 834 00:36:19,920 --> 00:36:22,439 Speaker 4: to be an each to their own situation. But yeah, 835 00:36:22,680 --> 00:36:25,000 Speaker 4: I agree with most people in the comments. We all 836 00:36:25,120 --> 00:36:29,239 Speaker 4: seem to think that getting money back on tax is 837 00:36:29,320 --> 00:36:31,520 Speaker 4: like the best thing ever, but like saving money is 838 00:36:31,560 --> 00:36:32,160 Speaker 4: actually better. 839 00:36:32,560 --> 00:36:32,759 Speaker 6: Yeah. 840 00:36:32,880 --> 00:36:35,040 Speaker 4: And then the last comment I'll leave you with someone 841 00:36:35,120 --> 00:36:37,280 Speaker 4: said you should get her to listen to this podcast. 842 00:36:37,560 --> 00:36:40,880 Speaker 5: Ah, true exactly, So that's a really great place to 843 00:36:41,000 --> 00:36:41,279 Speaker 5: leave it. 844 00:36:41,440 --> 00:36:43,960 Speaker 4: We have had a very fun time recording this episode 845 00:36:44,000 --> 00:36:46,160 Speaker 4: for you, guys, and we will see you bright and 846 00:36:46,200 --> 00:36:48,160 Speaker 4: early on Monday morning for a money Darius. 847 00:36:48,200 --> 00:36:49,520 Speaker 5: Have a good weekend, Hi guys. 848 00:36:49,640 --> 00:36:49,920 Speaker 4: Bye. 849 00:36:55,480 --> 00:36:58,000 Speaker 8: The advice shared on Cheese on the Money is general 850 00:36:58,080 --> 00:37:01,280 Speaker 8: in nature and does not consider you're in individual circumstances. 851 00:37:01,640 --> 00:37:05,040 Speaker 8: She's on the Money exists purely for educational purposes and 852 00:37:05,080 --> 00:37:07,520 Speaker 8: should not be relied upon to make an investment or 853 00:37:07,600 --> 00:37:11,160 Speaker 8: financial decision. If you do choose to buy a financial product, 854 00:37:11,280 --> 00:37:15,120 Speaker 8: read the PDS TMD and obtain appropriate financial advice. 855 00:37:14,840 --> 00:37:16,160 Speaker 5: Tailored towards your needs. 856 00:37:16,560 --> 00:37:20,480 Speaker 8: Victoria Divine and She's on the Money are authorized representatives 857 00:37:20,560 --> 00:37:24,360 Speaker 8: of Money Sherper Pty Ltd ABN three two one is 858 00:37:24,440 --> 00:37:28,319 Speaker 8: six four nine two seven seven zero eight AFSL four 859 00:37:28,440 --> 00:37:29,879 Speaker 8: five one two eight nine