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
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today 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 4: Hello, and welcome On the Money the Podcast Millennials who
Speaker 4: want financial freedom. Welcome back to another one of our
Speaker 4: Money Diaries episodes where I get the absolute privilege of
Speaker 4: sitting down with one of our beautiful She's on the
Speaker 4: Money community members and talk to them all about their journey.
Speaker 4: Let's jump straight into it, because this week I got
Speaker 4: a message and it sounded exactly like this Kiura SotM Ladies.
Speaker 4: Last year my mom died suddenly and it's been a
Speaker 4: massive shock to the system. I've had to help my
Speaker 4: dad understand and manage his household finances, navigate grief, plan
Speaker 4: a wedding and a six month overseas honeymoon, which was
Speaker 4: in the pipeline before my mom died. It made my
Speaker 4: fiance and I realized how important it is to communicate
Speaker 4: openly about joint accounts and bill payments. And we'll get
Speaker 4: cracking on a whill. I'd love to share my story
Speaker 4: with the community. If you'll have me, of course, I'll
Speaker 4: have you. Money diarist, Welcome to the show cure.
Speaker 5: Thanks for having me.
Speaker 2: Of course, let's jump straight in.
Speaker 4: If I asked you to give your money habits a grade,
Speaker 4: what grade would you give them?
Speaker 2: From A three to F.
Speaker 5: I think i'd probably grade myself between a B plus
Speaker 5: and an ans a.
Speaker 2: B plus and an A minus. That's a pretty good position.
Speaker 4: Now, my favorite question, tell me a little bit more
Speaker 4: about your money story.
Speaker 5: I guess my money story is pretty grounded in the
Speaker 5: kind of like money habits of my parents. I grew
Speaker 5: up in a household where savings was really prioritized. Dad
Speaker 5: worked full time and Mum was a stay at home mum,
Speaker 5: so their focus was really on like paying down the
Speaker 5: mortgage when I was young and I think, well, they
Speaker 5: were probably quite tight on money at some points. We
Speaker 5: never went without as kids, so yeah, we always got
Speaker 5: to kind of do after school activities, et cetera, et cetera. Yeah,
Speaker 5: and mum really instill the importance of being across your
Speaker 5: finance is from quite a young age.
Speaker 2: A queen, yeah, a real queen.
Speaker 5: So she helped us sit up banking counsel when we
Speaker 5: were quite young. She made sure we signed up to
Speaker 5: QUI say there, and she made us really like understand
Speaker 5: the importance of QI saber contributions, putting your KI save
Speaker 5: and a growth fund and just compound interest and term
Speaker 5: deposits and how you can make money off your money.
Speaker 2: Where did she learn all of this?
Speaker 4: You said she was a stay at home mum, Like
Speaker 4: she sounds like she might have been an investment banker.
Speaker 5: She was just super organized. She was just like meticulous.
Speaker 5: She used to be an office manager before she was
Speaker 5: a stay at home mum, so she was just like
Speaker 5: very onto it.
Speaker 4: Yeah, that takes some serious level of organization to be
Speaker 4: an office manager. So she probably was definitely across everybody's
Speaker 4: business at which I love.
Speaker 2: Tell me more, what was growing up like?
Speaker 5: I guess because she was so organized and onto it.
Speaker 5: Mum kind of ran like all of our household finances,
Speaker 5: and my dad pretty much like wasn't really across any
Speaker 5: of it. He was just really focused.
Speaker 2: On making the money, bringing it home. Mum will manage it.
Speaker 5: Yeah, exactly, Mum will look up after it. And so
Speaker 5: he trusted her completely, And I feel like it's often
Speaker 5: the way around. Like I talked to friends who's like
Speaker 5: Dad's handled all the finances, but in my family, it
Speaker 5: was like my mum, which was kind of great that
Speaker 5: she was across it all. But when she passed away
Speaker 5: suddenly last year, it meant that Dad had a bit
Speaker 5: of a rude awakening. He had access to some of
Speaker 5: their accounts, or Mum thought she'd see everything up in
Speaker 5: a joint account structure, but after she died, we realized
Speaker 5: that Dad had access to about three of the like
Speaker 5: ten accounts.
Speaker 4: Yeah, okay, and then that's a really big process of
Speaker 4: like applying for it to be released.
Speaker 2: And like that's not what you need when you're buried
Speaker 2: in grief.
Speaker 5: No, it was quite a lot, and I think like
Speaker 5: because the amount of money and those accounts was substantially
Speaker 5: less than the other accounts I mean like we were
Speaker 5: fine because Dad was still earning that it just put
Speaker 5: like unnecessary pressure on him, particularly around funeral expen and
Speaker 5: everything else.
Speaker 4: Oh yeah, and especially being really unexpected. You don't get
Speaker 4: that grace period of going, let's get.
Speaker 2: Our ducks in a row.
Speaker 4: We know this, you know awful thing is coming. We
Speaker 4: can you know, line everything up, Like when it's really sudden.
Speaker 4: You go from being absolutely fine one day to being
Speaker 4: not around and you can't even ask questions like, oh hey, Mum,
Speaker 4: is there anything like that we need to know, Like,
Speaker 4: you just don't get that grace.
Speaker 5: Probably not a good practice to follow. She was quite
Speaker 5: good in the sense that she had this little red
Speaker 5: book of passwords. Oh my gosh, geniuses don't recommend that.
Speaker 2: I feel like.
Speaker 4: That's the generation though I can almost guarantee my mum
Speaker 4: has one.
Speaker 5: Yes, thank God for Mum's right. With little passoak books.
Speaker 2: You're like safety first, yeah, exactly.
Speaker 5: So that was definitely quite helpful because it meant temporarily
Speaker 5: we could kind of see what was going on, but
Speaker 5: then we went into probate, so all those extra accounts
Speaker 5: that Dad doesn't have, it's all been locked up. It's
Speaker 5: a bit of a rollercoaster of like dad having to
Speaker 5: learn how to Internet bank and understanding how directive its work,
Speaker 5: and just like he kind of knew roughly what was
Speaker 5: coming in and going out, but he just felt like
Speaker 5: in a few months after mum died had been really
Speaker 5: like slammed with payments that he wasn't anticipating, so like, yeah,
Speaker 5: funeral costs and everything else, and then other big regular
Speaker 5: payments he didn't kind of know they were coming. So yeah,
Speaker 5: I think that's been like a massive learning curve for him,
Speaker 5: but also like a big eye opener for me as like, yeah,
Speaker 5: his daughter just I don't know. I think it's so
Speaker 5: important that I don't know, if you have a parent
Speaker 5: who doesn't know how to Internet bank, like make sure
Speaker 5: they know what they're doing. It's so important not to
Speaker 5: have all the control with one party because you just
Speaker 5: don't know what life's going to throw at you.
Speaker 4: I feel like lots of people are in the opposite
Speaker 4: situation as we're saying before to your parents, where the
Speaker 4: dad runs the finances. And this is going to sound
Speaker 4: really morbid, but women on average live longer than men.
Speaker 4: So if you've got like a mum or you are
Speaker 4: a female in a relationship and you just go no,
Speaker 4: my husband sorts it out like it's absolutely fine, Like
Speaker 4: it's actually not, because statistically, at some point you're gonna
Speaker 4: have to manage the finances on your own. And that
Speaker 4: sounds again morbid, but the reality of the situation is
Speaker 4: you're gonna have to manage it on your own, regardless
Speaker 4: of gender. Your story literally is that where dad just
Speaker 4: trusted mum, And that's great, and we want trust, we
Speaker 4: want inherent trust in a relationship. But it's not really
Speaker 4: about trust. It's actually about knowing the process. Like if
Speaker 4: your dad had just known how to do it, he.
Speaker 2: Didn't have to do it.
Speaker 4: Mum was clearly a clrosset, but like just knowing where
Speaker 4: the logins are, how that works, what that looks like, Oh,
Speaker 4: here's how we pay bills nowadays, Like just being up
Speaker 4: with it would have given him such a sense of
Speaker 4: freedom during that time where he was probably feeling overwhelmed
Speaker 4: from every aspect in his life.
Speaker 5: Yeah, oh for sure, And it would have just been
Speaker 5: like I think, one less burden, Yeah, obviously on him,
Speaker 5: and then I think also on like me and my siblings,
Speaker 5: because now when he gets a bill and he like
Speaker 5: understandably he's getting a lot better, but when it first
Speaker 5: started happening, he'd get quite like flustered and stressed about
Speaker 5: the whole situation, not really know how to manage it.
Speaker 5: Just even when it came to filling out like a
Speaker 5: bank transfer and you have to put in like the
Speaker 5: reference and the code and all that kind of stuff,
Speaker 5: he just didn't know what it meant. Yeah, I just
Speaker 5: think it's so important.
Speaker 2: And did your mom leave behind a will? Like was
Speaker 2: there a plan?
Speaker 5: Yeah, So I'm not super across this so much, but
Speaker 5: I think she and dad made a will together, and
Speaker 5: because they did it together, I think it'd set it
Speaker 5: up in a way that everything passed to Dad. Well,
Speaker 5: I didn't realize was just even if you've set up
Speaker 5: a will and it's all straightforward, the process around actually
Speaker 5: obtaining like the property and the money and the accounts
Speaker 5: is just so long. Like I'm not sure what it's
Speaker 5: like In.
Speaker 4: Australia, it's a very similar system, which is very frustrating.
Speaker 2: I was about to point that out.
Speaker 4: I was like, if you're listening our money, Darrist is
Speaker 4: in New Zealand, so there is a bit of a
Speaker 4: different process, but they are very very similar.
Speaker 5: Yeah, so I think it's just like for him learning
Speaker 5: how to kind of manage everything on a slightly reduced capacity.
Speaker 2: That's wild.
Speaker 4: And in your money diar, you wrote in now we're
Speaker 4: getting married, dude, you're very exciting and you're going to
Speaker 4: go on an overseas six month long honeymoon, you lucky ducks.
Speaker 4: How's all of that gonna happen? Tell me about that
Speaker 4: part of your money story.
Speaker 5: Yes, so that's super exciting. So we had kind of
Speaker 5: started thinking about this in like twenty nineteen. My partner
Speaker 5: and I were just so ready to get out of
Speaker 5: New Zealand, like feel so far away from everything, and
Speaker 5: we just wanted to explore the world. And when you
Speaker 5: had a bit of saving to do before we could
Speaker 5: do that. But being COVID hit and everything you know,
Speaker 5: got put on ice. We kind of kept saving quite
Speaker 5: diligently through that time, so we managed to accrue quite
Speaker 5: a decent savings plan. Yeah, we had a bit of
Speaker 5: a goal in mind of how much we wanted to save,
Speaker 5: and we reached that point over would there be like
Speaker 5: nearly five years to get there?
Speaker 4: Gosh, you have to tell us, like, this is an
Speaker 4: anonymous money you can't be like, yeah we had a
Speaker 4: saving skull.
Speaker 2: No, no, no, how much you budgeted for a six
Speaker 2: month overseas honeymoon? Like what does that cost?
Speaker 5: Yeah? So I did a lot of research into how
Speaker 5: much other people had saved, but a lot of it
Speaker 5: was like Americans, so I didn't really know. So yeah,
Speaker 5: it's a bit frustrating, but we have budgeted sixty thousand
Speaker 5: New Zealand dollars.
Speaker 4: Hey that's pretty good for six months, like ten thousand
Speaker 4: dollars a month, all right.
Speaker 5: Yeah, fingers crossed. That will get us a wee way.
Speaker 5: I think Europe's become a lot more expensive since twenty nineteen,
Speaker 5: so yeah, yeah.
Speaker 2: It definitely has.
Speaker 4: Is there something where you're kind of going over and
Speaker 4: yellowing it? I have a sneaky suspicion that you just
Speaker 4: come across as a planner. I think you might have
Speaker 4: a very attractive spreadsheet. Tell me about how you've manished this.
Speaker 5: Yeah, so we kind of tried to figure out like, okay,
Speaker 5: well where realistically do we want to go? Wh knew
Speaker 5: we always wanted to go to Europe. We wanted to
Speaker 5: be a little bit more intripid when we first started
Speaker 5: planning in twenty nineteen before the pandemic, and we were
Speaker 5: looking into like slightly more remote places or like around
Speaker 5: like the Starns. But we decided, like, I'm just like
Speaker 5: a little bit of a anxious person, so I didn't want.
Speaker 2: To girl friend, yeah go without a.
Speaker 5: Plan, and also like go somewhere maybe like if another
Speaker 5: pandemic broke out it would be a little bit more
Speaker 5: difficult to get home. So we have kind of stuck
Speaker 5: to the bidden track a little bit more. Yeah, so
Speaker 5: we'll be going through a little bit of Central Europe
Speaker 5: and in mainly trying to hang out around the Balkans.
Speaker 4: So yeah, cool, I love this all right, wedding, how
Speaker 4: much is that going to cost?
Speaker 2: What's a plan?
Speaker 4: Tell me all of the story? Sorry, we need the
Speaker 4: pervy details.
Speaker 5: No, that's all good. So we planned the trip before
Speaker 5: we thought about getting married. And then we thought, okay,
Speaker 5: well we're going on this epic trope, like, why don't
Speaker 5: we just get married before we go and we can
Speaker 5: treat it like a bit of a honeymoon, because who
Speaker 5: wants to go straight?
Speaker 2: Yeah beautiful when they're married.
Speaker 5: Well that was my opinion anyway.
Speaker 4: No, no, no, As someone who got married and then
Speaker 4: went back to work for two weeks before going on
Speaker 4: her honeymoon because I just had too much to do.
Speaker 4: I was like, I've just got stuff to plan, stuff
Speaker 4: to get done. Yeah, I didn't want to go back
Speaker 4: to work. I wanted to be in my love bubble.
Speaker 4: So yeah, good idea.
Speaker 5: Yeah, I appreciate it's a very privileged position to be
Speaker 5: able to just like say, oh, well, you know we're
Speaker 5: going to up and leave. I know not everyone can
Speaker 5: do that.
Speaker 2: With this amount of planning.
Speaker 4: You can like, I'm sorry, I've been planning it since
Speaker 4: twenty nineteen. Like, yes, acknowledging privilege around money is very important.
Speaker 4: But I also think being like, oh, it's really lucky
Speaker 4: that we can it's like, no, you also worked really
Speaker 4: hard so you could do this.
Speaker 5: Yeah, it should be really exciting. Yeah. So on the wedding,
Speaker 5: we quickly realized that a lot of venues have like
Speaker 5: a minimum spin, So if we wanted to use a
Speaker 5: particular venue, we're going to have to have quite a
Speaker 5: significant number of people in order to meet the minimum spin.
Speaker 5: And so we found ourselves kind of going down this road.
Speaker 5: We were like, Okay, well we have to meet minimum spin,
Speaker 5: so we have to have, like you know, seventy five
Speaker 5: plus people when we've kind of started the process thinking, actually,
Speaker 5: we want to do something really small because we wanted
Speaker 5: the focus to be the honeymoon. So when we realized
Speaker 5: how much that was going to cost, we ended up
Speaker 5: pulling right back and we are now only going to
Speaker 5: have about thirty people.
Speaker 2: Oh that's so sweet.
Speaker 5: Yeah, it'll be really intimate. So we've budgeted about thirty grand.
Speaker 5: Hopefully it will be a little bit less than that.
Speaker 5: We're just kind of like trying to be a little
Speaker 5: bit conservative around estimates, so we're not like, yeah, with
Speaker 5: any kind of bill right before we go overseas.
Speaker 2: And what kind of wedding you're planning now?
Speaker 4: Like obviously New Zealand venues are very expensive because they're
Speaker 4: very beautiful at the same time, but like what kind
Speaker 4: of venue are you now looking at?
Speaker 2: And like where will you get married?
Speaker 5: Yeah, so we live and one of the biggest cities
Speaker 5: in New Zealand, so we're probably not going to do
Speaker 5: something outdoors. We've found this little event space that's relatively
Speaker 5: urban that's kind of like.
Speaker 2: Lofty, cool viby.
Speaker 5: Yeah, so it'll be quite cute, and that was a
Speaker 5: lot more affordable than going to like vineyards or something
Speaker 5: like that, which would have been like absolutely stunning and
Speaker 5: a head friends do there and it's always been epic.
Speaker 5: But we just knew that for us, we wanted to
Speaker 5: get married in the city that we met and it's
Speaker 5: where our family is based.
Speaker 2: Oh that's so wholesome. Yes, I love it.
Speaker 5: Yeah, a little bit more urban than probably like what
Speaker 5: people would consider a New Zealand wading to be.
Speaker 2: No love love. So now tell me.
Speaker 4: Obviously you're good at saving, we're going to need to
Speaker 4: know where the money's coming from.
Speaker 2: What do you do for work? And how much money
Speaker 2: do you earn?
Speaker 5: So I work for the government in communications and I
Speaker 5: earn one hundred and five k year before.
Speaker 4: Tex in New Zealand dollars obviously, And Pervy, what does
Speaker 4: your partner do and how much does he earn?
Speaker 5: So he's government two and he earns I think around
Speaker 5: one hundred and fifteen k New Zealand before tex So.
Speaker 4: And you guys don't do supranuation. You do Keywi saver.
Speaker 4: How much do you contribute to your Kiwi saver?
Speaker 5: I contribute ten percent, which is the maximum amount, just
Speaker 5: because yeah, it's not so great, is Australia and yeah,
Speaker 5: so I put in ten percent myself and then my
Speaker 5: employer contributes three percent, which isn't amazing. I'd love it
Speaker 5: to be higher, but yeah.
Speaker 4: Thirteen percent in total is higher than what our current
Speaker 4: eleven percent supranuation rate is at, so not too bad.
Speaker 4: And does that money come out of your one hundred
Speaker 4: and five?
Speaker 5: Yeah, so the ten percent is out of my one
Speaker 5: hundred and five and the three percent is yeah, from
Speaker 5: my employer separately.
Speaker 4: And to be pervy, I know how this works, but
Speaker 4: I feel like it's fun to dive in when you've
Speaker 4: got someone from overseas. So does that money then go
Speaker 4: into your account and then you transfer it out or
Speaker 4: is there something that you get to set up through
Speaker 4: your employer and it just gets direct debited straight into
Speaker 4: your key.
Speaker 2: We say the like, what was the process?
Speaker 5: Yeah, it's the latter. So it all gets taken out
Speaker 5: and goes directually to my key. We Saber provider, so
Speaker 5: I can't see it or touch it.
Speaker 2: Yeah, yeah, it's.
Speaker 5: Probably for the best.
Speaker 4: Yes, Now we've spoken about your wedding and we've spoken
Speaker 4: about your big honeymoon. Are there any other big money
Speaker 4: goals on the horizon? That I should know about.
Speaker 5: We're continuing to save for the wedding, so we've got
Speaker 5: about five k more that we need to make between
Speaker 5: now and then. And the other thing is, because, as
Speaker 5: you've correctly pointed out, I am quite a planner. I
Speaker 5: wanted to build that a little bit of a like
Speaker 5: post travel fund for what we want to do when
Speaker 5: we get back from the six months of travels. So
Speaker 5: my partner's quite keen to move across to oz Actually.
Speaker 2: Yeah, calm live over here. We really nice. Yeah, the
Speaker 2: wead always looks nice too, So don't move to Melbourne then.
Speaker 5: Yeah, So that's definitely something that we're kind of trying
Speaker 5: to work towards that. We definitely have a couple of
Speaker 5: other that go fish to fry in terms of money goals,
Speaker 5: so that's not quite as high a priority just at
Speaker 5: the moment.
Speaker 4: Now you mentioned a post travel fund, tell me a
Speaker 4: bit more about that, because what are you doing with work?
Speaker 2: Like have you just said you're okay.
Speaker 4: I'm going on there eve and they were like, no worries, money, diarist,
Speaker 4: we'll see when you return. Like what's the plan with
Speaker 4: your jobs? Because six months is a lot to ask
Speaker 4: from an employer.
Speaker 5: Yeah, so we've planned to resign. We haven't handed in
Speaker 5: our notices yet. That will probably happen soon. But yeah,
Speaker 5: so the post travel fund is really, I guess, like
Speaker 5: giving us a bit of a buffer for when we
Speaker 5: either come back or decide to move across the ditch
Speaker 5: and just kind of sit up, whether that's rent food,
Speaker 5: just so we're not having to stress too much about
Speaker 5: dipping into other savings. I quite like having just like
Speaker 5: a little fund there that I can pull from.
Speaker 2: That makes a lot of sense. How do you feel
Speaker 2: about resigning?
Speaker 4: Like, I don't know, I'm an anxious girlie that gives
Speaker 4: me anxiety.
Speaker 5: Yeah, I'm definitely a little bit nervous, but I have
Speaker 5: quite a good relationship with my manager, so I forget.
Speaker 5: If I just give her as much notice as possible
Speaker 5: and leave everything like super tidy, hopefully it will go okay.
Speaker 5: But yeah, I can't say I'm like looking forward to
Speaker 5: the conversation.
Speaker 4: No, I can totally understand that. And is there any
Speaker 4: opportunity do you think that your employers would turn around
Speaker 4: and go all right, well, you're a really good employee.
Speaker 4: We can give you six months of unpaid leave and
Speaker 4: then come back. Is that an option on the table.
Speaker 5: Do you think I mean maybe, I mean.
Speaker 4: You might not want to come back if you want
Speaker 4: to move to Australia, so who knows, who knows.
Speaker 5: I think maybe there would be an option, but I
Speaker 5: think I probably haven't been at the company long enough.
Speaker 2: Yeah that's fair, But.
Speaker 5: I mean if they did offer it, I would probably
Speaker 5: seriously consider it.
Speaker 4: Yeah, it's nice having the idea of financial security when
Speaker 4: you're returning your head. Yes, definitely totally understand. All right,
Speaker 4: let's go to a really quick break on the flip side.
Speaker 4: I have so many questions for you about investing and
Speaker 4: debt and good and bad money habits, so guys don't
Speaker 4: go anywhere, all right, money diarist, I feel like you're
Speaker 4: probably going to say yes to this because you just
Speaker 4: seem like a savvy planner. You already told me about
Speaker 4: how your mum operated the finances. You told me about
Speaker 4: your KEYW saver and how she pushed you into that.
Speaker 4: So the next question is do you have any investments?
Speaker 4: If so, what are they, how do they work?
Speaker 5: I do, obviously, key, we stay with it. Mum Muma
Speaker 5: helped me sit up. I've got about fifty K and
Speaker 5: there what I'm pretty happy with and then I've got
Speaker 5: about thirty eight k and ETFs.
Speaker 2: Oh, how did you get into that? That's a lot?
Speaker 2: You're just a baby.
Speaker 5: So I was unemployed over COVID and I had a
Speaker 5: lot of time on my hands, and I started looking
Speaker 5: into I guess like your podcast and other kind of
Speaker 5: like money education podcasts, and I was like, oh my god,
Speaker 5: this looks like mean why haven't I thought about this?
Speaker 5: And my brother works in finance, and so he was
Speaker 5: like quite encouraging and he'd done it himself and he was.
Speaker 2: Like, yeah, you should do it, definitely do it.
Speaker 5: Yeah. So I knew that I, like, am not a
Speaker 5: huge risk taker and I wanted something that I'm not
Speaker 5: a maths girl. So I was like, I want to
Speaker 5: do something that's not too hard and it's quite like passive.
Speaker 4: Biggest misconception in investing is that you have to be
Speaker 4: good at maths. You do not have to be good
Speaker 4: at maths to do investing and do it well. I
Speaker 4: think obviously like I'm a bit of a maths girl,
Speaker 4: but I'm low key a little bit disappointed with how
Speaker 4: little maths is involved in investing.
Speaker 5: I was stoked when I started doing it, and I
Speaker 5: was like, ah, this is actually like quite passive. I
Speaker 5: don't really have to do much, Like I can understand
Speaker 5: how people find the like prost is a little bit daunting.
Speaker 5: But yeah, So the thirty eight k is kind of
Speaker 5: sprewed between the os top fifty companies in zi AU,
Speaker 5: so it's pretty standard stuff. And I just have like
Speaker 5: a monthly or a quarterly payment that goes through and
Speaker 5: it just does its thing. Very lazy about it, to be.
Speaker 4: Honest, but that's the best, right, Like good investing actually
Speaker 4: should be really boring, Like and I don't mean to
Speaker 4: throw investing platforms that try.
Speaker 2: And make it really engaging under the bus.
Speaker 4: But at the same time, you go, well, actually it
Speaker 4: should be boring because it should be quite passive, especially
Speaker 4: with the strategy you've gone with. You're like, I'm really conservative.
Speaker 4: I've gone with an ETF. There shouldn't actually be a
Speaker 4: lot of ongoing maintenance with this except for contributing regularly
Speaker 4: full stop. End of story, Like it actually can be
Speaker 4: that easy. So obviously your brother worked in finance. What
Speaker 4: platform did you choose to invest with.
Speaker 5: I've used in this now, which I think is the
Speaker 5: New Zealand platform. It is I did look into shares ees,
Speaker 5: but I had slightly lower fees.
Speaker 4: Sorry, you know what, there's something different for everybody. Like
Speaker 4: I could not care less who you use as long
Speaker 4: as you are investing, my friend, Like, I get such
Speaker 4: gratification out of knowing that there are so many people
Speaker 4: in our community who are putting themselves first.
Speaker 2: Like thirty eight K. How old were you again?
Speaker 5: Ah, when I first started, I would have been twenty four,
Speaker 5: twenty five.
Speaker 4: So a baby babies are investing and they are putting
Speaker 4: themselves first, and they are going to be wealthy, wealthy
Speaker 4: people in the future. I love it. It makes me
Speaker 4: so so happy. So is that the extent for your investments?
Speaker 5: There is one more, but I can't claim I.
Speaker 2: Did this myself, So that's okay.
Speaker 5: We have a inheritance that we receive from his family.
Speaker 5: So that's one hundred and sixty k invested in managed funds,
Speaker 5: I think. And the managed fund thing was his decision.
Speaker 5: He didn't really fully understand. I think he just wanted
Speaker 5: that kind of security of a managed fund and he
Speaker 5: wanted quite hands off approach, so that's what for him.
Speaker 5: So yeah, that's the extent of it all.
Speaker 4: Can I be really pervy about this. You said your
Speaker 4: partner's inheritance. Obviously you're not married yet, but the way
Speaker 4: that you're talking about it is very like it's kind
Speaker 4: of like ours, this is adjoint asset.
Speaker 2: How do you guys view that? Obvious?
Speaker 4: So you're about to get married, so like, yes, it
Speaker 4: is basically a joint asset. But these conversations can be
Speaker 4: quite confronting, and often we have them, you know, hypothetically
Speaker 4: in the community. We'll be like, oh, what if you
Speaker 4: got an inheritance and is it your partners or not?
Speaker 4: How did that conversation actually play out in reality? Like
Speaker 4: when this happened, Like was this a like we're joint
Speaker 4: decision making?
Speaker 2: Like how did that work?
Speaker 5: So when it first happened, we weren't quite defect or yet,
Speaker 5: so we hadn't been living together for three years, so
Speaker 5: it was very much his obviously, Like with getting married
Speaker 5: and with everything that's happened to mum, we've decided we
Speaker 5: really want to be a real unit when it comes
Speaker 5: to our finances. So we've had quite a lot of
Speaker 5: chance about like, you know, sharing, Like I know completely
Speaker 5: sharing isn't for everyone, but I think for us, we've
Speaker 5: decided that's the approach we want to take, just because
Speaker 5: we've seen what happens where like I guess we'll think
Speaker 5: Mum and dad they thought they were sharing and then
Speaker 5: turned out they weren't and it became really stressful and
Speaker 5: like a kind of traumatic situation. So for us, we
Speaker 5: kind of sat down and quite recently at the start
Speaker 5: of this year, we sort of talked through like our
Speaker 5: various investments and how we want to go about. Yeah,
Speaker 5: I guess making them shared. So I think we'll make
Speaker 5: an appointment with the fund and try and get the
Speaker 5: names you added. Yeah, yeah, me edded, Yeah, that's one.
Speaker 4: It's always just interesting asking about that stuff because it
Speaker 4: is pervy, and I appreciate that it's a very pervy
Speaker 4: topic that you probably won't like.
Speaker 2: Oh he's going to ask me about this, But I just.
Speaker 4: Know that people listening are going to go, oh, that's
Speaker 4: really interesting. Actually how it actually came to fruition And
Speaker 4: when your mom passed away, is there an inheritance there
Speaker 4: or is that there will basically passed everything to dad
Speaker 4: and that will be a conversation for hopefully fifty sixty
Speaker 4: years in the future.
Speaker 5: Yeah, so everything has been passed to dad, but partially
Speaker 5: because he hasn't been super aware of his own finance
Speaker 5: and he's had to rely on us for a bit
Speaker 5: of support. We kind of know what's there. Yeah, And
Speaker 5: he's been very open about like talking about what the
Speaker 5: options would look like for receiving an inheritance later on
Speaker 5: once he's passed away. But also he's kind of said
Speaker 5: he's open to like a portion of it earlier if
Speaker 5: we needed support with like a house or something. So yeah,
Speaker 5: I feel quite lucky that he's been really honest and
Speaker 5: upfront about that kind of stuff.
Speaker 4: So yeah, that's very cool. And I think that, you know,
Speaker 4: having worked in this space quick refresher, I used to
Speaker 4: work as a financial advisor, which I think everybody knows,
Speaker 4: but I either worked with ultra high net wealth people
Speaker 4: or people who were dealing with an inheritance. And I
Speaker 4: feel like when that conversation comes up in a situation
Speaker 4: like yours, getting an inheritance in advance would probably have
Speaker 4: been a really awkward conversation even if it ever came up,
Speaker 4: but wouldn't have been really an option. They would be like,
Speaker 4: what the hell? And now something really traumatic has happened.
Speaker 4: You've lost your mum. I think your dad is probably
Speaker 4: Do you think his mindset on it has shifted to actually,
Speaker 4: life is really fragile. I'd love to see my kids
Speaker 4: thrive while I'm around. Do you think that there has
Speaker 4: been like a big mindset shift around the way I
Speaker 4: guess life is approached now.
Speaker 5: Too, Yeah, for sure. Like I think that's a massive
Speaker 5: reason why we are obviously going traveling, Like we know that,
Speaker 5: Like Mum was one year off retiring.
Speaker 2: No, what a stitch up.
Speaker 5: I know, So it was really shitty. She and Dan
Speaker 5: had all these plans for seeing the world and traveling
Speaker 5: together because they never really got to do that. And
Speaker 5: I think like for my partner and I were like, okay,
Speaker 5: well we need to do that because you know, it's
Speaker 5: not a given that you're going to make it to retirement.
Speaker 5: So like there needs to be a balance between making
Speaker 5: reasonable contributions to your keep, say, but also having a
Speaker 5: life and enjoying life while it's here. And I think
Speaker 5: same said for Dan, like we've been really encouraging him to,
Speaker 5: you know, grab life by the horns and make sure
Speaker 5: he lives his life his retirement, like for Mum as well,
Speaker 5: like yeah, that he goes to the places that they
Speaker 5: wanted to go to, even if it's a little bit different,
Speaker 5: and just enjoy everything while it's here.
Speaker 4: Yeah, And I know it's not even been a year yet,
Speaker 4: because you said, last year my mom passed away.
Speaker 2: How's your dad doing.
Speaker 5: I'm like really proud of him, to be honest. He's
Speaker 5: been a real trooper. Like it was such a shock.
Speaker 5: We just weren't anticipating it at all. Happened when they
Speaker 5: were on holiday, Oh no, And it's just such a
Speaker 5: massive mindset shift, Like he and Mum had such a
Speaker 5: plan for retirement. They were gonna, like you know, probably
Speaker 5: move out of the family home and find someone to
Speaker 5: live and do all this travel. And now he's like, well,
Speaker 5: where am I going to go? It feels like such
Speaker 5: a massive decision. Who am I going to travel with?
Speaker 5: Who am I just like, you know, talking to about
Speaker 5: silly things like how your day's been.
Speaker 4: It's so true though, you just take all of it
Speaker 4: for granted, even though you don't mean to until something
Speaker 4: like this happens.
Speaker 5: Yeah, definitely. So it's been huge. Like I said earlier,
Speaker 5: mom she was kind of running the household. So he's
Speaker 5: been like learning how to kind of cook again, and
Speaker 5: you know, all that kind of stuff too, So he's
Speaker 5: really taken it in his stride, like I know he'll
Speaker 5: be fine, but I think it's been a rocky road
Speaker 5: and I think there's probably still quite a lot to
Speaker 5: cross before things are kind of like it's some kind
Speaker 5: of semblance of normal.
Speaker 4: Ah well, sending you and your family lots and lots
Speaker 4: of love, Thank you. I do want to ask, now, though,
Speaker 4: what do you think your best money habit is?
Speaker 2: Do you think it came from your mum?
Speaker 5: I think so.
Speaker 2: I have a sneaker suspicion that might be the case.
Speaker 5: Yeah, I think she was so organized. I think I
Speaker 5: can't say that I'm nearly as organized as she was,
Speaker 5: but I think getting there strike yeah, baby steps. The
Speaker 5: planning streak is there. I'm quite good at delayed gratifications,
Speaker 5: so I don't impulse spin very often. But that probably
Speaker 5: leads into my worst money habit as well. But she's
Speaker 5: like getting quite stressed about spending money or like feeling
Speaker 5: guilty if I spend money, because I think, on the
Speaker 5: flip side of all this, I think that life is
Speaker 5: short and I should spend And then on the other
Speaker 5: side of things, I'm like, well, something could happen, and
Speaker 5: I might need it really quickly. So I'm sort of
Speaker 5: like navigating that.
Speaker 4: Finding a balance is important and really hard, and maybe
Speaker 4: I will do a podcast on finding balance, but like
Speaker 4: the whole podcast would be like.
Speaker 2: There's actually no right or wrong.
Speaker 4: Balance for you looks different to me, and even looks
Speaker 4: different to my partner, even though we live in the
Speaker 4: same house and just like you and your partner share
Speaker 4: finances completely connected. So I find it, yeah, really really interesting.
Speaker 4: But it's one of those things that I think you're
Speaker 4: consistently working on is what does it look like? And
Speaker 4: right now, obviously there's a lot that you're going through,
Speaker 4: but then you're also planning some really big things. So
Speaker 4: balance right now is probably going to look a lot
Speaker 4: different to you know, in five or ten years time,
Speaker 4: when you're like, oh, we really want to settle down,
Speaker 4: we want to do this, we want to do that,
Speaker 4: and balance will look differently again. Like even me right now,
Speaker 4: going through this whole process of having a baby, I'm like, well,
Speaker 4: my priorities is shifting. Told me this would happen, and
Speaker 4: I didn't believe them. I was like, no, I'm a
Speaker 4: money queen, Like I'm all over the story, guys, I've
Speaker 4: changed everything, Like it's really obnoxious. It's really important to
Speaker 4: kind of like always readdress it. But it's nice to
Speaker 4: be open and honest about like, oh that does make
Speaker 4: me anxious. Maybe having a think about why could help you.
Speaker 4: I guess guide forward money, Darrest. I feel like we
Speaker 4: have talked a lot. This has been a beautiful, eye
Speaker 4: opening chat. Thank you so much for sharing. I guess
Speaker 4: so much about your mama. Like it's so nice to
Speaker 4: talk about people who are no longer here because you
Speaker 4: know their spirit lives on. But I also just feel
Speaker 4: like sometimes in hindsight we get to learn so much
Speaker 4: through them still.
Speaker 2: As well, for sure.
Speaker 4: But at the start of the episode, you said, oh,
Speaker 4: I think I'm a B plus to an AS, and
Speaker 4: I was like, okay, no worries, and like I couldn't
Speaker 4: agree more, But like, what would it take to get
Speaker 4: to an A plus?
Speaker 2: Like what would that look like in your eyes?
Speaker 5: I think it would be like being more confident in
Speaker 5: the way that I am choosing to spend, and like,
Speaker 5: I guess, structure my money. I think that's probably what
Speaker 5: it would be. I think knowing that it's probably all
Speaker 5: going to be fine and not trying to kind of
Speaker 5: sick and guess all my decision making and just be like, no,
Speaker 5: this is what is working for me, and I'm happy
Speaker 5: with that, and I'm not sick and kissing myself. I
Speaker 5: think that would be for me what it would take
Speaker 5: to get to an A plus love.
Speaker 4: Unfortunately, that is all we have time for today. Money dirist,
Speaker 4: it has been beautiful chatting to one of our friends
Speaker 4: across the ditch. I wouldn't be mad if you came
Speaker 4: and lived in Australia, like we would be better off
Speaker 4: for it.
Speaker 2: But it has been so nice chatting to you.
Speaker 4: I feel like I've got a lot out of this
Speaker 4: diary at a note that a lot of people in
Speaker 4: our community have as well, So thank you.
Speaker 2: It's really appreciated.
Speaker 5: Thank you so much.
Speaker 2: They'd buy shared on cheese.
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