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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 3: Hello, and welcome to She's on the Money, the podcast

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Speaker 3: Millennials who want financial freedom. Welcome to another shot back

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Speaker 3: money Diary Monday, where we get to talk to one

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Speaker 3: about gorgeous community members all about their money story, their challenges,

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Speaker 3: what they're doing, their hotes, their dreams, and we just

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Speaker 3: kind of get all the juicy goss.

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Speaker 1: Really, don't we be?

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Speaker 4: We definitely do.

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Speaker 3: It's a very exciting time. We get to peer behind

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Speaker 3: the curtain a little bit. And I've got a great

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Speaker 3: story for you today. Do you want me to read

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Speaker 3: it out?

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Speaker 4: I am very excited? What have you got for me?

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Speaker 5: So?

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Speaker 3: Our diarist says. My parents divorced when I was five.

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Speaker 3: Both had different spending habits, and unfortunately I got mom's

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Speaker 3: side of spending. I moved out of home and interstate

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Speaker 3: at twenty two got into a world of personal debt

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Speaker 3: from twenty two to twenty seven. My dad passed away

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Speaker 3: three years ago unexpectedly, and his will wasn't up to date,

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Speaker 3: so it was a really long and difficult process for

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Speaker 3: my family. He's a state finalized in December, and so

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Speaker 3: recently I received an inheritance as of six months ago,

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Speaker 3: I got a new job and I'm now saving on

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Speaker 3: my own, which is really exciting. What a roller coaster.

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Speaker 3: And we actually got a ride very recently about wills

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Speaker 3: and estate planning and all of that, so I feel

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Speaker 3: like this is a really good and interesting one to

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Speaker 3: talk about, kind of as a follow up to that.

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Speaker 4: It's crazy because nobody takes wills in a state planning

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Speaker 4: seriously until something really dramatic happens. Money Diarist, I believe

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Speaker 4: you're hanging out with us already. Hello, how are you?

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Speaker 4: Oh my gosh, I'm so good. I feel like this

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Speaker 4: is going to be such an interesting money dory and

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Speaker 4: I cannot wait to jump straight in. So let's do that,

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Speaker 4: Money Diarist, Can you tell us a little bit about

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Speaker 4: your money story.

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Speaker 5: I think it's been very complicated. So when my parents

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Speaker 5: separated when I was five years old, they both met

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Speaker 5: other partners. My dad and his previous wife, well his

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Speaker 5: next wife worked in government and for universities, and that

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Speaker 5: was quite like supportive, and we always had enough. And

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Speaker 5: then my mum met someone who had three kids of

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Speaker 5: their own and they had two more together, so money

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Speaker 5: was a bit more tight between us. With a family

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Speaker 5: of two adults and then ended up being seven children.

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Speaker 3: A lot of children.

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Speaker 5: Yeah, So I definitely heard from like a young age

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Speaker 5: that you know, they didn't have any money and we

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Speaker 5: were expensive.

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Speaker 1: To look after because there was a lot of us.

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Speaker 5: And there was times where you know, Mum's like I've

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Speaker 5: only got fifty dollars in my account for the week.

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Speaker 1: So I think.

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Speaker 5: They were two very different circumstances, but I was always

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Speaker 5: looked after. I just think later on in life I

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Speaker 5: didn't really get taught about money habits. I started working

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Speaker 5: full time from when I was eighteen and saved up

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Speaker 5: and when overseas on a gap year, and then when

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Speaker 5: I came back and had more responsibilities, I think that's

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Speaker 5: when I just didn't have the guidance that I needed

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Speaker 5: all the knowledge in general just to be able to

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Speaker 5: look after myself and to not spend more than my means. Yeah.

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Speaker 4: Wow, yeah, oh, I'm going to ask so many questions

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Speaker 4: about that.

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Speaker 1: Yeah.

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Speaker 5: And then fast forward a couple of years, I decided

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Speaker 5: that I wanted to move to Sydney from Canberra and

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Speaker 5: I got a job up here. The job wasn't the

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Speaker 5: best paying, but I was just super excited to live

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Speaker 5: outside of home and be on my own and really

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Speaker 5: wanted to travel, but didn't have enough money too, so

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Speaker 5: I got out a personal loan and then it kind

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Speaker 5: of just snowballed from there. So I'm trying to rebuild

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Speaker 5: my relationship with money to have a positive effect on

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Speaker 5: my life and know it's there for me and to

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Speaker 5: support me in the things that I want to do,

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Speaker 5: and it's a tool to just enhance my life.

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Speaker 4: Gosh, I love how you're viewing it now as opposed

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Speaker 4: to how you grew up. But I'm going to ask

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Speaker 4: other questions about that later in the show. Onto the

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Speaker 4: next question. What do you currently do for work and

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Speaker 4: how much money do you earn?

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Speaker 5: So I'm a team assistant for a commercial property developer

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Speaker 5: in the city and as of yesterday, I finished my propriation.

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Speaker 1: Or congrass thank you.

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Speaker 5: I'm now on ninety thousand dollars a year, including super

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Speaker 5: oh very nice.

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Speaker 4: How exciting. And you passed probation. That's always such. I

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Speaker 4: feel like we all know how we're going to do

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Speaker 4: on probation, right, Like you kind of know you're doing

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Speaker 4: a good job, but there's still that underlying level of

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Speaker 4: anxiety where you like but anything could happen, and so

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Speaker 4: when you pass it you're like, yes, Like I knew

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Speaker 4: this was coming, but it's such a relief, especially with

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Speaker 4: COVID as well.

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Speaker 1: It's just one more layer.

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Speaker 5: I'll sow you like, Eh, what's going on?

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Speaker 4: That is so true? Money Diarist, what is your big

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Speaker 4: money at the moment.

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Speaker 5: I'd really like to buy a property this year with

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Speaker 5: my partner, So that's the big goal. We've got a

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Speaker 5: long way to go before we get there. We're not

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Speaker 5: in a super rush, but the goal is to add

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Speaker 5: more savings to our existing savings and then you know,

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Speaker 5: feel comfortable with it.

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Speaker 4: Awesome. Do you currently invest money?

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Speaker 1: Diarist? Well, I have Super so that's yes, Queen.

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Speaker 4: Great answer, great answer.

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Speaker 1: But other than that, not at the moment.

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Speaker 5: It's something I'd like to do in future, but I

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Speaker 5: think I want to rebuild my relationship with money first.

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Speaker 5: If I can get a house or a property, that

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Speaker 5: would be great, and I think that will be the

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Speaker 5: next step.

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Speaker 4: Yeah, epic on investment, still talk to me about Super

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Speaker 4: How much priority do you put on it? How much

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Speaker 4: time have you spent looking at it?

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Speaker 1: Not a lot? I check it every couple of months.

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Speaker 5: I guess maybe like every quarter and make sure you

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Speaker 5: know it's all coming through from work.

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Speaker 1: And that's fine. I feel all right with it.

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Speaker 5: I think I could be more involved in it. I

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Speaker 5: think I could utilize the superneration company more to talk

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Speaker 5: about what I want my.

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Speaker 1: Future to look like.

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Speaker 5: And I guess I can't remember what are they called?

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Speaker 5: What are the different types of investments?

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Speaker 4: The portfolios?

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Speaker 5: Yes, I think I could be more involved with what

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Speaker 5: portfolios are available and what would suit me best.

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Speaker 4: My gosh, that is a really good point that you

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Speaker 4: bring up utilizing the super company. Like most super companies.

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Speaker 6: Have advisors and teams that you can just call ninety

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Speaker 6: nine percent of the time for free to be like, hey,

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Speaker 6: this is a goal of mine. Am I going to

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Speaker 6: be able to achieve it?

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Speaker 4: And they'll be able to let you know and talk you.

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Speaker 7: Through stuff like that. That's what they're there for. Go

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Speaker 7: get the free advice from your supercompany. I mean, obviously,

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Speaker 7: take everything with a grain of salt, because they can't

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Speaker 7: advise you on whether you should stay with the super

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Speaker 7: company or if you should go or with the right.

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Speaker 4: You know, the right actual company for you. But when

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Speaker 4: it comes to have I got enough money in there,

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Speaker 4: like what amount of contribution should I be investing to

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Speaker 4: achieve X, Y and Z. They'll know all those answers,

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Speaker 4: so definitely give them a buzz. But I could go

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Speaker 4: on about super forever, ask Jess I actually do in

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Speaker 4: the office. The next question for your money direst is

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Speaker 4: do you currently have any debts?

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Speaker 1: I have a credit card.

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Speaker 5: The limit is one thy five hundred, so that's more

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Speaker 5: just for me and my partner if we want to

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Speaker 5: go just traveling within Australia and we want to book

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Speaker 5: a higher car and we can put that on there.

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Speaker 5: It's fully paid except for two hundred dollars for address

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Speaker 5: that I've got for a wedding in two weeks time.

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Speaker 5: Oh exciting, and I'll pay that off when I get

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Speaker 5: paid next week.

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Speaker 4: So before when we read out your money story, obviously

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Speaker 4: you've been in some debt before. How much debt were

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Speaker 4: you in and how did.

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Speaker 5: You get out of it? I think the total number

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Speaker 5: wasn't very nice. I think it was like between a

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Speaker 5: personal loan.

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Speaker 1: And a car.

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Speaker 5: It was combined, probably about five thousand dollars. So I

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Speaker 5: got a personal loan in twenty seventeen to essentially fund

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Speaker 5: a trip to go overseas and to help me, like

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Speaker 5: with paying rent while I was away, And I had

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Speaker 5: also bought a second hand car on finance six months

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Speaker 5: before that as well, and then I increased it over

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Speaker 5: a couple of years as well, so I kept paying

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Speaker 5: it off and then would increase it.

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Speaker 4: I feel like that's the cycle of debt because you go,

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Speaker 4: oh my gosh, like if your ste comes up, like

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Speaker 4: you need to, but you also get into debt and

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Speaker 4: then you rely on it in a way you're like, okay, cool,

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Speaker 4: like I know if something comes up, I can just

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Speaker 4: put it on there and I'll just keep paying it off, right,

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Speaker 4: Like it's not that big of an issue. But what

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Speaker 4: you forget is that it's an issue for future you.

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Speaker 4: And I feel like it's such a cycle.

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Speaker 5: Yeah, twenty two year old me did not care about

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Speaker 5: twenty seven year old me.

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Speaker 1: Oh, she was like, she'll have it together.

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Speaker 4: She'll be fine, of course she will, she'll be great.

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Speaker 4: In fact, like we don't know her. Who's twenty seven

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Speaker 4: year old me? Like we don't care about her, we've

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Speaker 4: never met her.

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Speaker 3: When you're twenty two to twenty seven, themes so far away.

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Speaker 4: Also, there's such different ages as well, like Jess, you're

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Speaker 4: twenty seven now. You just turned twenty eight July.

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Speaker 3: Not sure?

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Speaker 4: Yeah, now twenty eight this year though, twenty twenty two

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Speaker 4: and twenty yeah. Okay, so we're on track for me

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Speaker 4: to remember my team's birthday dates. That's good. But do

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Speaker 4: you remember when you were twenty two? Like I remember

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Speaker 4: back to being twenty two, and it's such a different

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Speaker 4: mindset to twenty seven.

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Speaker 3: I was very similar to Osiris in that I was

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Speaker 3: stuck in the debt cycle at that age. So I

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Speaker 3: think it's heaven and it's it's Yeah, it just happens

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Speaker 3: to everybody when you're younger and you don't have access

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Speaker 3: to that level of education. And we'll probably talk a

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Speaker 3: little bit later. You said about you know, your mum's

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Speaker 3: spending habits and how that.

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Speaker 4: Influences I've got so many questions about that.

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Speaker 3: Yeah, And so when you've been brought up that way,

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Speaker 3: it's just kind of a way of life, really, isn't it.

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Speaker 5: Yeah.

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Speaker 4: Yeah, I feel like when you talk about ages and

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Speaker 4: you might go of victoria, but like the difference between

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Speaker 4: being a six year old and being a ten year

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Speaker 4: old that's massive too. But I feel like once you

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Speaker 4: turn eighteen nineteen, you get to twenty two, you genuinely

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Speaker 4: believe that you're like fully adult. You're like, well, I'm

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Speaker 4: an adult, Like I have my shit together, Like I'm

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Speaker 4: never going to be more mature than this, Like you

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Speaker 4: just genuinely feel and like I look back on it,

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Speaker 4: I was exactly the same, Like my priorities were really

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Speaker 4: short term what I was planning. I just thought I

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Speaker 4: was so smart and I'm not. Like It's it's interesting

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Speaker 4: looking back because I think a lot of people listening

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Speaker 4: to this might be twenty two, and they'll be like,

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Speaker 4: I won't change, Like my priorities won't change, and it's

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Speaker 4: not necessarily even about money, But you would be surprised

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Speaker 4: at how much your mindset can change over that period

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Speaker 4: of time and your values and your priorities. And one

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Speaker 4: day you wake up and you're like, wow, I'd love

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Speaker 4: a new vacuum cleaner, and it just becomes yeah, it

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Speaker 4: becomes so interesting to look back on those things. Do

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Speaker 4: you find that you were a completely different person, Like

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Speaker 4: twenty two year old spending you is not who you

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Speaker 4: are today?

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Speaker 5: Just really buried my head in the sand. Just didn't

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Speaker 5: want to think about like future me as well, because

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Speaker 5: I obviously didn't have enough to cover my expenses, so

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Speaker 5: I was just like just took it, you know.

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Speaker 1: My month at a time.

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Speaker 5: So when I got to about twenty three twenty four,

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Speaker 5: I was like, okay, I really need to try and

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Speaker 5: start paying this step down. And I sold my car

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Speaker 5: and that covered the payment of it.

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Speaker 1: So that was a great start.

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Speaker 5: So that knocked about like ten thousand dollars off, and

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Speaker 5: then I had ways to go with the rest of

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Speaker 5: the debt. And my goal was to just keep paying

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Speaker 5: it and then try and increase my salary.

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Speaker 1: With working as well.

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Speaker 5: And I was settling into my career more and I

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Speaker 5: knew I had better opportunities down the line, and I

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Speaker 5: just I didn't pay additional but I did prioritize it

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Speaker 5: in a way where I was like, Okay, I'm not

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Speaker 5: miss I think any payments. I'm just going to keep

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Speaker 5: going with it and then I'll get there and then

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Speaker 5: if I get a salary increase, you know, then I

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Speaker 5: can start paying more of it off.

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Speaker 4: I feel like that's such a common mindset. Yeah, I'll

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Speaker 4: just pay it off and it earn more. I'll learn

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Speaker 4: more at some point soon it should be right.

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Speaker 5: So I was doing that, and then when my dad

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Speaker 5: passed away unexpectedly, it was awful and I would have

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Speaker 5: anything bring him back. But also at the same time,

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Speaker 5: I was like, okay, well, I'm going to get an

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Speaker 5: inheritance and I can use that to pay it off.

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Speaker 5: Little did I know that the will wasn't up to

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Speaker 5: date and it was a really long.

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Speaker 1: Process for our family.

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Speaker 5: So it took just under three years, and in that time,

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Speaker 5: I still kept paying off my debt, so I had

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Speaker 5: gotten most of it down. So as I like July,

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Speaker 5: I think it was just under like seven thousand dollars,

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Speaker 5: and that was when I was about to start my

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Speaker 5: new job, and I was it was a really big

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Speaker 5: salary increase for me, so I was like, Okay, I

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Speaker 5: can definitely pay this off by the end of the year.

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Speaker 5: So we're kind of all in one that I was like,

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Speaker 5: I know this is coming, but I also now know

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Speaker 5: that I can have the ability to save to be

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Speaker 5: able to pay this off.

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Speaker 4: Oh how good. So you ended up paying it off

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Speaker 4: all on your own and weren't reliant on like the

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Speaker 4: inheritance to wipe your debt clean.

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Speaker 5: Yeah, yeah, I still need my mom and my stepdad

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Speaker 5: helped me out with some lawyers fees during the process

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Speaker 5: as well, so I did pay them back. That was

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Speaker 5: always like, when it comes through, this is what you'll

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Speaker 5: be paying back.

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Speaker 1: So I was like, okay, that's fine.

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Speaker 5: Yeah, so yeah, that's the debt that I paid off

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Speaker 5: with it, so which.

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Speaker 1: Wasn't too bad.

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Speaker 4: Yeah. I really like that. You got to set the

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Speaker 4: mindset and the habit up of saving and paying off

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Speaker 4: a debt. Because one thing that I do find, and

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Speaker 4: I guess having had experience with a lot of people

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Speaker 4: who have gotten inheritance, is because that's actually what I

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Speaker 4: specialize in in my wealth business, a lot of people

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Speaker 4: their in debt. When they receive an inheritance, they wipe

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Speaker 4: it off. That is so great, like they're not in

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Speaker 4: debt anymore, but they haven't set up these positive savings habits,

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Speaker 4: so they either burn through money really quickly or end

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Speaker 4: up in a little bit of a pickle because they

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Speaker 4: don't have that budget and cash flow mindset around what

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Speaker 4: they need to be doing with money, Like they don't

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Speaker 4: prioritize it in the same way that money darrest you

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Speaker 4: might because you go, all right, that was really hard

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Speaker 4: to get out of. Now I have it, I've got

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Speaker 4: to look after it.

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Speaker 1: I never never want to do it again.

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Speaker 4: Yeah, understandably so, but it's such a different mindset to

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Speaker 4: one of oh, well that was wiped off. It's not

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Speaker 4: an issue. It was never a stress for me, like

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Speaker 4: I didn't have to pay it off in a way.

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Speaker 4: So I do find it super interesting watching people and

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Speaker 4: their mindsets around inheritances because over the next I think

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Speaker 4: it's over the next ten years, there's going to be

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Speaker 4: the biggest shifted inter generational wealth that Australia has ever experienced.

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Speaker 4: And it's not nice to talk about, but a lot

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Speaker 4: of our listeners, a lot of our community are going

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Speaker 4: to be in similar situations to you, where a parent

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Speaker 4: is no longer able to be with us and they've

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Speaker 4: got this responsibility and as you've found out, that will process.

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Speaker 4: It's not an easy one. Takes a while, it does. Yeah,

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Speaker 4: money Diarist, the next question, which is such a pivot

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Speaker 4: from talking about debt and inheritance, it's actually about spending

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Speaker 4: money Diarist, Do you shop that?

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Speaker 1: Yes?

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Speaker 4: I do.

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Speaker 1: Oh my gosh, what are true?

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Speaker 4: She's on the money community member Jess.

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Speaker 5: Oh yeah, I do love it. And I think one

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Speaker 5: of the previous money diarists. She's like, oh, I use

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Speaker 5: it for everything if I'm like buying flowers, and I

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Speaker 5: was like, oh, I didn't know you could like use

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Speaker 5: it other than like online shopping like the Iconic and

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Speaker 5: for clothes and things. So I've just bought some furniture,

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Speaker 5: so I've used it on that, like booking trips away

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Speaker 5: with like the accommodation. So what I did last year

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Speaker 5: was I just let it build up for the year

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Speaker 5: and then I withdraw it at Christmas time and then

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Speaker 5: that funds some of.

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Speaker 1: My Christmas present good So that.

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Speaker 4: Takes a bit of the Christmas stress, just like it

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Speaker 4: adds up like slowly.

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Speaker 5: But you know, extra two hundred dollars at Christmas time

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Speaker 5: makes all the difference.

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Speaker 4: It's a lot of money. Like that's a fair few

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Speaker 4: presents that are off the list and you don't have

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Speaker 4: to worry about. Jess, I have a question for you.

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Speaker 4: We were talking about how our money direst is now

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Speaker 4: using it for more than just like clothes on the Iconic.

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Speaker 4: Who's work account did you shop back connected to in

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Speaker 4: the shees on the Money Office, Jesscricci.

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Speaker 3: That would be mine because we don't have a sheese

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Speaker 3: on the money account and stupid any opportunity to make

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Speaker 3: an extra dollar, I'm all about it.

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Speaker 4: But you did ask.

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Speaker 1: I did ask.

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Speaker 4: So for those listening along that like, maybe I should

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Speaker 4: put this on my work computer, only do that if

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Speaker 4: you have permission. Otherwise you could find yourself in a

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Speaker 4: whole heap.

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Speaker 1: Of trouble with Let just do it.

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Speaker 4: I mean, she deserves it, right.

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Speaker 3: It's like a treat yourself moment. It's a good point

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Speaker 3: you make though about like other stuff to online shopping,

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Speaker 3: because someone shared with us a couple of weeks on Instagram.

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Speaker 3: You can use it on calls online. So if you

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Speaker 3: do your grocery shop you can do like the click

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Speaker 3: and collect. If you don't want to pay the extra

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Speaker 3: for the delivery, which I don't because I'm stingy, you

377
00:17:21,359 --> 00:17:23,520
Speaker 3: can place your click and collect, get the shot back,

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Speaker 3: and then just pick it up like you would normally,

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Speaker 3: which is pretty cool.

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Speaker 5: That's great.

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Speaker 1: That's a great tip. I didn't know that.

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Speaker 3: Yeah, saving money for everybody.

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Speaker 4: Your a genius, Jesse Ricci. All right, obviously that's good

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Speaker 4: money habit. But we are now going to ask you money,

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Speaker 4: darrist what is your best money habit?

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Speaker 5: I would say I really know what's coming in and

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Speaker 5: out of my account. So I'm like aware and keeping

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Speaker 5: like keep in check of like how much money we've

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Speaker 5: got in our account, and like what I've got in

390
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Speaker 5: my account, and this is my expenses that are coming up,

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Speaker 5: and I get paid monthly, so every month I know,

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Speaker 5: like what are the events that I've got one that

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Speaker 5: I'm going to need a little bit extra for and

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00:18:05,000 --> 00:18:08,160
Speaker 5: whose birthdays it is? But so I just make sure

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Speaker 5: that I planned all of that out and also buying

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Speaker 5: things on sale, so I try really hard, especially with

397
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Speaker 5: clothing and discretionary items, to not buy them full price,

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Speaker 5: excluding a door beauty.

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Speaker 3: Take an exception there.

400
00:18:22,080 --> 00:18:25,399
Speaker 4: Yeah, we can bend the rules right, just a little bit,

401
00:18:25,520 --> 00:18:28,639
Speaker 4: especially for a door, Like I get it. Yeah, they

402
00:18:28,720 --> 00:18:32,040
Speaker 4: send you a Timtam, so it's worth it, right, do

403
00:18:32,119 --> 00:18:32,600
Speaker 4: it all.

404
00:18:32,480 --> 00:18:35,240
Speaker 3: For the Timtam. As a fellow organized person, I feel

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Speaker 3: like that is a really undervalued skill. We don't often

406
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Speaker 3: hear people say when we ask them this question, Oh,

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Speaker 3: my best skill or my best hack is that I

408
00:18:45,520 --> 00:18:49,639
Speaker 3: have visibility. And visibility is so important because if you

409
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Speaker 3: can't see, if you don't know what you've got coming

410
00:18:52,760 --> 00:18:54,520
Speaker 3: in and going out. I feel like you don't have

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Speaker 3: the foundation to set up those really good habits like

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Speaker 3: paying off your debt or making your saving. So I

413
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Speaker 3: think that's a really really good ENDFI.

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Speaker 5: Yeah, and it's nice to feel that if some month

415
00:19:05,960 --> 00:19:08,040
Speaker 5: I've got a lot on and you know, I've got

416
00:19:08,080 --> 00:19:11,280
Speaker 5: friends getting married and you know those are bigger expensive

417
00:19:11,359 --> 00:19:14,560
Speaker 5: and like bigger birthdays with my family, that I'm not

418
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Speaker 5: hurting my I'm still putting savings aside. But even if

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Speaker 5: it's less like I'm still that's okay. Like if it's

420
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Speaker 5: a couple hundred dollars less than the previous month, at

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Speaker 5: least I'm still saving. Rather than if I never checked.

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00:19:27,359 --> 00:19:29,200
Speaker 5: I feel like I'd just be like, oh, well, I've

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Speaker 5: got all these expenses this month, so I won't even bother.

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Speaker 4: Yeah, it's a good mindset to have. I really like that.

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Speaker 4: Next question, though, is the exact opposite. Money Diarist, what's

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Speaker 4: your worst money?

427
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Speaker 5: Havebit a little bit of treat yourself sometimes when you know,

428
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Speaker 5: maybe a couple of weeks ago, I've bought something that

429
00:19:50,720 --> 00:19:53,360
Speaker 5: I've wanted for a long time, and then on occasion,

430
00:19:53,440 --> 00:19:55,840
Speaker 5: especially if things are on sale, I'm like, well that's

431
00:19:55,880 --> 00:19:58,159
Speaker 5: really good. I really like that and that's going to

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00:19:58,240 --> 00:20:02,600
Speaker 5: serve a good purpose for me. But I probably could

433
00:20:02,640 --> 00:20:04,880
Speaker 5: wait another couple of weeks. But I think when things

434
00:20:04,920 --> 00:20:06,520
Speaker 5: are on sale, I'm like, Okay, I'll get it now

435
00:20:06,560 --> 00:20:08,159
Speaker 5: because I'll be saving this extra money.

436
00:20:08,520 --> 00:20:11,040
Speaker 4: But that's not the worst thing. If it's a super

437
00:20:11,080 --> 00:20:14,960
Speaker 4: planned purchase, right, Like, that's not bad at all. I think,

438
00:20:15,000 --> 00:20:17,840
Speaker 4: in fact, that's a pretty good money habit. I mean, obviously,

439
00:20:17,840 --> 00:20:19,639
Speaker 4: when it comes to cash flow, it might not be

440
00:20:19,640 --> 00:20:22,560
Speaker 4: putting you in the best possible position. But if you're like,

441
00:20:22,680 --> 00:20:24,240
Speaker 4: I'm gonna buy this in a few weeks anyway, and

442
00:20:24,280 --> 00:20:26,680
Speaker 4: it's on tail now, I'm like, that's a money we in,

443
00:20:26,840 --> 00:20:31,439
Speaker 4: is it not? Maybe into.

444
00:20:32,920 --> 00:20:34,879
Speaker 1: Yeah, just getting a lot better?

445
00:20:35,119 --> 00:20:39,480
Speaker 4: Yeah, all right, money Diaris. Last question before we go

446
00:20:39,560 --> 00:20:42,800
Speaker 4: to a bit of a break is what grade would

447
00:20:42,840 --> 00:20:45,280
Speaker 4: you give yourself if we forced you to give your

448
00:20:45,400 --> 00:20:46,800
Speaker 4: money habits A grade?

449
00:20:47,359 --> 00:20:50,880
Speaker 1: I would say a bee. I've progressed a lot.

450
00:20:50,920 --> 00:20:54,960
Speaker 5: I made a lot of changes to my mindset, but

451
00:20:55,040 --> 00:20:55,600
Speaker 5: I think I've.

452
00:20:55,440 --> 00:20:56,119
Speaker 1: Got ways to go.

453
00:20:56,160 --> 00:20:58,600
Speaker 5: I have some big goals with wanting to buy a house,

454
00:20:59,160 --> 00:21:01,920
Speaker 5: and I want to be able to keep saving as well.

455
00:21:01,960 --> 00:21:05,000
Speaker 5: So I really only felt like the last six months

456
00:21:05,040 --> 00:21:07,679
Speaker 5: I've been able to save over the last couple of years,

457
00:21:07,720 --> 00:21:10,200
Speaker 5: so I really want to keep those habits for the future.

458
00:21:11,040 --> 00:21:13,760
Speaker 4: Oh, I really like that. All Right, I have a

459
00:21:13,800 --> 00:21:17,240
Speaker 4: whole heap of questions for you after this really quick break.

460
00:21:17,800 --> 00:21:20,520
Speaker 4: All right, we are back and money dirist, I want

461
00:21:20,560 --> 00:21:23,280
Speaker 4: to get into it. You said that your parents divorced

462
00:21:23,280 --> 00:21:25,520
Speaker 4: when you were quite young. They went their separate ways,

463
00:21:25,600 --> 00:21:30,280
Speaker 4: started their own families, and your mum had seven kids

464
00:21:30,280 --> 00:21:33,000
Speaker 4: in total in the end, which would put a financial

465
00:21:33,000 --> 00:21:35,760
Speaker 4: squeeze on anybody, right, Like that is a lot of

466
00:21:36,720 --> 00:21:40,160
Speaker 4: those are a lot of mouths to feed. How did

467
00:21:40,280 --> 00:21:43,119
Speaker 4: that work day to day? And as a kid growing

468
00:21:43,200 --> 00:21:46,320
Speaker 4: up in that situation, Like, did you feel pressure? How

469
00:21:46,359 --> 00:21:47,719
Speaker 4: did that make you feel?

470
00:21:47,880 --> 00:21:50,320
Speaker 5: So, my mom was with someone from when I was

471
00:21:50,359 --> 00:21:53,800
Speaker 5: five till I was twelve, So my mother had me

472
00:21:53,840 --> 00:21:55,720
Speaker 5: and my sister and he had three and then they

473
00:21:55,760 --> 00:21:59,520
Speaker 5: had two together. So I definitely felt when I was

474
00:21:59,560 --> 00:22:02,359
Speaker 5: like thirty, even though she had separated from him, I

475
00:22:02,400 --> 00:22:04,520
Speaker 5: just wanted my own money and I wanted to work

476
00:22:04,600 --> 00:22:07,160
Speaker 5: and just be able to buy things for myself because

477
00:22:07,160 --> 00:22:08,760
Speaker 5: I know there was a lot of pressure on her.

478
00:22:09,240 --> 00:22:13,400
Speaker 5: So I guess when I was younger, I really wondered,

479
00:22:13,520 --> 00:22:16,080
Speaker 5: like how she was affording to like look after all

480
00:22:16,119 --> 00:22:16,440
Speaker 5: of us.

481
00:22:17,160 --> 00:22:18,159
Speaker 1: She also didn't.

482
00:22:17,920 --> 00:22:21,600
Speaker 5: Work for a period of time, so I didn't realize

483
00:22:21,600 --> 00:22:23,840
Speaker 5: at the time, because I was young, that she was

484
00:22:23,880 --> 00:22:28,040
Speaker 5: getting benefits to help with us. And then I would

485
00:22:28,040 --> 00:22:30,880
Speaker 5: go over to my dad's house and everything would be

486
00:22:31,240 --> 00:22:34,439
Speaker 5: looked after for us, and we went on holidays and

487
00:22:34,480 --> 00:22:37,080
Speaker 5: that was really that was really great, and we enjoyed

488
00:22:37,080 --> 00:22:40,200
Speaker 5: that a lot. But I didn't feel that we were

489
00:22:40,200 --> 00:22:43,800
Speaker 5: putting strain on my dad and his wife at the time.

490
00:22:44,440 --> 00:22:46,560
Speaker 4: And did you feel that you were putting I mean,

491
00:22:47,119 --> 00:22:49,480
Speaker 4: just based on your language, did you feel that you

492
00:22:49,480 --> 00:22:52,360
Speaker 4: were putting strain on your mum? And if so, how

493
00:22:52,400 --> 00:22:55,879
Speaker 4: did you, I guess as a young kid operate in

494
00:22:55,920 --> 00:22:57,560
Speaker 4: those different situations.

495
00:22:57,800 --> 00:22:58,640
Speaker 1: Well, I just knew as.

496
00:22:58,560 --> 00:23:00,560
Speaker 5: Soon as I could work, I would, So I got

497
00:23:00,560 --> 00:23:04,960
Speaker 5: my first job when I was just under fifteen, a

498
00:23:05,040 --> 00:23:09,240
Speaker 5: baker's Delight, and I was very true so happy to

499
00:23:09,280 --> 00:23:11,359
Speaker 5: have my own money and just be able to like

500
00:23:11,440 --> 00:23:14,520
Speaker 5: buy the clothes and things that I wanted and CDs.

501
00:23:15,280 --> 00:23:19,159
Speaker 5: I definitely knew that at Dad's place he would have

502
00:23:19,200 --> 00:23:22,720
Speaker 5: more capability to like buy me bigger things or bigger

503
00:23:22,760 --> 00:23:27,080
Speaker 5: ticket items. Rather than asking my mum. I definitely leaned

504
00:23:27,160 --> 00:23:31,600
Speaker 5: on my dad more to help me with the things

505
00:23:31,600 --> 00:23:34,760
Speaker 5: that I wanted. But they were they also did work

506
00:23:34,800 --> 00:23:38,359
Speaker 5: really well together as like co parenting, So they did,

507
00:23:38,440 --> 00:23:42,360
Speaker 5: you know, split all of our school fees, braces car

508
00:23:42,480 --> 00:23:45,639
Speaker 5: driving lessons and things like that and going you know,

509
00:23:45,680 --> 00:23:48,520
Speaker 5: school camps and things. So they did make that fifty

510
00:23:48,520 --> 00:23:50,760
Speaker 5: to fifty, So I really like I've kept that with

511
00:23:50,840 --> 00:23:53,040
Speaker 5: me so with my partner at the moment, we have

512
00:23:53,040 --> 00:23:56,879
Speaker 5: a similar income, so everything's fifty to fifty between us,

513
00:23:56,880 --> 00:24:00,280
Speaker 5: and I really value that a lot. But I know

514
00:24:00,320 --> 00:24:02,399
Speaker 5: that it was just it was a lot easier on

515
00:24:02,400 --> 00:24:05,600
Speaker 5: my dad's side from what I knew, which probably wasn't

516
00:24:05,600 --> 00:24:08,879
Speaker 5: a lot because money wasn't really spoken about heavily in

517
00:24:08,920 --> 00:24:11,480
Speaker 5: either of our families except from my mum, but I

518
00:24:11,520 --> 00:24:13,720
Speaker 5: knew she was a lot more stressed about it.

519
00:24:13,840 --> 00:24:17,600
Speaker 3: So it sounds like they worked really hard to make

520
00:24:17,640 --> 00:24:20,080
Speaker 3: that work for you guys, with those two very different

521
00:24:20,119 --> 00:24:21,840
Speaker 3: dear styles, which I think.

522
00:24:21,720 --> 00:24:22,560
Speaker 4: Is really special.

523
00:24:22,840 --> 00:24:26,119
Speaker 3: With a situation like that where one family could potentially

524
00:24:26,320 --> 00:24:29,320
Speaker 3: afford to give you more or be a little more comfortable,

525
00:24:29,520 --> 00:24:31,560
Speaker 3: there would have been a huge potential for that to

526
00:24:31,640 --> 00:24:34,679
Speaker 3: put a strain on that relationship, so I think it's

527
00:24:34,800 --> 00:24:39,080
Speaker 3: so admirable and really worth highlighting that they worked through

528
00:24:39,119 --> 00:24:41,000
Speaker 3: that to do as much as they could for you

529
00:24:41,040 --> 00:24:43,800
Speaker 3: guys within the bounds of their own means.

530
00:24:44,160 --> 00:24:47,080
Speaker 4: Yeah, Yeah, that's really special. I like that because often,

531
00:24:47,520 --> 00:24:51,280
Speaker 4: you know, once a couple divorces, like there's a personal

532
00:24:51,400 --> 00:24:54,160
Speaker 4: level of that. So sometimes they don't work as well

533
00:24:54,160 --> 00:24:58,000
Speaker 4: together or there's something going on, but it's nice to

534
00:24:58,040 --> 00:25:01,760
Speaker 4: know that they were harmonious. Can we pivot the conversation

535
00:25:01,960 --> 00:25:05,840
Speaker 4: to talking about wills and estate planning for a hot

536
00:25:06,000 --> 00:25:09,960
Speaker 4: You know, when your father passed away, was that an

537
00:25:10,000 --> 00:25:12,639
Speaker 4: expected thing or was it an absolute shock?

538
00:25:12,760 --> 00:25:12,879
Speaker 3: Like?

539
00:25:12,880 --> 00:25:15,240
Speaker 4: Can you tell us a little bit about that process.

540
00:25:16,080 --> 00:25:17,520
Speaker 1: It was a pretty big shock.

541
00:25:18,000 --> 00:25:24,640
Speaker 5: So he had been unwell for quite some time, so

542
00:25:24,680 --> 00:25:28,560
Speaker 5: he went through a second divorce. He had previously struggled

543
00:25:28,560 --> 00:25:31,680
Speaker 5: with alcoholism, and I think that was just really the

544
00:25:31,760 --> 00:25:37,679
Speaker 5: kind of the last straw for him and he moved away.

545
00:25:37,800 --> 00:25:40,000
Speaker 5: So he moved up to Queensland, so we just didn't

546
00:25:40,040 --> 00:25:42,840
Speaker 5: have the same connection. And I think I was really

547
00:25:42,920 --> 00:25:46,280
Speaker 5: upset that my life had kind of turned upside down

548
00:25:46,440 --> 00:25:48,320
Speaker 5: because he had been with his wife at the time

549
00:25:48,720 --> 00:25:51,320
Speaker 5: for fifteen years and since I was five, so it

550
00:25:51,359 --> 00:25:55,240
Speaker 5: really did feel like parents separating. And they had two

551
00:25:55,400 --> 00:25:58,480
Speaker 5: younger daughters together, who I love very dearly and are

552
00:25:58,560 --> 00:26:01,680
Speaker 5: very close to. So I was really upset with him

553
00:26:01,960 --> 00:26:05,760
Speaker 5: for leaving and not giving them the same childhood experience

554
00:26:05,800 --> 00:26:06,400
Speaker 5: that I had.

555
00:26:06,720 --> 00:26:09,480
Speaker 4: Well, that's really sweet that that's how you viewed it,

556
00:26:09,520 --> 00:26:12,439
Speaker 4: like it was obviously your dad's leaving and that's changed

557
00:26:12,480 --> 00:26:14,479
Speaker 4: for you. But it was because they wouldn't get the

558
00:26:14,520 --> 00:26:16,160
Speaker 4: experience that you got with him.

559
00:26:16,359 --> 00:26:20,160
Speaker 5: Yeah, and he was a really wonderful dad. He could

560
00:26:20,240 --> 00:26:24,840
Speaker 5: definitely manage us. So he left and then we just

561
00:26:24,880 --> 00:26:28,000
Speaker 5: lost contact, and it upset me that he didn't want

562
00:26:28,040 --> 00:26:30,160
Speaker 5: to be around as much. But I think I really

563
00:26:30,200 --> 00:26:33,639
Speaker 5: just didn't know the extent of how living with an

564
00:26:33,680 --> 00:26:37,960
Speaker 5: addiction works and how much it changes a person's personality.

565
00:26:39,880 --> 00:26:42,600
Speaker 5: So when he passed away, I knew he wasn't probably

566
00:26:42,640 --> 00:26:45,520
Speaker 5: in the best place, but I didn't realize how severe

567
00:26:45,640 --> 00:26:47,920
Speaker 5: that it was, and neither did the rest of my family.

568
00:26:48,200 --> 00:26:51,080
Speaker 1: So yeah, it was a bit. It was a big

569
00:26:51,119 --> 00:26:51,800
Speaker 1: shock to us.

570
00:26:52,119 --> 00:26:55,480
Speaker 4: That's really awful, but that's how it sometimes works for

571
00:26:55,600 --> 00:26:59,040
Speaker 4: some people. An addiction is it's not easy to hide

572
00:26:59,119 --> 00:27:02,760
Speaker 4: but people with it work incredibly hard oh to shelter

573
00:27:02,920 --> 00:27:05,240
Speaker 4: you from that so that you might not And as

574
00:27:05,280 --> 00:27:07,199
Speaker 4: you said, you didn't know the full extent of it.

575
00:27:07,240 --> 00:27:10,199
Speaker 4: And I don't think that that's anyone's fault. It just

576
00:27:10,440 --> 00:27:13,560
Speaker 4: is what it is. But it's also there's a level

577
00:27:13,560 --> 00:27:15,920
Speaker 4: of denial in these things as well. So he didn't

578
00:27:15,960 --> 00:27:17,800
Speaker 4: think it was as bad as it was. He didn't

579
00:27:17,800 --> 00:27:19,800
Speaker 4: know that that was going to be the case. And

580
00:27:20,600 --> 00:27:23,080
Speaker 4: you know, when it comes to I guess the overlay

581
00:27:23,080 --> 00:27:26,640
Speaker 4: of wills and estate planning, you're already grieving, like you're

582
00:27:26,680 --> 00:27:30,120
Speaker 4: already having a really shitty time to then find out

583
00:27:30,240 --> 00:27:33,080
Speaker 4: you have to go through this entire process of like

584
00:27:33,160 --> 00:27:36,440
Speaker 4: claiming a will. What was that like and how did

585
00:27:36,480 --> 00:27:38,600
Speaker 4: you find out that it would be that hard?

586
00:27:39,000 --> 00:27:41,320
Speaker 5: I didn't find out it would be that hard until

587
00:27:41,359 --> 00:27:45,159
Speaker 5: I was in it, and once it had started. So

588
00:27:45,440 --> 00:27:48,439
Speaker 5: he had a will of from when he was married,

589
00:27:48,600 --> 00:27:51,560
Speaker 5: and then once he had his second divorce, he didn't

590
00:27:51,640 --> 00:27:56,960
Speaker 5: update it, which was what caused the issue. So when

591
00:27:56,960 --> 00:27:59,520
Speaker 5: you divorce from somebody and if they're in your will,

592
00:27:59,560 --> 00:28:03,000
Speaker 5: it treats them like they've died. So the first schedule

593
00:28:03,040 --> 00:28:05,119
Speaker 5: of his will is like everything will go to my wife,

594
00:28:05,960 --> 00:28:06,840
Speaker 5: so that was void.

595
00:28:07,040 --> 00:28:08,080
Speaker 1: And then the second.

596
00:28:07,880 --> 00:28:11,320
Speaker 5: Part of the world was for his four daughters, including me,

597
00:28:12,040 --> 00:28:16,760
Speaker 5: and because in the will it looked like that my

598
00:28:16,880 --> 00:28:19,840
Speaker 5: younger sisters wouldn't have any parents and that they would

599
00:28:19,840 --> 00:28:22,720
Speaker 5: be orphans because it treated like his.

600
00:28:23,640 --> 00:28:25,919
Speaker 4: Expension like she had died.

601
00:28:26,400 --> 00:28:30,120
Speaker 5: So the majority of this estate went to them, and

602
00:28:30,160 --> 00:28:33,960
Speaker 5: we didn't feel like it was a fair split between

603
00:28:34,000 --> 00:28:37,000
Speaker 5: us because now all four children had one.

604
00:28:36,840 --> 00:28:40,360
Speaker 4: Parent each, Yeah, and they both had a mum still around. Yeah,

605
00:28:40,440 --> 00:28:43,280
Speaker 4: that was it was just the legalities and the way

606
00:28:43,320 --> 00:28:46,000
Speaker 4: the legals work and split it. It's crazy to think

607
00:28:46,480 --> 00:28:48,400
Speaker 4: that that is how it is, and you would think,

608
00:28:48,560 --> 00:28:51,240
Speaker 4: wellias are smart, they'd be able to have that conversation,

609
00:28:51,400 --> 00:28:54,480
Speaker 4: but they have to adhere to what the law says, right, Yeah.

610
00:28:55,600 --> 00:28:58,280
Speaker 1: So we asked my sister's mother.

611
00:28:58,400 --> 00:29:01,400
Speaker 5: We're like, look, we think that the will should, like

612
00:29:01,480 --> 00:29:06,280
Speaker 5: his estate should be split more fairly between us. This

613
00:29:06,400 --> 00:29:09,080
Speaker 5: was quite recently after he'd passed away. I think maybe

614
00:29:09,120 --> 00:29:13,640
Speaker 5: after two months. That's what we decided on. And then

615
00:29:13,680 --> 00:29:17,400
Speaker 5: as time went on, we started to get in contact

616
00:29:17,440 --> 00:29:20,680
Speaker 5: with lawyers and started the process and they advised us

617
00:29:20,720 --> 00:29:25,080
Speaker 5: that we were going to need a deed to amend

618
00:29:25,120 --> 00:29:27,320
Speaker 5: this to show that yes, we had all agreed with

619
00:29:27,360 --> 00:29:30,640
Speaker 5: each other, and that's what took a really long time.

620
00:29:30,880 --> 00:29:34,200
Speaker 5: My sister's mother kind of took back what she said

621
00:29:34,800 --> 00:29:39,200
Speaker 5: and she wasn't happy with the even split anymore. So

622
00:29:39,280 --> 00:29:42,280
Speaker 5: then we had to get our own separate lawyers and

623
00:29:42,320 --> 00:29:45,120
Speaker 5: then that was a long process and then come to

624
00:29:45,200 --> 00:29:50,440
Speaker 5: an agreement together. So that was a lot of pushing, yeah,

625
00:29:50,920 --> 00:29:54,520
Speaker 5: and stress. Yeah, and we all know like that he

626
00:29:54,560 --> 00:29:56,920
Speaker 5: would want the four of us just to have it

627
00:29:57,000 --> 00:30:00,320
Speaker 5: as even as possible. Yeah, because our testamentary trust were

628
00:30:00,800 --> 00:30:04,320
Speaker 5: you can't access it until you're twenty five, and I

629
00:30:04,400 --> 00:30:08,160
Speaker 5: was just twenty four at the time, so I didn't

630
00:30:08,160 --> 00:30:10,960
Speaker 5: have long to go, but my youngest ones had a

631
00:30:11,080 --> 00:30:14,680
Speaker 5: very long time there. And to us, we're like, well,

632
00:30:14,800 --> 00:30:17,000
Speaker 5: that's at least ten fifteen years where you're able to

633
00:30:17,040 --> 00:30:17,600
Speaker 5: invest that.

634
00:30:18,320 --> 00:30:22,080
Speaker 4: Yeah, that's fair, and I would have to because testamentary

635
00:30:22,120 --> 00:30:24,880
Speaker 4: trusts are very hard to argue with. You would have

636
00:30:24,960 --> 00:30:27,560
Speaker 4: to keep that in cash, Like if that was the

637
00:30:27,600 --> 00:30:30,600
Speaker 4: case where you're correct, like if you amend that, they

638
00:30:30,640 --> 00:30:34,680
Speaker 4: could invest it in the interim. So it's a really

639
00:30:34,840 --> 00:30:38,520
Speaker 4: fickle part of the law and a part of you

640
00:30:38,560 --> 00:30:41,239
Speaker 4: know life that people don't think about, and it is

641
00:30:41,280 --> 00:30:45,280
Speaker 4: really stressful and it is really complicated. So my friend,

642
00:30:45,320 --> 00:30:48,400
Speaker 4: what ended up happening is it now evenly split? Is

643
00:30:48,440 --> 00:30:50,520
Speaker 4: everybody in the best possible position.

644
00:30:51,320 --> 00:30:55,040
Speaker 5: So we decided to split it sixty forty So my

645
00:30:55,120 --> 00:30:57,840
Speaker 5: two youngest ones have thirty percent each, and then myself

646
00:30:57,840 --> 00:31:01,320
Speaker 5: and my sister we have twenty percent each.

647
00:31:01,960 --> 00:31:04,440
Speaker 4: And how I'm going to be so pervy? How did

648
00:31:04,480 --> 00:31:07,720
Speaker 4: you come to that as being a fair split when

649
00:31:08,320 --> 00:31:11,080
Speaker 4: just before you said my dad would want it even so.

650
00:31:11,120 --> 00:31:14,840
Speaker 5: In the will, originally it was seventy thirty, so right,

651
00:31:14,880 --> 00:31:18,240
Speaker 5: it wasn't too far off, but it wasn't fifty to fifty,

652
00:31:18,360 --> 00:31:21,280
Speaker 5: So I just that's what we pushed for.

653
00:31:21,600 --> 00:31:25,440
Speaker 4: So, yeah, that's fair. It's just interesting to understand the splay. Yeah,

654
00:31:25,640 --> 00:31:26,880
Speaker 4: not being too person.

655
00:31:26,760 --> 00:31:29,120
Speaker 5: No no, no, no, it's good for people to learn

656
00:31:29,160 --> 00:31:32,880
Speaker 5: about like this is this is what can happen absolutely

657
00:31:33,080 --> 00:31:33,600
Speaker 5: in a line.

658
00:31:33,960 --> 00:31:38,320
Speaker 4: And then to take it another layer further, your dad's estate,

659
00:31:38,640 --> 00:31:41,320
Speaker 4: what was it made up of? Was it just cash?

660
00:31:41,480 --> 00:31:45,080
Speaker 4: Was it cash and assets like properties? Was there a

661
00:31:45,200 --> 00:31:48,680
Speaker 4: life insurance or an insurance component to this that needed

662
00:31:48,680 --> 00:31:51,600
Speaker 4: to be paid out? And how did the semantics of

663
00:31:51,640 --> 00:31:52,880
Speaker 4: all of that happen.

664
00:31:53,760 --> 00:31:58,640
Speaker 5: So it was superannuation, which was the majority of it

665
00:31:59,200 --> 00:32:00,760
Speaker 5: because he'd worked for university.

666
00:32:01,600 --> 00:32:03,680
Speaker 4: We have nice super He did have.

667
00:32:03,720 --> 00:32:08,440
Speaker 5: Nice super ah, and then he had a dad. Yeah,

668
00:32:08,480 --> 00:32:11,640
Speaker 5: he had a small unit. And then he had some

669
00:32:11,800 --> 00:32:14,320
Speaker 5: cash as well. But most of the cash, I reckon

670
00:32:14,440 --> 00:32:18,560
Speaker 5: was taken up by just managing the estate and yeah,

671
00:32:18,720 --> 00:32:19,760
Speaker 5: and legal fees.

672
00:32:19,920 --> 00:32:22,840
Speaker 4: Yeah, and that's something that you just don't realize that's

673
00:32:22,880 --> 00:32:25,520
Speaker 4: such an expensive process. Like people who are like, oh,

674
00:32:25,680 --> 00:32:28,480
Speaker 4: it doesn't matter if we don't have a wheel, Like, yes,

675
00:32:28,560 --> 00:32:29,040
Speaker 4: it does.

676
00:32:29,480 --> 00:32:29,680
Speaker 6: Yeah.

677
00:32:29,720 --> 00:32:32,800
Speaker 4: In fact, a clean clear will would have saved you, guys,

678
00:32:32,960 --> 00:32:36,400
Speaker 4: not only three years, but a whole heap of headaches

679
00:32:36,400 --> 00:32:39,240
Speaker 4: and admin and legal conversations that you needed to wrap

680
00:32:39,240 --> 00:32:41,560
Speaker 4: your head around and the stress of being like I

681
00:32:41,560 --> 00:32:44,280
Speaker 4: don't understand it. Is someone screwing me over here? Like

682
00:32:44,520 --> 00:32:46,200
Speaker 4: do I get it? Do I not get it? Are

683
00:32:46,200 --> 00:32:50,360
Speaker 4: they operating my best interests? Like were you comfortable through

684
00:32:50,400 --> 00:32:52,880
Speaker 4: that process? Like how did you manage it personally? And

685
00:32:53,040 --> 00:32:53,760
Speaker 4: so you were okay?

686
00:32:53,880 --> 00:32:55,640
Speaker 1: Now there was a lot of meltdowns.

687
00:32:57,240 --> 00:32:58,160
Speaker 4: I'm not surprised.

688
00:32:58,360 --> 00:32:58,959
Speaker 1: Yeah.

689
00:32:59,040 --> 00:33:01,200
Speaker 5: I used to work with someone who was in family law,

690
00:33:01,280 --> 00:33:03,080
Speaker 5: so that was really helpful just to be able to

691
00:33:03,240 --> 00:33:06,360
Speaker 5: ask her questions. And then the lawyers that we had

692
00:33:06,800 --> 00:33:09,840
Speaker 5: my sister and I as beneficiary. She was really great

693
00:33:10,120 --> 00:33:13,960
Speaker 5: and made sure that we were comfortable and we understood

694
00:33:14,000 --> 00:33:16,880
Speaker 5: everything that was going on, and then gave us scenarios

695
00:33:16,920 --> 00:33:19,520
Speaker 5: as well. So she did, you know, make it very

696
00:33:19,560 --> 00:33:24,360
Speaker 5: clear if you're going to contest this will and you

697
00:33:24,880 --> 00:33:27,160
Speaker 5: don't want it the way it is, the most likely

698
00:33:27,200 --> 00:33:29,240
Speaker 5: thing is that their fees are just going to eat

699
00:33:29,320 --> 00:33:32,280
Speaker 5: up all of your Yeah, and she's like, so it

700
00:33:32,320 --> 00:33:35,480
Speaker 5: would be best to try and have just be able

701
00:33:35,480 --> 00:33:36,440
Speaker 5: to work it out together.

702
00:33:36,880 --> 00:33:39,000
Speaker 4: So yeah, that's fair, that's fair.

703
00:33:39,280 --> 00:33:43,440
Speaker 3: Oh my gosh, I'm so sorry that you had this experience.

704
00:33:43,480 --> 00:33:47,000
Speaker 3: I just want to say through an already really traumatic

705
00:33:47,160 --> 00:33:50,440
Speaker 3: time dealing with that unexpected death, and I just wanted

706
00:33:50,440 --> 00:33:54,680
Speaker 3: to say thank you for sharing such personal intimate information

707
00:33:54,760 --> 00:33:57,240
Speaker 3: about the process, because, as you said, I think it's

708
00:33:57,240 --> 00:34:00,680
Speaker 3: something that people just really do not it sect to

709
00:34:00,760 --> 00:34:04,640
Speaker 3: deal with, and particularly if you're younger, you kind of go, oh, like,

710
00:34:04,840 --> 00:34:08,000
Speaker 3: don't figure it out, it'll be fine, like I'm sure

711
00:34:08,040 --> 00:34:10,960
Speaker 3: it'll be all good, and they maybe don't consider the

712
00:34:11,080 --> 00:34:13,799
Speaker 3: ramifications that that has on the loved ones that you

713
00:34:13,880 --> 00:34:17,640
Speaker 3: leave behind. So I think that this story that you've

714
00:34:17,640 --> 00:34:19,600
Speaker 3: shared with us will really be a little bit of

715
00:34:19,719 --> 00:34:22,000
Speaker 3: kick up the butt to some people, including me, who

716
00:34:22,080 --> 00:34:24,520
Speaker 3: need to get a little in order and make sure

717
00:34:24,560 --> 00:34:27,680
Speaker 3: that things are all sorted out. So thank you so

718
00:34:27,680 --> 00:34:28,240
Speaker 3: so much.

719
00:34:28,440 --> 00:34:29,280
Speaker 1: You're so welcome.

720
00:34:29,480 --> 00:34:31,920
Speaker 3: If anyone does need a little bit more insight intervals,

721
00:34:32,000 --> 00:34:33,879
Speaker 3: as we said at the top, we did cover that

722
00:34:34,120 --> 00:34:36,239
Speaker 3: not too long ago. Also have a search through the

723
00:34:36,239 --> 00:34:39,400
Speaker 3: feed for more information. There's also some really great government

724
00:34:39,440 --> 00:34:41,439
Speaker 3: resources out there that will link in the show notes

725
00:34:41,440 --> 00:34:42,400
Speaker 3: that you can look into.

726
00:34:42,960 --> 00:34:44,880
Speaker 6: Yeah, and one thing that I want to say this

727
00:34:44,960 --> 00:34:48,719
Speaker 6: has been again yess is absolutely correct. Thank you for

728
00:34:48,760 --> 00:34:51,480
Speaker 6: sharing that because it's not when it's not easy to

729
00:34:51,520 --> 00:34:54,160
Speaker 6: talk about, but it's such an intimate part, Like I'm

730
00:34:54,200 --> 00:34:57,080
Speaker 6: asking about how your father passed away and what that

731
00:34:57,120 --> 00:34:59,760
Speaker 6: looked like and how that worked, and it's a lot.

732
00:35:00,000 --> 00:35:02,759
Speaker 6: But it's also so powerful for the community to hear that,

733
00:35:03,200 --> 00:35:05,719
Speaker 6: because often when we have a friend going through a

734
00:35:05,760 --> 00:35:08,760
Speaker 6: similar situation, you're like, what was the real process?

735
00:35:08,840 --> 00:35:11,239
Speaker 4: Like you just know that they're working it out, Like

736
00:35:11,280 --> 00:35:14,760
Speaker 4: you're not going to ask those pervy questions because usually

737
00:35:14,760 --> 00:35:16,640
Speaker 4: you're like, I don't want to pry. I don't want to,

738
00:35:16,680 --> 00:35:18,640
Speaker 4: you know, overstep my muk. I just need to make

739
00:35:18,640 --> 00:35:21,400
Speaker 4: sure that they're okay. And this story I think is

740
00:35:21,440 --> 00:35:24,759
Speaker 4: going to really help so many people see that. It's

741
00:35:24,800 --> 00:35:27,120
Speaker 4: not just you know, me a financial advisor being like

742
00:35:27,200 --> 00:35:31,120
Speaker 4: it's important get your will in order, but it genuinely

743
00:35:31,239 --> 00:35:34,160
Speaker 4: is so important to place a value on this, not

744
00:35:34,400 --> 00:35:37,319
Speaker 4: just for you, but also for your family, because you

745
00:35:37,320 --> 00:35:40,000
Speaker 4: don't want to put your family through unnecessary stress.

746
00:35:40,239 --> 00:35:43,080
Speaker 5: It's for your family. It's to make a really horrible

747
00:35:43,080 --> 00:35:46,319
Speaker 5: time for them so much easier and stress very So

748
00:35:46,400 --> 00:35:49,240
Speaker 5: I really would encourage everyone to get one.

749
00:35:49,560 --> 00:35:54,400
Speaker 4: Yes, exactly exactly, all right, well money diarist, I do

750
00:35:54,560 --> 00:35:56,600
Speaker 4: think that is all we have time for today with

751
00:35:56,719 --> 00:36:00,400
Speaker 4: FIM recording for ages. Again, thank you for joining us.

752
00:36:00,600 --> 00:36:03,080
Speaker 4: But just before we head off, as always, we'd like

753
00:36:03,120 --> 00:36:06,600
Speaker 4: to acknowledge and pay respect to Australia's Aboriginal and Torres

754
00:36:06,640 --> 00:36:10,440
Speaker 4: Strait island of People's. They're the traditional custodians of the lands,

755
00:36:10,480 --> 00:36:14,120
Speaker 4: the waterways and the skies all across Australia. We thank

756
00:36:14,160 --> 00:36:16,120
Speaker 4: you for sharing and for caring for the land on

757
00:36:16,160 --> 00:36:18,920
Speaker 4: which we are able to learn. We pay respects to

758
00:36:19,000 --> 00:36:21,600
Speaker 4: elders past and present, and we share our friendship and

759
00:36:21,680 --> 00:36:23,200
Speaker 4: our kindness, and the.

760
00:36:23,160 --> 00:36:25,720
Speaker 3: Advice shared on Cheese on the money is generally nature

761
00:36:25,800 --> 00:36:29,359
Speaker 3: and does not consider your individual circumstances. She's on the money.

762
00:36:29,440 --> 00:36:32,000
Speaker 3: Is this purely for educational purposes and should not be

763
00:36:32,080 --> 00:36:35,080
Speaker 3: relied upon to make an investment or financial decision. And

764
00:36:35,200 --> 00:36:38,719
Speaker 3: we promise Victoria Divine is an authorized representative of Infocused

765
00:36:38,719 --> 00:36:43,160
Speaker 3: Securities Australia Proprietary Limited ABN four seven oh nine seven

766
00:36:43,280 --> 00:36:46,800
Speaker 3: seven nine seven zero four nine AFSL two three six

767
00:36:46,840 --> 00:36:47,600
Speaker 3: five two three.

768
00:36:47,800 --> 00:36:49,920
Speaker 4: I'm not used to that yet, jess it, that's a

769
00:36:49,960 --> 00:36:53,160
Speaker 4: little more weird. I'll get baby next week. Say later, guys.

770
00:36:53,360 --> 00:37:03,760
Speaker 3: Bye,