Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 2: Hello and welcome to She's on the Money, the podcast
Speaker 2: for millennials who want financial freedom. Today is Friday, my Friends,
Speaker 2: which means it is time to sit back with the
Speaker 2: girls and a bev in hand, to unpack our favorite
Speaker 2: moments of the week and of course, to celebrate you
Speaker 2: how incredible She's on the Money community. As always, we're
Speaker 2: going to be sharing our favorite money wins, We're going
Speaker 2: to discuss what's making news in the finance world, and
Speaker 2: this week we're going to be helping to answer do
Speaker 2: you see money question about property with a partner, so
Speaker 2: stick around for that. But first it is time, as
Speaker 2: always to recap the week that was. Miss Jessic Gariachi
Speaker 2: tell us what happened on our Monday's Money Dary episode.
Speaker 4: This week's Diris was someone who self proclaimed herself as
Speaker 4: an elder millennial.
Speaker 5: I'm not calling her old.
Speaker 2: That's what she said themselves, an elder millennial, Like just
Speaker 2: don't it, you're a millennial, yea to stop end her story.
Speaker 4: We're the old people on TikTok and that's okay.
Speaker 2: We know our place. It's to be pests.
Speaker 4: She grew up with a lot of stress in her
Speaker 4: life when it came to money. You know, she said
Speaker 4: she made poor career choices or choices she wasn't happy
Speaker 4: with her parents and grandparents made choices that you know,
Speaker 4: maybe didn't put them in the best possible position. And
Speaker 4: her whole life she kind of had this understanding of
Speaker 4: that's just how it was like you kind of you
Speaker 4: get by and that's.
Speaker 5: As good as it gets.
Speaker 4: But in the last five or six years, she has
Speaker 4: moved countries seven times. She's lived seven was wild. Yeah,
Speaker 4: she's lived all over the world. She's been making decisions
Speaker 4: that really aim at furthering her career, increasing her income,
Speaker 4: setting herself up financially. She had six figures now, and
Speaker 4: she said that she wanted to share her story for
Speaker 4: anyone who you know, was in a similar position to
Speaker 4: her when she was growing up, and to tell them
Speaker 4: that you can change your money, so you can change
Speaker 4: your journey and you can set yourself up for success,
Speaker 4: which I thought was awesome because absolutely there's, you know,
Speaker 4: a level of privilege in everyone's life, and the circumstances
Speaker 4: that your adult are a challenge, and some people adult
Speaker 4: are better hand than others. But it was very inspirational
Speaker 4: to hear her say, oh my gosh, like it was
Speaker 4: really tough, and I was surrounded by people who were
Speaker 4: making decisions that maybe weren't the best. But I worked
Speaker 4: really hard and I educated myself and I'm where on
Speaker 4: changing that for me, going for it.
Speaker 3: I feel like that would be a really good episode
Speaker 3: to listen to for people, people who might even be
Speaker 3: afraid of listening to our podcast, who might think money
Speaker 3: is a really anxiety inducing topic. To know that you
Speaker 3: can change your circumstance. Absolutely, you can put the work in,
Speaker 3: it's not going to happen overnight, but over the long
Speaker 3: term you can really make changes.
Speaker 2: So I think it's really empowering. I mean, not to
Speaker 2: take it this way, because obviously that's really impactful, but Jess,
Speaker 2: as you know, I have been watching The Real Housewives
Speaker 2: of bevly He recently, which is solid content for those
Speaker 2: of you playing along at home. The drama. It wouldn't
Speaker 2: fly in twenty twenty two. There is no way that
Speaker 2: stuff would make it to air without them being completely canceled,
Speaker 2: which is why I'm totally here for it. But to
Speaker 2: wrap back to my actual point, one of them said
Speaker 2: the other day on the show, They're like, oh, didn't
Speaker 2: you grow up and be taught that talking about money
Speaker 2: is disgusting and vulgar and all of this, And I
Speaker 2: was just like, sis, we need to talk Like I
Speaker 2: literally was looking at it, going that's such a toxic mentality.
Speaker 2: And it's been a really long time since I've been
Speaker 2: faced with that kind of opinion. And I mean, it
Speaker 2: wasn't directed at me, but seeing someone be like, it's
Speaker 2: actually disgusting, Like you shouldn't do that, Like you shouldn't
Speaker 2: talk about money or how much you pay for anything,
Speaker 2: or and I was just like, hold up, like that's
Speaker 2: something that is now empowering women and putting them in
Speaker 2: the best possible position to get paid what they're worth
Speaker 2: and do what they need to. And I just feel
Speaker 2: like the idea that talking about money is gross just
Speaker 2: it really irked me. And I was just like, our
Speaker 2: money diaries exist purely for you guys to know what
Speaker 2: other people go through and how that works. And look
Speaker 2: how much we've learned over the last few years of
Speaker 2: sharing money diaries. And I think we've all learned over
Speaker 2: you know, the last three years of she'ese on the money,
Speaker 2: that talking about money doesn't mean I go, hey, just
Speaker 2: how much do you earn? Like we can have wholesome,
Speaker 2: really productive conversations about money without talking personally about what
Speaker 2: you earn. I mean, I'm all for sharing that and
Speaker 2: talking about that because that puts us on a better,
Speaker 2: more equal playing field. But man, I was really taken
Speaker 2: aback by that, And so then looking at this money,
Speaker 2: it's just so cool that she's rejigging her financial circumstances
Speaker 2: and putting herself in the driver's seat, which I think
Speaker 2: is something that should be extended to everybody one hundred percent.
Speaker 4: And like that's why We love having such diverse stories.
Speaker 4: This was an international story as well, which was so cool.
Speaker 4: It blows my mind that we have people living internationally
Speaker 4: and if you live in another country, let us know,
Speaker 4: because that we always get such a kick out of
Speaker 4: hearing where you're listening from. It also was a very
Speaker 4: interesting look into a world that's very different from our
Speaker 4: own because she shared about her parents who are living
Speaker 4: in Venezuela, and for those who don't know, I really
Speaker 4: didn't know a lot about it. The economic and civil
Speaker 4: climate over there is really at a boiling point and
Speaker 4: it's a really tough place to be living, and she
Speaker 4: was assisting them financially, and it was a good reminder
Speaker 4: that there's a much bigger world out.
Speaker 2: There than talking about rent and eggs cost and whether
Speaker 2: we can save up for a home to polit It's
Speaker 2: so wild, isn't it.
Speaker 5: It absolutely is.
Speaker 4: And she was so candid in sharing her backstory, her parents' backstory.
Speaker 4: I was really really grateful for it.
Speaker 2: Wednesday was a good deep dive, Miss Georgia King. Were
Speaker 2: you allowed back on the podcast?
Speaker 3: I was allowed back on.
Speaker 2: You are so lucky, I know.
Speaker 3: And this week we spoke all about passive versus active
Speaker 3: investing lady, what a dream.
Speaker 2: I think I'm the only one who really enjoyed that episode.
Speaker 2: But that is okay.
Speaker 3: I learned some things.
Speaker 2: Do you want to hear? I want to know what
Speaker 2: you learned.
Speaker 3: An active investor tries to beat the market, whereas a
Speaker 3: passive investor tracks a market index. So we spoke about
Speaker 3: the pros and cons of each. You'll be able to
Speaker 3: figure out what type of investor you are. It's it's
Speaker 3: a lot of fun.
Speaker 1: You know.
Speaker 2: In Dolly Doctor, they used to have the quiz like
Speaker 2: this or you're that?
Speaker 5: Like which one direction member are you?
Speaker 6: Yeah?
Speaker 2: Not even in Dolly Doctor. It was just in Dolly
Speaker 2: like the Dolly Doctor ones will always way more perfuse
Speaker 2: which Luba are you? I don't know. That's all I
Speaker 2: could think of. I'm sorry, but we should bring those
Speaker 2: back and make like investing risk profiles sexier, like which
Speaker 2: one direction are you? And then we should allocate different
Speaker 2: risk profiles to each of them. Are you, Harry? I
Speaker 2: don't know.
Speaker 5: You sucks to be a Liam Paid.
Speaker 2: I'm kidding, great guy, by all reports, Just Georgia King.
Speaker 2: Let's move away because we've spoken about Liam payin Harry
Speaker 2: and lube. We are going to go into our budget
Speaker 2: directed money wins of the week. What have you got
Speaker 2: to bring to the table?
Speaker 1: Do it?
Speaker 3: The first win comes from gri Money Win. I received
Speaker 3: a check from A and Z for a closed credit
Speaker 3: card I had overpaid on at the time of closing.
Speaker 3: I overpaid a dollar thirty nine and because of the
Speaker 3: interest A gained over the years, I got a check
Speaker 3: for fifty two dollars.
Speaker 2: Oh money Wi.
Speaker 4: I said, I feel like she gained the system. Also
Speaker 4: very interested that you just said A and Z.
Speaker 1: Oh my god.
Speaker 3: I thought about letting it flies and I was like, noah, God,
Speaker 3: you never know what's going to come out of your mouth.
Speaker 3: All these things.
Speaker 2: Okay, So I used to get in so much trouble
Speaker 2: growing up. Eric Devine, if you are listening, I am
Speaker 2: still salty about this. But he'd be like, Z is
Speaker 2: the American way of saying things. You need to say Z.
Speaker 2: That is Australian and British, and we use British English
Speaker 2: in this house. And I'd be like, okay, so everybody
Speaker 2: else is doing their avcs and I'm like X Y Z,
Speaker 2: and my dad would be like hitting the roof. He's like,
Speaker 2: it's X Y Z and be like that just doesn't flow.
Speaker 2: The flow is not there, so you're messing with the
Speaker 2: juju in this room by saying that.
Speaker 3: Georgia, where I stand by A and C. Let's move
Speaker 3: on to Sarah's money. When I recently visited a new
Speaker 3: dentist clinic near the city and they found five fillings
Speaker 3: that are due for replacing, the quote was horrendous. I
Speaker 3: went to see my local regular dentist and their quote
Speaker 3: was seven hundred dollars less. So that's where I'll be
Speaker 3: going for my next appointment.
Speaker 2: You just message her for the deets. Yeah, exactly, Sarah.
Speaker 3: I'll be in touch. But do you guys go to
Speaker 3: the dentist, because I don't.
Speaker 1: We do.
Speaker 2: Actually just might have the same dentist to Farty at
Speaker 2: the Richmond Dentist and achreas an actual legend. But yeah, no,
Speaker 2: it is expensive. But dental work across the board I
Speaker 2: think is expensive. And I feel like we're lucky in
Speaker 2: Australia because in America it's actually cooked. But like to me,
Speaker 2: teeth are really important, So a good dentist is.
Speaker 4: Want it worth the money to be. I didn't go
Speaker 4: to them just four decades.
Speaker 5: Because I was so anxious about put that on the pod.
Speaker 4: Yeah, people, I think I'm gross, but yeah, like finding
Speaker 4: someone where you feel comfy, I would, And this is
Speaker 4: a really good example of values based spending. Our dentist
Speaker 4: is a little pricier, but I've never felt more comfortable,
Speaker 4: and they're so good about taking me through and making
Speaker 4: me feel good that I'm like, you know what, that's
Speaker 4: worth a bit more money to.
Speaker 2: Take some convincing as well. I was like, no justice,
Speaker 2: I promise, just kept thinking, like I really need to go,
Speaker 2: and I literally got to the point where I was like,
Speaker 2: do you need me to come? Like I will hold
Speaker 2: your head. And then she went and I think you
Speaker 2: called me on the way home and you were like
Speaker 2: they're so nice, like it was fun, They're going to
Speaker 2: do this, and now just like getting in disil line
Speaker 2: and going the whole hole, I'm like, wow, from just
Speaker 2: wanting to check up to doing a full invisil line journey,
Speaker 2: I think in visil line sponsorship because that stuff is
Speaker 2: real spinner if you want to look about if money losses.
Speaker 4: I feel like there's a note on my file that
Speaker 4: literally says she is petrified handle with care.
Speaker 2: When she comes in all right, what else have you got?
Speaker 3: The next one comes from Brianna. Guys, it is a
Speaker 3: money loss. Taylor Swift announced her new album and Life
Speaker 3: When that.
Speaker 2: Is an investment, I'm sorry, what do you mean?
Speaker 3: She said she had to pre order the vinyl and
Speaker 3: the CD.
Speaker 4: So yeah, on the same day as the Arctic Monkeys album.
Speaker 4: Stop it, don't call me, don't talk to me. My
Speaker 4: calendar says, do not disturb.
Speaker 2: What She's actually not joking, like, I wor yes, my
Speaker 2: god all day the first half of the day. Arctic Monkeys, Yeah,
Speaker 2: And I'm just like you, what's like? That's self care? Baby? Yeah.
Speaker 2: But in my head, I was like, Oh, she's going
Speaker 2: to these concerts. No, she's not. She's at home.
Speaker 5: I'm listening and I'm crying and I'm feeling the feelings.
Speaker 3: I hope, I hope they're both amazing for you.
Speaker 2: Don't we approve You'll leave in this office for literally anything.
Speaker 2: It's all good.
Speaker 3: The next comes from Georgie money Win. I started collecting
Speaker 3: containers for return collection two months ago and I did
Speaker 3: my first drop off today. That's an extra twenty dollars
Speaker 3: in my savings. Plus I'm helping the environment every little
Speaker 3: bit helps hos love this. The next wind comes from
Speaker 3: Bella money win. I've been dying to couch upgrade for months,
Speaker 3: but I wasn't financially ready to do so. I happened
Speaker 3: to be on good karma at the right time and
Speaker 3: someone was trying to sell a seven thousand dollar couch
Speaker 3: but they were sick, no shows and time wasters, so
Speaker 3: I got it for free.
Speaker 5: What this is a very hot deal.
Speaker 2: That's a hot deal.
Speaker 3: Seven thousand dollars.
Speaker 2: Seven thousand dollars couch, all right, But let's flip this.
Speaker 2: Imagine making the circumstance where you're the owner of a
Speaker 2: seven thousand dollar couch and you're like whatever, I'm in
Speaker 2: a financial position where if someone can just come get it.
Speaker 4: Think they must have good tree by a lot of
Speaker 4: people to get Yeah.
Speaker 3: Well, I'm seven thousand dollars down the train.
Speaker 2: Please DMS pictures of the couch on me to see yes,
Speaker 2: please please.
Speaker 3: The next wind comes from Emma Kate money win. I
Speaker 3: got a ten percent pay rise at the job. I've
Speaker 3: only been out for six months. Money not bad. And
Speaker 3: the last one for the day comes from Ainsley. It
Speaker 3: is the ultimate money win, she writes today I received
Speaker 3: a verbal offer for a role in another state that
Speaker 3: pays thirty three thousand dollars more than.
Speaker 5: My current role.
Speaker 2: Oh what alleg you.
Speaker 3: I'm still in shock. But now it's time to plan
Speaker 3: the big solo move.
Speaker 2: Oh my gosh, I want to know what she's doing.
Speaker 2: You guys need to give me way more info on
Speaker 2: these money wins, Like I want your life story, you
Speaker 2: know how some people like get to the point. I'm like, no, no, no,
Speaker 2: I want to know where you grew up and what
Speaker 2: your dog's name was, and then what was your money winn? Again?
Speaker 5: Oh that's it for the week.
Speaker 2: That's it for that week. Oh my gosh, Well, Georgia King,
Speaker 2: it has been a fantastic celebrating some of your budget
Speaker 2: direct money wins. Budget Direct winner of Canstares Insurer of
Speaker 2: the Year Award twenty twenty two. Budget Direct Insurance Solved.
Speaker 2: Let's go to a really quick break and after that
Speaker 2: we are going to answer some spicy questions about sharing
Speaker 2: property potentially with your partner. Don't go anywhere, all.
Speaker 4: Right, guys, today I have some local news Victorian news.
Speaker 4: Apologies for our friends in other states, but it does
Speaker 4: come into a broader conversation, so please don't turn off.
Speaker 4: I wanted to talk about this announcement that came out
Speaker 4: from a Victorian government all about covering hex step, which
Speaker 4: is really exciting, and so we've spoken about many many
Speaker 4: times on the podcast.
Speaker 2: With my six figures of hex step, my ears pricked
Speaker 2: straight up.
Speaker 4: Yeah, and unfortunately not for you. No, but we know
Speaker 4: that there's a real skills shortage in the health care sector.
Speaker 4: Our our care workers have been absolutely slammed through COVID.
Speaker 4: People are exiting that industry at incredibly high rates, understandably,
Speaker 4: so I think to kind of encourage people to get
Speaker 4: back in to get new blood. The Victorian government has
Speaker 4: announced that they will be covering the full cost of
Speaker 4: Hextet for more than ten thousand students who are studying
Speaker 4: nursing or midwifree undergraduate degrees, which ten that's a lot
Speaker 4: of hextet to be paid ten thousand. If you think
Speaker 4: about what the average HEXTET is maybe ten grand a year.
Speaker 5: Yeah, yeah, call it.
Speaker 4: Call it like Ballpark's thirty grand times ten thousand.
Speaker 3: You've lost me.
Speaker 4: That's too many zeries for my head. I can't do it.
Speaker 4: But that's a lot of money and they're obviously aiming
Speaker 4: at getting that sector back up, aiming at getting us,
Speaker 4: you know, the infrastructure all set up so that, Heaven's forbid,
Speaker 4: if anything were to happen again, we're a little bit
Speaker 4: more prepared, if you will.
Speaker 2: I just googled it. Guys, an average undergraduate degree in
Speaker 2: nursing here in Australia will cost you anywhere between twenty
Speaker 2: and thirty five thousand dollars. Yeah, total, Like, that's lots.
Speaker 4: It's lots of money, and I think it's really great
Speaker 4: that they're prioritizing that. But it's opened up the conversation
Speaker 4: and this is kind of where it gets broader, bringing
Speaker 4: in our interstate friends back into the fold. I've seen
Speaker 4: a lot of discourse from people saying, well, I'm halfway
Speaker 4: through my nursing degree, why isn't my thing being And firstly,
Speaker 4: I get it. You know, it's like when you buy
Speaker 4: a bag and then two days later the bag goes
Speaker 4: on sale and you go, well, I've missed out, and
Speaker 4: you know, in that instance, I would take the bag
Speaker 4: back and be like, can I get the discount?
Speaker 5: And maybe I would.
Speaker 4: Can't really do that with your degree, though, And so
Speaker 4: a lot of people have been kind of a little
Speaker 4: bit upset, a little bit offended because they have done
Speaker 4: nursing previously or they've just started, and for whatever reason,
Speaker 4: the scheme isn't going to cover them. And I don't
Speaker 4: even know if ten thousand would cover every single student,
Speaker 4: let's say next year.
Speaker 5: I'm sure that there probably will be people who miss out.
Speaker 4: And I wanted to talk to you and get your
Speaker 4: thoughts on it, because I guess it's that concept of
Speaker 4: if someone else receives something that you don't, the impact
Speaker 4: that that has on you and how you feel. And
Speaker 4: we saw this mirroad in the US when they forgave
Speaker 4: student loans or announced that they would be for giving
Speaker 4: student loans because a lot of people said, well, I
Speaker 4: paid for my university degree and why should your loans
Speaker 4: be forgiven?
Speaker 5: And might not?
Speaker 4: And I get it, like I get that it's kind
Speaker 4: of crappy to see someone get a financial windfall, you know,
Speaker 4: for someone like UbD, like you've got six figure of
Speaker 4: texter and that's kind of sucky. But should we be
Speaker 4: kind of looking at this and going, you know what,
Speaker 4: Sunnyside up ten thousand more nurses in an industry that
Speaker 4: is so important to us, and that we're so lucky
Speaker 4: to have really great healthcare systems? Is that a good thing?
Speaker 4: How do we deal with those feelings? Because I would
Speaker 4: say it's understandable if you are feeling a bit pissed off,
Speaker 4: but like, how do we process those in a positive way?
Speaker 2: I have three opinions to share. That's a lot of
Speaker 2: a play. Yeah, three three three only probably more, Let's
Speaker 2: be honest, because once I get on the roll, I'll
Speaker 2: be like, oh, and and first, why is it new
Speaker 2: people signing up? Why isn't it the next ten thousand
Speaker 2: people to graduate having their HEX step wiped? Why isn't
Speaker 2: it that? Because I just don't understand why. I'd be like, oh, gee,
Speaker 2: it's free, go sign up for it, and then you
Speaker 2: finish half the degree. Go finish the degree, put it
Speaker 2: all on your HEX and once you graduate, you submit
Speaker 2: the form and you get it all wiped. To me,
Speaker 2: that makes more sense because you're a legit nurse. You
Speaker 2: would have gone through placement and actually gone through all
Speaker 2: of it. I know that that's probably going to be
Speaker 2: controversial because you're like, why would you want people who
Speaker 2: are dropping out having to pay for it? And that
Speaker 2: would then go back to me, being like your values,
Speaker 2: you need to actually know what you want to do.
Speaker 2: And I genuinely believe in having gap years and not
Speaker 2: going into a degree that you're not one hundred percent
Speaker 2: certain on yet. But I would think it should be
Speaker 2: the next ten thousand people going through, not the next
Speaker 2: ten thousand people who sign up, because you're right, Jes,
Speaker 2: people are already doing nursing that could benefit them now. Second,
Speaker 2: pay nurses and literally all hospital staff better. Like, why
Speaker 2: are we forgiving hex step when you could allocate that
Speaker 2: towards paying our nurses and our frontline worker is more money?
Speaker 2: Why are we not talking about reallocating tax dollars to
Speaker 2: paying people for looking after us?
Speaker 3: What is the answer to that? Being?
Speaker 1: Wow?
Speaker 3: Why why are they chosen this stance.
Speaker 2: Because it's the cheaper option. Education in Australia used to
Speaker 2: be free, Like I could not be in any debt.
Speaker 2: I'm grateful to be in hex Step because I genuinely
Speaker 2: feel like it puts me in a better position and
Speaker 2: it puts me ahead, and I have chosen to do that.
Speaker 2: But that's a privilege that is not extended to absolutely
Speaker 2: everybody in our community. And I think that the ballpark
Speaker 2: would change if universities weren't something that we had to
Speaker 2: pay for. There are lots of places around the world
Speaker 2: that do free education. Obviously America is not one of them.
Speaker 2: That's really hard, but I just think there are so
Speaker 2: many things that we could do. Ten thousand nurses like, okay,
Speaker 2: I bloody love nurses. You guys do so many beautiful things.
Speaker 2: You are a better human than I ever will be
Speaker 2: because I cannot do that job, like it would exhaust me.
Speaker 2: But I just think that they should be paid better,
Speaker 2: and that's the priority from my perspective, not you know,
Speaker 2: forgiving a hex step so that they can go and
Speaker 2: get paid, not enough to get a mortgage. It's just
Speaker 2: not fair.
Speaker 3: Tell us more about this. Just when's it coming into play?
Speaker 2: What's the deal?
Speaker 5: Just tell us more so.
Speaker 4: Under the current plan, all new domestic students that enroll
Speaker 4: in nursing all midway three in twenty twenty three and
Speaker 4: twenty twenty four will receive a scholarship up to sixteen thousand,
Speaker 4: five hundred dollars to cover course costs. Students will get
Speaker 4: nine thousand dollars over the duration of their course, and
Speaker 4: then the remaining seven thousand, five hundred will be paid
Speaker 4: if they work in the public health service for two years.
Speaker 4: They're incentivizing people to start.
Speaker 2: Actually stay okay, I like that. Maybe you shouldn't have
Speaker 2: let me have an opinion so early on.
Speaker 4: They also have offered assistance to people studying post grad
Speaker 4: studies in these areas, so intensive care, pediatrics, nurse practitioner specialties,
Speaker 4: and things like that. They will be giving out ten
Speaker 4: thousand dollars scholarships and eleven thousand dollars scholarships will be
Speaker 4: available for enrolled nurses to become registered nurses. So it
Speaker 4: covers off on a few different things. There's a few
Speaker 4: I guess working parts there, but I think overall it's
Speaker 4: great to see in supporting I think you're totally right
Speaker 4: that perhaps it would have been even better to see,
Speaker 4: you know, the award lifted across the board so that
Speaker 4: everybody could benefit. But I is something better than nothing
Speaker 4: in this situation. I guess it's the question.
Speaker 5: I think that's really true.
Speaker 3: Just it's nice, like, obviously we're going to nitpick, and
Speaker 3: it's our role to do so we're a finance podcast,
Speaker 3: but it is nice to celebrate the small wins like
Speaker 3: this is huge for me. I would ask the question of, like,
Speaker 3: where do you draw the line in terms of I'm
Speaker 3: sure there's people listening that are in other industries that
Speaker 3: are feeling like, well, why do I have a fifty
Speaker 3: grand it for not doing that degree? And also will
Speaker 3: it encourage people that aren't the right people for that industry.
Speaker 2: To pursue that industry because of.
Speaker 3: Because it's more more respect affordable option. Correct, So what
Speaker 3: do you guys make of that? Because nurses are like
Speaker 3: the most special people that there are, and if people
Speaker 3: are allured to it for the financial gains, is that
Speaker 3: necessarily the right thing.
Speaker 4: I'd be interested to see what happens. And I guess
Speaker 4: maybe this is where you get that upfront and then
Speaker 4: that secondary coverage, because nursing, I would imagine, is a
Speaker 4: very intensive course, Like I don't think if you're not
Speaker 4: cut out for it, I think would be quite hard
Speaker 4: to make it through that course because there's so much
Speaker 4: practical experience required before you go into the field. So
Speaker 4: you would hope that that would kind of weed you know,
Speaker 4: anyone maybe who wasn't ideal out, But then I don't
Speaker 4: know how that works because obviously there's not a great
Speaker 4: return on the government's investment if people are, you know,
Speaker 4: leaving the course and not becoming nurses. So I don't
Speaker 4: really know how that would work. I guess the point
Speaker 4: you made about people in other industries because there are
Speaker 4: absolutely other industries that work incredibly hard and providing credible value. Yeah,
Speaker 4: and that's kind of like the thing that I was
Speaker 4: touching on before is it is really sucky, And I
Speaker 4: guess it's I want to say, it's okay to feel
Speaker 4: like it's sucky and to be a bit sad and
Speaker 4: to be a bit annoyed, but also trying to remember
Speaker 4: that this outcome is aimed at improving the lives of everyone.
Speaker 4: It's aimed at stabilizing our healthcare system, which at some
Speaker 4: point all of us will need to rely on, and
Speaker 4: that's a good thing. But also like I get it,
Speaker 4: like I get that it's shitty because everyone would like
Speaker 4: a free education, right.
Speaker 2: I agree, But maybe again controversial opinion. I think that,
Speaker 2: you know, if I was Prime Minister, I think all
Speaker 2: frontline workers should get free education. Like you guys are
Speaker 2: coming in contact with the public to put our community
Speaker 2: in a safer, better position. Like I just think that,
Speaker 2: you know, I have been so lucky to be able
Speaker 2: to study finance and go do a business degree. But
Speaker 2: that's me pursuing my passion that you know is arguably
Speaker 2: a bit self serving. Like it is me going I'm
Speaker 2: passionate about this, I'm going to follow that. If you're
Speaker 2: a nurse, if you're a doctor, if you're a PSA,
Speaker 2: if you're an early childhood educator, like you are thinking
Speaker 2: about the needs of other people to begin with, you
Speaker 2: are doing your job for the greater good of the community.
Speaker 2: And I think it puts our country and our community
Speaker 2: in an even better position. Like people go into the
Speaker 2: police force and they're firefighters and their ambos and their
Speaker 2: nurses and their PSAs and their childcare workers, and I
Speaker 2: just think that that type of career decision should be
Speaker 2: rewarded because it benefits our society as a whole. It's
Speaker 2: not something that, you know, again, very self serving. But
Speaker 2: I did my degrees because I was following my passions.
Speaker 2: I obviously want to have an impact, and like that's
Speaker 2: what drives me. I'm so wildly passionate about putting women
Speaker 2: in a better position. But I would argue I'm not
Speaker 2: a frontline healthcare worker, and Jess, you and I have
Speaker 2: had this conversation before where we're like, we're so grateful
Speaker 2: for our jobs. Like if we've got our periods and
Speaker 2: want to go all up with a heat pack in
Speaker 2: bed and work from bed, we've got that flexibility. You're
Speaker 2: a nurse, you can't do that. You have any type
Speaker 2: of frontline working job. You cannot let your personal needs
Speaker 2: outweigh the need to do your job and fulfill an outcome, right, Like,
Speaker 2: I just think those roles are so super special. I
Speaker 2: do think you deserve a free education above and beyond me.
Speaker 2: Who was someone who just followed my passion. And if
Speaker 2: nursing is your passion, great, but it's what benefits the
Speaker 2: community and I think that that should come into play
Speaker 2: when this conversation is being had. But again, personal opinion,
Speaker 2: probably an opinion not everybody agrees with, but we need
Speaker 2: these people to make our world go around, and over
Speaker 2: the last three years we really learned that so much
Speaker 2: in that conversation.
Speaker 5: Ladies.
Speaker 3: Maybe it's a blog post. I don't know, we'll see,
Speaker 3: but for now, I think it's time to listen to
Speaker 3: today's money dilemma. Let's go, hi there, have you got
Speaker 3: a money dilemma? You just can't solve that. She's on
Speaker 3: the Money Team is here to help. Every week we
Speaker 3: tackle your dilemmas, both big and small, to answer your
Speaker 3: most burning money, career and life questions. To get involved,
Speaker 3: simply head to our website and leave us a quick
Speaker 3: voice recording and you may just find yourself on the show. Now,
Speaker 3: let's take a listen to today's money dilemma.
Speaker 6: Hey guys, just a brief summary. Me and my partner
Speaker 6: have been together for five years. He's got an investment
Speaker 6: property and plans to build a granny flat on the back.
Speaker 6: When we've been communicating out about our future recently, he's
Speaker 6: told me that he doesn't want to have my name
Speaker 6: in that property because he's made it himself. Is that
Speaker 6: okay to have separate investments? And how important is it
Speaker 6: to have that traditional split mortgage just because it's different
Speaker 6: to norms of society? Does that make it wrong? And
Speaker 6: should I be grateful that I don't have to pay
Speaker 6: for much? But that means that things won't be my name?
Speaker 6: And if I am to do an investment property in
Speaker 6: my own, like, how do I start? And what does
Speaker 6: that look like for me? And yeah, I guess is
Speaker 6: that normal to have it separate or okay.
Speaker 2: You're right, interesting one that my loves, but one that
Speaker 2: I think you guys are maybe a little bit better
Speaker 2: versed in responding to, because Jess.
Speaker 5: Yes, talk to me.
Speaker 1: Yeah.
Speaker 4: Look, there's really two elements to this question. Firstly, she's asking,
Speaker 4: is it a red flag that he doesn't want to
Speaker 4: put my name on it? Is that problematic? And then
Speaker 4: she's kind of asking, well, what does that look like
Speaker 4: for me if we do do things independently. So to
Speaker 4: answer the first question, I personally don't think it's a
Speaker 4: red flag at all. In fact, that's exactly what I
Speaker 4: plan on doing when I buy it.
Speaker 2: That's why I mean, it's a red flag if you
Speaker 2: had to pay for it and then you don't get
Speaker 2: your name on it. With like, there probably a few caveats.
Speaker 4: Here, and this is like the thing right and you know,
Speaker 4: I'm not buying an investment property all we hopefully occupying
Speaker 4: a property one day soon. But the thing here is
Speaker 4: he has done this on his own, He's purchased it
Speaker 4: by himself. And I guess we don't have all of
Speaker 4: the details. In a sense, if we don't know is
Speaker 4: she living there? Is she not living there? I'm assume
Speaker 4: if it's an investment, she's not. You know, if they're
Speaker 4: putting the granny flat on the back, are they planning
Speaker 4: on living in the granny flat? If so, will she
Speaker 4: be contributing financially? You need to know all of that out.
Speaker 4: But I think that if someone has worked to do something,
Speaker 4: and I guess I'll use myself as an example here,
Speaker 4: I plan on buying a house by myself for weeen behavior,
Speaker 4: thank you snaps for me, but I'm in the position
Speaker 4: financially to do so. My partner is still studying. It
Speaker 4: just is what makes sense.
Speaker 2: It just makes sense for your situation.
Speaker 5: Correct that.
Speaker 4: The conversation that we have had and that I've spoken
Speaker 4: about on the pod before is that, well, I'm so
Speaker 4: happy to do that, and you know, we will live there,
Speaker 4: and we've kind of had to work out what that
Speaker 4: model looks like. And ultimately he will contribute, I guess, rent,
Speaker 4: but I will be responsible for the costs of the house,
Speaker 4: like the rates and the ownership costs, so for him
Speaker 4: it will be like he's renting as he is currently.
Speaker 4: And that's because I wanted to really clearly draw those
Speaker 4: lines in the sand and be like God forbid if
Speaker 4: anything goes wrong, I want it to be very clear
Speaker 4: that this thing that I have worked my butt off
Speaker 4: to do is man and.
Speaker 2: Because that's really fair because if the flip, like, let's
Speaker 2: pretend you grow old together, what's that matter if you
Speaker 2: had that conversation and he was just paying rent that
Speaker 2: whole time, like that asset's benefiting him in the long term. Yeah,
Speaker 2: and then thank you, ma'am. The reason you're structuring it
Speaker 2: that way is if one day something happens, you don't
Speaker 2: end up having worked your butt off to own a
Speaker 2: house that somebody else didn't work their butt off for
Speaker 2: and then they have half of And.
Speaker 4: It sounds like that in this situation, our listener is
Speaker 4: on the other side of the table. This listener is
Speaker 4: my partner, do you know what I mean? So, like,
Speaker 4: he's worked his butt off to have this asset and
Speaker 4: he wants to protect that, and I think that is
Speaker 4: very okay. I think that they're doing the right thing
Speaker 4: in having the conversations about it. Now. That's really kind
Speaker 4: because you know, you both have to be comfortable with
Speaker 4: it ultimately. I think it would be very different if
Speaker 4: he had said, hey, like I have bought this property
Speaker 4: and I want to renovate it, and I want you
Speaker 4: to pay half the money for the renovations, because then
Speaker 4: she has absolutely investment, and that's a different story to
Speaker 4: get to. I guess the other part of the question,
Speaker 4: what does she do? You do it like a single
Speaker 4: independent lady, like you plan to do it by yourself.
Speaker 4: If you purchase it by yourself, and I'm obviously not
Speaker 4: a mortgage broker, definitely talk to one. But if you're
Speaker 4: purchasing by yourself and you're not on the name of
Speaker 4: his property and you haven't been involved in another purchase,
Speaker 4: you are eligible for all of the you know, whatever
Speaker 4: scheme or guarantees you fit the criteria for. So, for example,
Speaker 4: the first home Buyers scheme alone or whatever it is,
Speaker 4: you can qualify for that, whereas if she was to
Speaker 4: go on his property, she would be excluded. So there
Speaker 4: are benefits in that sense. Obviously, it's harder because you
Speaker 4: are getting alone as a single person, which as I
Speaker 4: have found.
Speaker 2: Out Page Challenge.
Speaker 4: Yeah, it can be really hard, but like you kind
Speaker 4: of just do the thing as you would in a couple,
Speaker 4: but by yourself.
Speaker 5: Does that make sense?
Speaker 2: Yeah, Look, it makes total sense. And to be honest,
Speaker 2: if we take away the fact that you're not going
Speaker 2: to own it because it's actually not yours anyway as
Speaker 2: a detrimental thing. Here we go, it actually benefits you,
Speaker 2: you know, Jess. Let's use your situation as a good example. Now,
Speaker 2: James is still unique, doesn't make sense to him to buy,
Speaker 2: hasn't had the same capacity and full time employment that
Speaker 2: you have, which means you're going to buy in the future.
Speaker 2: If you and James are like, do you know what
Speaker 2: we do? Want to buy a family home? You've got
Speaker 2: that asset in the background that you could use equity
Speaker 2: in to buy a family home together. So in the future, James,
Speaker 2: your partner could just decide to go and buy his
Speaker 2: own property, do his own thing, which you'd be more
Speaker 2: than okay with. But if you guys go, oh, we
Speaker 2: want to buy another house, but this time we want
Speaker 2: to do it together, that actually benefits you because it's
Speaker 2: an asset you can lend against obviously with your full
Speaker 2: consent if you wanted to use that. But that means
Speaker 2: one Jess, you don't have to save up a whole
Speaker 2: new deposit because there hopefully will be equity in the
Speaker 2: property that you own to use. But also benefits James
Speaker 2: because that security against that future purchase that puts him
Speaker 2: ahead and puts him in a more secure financial position.
Speaker 2: So I think it's not a bad thing. I think
Speaker 2: it's really beautiful to have these open, honest conversations. But
Speaker 2: I think it's also like, well, George, if you're going
Speaker 2: to go buy a house and I had nothing to
Speaker 2: do with it, like I shouldn't want to lay claim
Speaker 2: to that, And I think it's you know, not that
Speaker 2: our listener is in any way, shape or form doing this.
Speaker 2: I could tell she wasn't by her tone of voice.
Speaker 2: I don't think she was like, Okay, well, when I
Speaker 2: break up with him, I won half his property. But
Speaker 2: that's basically what he's trying to protect against. And I
Speaker 2: think that's so fair because I've said it a million times.
Speaker 2: Not every relationship is guaranteed. And here in Australia, fifty
Speaker 2: percent of marriages and in divorce, so you can never
Speaker 2: be certain, like you don't get married with the intention
Speaker 2: of getting a divorce because that stuff is expensive. I
Speaker 2: can tell you right now, and I'm not even married yet.
Speaker 2: But I just think it's such an interesting conversation because
Speaker 2: it can feel really personal, like, oh, you don't want
Speaker 2: me involved, Jess. Yeah, oh you don't want me to
Speaker 2: be on your thing. It's actually not a personal thing.
Speaker 2: It's actually then putting themselves in the best possible position.
Speaker 2: I think that's really healthy.
Speaker 3: Yeah, and that in turn puts you in the best
Speaker 3: possible position. I think just yet to add it to that, Vie,
Speaker 3: which is exactly what you were saying. You just need
Speaker 3: to take the emotion out of it. This doesn't mean
Speaker 3: that he doesn't see a future with you or anything
Speaker 3: like that. He's just protecting himself, which is exactly what
Speaker 3: we teach people to do on this podcast. If the
Speaker 3: situation was reversed, which it is for you, j Rick.
Speaker 3: You know, we're clapping and cheering because that's amazing to
Speaker 3: take financial control. So yeah, just take the emotion out
Speaker 3: of it. Think of it really pragmatically. And maybe he's.
Speaker 2: Been listening to the pod. Er perhaps he's a little
Speaker 2: fair because our listener question, she's clearly listening to the pod,
Speaker 2: and she's been listening to the pod, and you know,
Speaker 2: was going to buy a house. I hope she'd be like, Oh,
Speaker 2: Victoria's in my head. I probably should have this conversation.
Speaker 2: He's just doing the right things.
Speaker 3: I'm doing the right thing.
Speaker 2: I love that. But guys, I think that is unfortunately
Speaker 2: all we have time for today. So Georgia King, would
Speaker 2: you please wrap the boring but important stuff?
Speaker 3: Of course, please remember, guys that the advice shed on
Speaker 3: She's on the Money is general in nature and does
Speaker 3: not consider out your individual circumstances. She's on the Money
Speaker 3: exists purely for educational purposes and should not be relied
Speaker 3: upon to make an investment or a financial decision. And
Speaker 3: we promise Victoria divine and She's on the Money are
Speaker 3: authorized representatives of in Focused Securities Australia Proprietary Limited ABM
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Speaker 2: We'll see you guys on Monday. Hi, guys, hye