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Speaker 1: My name's Sasha Bamblet. I'm a proud First Nations woman

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Speaker 1: and I'm here to acknowledge country t Glenn Young Ganya, Niana,

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Speaker 1: Kaka yah y and beIN Ahaka Nian our gay In Mbini,

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Speaker 1: yakarum Jar Dominyamiga Umagahawakaman damon Imlan Bumba ban Gadabomba in

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Speaker 1: and now in wakah ghan On yak rum Jar water Nadaa. Hello,

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Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.

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Speaker 1: We thank acknowledge and respect the Abiginal people's land that

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Speaker 1: we're gathering on today. Take pleasure in all the land

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Speaker 1: and respect all that you see. She's on the Money

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Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,

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Speaker 1: knowledge and resources for you to thrive.

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Speaker 2: She's on the Money. 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: that makes personal finance fun, especially on a Friday. It's

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Speaker 3: our favorite day of the week because we get to

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Speaker 3: get together as a team and then we get to

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Speaker 3: celebrate you. How incredible. She's on the Money Community, Miss

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Speaker 3: Jess Ricci. Guess what. She's here to share the Money

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Speaker 3: Wins and Confessions. Miss Bechsayed is back surprisingly more Brooke tips,

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Speaker 3: and we're going to be helping to answer money dilemma

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Speaker 3: that's all about how to privately fund surgery and something

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Speaker 3: that you slid into our dms about whether it's worth

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Speaker 3: taking up your parents offer to be a Garran tour

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Speaker 3: on your home loan if you're worried it's going to

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Speaker 3: come with strings attached. I was at the start. I

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Speaker 3: was like, yeah, of course, no, maybe quick. I really

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Speaker 3: backflipped there to set the tone to get us in

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Speaker 3: a good mood, to stroke our egos. Would you guys

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Speaker 3: like our five star review?

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Speaker 4: Yes?

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Speaker 2: Please?

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Speaker 5: Absolutely?

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Speaker 6: All right.

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Speaker 3: This is from Christy and she says obsessed after just

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Speaker 3: reading the book, I'm now starting to listen to the

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Speaker 3: podcast from way back at the beginning. Obsessed, thank you

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Speaker 3: so much. Learning.

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Speaker 5: Oh we've done.

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Speaker 3: That's so lovely. I love hearing.

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Speaker 6: I love because we can see on Aaron like how

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Speaker 6: many downloads and episode gets, and it's always really fun

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Speaker 6: to see people listening to old ones.

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Speaker 3: Oh my gosh, that's cool. The episode that has the

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Speaker 3: most listens is our first ever episode on money Stories,

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Speaker 3: Oh Wow, which is a great embarrassed, like you know,

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Speaker 3: and you're just like, maybe we should like redo it

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Speaker 3: or like archive old content because, like you know, it's good.

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Speaker 3: But we've learned a lot, We've come a long way.

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Speaker 3: We've come a long way. But like those episodes, they

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Speaker 3: keep me humble. Now it is time, my friends, for

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Speaker 3: my favorite part of Friday Drinks, where you get to

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Speaker 3: ask us one question that you are dying to know,

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Speaker 3: and it can literally be about anything like this week's

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Speaker 3: one from Ruby who wants to know. I'd love to

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Speaker 3: hear how you guys manage your work life balance.

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Speaker 7: WHOA, this is really bad and I hope my boss

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Speaker 7: has listen to this. But I get to kind of

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Speaker 7: work from your gusses on this. Sorry, that's true my

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Speaker 7: other boss, my other boss, who is probably not as

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Speaker 7: kind and generous as you are.

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Speaker 1: VD.

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Speaker 5: I am a lot.

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Speaker 7: I'm a lot of work from home whenever basically, but

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Speaker 7: I really do kind of take the piss. I love

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Speaker 7: working home because we're to sit in the sun. I

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Speaker 7: feel like I know what I have to do every day,

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Speaker 7: but that could be at eight am for an hour,

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Speaker 7: or that could be at ten pm for an hour.

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Speaker 7: But if you're someone who can't work from home all

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Speaker 7: the time. You do have to go into work. I

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Speaker 7: would say the best thing I ever did was kind

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Speaker 7: of just like be tired, which it really sucks because

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Speaker 7: it's like we are working so much. But I always

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Speaker 7: make plans outside of work so I have something to

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Speaker 7: look forward to, because I cannot believe that for eight

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Speaker 7: hours a day, we are trapped and we can't be

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Speaker 7: whatever we want to be. We can't be doing whatever

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Speaker 7: we want to be doing. So make plans after work,

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Speaker 7: whatever that is, even if it's with yourself. Always make

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Speaker 7: plans for the weekend. And I guess in a capitalist society,

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Speaker 7: I'm telling you that there is no best way to

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Speaker 7: balance that other than quitting your job and living out in.

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Speaker 3: Sticks, and then you'll be screwed.

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Speaker 5: We need the government's change out. We need to do

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Speaker 5: a four day, three day work week.

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Speaker 6: And that's what I'm saying, would be amazing, It would

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Speaker 6: be amazing.

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Speaker 3: Well, this is going to be awkward because your other

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Speaker 3: boss has like a majority of your work, right, Like

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Speaker 3: you're just on the show because you have a real

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Speaker 3: job outside of that. But Jess's real job is inside

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Speaker 3: of she's on the money. Yes, how do you manage

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Speaker 3: your work well.

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Speaker 6: I am in my non work life balance era simply

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Speaker 6: because I have signed myself up to a second job

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Speaker 6: to save my house.

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Speaker 3: That's nothing to do with me.

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Speaker 6: No, no, no, that's I'm joycy. I was a week

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Speaker 6: by choice.

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Speaker 3: Obviously, we're also just caveat because I know that they're

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Speaker 3: going to come for me and be like.

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Speaker 5: Victoria, do you not pay Jessica enough?

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Speaker 6: Oh no, I just I like my things, so I

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Speaker 6: want to save hard. So that's okay. But you know

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Speaker 6: what I feel, even with the second job, I'm very

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Speaker 6: lucky because you're a flexcellent so I have a lot

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Speaker 6: of flexibility in structuring my day, which does allow me

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Speaker 6: to really build out that work life balance. I can

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Speaker 6: go to pilates on my lunch break during the day

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Speaker 6: if I go, oh my god, I just need ten

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Speaker 6: minutes to reset my brain. I can get up from

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Speaker 6: my desk and walk around my house or walk around

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Speaker 6: my block or do whatever. There's a lot of trust,

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Speaker 6: which I think really truly does help so much. And

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Speaker 6: I know that everyone has the privilege of being able

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Speaker 6: to work from home or work flexibily depending on what

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Speaker 6: you have to.

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Speaker 3: Like show up online all the time, and your boss

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Speaker 3: will be like, you can work from home whenever you want. Jess, Also,

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Speaker 3: I saw that you were offline, Yeah at a two

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Speaker 3: m this morning.

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Speaker 6: Why were you appearing in Yeah, So like not having

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Speaker 6: to contend to tell you where Jess is at any

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Speaker 6: given time, you know what if.

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Speaker 3: I text her, she replies, that's good.

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Speaker 6: Yeah, I'm around and available.

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Speaker 3: We FaceTime a lot in this team because like we

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Speaker 3: are also remote, and like Jess all answer from the

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Speaker 3: plate's reformat, not during class, which she's like, oh, I'm

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Speaker 3: just about to go into pilartates, I'll be.

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Speaker 6: Like, oh slightly, it's not so it's yeah. I think

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Speaker 6: like that is something that I'm very fortunate and that

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Speaker 6: makes such even just being like, pop a load of

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Speaker 6: laundry on my lunch break, do you I mean, like

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Speaker 6: it sounds so small, but not having to then finish

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Speaker 6: the work day and go, oh my god, I've got

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Speaker 6: to do all of these life admin things takes a

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Speaker 6: huge load off.

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Speaker 3: For me personally, and that benefits me because Jess is

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Speaker 3: less stressed at work. Right, So, like, I just have

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Speaker 3: so many thoughts and feelings on how to manage employees

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Speaker 3: and giving them grace and just treating them like the

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Speaker 3: adults they are. I didn't hire kindergarteners. They don't actually

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Speaker 3: need to be told when nap time is or it's

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Speaker 3: a nack time. Now, you guys are going to sit

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Speaker 3: down around the table and share some fruits like your adults, right, Like,

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Speaker 3: can you not manage your own workload? If you can't

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Speaker 3: manage the workload that's been allocated to you, why do

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Speaker 3: you have that job? So if Jess wants to go

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Speaker 3: to plates on her work break and for some reason

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Speaker 3: that takes two hours, as long as our clients aren't impacted,

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Speaker 3: and she's not like skipping meetings or you know, not

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Speaker 3: getting why would I care? She's still going to put

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Speaker 3: in the same time. And if that means that instead

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Speaker 3: of clocking off at five pm when everybody else does,

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Speaker 3: she's clocking off at six because she's like, well, you know,

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Speaker 3: I had a bit more time during the day. Why

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Speaker 3: does that worry me? If she's being productive and feels

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Speaker 3: respected and gets to have a good work life balance,

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Speaker 3: like that's on her. I don't want her to work

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Speaker 3: till six, But if she chooses to that, that's a

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Speaker 3: different story than me overloading her with work. That she

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Speaker 3: has to work till six. That's a different story again.

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Speaker 3: Side notes, sorry, because I just get really passionate about

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Speaker 3: it because I see so many people in our community

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Speaker 3: who are like, oh my boss X y Z, and

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Speaker 3: I'm like, that's just control, that's got nothing to do

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Speaker 3: with productivity.

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Speaker 6: I have lived that life, and it like ruins you ment. Yeah,

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Speaker 6: I feel so much clearer, especially in like the day

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Speaker 6: that I judo to plarties at lunch time, Like I

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Speaker 6: come back and I'm like, this is my like focus

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Speaker 6: time because I'm so like locked in. Yeah, I remember

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Speaker 6: being chained to a desk where I literally couldn't leave

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Speaker 6: the office, you know, for anything, even for lunch. We

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Speaker 6: were discouraged from leaving, and like the difference that that

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Speaker 6: had on my mental health, which then obviously impacts exactly

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Speaker 6: as you said, like how I performed.

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Speaker 3: It's crazy. Yeah, it actually drives me insane. And maybe

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Speaker 3: we need to do a whole episode on how we

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Speaker 3: think that managers should run their business. Because if you're

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Speaker 3: newer to she's on the money and you're like, oh,

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Speaker 3: Victoria's finance girl. Yes I am, but I'm also a

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Speaker 3: psychology girl. I did two psych degrees. I worked in

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Speaker 3: organizational psychology, and my entire career before finance was about

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Speaker 3: improving employer engagement, increasing culture in organizations, and like to

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Speaker 3: get a little bit stats heavy and like go off

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Speaker 3: the side. We see that engaged employees produce fifty percent

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Speaker 3: higher shareholder return for their businesses. So it's not just

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Speaker 3: about doing the right thing and being a nice human

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Speaker 3: and going go to blood is have a really good time. Sorry,

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Speaker 3: Jess's going to make me more money if she's happy.

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Speaker 3: You're going to put more time and energy and effort

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Speaker 3: into your job if you feel respected by it. Yeah,

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Speaker 3: so selfishly? Does it not make sense for everybody you

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Speaker 3: to go maybe just maybe we should respect our staff.

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Speaker 6: And if you can't use it, why are you hiring?

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Speaker 3: Are you hiring? Anyway? Yeah, different story for a different day.

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Speaker 3: How do I manage work life balance poorly? I think

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Speaker 3: it is a very different situation when you are a

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Speaker 3: business owner than when you are an employee. So I

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Speaker 3: want to acknowledge that I don't think everyone can do

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Speaker 3: it the way I do. I would say I negotiate

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Speaker 3: my work life balance like I'm negotiating with a toddler

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Speaker 3: who just got home from daycare and hasn't had their

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Speaker 3: afternoon snack. So some days I am a productivity queen.

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Speaker 3: I'm a weapon. I annoy the shit out of my team.

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Speaker 3: I'm ticking off absolutely everything. I basically run the amazing race.

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Speaker 3: Then there are days where my brain literally says nah,

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Speaker 3: and I'm cleaning my pantry instead of replying to emails.

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Speaker 3: There are other days I'm like, I'm going to set boundaries,

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Speaker 3: and then someone pops into my DMS and says, hey, girl,

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Speaker 3: I've got a quick question, and I am back where

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Speaker 3: I was before, and I have no boundaries and I

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Speaker 3: am answering your quick question that I said I wasn't

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Speaker 3: going to do today. I feel like I schedule my

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Speaker 3: life like a relatively responsible adult because I have to.

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Speaker 3: But then I also stay up late scrolling on TikTok

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Speaker 3: because I feel like I need to get some time

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Speaker 3: for me back. And yeah, balance is not really a

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Speaker 3: real thing for me. I don't believe in work life

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Speaker 3: balance when you are a business owner, I think it's

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Speaker 3: about what actually matters today for me? What does that

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Speaker 3: look like? Am I putting my family first? That's my

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Speaker 3: priority always, But like some days it's work, some days

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Speaker 3: it's mumlife. Some days it is rotting on the couch

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Speaker 3: and some days it's me googling what are the symptoms

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Speaker 3: of burnout and the meeting all the criterion. Well, Google's

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Speaker 3: not always right, and yeah, that's how I managed my life.

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Speaker 3: I wish I could be like, oh, I go to

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Speaker 3: pilates and I do this, and you know, I eat

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Speaker 3: healthy and I do well. Like sorry, yes we should

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Speaker 3: be all doing those things. But like I think as

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Speaker 3: a business owner, being able to say work life valance

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Speaker 3: doesn't really exist. I'm always going to have competing priorities.

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Speaker 3: I just need to focus on what matters for today

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Speaker 3: that's going to get me through.

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Speaker 6: It's a great take.

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Speaker 3: Not know if it was a great take, but like

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Speaker 3: it's the club I'm in. Enough ranting from me about

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Speaker 3: increasing shareholder value by respecting your stuff. Miss Jesse Ricci

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Speaker 3: community money, wins and confessions. What are we putting on

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Speaker 3: the table.

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Speaker 6: I've got a quick hoop for you this week. Firstly

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Speaker 6: from Sean. She said she signed up for a free

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Speaker 6: trial and this is actually made me fail because she

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Speaker 6: thought it was a month for free. Said her reminder

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Speaker 6: in her phone to cancel before the end of the

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Speaker 6: free trial. Turns out the trial was in fact only

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Speaker 6: for a week, and she got smacked with a two

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Speaker 6: hundred and twenty dollars annual subscription. She said it won't

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Speaker 6: ruin her financially, but has definitely ruined her mood, and

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Speaker 6: she's since gone through all of her subscriptions and canceled

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Speaker 6: everything she no longer needs or uses. I reckon Shan

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Speaker 6: that you should just send them a little email and say, hey,

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Speaker 6: I'm so sorry. I thought it was a month long trial,

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Speaker 6: not a week. Is there any chance that we could

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Speaker 6: refund that and just see.

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Speaker 3: Just see you. I just don't get exactly.

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Speaker 6: Sometimes places will be really nice and honor it, knowing

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Speaker 6: that when you do have the money you might come

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Speaker 6: back and choose to spend it with them, but just

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Speaker 6: give it a trashant. Next, I've got one from Chavon

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Speaker 6: who said, I've been working at a country hospital for

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Speaker 6: the past five weeks. There's no cafe at the hospital,

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Speaker 6: so I've had to make all of my own coffees

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Speaker 6: at home. Normally I easily spend twelve dollars a day

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Speaker 6: when I'm working in the city. Her pods are ten

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Speaker 6: for ten dollars. Great, big money win. I know we

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Speaker 6: all like to get a little treaty, but make your

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Speaker 6: coffee at home mass big difference. Next, I've got a

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Speaker 6: money win from Money, who said she's actually got two

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Speaker 6: money wins. Her ADHD brain organized a return label for

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Speaker 6: a pair of shoes, but she did not follow through

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Speaker 6: with the return.

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Speaker 3: Okay, yeah, relatable. I've done that before on the iconic.

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Speaker 3: Yeah it's so easy to set but then you have

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Speaker 3: to do it.

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Speaker 6: Yeah, that old chestnut. She said, the purchasing months ago,

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Speaker 6: but she contacted the company and they said she could

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Speaker 6: still return it for a ree hunt, which I thought

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Speaker 6: was that's really funey win. And she's also trying to

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Speaker 6: come back on her coffee purchases and her lovely colleague

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Speaker 6: bought her a coffee today.

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Speaker 3: Good for you, as sorry, is life not when you're

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Speaker 3: grateful for the small things?

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Speaker 6: Absolutely fighting the little joys.

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Speaker 3: Tell me the little joys, they're always the big ones total.

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Speaker 6: Well, speaking of a little joy, I've got one from

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Speaker 6: Sophie who said she got a free snack chippy at

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Speaker 6: Grilled because her and the manager were viting so cute.

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Speaker 6: Thays have to be a nice human being to customer

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Speaker 6: service providers. And I could not agree more.

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Speaker 3: Sorry, I believe good things happen to good people. Be

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Speaker 3: good people, and more good things will happen.

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Speaker 6: And then, lastly this week one from Aaron who said

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Speaker 6: she's halfway through her pay fortnight and she's still got

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Speaker 6: half of her paycheck left. Who is she eron? Well, yes,

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Speaker 6: that's actually.

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Speaker 3: A massive accomplishment, especially in these times.

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Speaker 6: Yeah, absolutely, that's something to be proud of.

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Speaker 3: Adore all right, Well, I loved those money wins, but beck,

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Speaker 3: would you bring into the table for broke tips?

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Speaker 7: So, actually, the same thing happened to me at Mylen Bagels.

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Speaker 7: I was really vibing with the guy there and then

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Speaker 7: he gave me some a free almond croissant bagel. So

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Speaker 7: if you're listening to this, thank you so much. You

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Speaker 7: really did make my whole week. Okay, now broke tips.

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Speaker 7: This doesn't come from Chloe, who says I used to

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Speaker 7: forget to bring my lunch to work. Now once a

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Speaker 7: fortnight I bring in a small frozen meal and put

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Speaker 7: it in the work freezer. It's my emergency meal and

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Speaker 7: if I forget lunch, I eat it. That's actually really

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Speaker 7: has saved the odd need to buy food from the

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Speaker 7: cafe and way less stressful experience plus nicer than it

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Speaker 7: can of tuna and rice in my desk draw.

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Speaker 3: Okay, so that was always my go to, and I'd

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Speaker 3: be like, hello, I don't.

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Speaker 6: Want to eat it. I don't want to be doing this.

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Speaker 3: But then I also saw it like as punishment. I'm like, no,

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Speaker 3: you should get your stuff together, and this would only

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Speaker 3: happen to you because you didn't take the fridge meal.

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Speaker 5: Yeah. I actually love the tuna and ras. God tell ya. Okay,

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Speaker 5: tuna at least, No I get serena.

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Speaker 3: Oh get chili? Yeah, okay, so the chili. Yeah, the

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Speaker 3: chili is a flavor. It has to be a flavor, tuna.

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Speaker 3: It can't just spring water.

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Speaker 8: That.

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Speaker 3: Do my cats enjoy that one though? Okay, so maybe

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Speaker 3: it's cat food When I want to yuck, they yeah, no, no,

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Speaker 3: in my cat it's got good taste.

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Speaker 7: Yeah, of course it's next one comes from Sunshine. What

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Speaker 7: a gorgeous name. I keep a present box, especially good

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Speaker 7: for kids. I pick up quality items at op shops

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Speaker 7: or on sale and put them in a box to

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Speaker 7: choose from when giving presents.

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Speaker 5: Oh my god, that is a genius.

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Speaker 3: That's actually so smart.

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Speaker 5: And then this one comes from me, but also also

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Speaker 5: kind of you.

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Speaker 3: VD.

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Speaker 7: Well, I used to do this thing when I was

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Speaker 7: when I was more of a makeup girly, and I

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Speaker 7: just thought it was, you know, something that was a

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Speaker 7: bit like weird.

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Speaker 5: But I just it was cheap.

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Speaker 7: I used to use sharpie in my eyes too as

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Speaker 7: fyeliner because it would also stick. But then I realized

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Speaker 7: that VD, you use sharpie for your lip liner.

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Speaker 3: Did you see me doing that?

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Speaker 4: I didn't.

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Speaker 5: I didn't see it, but I want you to know that

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Speaker 5: it wouldn't. I wouldn't have battered an eyelid.

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Speaker 3: I just.

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Speaker 5: Told you, well, yeah, well yes, yes, our producer.

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Speaker 3: Would be yep in about my sneaky habit.

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Speaker 6: I think it's great.

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Speaker 3: It is great, actually makes me feel seen. So I

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Speaker 3: bought this and this again was a social media thing.

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Speaker 6: I office works.

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Speaker 3: Yeah, yeah, I'm not. But I'm also not going to

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Speaker 3: take credit and be like, oh, I just decided to

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Speaker 3: do this thing. I saw this girl on TikTok go

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Speaker 3: figure like you guys are going to be like, do

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Speaker 3: you are you chronically online? Yes, yes, I am chronically online,

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Speaker 3: asked yes, and that's fine. But saw this girl using

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Speaker 3: sharpie as a lip liner, and I was like, that

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Speaker 3: actually looks lid and that stays and then we yes,

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Speaker 3: we're in office works and I saw a coral colored

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Speaker 3: sharpie and I was like, why not try? Yeah, it

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Speaker 3: works really well. Thanks for coming to my ted talk.

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Speaker 6: That is so funny. I don't know why papertal marker

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Speaker 6: is scary to me, so it's crazy face.

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Speaker 3: Do you know what is the most disappointing part about

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Speaker 3: all of it is that it doesn't last as long

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Speaker 3: as you think. Like, I mean, you probably drew love

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Speaker 3: hearts on your like face or something, it would be

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Speaker 3: different than your lips. But I feel like it comes

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Speaker 3: off my lips thru like an end of the day,

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Speaker 3: which is fine. But sharpie is what surgeons used to

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Speaker 3: mark your body. That's a good So it's actually I

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Speaker 3: I won't say like, oh, just sniffer sharpie. That's probably

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Speaker 3: a bad idea, but like the ingredients aren't gonna hurt you,

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Speaker 3: then you're like super toxic or anything. And I mean

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Speaker 3: people are going to slide into my DMS this week

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Speaker 3: and be like that is such bad advice. Don't take it.

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Speaker 3: Then that's true. Don't do what I do if you

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Speaker 3: think it's terrible idea like.

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Speaker 7: Sorry, no, and I use sharpie all the time and

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Speaker 7: my skin for beards for Halloween, for anything like.

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Speaker 5: Any and look at me now, I'm doing just fine.

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Speaker 3: Against the wall anyway. That is very good. I'm glad

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Speaker 3: I made it to the Broke Tips. Let's go to

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Speaker 3: a really quick break because on the flip side, we're

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Speaker 3: going to be talking about a dilemma that's about how

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Speaker 3: to privately fund surgery and maybe your surgeon will use

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Speaker 3: a sharpie. Maybe slid into our dms this week about

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Speaker 3: whether it's worth taking up your parents on an offer

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Speaker 3: to be a guarantee for your home loan, but you're

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Speaker 3: really worried that they are going to be strings attached,

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Speaker 3: so don't go anywhere.

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Speaker 6: Welcome back, everybody. Let's take a listen to this week's

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Speaker 6: money dilemma.

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Speaker 8: Hi, there, have you got a money dilemma you just

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00:18:12,040 --> 00:18:14,560
Speaker 8: can't solve that. She's on the Money team is here

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Speaker 8: to help. Every week we tackle your dilemmas, both big

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Speaker 8: and small, to answer your most burning money, career and

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Speaker 8: life questions. To get involved, simply head to our website

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Speaker 8: and leave us a short voice recording and you might

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Speaker 8: just find yourself on the show. Now, let's take a

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Speaker 8: listen to this week's money dilemma.

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Speaker 4: Hi, she's on the money. I have a money dilemma

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Speaker 4: relating to how I should privately fund bariatric surgery needed

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Speaker 4: for my health related to my PCOS and my arthritis.

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Speaker 4: The two options would be to either take out a

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Speaker 4: gold level of hospital cover for twelve months, which would

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Speaker 4: be a real struggle to maintain with my other expenses

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Speaker 4: on my income, plus there would still be an out

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Speaker 4: of pocket of about five to six thousand dollars at

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Speaker 4: the time of the surgery. Or the other option would

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Speaker 4: be to take it out of my super, which is

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Speaker 4: currently sitting at just under thirty four thousand dollars. There

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Speaker 4: would be no cost out of pocket, but if I

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Speaker 4: took it out now, it would nearly drain my super.

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Speaker 4: I'm nearly thirty years old and I won't be looking

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Speaker 4: at having this surgery done for another couple of years.

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Speaker 4: But I am very aware that if I am to

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Speaker 4: go down the route of funding it through super, that

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Speaker 4: I would lose out on so much interest in the

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Speaker 4: long run. I really don't know what to do and

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Speaker 4: which option would be best for me. So I'd love

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Speaker 4: to hear what you think. Thanks to be well.

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Speaker 7: I think that when it comes to health and ultimately

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Speaker 7: mental health, I obviously put that above everything. I'm saying,

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Speaker 7: take it out of SUPER. I absolutely would do that,

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Speaker 7: and then just be where possible and with your new

437
00:19:50,600 --> 00:19:53,200
Speaker 7: life because it's you know you said peacos and.

438
00:19:53,240 --> 00:19:54,040
Speaker 5: Arthritis as well.

439
00:19:54,080 --> 00:19:56,800
Speaker 7: I think that they said you could potentially be making

440
00:19:56,840 --> 00:19:58,800
Speaker 7: extra money where you couldn't have before. Maybe you didn't

441
00:19:58,840 --> 00:20:01,239
Speaker 7: have the energy, maybe you in all these things. And

442
00:20:01,240 --> 00:20:02,480
Speaker 7: not to say that you have to do that, but

443
00:20:02,520 --> 00:20:05,439
Speaker 7: I'm saying, like your potential to do that if you

444
00:20:05,520 --> 00:20:07,600
Speaker 7: needed to. I think it's a win win teats SUPER

445
00:20:07,960 --> 00:20:12,600
Speaker 7: and then put extra what's it called contributions in and

446
00:20:12,640 --> 00:20:14,960
Speaker 7: there are tax benefits here and there. Maybe talk to

447
00:20:15,000 --> 00:20:16,879
Speaker 7: an account about that, maybe talk to FEVD about that

448
00:20:16,960 --> 00:20:19,840
Speaker 7: extra stuff, but there are tax benefits to doing that. Yeah,

449
00:20:19,960 --> 00:20:23,640
Speaker 7: just I think do that now, put extra contributions in.

450
00:20:23,640 --> 00:20:25,800
Speaker 6: In the meantime, if you're saying that it's going to

451
00:20:25,880 --> 00:20:28,800
Speaker 6: mostly drain your SUPER, my assumption is your surgery is

452
00:20:28,800 --> 00:20:31,960
Speaker 6: going to cost in between and yeah, like twenty five and.

453
00:20:31,880 --> 00:20:34,520
Speaker 3: I think it's about five thousand, yeah, which is just

454
00:20:34,560 --> 00:20:36,960
Speaker 3: from knowing what our community has spent on it. I'm

455
00:20:37,080 --> 00:20:39,359
Speaker 3: I'm sure that there are surgeons that charge like fifty grand,

456
00:20:39,400 --> 00:20:41,119
Speaker 3: and I'm also sure that there are surgeons who do

457
00:20:41,160 --> 00:20:44,560
Speaker 3: it differently. But like, I'm not a medical professional, so

458
00:20:44,560 --> 00:20:45,800
Speaker 3: I'm not passing comment on that.

459
00:20:46,000 --> 00:20:52,320
Speaker 6: Yes, I personally would be inclined to go the private

460
00:20:52,320 --> 00:20:55,440
Speaker 6: health route, simply because you've said, I know, you said

461
00:20:55,440 --> 00:20:57,840
Speaker 6: that paying for that would be a struggle, which says

462
00:20:57,840 --> 00:21:00,840
Speaker 6: to me that paying back twenty five to thirty thousand

463
00:21:00,840 --> 00:21:04,040
Speaker 6: dollars into your super is going to be a bigger struggle.

464
00:21:04,080 --> 00:21:07,360
Speaker 6: So it's let's say your private health at an extreme

465
00:21:07,480 --> 00:21:10,040
Speaker 6: is maybe one hundred and fifty to two hundred dollars

466
00:21:10,040 --> 00:21:13,240
Speaker 6: a month over that year, call it fifteen hundred to

467
00:21:13,240 --> 00:21:16,200
Speaker 6: two thousand dollars maybe, like yeah, taking a broad sweeping

468
00:21:16,200 --> 00:21:19,080
Speaker 6: guess right, plus your six thousand dollars out of pocket,

469
00:21:19,880 --> 00:21:22,080
Speaker 6: and you said it's doable, it would be tight as

470
00:21:22,080 --> 00:21:26,640
Speaker 6: opposed to trying to repay twenty five thousand dollars plus,

471
00:21:26,800 --> 00:21:29,640
Speaker 6: I think the financial strain that that put on you

472
00:21:29,720 --> 00:21:31,000
Speaker 6: would be more significant.

473
00:21:31,480 --> 00:21:33,320
Speaker 5: The overlaying caveat.

474
00:21:32,880 --> 00:21:35,560
Speaker 6: I suppose is how urgently do you need the surgery

475
00:21:35,640 --> 00:21:37,679
Speaker 6: said it was in a couple of years. Yeah, so

476
00:21:37,720 --> 00:21:41,520
Speaker 6: if your quality of life is not going to suffer significantly,

477
00:21:42,280 --> 00:21:44,720
Speaker 6: I would be making that choice because I think in

478
00:21:44,840 --> 00:21:47,840
Speaker 6: terms of like the long term financial implications for you,

479
00:21:48,359 --> 00:21:50,879
Speaker 6: it will be less detrimental based on the information that

480
00:21:50,920 --> 00:21:53,120
Speaker 6: you've given us. But V, I feel like you're much

481
00:21:53,119 --> 00:21:55,760
Speaker 6: better place to talk about this personally.

482
00:21:56,040 --> 00:21:59,520
Speaker 3: I get it, like there is like I have not

483
00:21:59,600 --> 00:22:04,479
Speaker 3: been in that situation, but there is a surgery that

484
00:22:04,520 --> 00:22:06,919
Speaker 3: you require, full stop, end of story. We need to

485
00:22:06,920 --> 00:22:10,159
Speaker 3: fund that surgery. I don't care what your surgery is

486
00:22:10,160 --> 00:22:12,679
Speaker 3: if you need it for your mental health. Like again,

487
00:22:12,960 --> 00:22:14,720
Speaker 3: same side as you beck. We need to find a

488
00:22:14,760 --> 00:22:17,280
Speaker 3: way to do it. Yeah, you could do it through

489
00:22:17,320 --> 00:22:20,119
Speaker 3: your super I'll get to that in a second. I

490
00:22:20,119 --> 00:22:22,479
Speaker 3: don't think it's the worst thing in the entire world

491
00:22:22,680 --> 00:22:26,800
Speaker 3: to take on debt for a surgery that is necessary. Like,

492
00:22:26,920 --> 00:22:30,240
Speaker 3: not everybody has the privilege of just having twenty five

493
00:22:30,320 --> 00:22:32,879
Speaker 3: thirty thousand dollars sitting in their savings account to spend

494
00:22:32,880 --> 00:22:35,120
Speaker 3: on these things. And you need to go into this

495
00:22:35,240 --> 00:22:38,080
Speaker 3: with like an understanding of well how much would that

496
00:22:38,119 --> 00:22:39,600
Speaker 3: cost you? Because it's not just going to cost you

497
00:22:39,600 --> 00:22:41,600
Speaker 3: twenty five to thirty thousand dollars. There would be interest,

498
00:22:41,720 --> 00:22:44,280
Speaker 3: there would be like loan repayments whatever. You're right, Jess

499
00:22:44,320 --> 00:22:45,760
Speaker 3: in that if you're going to take that out of

500
00:22:45,800 --> 00:22:48,240
Speaker 3: Super and then all of a sudden you can't afford

501
00:22:48,280 --> 00:22:51,120
Speaker 3: the loan repayments, I would be looking at taking money

502
00:22:51,119 --> 00:22:53,640
Speaker 3: out of Super as a loan. You need to make

503
00:22:54,000 --> 00:22:56,399
Speaker 3: a repayment schedule. I don't want to be the debbie

504
00:22:56,440 --> 00:22:57,960
Speaker 3: downing here, but you said you were thirty, and you

505
00:22:58,000 --> 00:22:59,920
Speaker 3: said you had about thirty four thousand dollars in Super.

506
00:23:01,000 --> 00:23:03,719
Speaker 3: You're behind the average ye at the moment, the average

507
00:23:03,800 --> 00:23:06,399
Speaker 3: thirty to thirty four year old has forty four thousand

508
00:23:06,440 --> 00:23:09,840
Speaker 3: dollars in superannuation. And that is not to shame you.

509
00:23:09,960 --> 00:23:12,040
Speaker 3: That is just to say that's a bigger decision than

510
00:23:12,080 --> 00:23:16,200
Speaker 3: you think it is. That is putting future you who Yes,

511
00:23:16,280 --> 00:23:18,639
Speaker 3: I know we need this surgery to be healthy, but

512
00:23:18,680 --> 00:23:21,040
Speaker 3: we can't afford to retire if we're working this way,

513
00:23:21,720 --> 00:23:24,560
Speaker 3: and that's a really big priority as well. So I'd

514
00:23:24,600 --> 00:23:27,000
Speaker 3: be looking at what other options exist. Yes, the private

515
00:23:27,000 --> 00:23:29,080
Speaker 3: health for twelve months feels like a lot of money,

516
00:23:29,080 --> 00:23:31,119
Speaker 3: but like, have you done the numbers? What does it

517
00:23:31,160 --> 00:23:34,160
Speaker 3: come out to in the wash, Like, is this surgery

518
00:23:34,240 --> 00:23:37,359
Speaker 3: if you have private health insurance like that for an

519
00:23:37,440 --> 00:23:40,800
Speaker 3: individual gold level private health insurance is probably around two

520
00:23:40,880 --> 00:23:43,160
Speaker 3: hundred and fifty to three hundred and fifty dollars a month.

521
00:23:43,880 --> 00:23:46,720
Speaker 3: What does that add up to over the period of

522
00:23:46,760 --> 00:23:49,000
Speaker 3: time that you would need it before having the surgery

523
00:23:49,040 --> 00:23:51,920
Speaker 3: plus the six thousand dollars? Like, how does that work?

524
00:23:52,240 --> 00:23:54,080
Speaker 3: Have you done the numbers on that? Have you done

525
00:23:54,080 --> 00:23:57,040
Speaker 3: the numbers on your super I'm apprehensive that that money

526
00:23:57,040 --> 00:23:58,919
Speaker 3: would get repaid if you're saying you don't have the

527
00:23:58,960 --> 00:24:02,080
Speaker 3: free cash flow and what debt options do you have.

528
00:24:02,200 --> 00:24:04,080
Speaker 3: I'm not saying that this is what we should do

529
00:24:04,160 --> 00:24:07,640
Speaker 3: because I am agreeing with you that we need this surgery.

530
00:24:08,160 --> 00:24:10,280
Speaker 3: I'm going to approach this as though that surgery is

531
00:24:10,320 --> 00:24:13,040
Speaker 3: a non negotiable. You're telling me you have a cost

532
00:24:13,080 --> 00:24:16,200
Speaker 3: that we have to fund, not oh, to be so nice,

533
00:24:16,200 --> 00:24:18,040
Speaker 3: I want to get my boobs done, Like this is

534
00:24:18,080 --> 00:24:20,919
Speaker 3: for your health. This isn't just like a nice to have,

535
00:24:21,080 --> 00:24:21,760
Speaker 3: do you know what I mean?

536
00:24:22,160 --> 00:24:22,360
Speaker 7: So?

537
00:24:22,680 --> 00:24:25,639
Speaker 3: How are we funding this that best suits your lifestyle?

538
00:24:25,720 --> 00:24:28,280
Speaker 3: And you know what, for some people, going into personal

539
00:24:28,359 --> 00:24:31,879
Speaker 3: debt is going to make the most sense. Do I

540
00:24:31,960 --> 00:24:34,760
Speaker 3: love you being in personal debt? Absolutely not. But I'm

541
00:24:34,840 --> 00:24:38,119
Speaker 3: also not delusional to the fact that that is a

542
00:24:38,240 --> 00:24:41,800
Speaker 3: valid option. Yeah, and if we are going down that route,

543
00:24:42,000 --> 00:24:45,080
Speaker 3: we are not going to a latitude finance and being

544
00:24:45,119 --> 00:24:48,359
Speaker 3: taken advantage of. We are going to maybe talk to

545
00:24:48,440 --> 00:24:51,680
Speaker 3: different banks. We might go talk to a broker about Okay, well,

546
00:24:51,680 --> 00:24:56,320
Speaker 3: what do personal financing options look like? Banks offer finance

547
00:24:56,400 --> 00:25:00,800
Speaker 3: for surgery. This isn't a new concept. Probably haven't heard

548
00:25:00,840 --> 00:25:03,000
Speaker 3: of it because not many people talk about it, and

549
00:25:03,080 --> 00:25:06,320
Speaker 3: you just think, oh, yeah, asset finance and personal loans,

550
00:25:06,480 --> 00:25:08,879
Speaker 3: they're just for cars. But there is going to be

551
00:25:08,880 --> 00:25:12,320
Speaker 3: a financing option. Just don't go see a bloody loan shark,

552
00:25:12,440 --> 00:25:14,720
Speaker 3: don't put it on and after pay, don't go to

553
00:25:14,760 --> 00:25:17,159
Speaker 3: someone who's going to take advantage of you. Let's find

554
00:25:17,480 --> 00:25:20,280
Speaker 3: a solution that makes sense. The other thing I would

555
00:25:20,320 --> 00:25:22,679
Speaker 3: say is if you're saying you can afford to have

556
00:25:22,760 --> 00:25:24,200
Speaker 3: it in a few years, so you said, oh, the

557
00:25:24,280 --> 00:25:26,560
Speaker 3: surgery is a few years off, can we make a

558
00:25:26,560 --> 00:25:29,280
Speaker 3: savings plan so that we can afford it then, so

559
00:25:29,320 --> 00:25:33,119
Speaker 3: that we can start putting money aside. Maybe the money

560
00:25:33,119 --> 00:25:35,919
Speaker 3: that you're putting aside is actually salary sacrificed into your

561
00:25:35,960 --> 00:25:38,320
Speaker 3: superannuation for a few years so that we get to

562
00:25:38,320 --> 00:25:40,680
Speaker 3: take advantage of that tax circumstance, and then we pull

563
00:25:40,720 --> 00:25:43,639
Speaker 3: it out for medical reasons. There's lots of things you

564
00:25:43,680 --> 00:25:46,240
Speaker 3: can do, but I want you to write down each

565
00:25:46,320 --> 00:25:49,000
Speaker 3: plan and write down numbers for each plan and what

566
00:25:49,080 --> 00:25:51,080
Speaker 3: that looks like and what's going to make most sense

567
00:25:51,119 --> 00:25:53,720
Speaker 3: for you, not just brainstorming and being like, oh, I'd

568
00:25:53,760 --> 00:25:56,840
Speaker 3: be most comfortable with X idea. What's also the most

569
00:25:56,920 --> 00:25:59,840
Speaker 3: financially viable idea? What actually puts you in the best

570
00:25:59,840 --> 00:26:02,920
Speaker 3: place position? And if you're like, oh, the I thought

571
00:26:02,960 --> 00:26:05,640
Speaker 3: that this surgery was a couple of years off because

572
00:26:05,640 --> 00:26:07,440
Speaker 3: I definitely couldn't afford it, and now I found a

573
00:26:07,480 --> 00:26:10,960
Speaker 3: different option because I actually need it asap. Great, let's

574
00:26:11,000 --> 00:26:14,760
Speaker 3: do that. Yeah, So no judgment of how it's funded,

575
00:26:14,880 --> 00:26:17,880
Speaker 3: just that if we're going to fund this from an

576
00:26:17,960 --> 00:26:21,879
Speaker 3: alternative method than just saving for it, are you okay

577
00:26:21,880 --> 00:26:23,920
Speaker 3: with it? Is it in line with your values? How

578
00:26:23,960 --> 00:26:25,520
Speaker 3: are we creating a plan to not be in that

579
00:26:25,560 --> 00:26:28,400
Speaker 3: debt forever, because sometimes we need to take on debt

580
00:26:28,440 --> 00:26:30,640
Speaker 3: to live life. Yeah, And I don't think there should

581
00:26:30,640 --> 00:26:31,560
Speaker 3: be judgment around that.

582
00:26:32,320 --> 00:26:34,000
Speaker 6: You need to live life like as Beck said, your

583
00:26:34,000 --> 00:26:35,520
Speaker 6: health is so important and we're sending to you lots

584
00:26:35,520 --> 00:26:36,160
Speaker 6: of love as well.

585
00:26:36,200 --> 00:26:38,840
Speaker 3: Absolutely, all right, let's move on something you slid into

586
00:26:38,880 --> 00:26:40,440
Speaker 3: our DMS about and we're going to make it really

587
00:26:40,480 --> 00:26:43,800
Speaker 3: snappy so that you guys get your day back. Hey, lovely,

588
00:26:43,840 --> 00:26:46,000
Speaker 3: she's on the money team. I'm looking to buy a

589
00:26:46,119 --> 00:26:48,560
Speaker 3: unit on my own and I have a really good deposit.

590
00:26:48,840 --> 00:26:52,000
Speaker 3: It's not twenty percent, though, and I'm not eligible for

591
00:26:52,040 --> 00:26:54,440
Speaker 3: first home biased concessions due to having had a house

592
00:26:54,480 --> 00:26:57,439
Speaker 3: with a previous partner. He brought me out of My

593
00:26:57,600 --> 00:27:00,880
Speaker 3: parents have offered to go garrantur for me. I love them,

594
00:27:00,920 --> 00:27:04,520
Speaker 3: but they are already quite overbearing, and I worry that

595
00:27:04,600 --> 00:27:07,120
Speaker 3: this will mean I won't have as much autonomy over

596
00:27:07,160 --> 00:27:09,679
Speaker 3: the house and the decision. It would, however, mean that

597
00:27:09,720 --> 00:27:12,040
Speaker 3: I can get into the market sooner and potentially pay

598
00:27:12,080 --> 00:27:14,240
Speaker 3: them back or out in a few years when my

599
00:27:14,320 --> 00:27:18,280
Speaker 3: property increases in value. Would love some advice from the

600
00:27:18,280 --> 00:27:22,639
Speaker 3: community on this, or if anyone has any similar experiences.

601
00:27:23,160 --> 00:27:25,639
Speaker 7: Geez, I don't know you need twenty percent to not

602
00:27:25,680 --> 00:27:28,040
Speaker 7: have a guaranteur or you like a general no.

603
00:27:28,200 --> 00:27:30,639
Speaker 3: She's saying, it's not twenty percent. Like I own a

604
00:27:30,640 --> 00:27:33,760
Speaker 3: mortgage breaking business for those of you following along at home,

605
00:27:33,800 --> 00:27:37,000
Speaker 3: and we often purchase houses if you don't have any

606
00:27:37,080 --> 00:27:40,360
Speaker 3: of the concessions available first time buyers. Let's pretend none

607
00:27:40,400 --> 00:27:42,080
Speaker 3: of that's on the table. We often buy with only

608
00:27:42,119 --> 00:27:46,040
Speaker 3: a ten percent deposit, So it's not unheard of. Cool, okay,

609
00:27:46,200 --> 00:27:48,640
Speaker 3: But a guaranteur would give you a lot more flexibility.

610
00:27:48,680 --> 00:27:51,200
Speaker 3: In fact, a guaranteur would mean that she potentially can

611
00:27:51,240 --> 00:27:53,480
Speaker 3: get a house without having to spend any deposit, and

612
00:27:53,520 --> 00:27:55,639
Speaker 3: then that deposit could go into her offset account and

613
00:27:55,720 --> 00:27:59,520
Speaker 3: be a little bit more financially a Kushni.

614
00:27:59,160 --> 00:28:03,600
Speaker 7: I see, Okay, Well in that case, god I did okay. Well,

615
00:28:04,000 --> 00:28:06,040
Speaker 7: I think and as I always say, and as I

616
00:28:06,080 --> 00:28:10,239
Speaker 7: just said before mental health First, I think, don't like

617
00:28:10,720 --> 00:28:14,760
Speaker 7: life is long if you're lucky enough to experience all that.

618
00:28:14,760 --> 00:28:16,600
Speaker 7: That's a really intensive thing to say for people who

619
00:28:16,640 --> 00:28:20,040
Speaker 7: have not had the fortune of having a long life.

620
00:28:20,040 --> 00:28:24,080
Speaker 7: But I think that if you are right now really

621
00:28:24,240 --> 00:28:27,199
Speaker 7: urgently rushing to get into the market, and I understand that,

622
00:28:27,280 --> 00:28:30,479
Speaker 7: you know, housing prices go up and things like that,

623
00:28:30,520 --> 00:28:33,600
Speaker 7: the best time to invest is today. But I just

624
00:28:33,640 --> 00:28:37,160
Speaker 7: wouldn't put my mental health at risk for that kind

625
00:28:37,200 --> 00:28:39,800
Speaker 7: of thing. And I feel like, if you're potentially gonna

626
00:28:39,800 --> 00:28:41,360
Speaker 7: have a bad relationship with your parents where it's like

627
00:28:41,360 --> 00:28:43,440
Speaker 7: maybe it's gonna get worse, maybe they're really they're really

628
00:28:43,480 --> 00:28:45,840
Speaker 7: overbearing already, it seems like so it's like if yeah,

629
00:28:45,840 --> 00:28:47,640
Speaker 7: it's just gonna be really unhappy or maybe like really

630
00:28:47,640 --> 00:28:49,800
Speaker 7: anxious or something like that, but you're able to get

631
00:28:49,840 --> 00:28:52,440
Speaker 7: into the market quicker than I just I would just wait. Personally,

632
00:28:52,520 --> 00:28:54,400
Speaker 7: I would wait. I would try and go to a

633
00:28:54,440 --> 00:28:56,840
Speaker 7: mortgage broker. I would try and find other ways to

634
00:28:56,840 --> 00:28:58,600
Speaker 7: not have to get a guaranteur, just try and do

635
00:28:58,640 --> 00:28:59,240
Speaker 7: it on my own.

636
00:28:59,360 --> 00:29:01,120
Speaker 6: Yeah, what are you doing? I'm in agree, man. I

637
00:29:01,160 --> 00:29:03,120
Speaker 6: don't know if the hyper independent oldest daughter in me,

638
00:29:03,280 --> 00:29:05,440
Speaker 6: but I do not love the idea of anyone having

639
00:29:05,480 --> 00:29:07,320
Speaker 6: control over me of the things that I'm doing. And

640
00:29:07,360 --> 00:29:10,200
Speaker 6: if that's a concern for you now, I think that

641
00:29:10,560 --> 00:29:12,880
Speaker 6: it's very likely that it will come up. Like you've

642
00:29:13,080 --> 00:29:15,360
Speaker 6: got your lived experience with your family, You've got like

643
00:29:15,400 --> 00:29:19,120
Speaker 6: good visibility and what this might turn into. I personally

644
00:29:19,200 --> 00:29:22,080
Speaker 6: think it is worth waiting. I know, on paper, financially

645
00:29:22,160 --> 00:29:23,959
Speaker 6: that might not make the most sense in terms of

646
00:29:24,400 --> 00:29:27,320
Speaker 6: lost opportunity in the market, et cetera. But I just

647
00:29:27,480 --> 00:29:30,960
Speaker 6: for me personally, I don't love the idea of someone

648
00:29:31,040 --> 00:29:33,600
Speaker 6: being able to control you for any reason, whether it

649
00:29:33,640 --> 00:29:36,320
Speaker 6: be financially or otherwise. And it's not a risk that

650
00:29:36,680 --> 00:29:38,160
Speaker 6: I personally would be willing to take.

651
00:29:38,640 --> 00:29:41,880
Speaker 3: Agree, Agree, I think those are very valid. What this

652
00:29:42,000 --> 00:29:44,200
Speaker 3: message told me is that you have not spoken to

653
00:29:44,240 --> 00:29:47,880
Speaker 3: a mortgage broker. Go and make that your number one priority,

654
00:29:47,920 --> 00:29:50,760
Speaker 3: whether you buy or not. Talk about your options, Talk

655
00:29:50,760 --> 00:29:54,160
Speaker 3: about what your deposit would get you, Talk about how

656
00:29:54,240 --> 00:29:56,920
Speaker 3: much more deposit you would require. I don't know what

657
00:29:56,960 --> 00:29:59,080
Speaker 3: you do for work, so I don't know if there

658
00:29:59,080 --> 00:30:01,560
Speaker 3: are any concessions for the type of work that you do.

659
00:30:01,960 --> 00:30:04,920
Speaker 3: But talk to a broker about that. The second thing

660
00:30:05,080 --> 00:30:09,040
Speaker 3: is talk to your parents about it. So obviously this

661
00:30:09,080 --> 00:30:11,560
Speaker 3: topic has come up because if you're questioning whether or

662
00:30:11,600 --> 00:30:13,840
Speaker 3: not to get them to be a guarantee, you know

663
00:30:13,920 --> 00:30:16,200
Speaker 3: that they might be a guaranteur, and whether you accept

664
00:30:16,200 --> 00:30:19,240
Speaker 3: that or not completely your decision. But what does that

665
00:30:19,360 --> 00:30:21,600
Speaker 3: mean Because you're saying, oh, I could pay them back,

666
00:30:21,840 --> 00:30:25,080
Speaker 3: there's actually never an exchange of money, so you don't

667
00:30:25,160 --> 00:30:28,480
Speaker 3: actually owe your parents' money at all when they go guaranteur.

668
00:30:28,920 --> 00:30:31,520
Speaker 3: When you get a guaranteur, they're putting a caveat over

669
00:30:31,560 --> 00:30:34,120
Speaker 3: a pre existing property that they have. That says, if

670
00:30:34,120 --> 00:30:37,720
Speaker 3: for some reason, Jessica doesn't pay back her mortgage, we

671
00:30:37,800 --> 00:30:40,840
Speaker 3: take responsibility for those payments. And there's a lot of

672
00:30:40,920 --> 00:30:43,600
Speaker 3: hoops that you have to go through before your parents

673
00:30:43,640 --> 00:30:46,680
Speaker 3: would ever be contacted to pay some of your mortgage. Right,

674
00:30:46,840 --> 00:30:49,360
Speaker 3: you'd probably sell the house before that happens, because you

675
00:30:49,400 --> 00:30:53,480
Speaker 3: don't want to owe anybody anything. You just told us that. So, yes,

676
00:30:53,560 --> 00:30:56,280
Speaker 3: you could do an early release of a guaranteur if

677
00:30:56,280 --> 00:30:59,440
Speaker 3: your property increases in value. But I would never rely

678
00:30:59,720 --> 00:31:02,760
Speaker 3: on as being the thing that triggers a release of

679
00:31:02,800 --> 00:31:05,479
Speaker 3: a guaranteur, just because we don't know what the property

680
00:31:05,480 --> 00:31:07,160
Speaker 3: market's going to do, and I don't want to be like, oh,

681
00:31:07,200 --> 00:31:09,720
Speaker 3: we can get rid of the guaranteur in twelve months. Yeah,

682
00:31:09,760 --> 00:31:12,040
Speaker 3: because the property market has been increasing, you never know

683
00:31:12,040 --> 00:31:14,000
Speaker 3: what's going to happen. We can't predict the markets. As

684
00:31:14,000 --> 00:31:16,080
Speaker 3: I've said a million times, I'd be real rich if

685
00:31:16,080 --> 00:31:21,520
Speaker 3: we could. But a guaranteur is a lot less controlling,

686
00:31:21,640 --> 00:31:24,480
Speaker 3: it's a lot less confronting than them. Lending you money.

687
00:31:24,640 --> 00:31:27,600
Speaker 3: That's true. So that's a different story because it doesn't

688
00:31:27,600 --> 00:31:30,080
Speaker 3: impact their cash flow, it doesn't impact their day to

689
00:31:30,160 --> 00:31:32,520
Speaker 3: day life. And I think it would be a good

690
00:31:32,600 --> 00:31:35,560
Speaker 3: conversation between you and your parents, well if you go

691
00:31:35,640 --> 00:31:37,920
Speaker 3: guaranteur on my property, what does that mean? And if

692
00:31:37,960 --> 00:31:39,560
Speaker 3: they start saying, well you, oh, I see this and

693
00:31:39,600 --> 00:31:41,880
Speaker 3: you need to prove this and you need to do that, great,

694
00:31:42,160 --> 00:31:44,880
Speaker 3: maybe I'm not interested in that option. But the reality

695
00:31:45,000 --> 00:31:47,240
Speaker 3: is it doesn't impact their cash flow, it doesn't impact

696
00:31:47,320 --> 00:31:50,360
Speaker 3: their future wealth creation, it doesn't do any of that.

697
00:31:50,400 --> 00:31:54,000
Speaker 3: The only real caveat is that they can't sell their

698
00:31:54,000 --> 00:31:56,760
Speaker 3: property while there's a caveat on it, because obviously it's

699
00:31:56,800 --> 00:31:59,680
Speaker 3: linked to yours. Yeah, but if it's their family Homer,

700
00:31:59,720 --> 00:32:02,400
Speaker 3: then planning on selling, it's a different story again because

701
00:32:02,400 --> 00:32:05,840
Speaker 3: they're like, well, how does that impact them? So I

702
00:32:05,880 --> 00:32:08,280
Speaker 3: want to know what would your parents expect? What types

703
00:32:08,320 --> 00:32:11,800
Speaker 3: of strings exist, because often we have people come to

704
00:32:11,920 --> 00:32:13,840
Speaker 3: us at Zella and they say, oh, I just I

705
00:32:13,880 --> 00:32:15,560
Speaker 3: don't want to ask my parents to do that because

706
00:32:15,600 --> 00:32:18,040
Speaker 3: I'll owe them this and that and the other. And

707
00:32:18,080 --> 00:32:20,840
Speaker 3: then we go, okay, like, can we explore that because

708
00:32:20,840 --> 00:32:23,440
Speaker 3: obviously it's going to if you've got that privilege, it's

709
00:32:23,440 --> 00:32:25,680
Speaker 3: going to put you in a better financial position. So

710
00:32:26,360 --> 00:32:28,320
Speaker 3: let's just brainstorm it. Maybe we're not even talking to

711
00:32:28,360 --> 00:32:30,440
Speaker 3: your parents, but like, let's just brainstorm it between us

712
00:32:30,440 --> 00:32:32,240
Speaker 3: and talk about what the options are and how that

713
00:32:32,280 --> 00:32:34,680
Speaker 3: could work. And more often than not, we actually have

714
00:32:34,720 --> 00:32:36,840
Speaker 3: people going, oh my god, no, this is so I'm

715
00:32:36,840 --> 00:32:38,480
Speaker 3: going to ask my parents to do that. You're right,

716
00:32:38,520 --> 00:32:40,160
Speaker 3: it is signing a form, it is this, and it's

717
00:32:40,200 --> 00:32:42,840
Speaker 3: a responsibility. But I think that a lot of us

718
00:32:42,920 --> 00:32:45,000
Speaker 3: assume that there's a big cash outlay or they have

719
00:32:45,040 --> 00:32:47,400
Speaker 3: to draw down their mortgage or something and give that

720
00:32:47,440 --> 00:32:49,240
Speaker 3: cash to you for your Produit. It's not the way

721
00:32:49,240 --> 00:32:52,480
Speaker 3: it works. Yeah, so talk to a mortgage broker, discuss

722
00:32:52,560 --> 00:32:54,120
Speaker 3: those scenarios, and go from there.

723
00:32:54,440 --> 00:32:55,320
Speaker 6: Whateveryone else think.

724
00:32:55,600 --> 00:32:59,120
Speaker 3: So I obviously asked for your two cents. I said,

725
00:32:59,160 --> 00:33:01,120
Speaker 3: what would you do if you were our community member?

726
00:33:01,240 --> 00:33:04,200
Speaker 3: Forty six percent of you you are my Queen's you

727
00:33:04,200 --> 00:33:07,000
Speaker 3: said I'd see a mortgage broker first, perfect twenty seven

728
00:33:07,080 --> 00:33:10,120
Speaker 3: percent said I'd accept it short term, no pay, no gain.

729
00:33:10,400 --> 00:33:13,400
Speaker 3: Then I'd refinance as soon as I could. Seventeen percent

730
00:33:13,480 --> 00:33:15,160
Speaker 3: said take all the help I can get, and ten

731
00:33:15,160 --> 00:33:18,640
Speaker 3: percent said no, I'm going to keep control yep. And

732
00:33:18,720 --> 00:33:20,960
Speaker 3: then asked, have you had any help from your parents

733
00:33:21,040 --> 00:33:24,680
Speaker 3: or another loved one to buy a house? Thirty six

734
00:33:24,720 --> 00:33:26,520
Speaker 3: percent of you said yes and it worked out well,

735
00:33:26,640 --> 00:33:29,240
Speaker 3: thirty five percent said I bought without any help, twenty

736
00:33:29,280 --> 00:33:31,760
Speaker 3: six percent said I haven't bought a property, and three

737
00:33:31,760 --> 00:33:34,680
Speaker 3: percent of you said, yeah, it got real messy, which

738
00:33:34,720 --> 00:33:36,800
Speaker 3: is really hard, and I want to know more about that.

739
00:33:36,920 --> 00:33:39,240
Speaker 3: So maybe we should dive into that. Like if you're

740
00:33:39,240 --> 00:33:41,560
Speaker 3: saying you took help from a parent and it got

741
00:33:41,560 --> 00:33:45,120
Speaker 3: really messy, I want to know what that means, only

742
00:33:45,160 --> 00:33:48,880
Speaker 3: because I haven't personally seen a lot of garrantre situations

743
00:33:48,920 --> 00:33:51,000
Speaker 3: turn messy. Yeah, I have when you owe your parents

744
00:33:51,080 --> 00:33:53,320
Speaker 3: one hundred grand, Yeah, and they're expecting you to have

745
00:33:53,360 --> 00:33:56,120
Speaker 3: another payment plan and then interest rates have increased and

746
00:33:56,160 --> 00:33:58,320
Speaker 3: you can't afford your a mortgage and paying back your pet. Like,

747
00:33:58,320 --> 00:34:00,239
Speaker 3: there's been a lot of messy situations like that I've

748
00:34:00,280 --> 00:34:03,160
Speaker 3: helped clean up, but there's never been a like quote

749
00:34:03,280 --> 00:34:06,640
Speaker 3: messy situation with a guaranteur because it doesn't again impact

750
00:34:06,760 --> 00:34:09,680
Speaker 3: their cash flow or yours. I then said, what's your

751
00:34:09,680 --> 00:34:13,160
Speaker 3: two cents. First person said, I've seen the effects of

752
00:34:13,200 --> 00:34:16,480
Speaker 3: overbearing parents. You cannot put a price on your insanity.

753
00:34:16,560 --> 00:34:17,879
Speaker 6: Loll that's my take.

754
00:34:18,160 --> 00:34:20,680
Speaker 3: Next person said, bye and accept l am.

755
00:34:20,719 --> 00:34:22,560
Speaker 6: I great point.

756
00:34:22,560 --> 00:34:25,080
Speaker 3: Another person said, my mum is my guarante for me

757
00:34:25,400 --> 00:34:28,920
Speaker 3: two loans, so only tied to fifty thousand dollars. Only

758
00:34:28,960 --> 00:34:31,440
Speaker 3: matters if I ever default on the mortgage. It has

759
00:34:31,520 --> 00:34:33,960
Speaker 3: never been an issue. Next person said, I'd have a

760
00:34:33,960 --> 00:34:37,120
Speaker 3: conversation with my parents about it not impacting our relationship.

761
00:34:37,160 --> 00:34:39,120
Speaker 3: First another person said, and I'm only going to do

762
00:34:39,120 --> 00:34:41,040
Speaker 3: two more because I could keep going on for ages.

763
00:34:41,080 --> 00:34:44,239
Speaker 3: But going guaranteur is very different from them putting money down,

764
00:34:44,280 --> 00:34:46,240
Speaker 3: so I'm not sure how they have any.

765
00:34:46,080 --> 00:34:47,600
Speaker 6: Input exactly what you were saying.

766
00:34:47,680 --> 00:34:50,960
Speaker 3: Yep. And then someone else said, and I am screaming

767
00:34:50,960 --> 00:34:54,640
Speaker 3: this from rooftops. Stop letting your twenty percent deposit mentality

768
00:34:54,719 --> 00:34:56,919
Speaker 3: hold you back. Go get in the market. Go talk

769
00:34:56,960 --> 00:34:58,800
Speaker 3: to a broker and work out what is possible.

770
00:34:59,040 --> 00:35:01,160
Speaker 5: Yes, amen, you.

771
00:35:01,080 --> 00:35:03,080
Speaker 3: Can't talk to us because I'm looking at this going.

772
00:35:03,120 --> 00:35:04,000
Speaker 3: I could probably fix that.

773
00:35:04,440 --> 00:35:05,640
Speaker 5: Yeah, I could probably fix that.

774
00:35:05,680 --> 00:35:08,239
Speaker 3: I could probably get you into a property for ten percent. Yeah,

775
00:35:08,280 --> 00:35:09,920
Speaker 3: I don't know how much you have right now. But

776
00:35:10,000 --> 00:35:13,520
Speaker 3: like ELLEMI is an option, and going guarantee is an option.

777
00:35:13,719 --> 00:35:15,920
Speaker 3: And I think that so many people think that guarantey

778
00:35:16,040 --> 00:35:17,759
Speaker 3: is so much more scary than it is. Like there's

779
00:35:17,800 --> 00:35:20,640
Speaker 3: this other conversation of like, oh, being a guarantee or

780
00:35:20,680 --> 00:35:23,040
Speaker 3: having a guarantee is such a privilege and rah rah,

781
00:35:23,080 --> 00:35:24,920
Speaker 3: and you know I didn't have it, so therefore you

782
00:35:24,920 --> 00:35:27,359
Speaker 3: shouldn't have get in the bin. Like, if you are

783
00:35:27,400 --> 00:35:30,359
Speaker 3: in a position where you can get yourself ahead financially

784
00:35:30,640 --> 00:35:32,480
Speaker 3: and someone is willing to give you a leg up,

785
00:35:32,520 --> 00:35:35,879
Speaker 3: take it absolutely, like I just I have so many

786
00:35:35,880 --> 00:35:38,279
Speaker 3: thoughts and feelings about that, because yes, the sooner you

787
00:35:38,280 --> 00:35:41,480
Speaker 3: get into the property market, the better off you would be. Anyway,

788
00:35:41,800 --> 00:35:44,120
Speaker 3: that's it from us. We'll see you bright early on

789
00:35:44,160 --> 00:35:46,279
Speaker 3: Monday morning for our money diary. Until then, have the

790
00:35:46,320 --> 00:35:47,360
Speaker 3: best weekend.

791
00:35:47,680 --> 00:35:48,120
Speaker 5: Bye guy.

792
00:35:48,320 --> 00:35:56,920
Speaker 8: By the advice shed on Cheese on the Money is

793
00:35:57,000 --> 00:36:00,560
Speaker 8: general in nature and does not consider your individual circuit stances.

794
00:36:00,960 --> 00:36:04,360
Speaker 8: She's on the Money exists purely for educational purposes and

795
00:36:04,400 --> 00:36:06,840
Speaker 8: should not be relied upon to make an investment or

796
00:36:06,920 --> 00:36:10,520
Speaker 8: financial decision. If you do choose to buy a financial product,

797
00:36:10,600 --> 00:36:14,480
Speaker 8: read the PDS TMD and obtain appropriate financial advice.

798
00:36:14,160 --> 00:36:15,520
Speaker 5: Tailored towards your needs.

799
00:36:15,880 --> 00:36:19,800
Speaker 8: Victoria, Divine and She's on the Money are authorized representatives

800
00:36:19,840 --> 00:36:20,280
Speaker 8: of Money.

801
00:36:20,280 --> 00:36:21,960
Speaker 5: Sheoper Pty Ltd

802
00:36:22,160 --> 00:36:25,640
Speaker 8: ABN three two one six four nine two seven seven

803
00:36:25,760 --> 00:36:32,160
Speaker 8: zero eight AFSL four five one two eight nine