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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr

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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before

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Speaker 1: we get started on She's on the Money podcast, I

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Speaker 1: would like to acknowledge the traditional custodians of the land

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Speaker 1: of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming

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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

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Speaker 1: and the storytelling of you to make a difference for

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Speaker 1: today and lasting impact for tomorrow.

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Speaker 2: Let's get into it. She's on the Money. She's on

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Speaker 2: the Money.

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

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Speaker 3: for millennials.

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Speaker 2: Who want financial freedom.

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Speaker 3: Today, my friends, it is Friday, which means it is

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Speaker 3: time to get the team back together and celebrate you

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Speaker 3: our incredible She's on the Money community today.

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Speaker 2: Mister Griacy, as always, is going to be back sharing

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Speaker 2: her favorite money wins.

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Speaker 3: Beck is going to be sharing her broke Broke tips.

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Speaker 3: We're going to be helping to answer a juicy money dilemma.

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Speaker 3: Get this, which is this week all about whether you

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Speaker 3: should take money out of your super to buy a

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Speaker 3: property or not, and we're unpacking something very juicy that

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Speaker 3: you slid into our DMS about this week. We're chatting

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Speaker 3: about a partner who constantly is looking for the next

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Speaker 3: get rich scheme and what that means for you.

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Speaker 2: Guys. How have your weeks been.

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Speaker 3: I'm so excited for this episode because if you're telling

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Speaker 3: me there is a juicy question at the end of like, oh,

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Speaker 3: your partner wants to join a get rich quick scheme?

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Speaker 2: I'm sorry. We'd have so many fights. How do you deal?

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Speaker 2: You know, like if my husband came home with that,

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Speaker 2: I'd be like, sir.

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Speaker 4: Sit down, juicy, juicy Jess. You go first, tell us

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Speaker 4: about your week.

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Speaker 5: Is it good? It's been summy. We'd love a short

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Speaker 5: week as well.

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Speaker 2: So good.

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Speaker 5: The weather's been lovely, and it is just nice. A

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Speaker 5: four day week just feels so good, doesn't act especially.

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Speaker 3: It's the Tuesday, because now it feels like a three

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Speaker 3: day week, but it wasn't.

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Speaker 2: It was four day weeks.

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Speaker 5: Thrilled about that obviously, not to the Cup. I saw

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Speaker 5: someone actually say that we should instead of having a

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Speaker 5: public holiday for the Cup, we should do it for

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Speaker 5: the f one because They're like, it's still a right.

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Speaker 5: You could use the same taglines, you could use the

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Speaker 5: same merch. Still a race that stops the nation, it's

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Speaker 5: also an event that goes on over multiple days with

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Speaker 5: like one big one.

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Speaker 4: Is such a good idea.

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Speaker 5: I can't claim that someone said it, I think on

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Speaker 5: TikTok or Instagram, but I just thought it was very clever,

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Speaker 5: and as someone who really doesn't care either way about

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Speaker 5: either kind of race, why not I say.

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Speaker 6: I like that.

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Speaker 2: I like that.

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Speaker 3: I actually wrote, so you guys know, I have a

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Speaker 3: weekly money column in The Age and the Sydney Morning Herald,

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Speaker 3: which is honestly my pride enjoy Like I get a

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Speaker 3: whole page in two papers every single week, so cool,

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Speaker 3: durant that, Like, I just get to go.

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Speaker 2: On and on about my own like, oh, my own interests.

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Speaker 3: So this week I wrote, I get this. They did

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Speaker 3: change the title. When you write for a news publication,

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Speaker 3: they're better at obviously understanding what the.

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Speaker 2: Clickbank titles and stuff are going to be better.

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Speaker 3: I called this article the interest rate that Stops the

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Speaker 3: Nation because obviously we found out on Tuesday that the

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Speaker 3: interest rates have increased, and we'll, you know, have a

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Speaker 3: conversation about that later, I am sure, But I wrote

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Speaker 3: this whole article about obviously the looming events of I

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Speaker 3: wrote it on Sunday. Interest rate went up on Tuesday.

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Speaker 3: Could have been really awkward because I predicted in that

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Speaker 3: article that it would go up. I imagine if it

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Speaker 3: hadn't then be like, oh, this is still look so much.

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Speaker 3: But anyway, I was writing about it and I thought,

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Speaker 3: you know, I'll do a whole heap of research into

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Speaker 3: the Melbourne Cup because obviously it's not something that I know,

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Speaker 3: attend or support. But did you know In twenty twenty two,

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Speaker 3: the Melbourne Cup carnival contributed a staggering four hundred and

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Speaker 3: twenty two point one million dollars in growth economic benefit

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Speaker 3: just to the.

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Speaker 2: State of Victoria.

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Speaker 5: Oh my god.

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Speaker 3: And a study by market research company I E R

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Speaker 3: revealed that over the past decade, the Melbourne Cup carnival

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Speaker 3: has injected more than three point six billion dollars into

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Speaker 3: Victoria's economy, which is much more than the Australian Open,

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Speaker 3: which we would think was really really big. But over

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Speaker 3: the past ten years they've only contributed one million.

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Speaker 5: Wow.

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Speaker 3: Oh did you also know? Because obviously not everyone in

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Speaker 3: the she's on the money. Community is going to pick

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Speaker 3: up the Age or the Sydney Morning Herald on their

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Speaker 3: Sunday morning.

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Speaker 2: I don't know, unrelatable. I do every week and you

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Speaker 2: should too.

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Speaker 3: But Australians on average spend nearly one hundred and eighty

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Speaker 3: dollars each on the Melbourne Cup, which includes obviously like

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Speaker 3: betting and their celebrations and stuff. But this to me

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Speaker 3: terrifying because let's look at the other statistic that says

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Speaker 3: one in three Australians this is a Combank statistic, not

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Speaker 3: my own. One in three Australians can't come up with

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Speaker 3: five hundred dollars in an emergency if they needed to. Average,

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Speaker 3: we're spending one hundred and eighty bucks every year on

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Speaker 3: a horse race.

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Speaker 4: Silly.

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Speaker 2: Well, I agree with you, it should.

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Speaker 3: Change, But like I just think that there's too much

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Speaker 3: money going through a race.

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Speaker 2: Where horses are murdered. But I don't different.

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Speaker 5: Make the people run, get on the dress up like

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Speaker 5: a horse, make around the track. I think that's what

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Speaker 5: we should do do.

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Speaker 3: I saw someone can textualize it really well the other day.

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Speaker 3: Because you know a lot of people, obviously, this conversation

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Speaker 3: is going to get real spicy.

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Speaker 2: Can't wait for my DMS later today. But someone was like,

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Speaker 2: but the horses get treated so nicely during Near.

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Speaker 5: Jessica, I don't, that's like fattening them up.

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Speaker 3: Do you know who got treated really nicely? The tributes

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Speaker 3: on the Hunger Games before they were sent out?

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Speaker 4: Literally, Yeah, I'm.

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Speaker 5: So excited for that new movie.

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Speaker 2: By the way, move on, let's move on that car.

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Speaker 5: Ah.

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Speaker 4: Well, my week's been really good.

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Speaker 1: Yeah.

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Speaker 4: I love I love love love this weather.

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Speaker 6: Also, some is a funny time for me because I

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Speaker 6: am not super girly and that doesn't mean anything really,

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Speaker 6: but's so super Yeah. But like I'm always like, what

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Speaker 6: do I wear in the summer? I don't know, but.

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Speaker 4: It's still like a really nice Yeah. I guess I'll

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Speaker 4: pop on a par of shorts, linen pants. I could

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Speaker 4: see being a linen pant.

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Speaker 3: Can you please get like a pair of like they

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Speaker 3: called dungarees overalls? I don't know if I'll try, but

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Speaker 3: that vibe is so like relaxed overalls, getting like blue.

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Speaker 2: You need like a black like denim wash pair cool clips.

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Speaker 4: Okay, it looks so cute.

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Speaker 6: If we if you could dress me up for the

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Speaker 6: summer that would be really nice.

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Speaker 3: I mean, we have completely different fashion senses, but like

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Speaker 3: I think I understand your vibe.

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Speaker 4: I think you, I think you think I.

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Speaker 2: Think I do. But that with Doc Martins, you look

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Speaker 2: so cute.

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Speaker 6: Oh yes, you know she's sheep.

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Speaker 3: Are you going to do this?

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Speaker 4: Amazing?

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Speaker 6: Thank you so much for in a dance. But yeah, no,

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Speaker 6: it's been really really good week. And yeah, short weeks.

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Speaker 6: Sorry for everyone that's not in Victoria that doesn't have

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Speaker 6: a short weeks.

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Speaker 2: Unlucky, unlucky. Can't have it.

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Speaker 6: All, can't have it all, but know something about four

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Speaker 6: day weeks feels right. Hopefully the norm in the future.

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Speaker 2: Oh no, sorry, no pressure on your bosses.

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Speaker 1: Good.

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Speaker 2: Oh my week was beautiful.

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Speaker 3: I spent the weekend in Tasmania, which is my favorite

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Speaker 3: place in the entire world. I went to my girlfriend

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Speaker 3: Georgia and her now husband Jack's wedding, which was stunning, lovely,

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Speaker 3: just down in the south of Tasmania, which was very

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Speaker 3: very cool, and then I came back and had a

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Speaker 3: bit of work to do on Monday, and then on

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Speaker 3: Tuesday I went to a party to celebrate one of

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Speaker 3: my friends becoming an Australian citizen, which was really cute.

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Speaker 3: We sat around her pool, which is very fancy. It's

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Speaker 3: not that fancy, promise, it sounds fancier than it is.

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Speaker 3: And I drank fake champagne for the afternoon. It just

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Speaker 3: felt like a really good day.

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Speaker 4: That's so nice.

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Speaker 3: Yes, really really really good week thus far. But let's

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Speaker 3: get into the show. What do you reckon? Because this

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Speaker 3: week I feel like Jess. There were so many good

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Speaker 3: money wins in the thread. I don't know if you

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Speaker 3: saw me this week, but I was like in their

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Speaker 3: replying to everybody, being.

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Speaker 2: Like, oh my god, this is so cool. So I

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Speaker 2: want to know what have you pulled out?

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Speaker 5: All right? My first one this week comes from Shorna,

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Speaker 5: who said money win kind of. I checked my credit

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Speaker 5: rating for the first time ever and was pleasantly surprised.

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Speaker 5: It was very good. I made some big money mistakes

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Speaker 5: in my UNI days and I've been fearing the worst.

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Speaker 5: So there you go.

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Speaker 2: Good for you.

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Speaker 5: If you're scared getting there, just check it. The worst

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Speaker 5: that can happen is you go, Okay, we've got a

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Speaker 5: little work to do.

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Speaker 6: Yeah.

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Speaker 4: I love that. That gives me hope as well.

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Speaker 5: I know you've said before you're like I can't look,

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Speaker 5: but yeah, good for you. Next, I've got a money

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Speaker 5: in from Laura, who said huge money loss, but a

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Speaker 5: massive life win. Thanks to the amazing girls at Zella,

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Speaker 5: I bought my first property and I get the keys

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Speaker 5: this week. No, that's the best handing over all. The

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Speaker 5: funds is terrifying, but I'm so grateful.

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Speaker 3: But they would have had you back. Obviously I'm biased.

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Speaker 3: The team is Zella Money. If you want a mortgage,

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Speaker 3: They're the only team you should be using. Absolutely crass,

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Speaker 3: I mean it's my team.

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Speaker 2: Sorry, obviously I'm going to back him, of course.

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Speaker 5: Next we've got a money in from Madison, who said

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Speaker 5: money win and slight power move. My small one's first

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Speaker 5: birthday is coming up and we are having a very

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Speaker 5: hungry one year old, like the very hungry caterpillar samed party.

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Speaker 5: I don't want to hire an entire soft play or

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Speaker 5: sensory setup for the kids, so I've been collecting things

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Speaker 5: for cheap on Marketplace and using as much as I

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Speaker 5: can to recycle and make a play area for the kids.

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Speaker 5: Kids parties are ridiculously expensive these days, and I feel

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Speaker 5: like so much of that is due to social media pressure.

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Speaker 5: He's turning one. He doesn't need a catered event and

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Speaker 5: a custom photo shoot area. He needs a bloody rusk

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Speaker 5: stick and a half cooked sprinkler to play. Ye that

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Speaker 5: She's saved around four hundred dollars and the Power movie

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Speaker 5: is now everyone thinks I'm way greener and more eco friendly,

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Speaker 5: and it will hopefully make up for the fact that

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Speaker 5: I'm not a very put together looking mama.

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Speaker 2: Oh no you are. I just put the effort you're

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Speaker 2: putting in for your little bit. Sorry, you are Mum

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Speaker 2: of the Year.

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Speaker 5: Absolutely.

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Speaker 3: I just think I hate that social media pressure. I

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Speaker 3: think I wasn't last week that I said, you know, kids' birthdays.

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Speaker 3: I'm sorry, Jess Revet. When you come to my child's

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Speaker 3: first birthday, which they'll be party love a party. There

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Speaker 3: will be a Cole's mud cake and it will be

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Speaker 3: being gifted presents that I found in its own room. Yes,

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Speaker 3: but that's what's gonna happen. They don't know. What you

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Speaker 3: don't know isn't going to hurt you. And you do

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Speaker 3: not need to spend money on a first birthday.

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Speaker 2: No, it's clearly not for the good.

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Speaker 5: They're not going to remember it exactly. Next I've got

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Speaker 5: any money went from Sophia, who said, last week Charesy's

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Speaker 5: posted a story saying they're happy to meet and shout

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Speaker 5: lunch to a small group of people on the Goldie.

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Speaker 5: I signed up and I got invited, and not only

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Speaker 5: did I get a free lunch and some tips on investing,

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Speaker 5: I also got a copy of the Chares's Guide to.

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Speaker 2: Investing hook are real cute too, so that would have

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Speaker 2: been a nice lunch.

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Speaker 5: She did say money loss. I was two minutes past

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Speaker 5: the free parking threshold and had to pay eighteen dollars.

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Speaker 5: Though sad, very sad.

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Speaker 3: You know what, the book's worth more than that, and

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Speaker 3: they paid for lunch. Hit all evens out. But also

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Speaker 3: that's so annoying.

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Speaker 4: That's killer.

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Speaker 5: Next, Crystal said money win. I was looking at buying

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Speaker 5: a TV cabinet from Ikea, which you can choose what doors,

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Speaker 5: what color, it's try to customize it. My toys originally

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Speaker 5: came to one thousand dollars, so I decided not to

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Speaker 5: buy it. Six months later, I bought that exact model

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Speaker 5: from Ikea today for two hundred and ninety nine dollars

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Speaker 5: because it was a customer return and it was already

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Speaker 5: made up from the flat pack.

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Speaker 4: Oh my gosh, Oh how good?

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Speaker 2: That's money?

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Speaker 6: Yeah?

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Speaker 2: So is it just me?

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Speaker 3: Or does AE thousand dollars for a piece of furniture

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Speaker 3: from Ikea.

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Speaker 2: Feel like a lot?

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Speaker 5: It's so much money you can buy it secondhand on

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Speaker 5: Facebook all the time.

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Speaker 3: Yeah, there's yeah, there's no way you'd catch Jessica paying

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Speaker 3: full price.

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Speaker 5: Good. And actually, lastly, I have a personal money. We

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Speaker 5: spoke about this on the podcast I Reckon maybe six

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Speaker 5: months ago, but.

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Speaker 2: I really a memory.

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Speaker 5: I'm pretty good. I realized that while we were in

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Speaker 5: the US, Victoria has launched their Return and Earn scheme,

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Speaker 5: So recycling your bottles and your.

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Speaker 2: Cans and stuff. You have been waiting for this.

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Speaker 5: I've been dying for it, and it's launched and they

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Speaker 5: have an apps you can get. On the app, you

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Speaker 5: can find one knee. I highly recommend doing that because

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Speaker 5: the app also tells you when they're full, because if

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Speaker 5: people return them, you can only put so many in

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Speaker 5: they have to be collected, so you can check it

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Speaker 5: there full or not. But I went through our recycling

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Speaker 5: bin when I saw the I think I saw someone

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Speaker 5: in our community, little Raccoon. I literally through our recycling

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Speaker 5: and even just the amount of can and we haven't

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Speaker 5: hosted a party or anything, like just from drinking like

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Speaker 5: a Pepsi Max or whatever. The amount of cans and

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Speaker 5: moods and addict I am that I pulled out of

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Speaker 5: our recycling meant it was like a whole tub's worth.

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Speaker 5: So that's a whole tub's worth of stuff that's being

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Speaker 5: recycled correctly that I'm getting. I think we got back.

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Speaker 5: It was a small that was like ten bucks or something.

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Speaker 2: But you didn't have before.

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Speaker 5: And that's the thing is I kind of like maybe

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Speaker 5: I can make it a fun challenge where I try

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Speaker 5: and pay for a holiday or something, you know. I mean,

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Speaker 5: I can just stash all the money away because it's

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Speaker 5: free money, like why not. And there's so many of.

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Speaker 2: Them, like you go through spin Guard, your bin, local.

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Speaker 5: Pub, the name.

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Speaker 4: Rubbish off the studio des.

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Speaker 5: But like if you're if money is tight and you're

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Speaker 5: trying to say for something that's really good, I can

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Speaker 5: talk to your friends, talk to your family. Everyone be

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Speaker 5: stoked to have more room in their bin. And it's

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Speaker 5: not like you're going through garbage because it's recycling, so

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Speaker 5: it's all like cardboard. It's like your to you like it.

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Speaker 2: It's great.

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Speaker 3: Jess is known in our office is the like Christmas fairy,

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Speaker 3: like she's the festive fairy.

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Speaker 2: You're now known as the bin.

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Speaker 4: Record like Bin Racer is kind of into it.

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Speaker 2: I like bin raccoons.

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Speaker 6: Yeah, I like that.

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Speaker 5: So you go, if you live in Victoria, get some

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Speaker 5: money back on your bottles.

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Speaker 2: I love that. I think we're all going to have

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Speaker 2: to try it. Free money. We love free money community,

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Speaker 2: not just for Jessica. I think ten out of ten.

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Speaker 3: Do you know what we're going to segue into now,

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Speaker 3: the non fin raccoon at the table.

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Speaker 2: You're welcome. What broke tips have you got for us

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Speaker 2: this week?

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Speaker 1: Actually?

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Speaker 6: I just wanted to share one money when Okay, So

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Speaker 6: the other day I was trying to order dinner on

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Speaker 6: menu log and I was just like, I was in Dremata.

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Speaker 6: Actually I've heard of that place and a wax and dumpling.

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Speaker 4: Love this place. It's so good. So I was ordering.

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Speaker 6: The total came up to one hundred and ten dolls

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Speaker 6: or something, so ordering for me and a friend and

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Speaker 6: we were a bit excessive, and then I was like,

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Speaker 6: I'm just going to call them and do the order online.

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Speaker 4: For pick up. Yeah, the total came to sixty bus

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Speaker 4: No it didn't.

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Speaker 6: No, it didn't so much money the exact same order.

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Speaker 6: And also I guess like they put like a little

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Speaker 6: bit extra on menulogue for these.

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Speaker 5: They pay a huge business, pay a huge fee to

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Speaker 5: be on any of them. Like maybe we'll go about

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Speaker 5: all of that, just mark up to cover the difference.

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Speaker 4: It's it's worth just give them a call.

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Speaker 6: It's really like, of course it's Awkwards old school to

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Speaker 6: like call and have to put your ordery.

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Speaker 2: And now it's not like it.

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Speaker 4: It's kind of wholesome, awesome, absolutely a.

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Speaker 3: Lot of things for Okay, so onto the road tips,

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Speaker 3: all right, I'm ready.

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Speaker 2: What have you got for us?

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Speaker 4: So our first.

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Speaker 6: Break tip comes from Tory, who this is quite a

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Speaker 6: wholesome one also could be useful for Christmas time. So

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Speaker 6: Tori says that when her and her best friend want

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Speaker 6: a cheap, wholesome night, they kind of you know those

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Speaker 6: like you know when you have a candle and the

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Speaker 6: wax kind of spills over, and there's those kind of

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Speaker 6: ugly sometimes beautiful bits of wax that build up on

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Speaker 6: the plate or whatever it's on. Yes, you just grab

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Speaker 6: all those extra bits from those the ugly bits of

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Speaker 6: the candle that just kind of like melt over and

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Speaker 6: you buy like really cheap wicks, or you can use

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Speaker 6: old wicks and create new candles, either with Mason jars

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Speaker 6: so smart or whatever whatever jars you got lying around,

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Speaker 6: maybe pots, whatever.

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Speaker 5: Put them in a candle warmer.

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Speaker 6: Put them in a candle warmer exactly, so you can

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Speaker 6: really repurpose those candle those like little bits of wax

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Speaker 6: that just melt over the top. Also, sometimes they're beautiful,

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Speaker 6: but I'm just gonna just for the sake of this tip,

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Speaker 6: I'm going to call them the ugly pieces of candle.

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Speaker 3: I like that because, to be honest, when you were like, oh,

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Speaker 3: they want to have a like nice night, I was like, wait,

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Speaker 3: where are we going?

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Speaker 2: Are they eating wax? I literally couldn't put two and

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Speaker 2: two together.

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Speaker 6: You can eat wax, so it's quite nice. Like I

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Speaker 6: wouldn't recommend this, but like dipping your fingers into the

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Speaker 6: warm wax, don't do it.

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Speaker 3: I think I actually think that's really smart because do

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Speaker 3: you know what else I've been doing so I have

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Speaker 3: been gifted historically some beautiful candles. Actually, Miss Jessica Ricci

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00:16:21,280 --> 00:16:24,760
Speaker 3: got me what brand is it one. Oh yeah, like

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Speaker 3: the team put in. I think it was like for

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Speaker 3: my birthday, they all put in and they bought me

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Speaker 3: this beautiful rose scentered dip teak candle.

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Speaker 2: Lovely obviously it's empty now yeah, sure, five dollars that

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00:16:35,880 --> 00:16:40,320
Speaker 2: came out. I bought some soy wax candle. Looks full again.

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Speaker 2: That's so smart. You can buy candles.

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Speaker 6: Yeah, bit of food coloring. It's also nice like arts

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Speaker 6: and craft things. It's a fun afternoon. It's a fun

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00:16:48,720 --> 00:16:53,200
Speaker 6: afternoon all round. So my next money tip comes from

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Speaker 6: the moving Mama. I loving Mama, Moving Mama. I'm so sorry,

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00:16:57,080 --> 00:16:59,560
Speaker 6: I haven't checked your name. Oh Hannah, Sorry it is Hannah.

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Speaker 2: Hannah from the moving Mama, Moving Mama.

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Speaker 6: Okay, so Hannah says that she says ironng. But I

404
00:17:04,720 --> 00:17:06,200
Speaker 6: think you can do this with a lot of banks.

405
00:17:06,240 --> 00:17:08,680
Speaker 6: You can put something on your account where every time

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00:17:08,720 --> 00:17:11,399
Speaker 6: you make a purchase, it rounds up to the rounder.

407
00:17:12,320 --> 00:17:15,480
Speaker 6: Here's five dollars, which is great for like for me,

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00:17:15,680 --> 00:17:18,000
Speaker 6: for example, I would just be doing it monthly, like

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Speaker 6: every month. At the end of the month, if I've

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00:17:19,960 --> 00:17:22,960
Speaker 6: got like ten twenty bucks left in my roundups, that's

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00:17:23,160 --> 00:17:25,080
Speaker 6: going to go toward food for the rest of them.

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Speaker 4: Literally, sure I will run out.

413
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Speaker 6: Of money, or if you have a little bit more

414
00:17:29,720 --> 00:17:32,760
Speaker 6: self control, you can use that and just use that

415
00:17:32,840 --> 00:17:35,119
Speaker 6: to save for Christmas time, or for birth days, or

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Speaker 6: for gifts or whatever.

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Speaker 3: Christmas thing is genius because Christmas is so expensive, but

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Speaker 3: the little things they all add up. I feel like

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Speaker 3: it was only a couple of years ago that even

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Speaker 3: round ups became popular and they were only available with

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00:17:47,119 --> 00:17:49,320
Speaker 3: one bank. Now you're right, I think lots of banks

422
00:17:49,320 --> 00:17:51,360
Speaker 3: off of them, but also our friends at shares E's

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00:17:51,440 --> 00:17:52,800
Speaker 3: this is like not a sponsored plug.

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Speaker 2: I just think it's cool.

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Speaker 3: They've recently introduced that to their investing platform, which I

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00:17:57,920 --> 00:18:00,840
Speaker 3: think is just it's so good because obviously you're going

427
00:18:00,880 --> 00:18:03,040
Speaker 3: to use it for groceries and that's really helpful. But

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00:18:03,119 --> 00:18:06,280
Speaker 3: like for a lot of people having roundups that then

429
00:18:06,359 --> 00:18:09,199
Speaker 3: invest like it's a more passive way of investing and

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00:18:09,200 --> 00:18:10,680
Speaker 3: you're investing more money money.

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00:18:10,680 --> 00:18:12,040
Speaker 2: We exactly when is.

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Speaker 4: That gonna get rich? I love that. I love that,

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Speaker 4: and my.

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Speaker 2: Personal break tip, Oh yes please.

435
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Speaker 6: So this is something I really enjoy doing. It's probably

436
00:18:21,040 --> 00:18:23,239
Speaker 6: not gonna be super popular, but what you do, I

437
00:18:23,240 --> 00:18:26,120
Speaker 6: would say at the start of every pay cycle.

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Speaker 4: Do a full budget and passion.

439
00:18:29,760 --> 00:18:33,600
Speaker 6: I mean, that's ideal, but do a full subscription, phone plan,

440
00:18:33,760 --> 00:18:38,600
Speaker 6: gym membership, everything, membership, audit, cleanse, just go through. Even

441
00:18:38,640 --> 00:18:40,560
Speaker 6: like there will be times where I've gone through my

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00:18:40,600 --> 00:18:44,119
Speaker 6: bank account and seen a dollar forty nine from like Apple,

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00:18:44,200 --> 00:18:45,919
Speaker 6: and I'm like, what am I paying for with Apple?

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00:18:45,960 --> 00:18:48,280
Speaker 5: Like and you don't know, random app, some random app.

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Speaker 3: The other day, it was like, You've paid twenty four

446
00:18:51,280 --> 00:18:52,960
Speaker 3: ninety nine to Apple And I was like, so what

447
00:18:53,240 --> 00:18:56,280
Speaker 3: for an app that I subscribed to? And it was

448
00:18:56,280 --> 00:18:59,000
Speaker 3: an annual app last year or even maybe the year before,

449
00:18:59,040 --> 00:19:00,400
Speaker 3: who knows, don't.

450
00:19:00,200 --> 00:19:03,000
Speaker 2: Even use it anymore? And then they charged me for it,

451
00:19:03,040 --> 00:19:03,600
Speaker 2: and I was like.

452
00:19:04,040 --> 00:19:07,400
Speaker 6: I got got exactly exactly or even if it's something

453
00:19:07,440 --> 00:19:10,359
Speaker 6: that you do need you I'm sure you could you

454
00:19:10,359 --> 00:19:13,520
Speaker 6: can to get like cheap, but somewhere somehow if you're

455
00:19:13,600 --> 00:19:15,800
Speaker 6: like for example, with Adobe, I don't want to like

456
00:19:15,920 --> 00:19:18,639
Speaker 6: be name dropping, but also like using these kind of

457
00:19:18,680 --> 00:19:21,199
Speaker 6: like kind of dodgy. But if you just pretend to cancel,

458
00:19:21,560 --> 00:19:23,000
Speaker 6: it'll give you options to.

459
00:19:24,000 --> 00:19:27,600
Speaker 4: Pay way less for the next six.

460
00:19:27,440 --> 00:19:30,640
Speaker 6: Months, yeah, or year or forever more, or it will

461
00:19:30,640 --> 00:19:33,320
Speaker 6: be like take six months free, just stay with us.

462
00:19:33,520 --> 00:19:35,040
Speaker 4: So do that, Try and do that with Like.

463
00:19:36,240 --> 00:19:38,760
Speaker 3: It's probably not going to be that happy that we're

464
00:19:38,800 --> 00:19:42,800
Speaker 3: sharing that, but Adobe, we're recommending that you keep the product.

465
00:19:42,840 --> 00:19:45,320
Speaker 3: At the end of the day with exactly, cancel Adobe

466
00:19:45,720 --> 00:19:46,800
Speaker 3: because we all need it.

467
00:19:46,880 --> 00:19:49,360
Speaker 4: We all need it, we actually all need it. But yes,

468
00:19:49,480 --> 00:19:50,960
Speaker 4: so do a full audit.

469
00:19:51,200 --> 00:19:52,639
Speaker 6: There might be things that are coming out of your

470
00:19:52,680 --> 00:19:54,879
Speaker 6: bank account you don't even know about. There might be

471
00:19:54,880 --> 00:19:57,320
Speaker 6: things that you just don't need anymore. Maybe you want

472
00:19:57,320 --> 00:20:00,239
Speaker 6: to go for runs and do at home training if

473
00:20:00,280 --> 00:20:02,040
Speaker 6: you don't want to pay for your gym membership anymore.

474
00:20:02,240 --> 00:20:04,600
Speaker 4: Just things that you could conceivably go without.

475
00:20:04,800 --> 00:20:06,560
Speaker 5: Yeah, and you can always get them back to and

476
00:20:06,600 --> 00:20:08,320
Speaker 5: you can always get them back to get rid of it.

477
00:20:08,480 --> 00:20:09,720
Speaker 5: Go wow, I really miss that.

478
00:20:10,080 --> 00:20:11,639
Speaker 4: Yeah, and you.

479
00:20:11,680 --> 00:20:14,840
Speaker 2: Saved a month worth the fees on that thing exactly.

480
00:20:14,960 --> 00:20:16,200
Speaker 4: So that's my broke tip.

481
00:20:16,280 --> 00:20:18,280
Speaker 3: That's a good one. I love that, Thank you being

482
00:20:18,280 --> 00:20:20,000
Speaker 3: on top of it. I also love to see you

483
00:20:20,080 --> 00:20:21,679
Speaker 3: being more active in your finances.

484
00:20:21,760 --> 00:20:22,280
Speaker 2: Thank you.

485
00:20:22,359 --> 00:20:25,080
Speaker 3: Like it's actually so cool because I know that if

486
00:20:25,119 --> 00:20:27,080
Speaker 3: we went back a few years, Beck would have been like,

487
00:20:27,280 --> 00:20:29,240
Speaker 3: absolutely not, We're not opening that we're.

488
00:20:29,080 --> 00:20:29,720
Speaker 5: Not doing that.

489
00:20:30,240 --> 00:20:33,000
Speaker 2: I mean true. Yeah, Like old beck is like, who

490
00:20:33,080 --> 00:20:36,879
Speaker 2: is this new woman? I know he's a changed woman?

491
00:20:36,920 --> 00:20:38,800
Speaker 4: Who is she? I thank you me? That's very n

492
00:20:38,880 --> 00:20:39,199
Speaker 4: I love it.

493
00:20:39,200 --> 00:20:40,920
Speaker 3: All right, Let's go to a really quick break because

494
00:20:40,960 --> 00:20:42,200
Speaker 3: on the slip side, we're going to talk about a

495
00:20:42,240 --> 00:20:45,000
Speaker 3: money dilemma. We're talking about taking money out of your

496
00:20:45,000 --> 00:20:48,560
Speaker 3: superannuation to buy property, and we're also unpacking something a

497
00:20:48,600 --> 00:20:50,560
Speaker 3: little bit spicy. I keep saying spicy. I need to

498
00:20:50,560 --> 00:20:52,680
Speaker 3: find a different word. If you guys could slide into

499
00:20:52,680 --> 00:20:54,720
Speaker 3: my DMS and let me know what is a better

500
00:20:54,760 --> 00:20:58,200
Speaker 3: word to use than spicy DM. But someone slid into

501
00:20:58,200 --> 00:21:00,560
Speaker 3: our DMS this week and was asking for some advice

502
00:21:00,560 --> 00:21:03,080
Speaker 3: about their partner who's consistently looking for the.

503
00:21:03,040 --> 00:21:05,320
Speaker 2: Next get rich quick scheme.

504
00:21:05,520 --> 00:21:07,679
Speaker 3: So guys, don't go anywhere because I can't wait to

505
00:21:07,720 --> 00:21:09,640
Speaker 3: unpack that one.

506
00:21:13,000 --> 00:21:15,439
Speaker 5: Welcome back, everybody. Let's take a listen to this week's

507
00:21:15,480 --> 00:21:16,200
Speaker 5: money dilemma.

508
00:21:18,520 --> 00:21:20,879
Speaker 3: Hi, there, have you got a money dilemma you just

509
00:21:20,920 --> 00:21:23,480
Speaker 3: can't solve that. She's on the Money Team is here

510
00:21:23,480 --> 00:21:26,720
Speaker 3: to help. Every week we tackle your dilemmas, both big

511
00:21:26,800 --> 00:21:29,000
Speaker 3: and small, to answer your most burning.

512
00:21:28,680 --> 00:21:30,400
Speaker 2: Money career and life questions.

513
00:21:30,600 --> 00:21:33,080
Speaker 3: To get involved, simply head to our website and leave

514
00:21:33,160 --> 00:21:35,280
Speaker 3: us a short voice recording and you might just find

515
00:21:35,320 --> 00:21:36,320
Speaker 3: yourself on the show.

516
00:21:36,640 --> 00:21:38,200
Speaker 2: Now, let's take a listen to.

517
00:21:38,080 --> 00:21:40,320
Speaker 3: This week's money dilemma.

518
00:21:42,359 --> 00:21:44,560
Speaker 2: Hi, she's on the money. I'm thirty one and I

519
00:21:44,600 --> 00:21:47,080
Speaker 2: have one hundred and sixty ish thousand dollars in super.

520
00:21:47,600 --> 00:21:49,720
Speaker 3: I've seen on my TikTok advertising for being.

521
00:21:49,600 --> 00:21:52,000
Speaker 2: A bit to my investment properties with my super.

522
00:21:52,600 --> 00:21:55,359
Speaker 3: I'm assuming because it's on TikTok it's not a good idea,

523
00:21:55,440 --> 00:21:57,160
Speaker 3: but would be keen to hear your thoughts.

524
00:21:57,160 --> 00:21:57,520
Speaker 2: Thanks.

525
00:21:57,720 --> 00:21:59,639
Speaker 5: This is the primary example of make sure you know

526
00:21:59,680 --> 00:22:02,640
Speaker 5: where you getting your advice from. True and I'm very

527
00:22:02,640 --> 00:22:05,320
Speaker 5: proud of you for clocking that and going, oh, maybe

528
00:22:05,359 --> 00:22:06,000
Speaker 5: not the best advice.

529
00:22:06,200 --> 00:22:07,960
Speaker 2: Sorry. Can we also like step back?

530
00:22:08,480 --> 00:22:08,720
Speaker 3: Yeah?

531
00:22:08,720 --> 00:22:09,240
Speaker 5: You correct?

532
00:22:09,280 --> 00:22:12,679
Speaker 3: One hundred and sixty thousand dollars in anyone. Maybe the

533
00:22:12,800 --> 00:22:15,960
Speaker 3: average is forty six thousand dollars at between the age

534
00:22:16,000 --> 00:22:16,880
Speaker 3: of thirty and thirty four.

535
00:22:16,960 --> 00:22:17,760
Speaker 4: Yeah, it's amazing.

536
00:22:17,920 --> 00:22:20,199
Speaker 2: You're very joking me. What are you doing? Where's the magic?

537
00:22:20,400 --> 00:22:20,680
Speaker 5: Yeah?

538
00:22:20,720 --> 00:22:23,200
Speaker 4: Well done, Good for you, that's amazing.

539
00:22:23,480 --> 00:22:23,880
Speaker 2: Sleigh.

540
00:22:24,359 --> 00:22:26,920
Speaker 3: Jess is going to kill me for continuously saying say

541
00:22:26,920 --> 00:22:28,520
Speaker 3: that I am making Sleigh happy.

542
00:22:28,560 --> 00:22:33,000
Speaker 5: You have one per episode. You've used it slay, so

543
00:22:33,200 --> 00:22:34,240
Speaker 5: you can take you from next week.

544
00:22:34,359 --> 00:22:34,920
Speaker 2: Do you know what?

545
00:22:35,040 --> 00:22:37,520
Speaker 3: I get so confused about these things right, because I

546
00:22:37,520 --> 00:22:39,159
Speaker 3: would have loved next time. Can you send me the

547
00:22:39,200 --> 00:22:41,040
Speaker 3: link as well so that I can stalk them, because I

548
00:22:41,080 --> 00:22:44,800
Speaker 3: am so judgy on those things. But I think you're correct.

549
00:22:44,840 --> 00:22:48,360
Speaker 3: If it's on TikTok, it's probably not a good financial decision.

550
00:22:48,640 --> 00:22:51,440
Speaker 3: Have you ever seen one of the top fifty financial

551
00:22:51,480 --> 00:22:54,960
Speaker 3: advisors in the country ever advertise their services via TikTok.

552
00:22:55,200 --> 00:22:56,080
Speaker 2: It's a great point.

553
00:22:56,359 --> 00:22:59,280
Speaker 3: No, you haven't, and there's probably a good reason for that.

554
00:22:59,600 --> 00:23:02,800
Speaker 3: And I mean, please, don't get me wrong. TikTok's advertising

555
00:23:03,280 --> 00:23:06,679
Speaker 3: is definitely increasing in the types of companies that are

556
00:23:06,720 --> 00:23:10,119
Speaker 3: engaging with it, Like historically it would be like squishy toys,

557
00:23:10,200 --> 00:23:12,360
Speaker 3: and it would be you know, clickbait things and get

558
00:23:12,400 --> 00:23:16,679
Speaker 3: this fancy like XYZ. I do see a lot of quote,

559
00:23:16,760 --> 00:23:21,160
Speaker 3: legitimate companies advertising on there. But if you're being targeted with, hey,

560
00:23:21,680 --> 00:23:25,120
Speaker 3: you could make an investment decision via TikTok, I can

561
00:23:25,280 --> 00:23:28,320
Speaker 3: guarantee that it is probably not the right fit for you.

562
00:23:28,680 --> 00:23:30,760
Speaker 3: And I say that because they haven't been able to

563
00:23:30,800 --> 00:23:33,680
Speaker 3: take into consideration your risk profile or what's going on.

564
00:23:34,119 --> 00:23:37,480
Speaker 3: But further to that, Jessica, how do I feel about

565
00:23:37,600 --> 00:23:40,160
Speaker 3: using your super funds to buy property?

566
00:23:40,480 --> 00:23:42,639
Speaker 5: Not a well, because you'd have to correct me if

567
00:23:42,680 --> 00:23:44,560
Speaker 5: I'm wrong. You'd have to have an SMSF for right.

568
00:23:45,000 --> 00:23:48,000
Speaker 4: Yes, we'll could I go hate manage.

569
00:23:47,880 --> 00:23:51,800
Speaker 3: So if you're with Australian super Right, you can't just

570
00:23:51,840 --> 00:23:54,160
Speaker 3: call them and be like, oh, by the way, I'd

571
00:23:54,200 --> 00:23:55,520
Speaker 3: really like to.

572
00:23:56,200 --> 00:23:58,840
Speaker 2: Just buy property in my super fun. They're going to go, yeah,

573
00:23:58,880 --> 00:23:59,800
Speaker 2: that's not what we do.

574
00:24:00,200 --> 00:24:02,680
Speaker 3: Ah, that's not going to work, And that's fine. It's

575
00:24:02,720 --> 00:24:04,520
Speaker 3: not a reflection of whether they are good or about

576
00:24:04,600 --> 00:24:08,960
Speaker 3: superfund like they are very popular super Fun. However, to

577
00:24:09,040 --> 00:24:12,280
Speaker 3: buy property inside your superannuation fund, you have to establish

578
00:24:12,320 --> 00:24:15,960
Speaker 3: what's called a self managed super fund, which is going

579
00:24:16,000 --> 00:24:18,560
Speaker 3: to one attract a whole heap of fees, thousands of

580
00:24:18,600 --> 00:24:23,160
Speaker 3: dollars of fees. True, it's going to attract ongoing admin costs.

581
00:24:23,400 --> 00:24:24,760
Speaker 2: So every single year.

582
00:24:25,040 --> 00:24:27,440
Speaker 3: If you have a self managed super fund here in Australia,

583
00:24:27,560 --> 00:24:29,280
Speaker 3: you have to audit it annually.

584
00:24:29,359 --> 00:24:30,240
Speaker 2: It can't be done by you.

585
00:24:30,320 --> 00:24:32,560
Speaker 3: By the way, you have to outsource that, so the

586
00:24:32,600 --> 00:24:35,560
Speaker 3: admin fees can be anywhere between five and ten thousand

587
00:24:35,600 --> 00:24:39,000
Speaker 3: dollars a year just to have that structure. Not only

588
00:24:39,040 --> 00:24:43,399
Speaker 3: are you paying for that structure, but also you're more responsible.

589
00:24:43,560 --> 00:24:46,440
Speaker 2: Yeah, so you're now putting.

590
00:24:46,240 --> 00:24:49,400
Speaker 3: Your superannuation, which you know, we're just using the example

591
00:24:49,400 --> 00:24:52,080
Speaker 3: of Old Super. They have a whole investment team that

592
00:24:52,119 --> 00:24:56,240
Speaker 3: has created a number of well diversified portfolios based on

593
00:24:56,280 --> 00:25:00,359
Speaker 3: your risk assessment. You're putting all of your eggs in

594
00:25:00,440 --> 00:25:04,960
Speaker 3: one basket into a property. And arguably, and this is

595
00:25:05,040 --> 00:25:08,320
Speaker 3: just personal opinion, I suppose, but when I have spoken

596
00:25:08,359 --> 00:25:12,760
Speaker 3: to people about buying property inside superannuation, it's not often

597
00:25:12,840 --> 00:25:15,400
Speaker 3: because they're like, oh, well, v I've actually sat down

598
00:25:15,440 --> 00:25:18,200
Speaker 3: and I've done the calculations on rental yield, and I've

599
00:25:18,200 --> 00:25:20,720
Speaker 3: worked out, you know, the capital growth in the area

600
00:25:20,760 --> 00:25:23,239
Speaker 3: that I'm planning on purchasing, and I genuinely look at

601
00:25:23,280 --> 00:25:26,160
Speaker 3: this and go, this is a really great investment opportunity

602
00:25:26,200 --> 00:25:29,119
Speaker 3: for me because you know, I'll get ABC and D

603
00:25:29,200 --> 00:25:31,359
Speaker 3: out and here's my long term plan for the property,

604
00:25:31,359 --> 00:25:33,240
Speaker 3: whether you keep it for the long term or you

605
00:25:33,320 --> 00:25:35,159
Speaker 3: dispose of it, or you know, you might develop it

606
00:25:35,200 --> 00:25:36,960
Speaker 3: and subdivide it whatever.

607
00:25:36,680 --> 00:25:37,600
Speaker 2: That might look like.

608
00:25:38,119 --> 00:25:42,120
Speaker 3: Most people that are interested and this is just obviously stereotyping,

609
00:25:42,200 --> 00:25:45,479
Speaker 3: in buying property inside Super are usually interested in that

610
00:25:45,640 --> 00:25:48,040
Speaker 3: because they can't buy it outside of Super and really

611
00:25:48,080 --> 00:25:50,560
Speaker 3: want to be on the property market, right, And I

612
00:25:50,640 --> 00:25:54,879
Speaker 3: totally get that if you are so committed to getting

613
00:25:54,880 --> 00:25:57,359
Speaker 3: on the property ladder that you're looking at these options like,

614
00:25:57,560 --> 00:25:58,199
Speaker 3: I'm proud of you.

615
00:25:58,200 --> 00:25:58,960
Speaker 2: You're going to get there.

616
00:25:59,160 --> 00:26:02,440
Speaker 3: But we need to look at how smart that financial

617
00:26:02,480 --> 00:26:06,280
Speaker 3: decision actually is. Is owning property inside Super an inherently

618
00:26:06,320 --> 00:26:08,520
Speaker 3: bad thing? No, there are a lot of people that

619
00:26:08,600 --> 00:26:11,359
Speaker 3: own properties inside Super who make millions, who make a

620
00:26:11,359 --> 00:26:13,760
Speaker 3: lot of money, who that has been arguably the best

621
00:26:13,800 --> 00:26:16,720
Speaker 3: financial decision they've ever made. Does it mean that it

622
00:26:16,760 --> 00:26:19,760
Speaker 3: is the best financial decision for you, Beck? There are

623
00:26:19,800 --> 00:26:22,600
Speaker 3: also people out there whose best financial decision was buying

624
00:26:22,600 --> 00:26:23,679
Speaker 3: bitcoin at the right.

625
00:26:23,560 --> 00:26:25,080
Speaker 2: Time, do you know what I mean?

626
00:26:25,160 --> 00:26:27,960
Speaker 3: So it has to be relevant to the time and

627
00:26:28,000 --> 00:26:30,760
Speaker 3: to your financial situation. And if a company is on

628
00:26:30,800 --> 00:26:35,360
Speaker 3: TikTok promoting that you buy property inside superannuation, I can

629
00:26:35,440 --> 00:26:39,640
Speaker 3: almost guarantee that they are making money on setting it up,

630
00:26:40,080 --> 00:26:42,840
Speaker 3: Like setting up the structure for you they'll probably recommend

631
00:26:42,840 --> 00:26:45,320
Speaker 3: it accountanty're getting a clip back of that amount.

632
00:26:45,520 --> 00:26:47,280
Speaker 2: They're probably going to recommend.

633
00:26:46,960 --> 00:26:50,760
Speaker 3: What property you buy because obviously they are investment experts,

634
00:26:51,040 --> 00:26:54,199
Speaker 3: and they're probably being paid at least five percent of

635
00:26:54,240 --> 00:26:57,639
Speaker 3: the property purchase price by the developer, because that's usually

636
00:26:57,680 --> 00:27:01,120
Speaker 3: how these schemes work, and to me, it's just red

637
00:27:01,119 --> 00:27:04,040
Speaker 3: flag scalore. To be honest, if you have one hundred

638
00:27:04,040 --> 00:27:06,760
Speaker 3: and sixty thousand dollars in SUPER and you are thirty one,

639
00:27:07,280 --> 00:27:10,280
Speaker 3: I can almost guarantee that one of the best things

640
00:27:10,320 --> 00:27:13,120
Speaker 3: you'll ever do is go and speak to a financial advisor. Yes,

641
00:27:13,440 --> 00:27:16,640
Speaker 3: it will cost you money, it will cost you thousands

642
00:27:16,680 --> 00:27:19,840
Speaker 3: of dollars. You can pay for your financial advice with

643
00:27:19,880 --> 00:27:22,280
Speaker 3: the money inside your superannuation, so it's not going to

644
00:27:22,359 --> 00:27:24,080
Speaker 3: cost you money out of your cash flow today. But

645
00:27:24,119 --> 00:27:26,119
Speaker 3: you have one hundred and sixty thousand dollars in super,

646
00:27:26,800 --> 00:27:29,720
Speaker 3: look after that money because that money over the next

647
00:27:29,720 --> 00:27:32,360
Speaker 3: thirty forty years is going to compound out of control

648
00:27:32,400 --> 00:27:34,679
Speaker 3: and you are going to be a very very wealthy person.

649
00:27:35,359 --> 00:27:37,720
Speaker 3: But make sure that money is working as hard as

650
00:27:37,760 --> 00:27:41,679
Speaker 3: you do for it. And if you're genuinely interested in

651
00:27:41,760 --> 00:27:45,320
Speaker 3: buying property and maybe inside super. I'm not saying it's

652
00:27:45,480 --> 00:27:48,679
Speaker 3: the best or worst decision. I am very apprehensive of

653
00:27:48,800 --> 00:27:51,679
Speaker 3: self managed super funds. I will say I don't have

654
00:27:51,720 --> 00:27:53,919
Speaker 3: one and I never will have one, And any of

655
00:27:53,960 --> 00:27:57,640
Speaker 3: my clients historically that had one always had more than

656
00:27:57,640 --> 00:28:00,159
Speaker 3: two hundred and fifty thousand dollars cash in it to

657
00:28:00,160 --> 00:28:04,280
Speaker 3: make it justifiable in today's market, I would arguably say

658
00:28:04,480 --> 00:28:07,920
Speaker 3: you would need more. But go see a financial advisor

659
00:28:07,960 --> 00:28:09,880
Speaker 3: and they can give you the advice to get into

660
00:28:09,920 --> 00:28:14,879
Speaker 3: property and have a strategy, an ongoing plan that literally.

661
00:28:14,560 --> 00:28:16,160
Speaker 2: Puts you in the best possible position.

662
00:28:16,359 --> 00:28:18,359
Speaker 3: And if you're telling me you have that much in super,

663
00:28:18,920 --> 00:28:21,240
Speaker 3: I can tell you right now seeing an advisor is

664
00:28:21,280 --> 00:28:25,320
Speaker 3: a good idea. Yeah, but not one that advertises like

665
00:28:25,359 --> 00:28:28,840
Speaker 3: that on TikTok just FYI, although there are some really

666
00:28:28,840 --> 00:28:31,920
Speaker 3: good financial advisors on TikTok now, which makes me so happy.

667
00:28:32,200 --> 00:28:34,840
Speaker 4: True, true, Yeah, great advice.

668
00:28:34,960 --> 00:28:37,640
Speaker 2: You got any advice there to beck? Just take these advice.

669
00:28:38,040 --> 00:28:40,280
Speaker 4: I would take these advice. I guess it is truck.

670
00:28:40,400 --> 00:28:42,280
Speaker 6: If you'll say that there's like other financial advisors on

671
00:28:42,320 --> 00:28:44,080
Speaker 6: the next you like who, well.

672
00:28:44,000 --> 00:28:45,960
Speaker 3: Who do you trust? And that's what I mean. Like

673
00:28:46,120 --> 00:28:50,400
Speaker 3: if they're advertising you could do this. No good financial

674
00:28:50,440 --> 00:28:53,160
Speaker 3: advisor on TikTok is ever going to suggest a strategy.

675
00:28:53,520 --> 00:28:57,000
Speaker 3: If any financial advisor is suggesting a strategy on TikTok,

676
00:28:57,080 --> 00:28:58,000
Speaker 3: red flag.

677
00:28:57,760 --> 00:28:58,720
Speaker 5: Technically it's illegal.

678
00:28:59,200 --> 00:29:02,120
Speaker 3: Oh no, but even technically, like it is point blank

679
00:29:02,160 --> 00:29:04,600
Speaker 3: illegal and it's actually a breach of their financial services

680
00:29:04,640 --> 00:29:07,000
Speaker 3: license if they did that, which is why they'll often

681
00:29:07,080 --> 00:29:08,920
Speaker 3: be like, I can't give personal advice, but let me

682
00:29:08,960 --> 00:29:13,040
Speaker 3: give you a few situations for example, never give you

683
00:29:13,080 --> 00:29:15,800
Speaker 3: an exactly Like someone could write into a TikTok, you know,

684
00:29:16,200 --> 00:29:19,560
Speaker 3: financial advisor and be like, oh, you know the what

685
00:29:19,560 --> 00:29:21,280
Speaker 3: does it mean to buy a property? And super I

686
00:29:21,320 --> 00:29:24,000
Speaker 3: can answer that question, but like the is it a

687
00:29:24,040 --> 00:29:24,680
Speaker 3: good idea for me?

688
00:29:24,800 --> 00:29:26,800
Speaker 2: Be like, I don't know. I can't tell you.

689
00:29:26,920 --> 00:29:30,080
Speaker 3: That's very irresponsible anyone who's telling you what to do

690
00:29:30,200 --> 00:29:30,760
Speaker 3: on TikTok.

691
00:29:30,800 --> 00:29:33,680
Speaker 6: One out of ten, Yeah, austraining feeling is objectively a

692
00:29:33,720 --> 00:29:34,200
Speaker 6: good idea.

693
00:29:34,440 --> 00:29:36,880
Speaker 5: Not yeah, because it's never for everyone, never for everyone.

694
00:29:37,320 --> 00:29:38,280
Speaker 2: Yeah, great advice.

695
00:29:38,520 --> 00:29:44,280
Speaker 3: Speaking of never for everyone, we have a DM this

696
00:29:44,360 --> 00:29:47,560
Speaker 3: week and it's all about get rich quick schemes, which

697
00:29:47,560 --> 00:29:49,720
Speaker 3: I feel like it's just like really on brand with

698
00:29:49,760 --> 00:29:51,560
Speaker 3: what our dilemma was, so.

699
00:29:51,520 --> 00:29:53,120
Speaker 2: Would you like me to read it? Are you ready

700
00:29:53,120 --> 00:29:53,840
Speaker 2: to break this down?

701
00:29:53,960 --> 00:29:54,400
Speaker 5: Excited?

702
00:29:54,680 --> 00:29:55,040
Speaker 6: All right?

703
00:29:55,120 --> 00:29:56,960
Speaker 2: So here's the DM we got this week.

704
00:29:57,000 --> 00:29:59,920
Speaker 3: Guys, hey girls, just after some advice on what you

705
00:30:00,040 --> 00:30:02,720
Speaker 3: would do in my situation. My partner and I are

706
00:30:02,760 --> 00:30:05,920
Speaker 3: both on six figure incomes and he's talking about getting

707
00:30:05,920 --> 00:30:07,080
Speaker 3: a joint bank account.

708
00:30:07,440 --> 00:30:07,760
Speaker 2: Okay.

709
00:30:08,880 --> 00:30:12,080
Speaker 3: My concern is he's constantly trying new things as a

710
00:30:12,120 --> 00:30:16,000
Speaker 3: side hustle, and they're not exactly successful. I try to

711
00:30:16,040 --> 00:30:18,560
Speaker 3: be supportive, but I continue to see large amounts of

712
00:30:18,640 --> 00:30:21,600
Speaker 3: money getting wasted before he wants to try something else.

713
00:30:22,120 --> 00:30:25,480
Speaker 3: I'm highly focused for the future, and he's more interested

714
00:30:25,560 --> 00:30:29,520
Speaker 3: in a get rich quick mentality. I'm worried we won't

715
00:30:29,560 --> 00:30:32,240
Speaker 3: achieve our goals, so I continue to save well.

716
00:30:32,280 --> 00:30:33,520
Speaker 2: He uses his income on.

717
00:30:33,520 --> 00:30:36,000
Speaker 3: These ideas and says we will get the goals, but

718
00:30:36,360 --> 00:30:39,880
Speaker 3: doesn't save. When an idea doesn't work for him, he'll

719
00:30:39,920 --> 00:30:42,680
Speaker 3: say he's tired of these failed ideas and we'll focus

720
00:30:42,720 --> 00:30:45,320
Speaker 3: on saving. Then a week or two later, he's back

721
00:30:45,360 --> 00:30:48,200
Speaker 3: on these expensive ideas again, and it's a never ending cycle.

722
00:30:48,600 --> 00:30:50,440
Speaker 2: My friends, what would you do?

723
00:30:51,200 --> 00:30:55,200
Speaker 6: Hmmm, that's a very tricky one, I guess it's like

724
00:30:55,240 --> 00:30:58,480
Speaker 6: it's hard because you want to like support their passions.

725
00:30:58,720 --> 00:31:04,160
Speaker 4: But also this is really I suppose taking It.

726
00:31:04,120 --> 00:31:07,000
Speaker 6: Depends only because I guess you have shared financial goals

727
00:31:07,280 --> 00:31:11,560
Speaker 6: and that is kind of really stunting that I would.

728
00:31:11,400 --> 00:31:13,000
Speaker 4: Say, But you also want to be passionate. You also

729
00:31:13,000 --> 00:31:14,480
Speaker 4: want to help them, you also want to support them.

730
00:31:15,480 --> 00:31:17,240
Speaker 4: I don't know. I don't know.

731
00:31:17,560 --> 00:31:21,280
Speaker 6: I guess if you have a chat with your partner

732
00:31:21,400 --> 00:31:25,280
Speaker 6: and say I will allow, not allow, Like it's you know,

733
00:31:25,360 --> 00:31:27,280
Speaker 6: I'm not saying it's to be worked into your budget,

734
00:31:27,320 --> 00:31:29,600
Speaker 6: worked into the budget, say like, let's set aside this

735
00:31:29,720 --> 00:31:33,800
Speaker 6: amount of money to work on your passion projects and

736
00:31:33,840 --> 00:31:36,680
Speaker 6: then save this amount of money, Like try and figure

737
00:31:36,680 --> 00:31:38,719
Speaker 6: out a way where you can still save he can

738
00:31:38,760 --> 00:31:42,920
Speaker 6: still feel satisfied, fulfilling or following these dreams that might

739
00:31:43,000 --> 00:31:45,640
Speaker 6: be short lasting. I think that's the only thing you

740
00:31:45,640 --> 00:31:48,480
Speaker 6: really can do, Just have like a really big chat

741
00:31:48,520 --> 00:31:51,920
Speaker 6: about what your financial goals are and how you're going

742
00:31:51,960 --> 00:31:53,000
Speaker 6: to get there together.

743
00:31:54,320 --> 00:31:57,320
Speaker 2: But yeah, you reckon jest.

744
00:31:57,600 --> 00:32:00,600
Speaker 5: Yeah, I don't want to discount. I feel like the

745
00:32:00,880 --> 00:32:03,480
Speaker 5: language used is conflicting because she started off by saying

746
00:32:03,560 --> 00:32:06,120
Speaker 5: side hustle, and then she switched to get rich quick,

747
00:32:06,120 --> 00:32:08,720
Speaker 5: and in my mind, those are two very different things.

748
00:32:09,200 --> 00:32:11,320
Speaker 5: And I think, like, as much as your partner is

749
00:32:11,360 --> 00:32:12,840
Speaker 5: trying a lot of things and they're failing, like, you

750
00:32:12,920 --> 00:32:15,080
Speaker 5: need to keep in mind that most small business owners

751
00:32:15,120 --> 00:32:17,320
Speaker 5: will tell you that their first idea was not their

752
00:32:17,360 --> 00:32:20,560
Speaker 5: successful idea. And you know, like some of the people

753
00:32:20,560 --> 00:32:22,280
Speaker 5: who have the biggest and best ideas, like your Bill

754
00:32:22,320 --> 00:32:26,000
Speaker 5: Gates's of the world, have a laundry list of failed

755
00:32:26,000 --> 00:32:28,560
Speaker 5: attempts or failed businesses or failed ideas that they.

756
00:32:28,480 --> 00:32:30,400
Speaker 2: Started off with. Yes, so we love tenacity.

757
00:32:30,600 --> 00:32:32,360
Speaker 5: Yeah, Like I feel like the way that her message

758
00:32:32,400 --> 00:32:35,360
Speaker 5: is phrased, it seems like she's obviously frustrated and she's

759
00:32:35,560 --> 00:32:38,000
Speaker 5: not liking that he's trying lots of different things and whatever,

760
00:32:38,080 --> 00:32:39,840
Speaker 5: And without being on the other side of it and

761
00:32:39,880 --> 00:32:42,200
Speaker 5: not really having that insight, it's hard to comment. And

762
00:32:42,240 --> 00:32:45,080
Speaker 5: I just don't want to discount or automatically assume that

763
00:32:46,160 --> 00:32:48,840
Speaker 5: you know, he's not trying or he's not working towards

764
00:32:48,880 --> 00:32:51,640
Speaker 5: something just because he's changing. I think like maybe he

765
00:32:51,640 --> 00:32:54,000
Speaker 5: should be sticking with them for longer, But again, without

766
00:32:54,000 --> 00:32:55,480
Speaker 5: knowing what it is, and blah bla blah, it's very

767
00:32:55,520 --> 00:32:57,840
Speaker 5: hard to say but yeah, I kind of agree, Like,

768
00:32:57,880 --> 00:33:00,600
Speaker 5: I think that if you're working towards goals and that's

769
00:33:00,600 --> 00:33:02,960
Speaker 5: something that's important to both of you, then you kind

770
00:33:02,960 --> 00:33:05,000
Speaker 5: of need to figure out what that looks like. If

771
00:33:05,160 --> 00:33:07,280
Speaker 5: trying these things is important to him, then you need

772
00:33:07,320 --> 00:33:10,120
Speaker 5: to decide whether that's a deal breaker forew like, are

773
00:33:10,120 --> 00:33:12,680
Speaker 5: you working towards two completely different things? And if so,

774
00:33:12,800 --> 00:33:15,240
Speaker 5: that's okay, But maybe that is a make it or

775
00:33:15,280 --> 00:33:17,960
Speaker 5: break it for your situation or you could you know,

776
00:33:18,000 --> 00:33:20,120
Speaker 5: if you're saving for a house, like do you want

777
00:33:20,160 --> 00:33:22,280
Speaker 5: to do a tendance in common agreement? And you know,

778
00:33:22,320 --> 00:33:26,000
Speaker 5: if you've contributed more to this deposit than him, do

779
00:33:26,040 --> 00:33:27,880
Speaker 5: you own more of the house or is there something

780
00:33:27,920 --> 00:33:30,120
Speaker 5: like that that you could look at as well? It

781
00:33:30,160 --> 00:33:32,720
Speaker 5: really depends on I guess how important these things are

782
00:33:32,920 --> 00:33:35,520
Speaker 5: to both of you. I agree because as someone who

783
00:33:35,760 --> 00:33:38,400
Speaker 5: does side hustle, like, I don't want to turn around

784
00:33:38,400 --> 00:33:41,240
Speaker 5: and say don't pursue things, don't try things, don't do things,

785
00:33:41,720 --> 00:33:44,520
Speaker 5: because everyone's kind of following there in path. But if

786
00:33:44,520 --> 00:33:47,080
Speaker 5: you feel like it's you know, impacting your goals, then

787
00:33:47,080 --> 00:33:49,320
Speaker 5: that's a conversation that you need to have about, well,

788
00:33:49,360 --> 00:33:51,080
Speaker 5: what does that look like? For the both of you

789
00:33:51,440 --> 00:33:52,120
Speaker 5: long term.

790
00:33:52,600 --> 00:33:55,200
Speaker 3: Yeah, I kind of absorbed it, I guess in a

791
00:33:55,240 --> 00:33:57,040
Speaker 3: similar way to you, Jess, where I was like, oh,

792
00:33:57,120 --> 00:34:00,000
Speaker 3: get rich quicks games versus you know, a side hustle,

793
00:34:00,040 --> 00:34:04,080
Speaker 3: because a side hustle doesn't actually cost that much money

794
00:34:04,160 --> 00:34:04,840
Speaker 3: in reality.

795
00:34:04,880 --> 00:34:06,840
Speaker 2: I mean, it could have an expensive side hustle.

796
00:34:06,880 --> 00:34:09,200
Speaker 3: But like, let's use you as an example, Jess, Like

797
00:34:09,239 --> 00:34:11,440
Speaker 3: you're a side hustler, but like you get a job,

798
00:34:11,560 --> 00:34:12,280
Speaker 3: you do the work.

799
00:34:12,440 --> 00:34:14,440
Speaker 2: Like I wouldn't say that there are heaps.

800
00:34:14,120 --> 00:34:18,239
Speaker 3: Of overheads, but it's also not something that you're trying

801
00:34:18,280 --> 00:34:21,359
Speaker 3: to project into making you a millionaire, right, you will

802
00:34:21,400 --> 00:34:23,080
Speaker 3: become one, Like that's a slave, I hope.

803
00:34:23,360 --> 00:34:24,200
Speaker 2: Yeah, that's the point.

804
00:34:24,320 --> 00:34:28,560
Speaker 3: But also I think that that mentality I'd never apply

805
00:34:28,719 --> 00:34:31,600
Speaker 3: to Jess Beck and go, oh yeah, she's always like

806
00:34:31,640 --> 00:34:33,919
Speaker 3: trying to get rich, like could get rich quick scheme.

807
00:34:34,040 --> 00:34:36,400
Speaker 3: So that makes me immediately think that maybe he's just

808
00:34:36,400 --> 00:34:38,400
Speaker 3: getting on the next best thing he sees on social

809
00:34:38,520 --> 00:34:41,680
Speaker 3: media or is pitched, and those things can be quite

810
00:34:41,680 --> 00:34:44,480
Speaker 3: expensive to get involved with. Like we all know that

811
00:34:44,680 --> 00:34:48,920
Speaker 3: multi level marketing companies are toxic and predatory. Like I

812
00:34:48,960 --> 00:34:52,680
Speaker 3: will never not have that opinion because if you are like,

813
00:34:52,840 --> 00:34:54,480
Speaker 3: let's be honest, we'll probably do another.

814
00:34:54,600 --> 00:34:55,200
Speaker 2: I want to do a.

815
00:34:55,160 --> 00:34:57,920
Speaker 3: Deep dive episode soon into multi level marketing companies and

816
00:34:57,960 --> 00:35:00,080
Speaker 3: what people make and how it works and like, oh

817
00:35:00,280 --> 00:35:03,319
Speaker 3: do we so juicy? One of my favorite podcasts side note,

818
00:35:03,400 --> 00:35:06,920
Speaker 3: is called The Dream by Wondery, and it literally goes

819
00:35:07,040 --> 00:35:11,120
Speaker 3: through how pyramid schemes happened and how now multi level

820
00:35:11,160 --> 00:35:14,520
Speaker 3: marketing companies exist legally, because like, if you say to

821
00:35:14,600 --> 00:35:17,360
Speaker 3: anybody in a multi level marketing company, oh, isn't that

822
00:35:17,400 --> 00:35:18,160
Speaker 3: a pyramid schame?

823
00:35:18,239 --> 00:35:20,520
Speaker 2: Do you know? How quickly they'll be like, oh, absolutely not.

824
00:35:20,600 --> 00:35:22,520
Speaker 2: That is not a multi level that is not a

825
00:35:22,520 --> 00:35:24,400
Speaker 2: pyramids game. That is not how it works.

826
00:35:24,440 --> 00:35:26,279
Speaker 3: And we just have a leader at the top and

827
00:35:26,320 --> 00:35:28,920
Speaker 3: then like the leadership structure comes down.

828
00:35:28,719 --> 00:35:31,560
Speaker 2: And flares out at the bottom. It might be triangle shape,

829
00:35:31,600 --> 00:35:32,640
Speaker 2: but it's not a pyramid scheme.

830
00:35:32,960 --> 00:35:37,640
Speaker 3: So it's just it's very interesting dynamic. But I feel

831
00:35:37,680 --> 00:35:41,600
Speaker 3: like that's maybe more what she's talking about because of

832
00:35:41,840 --> 00:35:44,919
Speaker 3: the language being used, Like I'd never go, oh, he's

833
00:35:45,160 --> 00:35:47,880
Speaker 3: got a side hustle of gardening every weekend and shopping

834
00:35:47,920 --> 00:35:49,960
Speaker 3: people's lawns and making some extra cash from that, And

835
00:35:50,000 --> 00:35:51,760
Speaker 3: I'm sick of it because it's a get rich quickschame,

836
00:35:51,840 --> 00:35:54,359
Speaker 3: Like you just wouldn't use those two things together, right,

837
00:35:55,080 --> 00:35:57,480
Speaker 3: Like would you ever go, oh, he started.

838
00:35:57,120 --> 00:35:59,600
Speaker 2: A candle company and it didn't work out, get.

839
00:35:59,520 --> 00:36:02,400
Speaker 3: Rich quicks Like, it's just not So I think that

840
00:36:02,440 --> 00:36:05,040
Speaker 3: the language there tells me that it maybe is a

841
00:36:05,040 --> 00:36:08,200
Speaker 3: little bit more you know, actual get rich quick. It

842
00:36:08,280 --> 00:36:10,319
Speaker 3: might be you know, he got online and was on

843
00:36:10,360 --> 00:36:13,160
Speaker 3: TikTok and saw a whole heap of videos about investing

844
00:36:13,160 --> 00:36:15,799
Speaker 3: in a drop shipping course and then you know, has

845
00:36:15,800 --> 00:36:17,520
Speaker 3: spent a whole heap of money setting that up and

846
00:36:17,520 --> 00:36:19,319
Speaker 3: that it didn't work, and now he's like on that

847
00:36:19,440 --> 00:36:21,400
Speaker 3: have you seen it recently? Just like the new like

848
00:36:21,840 --> 00:36:25,800
Speaker 3: drop shipping is affiliate marketing and them going, oh, you can.

849
00:36:25,640 --> 00:36:27,319
Speaker 2: Do a whole heap of affiliate market Yeah.

850
00:36:27,320 --> 00:36:29,080
Speaker 3: So I feel like it might be more like that,

851
00:36:29,160 --> 00:36:33,640
Speaker 3: where it's actually more about luck than actually intelligence.

852
00:36:33,120 --> 00:36:35,000
Speaker 5: Or the people are making money by selling you becurse,

853
00:36:35,040 --> 00:36:36,400
Speaker 5: not by actually selling.

854
00:36:36,440 --> 00:36:39,759
Speaker 3: Interesting exactly, and which case I think that that is toxic.

855
00:36:40,280 --> 00:36:43,400
Speaker 3: But obviously I think supporting your partner is really important

856
00:36:43,440 --> 00:36:45,279
Speaker 3: because there was a really long period of time where

857
00:36:45,320 --> 00:36:47,360
Speaker 3: I wasn't making money and my husband was helping to

858
00:36:47,400 --> 00:36:49,880
Speaker 3: support me in creating Cheese on the Money and Zella

859
00:36:49,920 --> 00:36:52,160
Speaker 3: because I just didn't didn't pay myself an income and

860
00:36:52,200 --> 00:36:55,200
Speaker 3: didn't have that to contribute, and so, you know, he.

861
00:36:55,160 --> 00:36:56,920
Speaker 2: Might have turned around and be like, fire out. Victoria

862
00:36:57,000 --> 00:36:58,000
Speaker 2: is a bit of a free loader.

863
00:36:58,560 --> 00:37:00,759
Speaker 3: Like, so, I think that there's thisdynamic that we need

864
00:37:00,800 --> 00:37:03,440
Speaker 3: to work through, and my assumption is that maybe his

865
00:37:04,000 --> 00:37:06,920
Speaker 3: you know, getting on the next best thing every single time,

866
00:37:07,280 --> 00:37:09,279
Speaker 3: at which point I'd say, why can't we just make

867
00:37:09,320 --> 00:37:12,560
Speaker 3: this legitimate? Like if you're putting the time and the

868
00:37:12,719 --> 00:37:14,719
Speaker 3: energy and the effort, he might not sit down and

869
00:37:14,760 --> 00:37:16,480
Speaker 3: work out a business that is actually going to be

870
00:37:16,520 --> 00:37:20,160
Speaker 3: sustainable and could have growth and actually.

871
00:37:19,760 --> 00:37:21,279
Speaker 2: Benefit you over the long term.

872
00:37:21,320 --> 00:37:23,640
Speaker 3: Because let's be honest, none of the get rich quick schemes,

873
00:37:23,680 --> 00:37:25,960
Speaker 3: if they're being marketed to you at that level, they're

874
00:37:25,960 --> 00:37:27,319
Speaker 3: not going to make you rich. They're going to make

875
00:37:27,320 --> 00:37:31,080
Speaker 3: the people that are selling the courses rich. And I just, yeah,

876
00:37:31,120 --> 00:37:33,879
Speaker 3: it upsets me so much because to start your own

877
00:37:33,920 --> 00:37:37,080
Speaker 3: business can be quite easy. It's why we do the

878
00:37:37,080 --> 00:37:40,440
Speaker 3: Business Bible, That's why we always empower people to you know,

879
00:37:40,719 --> 00:37:42,319
Speaker 3: give it a crack, because do you know, how much

880
00:37:42,360 --> 00:37:44,319
Speaker 3: you can do for free. Yeah, Like you can go

881
00:37:44,400 --> 00:37:46,400
Speaker 3: and do all of your research. You can you know,

882
00:37:46,600 --> 00:37:49,640
Speaker 3: contact suppliers if it was a product, and get quotes

883
00:37:49,680 --> 00:37:51,759
Speaker 3: on how much that would cost. You can look at

884
00:37:51,760 --> 00:37:54,799
Speaker 3: how much it would cost to register your business and trademarket,

885
00:37:55,000 --> 00:37:57,520
Speaker 3: and you could look into, oh, what branding options would

886
00:37:57,560 --> 00:37:59,960
Speaker 3: you have? Like you can do all of the research

887
00:38:00,160 --> 00:38:03,040
Speaker 3: into whether this business is viable or not before you

888
00:38:03,120 --> 00:38:06,280
Speaker 3: even spend a dollar. And I would recommend that everybody

889
00:38:06,320 --> 00:38:08,160
Speaker 3: who's in that situation where they're like, oh, I really

890
00:38:08,200 --> 00:38:11,640
Speaker 3: want to have my own business do that. But for me,

891
00:38:11,920 --> 00:38:14,680
Speaker 3: I always look at you know, having been a financial

892
00:38:14,680 --> 00:38:17,400
Speaker 3: advisor historically, I look at it and I just go,

893
00:38:17,440 --> 00:38:19,160
Speaker 3: do you know how many people I've seen that have

894
00:38:19,239 --> 00:38:23,040
Speaker 3: bought franchises because they're so desperate to become a business

895
00:38:23,040 --> 00:38:25,440
Speaker 3: owner and they're so passionate and they work the ninety

896
00:38:25,520 --> 00:38:28,280
Speaker 3: the one hundred hour weeks like they are killing themselves

897
00:38:28,360 --> 00:38:30,880
Speaker 3: for very little profit when someone else is making so

898
00:38:31,040 --> 00:38:34,440
Speaker 3: much profit off them because it's a franchised business. That

899
00:38:34,480 --> 00:38:39,040
Speaker 3: you then go, you have the tenacity, you have the time,

900
00:38:39,120 --> 00:38:41,480
Speaker 3: you're putting in so much time, energy and effort. Imagine

901
00:38:41,480 --> 00:38:43,439
Speaker 3: if you owned this one hundred percent, how much better

902
00:38:43,480 --> 00:38:45,680
Speaker 3: it would be for you. Same with like multi level

903
00:38:45,719 --> 00:38:48,280
Speaker 3: marketing stuff. You go, I can see that you're selling

904
00:38:48,280 --> 00:38:50,880
Speaker 3: a health product, Like I can totally see that. Like

905
00:38:51,440 --> 00:38:55,520
Speaker 3: I'm not saying that the product is terrible, but a

906
00:38:55,640 --> 00:38:59,520
Speaker 3: business is going to make a lot more money if

907
00:38:59,520 --> 00:39:01,480
Speaker 3: they just put that on the shelf and it was

908
00:39:01,560 --> 00:39:02,640
Speaker 3: like a you know.

909
00:39:02,680 --> 00:39:03,760
Speaker 2: A viral product.

910
00:39:03,840 --> 00:39:06,440
Speaker 3: If it's as good as you're saying, I can almost

911
00:39:06,480 --> 00:39:10,640
Speaker 3: guarantee that that business would make more money by pitching

912
00:39:10,640 --> 00:39:13,200
Speaker 3: it to Coal's or Woolli's or you know, chemist warehouse

913
00:39:13,239 --> 00:39:16,239
Speaker 3: and getting it on their shelves than having you individually

914
00:39:16,320 --> 00:39:16,759
Speaker 3: sell it.

915
00:39:17,280 --> 00:39:18,120
Speaker 2: So talk to me.

916
00:39:18,160 --> 00:39:21,560
Speaker 3: About why you think they think that's a good idea.

917
00:39:21,600 --> 00:39:22,240
Speaker 2: Do you know why?

918
00:39:22,360 --> 00:39:25,040
Speaker 3: Because the product doesn't stand up in the way that

919
00:39:25,520 --> 00:39:28,000
Speaker 3: you're saying it is in the way that it's marketed,

920
00:39:28,320 --> 00:39:31,080
Speaker 3: and they're using you as a vehicle for sales.

921
00:39:31,239 --> 00:39:33,760
Speaker 2: Yeah, Deyo's telling you that you're a business owner.

922
00:39:34,239 --> 00:39:36,680
Speaker 3: You are not a business owner because if you walk away,

923
00:39:36,920 --> 00:39:39,399
Speaker 3: you've not got a business to sell, You've not got

924
00:39:39,440 --> 00:39:42,839
Speaker 3: assets that you've built up. You might have income coming in,

925
00:39:43,120 --> 00:39:45,640
Speaker 3: but you do not own that business. You can't sell

926
00:39:45,680 --> 00:39:49,160
Speaker 3: it to somebody else. You are a glorified sales representative.

927
00:39:49,360 --> 00:39:50,239
Speaker 2: Yeah, and it.

928
00:39:50,320 --> 00:39:53,360
Speaker 3: Sounds savage, but I've got to be savage because I

929
00:39:53,440 --> 00:39:55,359
Speaker 3: want you to be in a better position. And if

930
00:39:55,440 --> 00:39:57,520
Speaker 3: you're putting in that time, energy and effort, you deserve

931
00:39:57,560 --> 00:39:59,360
Speaker 3: to be remunerated properly for it.

932
00:40:00,120 --> 00:40:01,040
Speaker 2: An advantage of.

933
00:40:01,200 --> 00:40:02,240
Speaker 4: Yeah, so truvy.

934
00:40:02,280 --> 00:40:03,520
Speaker 5: What everybody else have to say?

935
00:40:03,560 --> 00:40:07,720
Speaker 3: Oh, my gosh, probably nothing as spicy as me. We asked,

936
00:40:07,760 --> 00:40:10,640
Speaker 3: do you or your partner have a side hustle? Twenty

937
00:40:10,680 --> 00:40:14,240
Speaker 3: four percent of our community said yes, isn't that exciting?

938
00:40:14,480 --> 00:40:15,399
Speaker 4: That's an exciting lot.

939
00:40:15,640 --> 00:40:16,120
Speaker 2: I love that.

940
00:40:16,280 --> 00:40:18,640
Speaker 3: If yes, do you think you need to be passionate

941
00:40:18,640 --> 00:40:21,879
Speaker 3: about the idea for it to be successful? Eighty three

942
00:40:21,920 --> 00:40:24,399
Speaker 3: percent of you obviously said yes.

943
00:40:24,520 --> 00:40:24,840
Speaker 2: Agree.

944
00:40:25,560 --> 00:40:28,320
Speaker 3: We then asked, would you support your partner's side hustle

945
00:40:28,440 --> 00:40:30,719
Speaker 3: if they were throwing lots of money at it despite

946
00:40:30,880 --> 00:40:34,239
Speaker 3: it not making any return? Fifty five percent of you

947
00:40:34,360 --> 00:40:36,520
Speaker 3: said if they had goals and plans to make it work,

948
00:40:36,560 --> 00:40:39,120
Speaker 3: then of course, and forty five percent of you.

949
00:40:39,000 --> 00:40:41,800
Speaker 2: Said no, I just tell you to leave it. I

950
00:40:41,840 --> 00:40:42,920
Speaker 2: think it really depends.

951
00:40:43,200 --> 00:40:46,680
Speaker 3: Yeah, like most businesses are not going to turn a

952
00:40:46,680 --> 00:40:48,240
Speaker 3: profit in the first couple of years.

953
00:40:48,320 --> 00:40:49,280
Speaker 2: That's just fact.

954
00:40:49,719 --> 00:40:51,399
Speaker 3: So if you're trying to get your partner to stop

955
00:40:51,440 --> 00:40:53,480
Speaker 3: doing something because it's not turning a profit in the

956
00:40:53,480 --> 00:40:57,880
Speaker 3: first few years, like, that's probably not that constructive, Like

957
00:40:57,920 --> 00:40:59,160
Speaker 3: you've got to look at the bigger picture.

958
00:40:59,200 --> 00:41:00,000
Speaker 2: But like as we've.

959
00:40:59,840 --> 00:41:02,920
Speaker 3: Said on the pod before, Jessica went in doubt, zoom

960
00:41:02,920 --> 00:41:06,360
Speaker 3: ount Yeah. We then said, if this was you, would

961
00:41:06,360 --> 00:41:10,640
Speaker 3: you also be concerned? Eighty nine percent of you said yes,

962
00:41:10,920 --> 00:41:13,000
Speaker 3: he needs to have the same financial goals and be

963
00:41:13,040 --> 00:41:15,799
Speaker 3: on the same page, which I think is important. And

964
00:41:15,880 --> 00:41:18,320
Speaker 3: I think that that response, I suppose is really coming

965
00:41:18,320 --> 00:41:21,760
Speaker 3: from the language used again they get rich quick scheme

966
00:41:22,160 --> 00:41:24,840
Speaker 3: narrative I think leans into going like no red flag.

967
00:41:25,600 --> 00:41:27,560
Speaker 3: We then said, do you think you should have the

968
00:41:27,560 --> 00:41:29,200
Speaker 3: same savings goals if you are.

969
00:41:29,080 --> 00:41:30,120
Speaker 2: Getting a joint account?

970
00:41:30,239 --> 00:41:34,160
Speaker 3: Yeah, eighty three percent of you said yes, absolutely. I

971
00:41:34,160 --> 00:41:37,440
Speaker 3: find it really interesting actually, because jess if you have

972
00:41:37,520 --> 00:41:40,319
Speaker 3: a shared savings account with your partner, do you think

973
00:41:40,360 --> 00:41:42,120
Speaker 3: you have to have the same savings goals?

974
00:41:42,320 --> 00:41:44,040
Speaker 5: Well, I feel like that account has to be going

975
00:41:44,080 --> 00:41:47,200
Speaker 5: towards something that's shared, like a shared goal, like if

976
00:41:47,239 --> 00:41:49,279
Speaker 5: you are going, oh, we're saving for a house and

977
00:41:49,320 --> 00:41:51,120
Speaker 5: your partner's going, oh, we're saving for a holiday, Like

978
00:41:51,160 --> 00:41:53,359
Speaker 5: that doesn't really make sense. Yeah, but I think you

979
00:41:53,400 --> 00:41:55,839
Speaker 5: can have your own independent goals. I don't think when

980
00:41:55,840 --> 00:41:59,520
Speaker 5: you're a couple you need to absorb everything. And I

981
00:41:59,560 --> 00:42:01,000
Speaker 5: think the same that I'm getting is a lot of

982
00:42:01,000 --> 00:42:05,240
Speaker 5: people go you have to be the same, yeah, whereas

983
00:42:05,239 --> 00:42:07,520
Speaker 5: I don't think that's the case. In fact, I think

984
00:42:07,520 --> 00:42:10,400
Speaker 5: it's healthy to have different things going on. But like

985
00:42:10,440 --> 00:42:11,920
Speaker 5: I said before, I think that you have to be

986
00:42:12,000 --> 00:42:15,160
Speaker 5: working together. No, I totally make sure everybody's happy and

987
00:42:15,200 --> 00:42:17,760
Speaker 5: that you know, one person doesn't feel like they're carrying

988
00:42:17,840 --> 00:42:19,359
Speaker 5: all of the load like maybe.

989
00:42:19,040 --> 00:42:20,040
Speaker 2: This liston does.

990
00:42:20,400 --> 00:42:24,120
Speaker 3: And I think that I asked that question because Steve

991
00:42:24,200 --> 00:42:27,879
Speaker 3: and I are We have shared savings the house, but

992
00:42:27,920 --> 00:42:31,880
Speaker 3: we both independently save inside of those because to us

993
00:42:32,480 --> 00:42:34,480
Speaker 3: it's our income, like I don't see it as his

994
00:42:34,560 --> 00:42:36,640
Speaker 3: income or my income, Like we have a certain amount

995
00:42:36,680 --> 00:42:39,440
Speaker 3: that goes into our cash hub each and every single month,

996
00:42:39,719 --> 00:42:40,960
Speaker 3: and then we distribute that.

997
00:42:41,000 --> 00:42:43,640
Speaker 2: Based on what our life is like, like what's.

998
00:42:43,440 --> 00:42:46,200
Speaker 3: Going on, what does Steve on the reg you know, spend,

999
00:42:46,280 --> 00:42:48,600
Speaker 3: what do I spend? We definitely don't have one of

1000
00:42:48,600 --> 00:42:50,720
Speaker 3: those tip for tad like, oh, well, if Jess gets

1001
00:42:50,840 --> 00:42:53,560
Speaker 3: you know, fifty dollars allocated for fun, me, I get it,

1002
00:42:53,600 --> 00:42:54,759
Speaker 3: even if I don't spend it.

1003
00:42:54,960 --> 00:42:57,720
Speaker 2: Right, We're not like that. We're more well, let's.

1004
00:42:57,600 --> 00:42:59,439
Speaker 3: Do our budget and cash flow and see what Jess

1005
00:42:59,440 --> 00:43:01,680
Speaker 3: spends and see what Steve spends. And then you know,

1006
00:43:01,719 --> 00:43:04,080
Speaker 3: we go through each of those lists and go, is

1007
00:43:04,080 --> 00:43:06,920
Speaker 3: there anything that we could cut out? And Steve goes no, no, Like,

1008
00:43:07,280 --> 00:43:09,799
Speaker 3: I'm pretty good with those things, and I'm the same.

1009
00:43:10,000 --> 00:43:13,320
Speaker 3: But our like spending amount each week is actually different,

1010
00:43:13,960 --> 00:43:16,920
Speaker 3: and it's because they're just our values. That's what's going on.

1011
00:43:17,000 --> 00:43:19,480
Speaker 3: That's how we allocate our budget. It's never been a

1012
00:43:19,800 --> 00:43:23,000
Speaker 3: Steve gets X, so I get X. And the same

1013
00:43:23,040 --> 00:43:25,239
Speaker 3: thing is true for our savings account. Like we do

1014
00:43:25,280 --> 00:43:27,239
Speaker 3: our budget, we work out what Steve needs to spend,

1015
00:43:27,280 --> 00:43:28,719
Speaker 3: what I need to spend, what our bills are, what

1016
00:43:28,800 --> 00:43:31,279
Speaker 3: our mortgages look like, how all of that works, and

1017
00:43:31,280 --> 00:43:33,920
Speaker 3: then we have leftover mounts to go to savings. But

1018
00:43:33,960 --> 00:43:37,400
Speaker 3: for example, last year, Jess and I went to Europe together.

1019
00:43:37,920 --> 00:43:40,440
Speaker 3: That was a savings goal that I had inside my

1020
00:43:40,920 --> 00:43:43,239
Speaker 3: you know, savings account with Steve. He knew that we're

1021
00:43:43,280 --> 00:43:46,520
Speaker 3: working towards that. Obviously we've got a few other goals

1022
00:43:46,560 --> 00:43:48,399
Speaker 3: on the go as well, but he.

1023
00:43:48,440 --> 00:43:49,600
Speaker 2: Knew that was more pressing.

1024
00:43:49,719 --> 00:43:52,080
Speaker 3: So like I took the money from the savings account

1025
00:43:52,120 --> 00:43:53,359
Speaker 3: there to spend on this.

1026
00:43:54,440 --> 00:43:56,080
Speaker 2: But that didn't involve Steve.

1027
00:43:56,160 --> 00:43:58,239
Speaker 3: That involved, you know, a couple of girls and Jess

1028
00:43:58,280 --> 00:43:59,920
Speaker 3: and I are going to Europe to have a girl's

1029
00:44:00,239 --> 00:44:02,359
Speaker 3: and that was really fun. And that's not me saying

1030
00:44:02,400 --> 00:44:04,520
Speaker 3: that's the right way to budget. There's no such thing

1031
00:44:04,560 --> 00:44:06,480
Speaker 3: as the right way to budget. That's just currently what

1032
00:44:06,560 --> 00:44:08,400
Speaker 3: works for my husband and I, and we implement the

1033
00:44:08,400 --> 00:44:10,399
Speaker 3: She's on the Money Budget and cash Flow course, which

1034
00:44:10,600 --> 00:44:13,120
Speaker 3: obviously we will chuck a discount link in the show

1035
00:44:13,160 --> 00:44:13,839
Speaker 3: notes this week.

1036
00:44:13,880 --> 00:44:15,320
Speaker 2: What is it? Just is it pod fifty?

1037
00:44:15,400 --> 00:44:15,560
Speaker 1: Yeah?

1038
00:44:15,680 --> 00:44:17,200
Speaker 2: Use pod fifty or turn it back all right, thank you?

1039
00:44:17,280 --> 00:44:19,360
Speaker 3: Turn it back on the people can get the Budgeting

1040
00:44:19,360 --> 00:44:22,200
Speaker 3: cash Only Masterclass because we use that and obviously I

1041
00:44:22,239 --> 00:44:25,560
Speaker 3: built that based on how you know our cash flows

1042
00:44:25,680 --> 00:44:27,840
Speaker 3: and making the most of it and making sure that

1043
00:44:27,880 --> 00:44:30,560
Speaker 3: every dollar that comes in has a job, because that's

1044
00:44:30,600 --> 00:44:33,480
Speaker 3: really important to me. I'm also really impulsive, So, like

1045
00:44:33,560 --> 00:44:35,719
Speaker 3: it just said, it means that everything ticks along and

1046
00:44:35,760 --> 00:44:39,719
Speaker 3: I'm not being irresponsible. However, you know, we do have

1047
00:44:40,000 --> 00:44:44,400
Speaker 3: shared savings goals. But like I guess, if you extrapolate

1048
00:44:44,440 --> 00:44:47,480
Speaker 3: that out, Steve's income comes in, my income comes in,

1049
00:44:47,520 --> 00:44:49,320
Speaker 3: and some of his income gets spent on the goals

1050
00:44:49,320 --> 00:44:51,960
Speaker 3: that I have, but vice versa. You know, he has

1051
00:44:52,000 --> 00:44:54,000
Speaker 3: trips with his friends, he has things that he wants

1052
00:44:54,040 --> 00:44:56,399
Speaker 3: to spend money on that you know, we go, well,

1053
00:44:56,400 --> 00:44:58,680
Speaker 3: that's not going to come out of your every day spending.

1054
00:44:59,160 --> 00:45:01,439
Speaker 3: How are we going to wait achieve that together? Because

1055
00:45:01,440 --> 00:45:04,360
Speaker 3: we're a routine, We're we're partners, Like I want Steve

1056
00:45:04,400 --> 00:45:06,600
Speaker 3: to have the life that he deserves and that we're

1057
00:45:06,640 --> 00:45:08,399
Speaker 3: working towards, but within the.

1058
00:45:08,360 --> 00:45:09,400
Speaker 2: Breadth of our budget.

1059
00:45:09,640 --> 00:45:12,640
Speaker 3: Yes, so I think you know, sometimes I might go, oh, yes,

1060
00:45:12,760 --> 00:45:14,839
Speaker 3: like we can't go to Europe again next year one

1061
00:45:14,840 --> 00:45:18,240
Speaker 3: because that's ridiculous, but because you know, we're actually working

1062
00:45:18,239 --> 00:45:20,400
Speaker 3: on achieving one of Steve's goals right now and getting

1063
00:45:20,440 --> 00:45:23,000
Speaker 3: him into XIZ or doing whatever he wants to do,

1064
00:45:23,400 --> 00:45:25,400
Speaker 3: and we're also you know, saving for a house or

1065
00:45:25,480 --> 00:45:29,120
Speaker 3: saving for a cut or whatever it is. So to me, no,

1066
00:45:29,320 --> 00:45:31,919
Speaker 3: you don't have to always be on one hundred percent

1067
00:45:32,000 --> 00:45:34,600
Speaker 3: the same page with your joint savings, but you have

1068
00:45:34,640 --> 00:45:37,000
Speaker 3: to be on the same page about the fact that

1069
00:45:37,000 --> 00:45:40,000
Speaker 3: that joint income is joint income, if that's the way

1070
00:45:40,040 --> 00:45:41,200
Speaker 3: you are going to budget.

1071
00:45:41,440 --> 00:45:43,319
Speaker 2: Yeah, in saying that, I know a number of.

1072
00:45:43,239 --> 00:45:45,759
Speaker 3: Couples who will never have a joint account, don't want

1073
00:45:45,760 --> 00:45:46,480
Speaker 3: a joint account.

1074
00:45:46,600 --> 00:45:50,160
Speaker 2: I've been married for fifty years and that works, so sure. Honestly,

1075
00:45:50,200 --> 00:45:51,799
Speaker 2: the summary of that is you do you boo?

1076
00:45:52,120 --> 00:45:52,640
Speaker 4: Do you boo?

1077
00:45:52,840 --> 00:45:55,000
Speaker 3: So I feel like if you're choosing to have a

1078
00:45:55,080 --> 00:45:56,960
Speaker 3: joint account, it's not just a do we get a

1079
00:45:57,040 --> 00:46:00,600
Speaker 3: joint account or not? We need this more comprehensive discussion

1080
00:46:00,760 --> 00:46:03,440
Speaker 3: around well what is it for? Because like I know

1081
00:46:03,520 --> 00:46:05,640
Speaker 3: a number of people in our community have one joint

1082
00:46:05,680 --> 00:46:07,759
Speaker 3: account with their partner, but it's actually so they both

1083
00:46:07,920 --> 00:46:09,799
Speaker 3: dump money in there each and every single month, and

1084
00:46:09,840 --> 00:46:11,440
Speaker 3: that just pays their rent and their bills, and it

1085
00:46:11,520 --> 00:46:13,839
Speaker 3: just makes things and life a little bit simpler than

1086
00:46:13,840 --> 00:46:14,279
Speaker 3: they have their.

1087
00:46:14,160 --> 00:46:15,120
Speaker 2: Own savings accounts.

1088
00:46:15,160 --> 00:46:17,920
Speaker 3: We obviously know that there are people completely independent who

1089
00:46:17,920 --> 00:46:19,960
Speaker 3: are like, no, no, no, I'll transfer it directly to this

1090
00:46:20,040 --> 00:46:21,879
Speaker 3: and you know this tip for tat and that's fine,

1091
00:46:21,960 --> 00:46:24,200
Speaker 3: that works for them. And then there's people like Steve

1092
00:46:24,239 --> 00:46:28,680
Speaker 3: and I who don't operate independently when it comes to finances.

1093
00:46:28,920 --> 00:46:32,640
Speaker 3: But don't get me wrong, I still have my personal

1094
00:46:33,120 --> 00:46:34,000
Speaker 3: emergency fund.

1095
00:46:34,120 --> 00:46:36,239
Speaker 2: Steve still has his personal emergency fund.

1096
00:46:36,600 --> 00:46:39,440
Speaker 3: And one thing that I was quite clear on when we,

1097
00:46:39,520 --> 00:46:42,640
Speaker 3: I guess joined finances because I want to be independent,

1098
00:46:43,200 --> 00:46:47,240
Speaker 3: is that we manually transfer our income monthly. So Steve

1099
00:46:47,280 --> 00:46:50,520
Speaker 3: actually has a separate bank account that his income goes into,

1100
00:46:50,640 --> 00:46:53,560
Speaker 3: and then he just transfers it manually to our joint

1101
00:46:53,560 --> 00:46:57,160
Speaker 3: account because you know, if ever anything went south and

1102
00:46:57,200 --> 00:46:59,680
Speaker 3: he needed to stop contributing to that or needed his

1103
00:46:59,680 --> 00:47:03,600
Speaker 3: own income, he's always got direct access to his own funds.

1104
00:47:03,920 --> 00:47:06,840
Speaker 3: You know, I just think it's quite I won't say controlling,

1105
00:47:07,040 --> 00:47:09,560
Speaker 3: but it can be. And I've seen it happen historically

1106
00:47:09,600 --> 00:47:11,919
Speaker 3: where you might have joint income and your income's going

1107
00:47:12,000 --> 00:47:14,919
Speaker 3: into you know, a shared account, your partner's gate keeping

1108
00:47:14,960 --> 00:47:16,799
Speaker 3: it from you, and there's just like, I won't say

1109
00:47:16,800 --> 00:47:18,480
Speaker 3: it's a slippery slope, but it can be. And I

1110
00:47:18,560 --> 00:47:20,960
Speaker 3: know that that happens, and unfortunately it has happened in

1111
00:47:20,960 --> 00:47:24,280
Speaker 3: our community. But I kind of like that manual process

1112
00:47:24,280 --> 00:47:26,640
Speaker 3: of him just transferring the cash that's in his account

1113
00:47:26,719 --> 00:47:29,279
Speaker 3: to the joint and me doing exactly the same thing,

1114
00:47:29,400 --> 00:47:31,560
Speaker 3: and then working from there and then.

1115
00:47:31,480 --> 00:47:34,480
Speaker 2: Everything is the same. But each to their.

1116
00:47:34,360 --> 00:47:41,080
Speaker 6: Own right, totally tweet the peach, very un brand, very brand.

1117
00:47:41,200 --> 00:47:41,640
Speaker 2: I like that.

1118
00:47:41,760 --> 00:47:44,239
Speaker 3: Let's leave it there because to each their peach, and

1119
00:47:44,480 --> 00:47:45,040
Speaker 3: I like that.

1120
00:47:45,120 --> 00:47:50,080
Speaker 2: And also we've got the bin raccoon. Raccoon's real cute.

1121
00:47:50,120 --> 00:47:52,320
Speaker 2: I mean, if you're in America, you think that they're vermin.

1122
00:47:52,600 --> 00:47:55,560
Speaker 3: If you're Australian and see raccoon, you're like, whoa beck,

1123
00:47:55,640 --> 00:47:56,760
Speaker 3: that's so cute.

1124
00:47:56,800 --> 00:47:58,560
Speaker 4: They very cute for us over here.

1125
00:47:58,600 --> 00:48:04,480
Speaker 3: I believe they're called rash penders, little crash fan. We'll

1126
00:48:04,520 --> 00:48:06,719
Speaker 3: have a really good weekend, guys. We will see you

1127
00:48:06,760 --> 00:48:08,759
Speaker 3: bright and early on Monday for a money diary. But

1128
00:48:08,880 --> 00:48:10,880
Speaker 3: till then, no, we love you and we hope you

1129
00:48:10,920 --> 00:48:11,760
Speaker 3: have the best time.

1130
00:48:12,080 --> 00:48:12,680
Speaker 2: Bye, guys.

1131
00:48:12,760 --> 00:48:17,280
Speaker 5: Bye.

1132
00:48:19,560 --> 00:48:22,080
Speaker 3: The advice shared on She's on the Money is general

1133
00:48:22,160 --> 00:48:26,000
Speaker 3: in nature and does not consider your individual circumstances. She's

1134
00:48:26,040 --> 00:48:29,520
Speaker 3: on the Money exists purely for educational purposes and should

1135
00:48:29,520 --> 00:48:32,719
Speaker 3: not be relied upon to make an investment or financial decision.

1136
00:48:33,080 --> 00:48:35,560
Speaker 3: If you do choose to buy a financial product, read

1137
00:48:35,560 --> 00:48:39,720
Speaker 3: the PDS TMD and obtain appropriate financial advice tailored towards

1138
00:48:39,719 --> 00:48:43,000
Speaker 3: your needs. Victoria Divine and She's on the Money are

1139
00:48:43,080 --> 00:48:48,080
Speaker 3: authorized representatives of money sheirper Pty Ltd ABN three two

1140
00:48:48,120 --> 00:48:51,120
Speaker 3: one is six four nine two seven seven zero eight

1141
00:48:51,400 --> 00:49:02,000
Speaker 3: AFSL four five one two eight nine The Way