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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 through.

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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and

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

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money.

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Speaker 2: Hello, and welcome to She's on Money, the podcast for

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Speaker 2: millennials who want financial freedom. Today is Friday My Loves,

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Speaker 2: which means it is time to sit back with the

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Speaker 2: girls and a bev in hand so we can unpack

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Speaker 2: our favorite moments of the week. And of course we

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Speaker 2: are also going to be celebrating you how incredible She's

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Speaker 2: on the Money community. As always, we are going to

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Speaker 2: be sharing our favorite money wins. We're going to discuss

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Speaker 2: what's making news in the finance world, and we're going

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Speaker 2: to be helping to answer a very juicy money question,

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Speaker 2: which is all about the indexation rate of our help

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Speaker 2: debt this week. But first it is time to recap

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Speaker 2: the week it was miss Jess Grici, what happened to

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Speaker 2: money Diaries?

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Speaker 4: Monday's episode went out to all of our below Deck fans,

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Speaker 4: like Victoria Divino.

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Speaker 2: I'm the biggest below Deck fan.

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Speaker 4: We spoke to a girl who moved to France to

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Speaker 4: be a yochti for Amazing and she was telling us

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Speaker 4: all about what the experience was like living on a

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Speaker 4: super yoch working for the richest of the rich, giving

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Speaker 4: us little insight into what that was like. Turns out,

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Speaker 4: when you own a superyocht, expectations are high. Yeah, as

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Speaker 4: you would kind of imagine.

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Speaker 2: I mean, you're serving billionaires. It was staled. We asked

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Speaker 2: her so many perfect questions as well, and like did

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Speaker 2: she get along with the family. He's still friends with

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Speaker 2: a family, And when you try and marry their son.

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Speaker 2: I didn't ask her that, but I should have.

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Speaker 4: Like she should see, yeah, one hundred percent, that's ubillia

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Speaker 4: to marry into it.

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Speaker 2: Marry into it. That is the crux of this podcast.

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Speaker 2: The outcome of how to Create Financial Freedom is actually

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Speaker 2: just marrying rich. Absolutely, man, we think of that? Why

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Speaker 2: has she done so many? Yeah? Exactly, man, is a

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Speaker 2: financial plan all of that. It's genius. It's genius. All right,

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Speaker 2: let's roll it on, g King, No more marrying rich.

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Speaker 2: What happened on Wednesday? Because we are actually trying to

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Speaker 2: educate you to not rely on.

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Speaker 5: That exactly right.

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Speaker 3: So on Wednesday, ladies, we spoke about the five finance

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Speaker 3: books that will change your life.

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Speaker 2: So we took this one of my favorite things ever

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Speaker 2: to record, really only because I love talking about the

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Speaker 2: books I read, and I feel like you gave me

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Speaker 2: the perfect platform.

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Speaker 3: Well, there were a lot of good ones in there,

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Speaker 3: but what kind of what I got out of it

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Speaker 3: was that all of these books, apart from one, were

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Speaker 3: about fifty to like seventy years old, and that really

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Speaker 3: told us that the finance essentials kind of don't change,

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Speaker 3: like the rules are the same.

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Speaker 2: I mean, I wish I could pretend that I had

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Speaker 2: coined that compound interest. Can you imagine? It could be

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Speaker 2: called Victoria interest perfect and it's like the best kind.

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Speaker 2: Sadly it is not.

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Speaker 5: True divine interests.

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Speaker 2: That's why I want to do a PhD one day,

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Speaker 2: Like My goal is to one day study a PhD

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Speaker 2: so I can become a doctor. So my name would

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Speaker 2: be doctor Divine. And I just think that flows really nicely.

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Speaker 2: But to make it easier, if there's any universities out

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Speaker 2: there that want to give me one of those ornorary

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Speaker 2: doctorates that they sometimes hand out to people who do

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Speaker 2: a lot, which I haven't done, I'll take one for

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Speaker 2: the team. Perfect, I'll take one for the team because

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Speaker 2: I would love to call myself doctor Divine. Imagine getting

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Speaker 2: to get on a play dem oh no, don't downplay

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Speaker 2: it like that. Imagine getting to get on a plane

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Speaker 2: and be like, no, I am a doctor on board,

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Speaker 2: and they'll be like, oh, what kind I'd be like, oh,

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Speaker 2: just honorary. I can't help you if anyone's in trust

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Speaker 2: you with your finance. Yeah, it can help you out

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Speaker 2: with your finances. That's all I've got. Speaking of doctors,

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Speaker 2: you know what doctors have sometimes budget direct money wins.

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Speaker 5: Yeah, good one.

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Speaker 2: Sometimes doctors have money wins. And that is how we

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Speaker 2: are going to segue today into our money win segment.

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Speaker 2: Georgia King, what have you got this week?

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Speaker 3: Let's do it, ladies. Okay, So the first win from

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Speaker 3: today comes from Christie.

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Speaker 5: Money win.

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Speaker 3: I nearly fell over when I saw my gas bill

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Speaker 3: this month. Can relate lucky, she's the doctor. No, well

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Speaker 3: that'll come. Yes, So I know gas prices have increased,

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Speaker 3: but my bill was up five hundred percent on last month.

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Speaker 2: Five hundred percent.

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Speaker 3: That's a lot of percent, surely not. I called my provider,

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Speaker 3: Globird in Brackets, who confirmed that the meter read hadn't

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Speaker 3: been conducted by the gas wholesaler this month, and the

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Speaker 3: bill was just based on an estimation.

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Speaker 2: Oh yeah, I estimated, yes, five more, Jess, because I

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Speaker 2: couldn't read your meeting.

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Speaker 1: A joke.

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Speaker 3: They immediately canceled the bill. They can to supply a

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Speaker 3: photo of the meter, and then reissued her bill for

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Speaker 3: the actual read. Super helpful customer service said they were great,

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Speaker 3: and she got her bill back on budget.

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Speaker 4: I'm with glober and I'm waiting for my gas bill.

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Speaker 2: So my gas Yeah, that's a lot. That's actually a lot.

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Speaker 5: Good reminder though, that that is very normal at the moment,

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Speaker 5: isn't it.

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Speaker 6: Yeah.

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Speaker 2: I don't like that estimation. That just feels a little

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Speaker 2: bit savage. What is the next money win?

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Speaker 1: Gie?

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Speaker 5: The next win?

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Speaker 3: It comes from Emily money win. I asked my boss

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Speaker 3: for a raise to reflect my experience and value to

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Speaker 3: the business approaching my one year work adversary, and he

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Speaker 3: agreed and is going to discuss it with the executive director.

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Speaker 3: So I should hopefully be earning a little bit more

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Speaker 3: in a few days. I would never have had the

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Speaker 3: courage or knowledge to know I could even do this

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Speaker 3: without this podcast. So thank you for empowering me to

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Speaker 3: ask for what I deserve. Always ask for what you deserve.

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Speaker 3: You are doing the work, get it.

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Speaker 2: I love it. I love it so much. It makes

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Speaker 2: my heart so full.

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Speaker 3: The next win comes from Angie, biggest money win of

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Speaker 3: my life. I submitted my last assessment for my degree

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Speaker 3: on the weekend. Congratulations Angie, and I've been offered a

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Speaker 3: new role in line with my new qualification. That means

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Speaker 3: an extra eleven dollars an hour. That's fanatic lot.

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Speaker 2: That's going to add up real quick.

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Speaker 5: Qick mass.

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Speaker 3: That's eighty eight dollars a day, times up by Fridays.

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Speaker 3: I'm done four hundred and.

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Speaker 2: Did you see your faced jo I was on a

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Speaker 2: roll at the start. You were really confident, but then

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Speaker 2: you looked at me. You looked at me, and you

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Speaker 2: were like save me. And I was like, ah, not today, sir,

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Speaker 2: not today. You were four four hundred and.

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Speaker 5: Four forty you are, so let's times up by fifty two?

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Speaker 2: Is that twenty two eight eighty dollars before?

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Speaker 5: Exactly?

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Speaker 2: You know what? Nobody asked you to get involved, miss

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Speaker 2: h what's the next money?

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Speaker 3: The medal of the story is well done, aie. The

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Speaker 3: next money win comes from Maddie. I guess this could

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Speaker 3: be a win or a loss, depending on how you

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Speaker 3: look at it, little sweaty face. I finance for a

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Speaker 3: home loan, got approved the last couple of years to

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Speaker 3: be able to buy my first home at twenty six,

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Speaker 3: and I'm so proud of myself.

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Speaker 2: So money, that's a big money win, but also a

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Speaker 2: money loss. Absolutely, it's financial freedom, my friends.

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Speaker 3: Yeah, that's good debt baby. The next wind comes from

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Speaker 3: a lease. I accidentally let seventy five dollars of Country

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Speaker 3: Road rewards vouchers lapse. I called them and are annoying

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Speaker 3: nicely if they would reinstate them. The lady was so

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Speaker 3: nice she put them back on my account and gave

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Speaker 3: me an extra month in case I forgot again. If

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Speaker 3: you don't ask you get a queen's everything to do that.

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Speaker 2: That's so much money as well, Like you could get

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Speaker 2: like a whole top, or like a pair of pants

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Speaker 2: or something for that. Absolutely a lot of money.

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Speaker 5: We love it. The next win comes from Meg.

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Speaker 3: I got my private health cover renewed today. Now instead

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Speaker 3: of thirteen hundred dollars a year, I'm only paying three

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Speaker 3: hundred and eighty one dollars a year. She just got

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Speaker 3: rid of all the things she didn't need us.

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Speaker 2: She's doing the work for all of us. Say we

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Speaker 2: should do that, we don't do it exactly right, smart

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Speaker 2: baby like Meg. Next week it comes from Rose money win.

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Speaker 2: I booked tickets to go to Melbourne for a family

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Speaker 2: holiday to celebrate my dad's at seventieth. It was a

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Speaker 2: massive moment for me as we booked without own savings

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Speaker 2: and not with a credit card.

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Speaker 5: I can't remember the last time we did that. I'm

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Speaker 5: so so happy.

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Speaker 2: That's actually so sweet.

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Speaker 5: Yeah, sorry about the weather down here.

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Speaker 2: Though, roast ferocious.

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Speaker 3: The final win of today, Ladies comes from Beck. I

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Speaker 3: have been working my butt off saving for a house deposit,

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Speaker 3: and I hit the twenty thousand dollar mark this week.

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Speaker 3: I'm on track to have thirty thousand dollars by the

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Speaker 3: end of the year. And I'm so very proud of myself.

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Speaker 2: Oh we're proud of it too. How good. What a

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Speaker 2: good place to leave at Georgia King Just so much.

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Speaker 2: Unfortunately that is all we have time for when it

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Speaker 2: comes to money wins. It has been so good celebrating

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Speaker 2: some of your budget direct money wins for reward winning

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Speaker 2: insurance search budget Direct, Budget Direct Insurance Solved. Now let's

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Speaker 2: go to a breaks. I want to talk about Hex

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Speaker 2: later and Jess, you've also found a juicy segment to

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Speaker 2: talk about that really benefits our frontline healthcare workers. It

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Speaker 2: sure does.

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Speaker 5: Don't go anywhere.

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Speaker 2: All right, we are back and this week we are

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Speaker 2: going to be talking about what are we talking about, Jess,

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Speaker 2: because you haven't shared it with anybody here on the pod,

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Speaker 2: just you. You've just been hoarding this.

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Speaker 4: I like to hold the information, but I know, just kidding,

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Speaker 4: no gatekeeping here. There's going to be a one off

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Speaker 4: payment of three thousand dollars for health workers.

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Speaker 2: I knew that, So what are you gatekeeping? Nothing?

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Speaker 4: We're sharing that information right now, Okay, all right, right.

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Speaker 4: I think it's super nice because as we have said

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Speaker 4: on this podcast before our frontline workers across multiple industries

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Speaker 4: over the course of COVID quite literally put their bodies

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Speaker 4: on the line, like they are pulling quadruple shifts, they

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Speaker 4: are working long hours, they're dealing with cranky people. They

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Speaker 4: were at a high, high, high risk of exposure to COVID,

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Speaker 4: and I think it's really lovely that that we're doing

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Speaker 4: something to acknowledge that. So it's a one off payment

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Speaker 4: of three thousand dollars and the new South Wales Premier

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Speaker 4: Dominic Perrete said that it's a gesture of appreciation for

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Speaker 4: all of our health workers for the sacrifices and the

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Speaker 4: efforts that they have made since the pandemic began, which

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Speaker 4: really important. Are there other industries I would like to

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Speaker 4: see this roll out across, Yes, yes, because it's everywhere

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Speaker 4: other services industries that had just as hard of a

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Speaker 4: slog I think. But I want to talk to v

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Speaker 4: because I mean, on face Valu you go, oh my god,

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Speaker 4: three grand I know what I could do with three grand?

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Speaker 2: Oh, I definitely know. I absolutely know it is not productive.

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Speaker 2: So we're not sharing it on the podcast because that

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Speaker 2: would make me look silly.

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Speaker 5: So we've eat three thousand dollars lots of cash.

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Speaker 2: Holder.

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Speaker 3: That's amazing, but it's a huge amount to receive all

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Speaker 3: at once. What would your advice be, your non specific

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Speaker 3: general advice.

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Speaker 2: Are we giving advice to the state premiers or are

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Speaker 2: we giving advice to the to the frontline work workers

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Speaker 2: receiving this. Then I come back to that first point.

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Speaker 2: I'll give the former advice later or ladder that I'm

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Speaker 2: just confusing everybody in. Else, I would just make sure

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Speaker 2: that when it comes in, you are doing something really

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Speaker 2: constructive with it. Whether it is paying off debt fantastic,

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Speaker 2: it is putting it away for a rainy day. If

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Speaker 2: you don't have an emergency fund, bam, you're now in

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Speaker 2: the position of control. I just think we really need

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Speaker 2: to be making the most of these lumps some payments

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Speaker 2: in saying that, I think this is fantastic and we

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Speaker 2: are so excited about it. But the question that I

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Speaker 2: would raise is this a band aid solution to a

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Speaker 2: more long term solution. We already know that our frontline

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Speaker 2: healthcare workers are I would argue, underpaid for what they do.

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Speaker 2: Not only are they putting their lives at risk, but

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Speaker 2: they literally put their families at risk. Every day. Like,

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Speaker 2: think about COVID. The amount of nurses that I knew

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Speaker 2: that were going to work that were sneaking in the

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Speaker 2: back door so that they could strip out of their

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Speaker 2: COVID gear and into a spare bedroom, not seeing their

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Speaker 2: families so they could go and look after the community

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Speaker 2: instead of their own families was insane. And then that's

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Speaker 2: worth three grant. Like, I don't know, it's not not

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Speaker 2: worth it. It's absolutely a step in the right direction,

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Speaker 2: But I think we need to be looking at increasing

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Speaker 2: their pay significantly, because if we look at it across

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Speaker 2: the board, like anything less than a five point one

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Speaker 2: percent pay increase this year for frontline healthcare workers is

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Speaker 2: not putting them in line with inflation.

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Speaker 4: Interesting you say that, because they actually in line with

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Speaker 4: this grant that they're giving out. Also announced they had

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Speaker 4: agreed to lift the cap on wages to three percent

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Speaker 4: this year, increasing to a possible three point five next year.

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Speaker 2: Yeah. I think it's really important that they're doing that.

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Speaker 2: But if we then look at inflation, they're basically making

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Speaker 2: less money than they were last year based on the

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Speaker 2: costs of goods and services. Yeah, So I just I

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Speaker 2: feel really pressed. You could say when it comes to

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Speaker 2: frontline healthcare workers, because I just don't think you guys

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Speaker 2: are getting the rap that you deserve, like you are

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Speaker 2: so special. Like imagine waking up every day and going,

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Speaker 2: I'm gonna go put other people in a better position.

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Speaker 2: I'm gonna put myself at risk to look after you.

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Speaker 2: I'm putting my mental health, my physical health, my everything

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Speaker 2: to the sidelines so I can look after people who

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Speaker 2: are arguably coming into emergency. Like look at some of

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Speaker 2: my girlfriends who are emergency nurses. They get yelled at.

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Speaker 2: One of them a couple of weeks ago, got spat on.

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Speaker 2: One of them, has been literally abused. I've got a

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Speaker 2: doctor friend who's been punched in the face, Like what

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Speaker 2: the hell? And you guys are like, oh, here's three grand.

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Speaker 2: How about we actually put your wages in line with

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Speaker 2: inflation to make sure that you guys, who are the

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Speaker 2: pillars of our society arg you're like, where were we

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Speaker 2: when COVID happened? Who was carrying the entire country? Oh?

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Speaker 2: Healthcare workers, why aren't they being put in better situations?

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Speaker 2: I get real pressed about this as well. People were

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Speaker 2: talking on TikTok about how policemen get a fifty percent

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Speaker 2: discount at McDonald's. Not why I don't our frontline healthcare

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Speaker 2: workers get fifty percent. Nope, I would urge all McDonald's

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Speaker 2: employees to just hit that little like free time they

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Speaker 2: have a nurse or a doctor or somebody who's just

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Speaker 2: wearing scrubs come through the drive through, because Lord knows

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Speaker 2: they need that caffeine absolutefully. It should be free.

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Speaker 3: It's probably also worth noting the percentage of women that

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Speaker 3: are nurses. I've just put up a stat and it's

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Speaker 3: almost ninety percent.

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Speaker 2: So are we surprised, No, we're not surprised. I just

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Speaker 2: I really want to rally for the people who in

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Speaker 2: our community are doing good and being good and being

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Speaker 2: those pillars of society because you do so much good

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Speaker 2: work and you work so hard for little to no recognition.

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Speaker 2: I think it's heartbreaking seeing you know, even in our community,

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Speaker 2: because Jess, you're on DMS, I slide into DMS a

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Speaker 2: fair bit, and we talk to our community so often,

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Speaker 2: and so many of you are really questioning your job

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Speaker 2: and questioning whether you want to continue being a nurse

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Speaker 2: or continue being a doctor, because it's actually just so taxing.

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Speaker 2: Like a couple of my girlfriends are thinking about getting

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Speaker 2: out of it because they just can't keep up, Like

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Speaker 2: they're mentally and physically burnt out because all they do

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Speaker 2: is double shifts, and it's like, why are we not

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Speaker 2: treating these people so well? But then I get on

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Speaker 2: LinkedIn and we look at corporate and they're like, oh

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Speaker 2: my gosh, So imagine if we went down to a

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Speaker 2: four day work week and these corporate who has are

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Speaker 2: jumping up and down pretending like they're so hard done by,

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Speaker 2: And I feel so entirely privileged and entitled, right because

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Speaker 2: I we're not corporate, are we? Just what would we

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Speaker 2: call us? We like a podcasting business, so a little bit, yeah,

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Speaker 2: we medium es central. No, it's absolutely not essential, but

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Speaker 2: it's also so flexible, and we have that flexibility where

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Speaker 2: you know, I was sick the other week, so you

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Speaker 2: guys carried it for me and made sure it happened

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Speaker 2: and I was not stressed, Whereas a nurse calls in

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Speaker 2: sick and they're like, you better get a sick certificate

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Speaker 2: because we're not sure if we believe you. Like what,

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Speaker 2: that's disgusting.

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Speaker 4: So I just have a lot to say about this

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Speaker 4: topic and don't forget there is a state election coming.

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Speaker 4: You know what that means. People want your votes, and

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Speaker 4: you know what politicians exploit us.

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Speaker 5: Why they're back.

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Speaker 2: Yeah.

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Speaker 5: So if there's something.

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Speaker 4: That you do really want to advocate change for, if anything,

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Speaker 4: now is the time to be getting a little bit vocal.

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Speaker 4: And I think if enough people kind of said, hey,

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Speaker 4: let's celebrate those people who really copped it on the

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Speaker 4: chin during lockdown while the rest of us got to

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Speaker 4: work from home and give them something as a thank you,

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Speaker 4: because I really do think that they deserve.

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Speaker 2: It one hundred percent. The other thing I wanted to say,

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Speaker 2: which is just like based on stats, you said, what

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Speaker 2: if one in ten people like, be the one in ten?

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Speaker 2: Because if you're the one in ten and you're listening

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Speaker 2: to this podcast and that actually converts, that's more than

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Speaker 2: one hundred thousand letters that will go out incredible, Like

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Speaker 2: what can you imagine? I just I also think that

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Speaker 2: this segment has been really important. I hope for frontline

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Speaker 2: workers to I guess here as well, that people who

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Speaker 2: aren't in politics really appreciate what you're doing. Our community

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Speaker 2: is so in love with you guys, and we so

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Speaker 2: appreciate the time and energy and effort that you put

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Speaker 2: into your jobs, because it takes a very special person

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Speaker 2: to always put others first. Yeah, and that sounds, you know,

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Speaker 2: very fluffy, But I can't do it. I mean I try,

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Speaker 2: but I definitely could not put in as much time,

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Speaker 2: energy and effort as a nurse or a doctor or

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Speaker 2: anyone working in that industry.

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Speaker 4: Cam No, And that goes out to everybody who kind

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Speaker 4: of kept plugging along during lockdown. And again, if you

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Speaker 4: do want to see change in that space, and if

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Speaker 4: you do want to see our services industries recognized in

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Speaker 4: the way that they deserve, get on the phone, get

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Speaker 4: on the emails, do a little type you type were

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Speaker 4: also quick these days, you could fire it off in

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Speaker 4: less than five minutes and potentially make real change.

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Speaker 3: Already, guys, on that note, I think it is time

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Speaker 3: for a little money dilemma hit plagy.

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Speaker 5: Hi there have you.

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Speaker 3: Got up money to Lemma? You just can't solve the

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Speaker 3: Sheese on the Money team is here to help. Every week,

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Speaker 3: we tackle your dilemmas, both big and small, to answer

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Speaker 3: your most burning money, career and life questions. To get involved,

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Speaker 3: simply head to our website and leave us a quick

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Speaker 3: voice recording and you may just find yourself on the show. Now,

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Speaker 3: let's take a listen to today's money dilemma.

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Speaker 6: How can we best manage the new help loan three

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Speaker 6: point nine percent indexation rate? Because it used to be

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Speaker 6: much lower and it was always told sorry about it

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Speaker 6: as it was the safest point to have, and now

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Speaker 6: having other debts and credits as well, how is it

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Speaker 6: best to be paid? Should we up our payments on

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Speaker 6: it or make a big repayment? What should we do?

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Speaker 2: Okay, this is a really good question because I think

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Speaker 2: so many people are super stressed about what this will

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Speaker 2: mean for their cash flow. And to summarize it, it

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Speaker 2: doesn't actually mean anything for your cash flow. Just because

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Speaker 2: the interest rate or the index sction rate has increased

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Speaker 2: doesn't mean that your repayment amounts are going to change

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Speaker 2: it all. In fact, the repayment amount for twenty twenty

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00:18:01,080 --> 00:18:03,840
Speaker 2: two to twenty twenty three are exactly the same as

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Speaker 2: what they were stipulated in the last two years, right,

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Speaker 2: So you're not going to be lumped with more cash

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Speaker 2: repayments that need to come out of your pocket or

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Speaker 2: are going to come out of your paycheck. But what

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Speaker 2: it will mean is it might take a little bit

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Speaker 2: longer to pay it off. So obviously we don't love debt,

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Speaker 2: absolutely not. It's one of those things that can make

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Speaker 2: us feel really sick. But my stake or what are

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Speaker 2: we going to call it, stake or position or however

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Speaker 2: we want to articulate it on Help has not changed.

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Speaker 2: I am so excited still that we get to live

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Speaker 2: in a country where we have access to a loan

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Speaker 2: scheme that puts us in a position where we can

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Speaker 2: pay for our university educations and only have indexation applied.

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Speaker 2: In saying that indexation this year was sitting at that

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Speaker 2: three point one percent. Indexation is higher, but because of

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Speaker 2: the way help actually calculates indexation, the entire indexation amount

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Speaker 2: does not get passed on to us. It gets averaged

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Speaker 2: out over two years, so it's a little bit smaller.

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Speaker 2: In saying that if you're worried about your cash flow,

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Speaker 2: or you are worried about, you know, paying this debt off,

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Speaker 2: I would be having a look at it just so

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Speaker 2: that you can get your head straight, just so you

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Speaker 2: can go does this work for me or not? What

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Speaker 2: are my other financial goals? Because HEX still has the

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Speaker 2: same criteria, right, it's still an interest free loan. Technically,

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Speaker 2: obviously indexation is applied, there's still no time limit on

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Speaker 2: that debt to be paid off, and if you earn

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Speaker 2: under forty seven thousand and fourteen dollars you don't have

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Speaker 2: to pay it back. So there's no other loan like

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Speaker 2: that where you know, if you've got a mortgage, g

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Speaker 2: if you earn under forty seven grand, you still have

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Speaker 2: to pay it. Yes, if you get a personal loan,

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Speaker 2: you're still going to have to pay it regardless of

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Speaker 2: what your income is. There's no concessions on oh, g

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Speaker 2: you just lost your job. Okay, sorry, Jess, don't worry

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Speaker 2: about paying it back.

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Speaker 1: Like.

440
00:19:49,200 --> 00:19:51,879
Speaker 2: It's quite flexible. And I think that the thing I

441
00:19:52,040 --> 00:19:55,040
Speaker 2: like about that is the only thing it impacts when

442
00:19:55,040 --> 00:19:58,120
Speaker 2: it comes to buying property is your serviceability. And when

443
00:19:58,160 --> 00:20:01,560
Speaker 2: you look at serviceability, it's kind of like a grocery bill, right,

444
00:20:01,600 --> 00:20:03,000
Speaker 2: So they'd sit down and be like, gee, what are

445
00:20:03,040 --> 00:20:03,680
Speaker 2: your expenses?

446
00:20:04,160 --> 00:20:04,360
Speaker 1: Oh?

447
00:20:04,520 --> 00:20:06,920
Speaker 2: Okay, cool, So your expenses are one hundred dollars a

448
00:20:06,920 --> 00:20:09,560
Speaker 2: week on groceries, one hundred on HEX. No problems. They

449
00:20:09,600 --> 00:20:12,600
Speaker 2: take that into consideration. They're not looking at how much

450
00:20:12,640 --> 00:20:15,480
Speaker 2: HEX debt you have. They're actually only looking at the

451
00:20:15,520 --> 00:20:18,040
Speaker 2: portion that you have to pay back and the impact

452
00:20:18,080 --> 00:20:20,320
Speaker 2: on your cash flow there. So I don't think it's

453
00:20:20,359 --> 00:20:23,360
Speaker 2: as overwhelming as people seem to think it is. It's

454
00:20:23,400 --> 00:20:26,760
Speaker 2: also much lower than probably any type of consumer debt

455
00:20:26,800 --> 00:20:29,919
Speaker 2: most people have, and at the moment, if you compare

456
00:20:29,960 --> 00:20:33,280
Speaker 2: it to property, I would argue that having an asset

457
00:20:33,680 --> 00:20:37,240
Speaker 2: obviously not advice, but I would argue having an asset

458
00:20:37,800 --> 00:20:40,440
Speaker 2: is probably going to be a little bit more powerful

459
00:20:40,520 --> 00:20:44,480
Speaker 2: than prioritizing your debt repayments to help in saying that

460
00:20:44,560 --> 00:20:46,199
Speaker 2: you're going to have to look at that and go,

461
00:20:46,280 --> 00:20:48,040
Speaker 2: all right, is this going to work for me? Is

462
00:20:48,080 --> 00:20:49,439
Speaker 2: this not going to work for me? Do I just

463
00:20:49,480 --> 00:20:51,320
Speaker 2: really want to get rid of it? Like each to

464
00:20:51,359 --> 00:20:53,800
Speaker 2: their own, in saying that, if I look at the

465
00:20:53,800 --> 00:20:56,280
Speaker 2: way I have managed it, I haven't paid off any

466
00:20:56,320 --> 00:20:58,720
Speaker 2: extra help debt and I don't have any intention to

467
00:20:58,960 --> 00:21:01,000
Speaker 2: because I just want to. At these point in my life.

468
00:21:01,200 --> 00:21:03,000
Speaker 2: Steve and I are getting married later this year, so

469
00:21:03,119 --> 00:21:05,639
Speaker 2: that's going to be really expensive and it's already driving

470
00:21:05,680 --> 00:21:09,199
Speaker 2: me bonkers. We have a renovation that we're currently paying for,

471
00:21:09,240 --> 00:21:11,960
Speaker 2: which guys, is so much more expensive than I anticipated, Like,

472
00:21:12,040 --> 00:21:14,320
Speaker 2: oh my gosh. And then on top of that, we

473
00:21:14,400 --> 00:21:16,159
Speaker 2: have a mortgage that we're trying to get to a

474
00:21:16,240 --> 00:21:18,840
Speaker 2: level where we're both really comfortable, and at the moment

475
00:21:18,880 --> 00:21:20,760
Speaker 2: it's kind of like a little bit of a stretch,

476
00:21:21,119 --> 00:21:23,200
Speaker 2: but it's you know, we're getting there, we're plodding along,

477
00:21:23,200 --> 00:21:26,640
Speaker 2: We're very lucky, it's all working out well. But if

478
00:21:26,640 --> 00:21:29,840
Speaker 2: I added in help repayments to that, it actually doesn't

479
00:21:29,960 --> 00:21:33,119
Speaker 2: get me closer to my long term financial goals than

480
00:21:33,160 --> 00:21:35,240
Speaker 2: if I was paying that off, Whereas if I look

481
00:21:35,280 --> 00:21:38,080
Speaker 2: at my short term and my long term financial goals,

482
00:21:38,480 --> 00:21:41,040
Speaker 2: me putting money into my mortgage, putting money into my

483
00:21:41,080 --> 00:21:43,840
Speaker 2: investments is what's working for me personally at this point

484
00:21:43,840 --> 00:21:46,040
Speaker 2: in time. And I wouldn't be surprised if you turn

485
00:21:46,080 --> 00:21:48,720
Speaker 2: around and go, oh, actually, vye oh that makes sense

486
00:21:48,720 --> 00:21:51,040
Speaker 2: for me. So I think it's about just looking at, well,

487
00:21:51,040 --> 00:21:54,360
Speaker 2: what's the bigger picture, because right now what I'm feeling

488
00:21:54,720 --> 00:21:56,760
Speaker 2: is that everyone's going, oh my god, indexation is so

489
00:21:56,840 --> 00:21:58,760
Speaker 2: much higher, Like, how does this impact me? Am I

490
00:21:58,760 --> 00:21:59,880
Speaker 2: going to be out more cash?

491
00:22:00,119 --> 00:22:00,199
Speaker 1: No?

492
00:22:00,280 --> 00:22:01,919
Speaker 2: You're not going to be out more cash. Am I

493
00:22:01,960 --> 00:22:03,760
Speaker 2: going to have to pay it off quicker? No, it's

494
00:22:03,760 --> 00:22:05,680
Speaker 2: still the same amount of time. It might just take

495
00:22:05,720 --> 00:22:08,359
Speaker 2: a little bit longer. In that case, is it going

496
00:22:08,359 --> 00:22:12,040
Speaker 2: to stop you from achieving financial goals? No, but it

497
00:22:12,080 --> 00:22:15,399
Speaker 2: could stop you from achieving financial goals if you prioritize

498
00:22:15,440 --> 00:22:17,840
Speaker 2: something that's not in line with your immediate goals, if

499
00:22:17,840 --> 00:22:21,680
Speaker 2: that makes sense. Like example here miss Jessica Ricci, if

500
00:22:21,680 --> 00:22:24,920
Speaker 2: she had a significant help debt and then decided to

501
00:22:25,040 --> 00:22:27,440
Speaker 2: use her home savings or the money that you've saved

502
00:22:27,480 --> 00:22:29,879
Speaker 2: to pay that off instead of buying a house with it,

503
00:22:29,880 --> 00:22:31,560
Speaker 2: it would just mean that it would take much longer

504
00:22:31,560 --> 00:22:34,080
Speaker 2: for her to buy a house. The help debt you'd

505
00:22:34,119 --> 00:22:36,639
Speaker 2: just be taken into consideration with cash flow. So I

506
00:22:36,720 --> 00:22:39,200
Speaker 2: think from my perspective, it's just about working out what's

507
00:22:39,280 --> 00:22:41,879
Speaker 2: right for you. Because if you're at home and you

508
00:22:41,920 --> 00:22:43,720
Speaker 2: have free cash flow and free rent and all of

509
00:22:43,720 --> 00:22:45,240
Speaker 2: this other stuff, and you're like, but I want it gone,

510
00:22:45,480 --> 00:22:46,800
Speaker 2: I'm not going to argue with you.

511
00:22:46,800 --> 00:22:47,199
Speaker 4: You do you.

512
00:22:47,280 --> 00:22:49,840
Speaker 2: It's all about your values. But what are your values?

513
00:22:50,000 --> 00:22:53,040
Speaker 2: Let's think about those, not get overwhelmed about the indexation rate.

514
00:22:53,200 --> 00:22:56,200
Speaker 3: That was very well answered, my friend, Is that okay? Yeah,

515
00:22:56,280 --> 00:22:58,639
Speaker 3: I feel like I tho the questions. I feel like

516
00:22:58,640 --> 00:23:00,960
Speaker 3: the moral of the story. For the question your honor, yeah, no,

517
00:23:01,080 --> 00:23:03,520
Speaker 3: for the questions you'r honor, it's just it's completely up

518
00:23:03,520 --> 00:23:06,679
Speaker 3: to you. But generally speaking, that money could probably be

519
00:23:06,800 --> 00:23:09,200
Speaker 3: put to better use in other places because.

520
00:23:09,160 --> 00:23:12,160
Speaker 2: Depending on your values and no help, debt is still

521
00:23:12,200 --> 00:23:15,040
Speaker 2: not bad debt. Like the idea that we are only

522
00:23:15,080 --> 00:23:18,200
Speaker 2: experiencing indexation, it's not a real interest rate, I think

523
00:23:18,280 --> 00:23:21,440
Speaker 2: is quite helpful. I think people just get really overwhelmed

524
00:23:21,520 --> 00:23:23,560
Speaker 2: looking at it, going, oh my gosh, it's this spiraling

525
00:23:23,560 --> 00:23:26,480
Speaker 2: out of control. I don't think so, but yeah, think

526
00:23:26,480 --> 00:23:28,280
Speaker 2: about your own values. What do you want to achieve,

527
00:23:28,359 --> 00:23:30,520
Speaker 2: what's the timeline that you want to achieve that in,

528
00:23:30,760 --> 00:23:32,600
Speaker 2: and what are those things that you need to allocate

529
00:23:32,640 --> 00:23:34,760
Speaker 2: cash towards. Like you're going to have to have a plan,

530
00:23:35,160 --> 00:23:38,200
Speaker 2: And to be quite blunt, you could say a lot

531
00:23:38,200 --> 00:23:40,040
Speaker 2: of the time when I'm speaking one on one with

532
00:23:40,119 --> 00:23:42,880
Speaker 2: people who are worried about this, they actually haven't set

533
00:23:42,920 --> 00:23:44,960
Speaker 2: up their budget and cash flow yet. They're actually just

534
00:23:45,000 --> 00:23:47,960
Speaker 2: worried about the numbers being overwhelming. The second you pull

535
00:23:47,960 --> 00:23:49,399
Speaker 2: your head out of the sand and set up a

536
00:23:49,400 --> 00:23:51,480
Speaker 2: budget and cash you'd be like, oh, that doesn't make sense.

537
00:23:51,680 --> 00:23:54,159
Speaker 2: This makes sense, and it kind of like feeds itself

538
00:23:54,200 --> 00:23:56,600
Speaker 2: once you start allocating cash in certain ways.

539
00:23:57,000 --> 00:23:57,440
Speaker 5: Perfect.

540
00:23:57,880 --> 00:23:59,919
Speaker 2: I think that's all we've got, Georgia, King.

541
00:24:00,480 --> 00:24:01,600
Speaker 4: Of the four Stack.

542
00:24:01,760 --> 00:24:03,040
Speaker 5: Go on, let's do it already.

543
00:24:03,080 --> 00:24:05,399
Speaker 3: Guys. Remember that the advice shared on She's on the

544
00:24:05,400 --> 00:24:07,800
Speaker 3: Money is general in nature and does not consider your

545
00:24:07,840 --> 00:24:11,920
Speaker 3: individual circumstances. She's on the Money exists purely for educational

546
00:24:11,960 --> 00:24:14,040
Speaker 3: purposes and should not be relied upon to make an

547
00:24:14,040 --> 00:24:17,760
Speaker 3: investment or a financial decision. And we promise Victoria divine

548
00:24:17,800 --> 00:24:21,600
Speaker 3: and She's on the Money are authorized representatives in Focused Securities.

549
00:24:21,600 --> 00:24:25,440
Speaker 3: Australia Prietary Limited ABN four seven zero nine seven seven

550
00:24:25,520 --> 00:24:28,280
Speaker 3: nine seven zero four nine AFOSL two three six five

551
00:24:28,320 --> 00:24:31,320
Speaker 3: two three. See you on a Monday Guide, See you Monday.

552
00:24:31,440 --> 00:24:35,240
Speaker 4: Bye,