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Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations

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Speaker 1: woman and I'm here to acknowledge country t Glenn Young

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Speaker 1: Ganya nianar Kaka yah y and beIN ah Waka nian

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Speaker 1: Our gay In Nimbini, yakarum Jar Dominyamiga Umagahawaka Woman damon

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Speaker 1: Imlan Bumba ban Gadabomba in and now in wakah Ghana

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Speaker 1: on yak rum Jar water Nadaa. Hello, beautiful friends, we

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Speaker 1: gather on the lands of the Aboriginal people. We thank

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Speaker 1: acknowledge and respect the Abiginal people's land that we're gathering

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Speaker 1: on today. Take pleasure in all the land and respect

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Speaker 1: all that you see. She's on the Money podcast acknowledges culture, country,

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Speaker 1: community and connections, bringing you the tools, knowledge and resources

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Speaker 1: for you to thrive.

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Speaker 2: She's on the Money. She's on the Money.

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

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Speaker 3: that makes personal finance fun, especially on Friday's Miss Jesscricci.

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Speaker 3: It is our favorite day of the week because we

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Speaker 3: get to get our little team together to celebrate you

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Speaker 3: the incredible She's on the Money community and you might

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Speaker 3: have picked up It's actually just Jess and I today

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Speaker 3: we are going to be sharing our favorite moneys. I'm

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Speaker 3: going to be sharing Beck's broke tips while she's away.

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Speaker 3: But don't worry, like she already set me up. I'm

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Speaker 3: fully prepared. They're not coming from me, They're definitely coming

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Speaker 3: from Beck. And we're going to be helping to answer

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Speaker 3: a money dilemma that's all about weather. Investment bonds or

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Speaker 3: ETFs are a better option to invest in and something

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Speaker 3: you just lead into our dams about what do you

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Speaker 3: do when your tax accountant is being dodgy?

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Speaker 4: Ooh?

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Speaker 3: Which I think is really interesting because low key, like

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Speaker 3: I don't know if I should be saying this on

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Speaker 3: the podcast, but the amount of messages I get Jess

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Speaker 3: from people being like, oh, have you got like a

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Speaker 3: dodgy tax accountant? Because they want to be claiming absolutely

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Speaker 3: everything that they're not entitled to and they want to

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Speaker 3: find someone who is dodgy that's going to buy you

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Speaker 3: in the bum my friend. Yeah, and like, do you

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Speaker 3: think I keep dodgy company? No, Like I'm low key

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Speaker 3: offended that that's who you think I would recommend anyway,

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Speaker 3: Moving on, Miss Jesse Gourici, before I ask you the

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Speaker 3: question of the week, which I'm excited about. Do you

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Speaker 3: want me to read you a five star review to

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Speaker 3: pep up your step?

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Speaker 2: Of course?

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Speaker 1: Right?

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Speaker 3: So this one is from Katie and she says accessible

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Speaker 3: and informative financial advice. Obviously it's not advice, but like,

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Speaker 3: we'll take what we get, Katie, She's on the Money

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Speaker 3: podcast is informative yet broken down to be easily understood

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Speaker 3: and explained. The girls are so passionate and keep the

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Speaker 3: podcasts entertaining and interesting. I love that there are three

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Speaker 3: different episodes each week and that they are in different

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Speaker 3: formats which keeps things really interesting, such as the deep Dives,

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Speaker 3: Money diarries and Friday with the Money dilemmas and.

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Speaker 5: Some of the spicy topics.

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Speaker 3: Thank you for making financial education so accessible for women

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Speaker 3: and anyone else who would like to listen to this

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Speaker 3: podcast and breaking down the barriers to us achieving financial independence.

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Speaker 5: Oh Katie, that's so lovely.

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Speaker 2: Thank you?

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Speaker 3: Isn't it so like you've hit the nail on the head. Like,

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Speaker 3: don't get me wrong, it's not even about the content,

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Speaker 3: like just the final sentence breaking down the barriers so

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Speaker 3: that we can achieve financial independence, Like absolutely, we are.

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Speaker 2: That is why we are here.

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Speaker 3: Yeah, it just makes me so excited that people are

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Speaker 3: so empowered, and like, you know, I feel like maybe

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Speaker 3: we've got this energy because it's like the start of

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Speaker 3: the year and everyone starts like January with a clean slate.

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Speaker 3: But I feel like we've been rolling into the next

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Speaker 3: month very easily.

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Speaker 6: And I love that she said about the different episodes

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Speaker 6: and stuff too, because that's like why we designed the

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Speaker 6: show this day. So you can listen to whatever boat

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Speaker 6: to bow. If you really just want the deep dives,

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Speaker 6: you can loseen to Wednesdays. If you like the fun stuff,

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Speaker 6: you can join us on Fridays.

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Speaker 3: Yeah, and it sounds fun, but like there's actually like

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Speaker 3: in the background from a business perspective, Jess, you and

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Speaker 3: I sat down and there's so much strategy that went

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Speaker 3: into that, because I was like, okay, cool. So like

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Speaker 3: there are a number of reasons people come to this podcast.

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Speaker 3: One of them is financial literacy. And some times if

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Speaker 3: you just want to get into like the gritty stuff

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Speaker 3: and learn money, you probably don't want the waffle, you

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Speaker 3: don't want to spicy topics. You just want like your

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Speaker 3: Wednesday deep dives. Other people come because they're like, I

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Speaker 3: don't particularly love the deep dives, but I love hearing

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Speaker 3: people's pervy money stories. Or you like all three and

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Speaker 3: you just like join in on the Friday because you

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Speaker 3: like to hear what Jess and vare up to.

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Speaker 2: Yeah, like totally fine, that's a good time as well.

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Speaker 3: We love that Jess the question of the week. Are

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Speaker 3: you ready to get into our favorite time?

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Speaker 2: All right?

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Speaker 3: So still my favorite part of Friday drinks is when

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Speaker 3: you guys get the steering wheel and you get to

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Speaker 3: ask us the questions that you are dying to know,

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

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Speaker 3: one from Zoe, who wants to know if you could

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Speaker 3: do anything with the guarantee of landing on your feet

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Speaker 3: and it's all working out, what would you do?

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Speaker 5: That is such a good question.

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Speaker 2: What would I do?

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Speaker 5: What would I do? I think I would?

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Speaker 3: I love this because you're so conservative.

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Speaker 6: Yeah, as someone who is very risk adverse, I think,

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Speaker 6: can I guess what you would do? Go?

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Speaker 1: Go?

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Speaker 5: All right?

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Speaker 3: So I think you would do content creation one hundred

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Speaker 3: percent full time, I think so.

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Speaker 5: I think I would even if it wasn't content.

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Speaker 6: I think I would want to do something on my

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Speaker 6: own because especially working here, seeing the freedom of what

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Speaker 6: you can build, what you've done. We've spoken to so

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Speaker 6: many incredible women who've built these lives for themselves, and

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Speaker 6: I will say, I'm fully aware that it.

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Speaker 5: Is so much more work when it's for yourself.

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Speaker 2: We're not even justifying that.

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Speaker 3: Sorry, the question is like, you're guaranteed to land on

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Speaker 3: your feel so we don't even have to talk about

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Speaker 3: the work that goes into it.

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Speaker 2: That's fine.

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Speaker 6: I've always loved the idea of being able to build

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Speaker 6: a life that I can live on my terms, to

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Speaker 6: spend time with people I love, and to be able

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Speaker 6: to travel and do all those sorts of things. So

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Speaker 6: I think I would I think I would go all

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Speaker 6: in on yeah, my own business, creating content or I

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Speaker 6: don't know.

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Speaker 5: I've never really got a fire hand. It's your own business,

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Speaker 5: a pipe dream by yeah, something like that. If I knew,

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Speaker 5: what would you do?

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Speaker 3: Oh, this is rogue because like I'm a risk taker. Yes,

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Speaker 3: so like the business thing, yep, like like okay, I'll

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Speaker 3: do that, and thankfully it has worked out. I do

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Speaker 3: think that I don't know. I feel like I need

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Speaker 3: to disclaimer it. Like for me, obviously, I work ridiculously hard,

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Speaker 3: but it also is kind of like a mixture of

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Speaker 3: like good timing, making sure like the market was ready

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Speaker 3: for what we wanted to achieve, all of that stuff.

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Speaker 3: What do you think I would want to do?

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Speaker 2: Actually?

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Speaker 3: I think this is interesting because like I think that

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Speaker 3: my response is going to be really rogue.

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Speaker 5: Is it the skincare line?

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Speaker 3: No Ah, I would be really fun.

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Speaker 2: I don't know, station Relne.

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Speaker 5: Yeah, like some kind of fun line of something.

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Speaker 3: No, I want to go into politics, crazy for you,

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Speaker 3: but I just feel like politics is so hard to

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Speaker 3: thrive in and there's so much politics in politics.

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Speaker 2: Yeah, and I'm not prepared.

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Speaker 3: For that, but I do love having the voice that

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Speaker 3: I have in the platform that I have to be

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Speaker 3: able to advocate for people. It's no surprise to anybody

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Speaker 3: that I have a very strong opinion or you know,

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Speaker 3: what's right and wrong, and that doesn't mean you have

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Speaker 3: to agree with me. But I feel like politics could

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Speaker 3: be really good way of me feeling like I have

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Speaker 3: that impact and me feeling like I'm doing really well.

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Speaker 2: Do I want to be prime and to start?

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Speaker 3: I don't think so, because I think that would be

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Speaker 3: the natural extension of why are you going into politics,

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Speaker 3: and I think it would be to advocate for minority

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Speaker 3: groups that maybe don't have the voice, so that I

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Speaker 3: could operate as the person who opens the door so

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Speaker 3: that they can walk through the door and then use

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Speaker 3: their voices to communicate change.

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Speaker 2: I think, I think, yeah, I love that.

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Speaker 5: That's such a great question.

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Speaker 3: But I don't know when I would have time or energy,

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Speaker 3: do you know what I mean. It's like, oh, if

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Speaker 3: I'm guaranteed, well then I'd love to do that. But yeah,

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Speaker 3: that would be a full time job in itself.

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Speaker 6: Oh and the scary thing about politics with my pipe dream,

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Speaker 6: it's like, the worst thing it happens is I fail

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Speaker 6: and I have no money. But with politics, I feel

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Speaker 6: like what we see so much. We saw an A

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Speaker 6: Ferguson last year and she spoke.

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Speaker 3: A little bit about her experience, and Hannah Ferguson for PM,

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Speaker 3: by the way, a one.

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Speaker 6: Hundred percent my queen backing her in. But it's the

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Speaker 6: way that people come for.

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Speaker 5: You personally, which is really sleary.

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Speaker 6: And I think in politics, especially because there is a

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Speaker 6: lot of entrenched misogyny and a lot of historical issues

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Speaker 6: that exist in that world specifically, that you would be

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Speaker 6: battling against I can see why so many people would go,

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Speaker 6: I want to make a change, but it's.

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Speaker 2: Not worth the risk of the personal warl.

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Speaker 5: But you put yourself through.

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Speaker 6: Yeah, that's why it's so admirable that Annah's like, well, no,

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Speaker 6: I'm going to do it, And for every other it's

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Speaker 6: really rough, especially who've done it.

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Speaker 3: It's really rough because people are savage. Like even when

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Speaker 3: I just post my opinion on things, like last year,

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Speaker 3: I posted so many things like you know, my opinion on,

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Speaker 3: for example, gambling. I piped up a little bit during

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Speaker 3: like the Melbourne Cup Carnival and spoke about how, yeah,

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Speaker 3: like it's so fun to have a public holiday. And

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Speaker 3: two things can be true at the same time. You

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Speaker 3: can be against gambling and also really love a public holiday, like,

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Speaker 3: don't get us wrong, love a day off. But we

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Speaker 3: need to address domestic violence and we need to address gambling.

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Speaker 3: And I'm bringing these topics up at a time when

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Speaker 3: people are like, let us have our champagne and they too.

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Speaker 3: The amount of rap that was in my DMS and abuse,

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Speaker 3: I just go imagine if I was actually in politics. Yeah,

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Speaker 3: so back to the question you're telling me, I could

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Speaker 3: land on my feet in that space.

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Speaker 5: Great, Great, have that every I love that question. I

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Speaker 5: want everybody listening to think about that, because it's such

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Speaker 5: a nice thing. If you knew you wouldn't fail, what

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Speaker 5: would you do? Leave comments on Spotify?

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Speaker 3: Please leave it in the comments because I'll pour over them.

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Speaker 3: But I also feel like so many people would be like,

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Speaker 3: I'd quit my toxic job.

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Speaker 2: You can do that.

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Speaker 3: You can't do that because you will land on your feet.

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Speaker 2: You will.

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Speaker 3: Anyway, if you've got a question that you are dying

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Speaker 3: for us to answer, please also leave it in the comments.

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Speaker 3: When we say the comments, we mean the comments on Spotify,

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Speaker 3: because I had a few dms a little while ago

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Speaker 3: of people being like, where are the comments section? I

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Speaker 3: was like, only on Spotify.

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Speaker 5: Yeah, I doesn't do.

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Speaker 3: It yet, so I think doesn't do it yet. I'm

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Speaker 3: hoping that they implement that. But anyway, all right, Jess,

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Speaker 3: I want your quick whip around of your favorite money

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Speaker 3: wins from the weekly thread Oh rightdie.

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Speaker 6: This week, I'm starting off with one from Gemma, who

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Speaker 6: said she bought four five hundred dollars worth of travel

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Speaker 6: insurance and she got twenty two percent cash back, so

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Speaker 6: she should be getting around a grand back.

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Speaker 3: Sorry, I have questions. Four thousand plus dollars of travel

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Speaker 3: insurance queen, where are you going and for how long?

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Speaker 3: And how much are you doing? Everest?

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Speaker 6: I feel like it must be a huge, big trip,

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Speaker 6: which I'm very jealous of. And also never seemed to

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Speaker 6: look for cash back for insurance, so I thought that

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Speaker 6: was very clever from me.

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Speaker 3: Have my shot back thing on so whenever I'm buying

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Speaker 3: it just pops up and tells me, because you're right,

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Speaker 3: I wouldn't go actively looking for it.

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Speaker 5: Yes, clever, clever, clever.

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Speaker 6: Next, I've got a money in from April, who said

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Speaker 6: she gave away a single bed, mattress and base on

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Speaker 6: Facebook marketplace and it was collected by somebody, which means

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Speaker 6: she doesn't have to pay tip fees for the mattress,

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Speaker 6: and the persone who dropped it off also gave her

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Speaker 6: a little envelope with some scratches, Oh that's sad, a

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Speaker 6: little thank you, which I thought was really sweet. Next,

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Speaker 6: I've got a money in from Lauren, who said I

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Speaker 6: went to buy dad a Bunnings voucher from colst his

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Speaker 6: birthday and they had ten times flybys points when you

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Speaker 6: bought vouchers so she just ended up stocking up on

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Speaker 6: a few more to stash away as well.

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Speaker 3: Oh I love that.

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Speaker 6: Catalina said her brother did a fuel lock for her

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Speaker 6: on the My seven eleven before flying out to the US,

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Speaker 6: which is going to save her around nineteen cents a

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Speaker 6: leader when she.

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Speaker 3: Goes to fill a car up in a few excuse

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Speaker 3: me nineteen cent?

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Speaker 2: Crazy?

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Speaker 5: If your skyrocketed all of a sudden, I don't.

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Speaker 3: Want to talk about it.

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Speaker 5: Oh my god, the pain I am in.

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Speaker 6: And then, lastly, this week, I have a money win

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Speaker 6: from another Gemma, different gemma who said money in our

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Speaker 6: local op shop had a kids and baby sale. All

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Speaker 6: of the kids and baby clothes and toys were three

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Speaker 6: items for one dollar.

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Speaker 5: Sorry, what wasn't it crazy?

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Speaker 6: I ended up buying three baby toys and twenty seven

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Speaker 6: items of clothing. We're now set for the next couple

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Speaker 6: of seasons for a grand total of ten dollars money win.

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Speaker 5: I was thinking about this.

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Speaker 6: I was op shopping on the weekend, and it's crazy

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Speaker 6: how expensive everything has gone. And then I see that

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Speaker 6: op shops are not taking donations because they've got to

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Speaker 6: move through the stock that I got. And I don't

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Speaker 6: know if I'm missing something, but it's the logical option

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Speaker 6: not to sell things full less, like three things for

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Speaker 6: dollar is crazy. Understandably, Like if you especially because a

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Speaker 6: lot of them are not for profit, do you not

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Speaker 6: just need to move the stock make it accessible to

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Speaker 6: lots of people, especially right now, Especially right now, it

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Speaker 6: creates a circular economy wherein things are not to Landville.

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Speaker 6: They're coming to the op shop and moving out, Like

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Speaker 6: people would buy stuff if it was cheap. But I

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Speaker 6: went and there was like a harmemb what brand it was,

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Speaker 6: but it was like not a great fancy brand or anything,

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Speaker 6: not you know, synthetic materials. But I liked the design

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Speaker 6: of the jumper and it was like forty dollars and

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Speaker 6: I was like.

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Speaker 5: But I can go by.

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Speaker 3: I've heard this from our community a few times now,

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Speaker 3: where we promote the secondhand economy, right and like you

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Speaker 3: love an op shop, I love an op shop when

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Speaker 3: I have time. There is nothing like sorting through and

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Speaker 3: finding a bargain or like a real cute vintage top.

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Speaker 3: Obviously we're all doing it for different reasons, but people

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Speaker 3: will comment on our posts and rightly so and say, yeah, cool.

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Speaker 3: The second hand economy is fantastic, but financially, I'm better

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Speaker 3: off going to Kmart or Target and buying my kids

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Speaker 3: a whole new wardrobe from there because it's cheaper. Yeah,

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Speaker 3: and like I can just go get it in their size,

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Speaker 3: like less thought less energy. I'm sorry that defeats the purpose,

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Speaker 3: Like is the secondhand economy not meant to be helping us?

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Speaker 6: Well, it's really interesting and I know that, like, if

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Speaker 6: you're a business, you've got to run on profit. But

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Speaker 6: from my understanding, a lot of these op shops are not.

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Speaker 6: So I just really don't understand.

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Speaker 3: Yeah, I don't get it either, but I have and

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Speaker 3: we all know A love a little TikTok's doom scroll.

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Speaker 3: Like I don't think that's a secret, but I fell

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Speaker 3: onto the side of TikTok and Jess, I know you're

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Speaker 3: on this side too because you love an arts and

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Speaker 3: earth crafts. In fact, Jess said the other day to me,

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Speaker 3: V like, there's not enough arts and crafts so on

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Speaker 3: my like for you page, and I was like, I'm

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Speaker 3: a just dam You're in box with all of my

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Speaker 3: arts and crafts so that hopefully our feeds merge together. Yes,

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Speaker 3: But I saw people and they go into op shops

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Speaker 3: and they don't care what the item looks like, but

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Speaker 3: they're looking at the fabrication. They're like, oh, is this

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Speaker 3: jumper Cashmir whenever you're with this, Yeah, and then they

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Speaker 3: unthreaded all and like put the yarn back into a

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Speaker 3: ball so that they can knit with it if they're knitters.

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Speaker 1: Gee.

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Speaker 3: So they go into like Savs or whatever it is

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Speaker 3: when they've got like the extra fifty percent off and

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Speaker 3: they're buying like three and four dollar jump hairs. They're like, oh,

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Speaker 3: it's not brand name, it's not anything, but it's like,

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Speaker 3: you know, made of good quality yarnah, And they're repurposing that,

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Speaker 3: and I think that's just so Yeah. I don't know

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Speaker 3: a few times I've gone to buy like wool or

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Speaker 3: stuff for projects. It's so expensive, especially Kashmir. I wish

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Speaker 3: you how to knit, because like there's a few things

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Speaker 3: I've seen online. I'm like, Oh, I would love to

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Speaker 3: knit that jumper, but I don't know how. It's not

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Speaker 3: my journey either.

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Speaker 5: Don't worry, No, it's such a cool girl hobby.

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Speaker 6: But yeah, I love the idea exactly that repurposing it

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Speaker 6: into something new, giving it new life, making it affordable

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Speaker 6: for somebody like that's what it should be.

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Speaker 3: I couldn't agree more. All right, let's skaddle into Beck's

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Speaker 3: broke tips, because I could talk about crafting all day

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Speaker 3: and all night, and I know that you would let me.

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Speaker 3: So the first broke tip Beck has given me is

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Speaker 3: from Laura, who slid into her DMS and she said, Hey, Beck,

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Speaker 3: my local shopping center is really popular for groceries and stuff.

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Speaker 3: So every time I go, I get out of my car,

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Speaker 3: I do a quick walking lap of the car park,

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Speaker 3: and then I return the trolleys with coins and then

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Speaker 3: the other people were too lazy to return, and usually

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Speaker 3: I'm finding between three and seven dollars, and that pays

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Speaker 3: for my coffee, sweet Tree.

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Speaker 2: That's so clever.

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Speaker 5: Also, if you're not putting your trolley back, you're a

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Speaker 5: bad human.

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Speaker 2: Do you not worry?

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Speaker 3: I'll disclaimer that if you're not putting your trolley back

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Speaker 3: and you are completely capable to do so, you're a

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Speaker 3: bad human. If you're a mum or you aren't able

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Speaker 3: to do so. I get it, queen. But also I

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Speaker 3: saw someone the other day not put their trolley back,

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Speaker 3: and I was like greasing them off, something shocking, And

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Speaker 3: I was like Victoria divine, Are you turning into a Karen?

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Speaker 5: I heear that maybe, like I just well.

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Speaker 3: And then one time, this is when I was much younger,

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Speaker 3: my dad saw someone do that and then he moved

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Speaker 3: to the trolley to behind their car, so they had

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Speaker 3: to get out and move the trolley before they reversed out.

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Speaker 2: So stop pop up.

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00:15:35,000 --> 00:15:37,400
Speaker 3: So the next broke tip is from someone else who

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Speaker 3: slid into becks. Dms Kaya says, when I'm having a

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Speaker 3: really tight week and need to make cheap meals, I

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00:15:44,280 --> 00:15:46,720
Speaker 3: go on to TikTok for inspiration and then I look

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Speaker 3: up all of the ten dollar Meal series and there

385
00:15:49,440 --> 00:15:52,240
Speaker 3: are so many cheap recipes on there. It doesn't feel

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Speaker 3: like I'm being cheap because it feels super creative.

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Speaker 5: I love a ten dollar recipe.

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Speaker 2: I think they're so.

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Speaker 3: Clever exactly, and like I get so excited because I'm like, oh,

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00:16:00,880 --> 00:16:03,880
Speaker 3: that's crafty or like a big Please don't get me wrong,

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00:16:04,200 --> 00:16:07,320
Speaker 3: I know that you're like, oh, tray bake, but like sorry,

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Speaker 3: a big.

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Speaker 2: Risotto or like orso pasta.

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Speaker 3: I've been really into recently that stretches and it reheats

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Speaker 3: so well. There's like have you seen on TikTok again,

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Speaker 3: TikTok rest, But marry me tuscan chicken.

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Speaker 2: I've heard people say.

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Speaker 5: Marry me chicken. I don't know what it is, and

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Speaker 5: they don't marry.

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Speaker 3: Me because like if I gave it to you and

401
00:16:27,760 --> 00:16:29,640
Speaker 3: you ate it, it's so good that you'd want to

402
00:16:29,640 --> 00:16:30,000
Speaker 3: marry me.

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Speaker 5: Oh that's quite cute. Yeah, so cute.

404
00:16:32,080 --> 00:16:35,360
Speaker 3: But there's been an orso version of the marry me chicken.

405
00:16:35,840 --> 00:16:38,200
Speaker 3: And so like when you do like a risotto or

406
00:16:38,320 --> 00:16:40,800
Speaker 3: a orso, you don't need a whole chicken breast for

407
00:16:40,880 --> 00:16:43,280
Speaker 3: each person, Like you just need some chicken through it

408
00:16:43,400 --> 00:16:46,040
Speaker 3: for flavor and like, you know, texture, So you can

409
00:16:46,120 --> 00:16:48,920
Speaker 3: make a chicken breast, like one chicken breast last for

410
00:16:49,080 --> 00:16:51,800
Speaker 3: four meals. And I think that that's such a good deal.

411
00:16:51,880 --> 00:16:54,760
Speaker 3: But anyway, tiny pasta and rice makes the meal stretch

412
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Speaker 3: so much. That bag of spinach, yeah, some cream bas

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00:16:59,120 --> 00:17:00,840
Speaker 3: and maybe a tomato source, you're good to go.

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00:17:01,000 --> 00:17:03,000
Speaker 6: Stay self challenge like a week of ten dollar meals

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00:17:03,080 --> 00:17:05,000
Speaker 6: or something. What a good way to like kind of

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00:17:05,119 --> 00:17:07,200
Speaker 6: just buffy your budget a little bit exactly.

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Speaker 3: And if you're like scrimping and being like, okay, well,

418
00:17:09,680 --> 00:17:13,119
Speaker 3: Christmas was hectic then I haven't replenished any of my

419
00:17:13,280 --> 00:17:16,320
Speaker 3: emergency funds that I said I would. Maybe you could

420
00:17:16,359 --> 00:17:18,320
Speaker 3: do a like small grocery challenge and be like, Okay,

421
00:17:18,440 --> 00:17:20,280
Speaker 3: I'm going to do like a rice and beans for

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Speaker 3: a week, because if I can live off X amount

423
00:17:23,000 --> 00:17:25,440
Speaker 3: of money, I'll have eighty dollars spared this month and

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00:17:25,480 --> 00:17:29,040
Speaker 3: I can put it into my emergency fund. Future you

425
00:17:29,200 --> 00:17:31,920
Speaker 3: is going to thank you, I promise. And now the

426
00:17:32,040 --> 00:17:34,720
Speaker 3: last one is also about groceries. Sorry, I feel like

427
00:17:34,760 --> 00:17:36,800
Speaker 3: I've got a theme here, like it's all about food

428
00:17:36,840 --> 00:17:40,560
Speaker 3: and groceries and car parks and whatever. This one's from Beck,

429
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Speaker 3: she told me v I think this one is actually

430
00:17:42,600 --> 00:17:45,879
Speaker 3: really important to highlight. Lighthouse Care is a not for

431
00:17:46,040 --> 00:17:50,200
Speaker 3: profit charity that provides free and discount food to families

432
00:17:50,200 --> 00:17:53,240
Speaker 3: struggling to make ends meet through their low cost grocery

433
00:17:53,280 --> 00:17:57,880
Speaker 3: stores and home delivery to most of Southeast Queensland. Obviously

434
00:17:57,960 --> 00:18:00,560
Speaker 3: this is quite specific, but it's really cool initiatives, so

435
00:18:00,560 --> 00:18:03,600
Speaker 3: if you're in Southeast Queensland. They've also got their own

436
00:18:03,680 --> 00:18:06,040
Speaker 3: label of groceries, so they've kind of got their own

437
00:18:06,080 --> 00:18:10,160
Speaker 3: home brand and have a twenty five dollars trolley each week.

438
00:18:10,240 --> 00:18:13,440
Speaker 3: That you can purchase, which is incredible value. So they're like,

439
00:18:13,640 --> 00:18:16,000
Speaker 3: stock it full of stuff twenty five bucks and you've

440
00:18:16,040 --> 00:18:17,080
Speaker 3: done groceries.

441
00:18:16,640 --> 00:18:19,119
Speaker 5: For the way. It's amazing. That's so fantastic.

442
00:18:19,200 --> 00:18:20,879
Speaker 2: Is one of those Yeah, I know.

443
00:18:21,200 --> 00:18:23,240
Speaker 3: So that's why I'm like, let's talk about this, because like,

444
00:18:23,280 --> 00:18:25,760
Speaker 3: the more we talk about smaller initiatives, the more other

445
00:18:25,840 --> 00:18:28,120
Speaker 3: people see it, and then maybe it could be implemented

446
00:18:28,240 --> 00:18:29,000
Speaker 3: other places.

447
00:18:29,280 --> 00:18:29,960
Speaker 5: Incredible.

448
00:18:30,200 --> 00:18:32,320
Speaker 3: There's just so much stuff I want to do with

449
00:18:32,440 --> 00:18:35,840
Speaker 3: my life, Jess, and I just I don't have time. Like,

450
00:18:35,960 --> 00:18:38,560
Speaker 3: if somebody could pick that up and make it more accessible,

451
00:18:38,640 --> 00:18:41,359
Speaker 3: that would be fantastic. I think it is time to

452
00:18:41,480 --> 00:18:43,640
Speaker 3: go to a really quick break because on the flip side,

453
00:18:43,640 --> 00:18:46,040
Speaker 3: we're going to be talking all about whether investment bonds

454
00:18:46,280 --> 00:18:48,880
Speaker 3: or ETFs are the best strategy for you, and something

455
00:18:48,920 --> 00:18:51,080
Speaker 3: that you slid into our dams about what do you

456
00:18:51,119 --> 00:18:53,440
Speaker 3: do when your tax accounts being dodgy? What do you

457
00:18:53,520 --> 00:18:56,840
Speaker 3: do when any finance professionals being dodgy? Don't go anywhere?

458
00:19:00,560 --> 00:19:03,159
Speaker 5: Welcome back, everybody. Let's take a listen to this week's

459
00:19:03,200 --> 00:19:03,840
Speaker 5: money dilemma.

460
00:19:05,760 --> 00:19:08,080
Speaker 7: Hi, there, have you got a money dilemma? You just

461
00:19:08,160 --> 00:19:10,639
Speaker 7: can't solve the sheese on The Money Team is here

462
00:19:10,720 --> 00:19:13,920
Speaker 7: to help. Every week, we tackle your dilemmas, both big

463
00:19:14,000 --> 00:19:16,880
Speaker 7: and small, to answer your most burning money, career.

464
00:19:16,640 --> 00:19:17,560
Speaker 2: And life questions.

465
00:19:17,840 --> 00:19:20,320
Speaker 7: To get involved, simply head to our website and leave

466
00:19:20,400 --> 00:19:22,520
Speaker 7: us a short voice recording and you might just find

467
00:19:22,520 --> 00:19:23,400
Speaker 7: yourself on the show.

468
00:19:23,880 --> 00:19:26,479
Speaker 3: Now, let's take a listen to this week's money dilemma.

469
00:19:29,280 --> 00:19:32,800
Speaker 4: Hi, Team, I recently came across investment bonds as a

470
00:19:32,840 --> 00:19:36,240
Speaker 4: long term strategy, and I'm curious to learn more From

471
00:19:36,280 --> 00:19:39,080
Speaker 4: what I understand, they're taxed at a flat thirty percent

472
00:19:39,240 --> 00:19:42,400
Speaker 4: rate and they don't attract capital gains tax after ten years.

473
00:19:43,040 --> 00:19:46,119
Speaker 4: This does sound appealing, especially since I'm currently taxed at

474
00:19:46,160 --> 00:19:49,520
Speaker 4: thirty seven point five percent, but I'm wondering how they

475
00:19:49,560 --> 00:19:53,960
Speaker 4: compare to regular investing, particularly ETFs. I know my ETFs

476
00:19:54,000 --> 00:19:57,560
Speaker 4: will benefit from a fifty percent CGT discount after twelve months,

477
00:19:58,080 --> 00:19:59,959
Speaker 4: and the plan is that I'll end up selling them

478
00:20:00,160 --> 00:20:02,879
Speaker 4: closer to retirement when I have little to no income.

479
00:20:03,520 --> 00:20:05,960
Speaker 4: But I'm also thinking about dividends since they're tax and

480
00:20:06,040 --> 00:20:09,720
Speaker 4: my marginal rate. Would investment bonds help produce this impact?

481
00:20:10,560 --> 00:20:12,600
Speaker 4: And what happens if I needed to access my money

482
00:20:12,680 --> 00:20:15,879
Speaker 4: before this tenure mark. Is there a downside to liquifying

483
00:20:15,920 --> 00:20:19,520
Speaker 4: assets early? For context, I have quite a bit of

484
00:20:19,600 --> 00:20:22,560
Speaker 4: savings in my offset as well as my emergency fund,

485
00:20:22,920 --> 00:20:25,360
Speaker 4: so I don't imagine I need to liquefy. But I'm

486
00:20:25,440 --> 00:20:27,480
Speaker 4: just wondering if you could help me unpack the pros

487
00:20:27,480 --> 00:20:30,640
Speaker 4: and cons of investment bonds for someone in my situation.

488
00:20:31,520 --> 00:20:35,720
Speaker 3: Thanks, You're so cute. I mean listening for two years,

489
00:20:36,160 --> 00:20:38,639
Speaker 3: like I mean, I did like the ego Stork moments,

490
00:20:38,760 --> 00:20:40,360
Speaker 3: just like thank you, and I'm like, thank.

491
00:20:40,240 --> 00:20:44,320
Speaker 2: You too does feel good. But also, we have actually.

492
00:20:44,119 --> 00:20:47,840
Speaker 3: Done a whole episode on investment bonds, so we'll make

493
00:20:47,880 --> 00:20:49,639
Speaker 3: sure that that is linked in the show notes for you,

494
00:20:49,720 --> 00:20:52,119
Speaker 3: because like, it will dive much deeper than I can

495
00:20:52,240 --> 00:20:54,800
Speaker 3: dive into it in the short time I have to

496
00:20:54,960 --> 00:20:55,920
Speaker 3: answer this question.

497
00:20:56,240 --> 00:20:58,240
Speaker 6: I'd like to shout out the title for that episode

498
00:20:58,280 --> 00:20:59,800
Speaker 6: because I still remember it because I came up.

499
00:21:00,640 --> 00:21:04,280
Speaker 5: Was it just the names bond, investment bond or ax

500
00:21:04,359 --> 00:21:06,840
Speaker 5: bond something like that? Hilarious?

501
00:21:07,000 --> 00:21:07,399
Speaker 1: I love it.

502
00:21:07,520 --> 00:21:09,720
Speaker 3: But we'll link that in the show notes because mainly

503
00:21:09,800 --> 00:21:12,439
Speaker 3: Jess is really funny, but it is all about your

504
00:21:12,520 --> 00:21:15,080
Speaker 3: time frames and what you want to invest in and

505
00:21:15,160 --> 00:21:18,320
Speaker 3: the types of returns that you get. Now, investment bonds

506
00:21:18,640 --> 00:21:21,800
Speaker 3: are something that I have openly spoken about before. I

507
00:21:21,960 --> 00:21:26,000
Speaker 3: do not personally have any investment bonds. However, when my

508
00:21:26,119 --> 00:21:28,760
Speaker 3: son Harvey was born, I opened up an investment bond

509
00:21:29,000 --> 00:21:31,320
Speaker 3: because for me, that was the best strategy for him

510
00:21:31,359 --> 00:21:34,240
Speaker 3: because there's, as you mentioned, a number of different tax benefits.

511
00:21:34,400 --> 00:21:38,000
Speaker 3: And I've obviously recently opened up a new investment bond

512
00:21:38,240 --> 00:21:41,920
Speaker 3: for our new friend. But I think it's really interesting

513
00:21:42,040 --> 00:21:43,960
Speaker 3: that you're like, oh, well, you know, obviously there's a

514
00:21:43,960 --> 00:21:47,040
Speaker 3: whole heap of benefits for investment bonds versus direct ETFs,

515
00:21:47,560 --> 00:21:50,760
Speaker 3: and from my perspective as an ex financial advisor, obviously

516
00:21:50,840 --> 00:21:53,040
Speaker 3: can't give you advice. But it all comes down to

517
00:21:53,200 --> 00:21:56,640
Speaker 3: tax benefits and the structuring, right, So you didn't tell

518
00:21:56,680 --> 00:21:58,320
Speaker 3: me how much money you went, and obviously I couldn't

519
00:21:58,320 --> 00:22:01,560
Speaker 3: give personal advice anyway, But investment bond is usually something

520
00:22:01,600 --> 00:22:04,120
Speaker 3: that if you know you're investing for more than ten years,

521
00:22:04,440 --> 00:22:07,680
Speaker 3: and you are also on a higher tax rate, so

522
00:22:07,920 --> 00:22:10,639
Speaker 3: like you're at the top marginal tax rate, that might

523
00:22:10,760 --> 00:22:14,000
Speaker 3: be a really effective way for you to invest. Because

524
00:22:14,280 --> 00:22:16,359
Speaker 3: inside an investment bond, for those of you who are

525
00:22:16,359 --> 00:22:20,119
Speaker 3: playing along at home, is honestly ETFs. Like most of

526
00:22:20,160 --> 00:22:23,040
Speaker 3: the time it's either ETFs or a managed fund, it's

527
00:22:23,080 --> 00:22:25,280
Speaker 3: a little bit more carefully curated. You have a little

528
00:22:25,320 --> 00:22:28,560
Speaker 3: bit less control than you would have overgoing and buying

529
00:22:28,680 --> 00:22:32,080
Speaker 3: individual ETFs like you and I do, Jess. But the

530
00:22:32,200 --> 00:22:35,120
Speaker 3: benefit is if you're investing for the long term, it's

531
00:22:35,200 --> 00:22:38,200
Speaker 3: more tax efficient. It does mean that tax time is

532
00:22:38,240 --> 00:22:41,000
Speaker 3: a little bit less complicated for you as well, because

533
00:22:41,000 --> 00:22:43,640
Speaker 3: you don't necessarily have to put all of that information.

534
00:22:43,760 --> 00:22:45,480
Speaker 3: You don't have to wait for your tax statements to

535
00:22:45,560 --> 00:22:48,440
Speaker 3: come through from Chaesis to upload to gift your accountant.

536
00:22:48,840 --> 00:22:52,320
Speaker 3: But again it's personal preference. Is one better than the other?

537
00:22:52,760 --> 00:22:56,800
Speaker 3: Ultimately the answer is no, They're just different structures and

538
00:22:56,920 --> 00:22:59,400
Speaker 3: it just depends on, well, what's your long term game.

539
00:23:00,000 --> 00:23:04,520
Speaker 3: I would say that an investment bond is slightly more inaccessible.

540
00:23:04,840 --> 00:23:06,720
Speaker 3: So one of the things I like about my direct

541
00:23:06,840 --> 00:23:09,440
Speaker 3: share portfolio, and I don't own direct shares, but you

542
00:23:09,520 --> 00:23:12,240
Speaker 3: know what I mean, Like I directly invest into ETFs.

543
00:23:12,680 --> 00:23:14,360
Speaker 3: One of the things I love about that is within

544
00:23:14,480 --> 00:23:18,200
Speaker 3: three business days, if you know the proverbial hit the fan, Jess,

545
00:23:18,280 --> 00:23:19,919
Speaker 3: I could have all that money back in my account

546
00:23:20,200 --> 00:23:23,240
Speaker 3: where I need to access it, I can in saying

547
00:23:23,320 --> 00:23:26,280
Speaker 3: that you should also always have a very good emergency fund,

548
00:23:26,320 --> 00:23:28,840
Speaker 3: so you shouldn't technically need that. But I'm the type

549
00:23:28,840 --> 00:23:30,879
Speaker 3: of person I think I've said on the show before,

550
00:23:30,960 --> 00:23:35,480
Speaker 3: I'm like a conservative aggressive investor, so like aggressive in

551
00:23:35,600 --> 00:23:38,280
Speaker 3: that most of my husband and my cash, like if

552
00:23:38,320 --> 00:23:40,600
Speaker 3: we've got extra cash, it's going in the share portfolio.

553
00:23:41,160 --> 00:23:44,600
Speaker 3: But my share portfolio is relatively conservative, So I'm not

554
00:23:44,760 --> 00:23:48,520
Speaker 3: out here buying, you know, startup businesses and like taking

555
00:23:48,680 --> 00:23:51,520
Speaker 3: risks on ETFs that have only just been launched. I

556
00:23:51,720 --> 00:23:54,040
Speaker 3: love a Vanguard high growth. Yeah, and I love her

557
00:23:54,080 --> 00:23:56,760
Speaker 3: because she's tried and true and tested and that just

558
00:23:56,880 --> 00:23:59,040
Speaker 3: works for me. Might not work for you, and that's fine.

559
00:23:59,520 --> 00:24:02,400
Speaker 3: And we have disclosed, Like if you go back through

560
00:24:02,880 --> 00:24:07,200
Speaker 3: on Spotify, we have curated a whole playlist called Investing

561
00:24:07,359 --> 00:24:09,200
Speaker 3: and it's all of our investing episodes.

562
00:24:09,320 --> 00:24:10,400
Speaker 2: I tell you what I own.

563
00:24:10,640 --> 00:24:12,280
Speaker 3: You know, there was a really great episode we did

564
00:24:12,359 --> 00:24:14,879
Speaker 3: last year which went bananas. I didn't expect it to

565
00:24:14,960 --> 00:24:17,679
Speaker 3: go as bananas as it did, where Brooke from our

566
00:24:17,800 --> 00:24:21,479
Speaker 3: team outlined her exact investment strategy, her plan to retire

567
00:24:21,600 --> 00:24:24,760
Speaker 3: before she's forty all of that, and she divulges what

568
00:24:24,880 --> 00:24:28,360
Speaker 3: she's investing in. I know having spoken to her as well,

569
00:24:28,480 --> 00:24:31,000
Speaker 3: and investment bond is in neither of our best interests.

570
00:24:31,320 --> 00:24:33,800
Speaker 3: But you're right, it's quite tax effective, so I mean,

571
00:24:33,880 --> 00:24:36,400
Speaker 3: look into it. Yeah, I can't tell you which is better.

572
00:24:37,000 --> 00:24:38,800
Speaker 3: Is that a round enough answer, JA?

573
00:24:38,840 --> 00:24:39,560
Speaker 2: I think absolutely?

574
00:24:39,640 --> 00:24:42,600
Speaker 6: Yeah, look at the tax benefits versus how likely it

575
00:24:42,680 --> 00:24:44,600
Speaker 6: is that you're going She needed all those sorts of things,

576
00:24:44,720 --> 00:24:47,040
Speaker 6: and yeah, work backwards, sphere out fear. And if you

577
00:24:47,119 --> 00:24:49,239
Speaker 6: do want advice, then that's when maybe you would look

578
00:24:49,240 --> 00:24:50,280
Speaker 6: at speed to an advisor.

579
00:24:50,480 --> 00:24:52,040
Speaker 3: Yeah, and if you want to speak to an advisor,

580
00:24:52,080 --> 00:24:53,879
Speaker 3: go to our website. We can match you with an

581
00:24:53,920 --> 00:24:56,879
Speaker 3: advisor if you go to get advice and fill in

582
00:24:56,960 --> 00:24:59,480
Speaker 3: the form there that comes directly to me and my team,

583
00:24:59,640 --> 00:25:01,280
Speaker 3: and then we have a look at like what your

584
00:25:01,400 --> 00:25:04,080
Speaker 3: semantics are, like who you are, what demographic you are,

585
00:25:04,160 --> 00:25:06,320
Speaker 3: what you're earning, what you're spending, and then we match

586
00:25:06,359 --> 00:25:08,040
Speaker 3: you with an advisor that we think is the right

587
00:25:08,080 --> 00:25:10,720
Speaker 3: fit for you. That's actually a really powerful way to

588
00:25:10,760 --> 00:25:12,320
Speaker 3: get on top of it. The other thing I would

589
00:25:12,320 --> 00:25:15,840
Speaker 3: say about investment bonds is just have a quick check

590
00:25:15,920 --> 00:25:18,080
Speaker 3: about what you're planning on doing in the long term,

591
00:25:18,359 --> 00:25:21,000
Speaker 3: because yes, it's a tax efficient way, but how are

592
00:25:21,000 --> 00:25:23,280
Speaker 3: you drawing dividends out of that? Like are you planning

593
00:25:23,359 --> 00:25:25,840
Speaker 3: on having the investment bond for maybe ten or twenty

594
00:25:25,920 --> 00:25:28,359
Speaker 3: years and then transferring it to something else? Just a

595
00:25:28,440 --> 00:25:31,000
Speaker 3: lot of questions. I'm sorry, every single investment bond is

596
00:25:31,040 --> 00:25:33,200
Speaker 3: different because they're all run by different businesses.

597
00:25:33,640 --> 00:25:34,480
Speaker 2: That makes total sense.

598
00:25:34,520 --> 00:25:35,719
Speaker 3: Are you ready to talk DMS?

599
00:25:35,960 --> 00:25:37,040
Speaker 2: Of course I am all right.

600
00:25:37,160 --> 00:25:41,280
Speaker 3: So I am interested because, like, what even constitutes a

601
00:25:41,400 --> 00:25:45,440
Speaker 3: dodgy accountant high ses on the money? My tax agent's

602
00:25:45,720 --> 00:25:48,960
Speaker 3: being dodgy. I noticed this year only one of my

603
00:25:49,040 --> 00:25:52,080
Speaker 3: accounts was listed for interest, even though I'd moved all

604
00:25:52,160 --> 00:25:54,800
Speaker 3: of my savings into a high interest account months earlier.

605
00:25:55,160 --> 00:25:57,480
Speaker 3: When I questioned him, he said that the ATO didn't

606
00:25:57,480 --> 00:26:00,280
Speaker 3: pick up on it and just to leave it. I'm

607
00:26:00,320 --> 00:26:02,960
Speaker 3: not a rule breaker, so this made me feel really guilty.

608
00:26:03,280 --> 00:26:05,720
Speaker 3: Then I got audited and it turns out he didn't

609
00:26:05,760 --> 00:26:08,520
Speaker 3: declare any interest for the last two years at all.

610
00:26:09,119 --> 00:26:11,720
Speaker 3: He also claimed I had a partner to avoid the

611
00:26:11,800 --> 00:26:15,240
Speaker 3: Medicare leve surcharge. I got private health the next year

612
00:26:15,280 --> 00:26:17,360
Speaker 3: to cover myself, and he still kept it on there

613
00:26:17,720 --> 00:26:20,320
Speaker 3: even after I asked him to take it off. I

614
00:26:20,480 --> 00:26:24,000
Speaker 3: hate that someone else's actions could have repercussions on me financially,

615
00:26:24,359 --> 00:26:26,920
Speaker 3: and I'm so worried it will affect my credit score

616
00:26:27,040 --> 00:26:28,880
Speaker 3: or borrowing power when I apply for a home loan.

617
00:26:29,080 --> 00:26:30,560
Speaker 5: That sounds like malpractice.

618
00:26:30,800 --> 00:26:32,359
Speaker 2: I mean, that's actually reportable.

619
00:26:32,560 --> 00:26:35,480
Speaker 3: So I don't know about you, Jess, but we're both

620
00:26:35,520 --> 00:26:36,760
Speaker 3: a little bit black and white.

621
00:26:37,359 --> 00:26:38,400
Speaker 2: Get a new accountant.

622
00:26:38,520 --> 00:26:40,920
Speaker 3: Absolutely, I can match you with an accountant. So you

623
00:26:40,960 --> 00:26:43,040
Speaker 3: know how I told you before about the financial advice thing.

624
00:26:43,320 --> 00:26:45,440
Speaker 3: I do that for mortgage brokers, I do that for accountants,

625
00:26:45,440 --> 00:26:47,960
Speaker 3: I do that for financial advisors, all of it. You

626
00:26:48,040 --> 00:26:50,960
Speaker 3: want a finance professional, I've got you because nobody that

627
00:26:51,080 --> 00:26:51,879
Speaker 3: I know would do that.

628
00:26:52,000 --> 00:26:55,080
Speaker 6: They shouldn't be advising you to do the wrong thing.

629
00:26:55,520 --> 00:26:58,320
Speaker 6: They also then definitely should not be going against your

630
00:26:58,480 --> 00:26:59,840
Speaker 6: direct instructions.

631
00:27:00,000 --> 00:27:01,919
Speaker 3: Sorry, if you told them I don't have a partner

632
00:27:01,920 --> 00:27:03,760
Speaker 3: and they're putting down that you have a partner to

633
00:27:03,840 --> 00:27:07,200
Speaker 3: avoid something. When I said, oh, people are looking for

634
00:27:07,320 --> 00:27:10,320
Speaker 3: dodgy accountants, I thought you meant like, oh, they're claiming

635
00:27:10,400 --> 00:27:14,040
Speaker 3: up to the threshold or something on something yeah, that's

636
00:27:14,080 --> 00:27:15,920
Speaker 3: actually just actually poor work.

637
00:27:16,160 --> 00:27:19,280
Speaker 2: That's actually just lazy. That's illegal, that is not okay.

638
00:27:19,560 --> 00:27:21,920
Speaker 3: And if you got audited, I would actually go to

639
00:27:22,000 --> 00:27:24,200
Speaker 3: the ATO and say hey, And like the thing with

640
00:27:24,359 --> 00:27:28,840
Speaker 3: being audited, right, And the tricky thing about having an

641
00:27:28,960 --> 00:27:32,159
Speaker 3: external accountant is that the onus doesn't ever sit on them.

642
00:27:32,560 --> 00:27:34,560
Speaker 3: So what happens is you get your accountant and you

643
00:27:34,680 --> 00:27:36,920
Speaker 3: say could you please do my tax return? And they go, yep,

644
00:27:36,960 --> 00:27:39,440
Speaker 3: no worries, I'll feel the whole thing out. And then Jesse,

645
00:27:39,480 --> 00:27:41,359
Speaker 3: you've got an accountant, so you know the process. They

646
00:27:41,400 --> 00:27:43,680
Speaker 3: feel absolutely everything out. Then they come back to you

647
00:27:44,119 --> 00:27:46,399
Speaker 3: and say could you please sign off on this so

648
00:27:46,520 --> 00:27:49,000
Speaker 3: that we can lodge it? And you signing off on it,

649
00:27:49,080 --> 00:27:50,880
Speaker 3: isn't you going yeah, like put it in, I'm.

650
00:27:50,800 --> 00:27:51,240
Speaker 2: Ready to go.

651
00:27:51,800 --> 00:27:55,520
Speaker 3: It's you taking responsibility for everything in that to say,

652
00:27:55,920 --> 00:27:59,440
Speaker 3: as miss Jesse Gricci, I have checked every single line item,

653
00:27:59,520 --> 00:28:02,360
Speaker 3: and I believe all of this information to be true

654
00:28:02,440 --> 00:28:05,600
Speaker 3: and correct, so that when the ATO comes to audit you,

655
00:28:06,240 --> 00:28:08,520
Speaker 3: they're not looking at your accountant. No, they're not going

656
00:28:08,600 --> 00:28:10,359
Speaker 3: to come down on the accountant like a ton of bricks.

657
00:28:10,359 --> 00:28:12,159
Speaker 3: They're going to come down on you because you're the

658
00:28:12,240 --> 00:28:15,040
Speaker 3: one who ultimately submitted that you're the one who signed

659
00:28:15,080 --> 00:28:16,800
Speaker 3: off on it. And I think that a lot of

660
00:28:16,840 --> 00:28:18,680
Speaker 3: people don't know that. They go, oh, but if I

661
00:28:18,720 --> 00:28:21,280
Speaker 3: get an accountant and they're the one doing the like

662
00:28:21,400 --> 00:28:24,119
Speaker 3: dodgy or they're the one claiming up to the threshold,

663
00:28:24,560 --> 00:28:25,160
Speaker 3: this isn't.

664
00:28:24,960 --> 00:28:27,080
Speaker 2: Going to bite me. Yeah, you will bite you.

665
00:28:27,440 --> 00:28:30,399
Speaker 3: It's actually your responsibility. So whether it's dodgy because you

666
00:28:30,480 --> 00:28:33,080
Speaker 3: wanted it or dodgy because you didn't want it, you're

667
00:28:33,359 --> 00:28:36,280
Speaker 3: the responsible party here. Yeah, So the ATO would have

668
00:28:36,320 --> 00:28:40,400
Speaker 3: come to you directly and said justify your expenses. And

669
00:28:40,560 --> 00:28:43,200
Speaker 3: at that point, yes, you could obviously be like, my

670
00:28:43,280 --> 00:28:46,440
Speaker 3: accountant was dodgy. All of this stuff doesn't make sense.

671
00:28:46,560 --> 00:28:49,840
Speaker 3: That's not true. They're going to go, that's great, Jess,

672
00:28:50,440 --> 00:28:51,400
Speaker 3: but you signed off on it.

673
00:28:51,800 --> 00:28:52,000
Speaker 4: Yeah.

674
00:28:52,200 --> 00:28:55,080
Speaker 3: So I think it's really important to know that because like,

675
00:28:55,160 --> 00:28:58,040
Speaker 3: obviously if you go got audited, he'll get in trouble. No,

676
00:28:58,320 --> 00:28:59,520
Speaker 3: not necessarily, but what.

677
00:28:59,600 --> 00:29:02,160
Speaker 5: You should be doing is reporting him or her shoe

678
00:29:02,200 --> 00:29:03,080
Speaker 5: the governing body.

679
00:29:03,160 --> 00:29:05,200
Speaker 3: Is it ax the account or is it a different

680
00:29:05,320 --> 00:29:07,800
Speaker 3: body to acid which is really fun. You can also

681
00:29:08,040 --> 00:29:10,760
Speaker 3: it depends on if they're like a CPA accountant. You

682
00:29:10,880 --> 00:29:14,040
Speaker 3: could report them to their governing body. Just look them up.

683
00:29:14,080 --> 00:29:16,200
Speaker 3: They'll have some fancy letters after their name, and then

684
00:29:16,280 --> 00:29:18,120
Speaker 3: that's the body you would be reporting them too.

685
00:29:18,240 --> 00:29:20,520
Speaker 6: Yeah, and I one hundred percent would be doing that

686
00:29:20,640 --> 00:29:23,200
Speaker 6: because that is just not okay on any level as

687
00:29:23,200 --> 00:29:23,800
Speaker 6: far as I'm no.

688
00:29:23,920 --> 00:29:26,160
Speaker 3: And also, just get a new accountant. It's really easy,

689
00:29:26,400 --> 00:29:29,800
Speaker 3: Like to leave an accountant is not challenging. All you

690
00:29:29,920 --> 00:29:31,320
Speaker 3: do is go to the new account and say, hey,

691
00:29:31,320 --> 00:29:33,800
Speaker 3: I want you to be my accountant, and they go, great,

692
00:29:33,880 --> 00:29:36,560
Speaker 3: no worries. I'll log in and a letter get sent

693
00:29:36,640 --> 00:29:38,880
Speaker 3: to your old accountant that says Jess is leaving, and

694
00:29:39,000 --> 00:29:41,120
Speaker 3: they send all of the files over nice and easy.

695
00:29:41,280 --> 00:29:43,120
Speaker 3: It is very easy and you don't even have to

696
00:29:43,160 --> 00:29:45,040
Speaker 3: do it the new accountant or do that dirty.

697
00:29:44,800 --> 00:29:45,200
Speaker 1: Work for you.

698
00:29:45,520 --> 00:29:46,240
Speaker 2: Oh I love that.

699
00:29:46,440 --> 00:29:47,560
Speaker 5: But what did everybody else say?

700
00:29:47,720 --> 00:29:50,320
Speaker 3: No confrontation, We'd love to see it. And so first

701
00:29:50,400 --> 00:29:52,520
Speaker 3: thing I asked them a few questions. I said, what

702
00:29:52,600 --> 00:29:55,960
Speaker 3: would you do Jess in this situation? Forty eight percent

703
00:29:56,040 --> 00:29:59,400
Speaker 3: of you are our queen's reporting to the tax practitioners

704
00:29:59,400 --> 00:30:02,720
Speaker 3: bared twenty seven percent said I would switch accountants and

705
00:30:02,800 --> 00:30:06,120
Speaker 3: move on. Twenty four percent say tell the ATO what happened,

706
00:30:06,160 --> 00:30:10,600
Speaker 3: and one percent said, silently stress about it. Oh even question, honey,

707
00:30:10,800 --> 00:30:13,520
Speaker 3: queen says, no confrontation. You can report him to the

708
00:30:13,560 --> 00:30:16,040
Speaker 3: tax practitioners. Bored, Then you can get a new accountant,

709
00:30:16,080 --> 00:30:18,000
Speaker 3: and then you can also tell the ATO what he did.

710
00:30:18,680 --> 00:30:19,480
Speaker 5: Ticktick and tick.

711
00:30:19,720 --> 00:30:22,000
Speaker 3: Is it my fault that your actions are making you

712
00:30:22,080 --> 00:30:24,640
Speaker 3: look bad? Sounds a lot like not my problem exactly.

713
00:30:24,760 --> 00:30:28,080
Speaker 3: Next question, be honest. Do you check your tax return

714
00:30:28,120 --> 00:30:31,160
Speaker 3: before you sign it? Forty three percent of you are

715
00:30:31,360 --> 00:30:34,720
Speaker 3: very relatable queens. You said I'll just skim it. Twenty

716
00:30:34,800 --> 00:30:37,480
Speaker 3: seven percent say I do my tax myself. Love that

717
00:30:37,640 --> 00:30:41,800
Speaker 3: independent queens. Fifteen percent said with a fine tooth comb

718
00:30:41,960 --> 00:30:43,840
Speaker 3: and the other fifteen percent said, was I meant to

719
00:30:43,880 --> 00:30:44,120
Speaker 3: do that?

720
00:30:44,560 --> 00:30:46,400
Speaker 2: Well, now you know, you know?

721
00:30:46,800 --> 00:30:48,440
Speaker 5: Yes, The answer is do you check it?

722
00:30:48,560 --> 00:30:52,640
Speaker 6: Jess, I am team skimmer, but I'm actively like when

723
00:30:52,680 --> 00:30:55,240
Speaker 6: I do it with my tax accountant, they like, we

724
00:30:55,320 --> 00:30:56,800
Speaker 6: do it all together on a zoom.

725
00:30:57,240 --> 00:30:59,160
Speaker 3: So I'm not your accountant too, because you got it

726
00:30:59,280 --> 00:31:01,280
Speaker 3: for me. So she's doing a dodgy.

727
00:31:01,040 --> 00:31:03,200
Speaker 6: Yeah, I know everything that she's putting in, and I

728
00:31:03,320 --> 00:31:05,120
Speaker 6: just kind of skimmed through checkel the numbers, make sure

729
00:31:05,200 --> 00:31:06,080
Speaker 6: nothing has been missed.

730
00:31:06,120 --> 00:31:07,040
Speaker 2: More than anything, I'm like.

731
00:31:07,000 --> 00:31:08,440
Speaker 5: I want to claim every dollar I can.

732
00:31:08,640 --> 00:31:11,600
Speaker 3: But yeah, tim skim, I feel like that's reasonable when

733
00:31:11,720 --> 00:31:13,840
Speaker 3: you trust someone. Yes, So don't get me wrong. The

734
00:31:13,920 --> 00:31:16,640
Speaker 3: professional advice and the right advice I should be giving

735
00:31:16,760 --> 00:31:18,920
Speaker 3: on this podcast right now is go through it with

736
00:31:19,080 --> 00:31:22,200
Speaker 3: fine tooth constantly. But like you've been seeing, I would say,

737
00:31:22,280 --> 00:31:24,520
Speaker 3: the same tax account for like five years. Yeah, yeah,

738
00:31:24,560 --> 00:31:27,280
Speaker 3: he's crazy, Like do you know what else? Guys low

739
00:31:27,360 --> 00:31:30,520
Speaker 3: key offside comment, so crazy? How much I know about

740
00:31:30,560 --> 00:31:34,120
Speaker 3: Jess's personal financial situation. I'm like, oh, well, if she died,

741
00:31:34,120 --> 00:31:36,440
Speaker 3: I know her accountant, I know a financial planner, I

742
00:31:36,520 --> 00:31:38,040
Speaker 3: know where all her money is, I know her up

743
00:31:38,120 --> 00:31:38,760
Speaker 3: bank account.

744
00:31:38,960 --> 00:31:40,440
Speaker 2: Like are we in a relationship?

745
00:31:40,760 --> 00:31:41,280
Speaker 5: Pretty much?

746
00:31:41,360 --> 00:31:42,560
Speaker 2: It feels like I'm not mad.

747
00:31:42,640 --> 00:31:44,640
Speaker 3: We also then said to the community, all right, what

748
00:31:44,880 --> 00:31:49,240
Speaker 3: is your two cents? First person said to yikes, that's

749
00:31:49,240 --> 00:31:51,920
Speaker 3: why I felt. I was like, excuse me. Next person said,

750
00:31:51,960 --> 00:31:54,840
Speaker 3: I actually had this situation happened to me. Dodgy tax

751
00:31:54,920 --> 00:31:58,080
Speaker 3: guy ordered it and find now I just do it myself.

752
00:31:58,160 --> 00:31:59,240
Speaker 5: It is not worth it.

753
00:31:59,560 --> 00:32:01,080
Speaker 2: Oh no, so don't let that put you off.

754
00:32:01,200 --> 00:32:04,000
Speaker 5: I would say, like one bad egg is not representative of.

755
00:32:04,000 --> 00:32:07,160
Speaker 3: Everybody, and a good accountant. So like, don't get me wrong,

756
00:32:07,440 --> 00:32:11,320
Speaker 3: if you are a salary and PAYG employee and that

757
00:32:11,520 --> 00:32:14,240
Speaker 3: is the only income that you have, you very well

758
00:32:14,280 --> 00:32:16,320
Speaker 3: could do your tax yourself. I'm not allowed to give

759
00:32:16,360 --> 00:32:19,640
Speaker 3: you advice, but we see in our community people in

760
00:32:19,720 --> 00:32:23,680
Speaker 3: those situations thriving on doing their own. When you start

761
00:32:23,760 --> 00:32:25,440
Speaker 3: to get a little bit more complicated, and I'm going

762
00:32:25,480 --> 00:32:27,040
Speaker 3: to throw Jess under the bus again because she's a

763
00:32:27,080 --> 00:32:29,680
Speaker 3: really great example of this, where Jess is a salary

764
00:32:29,720 --> 00:32:32,360
Speaker 3: in PAYG employee, if she's on the money, Jess, you

765
00:32:32,440 --> 00:32:34,440
Speaker 3: also have your own small business where you've got a

766
00:32:34,520 --> 00:32:37,080
Speaker 3: number of invoices coming in and out. Yep, you also

767
00:32:37,240 --> 00:32:41,360
Speaker 3: have investments, You also have a property, So it becomes

768
00:32:41,440 --> 00:32:44,680
Speaker 3: a little bit more murky as to what you can claim,

769
00:32:44,760 --> 00:32:47,240
Speaker 3: what you can't claim, maybe what you're missing, Like you

770
00:32:47,320 --> 00:32:49,440
Speaker 3: want someone to go through invoices and make sure that

771
00:32:49,560 --> 00:32:52,360
Speaker 3: you know any GST that was payable or not payable

772
00:32:52,440 --> 00:32:54,800
Speaker 3: has like come in and gone out in the right ways. Like,

773
00:32:55,240 --> 00:32:57,120
Speaker 3: it becomes a little bit more complicated and at that

774
00:32:57,240 --> 00:32:59,960
Speaker 3: point you might go, really do need a trusted account

775
00:33:00,800 --> 00:33:04,440
Speaker 3: but so many people these days. My tax system is

776
00:33:04,600 --> 00:33:08,200
Speaker 3: relatively simple and with the data matching that's available now,

777
00:33:08,320 --> 00:33:10,800
Speaker 3: which can be really scary. And I don't say that

778
00:33:10,840 --> 00:33:12,480
Speaker 3: because I'm scared of it. I just know that people

779
00:33:12,520 --> 00:33:14,680
Speaker 3: don't love the idea that data is floating around and

780
00:33:14,760 --> 00:33:17,040
Speaker 3: it's being used. But these days, you log into your

781
00:33:17,080 --> 00:33:19,920
Speaker 3: tax portal and they're like, these are your bank accounts

782
00:33:20,400 --> 00:33:24,240
Speaker 3: and you go confirm, yeah, these your investments furry out?

783
00:33:24,280 --> 00:33:24,880
Speaker 3: How do they get that?

784
00:33:25,040 --> 00:33:25,240
Speaker 5: Yeah?

785
00:33:25,240 --> 00:33:27,160
Speaker 3: But that's why, like when you sign up to like

786
00:33:27,200 --> 00:33:30,040
Speaker 3: a SHARE's ease, they go, hey, Jess, what's your tax

787
00:33:30,080 --> 00:33:32,880
Speaker 3: file number? Yeah, because on your behalf they will submit

788
00:33:33,080 --> 00:33:35,600
Speaker 3: all of your tax stuff to the tax office. So

789
00:33:35,640 --> 00:33:36,960
Speaker 3: if you wait long enough, you can just do it

790
00:33:37,000 --> 00:33:38,920
Speaker 3: yourself and it's like kind of already pre filled.

791
00:33:39,040 --> 00:33:39,200
Speaker 2: Yeah.

792
00:33:39,280 --> 00:33:40,840
Speaker 5: It makes it so much easier, really, doesn't.

793
00:33:41,480 --> 00:33:44,640
Speaker 3: I Mean, I'm just a maths and like finance girly.

794
00:33:44,800 --> 00:33:47,360
Speaker 3: I just I think that they definitely have their place.

795
00:33:47,880 --> 00:33:49,280
Speaker 3: But I can also see why you'd want to do

796
00:33:49,280 --> 00:33:49,960
Speaker 3: it yourself.

797
00:33:49,760 --> 00:33:52,480
Speaker 6: If I didn't have a complic more complicated scenario. I

798
00:33:52,640 --> 00:33:54,440
Speaker 6: did my own v years and it was always great.

799
00:33:54,560 --> 00:33:57,600
Speaker 3: Exactly Now, the next person said, girl, I don't understand

800
00:33:57,640 --> 00:33:58,320
Speaker 3: my tax return.

801
00:33:58,440 --> 00:33:59,880
Speaker 2: That's why I pay an accountant.

802
00:34:00,240 --> 00:34:00,920
Speaker 5: I a mean to that.

803
00:34:01,120 --> 00:34:01,440
Speaker 2: That's me.

804
00:34:02,200 --> 00:34:03,960
Speaker 3: And if you don't want to do it, turns out

805
00:34:04,000 --> 00:34:05,560
Speaker 3: you don't have to. And I feel like I'm like

806
00:34:05,640 --> 00:34:08,280
Speaker 3: the promo girl right now. For tax accountants, you're welcome.

807
00:34:08,320 --> 00:34:11,399
Speaker 3: By the way, they're tax deductible. So next year when

808
00:34:11,440 --> 00:34:13,120
Speaker 3: you go to do your tax return, you can claim

809
00:34:13,480 --> 00:34:14,520
Speaker 3: your accountant fees.

810
00:34:14,760 --> 00:34:15,839
Speaker 2: Yeah, money win.

811
00:34:16,080 --> 00:34:16,960
Speaker 5: We love that, all right.

812
00:34:17,040 --> 00:34:20,120
Speaker 3: Next person said, my friends who use tax agents, their

813
00:34:20,200 --> 00:34:24,160
Speaker 3: returns sound dodgy as hell, claiming all sorts of things.

814
00:34:24,200 --> 00:34:25,360
Speaker 3: I think you should just diy.

815
00:34:25,560 --> 00:34:27,680
Speaker 5: It's so interesting that so many people have had this experience.

816
00:34:27,840 --> 00:34:30,839
Speaker 3: I have not had that experience, and I don't think

817
00:34:30,880 --> 00:34:32,640
Speaker 3: that many people are actually doing that. I feel like

818
00:34:32,680 --> 00:34:35,239
Speaker 3: that might be an isolated incident, because, like I'm sorry,

819
00:34:35,360 --> 00:34:37,400
Speaker 3: the tax office is coming down on people like that

820
00:34:37,520 --> 00:34:40,040
Speaker 3: with tons of bricks. Now, next one said, if they're

821
00:34:40,080 --> 00:34:43,520
Speaker 3: doing this with someone honest, what are they doing for

822
00:34:43,640 --> 00:34:44,840
Speaker 3: those that aren't honest.

823
00:34:45,160 --> 00:34:46,200
Speaker 5: Well, that's so true.

824
00:34:46,360 --> 00:34:47,960
Speaker 3: Someone else said, if you're paying for a service, it

825
00:34:48,000 --> 00:34:50,200
Speaker 3: should be done correctly. I mean, yes, at the end

826
00:34:50,239 --> 00:34:52,480
Speaker 3: of the day, you are absolutely correct. And then the

827
00:34:52,560 --> 00:34:54,880
Speaker 3: last one I've got is I had a tax agent's

828
00:34:55,000 --> 00:34:57,320
Speaker 3: neighbor who ended up in jail for doing all of

829
00:34:57,400 --> 00:34:58,239
Speaker 3: these dodgy things.

830
00:34:58,480 --> 00:35:00,680
Speaker 6: There it's going to come back around, I think. And

831
00:35:00,760 --> 00:35:02,680
Speaker 6: it's good that you're thinking about doing the right thing

832
00:35:02,760 --> 00:35:05,480
Speaker 6: and making sure that you're doing everything you're supposed to be,

833
00:35:05,600 --> 00:35:07,920
Speaker 6: because you're right, like the instinct for everyone needs a

834
00:35:07,920 --> 00:35:09,719
Speaker 6: ways to take the advice of the professional. That's what

835
00:35:09,800 --> 00:35:11,840
Speaker 6: we preach all the time. Speak to a professional to

836
00:35:11,880 --> 00:35:14,200
Speaker 6: fill the deficits in your knowledge. But in this case,

837
00:35:14,239 --> 00:35:16,399
Speaker 6: if the professional is not doing the right thing, your

838
00:35:16,440 --> 00:35:18,400
Speaker 6: gut instinct there are one hundred percent right, like you

839
00:35:18,480 --> 00:35:20,799
Speaker 6: need to be speaking to someone who's advising you want

840
00:35:20,800 --> 00:35:23,000
Speaker 6: to how to do the right thing, do it by

841
00:35:23,080 --> 00:35:25,239
Speaker 6: the law, do it correctly, but don't let it put

842
00:35:25,239 --> 00:35:27,520
Speaker 6: you off, because truly, if you are in a situation

843
00:35:27,520 --> 00:35:30,319
Speaker 6: where it's relevant to you, a tax agent, an accountant, whatever,

844
00:35:30,560 --> 00:35:32,600
Speaker 6: are worth their weight in gold.

845
00:35:32,440 --> 00:35:34,920
Speaker 3: One hundred percent. And I just think the last thing

846
00:35:35,000 --> 00:35:37,800
Speaker 3: for me is good things happen to good people. Just

847
00:35:37,960 --> 00:35:40,600
Speaker 3: do the right thing, and nothing's going to come back

848
00:35:40,640 --> 00:35:42,720
Speaker 3: to bite you. Like if you know that something's dodgy,

849
00:35:42,840 --> 00:35:44,520
Speaker 3: or you feel like it's not good in your gut.

850
00:35:44,640 --> 00:35:47,400
Speaker 3: Just find a new tax agent. It is very simple.

851
00:35:47,920 --> 00:35:49,960
Speaker 3: It's not a hard thing to do. You might be like, oh,

852
00:35:50,080 --> 00:35:51,600
Speaker 3: but be like they're my cousin's friend.

853
00:35:51,760 --> 00:35:52,239
Speaker 5: It doesn't matter.

854
00:35:52,280 --> 00:35:54,120
Speaker 3: I cut it off and move on and just say, oh,

855
00:35:54,239 --> 00:35:55,960
Speaker 3: I just wanted to shake things up this year.

856
00:35:56,520 --> 00:35:57,239
Speaker 2: Do good, be good.

857
00:35:57,280 --> 00:35:58,799
Speaker 3: I'm going to cut the show here because I feel

858
00:35:58,800 --> 00:36:01,520
Speaker 3: like a good yap on our advice for ages. But

859
00:36:01,719 --> 00:36:03,480
Speaker 3: have the best week and we'll see you bright early

860
00:36:03,560 --> 00:36:05,680
Speaker 3: on Monday morning for a money diary. Bye guys.

861
00:36:05,880 --> 00:36:12,560
Speaker 7: By The advice shared on She's on the Money is

862
00:36:12,680 --> 00:36:16,240
Speaker 7: general in nature and does not consider your individual circumstances.

863
00:36:16,640 --> 00:36:20,000
Speaker 7: She's on the Money exists purely for educational purposes and

864
00:36:20,080 --> 00:36:22,520
Speaker 7: should not be relied upon to make an investment or

865
00:36:22,600 --> 00:36:26,160
Speaker 7: financial decision. If you do choose to buy a financial product,

866
00:36:26,280 --> 00:36:30,200
Speaker 7: read the PDS TMD and obtain appropriate financial advice tailored

867
00:36:30,280 --> 00:36:33,719
Speaker 7: towards your needs. Victoria Divine and She's on the Money

868
00:36:33,800 --> 00:36:38,719
Speaker 7: are authorized representatives of Money sheirper Pty Ltd ABN three

869
00:36:38,800 --> 00:36:42,000
Speaker 7: two one six four nine two seven seven zero eight

870
00:36:42,360 --> 00:36:44,879
Speaker 7: AFSL four five one two eight nine