1 00:00:00,640 --> 00:00:04,880 Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr 2 00:00:04,920 --> 00:00:08,639 Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before 3 00:00:08,640 --> 00:00:11,119 Speaker 1: we get started on She's on the Money podcast, I 4 00:00:11,160 --> 00:00:14,280 Speaker 1: would like to acknowledge the traditional custodians of the land 5 00:00:14,400 --> 00:00:18,079 Speaker 1: of which this podcast is recorded on a wondery country, 6 00:00:18,120 --> 00:00:22,560 Speaker 1: acknowledging the elders, the ancestors and the next generation coming through. 7 00:00:23,040 --> 00:00:27,120 Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and 8 00:00:27,200 --> 00:00:30,560 Speaker 1: the storytelling of you to make a difference for today 9 00:00:31,040 --> 00:00:32,599 Speaker 1: and lasting impact for tomorrow. 10 00:00:33,280 --> 00:00:34,080 Speaker 2: Let's get into it. 11 00:00:34,760 --> 00:00:54,000 Speaker 3: She's on the Money, She's on the Money. 12 00:00:57,720 --> 00:01:01,600 Speaker 4: Hello and welcome to She's on the the Podcast Wallennials 13 00:01:01,640 --> 00:01:05,240 Speaker 4: who want financial Freedom. Today is Friday, which means it 14 00:01:05,280 --> 00:01:06,760 Speaker 4: is time to sit back with the girls with a 15 00:01:06,800 --> 00:01:09,480 Speaker 4: bev in hand, to unpack our favorite moments of the 16 00:01:09,520 --> 00:01:12,759 Speaker 4: week and of course to celebrate you how incredible She's 17 00:01:12,800 --> 00:01:15,040 Speaker 4: on the Money community. As always, we're going to be 18 00:01:15,040 --> 00:01:17,120 Speaker 4: sharing our favorite money wins, We're going to be discussing 19 00:01:17,200 --> 00:01:19,679 Speaker 4: what's making news in the finance world, and this week 20 00:01:19,680 --> 00:01:21,840 Speaker 4: we're going to be helping to answer a juicy money 21 00:01:21,880 --> 00:01:25,840 Speaker 4: question on tax on multiple incomes. But first, as always, 22 00:01:25,880 --> 00:01:28,600 Speaker 4: it is time to recap the week that was. Miss 23 00:01:28,680 --> 00:01:31,360 Speaker 4: Jez GERRICI, can you talk to us about Monday's Money 24 00:01:31,360 --> 00:01:35,440 Speaker 4: Diary episode? This week Monday's Money Diarist was a woman. 25 00:01:35,600 --> 00:01:39,040 Speaker 4: She has two children, and I found her story so 26 00:01:39,720 --> 00:01:43,280 Speaker 4: interesting because she had a career in military nursing. Her 27 00:01:43,319 --> 00:01:47,120 Speaker 4: partner also works in the military, and they made the 28 00:01:47,160 --> 00:01:49,840 Speaker 4: decision as a couple that she was going to take 29 00:01:49,880 --> 00:01:53,000 Speaker 4: a step back from her career to look after the 30 00:01:53,080 --> 00:01:55,600 Speaker 4: children so that he could pursue his And the reason 31 00:01:55,640 --> 00:01:59,000 Speaker 4: I found this so interesting is because this narrative I 32 00:01:59,000 --> 00:02:02,320 Speaker 4: think was very common twenty thirty forty years ago, but 33 00:02:02,480 --> 00:02:05,760 Speaker 4: nowadays I think it is happening less and as someone 34 00:02:05,840 --> 00:02:10,640 Speaker 4: who I think is steadfastly in the opposite perspective, I 35 00:02:10,720 --> 00:02:13,280 Speaker 4: just found it really interesting to talk to her about 36 00:02:13,720 --> 00:02:15,720 Speaker 4: how they came to that decision and what that looked 37 00:02:15,880 --> 00:02:18,480 Speaker 4: like for them as a couple, because once upon a time, 38 00:02:18,480 --> 00:02:20,480 Speaker 4: I guess it kind of would have just been assumed 39 00:02:20,520 --> 00:02:22,200 Speaker 4: that the wife would stay home and raise the kids, 40 00:02:22,440 --> 00:02:25,200 Speaker 4: but in twenty twenty two that is less and less 41 00:02:25,240 --> 00:02:27,560 Speaker 4: the case. And she said, look like we really thought 42 00:02:27,560 --> 00:02:30,320 Speaker 4: about it, and you know, I loved my career and 43 00:02:30,360 --> 00:02:32,360 Speaker 4: I really enjoyed what I was doing. It wasn't as 44 00:02:32,360 --> 00:02:35,160 Speaker 4: if she had always had this desire to leave the workforce, 45 00:02:35,200 --> 00:02:38,160 Speaker 4: but ultimately, with both of their careers, with I guess 46 00:02:38,240 --> 00:02:40,519 Speaker 4: the income and the circumstances. 47 00:02:39,800 --> 00:02:41,079 Speaker 2: It had to be compromised. 48 00:02:41,120 --> 00:02:42,800 Speaker 5: Yeah, and it was what made sense for them as 49 00:02:42,800 --> 00:02:44,960 Speaker 5: a family. And I think it was really cool to 50 00:02:45,040 --> 00:02:49,040 Speaker 5: hear about how those conversations were had, because you just 51 00:02:49,240 --> 00:02:51,639 Speaker 5: know that that's not an easy thing when you've worked 52 00:02:51,639 --> 00:02:54,320 Speaker 5: your life away to you know, get a degree as 53 00:02:54,360 --> 00:02:56,600 Speaker 5: a nurse, you have to go to UNI and spend 54 00:02:56,600 --> 00:02:59,120 Speaker 5: all of these years doing everything that you do to 55 00:02:59,160 --> 00:03:01,320 Speaker 5: kind of build yourself to then have to go, Okay, 56 00:03:02,000 --> 00:03:04,400 Speaker 5: I'm stepping away and that's just the choice that I'm 57 00:03:04,400 --> 00:03:07,040 Speaker 5: making and potentially forever. And you know, she was saying 58 00:03:07,040 --> 00:03:08,320 Speaker 5: that she did work part time. 59 00:03:08,360 --> 00:03:10,520 Speaker 4: I think now she works in ebbs and flows because 60 00:03:10,560 --> 00:03:13,560 Speaker 4: her partner's job means he's here sometimes and then away 61 00:03:13,680 --> 00:03:15,880 Speaker 4: a lot of the time. So when he's here and 62 00:03:15,880 --> 00:03:17,840 Speaker 4: obviously they have a bit more support or like she 63 00:03:17,919 --> 00:03:20,480 Speaker 4: said that her mum comes down and stays like maybe 64 00:03:20,480 --> 00:03:21,840 Speaker 4: for a week at a time, which means she can 65 00:03:21,919 --> 00:03:23,480 Speaker 4: go in as a nurse to like pick up a 66 00:03:23,480 --> 00:03:26,040 Speaker 4: week's worth of work, And I thought that was pretty cool, 67 00:03:26,080 --> 00:03:28,360 Speaker 4: given there's a little bit of flexibility, which means she 68 00:03:28,360 --> 00:03:31,200 Speaker 4: can still say engaged in her career, which is something 69 00:03:31,280 --> 00:03:34,360 Speaker 4: we talk about. When women do take big hiatuses from 70 00:03:34,400 --> 00:03:38,080 Speaker 4: the workforce, it's really hard to you know, stay relevant. 71 00:03:38,120 --> 00:03:40,200 Speaker 4: And you know, if she does decide to go back 72 00:03:40,240 --> 00:03:41,840 Speaker 4: to work after the kids are at school, and if 73 00:03:41,880 --> 00:03:43,800 Speaker 4: you've got two kids, maybe that's like a full ten 74 00:03:43,920 --> 00:03:47,120 Speaker 4: years out of work completely. The one good thing that 75 00:03:47,160 --> 00:03:49,280 Speaker 4: I think comes from that is going well, actually she's 76 00:03:49,280 --> 00:03:51,120 Speaker 4: not completely out of the workforce. If she goes for 77 00:03:51,160 --> 00:03:53,320 Speaker 4: a job, she can say no, like, I'm definitely up 78 00:03:53,360 --> 00:03:55,320 Speaker 4: with you know, what's been going on in the. 79 00:03:55,400 --> 00:03:56,520 Speaker 2: Health care industry. 80 00:03:56,720 --> 00:03:58,880 Speaker 4: Whereas if you've been out for ten years, so much 81 00:03:58,960 --> 00:04:01,320 Speaker 4: can change in ten years, so I can totally get 82 00:04:01,400 --> 00:04:03,600 Speaker 4: that you might feel a little bit behind. So if 83 00:04:03,600 --> 00:04:06,440 Speaker 4: you can do that, great. But the other thing Jess 84 00:04:06,480 --> 00:04:08,840 Speaker 4: that really came out of that, I guess wasn't what 85 00:04:08,960 --> 00:04:12,480 Speaker 4: she said, but more what I took from that session, 86 00:04:12,920 --> 00:04:16,039 Speaker 4: and that's that, you know, she seemed really unsure about 87 00:04:16,040 --> 00:04:19,000 Speaker 4: her financial circumstances and her and her partner were thirty, 88 00:04:19,279 --> 00:04:21,040 Speaker 4: like they were sitting on a fair bit of cash. 89 00:04:21,080 --> 00:04:24,039 Speaker 4: Her husband had more than three hundred thousand dollars in 90 00:04:24,080 --> 00:04:26,280 Speaker 4: his superannuation and she was close to I think Jess 91 00:04:26,279 --> 00:04:28,640 Speaker 4: it was like two hundred grand, so that they they 92 00:04:28,640 --> 00:04:31,080 Speaker 4: were both doing very well, so well, right, So like 93 00:04:31,160 --> 00:04:33,719 Speaker 4: talking to me, I don't have nearly that amount, Like 94 00:04:33,760 --> 00:04:36,119 Speaker 4: I have been self employed for a very long time 95 00:04:36,200 --> 00:04:39,080 Speaker 4: and therefore not prioritize SUPER in the way that I 96 00:04:39,120 --> 00:04:42,480 Speaker 4: should have. And I've definitely, you know, only been paying 97 00:04:42,480 --> 00:04:45,039 Speaker 4: myself the minimum during that period of times. My SUPER 98 00:04:45,200 --> 00:04:48,880 Speaker 4: is definitely not something to write home about. However, it's 99 00:04:48,920 --> 00:04:51,280 Speaker 4: interesting to see when you start talking to people about 100 00:04:51,279 --> 00:04:54,640 Speaker 4: their financial lives, they compare themselves to the circle that 101 00:04:54,680 --> 00:04:57,480 Speaker 4: sits around them. We were talking to the beautiful woman 102 00:04:57,480 --> 00:05:00,560 Speaker 4: who clearly was very deep into the military life style, 103 00:05:01,040 --> 00:05:03,159 Speaker 4: so she was comparing herself to other women in the 104 00:05:03,160 --> 00:05:05,400 Speaker 4: military lifestyle and the fact that other people who had 105 00:05:05,440 --> 00:05:07,240 Speaker 4: bought houses and you know, we're doing more with their 106 00:05:07,279 --> 00:05:10,480 Speaker 4: investments or buying shares, And it was just interesting to 107 00:05:10,480 --> 00:05:12,920 Speaker 4: see that she didn't think she was doing that well. 108 00:05:13,120 --> 00:05:15,640 Speaker 4: Whereas Jess and I were sitting across the table being 109 00:05:15,680 --> 00:05:16,520 Speaker 4: like wow, like that. 110 00:05:16,520 --> 00:05:18,800 Speaker 2: I'd kill for that. That's crazy. 111 00:05:18,920 --> 00:05:21,480 Speaker 4: So I just I wanted to talk about it here, 112 00:05:21,520 --> 00:05:23,560 Speaker 4: and I don't know how I wanted to talk about it, 113 00:05:23,600 --> 00:05:27,000 Speaker 4: but just this like comparison culture of often we compare 114 00:05:27,000 --> 00:05:30,040 Speaker 4: ourselves just to people who are within arms reach, right, 115 00:05:30,080 --> 00:05:32,440 Speaker 4: Like George, you might compare yourself to Jess and I 116 00:05:32,800 --> 00:05:35,320 Speaker 4: and I might do vice versa. But then the other 117 00:05:35,360 --> 00:05:38,080 Speaker 4: comparison we draw is only to people who are really 118 00:05:38,200 --> 00:05:41,320 Speaker 4: visible to us, which is like social media influences and 119 00:05:41,360 --> 00:05:44,200 Speaker 4: people who are in the public eye. And you just go, 120 00:05:44,360 --> 00:05:46,960 Speaker 4: that is that actually really valid? Like a lot of 121 00:05:46,960 --> 00:05:49,160 Speaker 4: people listening to that money diary might have been like, wow, 122 00:05:49,320 --> 00:05:51,640 Speaker 4: like she's thirty, has two kids and has been able 123 00:05:51,680 --> 00:05:54,240 Speaker 4: to contribute to super Like she's miles ahead of me, 124 00:05:54,720 --> 00:05:56,800 Speaker 4: Like there are so many people in our community who 125 00:05:57,080 --> 00:05:59,200 Speaker 4: have two kids, you know, still have a husband, but 126 00:05:59,320 --> 00:06:01,760 Speaker 4: are living in massive amounts of debt because they just 127 00:06:01,800 --> 00:06:03,720 Speaker 4: can't get on top of the cost of living. So 128 00:06:03,760 --> 00:06:06,320 Speaker 4: I just, you know, it's not to shame it. I 129 00:06:06,440 --> 00:06:09,680 Speaker 4: just found it so interesting because that's her journey. That 130 00:06:09,720 --> 00:06:12,279 Speaker 4: does not mean that her experiences are not relevant and 131 00:06:12,360 --> 00:06:15,680 Speaker 4: are not valid. She absolutely feels behind from where she 132 00:06:15,920 --> 00:06:19,760 Speaker 4: expects herself to be, and that's totally okay. But it's 133 00:06:19,800 --> 00:06:22,360 Speaker 4: interesting to see that there are people in her life 134 00:06:22,360 --> 00:06:25,320 Speaker 4: that she's comparing herself to, whereas you know, you or 135 00:06:25,400 --> 00:06:28,000 Speaker 4: I might be comparing ourselves to different communities. And I 136 00:06:28,040 --> 00:06:31,159 Speaker 4: just found that really interesting because I hadn't taken the 137 00:06:31,200 --> 00:06:33,680 Speaker 4: time to step back and go, wow, Like, as much 138 00:06:33,680 --> 00:06:36,200 Speaker 4: as we say don't compare yourself, we all do it. 139 00:06:36,480 --> 00:06:38,760 Speaker 4: We just have to take everything with a grain of salt. 140 00:06:38,800 --> 00:06:41,480 Speaker 4: Remember a lot of things, right, Remember that debt's invisible, 141 00:06:41,520 --> 00:06:43,680 Speaker 4: and that we don't always see everybody else's journeys. And 142 00:06:43,880 --> 00:06:45,320 Speaker 4: you know, I could go on and on, but I 143 00:06:45,360 --> 00:06:47,359 Speaker 4: just think it's a relevant point to bring up because 144 00:06:47,360 --> 00:06:49,160 Speaker 4: I know that a few people listening to that might 145 00:06:49,160 --> 00:06:51,440 Speaker 4: have been a little bit disheartened by going, oh, she 146 00:06:51,480 --> 00:06:53,640 Speaker 4: thinks she's behind. Oh my gosh, imagine what she thinks 147 00:06:53,640 --> 00:06:55,880 Speaker 4: of me, my friend. She's not thinking of you, She's 148 00:06:55,960 --> 00:06:58,679 Speaker 4: just thinking of her own expectations for how her life 149 00:06:58,800 --> 00:07:01,640 Speaker 4: was going to go about thinking that someone's less man. 150 00:07:02,000 --> 00:07:03,960 Speaker 4: So anyway, I just wanted to say that because I 151 00:07:03,960 --> 00:07:05,000 Speaker 4: think it's important there. 152 00:07:05,240 --> 00:07:10,200 Speaker 6: Yeah, that's an inspirational note to kick us off. I think, sorry, sorry. 153 00:07:09,440 --> 00:07:11,720 Speaker 2: It's good, it's good. Let's move on though. 154 00:07:11,800 --> 00:07:15,200 Speaker 4: What happened on our Wednesday episode Georgia On Wednesday you 155 00:07:15,280 --> 00:07:18,320 Speaker 4: could selfie and the glorious Jessica Richie. 156 00:07:18,520 --> 00:07:21,760 Speaker 2: We're already booting you off the show. Yeah, yeah, still 157 00:07:21,800 --> 00:07:22,200 Speaker 2: hanging on. 158 00:07:22,680 --> 00:07:25,720 Speaker 6: You guys discussed credit cards, so you spoke about what 159 00:07:25,760 --> 00:07:28,360 Speaker 6: we need to be mindful of because obviously they can 160 00:07:28,480 --> 00:07:29,800 Speaker 6: be slippery slopes. 161 00:07:29,840 --> 00:07:33,920 Speaker 4: They are very slippery suckers, exactly, the devil's plastic I 162 00:07:33,960 --> 00:07:34,480 Speaker 4: believe they. 163 00:07:34,520 --> 00:07:36,120 Speaker 2: Call it on the internet nowadays. 164 00:07:36,240 --> 00:07:36,760 Speaker 1: I like that. 165 00:07:37,200 --> 00:07:39,920 Speaker 6: I don't so as well as the negative sides to 166 00:07:40,040 --> 00:07:41,760 Speaker 6: credit cards, which I feel like most of our listeners 167 00:07:41,760 --> 00:07:44,480 Speaker 6: are already across the case, we spoke about the benefits 168 00:07:44,480 --> 00:07:47,400 Speaker 6: as well, so it was a really balanced conversation. Obviously 169 00:07:47,400 --> 00:07:49,960 Speaker 6: they can be a really useful tool, that they can 170 00:07:50,080 --> 00:07:52,280 Speaker 6: also be the devil's plastic. 171 00:07:52,560 --> 00:07:56,720 Speaker 4: Yeah true, right, But I also think you know she's 172 00:07:56,760 --> 00:08:00,280 Speaker 4: on the money. Isn't about vilifying certain offerings, right, Like, 173 00:08:00,360 --> 00:08:03,440 Speaker 4: we know credit cards exist. My pain point with it 174 00:08:03,480 --> 00:08:06,560 Speaker 4: is that my community runs into too many issues with it. 175 00:08:06,640 --> 00:08:09,520 Speaker 4: So I feel an obligation to protect you guys from 176 00:08:09,600 --> 00:08:11,880 Speaker 4: that and educate you so that you make the decision 177 00:08:11,880 --> 00:08:12,560 Speaker 4: that's right for you. 178 00:08:13,040 --> 00:08:14,680 Speaker 2: I have best friends that. 179 00:08:14,600 --> 00:08:17,440 Speaker 4: Literally fly around the world for free on the points 180 00:08:17,440 --> 00:08:19,440 Speaker 4: that they get from their credit cards and muxis. I 181 00:08:19,440 --> 00:08:21,880 Speaker 4: wish I could do that, but I'm just not organized enough, 182 00:08:22,080 --> 00:08:24,280 Speaker 4: and so I see all of the benefits. I really 183 00:08:24,320 --> 00:08:26,280 Speaker 4: get it. It's kind of like buy now, Pay later, 184 00:08:26,400 --> 00:08:28,600 Speaker 4: Like we jump up and down about it all the time, 185 00:08:29,000 --> 00:08:31,880 Speaker 4: but the reason we do is because people don't use 186 00:08:31,920 --> 00:08:34,720 Speaker 4: it to their advantage. And I've spoken, you know historically, 187 00:08:34,800 --> 00:08:36,760 Speaker 4: even on season two, like one of the first episodes 188 00:08:36,800 --> 00:08:39,080 Speaker 4: you were on g Well speaking about how one of 189 00:08:39,080 --> 00:08:41,360 Speaker 4: my best friends always uses a buy now, pay later 190 00:08:41,440 --> 00:08:43,680 Speaker 4: company on the Iconic so that she can order a 191 00:08:43,760 --> 00:08:45,680 Speaker 4: range of different dresses and then send them back in 192 00:08:45,679 --> 00:08:47,360 Speaker 4: the cash doesn't go out of your account. And I'm like, 193 00:08:47,440 --> 00:08:49,959 Speaker 4: you're way more organized. I always lose the packaging. I 194 00:08:50,000 --> 00:08:52,800 Speaker 4: can't return anything, Like I just know I can't trust myself. 195 00:08:53,000 --> 00:08:55,360 Speaker 4: So I think it's good to bring a balanced conversation. 196 00:08:55,440 --> 00:08:56,760 Speaker 4: But at the end of the day, you guys need 197 00:08:56,800 --> 00:08:59,080 Speaker 4: to educate yourselves and make the decision that's in line 198 00:08:59,120 --> 00:09:01,280 Speaker 4: with how you function around money. 199 00:09:01,360 --> 00:09:04,920 Speaker 6: Yeah, exactly right. So cracking episode, ladies. 200 00:09:04,440 --> 00:09:07,640 Speaker 4: All right, well, I guess it is time now as always, 201 00:09:07,840 --> 00:09:09,679 Speaker 4: to hear some of your budget direct money wins of 202 00:09:09,720 --> 00:09:10,040 Speaker 4: the week. 203 00:09:10,200 --> 00:09:11,959 Speaker 2: You got some confessions as well. What are you bringing 204 00:09:11,960 --> 00:09:14,000 Speaker 2: to the table mostly wins this week? 205 00:09:14,120 --> 00:09:14,320 Speaker 1: Yeah? 206 00:09:15,320 --> 00:09:17,439 Speaker 6: One, las, all right, let's jump into it. The first 207 00:09:17,440 --> 00:09:21,320 Speaker 6: win comes from Tomorrow money Win. I found expensive swimmers 208 00:09:21,320 --> 00:09:24,000 Speaker 6: on sale for ten dollars each, so instead of paying 209 00:09:24,120 --> 00:09:26,600 Speaker 6: sixty dollars apiece, I walked away with three items for 210 00:09:26,640 --> 00:09:27,559 Speaker 6: thirty dollars. 211 00:09:27,920 --> 00:09:30,520 Speaker 4: Money all right, So obviously side note, I'm going on 212 00:09:30,559 --> 00:09:36,160 Speaker 4: honeymoon soon looking for swimmers because obviously I'm a nikini yep. 213 00:09:36,200 --> 00:09:37,720 Speaker 2: Going to show my husin. 214 00:09:38,960 --> 00:09:40,640 Speaker 4: No, we're not getting a new bikini. I will just 215 00:09:40,679 --> 00:09:41,640 Speaker 4: be taking the swims I have. 216 00:09:41,760 --> 00:09:44,480 Speaker 2: I did not. I forgot how expensive swimwear was. They 217 00:09:44,480 --> 00:09:48,160 Speaker 2: are really expensive. You go wherever Tomorrow went. I'm going 218 00:09:48,200 --> 00:09:50,040 Speaker 2: to callender a DM. What else you got? 219 00:09:50,120 --> 00:09:53,040 Speaker 6: The next win comes from Alisha money Win. I sold 220 00:09:53,040 --> 00:09:56,959 Speaker 6: my first item on marketplace to one hundred dollars plus postage. 221 00:09:56,800 --> 00:10:00,480 Speaker 2: Kay following the footsteps of Miss Jessicarici. 222 00:10:00,400 --> 00:10:04,520 Speaker 6: Right money loss. My post office charges sixteen dollars forty 223 00:10:04,520 --> 00:10:06,840 Speaker 6: five a postage and not sixteen to thirty, so I 224 00:10:06,880 --> 00:10:09,360 Speaker 6: lost fifteen cents. We'll get it quite a bit of 225 00:10:09,360 --> 00:10:12,439 Speaker 6: way that Yeah, that's that's of course. It's a sensation 226 00:10:13,480 --> 00:10:17,120 Speaker 6: of cross jack. The next weeon it comes from Jessica. 227 00:10:17,440 --> 00:10:20,240 Speaker 6: It is a classic, but after around five years, I 228 00:10:20,360 --> 00:10:24,160 Speaker 6: finally deleted after pay Yes, my tax returned to pay 229 00:10:24,200 --> 00:10:26,720 Speaker 6: it off and the rest will go into savings. I 230 00:10:26,760 --> 00:10:29,280 Speaker 6: can't leave. I'm finally after pay free. What a cool 231 00:10:29,280 --> 00:10:30,200 Speaker 6: club to be a part of. 232 00:10:30,440 --> 00:10:35,120 Speaker 4: It's the coolest club on the little Chef's kissche emoji. 233 00:10:35,320 --> 00:10:36,200 Speaker 2: I like it. 234 00:10:36,280 --> 00:10:39,080 Speaker 6: The next win it comes from Katie money Win. I 235 00:10:39,160 --> 00:10:41,240 Speaker 6: waited a few weeks to buy some outfits, as I 236 00:10:41,280 --> 00:10:42,960 Speaker 6: like to be sure I want to spend the money. 237 00:10:43,160 --> 00:10:43,559 Speaker 2: Genius. 238 00:10:43,600 --> 00:10:46,480 Speaker 6: I waited long enough that they were twenty percent off. 239 00:10:46,880 --> 00:10:48,880 Speaker 6: Not only that, but I was totally sure I wanted 240 00:10:48,920 --> 00:10:51,120 Speaker 6: to spend the money, and it was much more satisfying 241 00:10:51,160 --> 00:10:54,320 Speaker 6: that way. When when yeah, genius, she's clearly as she's 242 00:10:54,320 --> 00:10:56,640 Speaker 6: on the money, OJ, I die hard. The next weon 243 00:10:56,679 --> 00:11:00,000 Speaker 6: it comes from Shannon, a small money win. I found 244 00:11:00,240 --> 00:11:03,000 Speaker 6: a near new espresso machine in hard rubbish in my 245 00:11:03,080 --> 00:11:06,440 Speaker 6: area and I sold it online for forty dollars and 246 00:11:06,480 --> 00:11:08,600 Speaker 6: I used it to go out for a nice lunch together. 247 00:11:08,920 --> 00:11:12,720 Speaker 2: That's cute, dear, isn't it crashed to treasure exactly? 248 00:11:13,000 --> 00:11:15,760 Speaker 6: Harps and I moved fairly recently, and we've kind of 249 00:11:15,840 --> 00:11:17,439 Speaker 6: discovered that we have a lot of stuff that. 250 00:11:17,400 --> 00:11:20,320 Speaker 2: Were like, should we just throw it out? No, you should. 251 00:11:20,120 --> 00:11:23,440 Speaker 5: Sell it always, even if you sell it like five dollars, 252 00:11:23,559 --> 00:11:25,440 Speaker 5: I always think it add that's. 253 00:11:25,320 --> 00:11:28,560 Speaker 4: Five bucks you didn't have before current you could buy 254 00:11:28,600 --> 00:11:32,280 Speaker 4: yourself half a coffee grim alright. 255 00:11:32,320 --> 00:11:35,080 Speaker 6: The final win of the day is very wholesome. It 256 00:11:35,080 --> 00:11:38,760 Speaker 6: comes from Beck Future Money Wins. I am not a millennial. 257 00:11:38,960 --> 00:11:41,440 Speaker 6: I'm forty nine years old, but I really love the 258 00:11:41,480 --> 00:11:44,120 Speaker 6: podcasts and I also listened to the audio boys We 259 00:11:44,160 --> 00:11:47,000 Speaker 6: Love You Talking, which I loved We Do. I've also 260 00:11:47,120 --> 00:11:49,200 Speaker 6: managed to get my twenty five year old son to 261 00:11:49,280 --> 00:11:52,240 Speaker 6: listen to some of your podcasts Baby Steps, and he 262 00:11:52,320 --> 00:11:56,320 Speaker 6: has now started micro investing, which is a very Muma moment. 263 00:11:56,760 --> 00:11:59,440 Speaker 6: His Christmas present will be at your first book and 264 00:12:00,160 --> 00:12:00,520 Speaker 6: book for. 265 00:12:02,320 --> 00:12:04,400 Speaker 2: What a good present I want to present? 266 00:12:04,440 --> 00:12:06,400 Speaker 6: Pick it up Ax or something. 267 00:12:08,480 --> 00:12:11,000 Speaker 4: Or I'm pretty sure Amazon has like a little bundle 268 00:12:11,040 --> 00:12:14,000 Speaker 4: deal going just get a little sneaky slip in there. 269 00:12:14,040 --> 00:12:16,800 Speaker 4: My book came out ten days ago, so yeah, just 270 00:12:17,320 --> 00:12:18,160 Speaker 4: pump up those sales. 271 00:12:18,760 --> 00:12:19,160 Speaker 2: On go on. 272 00:12:19,440 --> 00:12:22,079 Speaker 6: She finished off her win by saying, the podcasts and 273 00:12:22,160 --> 00:12:25,280 Speaker 6: book have really spurred mine and my husband's financial literacy 274 00:12:25,520 --> 00:12:27,959 Speaker 6: and goals on in the past twelve months, and we've 275 00:12:27,960 --> 00:12:30,440 Speaker 6: paid off so much bad debt and we're now saving 276 00:12:30,520 --> 00:12:31,600 Speaker 6: we've never saved before. 277 00:12:32,679 --> 00:12:37,400 Speaker 2: Isn't it sick that people do stuff? It's pretty like like, oh. 278 00:12:37,240 --> 00:12:38,920 Speaker 4: My god, I listened to your podcast, but there were 279 00:12:38,920 --> 00:12:41,720 Speaker 4: people like, I'm out of debt. I'm like what, Like, 280 00:12:42,679 --> 00:12:44,959 Speaker 4: I know people are literally doing it themselves. Like it's 281 00:12:44,960 --> 00:12:47,200 Speaker 4: not me getting them out of debt. But like the 282 00:12:47,280 --> 00:12:50,120 Speaker 4: fact that our content has just move on, Just move on. 283 00:12:50,200 --> 00:12:50,800 Speaker 2: I'll go on and on. 284 00:12:50,880 --> 00:12:51,120 Speaker 4: Sorry. 285 00:12:51,160 --> 00:12:53,120 Speaker 6: Sorry, So it's good to be reminded of that. That 286 00:12:53,280 --> 00:12:55,199 Speaker 6: was my last win of the day, but it. 287 00:12:55,120 --> 00:12:55,720 Speaker 2: Should be very well. 288 00:12:55,760 --> 00:12:58,280 Speaker 4: I mean, they were all very good budget Direct money wins, 289 00:12:58,400 --> 00:13:01,400 Speaker 4: and as always it has been fabulous celebrating them with you. 290 00:13:01,679 --> 00:13:05,040 Speaker 4: Budget Direct winner of Cancers Insurer of the Year Award 291 00:13:05,280 --> 00:13:09,680 Speaker 4: twenty twenty two. Budget Direct Insurance Solved. Now we're going 292 00:13:09,760 --> 00:13:11,760 Speaker 4: to head to a really quick break and after the break, 293 00:13:11,800 --> 00:13:13,880 Speaker 4: we're going to be talking about tax and multiple incomes. 294 00:13:14,080 --> 00:13:18,240 Speaker 4: But the community, guys, has not stopped messaging me about 295 00:13:18,280 --> 00:13:21,400 Speaker 4: the big W lay by fee that was announced like 296 00:13:21,480 --> 00:13:24,000 Speaker 4: a couple of weeks ago, and you all won't stop 297 00:13:24,040 --> 00:13:26,160 Speaker 4: talking about it. So we're gonna do some maps and 298 00:13:26,240 --> 00:13:32,880 Speaker 4: talk about it after this, all right, guys, like v 299 00:13:33,000 --> 00:13:36,199 Speaker 4: D said, we're chatting about the big W layby fee 300 00:13:36,280 --> 00:13:39,760 Speaker 4: now layby, I feel like not everyone in our community, 301 00:13:39,800 --> 00:13:41,800 Speaker 4: because we do have some younger people are gonna know 302 00:13:41,800 --> 00:13:44,160 Speaker 4: what layby is, what's lay by, lay by walk So 303 00:13:44,240 --> 00:13:45,440 Speaker 4: buy now, pay later could run. 304 00:13:45,600 --> 00:13:48,480 Speaker 5: So buying our pay later, as you know, breaks it down. 305 00:13:48,600 --> 00:13:51,280 Speaker 5: You get your thing and you pay overtime. Layby was 306 00:13:51,280 --> 00:13:54,120 Speaker 5: a similar concept, but you didn't get your item until 307 00:13:54,120 --> 00:13:55,960 Speaker 5: you had paid it off. So whatever store that you're 308 00:13:56,000 --> 00:13:58,160 Speaker 5: purchasing from, you would take your pair of shoes up 309 00:13:58,160 --> 00:13:59,640 Speaker 5: to the counter and you would say I would like 310 00:13:59,640 --> 00:14:01,839 Speaker 5: to lay these please, and they would put them away 311 00:14:01,880 --> 00:14:04,280 Speaker 5: in the back room and every couple of weeks or 312 00:14:04,800 --> 00:14:06,760 Speaker 5: I don't think there actually was a set time on it. 313 00:14:06,800 --> 00:14:08,640 Speaker 5: I think it was like within a six or twelve 314 00:14:08,679 --> 00:14:11,280 Speaker 5: month period because people would lay by for Christmas. 315 00:14:11,440 --> 00:14:12,360 Speaker 2: Do you remember them. 316 00:14:12,440 --> 00:14:14,320 Speaker 4: Do you remember I don't know if you guys remember 317 00:14:14,360 --> 00:14:17,320 Speaker 4: this the Target toy sale. Oh my gosh, yeah, yeah, 318 00:14:17,400 --> 00:14:19,080 Speaker 4: the Target toy Saale. I think it was like in 319 00:14:19,200 --> 00:14:21,600 Speaker 4: July and my mum used to take us and she'd 320 00:14:21,600 --> 00:14:24,960 Speaker 4: get us to quote pick our favorite thing for each sibling, 321 00:14:25,040 --> 00:14:26,880 Speaker 4: Like I would pick my sister's thing, but it would 322 00:14:26,920 --> 00:14:29,240 Speaker 4: actually be me picking my own Christmas present because like 323 00:14:29,320 --> 00:14:31,200 Speaker 4: Mum didn't trust us to pick for each other, which 324 00:14:31,240 --> 00:14:33,720 Speaker 4: you knew, we'd just pick what we wanted. Anyway, we'd 325 00:14:33,760 --> 00:14:35,400 Speaker 4: go and we'd put things on ay by and then 326 00:14:35,640 --> 00:14:37,440 Speaker 4: pre Christmas, Mum would go pick them up and wrap 327 00:14:37,480 --> 00:14:38,840 Speaker 4: the mum and put them under the tree. But it 328 00:14:38,840 --> 00:14:41,520 Speaker 4: was a really good way of like managing cash flow 329 00:14:41,560 --> 00:14:44,520 Speaker 4: and budget. And not every family can go and drop 330 00:14:44,760 --> 00:14:47,760 Speaker 4: hundreds of dollars on Christmas or hundreds of dollars in 331 00:14:47,840 --> 00:14:51,960 Speaker 4: general for stuff. And I just think, anyway, Jess, what's 332 00:14:52,000 --> 00:14:54,000 Speaker 4: the problem with Big W's layby. 333 00:14:54,240 --> 00:14:56,440 Speaker 5: Yeah, So originally it would be that you would pop 334 00:14:56,480 --> 00:14:58,800 Speaker 5: your things aside, you'd pay I'm pretty sure it was 335 00:14:58,880 --> 00:15:00,800 Speaker 5: very flexible, so you'd pay whatever amount you wanted over 336 00:15:00,800 --> 00:15:02,440 Speaker 5: a said amount of time, and once you had paid 337 00:15:02,480 --> 00:15:04,720 Speaker 5: for it, in full, then you could take your items. 338 00:15:04,760 --> 00:15:08,440 Speaker 5: It's delayed gratification, all of those fun things. I didn't 339 00:15:08,440 --> 00:15:10,240 Speaker 5: know Layby was still around, to be honest, I thought 340 00:15:10,280 --> 00:15:12,440 Speaker 5: it had kind of been phased out because of all 341 00:15:12,480 --> 00:15:14,440 Speaker 5: of the buying our pay later platforms that exist. But 342 00:15:14,480 --> 00:15:16,640 Speaker 5: apparently at least it b W it's still there, and 343 00:15:16,720 --> 00:15:18,080 Speaker 5: people are mad. 344 00:15:18,480 --> 00:15:19,120 Speaker 2: I'm mad. 345 00:15:19,280 --> 00:15:21,960 Speaker 4: I think this is wild because it's making the hurdle 346 00:15:22,040 --> 00:15:23,560 Speaker 4: for using this even higher. 347 00:15:23,840 --> 00:15:27,160 Speaker 5: Yeah, so the store introduced a fifteen dollars service fee 348 00:15:27,200 --> 00:15:30,600 Speaker 5: on all Laybys, and then a twenty dollars penalty if 349 00:15:30,680 --> 00:15:34,120 Speaker 5: you cancel. So I don't think either of those fees 350 00:15:34,200 --> 00:15:38,400 Speaker 5: existed previously. Maybe a cancelation fee. But it's hard because 351 00:15:38,640 --> 00:15:40,840 Speaker 5: you know, if you're spending one hundred dollars, that's fifteen 352 00:15:40,880 --> 00:15:43,480 Speaker 5: percent of your purchase, which is much higher than the 353 00:15:43,520 --> 00:15:45,720 Speaker 5: fee if you were to use a buy now pay 354 00:15:45,800 --> 00:15:48,600 Speaker 5: later platform. Yeah, and when people have obviously been quite 355 00:15:48,640 --> 00:15:51,440 Speaker 5: angry about this and complaining, and a spokesperson actually said, 356 00:15:51,840 --> 00:15:54,080 Speaker 5: for those looking for alternatives to lay By, we offer 357 00:15:54,160 --> 00:15:56,480 Speaker 5: buying now pay later options, including after pay and z 358 00:15:56,480 --> 00:15:56,840 Speaker 5: it pay. 359 00:15:57,280 --> 00:15:59,720 Speaker 4: They're just not the same, like as you said before, 360 00:16:00,000 --> 00:16:03,480 Speaker 4: fifteen percent on one hundred dollar purchase thirty percent on 361 00:16:03,560 --> 00:16:07,360 Speaker 4: a fifty dollar purchase, Like, to me, that is wild. 362 00:16:07,520 --> 00:16:11,520 Speaker 4: And let's also think about the demographics that are engaging 363 00:16:11,560 --> 00:16:14,560 Speaker 4: these services. Like, if you've got the cash, most people 364 00:16:14,600 --> 00:16:17,600 Speaker 4: will just head down and purchase the item. Usually it's 365 00:16:17,600 --> 00:16:20,040 Speaker 4: a budgeting and cash flow issue or you know, you 366 00:16:20,200 --> 00:16:22,280 Speaker 4: trying to be savvy with your money. If you're trying 367 00:16:22,320 --> 00:16:24,840 Speaker 4: to be savvy with your money, having a thirty percent 368 00:16:24,920 --> 00:16:27,760 Speaker 4: service fee get in the bin, Like that is not 369 00:16:27,840 --> 00:16:29,200 Speaker 4: putting consumers first. 370 00:16:29,520 --> 00:16:30,840 Speaker 2: And to compare it to a buy. 371 00:16:30,800 --> 00:16:33,720 Speaker 4: Now, pay later company, after pay has no fees on 372 00:16:33,800 --> 00:16:36,920 Speaker 4: the loan and will only charge a late fee of 373 00:16:37,040 --> 00:16:39,280 Speaker 4: ten dollars if you're late. So if you use that 374 00:16:39,400 --> 00:16:43,040 Speaker 4: service perfectly and paid back everything, it costs you nothing 375 00:16:43,080 --> 00:16:45,960 Speaker 4: to use. And while I'm not advocating for this, like 376 00:16:46,080 --> 00:16:48,720 Speaker 4: it really upsets me that now after pay is looking 377 00:16:48,760 --> 00:16:53,000 Speaker 4: like a better option to layby, which before I adored 378 00:16:53,040 --> 00:16:55,920 Speaker 4: because from a psychology point of view, there's the instant 379 00:16:55,960 --> 00:16:59,400 Speaker 4: gratification versus delayed gratification, and like, you know, if you're 380 00:16:59,400 --> 00:17:01,840 Speaker 4: putting something layby, you're really having to think do you 381 00:17:01,880 --> 00:17:03,440 Speaker 4: really want this? Like GF I was like, do you 382 00:17:03,480 --> 00:17:04,960 Speaker 4: want this dress and you're like, yeah, I'll put it 383 00:17:05,000 --> 00:17:07,680 Speaker 4: on layby. You're thinking about that for the next three 384 00:17:07,680 --> 00:17:09,359 Speaker 4: months that you're paying that off. You really want it, 385 00:17:09,359 --> 00:17:11,480 Speaker 4: You're working up to it, and that dress is the 386 00:17:11,520 --> 00:17:14,760 Speaker 4: reward for you paying off the amount, whereas with after 387 00:17:14,800 --> 00:17:16,440 Speaker 4: pay you might just go, oh, yeah, I'll get the 388 00:17:16,520 --> 00:17:18,840 Speaker 4: dress and then three months it's in the back of 389 00:17:18,840 --> 00:17:20,840 Speaker 4: your wardrobe. You're never wearing it, but you're still paying 390 00:17:20,880 --> 00:17:24,359 Speaker 4: it off. Like it just for me, from a money 391 00:17:24,400 --> 00:17:27,639 Speaker 4: mindset point of view, is really negative and it just 392 00:17:27,840 --> 00:17:30,560 Speaker 4: it is wild to me that that is the case. 393 00:17:30,640 --> 00:17:32,840 Speaker 4: I mean, I have been a very big advocate. There's 394 00:17:32,840 --> 00:17:35,720 Speaker 4: a company called Laybyland dot com dot a not sponsored. 395 00:17:35,840 --> 00:17:38,840 Speaker 4: Never even spoken to them. Surprised I've never spoken to them, 396 00:17:38,880 --> 00:17:41,080 Speaker 4: to be honest, because I've shotowed them out a few times. Guys, 397 00:17:41,520 --> 00:17:44,760 Speaker 4: my damn, let's chat. But lay by Land is probably 398 00:17:44,800 --> 00:17:47,120 Speaker 4: one of the best alternatives I've seen. 399 00:17:47,359 --> 00:17:47,919 Speaker 2: No fees. 400 00:17:48,000 --> 00:17:50,280 Speaker 4: You can literally lay by things through their website and 401 00:17:50,280 --> 00:17:51,959 Speaker 4: once you've pet it off, they'll send it to you. 402 00:17:52,040 --> 00:17:53,960 Speaker 4: So if you're looking for an alternative, maybe have a 403 00:17:53,960 --> 00:17:57,040 Speaker 4: look there. But yeah, just to me, it seems wild, 404 00:17:57,160 --> 00:18:01,840 Speaker 4: especially because of the demographics that are utilizing those services, So. 405 00:18:01,920 --> 00:18:04,960 Speaker 6: Can I ask ladies, are we thinking that Big W's 406 00:18:05,119 --> 00:18:09,440 Speaker 6: reasoning for doing this is to maybe turn those customers 407 00:18:09,440 --> 00:18:12,520 Speaker 6: who do use that lay by product towards by now 408 00:18:12,560 --> 00:18:16,520 Speaker 6: pay later services to then encourage further spending, which is 409 00:18:16,600 --> 00:18:19,800 Speaker 6: dangerous or why are they doing it as well? 410 00:18:20,000 --> 00:18:22,919 Speaker 5: Like if you think about the towey sail example, people 411 00:18:23,080 --> 00:18:26,359 Speaker 5: putting trolley fools of things on layby for Christmas or 412 00:18:26,400 --> 00:18:28,800 Speaker 5: things like that storage they have to put it somewhere, 413 00:18:29,160 --> 00:18:31,920 Speaker 5: and as we know, retail operates generally speaking on a 414 00:18:31,960 --> 00:18:35,080 Speaker 5: relatively high turnover of products, so it's inconvenient for them. 415 00:18:35,080 --> 00:18:36,639 Speaker 2: I would imagine to have to hold stuff. 416 00:18:36,359 --> 00:18:38,399 Speaker 5: Out the back people don't collect it, which may be 417 00:18:38,520 --> 00:18:41,520 Speaker 5: where that late collection fee or cancelation fee came in. 418 00:18:42,040 --> 00:18:44,240 Speaker 5: But it also concerns me in terms of demographic like 419 00:18:44,240 --> 00:18:47,840 Speaker 5: you were saying fee around, not everyone who uses these 420 00:18:47,840 --> 00:18:50,480 Speaker 5: service fits into this category. But for example, like one 421 00:18:50,480 --> 00:18:52,879 Speaker 5: of my really good friends, her grandparents, they do it 422 00:18:52,920 --> 00:18:56,320 Speaker 5: for kids for Christmas, and they'll always talk about, you know, 423 00:18:56,400 --> 00:18:58,399 Speaker 5: oh we've pupped it on layby. I can't wait, like 424 00:18:58,480 --> 00:18:59,240 Speaker 5: we're paying it down. 425 00:19:00,160 --> 00:19:01,160 Speaker 2: It's just so wholesome. 426 00:19:01,359 --> 00:19:03,760 Speaker 5: Yeah, but it's a usability thing, like they would not 427 00:19:03,840 --> 00:19:06,040 Speaker 5: be able to get on an after pay app and 428 00:19:06,200 --> 00:19:09,320 Speaker 5: use it or remember, like they would genuinely not have 429 00:19:09,400 --> 00:19:12,800 Speaker 5: a clue. And I think that it's an additional barrier 430 00:19:13,160 --> 00:19:15,919 Speaker 5: to people who maybe arnest tech savvy or you know, 431 00:19:16,000 --> 00:19:18,439 Speaker 5: are as familiar with those apps and those platforms and 432 00:19:18,480 --> 00:19:20,440 Speaker 5: their offerings. It's just going to make it a lot 433 00:19:20,480 --> 00:19:22,280 Speaker 5: harder for them. And so it's kind of like they're 434 00:19:22,320 --> 00:19:24,159 Speaker 5: going to pay the fee because they don't feel like 435 00:19:24,160 --> 00:19:25,439 Speaker 5: they have a choice and that sucks. 436 00:19:25,680 --> 00:19:28,480 Speaker 4: Yeah, And another overlay to this, after speaking to a 437 00:19:28,480 --> 00:19:30,880 Speaker 4: lot of people in the community, is actually a social 438 00:19:30,920 --> 00:19:34,399 Speaker 4: aspect to this. So a lot of people utilizing layby. 439 00:19:34,600 --> 00:19:36,840 Speaker 4: You know, you might be retired and you're on the 440 00:19:36,880 --> 00:19:39,080 Speaker 4: pension and you get your pension once every two weeks 441 00:19:39,119 --> 00:19:41,720 Speaker 4: and then you have another errand so you have the 442 00:19:41,840 --> 00:19:43,840 Speaker 4: errand to go down to Big w and pay off 443 00:19:43,840 --> 00:19:46,639 Speaker 4: some of your layby, and that's a social interaction for 444 00:19:46,640 --> 00:19:48,320 Speaker 4: the week. You might grab a coffee, you might you know, 445 00:19:48,359 --> 00:19:50,720 Speaker 4: go down with your partner, like it's something that they do. 446 00:19:50,880 --> 00:19:54,400 Speaker 4: Whereas layby is taking that pain point out of it, right, 447 00:19:54,480 --> 00:19:56,280 Speaker 4: like you no longer have to head down to the 448 00:19:56,280 --> 00:19:57,760 Speaker 4: store and do that thing. And I know that for 449 00:19:57,800 --> 00:19:59,760 Speaker 4: a lot of people that's easier. But for a lot 450 00:19:59,760 --> 00:20:02,119 Speaker 4: of people that's their outing for the two weeks, like 451 00:20:02,160 --> 00:20:04,439 Speaker 4: they might do grocery shopping and then that. But I 452 00:20:04,560 --> 00:20:06,919 Speaker 4: just I think there's a lot to it that is 453 00:20:07,000 --> 00:20:10,600 Speaker 4: actually quite cultural that we're not taking into consideration. And 454 00:20:10,680 --> 00:20:13,720 Speaker 4: fifteen dollars like that could be someone's, you know, grandchild's 455 00:20:13,800 --> 00:20:16,119 Speaker 4: entire budget for their Christmas present, because you know, if 456 00:20:16,160 --> 00:20:18,280 Speaker 4: your grandparents are heading down then they don't usually just 457 00:20:18,320 --> 00:20:20,719 Speaker 4: have one grand kid. Like if I think of my grandparents, 458 00:20:20,960 --> 00:20:24,080 Speaker 4: they have plethoras of them and I know my grandparents 459 00:20:24,160 --> 00:20:26,960 Speaker 4: used that service when they were around. So as much 460 00:20:26,960 --> 00:20:30,080 Speaker 4: as times are changing, I think that fee. I get 461 00:20:30,119 --> 00:20:32,080 Speaker 4: people getting rid of it because it doesn't work for them, 462 00:20:32,119 --> 00:20:33,960 Speaker 4: but I think that fee is you know, taking the 463 00:20:34,000 --> 00:20:36,239 Speaker 4: mickey a little bit because you know, thinking about it, 464 00:20:36,280 --> 00:20:39,879 Speaker 4: fifteen percent as a surcharge on top of a hundred 465 00:20:39,920 --> 00:20:44,040 Speaker 4: dollar purchase. No, absolutely not from me. But is that 466 00:20:44,080 --> 00:20:45,560 Speaker 4: all we've got to say on that topic today? 467 00:20:45,600 --> 00:20:46,160 Speaker 2: My friends? 468 00:20:46,240 --> 00:20:49,400 Speaker 6: I think so time for a money dilemma. Perhaps, let's 469 00:20:49,440 --> 00:20:53,840 Speaker 6: hear it, Hi, there, have you got a money dilemma 470 00:20:53,880 --> 00:20:56,200 Speaker 6: you just can't solve. The She's on the Money team 471 00:20:56,320 --> 00:20:59,200 Speaker 6: is here to help. Every week, we tackle your dilemmas, 472 00:20:59,240 --> 00:21:01,919 Speaker 6: both big and small, to answer your most burning money, 473 00:21:02,040 --> 00:21:05,520 Speaker 6: career and life questions. To get involved, simply head to 474 00:21:05,520 --> 00:21:07,639 Speaker 6: our website and leave us a quick voice recording and 475 00:21:07,720 --> 00:21:10,160 Speaker 6: you may just find yourself on the show. Now, let's 476 00:21:10,200 --> 00:21:13,480 Speaker 6: take a listen to today's money dilemma. 477 00:21:13,720 --> 00:21:17,040 Speaker 7: Hi guys, my name's Tomorrow. I have a bit of 478 00:21:17,040 --> 00:21:21,840 Speaker 7: a tax money question. So I have about six different jobs, 479 00:21:22,840 --> 00:21:26,320 Speaker 7: but I only ever work one job at a time, 480 00:21:26,640 --> 00:21:29,640 Speaker 7: so I do a lot of contract work. I'm gonna 481 00:21:29,840 --> 00:21:32,640 Speaker 7: so I do a lot of remote contracts. But I'm 482 00:21:32,680 --> 00:21:36,680 Speaker 7: with six different companies. But because I only work with 483 00:21:36,720 --> 00:21:40,480 Speaker 7: one company at one given time, does that mean that 484 00:21:40,600 --> 00:21:44,280 Speaker 7: I can claim the tax free threshold on all of. 485 00:21:44,160 --> 00:21:45,439 Speaker 2: Them or not? 486 00:21:46,240 --> 00:21:48,640 Speaker 7: Because I haven't been. But I'm just not sure if 487 00:21:48,640 --> 00:21:52,200 Speaker 7: that was the right thing to do. Thanks. 488 00:21:52,240 --> 00:21:55,560 Speaker 6: Six different jobs, Victoria, Divine, that's a lot of different jobs. 489 00:21:55,600 --> 00:21:58,200 Speaker 2: I don't have six different jobs, but you have multiple. 490 00:21:58,280 --> 00:21:58,639 Speaker 1: I know. 491 00:21:58,760 --> 00:22:00,960 Speaker 2: How do you manage your tax with the help of 492 00:22:01,000 --> 00:22:01,639 Speaker 2: an accountant? 493 00:22:01,640 --> 00:22:06,120 Speaker 4: Okay, see outsource it, Jessica, you have a few income streams. 494 00:22:06,119 --> 00:22:07,520 Speaker 2: What are you doing? You just outsource it to your 495 00:22:07,520 --> 00:22:09,240 Speaker 2: accountant too, No, I do it well. 496 00:22:09,240 --> 00:22:10,600 Speaker 5: This year is the first year that I used an 497 00:22:10,600 --> 00:22:13,679 Speaker 5: account for my tax But generally speaking, I pick my 498 00:22:14,040 --> 00:22:16,680 Speaker 5: biggest job, usually my job that has someone else working 499 00:22:16,720 --> 00:22:19,000 Speaker 5: out the money, so not my freelance work, and I'll 500 00:22:19,000 --> 00:22:21,520 Speaker 5: claim my tax free threshold there. Thank you BD for 501 00:22:21,560 --> 00:22:22,439 Speaker 5: looking after that too. 502 00:22:22,480 --> 00:22:23,560 Speaker 2: Welcome, You're welcome. 503 00:22:23,920 --> 00:22:26,800 Speaker 4: So that the tax free threshold is I guess what 504 00:22:26,840 --> 00:22:28,600 Speaker 4: we want to talk about first here. So you have 505 00:22:28,960 --> 00:22:32,879 Speaker 4: six different income streams. However, you are only able to 506 00:22:32,960 --> 00:22:36,320 Speaker 4: claim the tax free threshold on the first eighteen thousand, 507 00:22:36,400 --> 00:22:39,639 Speaker 4: two hundred dollars that you earn. So that could be 508 00:22:39,760 --> 00:22:42,480 Speaker 4: with multiple jobs, it could be with one. But from 509 00:22:42,520 --> 00:22:46,399 Speaker 4: my perspective, and again I'm not an accountant, however, I 510 00:22:46,440 --> 00:22:49,320 Speaker 4: would only be claiming it on one job, and arguably 511 00:22:49,359 --> 00:22:51,240 Speaker 4: I'd be picking the job where you earn the most 512 00:22:51,280 --> 00:22:54,920 Speaker 4: income so that you meet that quota as fast as possible. Right. 513 00:22:55,400 --> 00:22:57,800 Speaker 4: But if you are in a circumstance where you have 514 00:22:57,960 --> 00:22:59,760 Speaker 4: ticked the box for yeah, I want to claim the 515 00:22:59,800 --> 00:23:02,400 Speaker 4: tax free threshold on a few jobs, because you're like, oh, 516 00:23:02,400 --> 00:23:05,399 Speaker 4: this is smart, it's not smart, because you're not going 517 00:23:05,480 --> 00:23:07,560 Speaker 4: to have to pay that tax. Your income is going 518 00:23:07,600 --> 00:23:09,800 Speaker 4: to be calculated as such, and when tax time comes, 519 00:23:09,840 --> 00:23:11,359 Speaker 4: you're going to have to pay it back because the 520 00:23:11,400 --> 00:23:13,400 Speaker 4: government's going to collate it all and bring it together 521 00:23:13,440 --> 00:23:15,120 Speaker 4: and be like, oh my gosh, she claimed the tax 522 00:23:15,119 --> 00:23:17,600 Speaker 4: free threshold on a number of things when that shouldn't 523 00:23:17,600 --> 00:23:19,000 Speaker 4: be the case. It should have only been on that 524 00:23:19,040 --> 00:23:21,840 Speaker 4: eighteen two hundred dollars and that is it. She needs 525 00:23:21,880 --> 00:23:24,320 Speaker 4: to pay it back. So if you aren't doing your 526 00:23:24,359 --> 00:23:28,080 Speaker 4: calculations right and not claiming tax properly in those jobs, 527 00:23:28,119 --> 00:23:29,320 Speaker 4: you could be up for a little bit of a 528 00:23:29,400 --> 00:23:31,920 Speaker 4: nasty tax refund time, because they won't be a refund 529 00:23:31,960 --> 00:23:34,119 Speaker 4: at all. You'd be, you know, giving some more money 530 00:23:34,160 --> 00:23:37,119 Speaker 4: to the taxman. So from my perspective, it would be 531 00:23:37,200 --> 00:23:40,520 Speaker 4: really about managing what that looks like. To be honest, 532 00:23:40,560 --> 00:23:43,160 Speaker 4: it shouldn't be too complicated if you've got a number 533 00:23:43,200 --> 00:23:45,320 Speaker 4: of different income streams, and as she said, she's only 534 00:23:45,359 --> 00:23:47,880 Speaker 4: engaging in one at a time, so it should be 535 00:23:47,920 --> 00:23:50,720 Speaker 4: pretty cut and dry. But this is where I literally 536 00:23:50,760 --> 00:23:53,280 Speaker 4: would go talk to an accountant. They can make sure 537 00:23:53,280 --> 00:23:55,359 Speaker 4: that one you're claiming what you can claim for all 538 00:23:55,440 --> 00:23:58,040 Speaker 4: of those different jobs, because different jobs might have different 539 00:23:58,040 --> 00:24:01,199 Speaker 4: things that are claimable. But then also there might be 540 00:24:01,280 --> 00:24:05,400 Speaker 4: overlap periods. So say in one month you actually work 541 00:24:05,480 --> 00:24:07,919 Speaker 4: two different jobs or even three different jobs, and as 542 00:24:08,000 --> 00:24:09,720 Speaker 4: much as you're not working them at the same time, 543 00:24:09,760 --> 00:24:12,439 Speaker 4: you might have got like you know, three full solid 544 00:24:12,440 --> 00:24:15,080 Speaker 4: weeks of work. Therefore, you will be taxed at a 545 00:24:15,160 --> 00:24:18,320 Speaker 4: higher amount, or you should be taxed at a higher 546 00:24:18,320 --> 00:24:21,680 Speaker 4: amount because you're earning more and it's increasing your taxable income. 547 00:24:22,080 --> 00:24:24,199 Speaker 4: Whereas another month you might only do like one or 548 00:24:24,200 --> 00:24:26,200 Speaker 4: two shifts with one company, and then at the other 549 00:24:26,320 --> 00:24:27,800 Speaker 4: end of the month you do one or two shifts 550 00:24:27,840 --> 00:24:30,639 Speaker 4: with another and your income is quite low that month, 551 00:24:30,920 --> 00:24:33,800 Speaker 4: so it all comes out in the wash. However, when 552 00:24:33,840 --> 00:24:37,400 Speaker 4: you have multiple incomes, the probability of you owing money 553 00:24:37,440 --> 00:24:39,600 Speaker 4: at tax time is higher, and that's why I would 554 00:24:39,600 --> 00:24:41,439 Speaker 4: engage an accountant to make sure that you're not in 555 00:24:41,480 --> 00:24:42,840 Speaker 4: for a nasty surprise, and. 556 00:24:42,840 --> 00:24:45,160 Speaker 5: If you are working multiple jobs or if you've changed jobs, 557 00:24:45,160 --> 00:24:46,720 Speaker 5: because it's happened to me when I was younger, and 558 00:24:46,720 --> 00:24:48,320 Speaker 5: I had no idea what was going on so bad 559 00:24:48,359 --> 00:24:50,040 Speaker 5: and I did just take the box. I was like, oh, yeah, 560 00:24:50,080 --> 00:24:52,080 Speaker 5: that sound about right, tick tick, and then a tax 561 00:24:52,119 --> 00:24:52,480 Speaker 5: time I. 562 00:24:52,480 --> 00:24:54,920 Speaker 2: Owed luckily, see I want the tax free throat at all. 563 00:24:54,960 --> 00:24:56,880 Speaker 2: If you don't know what it is like, I would 564 00:24:56,920 --> 00:24:57,560 Speaker 2: ticket again. 565 00:24:57,720 --> 00:24:59,600 Speaker 5: Yeah, and I was lucky that it was closely the 566 00:24:59,640 --> 00:25:02,160 Speaker 5: end to find angel Are. And you know, I didn't 567 00:25:02,240 --> 00:25:04,520 Speaker 5: end up owing eighteen thousand dollars, thank god, but I 568 00:25:04,520 --> 00:25:06,840 Speaker 5: owed a little bit. And so I would encourage anyone 569 00:25:06,840 --> 00:25:09,719 Speaker 5: who's changed your job, or if you do have multiple employers, 570 00:25:10,320 --> 00:25:13,040 Speaker 5: just email your accounts team or email your manager and say, hey, 571 00:25:13,080 --> 00:25:15,600 Speaker 5: I just wanted to check. Am I not currently claiming 572 00:25:15,640 --> 00:25:18,399 Speaker 5: the tax free threshold? Just compare notes, because if you 573 00:25:18,640 --> 00:25:20,719 Speaker 5: are in this situation and you've ticked the box at 574 00:25:20,720 --> 00:25:23,240 Speaker 5: six different employers, you're going to want to try and 575 00:25:23,240 --> 00:25:25,400 Speaker 5: fix that full tax time or it's going to be 576 00:25:25,640 --> 00:25:26,320 Speaker 5: very painful. 577 00:25:26,359 --> 00:25:28,040 Speaker 4: And if you're a bit stressed right now listening to 578 00:25:28,080 --> 00:25:29,600 Speaker 4: this and you're like, oh my gosh, I definitely have 579 00:25:29,760 --> 00:25:31,879 Speaker 4: done that, first thing you want to do is confirm 580 00:25:31,920 --> 00:25:34,000 Speaker 4: it with your employers and then go and chat to 581 00:25:34,040 --> 00:25:36,800 Speaker 4: the accountant. Because as much as you could be up 582 00:25:36,840 --> 00:25:38,880 Speaker 4: for that amount of money, yeah, you have to pay back, 583 00:25:38,880 --> 00:25:39,760 Speaker 4: you're not getting out of it. 584 00:25:39,840 --> 00:25:40,800 Speaker 2: Sorry about that. 585 00:25:41,200 --> 00:25:43,680 Speaker 4: But you can work out a payment plan with the ATO, 586 00:25:43,840 --> 00:25:45,440 Speaker 4: so it might not be as painful. 587 00:25:45,480 --> 00:25:47,240 Speaker 2: But who wants to be on a payment plan? Who 588 00:25:47,240 --> 00:25:48,040 Speaker 2: wants to have debt? 589 00:25:48,320 --> 00:25:50,359 Speaker 4: So we want to avoid that at all costs and 590 00:25:50,400 --> 00:25:52,040 Speaker 4: the best way to do that is to stay on 591 00:25:52,119 --> 00:25:55,480 Speaker 4: top of it and have open, consistent conversations with somebody 592 00:25:55,480 --> 00:25:58,119 Speaker 4: in the know. So for me, my friends love it. 593 00:25:58,200 --> 00:26:00,600 Speaker 4: Georgia King, can you wrap the boring but in and stuff? 594 00:26:00,640 --> 00:26:02,200 Speaker 2: Absolutely? I can. 595 00:26:02,560 --> 00:26:05,359 Speaker 6: Alrighty, guys, Please remember that the advice shed on She's 596 00:26:05,400 --> 00:26:07,280 Speaker 6: on the Money is general in nature and does not 597 00:26:07,440 --> 00:26:11,480 Speaker 6: consider your individual circumstances. She's on the Money exists purely 598 00:26:11,520 --> 00:26:14,240 Speaker 6: for educational purposes and should not be relied upon to 599 00:26:14,280 --> 00:26:17,560 Speaker 6: make an investment or a financial decision. And we promise 600 00:26:17,680 --> 00:26:21,280 Speaker 6: Victoria Divine and Shees on the Money are authorized representatives 601 00:26:21,280 --> 00:26:25,200 Speaker 6: of in Focused Securities Australia Proprietary Limited ABN for seven 602 00:26:25,320 --> 00:26:28,080 Speaker 6: zero nine seven seven nine seven zero four nine AFOSL 603 00:26:28,200 --> 00:26:29,800 Speaker 6: two three six five two three. 604 00:26:30,040 --> 00:26:31,560 Speaker 2: See you next week, guys,