Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yorr
Speaker 1: the Order KERNI Whoaltbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, CASO Millennials
Speaker 4: who want financial freedom. Welcome back to another one of
Speaker 4: our money dis my favorite episode of the week where
Speaker 4: I get the absolute pleasure of talking to one of
Speaker 4: our community members all about their money story. So before
Speaker 4: we jump into it, I did want to give you
Speaker 4: guys a little bit of a content warning. We do
Speaker 4: touch on the topic of financial abuse. We don't get
Speaker 4: too deep into it, but we do talk about the topic,
Speaker 4: what occurred and how it occurred. So if this is
Speaker 4: something that is not right for you. Please go have
Speaker 4: a look at our entire library of literally hundreds of
Speaker 4: She's on the Money episodes, and we will meet you
Speaker 4: next episode. For those of you who are sticking around,
Speaker 4: let's jump straight into it. This week, I got a
Speaker 4: message and it sounded exactly like this. Hi, She's on
Speaker 4: the Money. Well, my money story is very normal. My
Speaker 4: partners was not. When I met my partner, he didn't
Speaker 4: have a dollar to his name and hadn't failed his
Speaker 4: tax return in six years. This all came to life
Speaker 4: when we were preparing everything to try and get a
Speaker 4: home loan. I've helped him change his ways, but he
Speaker 4: came from a difficult household and childhood. Some of the
Speaker 4: things we had to work through was his ADHD, poor
Speaker 4: savings and planning habits, his blindness to any paperwork, and
Speaker 4: a discovery of an act of financial abuse against him,
Speaker 4: which has changed his relationship with his parents. Forever Money Diarist,
Speaker 4: this is such a special different view. I'm so excited
Speaker 4: to get into.
Speaker 2: It me too. Thanks for having me on.
Speaker 4: I feel like this will be really powerful and something
Speaker 4: that lots of us in the community can resonate with,
Speaker 4: especially like as you learn more about money, or you've
Speaker 4: been listening to heaps of Sheese on the Money episodes,
Speaker 4: You'll just be going, Oh, I'm not that bad at money,
Speaker 4: and then realize that there are people in your circle
Speaker 4: that need the support from what you're learning in the community.
Speaker 4: I just think this is going to be a really
Speaker 4: good one.
Speaker 2: Yeah, one hundred percent.
Speaker 4: All right, let's start off the way I always start
Speaker 4: an episode money, Darrest. If I asked you to give
Speaker 4: yourself a money grade, what would you grade yourself from
Speaker 4: A through to F.
Speaker 5: I've been thinking about this one, and I'd have to say, collectively,
Speaker 5: between us, we are a C. I think we have
Speaker 5: really good habits and we track and we plan now.
Speaker 5: But what I've been thinking about is we are kind
Speaker 5: of in our debt era. We're at that stage in
Speaker 5: our lives where I still have quite a big X.
Speaker 5: We've taken on a mortgage, you know, and we're still
Speaker 5: in a building phase, a glow up phase, if you will.
Speaker 2: So, yeah, I have to go with C.
Speaker 4: Okay, But I love the way you phrased this because
Speaker 4: you didn't go, oh, we're in so much debt. You know,
Speaker 4: we're a C. We're not very good at it. You
Speaker 4: said because we're in our debt era. And here's why. Like,
Speaker 4: it's as though you're automatically aware that this is just
Speaker 4: a phase or a chapter of life and you'll come
Speaker 4: out the other side. How did you come to have
Speaker 4: that mentality? Because that's a literal. I would love to
Speaker 4: copy and paste that into every brain of every She's
Speaker 4: on the money person ever.
Speaker 5: Oh, thank you, I must have met the time I've
Speaker 5: spent with my partner. You know, I'm a firstborn daughter,
Speaker 5: I'm very headstrong. I've always wanted what I've wanted when
Speaker 5: I wanted it and just went for it. And when
Speaker 5: you partner up with someone, you have to change those ideals,
Speaker 5: the way you see the world and the way you
Speaker 5: engage with people. And yeah, instead of seeing it as
Speaker 5: a detriment to us, I can see it as just
Speaker 5: a phase of our life because we're planning to get
Speaker 5: out of it.
Speaker 2: Yeah.
Speaker 4: Oh, I love this so much. All right, let's jump
Speaker 4: straight into the next question, which I think is going
Speaker 4: to be really juicy this time, money Dores, Can you
Speaker 4: tell me a little bit more about your money story?
Speaker 4: I guess collectively.
Speaker 5: Yeah, So I'll start with my own. So I grew
Speaker 5: up in a working class family. It was just myself,
Speaker 5: my brother, and my parents. My dad was a firefighter
Speaker 5: and my mom just worked odd jobs. She, you know,
Speaker 5: just just wanted to be a family woman. And we
Speaker 5: weren't well off by any means. You know, my mom
Speaker 5: likes to say that our family treat was once a
Speaker 5: month getting cheese pizzas from the local shop.
Speaker 4: So, but that's really cute, and a cheese pizza is,
Speaker 4: don't get me wrong, incredible. What person doesn't love a
Speaker 4: good cheese pizza.
Speaker 5: Still, to this day, I think of those memories and
Speaker 5: a cheese pizza always brings me joy exactly.
Speaker 4: It's all about their memory is not about how much
Speaker 4: it costs.
Speaker 2: That's it.
Speaker 5: And I learned work ethic from the those guys. They're
Speaker 5: now comfortable in their retirement. Not you know, crazy, well
Speaker 5: off by any means, but they showed me the value
Speaker 5: of sacrifice. And I've always been able to work. I've
Speaker 5: when I was in high school fourteen nine months, I
Speaker 5: had two jobs, so I'd work one job in the
Speaker 5: morning before school. I was a mail sorterer.
Speaker 4: Oh my god, iconic.
Speaker 5: Yeah, I didn't realize at the time. Looking back, I'm like, man,
Speaker 5: how did I do that you know about sleep. Yeah,
Speaker 5: we'd sort mail in the morning in my school uniform,
Speaker 5: go to school, and then go to a bakery after
Speaker 5: school and do the closing shift.
Speaker 4: Yeah, thinking back on who I was as a teenager,
Speaker 4: there is no chance you would have gotten me out
Speaker 4: of bed to do mail sorting before well, like absolutely not,
Speaker 4: like I had an after school job. And even at
Speaker 4: that point, I was like, this is a drag, Like,
Speaker 4: don't get me wrong, that's iconic.
Speaker 5: Yeah, I didn't even think twice about it a time.
Speaker 5: All I think was my weekends are free because I'll
Speaker 5: do all the weekday shifts, so I'll get all my
Speaker 5: work done during the weekday. I was a kid with
Speaker 5: money and my weekends free, so that's what drove me.
Speaker 4: And okay, but that's genius. How did you learn how
Speaker 4: to hack the systems so young? Because I spent all
Speaker 4: weekend working like I didn't get free time, and I
Speaker 4: don't think And I was saying this to a girlfriend
Speaker 4: the other day we went out for a coffee and
Speaker 4: a walk, and I was saying, do you know what, Like,
Speaker 4: it's not until I got past the age of I
Speaker 4: think twenty six that I started to get my weekends
Speaker 4: back because I was doing hospitality and retail and all
Speaker 4: these jobs that just didn't allow you to have a weekend,
Speaker 4: which is fine, but I remember being so lost when
Speaker 4: I finally got one. So you never had to go
Speaker 4: through that era. No.
Speaker 5: I did eventually move into retail to support myself through UNI.
Speaker 5: So I realized looking back hour good. I had it
Speaker 5: during school, but it was something that helped a lot
Speaker 5: for me, being able to sustay myself, set myself up
Speaker 5: while I was in HC as well and still being
Speaker 5: a kid.
Speaker 2: I had goals.
Speaker 5: I saved, I self supported travel around the world while
Speaker 5: I studied, Like I you know, I really think I did.
Speaker 4: Alright, you sound like you're iconic. I need to know
Speaker 4: going back, Sorry, we need to talk about you at
Speaker 4: fourteen years and nine months. Where did that ethic come
Speaker 4: from then? Was that your parents saying, all right, money
Speaker 4: direst is now time to go out and get a job.
Speaker 4: Or was this you going, hey, I see the value
Speaker 4: in this. This is something I want, Like, how do
Speaker 4: we motivate other fourteen year olds to do something similar?
Speaker 4: Because I have a couple of people in our community
Speaker 4: who are like my fourteen year old does not want
Speaker 4: a job, and I really want them to learn some independence.
Speaker 4: And it's like, well, I mean everybody's different, but like,
Speaker 4: where did your motivation come from?
Speaker 2: Yeah, it was my parents.
Speaker 5: I wanted the things I was, you know, I am
Speaker 5: a big book worm, and to support that. My parents
Speaker 5: couldn't you know, they you know, but wanted to support me.
Speaker 5: But I also learned once you make a commitment, you're there.
Speaker 5: So you know, once you sign up and you get
Speaker 5: the job, like I was committed to seeing it through,
Speaker 5: going all my shifts, like supporting my boss, and I
Speaker 5: must have been when it comes to things like that,
Speaker 5: I don't think twice. And I put it down to
Speaker 5: my parents watching my dad go you know, four weeks
Speaker 5: of fostering on and off night shifts at a time,
Speaker 5: like just to help us sight. It's just imbued in me,
Speaker 5: I suppose.
Speaker 4: Yeah, wow, all right, well I love this. Tell me more.
Speaker 4: After UNI, what happened?
Speaker 5: Yeah, so I took a job that was out in
Speaker 5: the country, New South Wales, so that was about five
Speaker 5: hours inland.
Speaker 2: Away from my family.
Speaker 4: Oh my gosh.
Speaker 2: Yeah, this was twenty twenty.
Speaker 5: So I accepted and started the role January twenty twenty
Speaker 5: and then I think we all know what happened after that,
Speaker 5: and I got cut off from my family.
Speaker 2: For a little while at least.
Speaker 5: But I realized if I was going to survive in
Speaker 5: this new space, in this new role, I was going
Speaker 5: to have to meet people. And I met my now husband.
Speaker 4: Oh, come on, tell us more like I love love.
Speaker 4: How did your husband?
Speaker 2: We met online? We're both quite introverted, so.
Speaker 4: We Hey, there's nothing wrong with that.
Speaker 2: It wasn't gonna be the traditional way for us.
Speaker 4: Oh, I met my husband on Tinder, and I am
Speaker 4: proud of that. I wasn't at the time, though, Like
Speaker 4: I remember when I first said to my parents, oh,
Speaker 4: I've got a partner, Like, I'd love you to meet them,
Speaker 4: They're like, how did you meet? And I was like, oh,
Speaker 4: I don't really want to share this, But now I'm like, oh, Tinder.
Speaker 2: It was elite one hundred percent.
Speaker 5: I think we first mentioned Tinder in our wedding speeches,
Speaker 5: but other than that, everyone had been to be in
Speaker 5: the dark.
Speaker 4: Oh my gosh.
Speaker 2: Same.
Speaker 4: Like our wedding celebrant actually out at us because we
Speaker 4: told her and like so many people, you know, how,
Speaker 4: like you get past that period of time where people
Speaker 4: stop asking, and you're like great, Like we passed this period.
Speaker 4: She mentioned it, and I remember thinking, literally I'm the
Speaker 4: bride standing at the front and going like, what are
Speaker 4: you doing, Megan, what are you doing?
Speaker 2: Oh God?
Speaker 4: I didn't mind, but it was actually so funny. All right,
Speaker 4: So tell me a bit about your partner.
Speaker 5: Yeah, so he comes from a larger family than I do.
Speaker 5: He's got five siblings. He grew up in the country
Speaker 5: where we met. He has a very different money story
Speaker 5: to myself. They didn't have as much money and the
Speaker 5: parental guidance around money and parental guidance in in general,
Speaker 5: it was a very strained relationship with my partner and
Speaker 5: his father who left, and mom and stepdad and they
Speaker 5: just yeah, it wasn't any guidance in the space of finances,
Speaker 5: and when there was money, it wasn't prioritize and spent
Speaker 5: on himself and his siblings. It was held. And I
Speaker 5: think that in my eyes, that's what led to some
Speaker 5: of the habits that I found him with. And you
Speaker 5: know that's in combination with somemodi HD tendencies that Yeah,
Speaker 5: he's he grew up and he got his apprenticeship out
Speaker 5: of school and went straight into the workforce. So he
Speaker 5: works in the minds now, and you know, he's been
Speaker 5: in that for ten years making really good money, and
Speaker 5: when I met him, he didn't have a dollar to
Speaker 5: his name. So yeah, it's taken a while for us
Speaker 5: to be able to understand each other where we come
Speaker 5: from and how to work together. But it's coming to
Speaker 5: terms with those realities of his backstory that's been able
Speaker 5: to lead us here.
Speaker 2: Yeah.
Speaker 4: That's honestly so cool that you're working through that, but
Speaker 4: also so common. I feel like I have spoken to
Speaker 4: numerous people in and outside of our community who have
Speaker 4: worked in the minds. They're earning epic amounts of money,
Speaker 4: but it's like they do five FO and then they
Speaker 4: come home and they live their best lives and absolutely
Speaker 4: blow through the cash because they're like, well, I am
Speaker 4: five FO, I have more than enough money and live
Speaker 4: my best life. They come back for a week or so,
Speaker 4: blow through cash, go back, earn more, and like, it's
Speaker 4: just a cycle that keeps going on. So tell me
Speaker 4: a bit more about that and how it came up
Speaker 4: in your relationship, because money could be a fickle topic
Speaker 4: and it can be something that makes or breaks a
Speaker 4: relationship and obviously you guys have tackled it head on,
Speaker 4: what did that look like? Because it could be confronting,
Speaker 4: like if you turned around to your partner and said, hey,
Speaker 4: you need to get better at money, he might have
Speaker 4: been like money, darist off your trot.
Speaker 2: It was. It was very daunting at the start.
Speaker 5: So while I'm very good with money, moso not very
Speaker 5: open about it. It's not something that you do openly
Speaker 5: talk about. But I think it came down to the
Speaker 5: first year or so we were together. And it will
Speaker 5: be noted that we did move very quickly in our relationships.
Speaker 5: We met in twenty one.
Speaker 4: Oh girl, I get it when you know you know,
Speaker 4: you know, you know.
Speaker 5: In twenty one we met and then early twenty two
Speaker 5: week we had a house together. So it actually, yeah,
Speaker 5: it was a very quick turn around. So the conversation
Speaker 5: had to come up quickly, and it came up tax time.
Speaker 5: I was about to put my tax in and I
Speaker 5: asked him if he wanted some help with, you know,
Speaker 5: doing his And that's when that kind of first discovery
Speaker 5: was made that he hadn't done them in six years.
Speaker 5: And at first I was shocked, and I suppose, like
Speaker 5: any rational person who's just met a new person.
Speaker 2: Bread flag, red Flag Central.
Speaker 4: You're like, what is going on here?
Speaker 2: Run? Yeah? You know.
Speaker 5: Another admission is that before my current husband, I hadn't
Speaker 5: really had any partners, any long term partners.
Speaker 2: So I was like, is this normal? Like should I
Speaker 2: be running away very very quickly?
Speaker 5: Like is it worth trying to work through this? And
Speaker 5: once we did work through the tax stuff, which did
Speaker 5: leave him with quite a hefty bill afterwards. So one thing,
Speaker 5: when you're making good money and you don't have private
Speaker 5: health insurance, you get taxed quite a bit. And that's
Speaker 5: what we had discovered after you know, so long making
Speaker 5: money not doing his taxes, he had a bill.
Speaker 4: Yeah, the Medicare levy surcharge does sting and it would
Speaker 4: compound over six years. So you might go, oh, it's
Speaker 4: one percent of what I earn, or I think it's
Speaker 4: two percent now of what I earned. It's not much,
Speaker 4: but over six years, that's two percent every year. So
Speaker 4: that would have been a pretty hefty bill for him
Speaker 4: to pay. That would have been a surprise, and he
Speaker 4: probably was really frustrated once you started breaking it down
Speaker 4: with him that had he just got private health insurance,
Speaker 4: it wouldn't.
Speaker 2: Have been an issue one hundred percent, Like it wouldn't.
Speaker 4: Have come up. And I'm yeah, it's one of those
Speaker 4: things where is it a red flag? Well that depends,
Speaker 4: and in your situation, I don't think it was at all.
Speaker 4: It just was, Hey, my partner actually has his head
Speaker 4: in the sand about finance and money, and you know
Speaker 4: that might give him a mad amount of anxiety and
Speaker 4: we can work through this, or it could literally be
Speaker 4: someone evading tax. But at the time you don't know.
Speaker 5: Yeah, one hundred percent and that's that's what I read.
Speaker 5: Which one is it balancing the scales there? But no,
Speaker 5: he was so embarrassed.
Speaker 4: Oh, but you don't need to be embarrassed. Like this
Speaker 4: actually happens all the time. We had a money dearrest,
Speaker 4: what was it like maybe twenty twenty one who hadn't
Speaker 4: done their tax return for fifteen years. Wow, Like I
Speaker 4: got it sorted out, Like I got them hooked up
Speaker 4: with an accountant and it all got worked out. But like,
Speaker 4: if you're in that situation, it can be fixed. Like
Speaker 4: the ato, they get it, and the best thing that
Speaker 4: you can do is actually organize it before they come
Speaker 4: to you, Like organize it, do it before they come
Speaker 4: to you, because if you're the one putting your hand up,
Speaker 4: they're like, oh, thanks so much, money at Ourist, We
Speaker 4: would like to help you there, whereas if they're coming
Speaker 4: to you being like money at Ourist, we have, you know,
Speaker 4: got a record that you haven't done it here, here,
Speaker 4: and here. That feels a lot more stressful.
Speaker 2: Yes it does. And yeah, while it was, you know,
Speaker 2: an awful thing.
Speaker 5: It allowed us to open up that part of our
Speaker 5: relationship to talk about money and for me to be like,
Speaker 5: do you need help? Can I help you? And for
Speaker 5: him to be able to say yes to that. So
Speaker 5: it was quite a defining moment for us, which I
Speaker 5: look back fondly on now.
Speaker 4: Yeah, oh my gosh, I love that for you guys,
Speaker 4: And now what does your money story look like? Together?
Speaker 5: So together we work as a team. So I, you know,
Speaker 5: do a lot of the organization stuff, but I also
Speaker 5: consult with him to make sure that our values are aligned,
Speaker 5: to make sure that he's feeling heard when we're planning
Speaker 5: for our future, to make sure that he understands where
Speaker 5: our money's going. So it's not just me doing it
Speaker 5: and him being completely in the dark. He you know,
Speaker 5: knows all our accounts, all our goals, how we're moving
Speaker 5: and tracking towards all those things. I will admit it's
Speaker 5: been a bit of a build of two years. So
Speaker 5: when we bought together, he still had a house, so
Speaker 5: we had two mortgages for a while. During the epic
Speaker 5: rate rise of twenty two to twenty three.
Speaker 4: Oh ill, no, thank you.
Speaker 5: It was a big learning curve because while I, you know,
Speaker 5: think I'm good with money, I've never had to deal
Speaker 5: with that much and that much debt and that much
Speaker 5: you know, movement before.
Speaker 4: So it was yeah, and that becomes stressful, like that
Speaker 4: becomes genuine pressure. It's not oh, we would love to
Speaker 4: save and buy a house. It becomes next month, you
Speaker 4: have a very large sum of money. Do you how
Speaker 4: are you paying it?
Speaker 5: Yeap, one hundred percent. And then after we managed to
Speaker 5: sell his house, we got engaged and so yeah, we've
Speaker 5: been married four months as of yesterday.
Speaker 4: Oh my gosh, congratulations, thank you.
Speaker 2: Yeah.
Speaker 5: It was a beautiful time but also a very expensive,
Speaker 5: stressful times.
Speaker 4: So yeah, absolutely, but it's over now. It's over now,
Speaker 4: you don't have to have another wedding. So many drus,
Speaker 4: What are your big goals? What are you currently working
Speaker 4: towards now?
Speaker 5: So we didn't go into debt for the wedding, which
Speaker 5: is great, but we did dip into our savings a bit,
Speaker 5: so we are trying to put that back together. But
Speaker 5: after that, the next big goal is land and building
Speaker 5: the forever dream home.
Speaker 4: Oh what does that look like? How long do you
Speaker 4: think that'll take?
Speaker 2: My plan?
Speaker 5: I would like it in five, but it's probably more
Speaker 5: ten years for us, just with the current mortgage that
Speaker 5: we have, which is a little bit higher than we
Speaker 5: anticipate buying together. So probably a ten year plan to
Speaker 5: get that one done.
Speaker 4: Yeah, I love that. I feel like it's so nice
Speaker 4: to hear someone go, you know what, that's probably a
Speaker 4: ten year plan, but it's still on the cards. You're
Speaker 4: still working towards it. Tell me you said something there
Speaker 4: that I want to dive a little bit deeper into.
Speaker 4: You said, the mortgage is a little bit more than
Speaker 4: what we had anticipated. Why is that? How did that happen?
Speaker 2: So?
Speaker 5: Originally when we decided that we were endgame, we wanted
Speaker 5: to buy it together, but we were hoping to utilize
Speaker 5: myself for the first home buy stamp duty exemption in
Speaker 5: our state. So we're hoping to buy with just my
Speaker 5: name on the title to you know, it can be
Speaker 5: twenty k thirty k, like it's quite large.
Speaker 4: Yeah, it's a good deal.
Speaker 5: But where we were looking to buy, it just wasn't
Speaker 5: feasible to get something that wouldn't require work. And my
Speaker 5: partner and I realized we love each other, but we
Speaker 5: probably can't rento together.
Speaker 2: We probably cannot.
Speaker 4: My husband and I are going through that right now
Speaker 4: and it's testing, yeap, Like I'm grateful, don't get me wrong.
Speaker 4: And it can be super fun, but it's also super stressful.
Speaker 5: Yes, yes, I can only imagine, and yes, we do
Speaker 5: love each other. We do have strengths we but.
Speaker 4: Knowing that is really important and a little bit more
Speaker 4: debt and knowing that your relationship is not going to
Speaker 4: suffer because of it. She's a smart woman.
Speaker 2: That's the decision we made.
Speaker 5: We ideally should have stayed in his home that he
Speaker 5: had by himself, which was his family home that he purchased,
Speaker 5: but it needed work and love that we couldn't give
Speaker 5: it as a fresh couple.
Speaker 4: That's fair, all right. I want to know what do
Speaker 4: you do for? How much money do you earn? Yeah?
Speaker 5: So I work in state government in primary industries and
Speaker 5: I earn one hundred and twenty thousand a year and
Speaker 5: my partner is in mining and he works one hundred
Speaker 5: and sixty thousand a year.
Speaker 4: Oh very nice, plus super yeah, oh plus super. Does
Speaker 4: he also get bonuses?
Speaker 2: Yes? He does production targets? Yes?
Speaker 4: Ah, how exciting? And what did they look like?
Speaker 5: I think his last bonus was five thousand for the
Speaker 5: year for meeting their production targets, or it could have
Speaker 5: been six monthly.
Speaker 4: Yeah, that's so good. And do you get any type
Speaker 4: of bonuses? I don't believe you doing government right.
Speaker 5: No, we do get things like leaveloading, which is a
Speaker 5: little bit extra, and we do usually increase with CPI
Speaker 5: each year as well, so we usually guaranteed that increase
Speaker 5: so it keeps up.
Speaker 4: Okay, that is nice. Now tell me a little bit
Speaker 4: more about that, because I am a really big fan
Speaker 4: of salaries increasing with CPI. Is that written into your contract?
Speaker 2: No? Through our union?
Speaker 4: Right? I love this? And is there a lot of
Speaker 4: pushback from the organization from the union And how did
Speaker 4: that go? Because I know that lots of people have
Speaker 4: been having these prickly conversations over the last I think
Speaker 4: twelve to twenty four months, I'd say, oh.
Speaker 2: Yeah, for sure.
Speaker 5: So I believe we're still a negotiation for this year's
Speaker 5: CPI increased.
Speaker 2: But last year's was very profitable for us.
Speaker 5: I believe we got four point five backdated per saying
Speaker 5: increase to keep up with the inflation for last year,
Speaker 5: so that was awesome. But yet we're still looking at
Speaker 5: this year's negotiations. But I know my partner's mind is
Speaker 5: also going into negotiations as well for their they're on
Speaker 5: a contract agreement, so they're going into negotiations for their
Speaker 5: salaries as well. So we should have a result for
Speaker 5: that by the end of the year, which should look
Speaker 5: like a nice increase as well.
Speaker 4: Elate, I love that so much. I mean, I don't
Speaker 4: love hearing that it was four point five percent. I'm
Speaker 4: glad that you're happy with that and that, like, obviously
Speaker 4: that's much better than most people are getting. But let's
Speaker 4: not forget that inflation was seven point one percent, so
Speaker 4: that doesn't exactly keep up, but it does meet more
Speaker 4: than half of it, So I mean, it's better than
Speaker 4: a kick in the pants. Is that what we'll all
Speaker 4: we're going with?
Speaker 2: Oh?
Speaker 4: Agree, let's go to a really quick break on the
Speaker 4: flip side. I want to dive in. I want to
Speaker 4: know so much more about these properties, your in investments.
Speaker 4: I want to know your best and worst money habits.
Speaker 4: And I feel like I have some more relationship questions
Speaker 4: for you. So guys, don't go anywhere money diarist. We
Speaker 4: are back and I want to know are you guys investing?
Speaker 4: If so, how what does that look like?
Speaker 5: So currently no, we are not investing, but it is
Speaker 5: in the immediate future for us. So I have mentioned
Speaker 5: that when we bought a house together, my partner had
Speaker 5: a house and we did get a small profit from
Speaker 5: that sale, about one hundred K that we have held
Speaker 5: onto with the intention.
Speaker 2: Of investing it.
Speaker 4: Oh how cool.
Speaker 5: Yeah, it's just been a leap we haven't been able
Speaker 5: to take yet or been comfortable to take here.
Speaker 4: Oh of course. And will you guys do like property
Speaker 4: investing or share investing or what does that look like
Speaker 4: or just no idea yet?
Speaker 2: We intend to go into shares.
Speaker 5: We do have a financial advisor in the family, so
Speaker 5: we were hoping to utilize some expertise there to help it.
Speaker 4: Amazing. I love that for you guys.
Speaker 5: Yeah, so that would be the goal and then we'd
Speaker 5: continually each month put money into that account once we
Speaker 5: set that up.
Speaker 4: Yeah, all right, I want to jump into your debt era.
Speaker 4: So at the start of the episode you said v
Speaker 4: I'm in my debt era, and I loved it because
Speaker 4: one it's really blunt, but two it's just an era.
Speaker 4: We're just going through this. So can you break down
Speaker 4: what debt you currently have?
Speaker 2: Sure?
Speaker 5: Ken, So we have one car loan worth forty thousand.
Speaker 5: We have a mortgage which is technically split intwo so
Speaker 5: we have a variable mortgage at one hundred and sixty
Speaker 5: seven thousand and then a fixed mortgage at five hundred
Speaker 5: and eighty thousand, and then I also have my HEX.
Speaker 5: Now this is something I'm not proud of. I did
Speaker 5: do two degrees and I did max out my HEX.
Speaker 5: So I do have one hundred and twenty thousand.
Speaker 2: In he so did I.
Speaker 4: Yeah, don't worry, don't worry.
Speaker 2: We'll be there.
Speaker 4: Oh'll be there. Mine has just big flex from me.
Speaker 4: Mine's just dropped under six figures. So that's pretank.
Speaker 2: God, that is a congratulations.
Speaker 4: I know. I'm still up to my eyeballs in HEXTBT.
Speaker 4: Have I paid off any extra, No, because I have
Speaker 4: bigger financial goals at play, and I'm just grateful that
Speaker 4: the government is letting me do that. But I feel
Speaker 4: like it's done me well so far. And I mean,
Speaker 4: you you are doing very well. You earn one twenty
Speaker 4: plus soupers. Still like, I'm not upset for you?
Speaker 2: Thank you? Sorry?
Speaker 4: Not sorry? What other debt do you have?
Speaker 2: That? Is it? That's what we have? Yeah?
Speaker 4: I love that. So tell me how did you guys
Speaker 4: decide to get a car loan for forty grand? That's
Speaker 4: pretty reasonable as a car loan it is.
Speaker 5: That was a little bit of a personal decision. So
Speaker 5: my partner has his own car, which is all paid off.
Speaker 5: It's a work car. It will be driven till it dies,
Speaker 5: and it won't die, you know, probably before us. I
Speaker 5: tell you that it's a Toyota.
Speaker 4: My dad always used to say that. He'd be like, well,
Speaker 4: if you're a reliable car, you're obviously going to have
Speaker 4: to buy a Toyota. My first car was a Toyota too,
Speaker 4: a not very attractive one. I'm not gonna lie. I
Speaker 4: wish I could be like, oh I had a really
Speaker 4: cute Camri or I had like a Corolla or something. No,
Speaker 4: I don't know if people know what a Toyota Avalon is,
Speaker 4: but like that's what I do.
Speaker 5: Oh beautiful, yes, stunning, right, yep, I can see it
Speaker 5: in my mind's eye.
Speaker 4: I sold it for a very hefty profit of get this,
Speaker 4: five hundred dollars.
Speaker 5: Of You can't go past the Toyot big dog. But yeah,
Speaker 5: So because we had that, we decided that we did
Speaker 5: want to spend a little bit and have a nice car,
Speaker 5: have that car for a good few years and enjoy
Speaker 5: it before we have a family. That was the thought
Speaker 5: as well. So we did buy a little BMW and
Speaker 5: I had a car that sold literally for what I
Speaker 5: bought it for brand new. It was a Mazda. I
Speaker 5: bought it for thirty five and I sold it for
Speaker 5: thirty two and a half. Like, yeah, it was ridiculous.
Speaker 5: So it was a really good time for us if
Speaker 5: we were going to upgrade to upgrade.
Speaker 4: Yeah, how exciting, you dropped. We want to have a
Speaker 4: family at some point, what does that look like.
Speaker 5: I've actually been listening to your pods Victoria and all
Speaker 5: the family financials. So yeah, we do want to look
Speaker 5: into starting a family next year.
Speaker 4: So how exciting.
Speaker 5: I know, I'm very excited. It's daunting that I'm very excited.
Speaker 5: I've already got the spreadsheet together.
Speaker 4: It's the best thing in the entire world. Like, I
Speaker 4: don't think it's very lame. And historically, whenever i'd hear
Speaker 4: people be like I love being a mom, I'd be like, yeah,
Speaker 4: all right, cool, Like I didn't get it, get it.
Speaker 4: And now I'm a mom, I'm like, why didn't you
Speaker 4: guys tell me? Like, why didn't you tell me how
Speaker 4: cool this was?
Speaker 2: That's very comforting to hear. I'm very excited.
Speaker 4: Oh it's so good. It's so good, you're going to
Speaker 4: adore it. But I want to know, given you're planning
Speaker 4: on starting a family, and in your money story that
Speaker 4: you wrote into us, you said my partner discovered an
Speaker 4: act of financial abuse against him which changed his relationship
Speaker 4: with his parents forever. That was a big bomb to drop,
Speaker 4: And with the idea that you're planning a family, like,
Speaker 4: can we dive a little bit deeper into what was
Speaker 4: that bomb? And how are you going to be managing
Speaker 4: money as children to the family.
Speaker 5: Yeah, that's a great question. So, as mentioned, when my
Speaker 5: partner and I decided to buy together, he had a
Speaker 5: house previously. The house that he had was his family
Speaker 5: home that he had purchased from his mum and his
Speaker 5: stepdad at the time that he purchased the home. As
Speaker 5: I mentioned, he's not one for paperwork. He's not one
Speaker 5: for looking anything over. They needed the purchase to go
Speaker 5: through so they could move to a new state and
Speaker 5: start a new life, and he trusted them with that sale,
Speaker 5: and they had it valued by the local agent, and
Speaker 5: he signed the mortgage documents that they'd all organized for him.
Speaker 5: And it wasn't until we went to Selley's home and
Speaker 5: we had it valued, you know, seven years later by
Speaker 5: that same local agent, that he let him know that
Speaker 5: he did the original valuation and he had way way overpaid.
Speaker 5: He had overpaid by one hundred thousand dollars.
Speaker 2: What yep.
Speaker 5: So the local agent did the valuation put it at
Speaker 5: mid threes and he signed paperwork for a private sale
Speaker 5: at mid fours. And when he confronted his mum and
Speaker 5: his stepfather about it, the stepfather.
Speaker 2: Had no idea.
Speaker 5: He thought that the sale had gone through at the
Speaker 5: mid three hundred price point. And it turns out that, yep,
Speaker 5: his mum had changed that figure.
Speaker 4: And what he just paid her more and like, I'm
Speaker 4: so pervy. I'm so sorry. Okay, you're anonymous and you
Speaker 4: couldn't ask this at brunch, so like, this is why
Speaker 4: I'm asking now. So did his mom take off with
Speaker 4: an extra one hundred grand off the top or like
Speaker 4: what happened to that extra cash?
Speaker 2: Yeah, she took it.
Speaker 5: It went into their new life, the home that they
Speaker 5: bought in the new state, the cars that they bought.
Speaker 5: Stepdad was just oblivious to it all about where it
Speaker 5: had all come from because they rebought with the mortgage,
Speaker 5: so it just yep. So when he confronted them after
Speaker 5: the fact, Stepdad didn't realize thought it was still at
Speaker 5: that lower price that they the price that they've been
Speaker 5: valued by the local agent. And mom said, no, no,
Speaker 5: we repainted it was, you know, worth the more. And
Speaker 5: my partner's like, it's not worth a hundred thousand dollars.
Speaker 2: Through paint job.
Speaker 4: Absolutely not.
Speaker 5: Yeah, since that time, it was a you know, strained
Speaker 5: relationship to start with, but where Yeah, he's decided to
Speaker 5: go no contact since then.
Speaker 4: That is heartbreaking that somebody's parent could do that to them.
Speaker 4: I mean, sadly, it's not an uncommon theme that happens
Speaker 4: in the world. But that is why. Obviously he was heartbroken.
Speaker 4: Do we know what the property is valued at now, like,
Speaker 4: is there something that's slowly bouncing back or is he
Speaker 4: still at a massive loss about this.
Speaker 2: We did sell it for a profit, so, oh thank
Speaker 2: god it was Actually it was. It was quite amazing.
Speaker 5: So part of the reason we got rid of it
Speaker 5: is because of that emotional attachment that was.
Speaker 4: It's got bad karma. Sitting on it feels high percent.
Speaker 5: But we sold off market the day we got the
Speaker 5: photos done. Before it went on market, someone came through and.
Speaker 2: Offered full price.
Speaker 4: Oh my gosh, Yeah.
Speaker 2: It was awesome. It went for five ninety.
Speaker 4: Oh my gosh money when you guys would have been
Speaker 4: over the moon, especially after hearing that it was valued
Speaker 4: at three fifty and you paid four fifty, Like to
Speaker 4: get another one hundred plus grand on top of that
Speaker 4: would have just been so relieving. I know it should
Speaker 4: have been more, but at least you weren't in the
Speaker 4: red right.
Speaker 5: And was tainted by Unfortunately that discovery. It will assist
Speaker 5: to set us up, but you know, it could have
Speaker 5: been so much more life changing for us in our
Speaker 5: future family.
Speaker 2: But you know, it is what it is. You've got
Speaker 2: to run with those wins. Yeah.
Speaker 4: Wow, it was an expensive lesson And how does your
Speaker 4: partner feel about that?
Speaker 2: Now?
Speaker 5: He is trying to teach his younger sisters better habits
Speaker 5: and better ways of working, and trying to open their
Speaker 5: eyes like he's weren't at the time, so that they
Speaker 5: can make better choices and not be influenced by these
Speaker 5: family members moving forward. So he's taking it as a
Speaker 5: learning and he's yeah, really growing from it, which is beautiful.
Speaker 4: Saying yeah, but it's also just it's so sad, but
Speaker 4: I think it will instill such good values in him
Speaker 4: when he and you become parents, because you're just going,
Speaker 4: this is not how I'd ever want my kids to
Speaker 4: feel or you know, work that way. That's just absolutely heartbreaking.
Speaker 4: But out of it, I'm sure you guys have become
Speaker 4: really good at money, which segues me very nicely into
Speaker 4: asking what do you think your best money habits are?
Speaker 4: I want yours and his?
Speaker 5: Yeah, yeah, I think my best money habit is tracking
Speaker 5: and planning. I have a manual tracker which I track
Speaker 5: everything down to the dollar and personally categorized for us.
Speaker 4: Oh my gosh, love.
Speaker 5: Yeah, we were able to self fund. So our wedding
Speaker 5: was sixty five thousand dollars. It was very expensive and
Speaker 5: we did split some of that with my parents, but
Speaker 5: over twelve months we were able to fund you know,
Speaker 5: the thirty to forty grand difference, just by being smart.
Speaker 4: Wait, you paid for your wedding in cash and it
Speaker 4: was that much cash. Ship, Oh, that is very sexy money, Diarist.
Speaker 5: It took a lot, Victoria, I will tell you it
Speaker 5: was a hard twelve months. But it was by this
Speaker 5: tracking and having everything interconnected and not being able to
Speaker 5: put our heads in the sands from the growing bills
Speaker 5: that allowed us to be able to do that.
Speaker 4: But how good you're not starting your marriage in debt,
Speaker 4: like you're just starting ahead and I mean you've already
Speaker 4: got like some assets and you guys are building everything up.
Speaker 4: But like the idea that people and don't get me wrong,
Speaker 4: like I'm not here to shame anybody's values. If someone's
Speaker 4: like they, I have thought about it well and truly,
Speaker 4: and we're going into debt for our wedding, all power
Speaker 4: to you, Like, go for it. You do what is
Speaker 4: best for you. My job is actually to give you
Speaker 4: all the tools and resources and lay them out on
Speaker 4: a table so that should you want to use them,
Speaker 4: you can, but you don't have to. Like everyone's different.
Speaker 4: But I love this idea that people would start fresh
Speaker 4: in a relationship or take their relationship to the next
Speaker 4: level without having debt to pay back a wedding because
Speaker 4: it's to me, it's an item that you don't get
Speaker 4: a lot out of, Like, yes, I got married, but
Speaker 4: I don't have an asset that's going to increase in value,
Speaker 4: like I can't sell my marriage, can I agree?
Speaker 5: And after coming through that, you know, twelve month period
Speaker 5: of two mortgages in that extreme stress, I couldn't imagine
Speaker 5: a relationship with that much money stress in it.
Speaker 2: So that was really important for us.
Speaker 4: What an icon? So what's your partner's best money habit?
Speaker 2: Is it? You?
Speaker 4: Are you his best habit? Because I feel like that's
Speaker 4: where this is going.
Speaker 2: I think that's part of it.
Speaker 5: But also one thing he does tell me is and
Speaker 5: I learned from the pod and he keeps instealing a
Speaker 5: me is our money values. We can't be so focused
Speaker 5: on our goals and our plans in our future that
Speaker 5: we forget the now and what brings us happiness. So
Speaker 5: you know, he makes sure that you know, we have
Speaker 5: a big value around food, not necessarily McDonald's, but we
Speaker 5: like to spend eating out and so we have to
Speaker 5: budget for it. Otherwise we feel the guilt around something
Speaker 5: that we love and it's just not worth it. So
Speaker 5: he helps keep me grounded.
Speaker 4: It's about the journey. It's literally about the journey. Like
Speaker 4: the tagline of my I have a mortgage broking business,
Speaker 4: which people should know by now because it's all I
Speaker 4: talk about, but the tagline of Zella Money is literally
Speaker 4: it's your journey because it's like so important to make
Speaker 4: sure that we're not just trying to buy the biggest,
Speaker 4: best house, but we are trying to find a really
Speaker 4: nice balance of creating wealth buying property but also enjoying
Speaker 4: that journey because like I say this all the time
Speaker 4: and it sounds a little bit I don't know, hippy dippy,
Speaker 4: but like old age is a privilege that's denied to
Speaker 4: so many people, and to not experience the journey to
Speaker 4: its fullest extent along the way, like I don't want
Speaker 4: to get to see and be like, wow, I'm super
Speaker 4: rich now, glad I skipped out on all those brunches
Speaker 4: and family time. Glad I didn't have any you know,
Speaker 4: friend memories. Glad I didn't go on all those family
Speaker 4: holidays that we we didn't go on. Like, I just
Speaker 4: there's so much about life that we should be enjoying,
Speaker 4: and I just go, you know, if it's not for you,
Speaker 4: that's not for you. Like if you're one of those
Speaker 4: people in you know, the fire movement, so like financial independence,
Speaker 4: retire early if that's for you, fantastic, just not for me.
Speaker 5: Agreed, Yeah, we're the same. We thought about it, how
Speaker 5: to try of it, and we just we love life
Speaker 5: too much.
Speaker 4: I mean, you had so much sacrifice leading up to
Speaker 4: your wedding. You were probably like this sounded great in theory,
Speaker 4: not for me. We tried it. Let's do the journey.
Speaker 2: Part one hundred percent. That was exactly us.
Speaker 4: So I love that, all right. Flip the narrative. What's
Speaker 4: your worst money habit?
Speaker 2: I have a love language of gift giving. Oh same,
Speaker 2: it's show.
Speaker 5: Look I'm getting better at it and learning how to
Speaker 5: work around it in terms of you know, starting early,
Speaker 5: waiting for sales, picking items. But I budget five thousand
Speaker 5: dollars for Christmas every year and we don't Oh my god,
Speaker 5: we don't have children.
Speaker 2: Yep, that's okay.
Speaker 4: I'm sorry. You can't drop that. You can't drop that
Speaker 4: on me and then not give me a breakdown? Who like,
Speaker 4: I don't even spend five grand for Christmas? What's the breakdown?
Speaker 4: Look like?
Speaker 1: Like?
Speaker 4: What are people getting? Is everyone? Do you just turn
Speaker 4: up to Christmas and you're like, i'd oprah, a car
Speaker 4: for you, a car for you? You guys get air wraps?
Speaker 4: Like what's Christmas?
Speaker 1: Like?
Speaker 2: Yeah, that's Look, it's somewhat like that.
Speaker 5: Like if my mum wants the new dice and air
Speaker 5: wrapp or hair dryer, like, I can't not because I
Speaker 5: know it's something she wants. I find it really difficult
Speaker 5: within me to not do it, even if I know it's,
Speaker 5: you know, a big budgetary spend, and yet with my
Speaker 5: cousins are going through their kid era, so we've got
Speaker 5: lots of little people running around and I just can't not.
Speaker 5: I find it really difficult because it is, you know,
Speaker 5: my way of saying I love you because I've thought
Speaker 5: about you, and I've got you something you really want
Speaker 5: and that you know shows that I know you.
Speaker 4: I love that though, and I love that you've budgeted
Speaker 4: for it. It's not like, oh, every Christmas we completely
Speaker 4: blow out because like I need to be better next year.
Speaker 4: You're like, nope, my love language actually is gift giving
Speaker 4: and I have to allocate a big budget to this
Speaker 4: because it actually gives me as much joy as it
Speaker 4: gives the other people that it goes to. So I'm
Speaker 4: not mad about that. That's not the worst.
Speaker 2: Table, thank you. I'll take that.
Speaker 4: People have spent more on least. So I'm telling you, now, yep,
Speaker 4: what do you think your partner's worst habit is? Please
Speaker 4: tell me he also is a gift giver.
Speaker 5: Yes he is, but he doesn't do the planning that
Speaker 5: I do, so we can to overspend because he'll just
Speaker 5: pick it up when he sees it hasn't thought about, it,
Speaker 5: hasn't picked up in the sales. Impulse shopping is my
Speaker 5: partner's worst habit and it's what has you know, left
Speaker 5: him over the last few years, not being able to
Speaker 5: put savings together. I put it down to, you know,
Speaker 5: being denied as a kid, so as soon as you
Speaker 5: got your own money, he doesn't deny himself. You know,
Speaker 5: we're trying to work towards you know, if we can't
Speaker 5: do this thing this week, good to wait till payday.
Speaker 5: He struggles with that, that waiting, you know, even if
Speaker 5: we've got the money there, but it's in a different category.
Speaker 2: He struggles with that. So that's his worst habit is
Speaker 2: that impulse spending.
Speaker 4: But it's good to be aware of it. And I
Speaker 4: like that as his partner, you're aware of it as well,
Speaker 4: because it means that there's probably been some really good
Speaker 4: conversations about it, and you guys are on the same page,
Speaker 4: and you're probably implementing strategies that can help minimize that.
Speaker 4: Am I right?
Speaker 5: Yes, you are one hundred percent correct. It's been a
Speaker 5: really long journey, but one worth having to put us
Speaker 5: in the place that we're in.
Speaker 4: I love it money Diarist. I need to know more.
Speaker 4: At the start, you said, v I think like a C,
Speaker 4: like between the two of us, like we're a C.
Speaker 4: But then I'm thinking, okay, cool, great, tell me more.
Speaker 4: And you said, I mean my debt era, and I'm thinking, okay, cool.
Speaker 4: Like she's probably got a few personal loans, maybe a
Speaker 4: credit card, because that's what debt era made me think of.
Speaker 4: But it's not the case. You have a mortgage, you
Speaker 4: actually have one hundred grand sitting to the side to invest.
Speaker 4: You've got a forty thousand dollars car loan, which, as
Speaker 4: you guys said, was a very conscious decision. It wasn't like,
Speaker 4: oh damn v we accidentally got a car loan because
Speaker 4: we didn't have a financial education and we regret it massively.
Speaker 4: You were like, actually, we're enjoying the journey, like we
Speaker 4: are loving life pre kids, and we wanted a little
Speaker 4: bit and w to have a good life like Slay,
Speaker 4: You guys earn more than enough to justify a purchase
Speaker 4: like that. You guys know so much about not only
Speaker 4: your money story, but your partner's money story, And I
Speaker 4: think that that's really empowering. Like I look at that
Speaker 4: and I go, I wish everybody was able to sit
Speaker 4: down with their partner and go, well, how did you
Speaker 4: grow up around money? And I know that yours probably
Speaker 4: came as a consequence of learning about the financial abuse
Speaker 4: that your partner went through, So you know, up until
Speaker 4: that point he probably wasn't as forthcoming. But then you know,
Speaker 4: when something happens, or when something triggers an outpour of
Speaker 4: like okay, cool, Well, actually, as much as it's very negative.
Speaker 4: I think it's been very positive and it's going to
Speaker 4: mean that you become even wealthier over time. But I
Speaker 4: just feel like you're an icon. Like paying a sixty
Speaker 4: five thousand dollar wedding in cash, and I know you
Speaker 4: said your parents helped out a bit, but that was
Speaker 4: still what you paying forty five thousand dollars in cash,
Speaker 4: Like most people can't save that over twelve months. Be
Speaker 4: for real. I know it took some serious, you know,
Speaker 4: motivation and restriction on your end, but what like hearing
Speaker 4: this back money darist, Are you sure you're a c.
Speaker 5: Now that you put it that way, Victoria, I.
Speaker 2: Do feel we could probably bump that up.
Speaker 5: I still believe that there's room for us once we
Speaker 5: move past this, you know, our highest.
Speaker 2: Debt era point to get better.
Speaker 4: But yeah, but that's fine, Like most of it is
Speaker 4: wealth creating debt. Yes, yeah, and that's very sexy. But
Speaker 4: I love that for you. I'm very excited about it.
Speaker 4: But I just think, oh my gosh, what would it
Speaker 4: take for you to say, oh, v we're in a family,
Speaker 4: like we absolutely we're smashing it. Like what would that take?
Speaker 5: I probably think the car debt we do, you know,
Speaker 5: our ventual goal is to have you know, nice cars,
Speaker 5: but not have the debt attached to it. So that
Speaker 5: may take a few years for us to get to
Speaker 5: that point. That would be where I would see us
Speaker 5: moving into that a territory.
Speaker 2: You know.
Speaker 4: Yeah, no, I totally get it. I want to be
Speaker 4: a little bit pervy and go back and ask a
Speaker 4: question that I completely forgot to ask talking about that
Speaker 4: car debt, what kind of interest rate are you paying
Speaker 4: on that car loan?
Speaker 2: It was quite high, higher than I expected. I believe
Speaker 2: it was eight to nine percent.
Speaker 4: And do you know what the average rate of return
Speaker 4: on the Australian share market is?
Speaker 2: I do not, actually, Victorian, I probably should.
Speaker 4: No, no, no, no, you shouldn't know. I'm the finance girlie,
Speaker 4: not you. But my job is to educate you. And
Speaker 4: if your car loan is eight to nine percent, now
Speaker 4: this is not financial advice, this is just food for thought. Right,
Speaker 4: If your car loan is eight to nine percent and
Speaker 4: the Australian share market on average returns just over nine
Speaker 4: percent per annum, do you think it might be worth
Speaker 4: considering using some of that one hundred thousand dollars profit
Speaker 4: to consider putting it towards your car loan to put
Speaker 4: you ultimately in a better financial position. I'm not saying yes, no.
Speaker 4: Maybe you have a financial advisor in the family, maybe
Speaker 4: that's a question for them. But I look at it
Speaker 4: and I go, there might be some and I'm assuming
Speaker 4: there's probably some emotional attachment to that hundred thousand dollar
Speaker 4: profit and wanting to invest it for your future. But
Speaker 4: what if you took the amount that you're paying off
Speaker 4: on your car loan and started that as your investment stream.
Speaker 4: Just food for thought.
Speaker 5: Yeah, it's a really good point, and it's something we considered,
Speaker 5: But you're one hundred percent right. I have left that
Speaker 5: decision to my partner, and it is an emotional one
Speaker 5: because it was his profit, his you know, emotional trauma.
Speaker 2: That kind of you know, brought it about.
Speaker 4: One hundred percent, and that's why I was like, but also,
Speaker 4: there's probably an emotional overlay here, and you know, I
Speaker 4: wanted to bring it up now because talking through these
Speaker 4: things is not as simple as you might think. Like,
Speaker 4: I'm pretty sure that someone somewhere was listening and they're like,
Speaker 4: what are they doing? They've got one hundred grand sitting
Speaker 4: in a savings account and have a car loan like
Speaker 4: paid off. But that's why I was like, hold on,
Speaker 4: hold on, why haven't we done that?
Speaker 5: Yeah, it's my partner feels comfortable with that as a
Speaker 5: safety net. That's also we haven't invested it just yet either,
Speaker 5: because we've had that for a year eighteen months now.
Speaker 4: One hundred percent, and just knowing that tomorrow, if you
Speaker 4: woke up and you're like, oh my gosh, we are
Speaker 4: in a bigger financial pickle for some reason you lost
Speaker 4: your jobs, you could extinguish that debt tomorrow, and that's
Speaker 4: quite empowering. So I think that that is, you know,
Speaker 4: obviously a very good position. The idea that you're having
Speaker 4: kids hopefully soon like that would also make me want
Speaker 4: to sit on some cash, though there are and I
Speaker 4: guess that's where I wanted to lead this question. It's
Speaker 4: just there are so many reasons why people keep debts,
Speaker 4: and while the logical on paper answer would be why
Speaker 4: don't you just get rid of it tomorrow? You could,
Speaker 4: there's always this emotional overlay of, well, actually, we're trying
Speaker 4: to live our life in line with our values and
Speaker 4: how we feel most comfortable. We always need to take
Speaker 4: that into consideration. So financial advice is not cut and dry,
Speaker 4: and I think that that is a very good lesson
Speaker 4: to come out of this as well.
Speaker 5: I agree one hundred percent, and it's something my partner's
Speaker 5: taught me. My spreadsheets can't make all those kinds of decisions.
Speaker 4: It's wild. It's so annoying, isn't it. Like I'm so
Speaker 4: good at spreadsheets. Like if I could give you all
Speaker 4: the answers, I absolutely would. Sadly I cannot, but moneyed arrest.
Speaker 4: This has been a pleasure. I have adored this money conversation.
Speaker 4: I've enjoyed so much learning about your money story. Unfortunately,
Speaker 4: that is all we have time for today. But I
Speaker 4: know that our community is going to love this as
Speaker 4: much as I have loved it. I've just adored getting
Speaker 4: to know you, so thank.
Speaker 2: You, Thank you so much, Victoria.
Speaker 4: The advice shared on She's on the Money is general
Speaker 4: in nature and does not consider your individual circumstances. She's
Speaker 4: on the Money exists purely for educational purposes and should
Speaker 4: not be relied upon to make an investment or financial decision.
Speaker 4: If you do choose to buy a financial product, read
Speaker 4: the PDS TMD and obtain appropriate financial advice. Tailored towards
Speaker 4: your needs. Victoria divine and She's on the money. Are
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