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

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

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

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

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

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

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

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

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Speaker 1: today and lasting impactful tomorrow.

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

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Speaker 2: the Money. Hello and welcome to She's on the Money

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Speaker 2: podcast that makes personal finance fun, especially on Fridays. It's

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Speaker 2: our favorite or my favorite day of the week because

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Speaker 2: I get to get my little team together and celebrate you,

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Speaker 2: our incredible She's on the Money community. This week, mister Sigricci,

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Speaker 2: as always, is going to be sharing some money whens

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Speaker 2: all confessions from the Facebook group. Miss becksayed, I believe

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Speaker 2: you've got a few good broke tips to share this week.

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Speaker 2: We've got a money dilemma. This week is all about

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Speaker 2: which debt you should be paying off first for maximum impact,

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Speaker 2: and you slid into our dms about something how do

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Speaker 2: you decide which financial goals are actually worth saving for? So,

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Speaker 2: before we get there new segment, we have been sharing

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Speaker 2: our favorite five star reviews from the show every single

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Speaker 2: week and it's been such a nice little addition. I

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Speaker 2: feel so if you haven't left a review and you

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Speaker 2: would like to hear yours on the show, you could

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Speaker 2: even slip in like a cheeky question into it. I reckon,

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Speaker 2: I'm sorry, take it care, take cantage of so, beck,

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Speaker 2: I want to know, have you got a five star

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Speaker 2: review that you would like to share with the team?

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Speaker 3: Yes, ma'am. Okay. So this one comes from its very official.

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Speaker 3: This one comes from Katie. She's on the Money podcast

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Speaker 3: is informative yet broken down to be easily understood and explained.

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Speaker 3: That girls are so passionate and keep the podcast entertaining

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Speaker 3: and interesting. I like that there's three different episodes a

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Speaker 3: week that are in different formats which keep things interesting,

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Speaker 3: such as the deep dives, money Diaries and Fridays with

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Speaker 3: the Money, Dilemmas and spicy topics. Thank you for making

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Speaker 3: financial education so accessible for women. And in brackets and

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

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

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Speaker 2: That's so kind. Can you believe that people take their

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Speaker 2: time to write reviews that are that long?

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Speaker 3: So sweet?

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Speaker 2: It's just it's so nice and it's very very helpful.

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Speaker 2: It's very nice, but also like just so kind. Yeah,

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Speaker 2: so kind.

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Speaker 3: Thank you so much, Key, I love that?

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Speaker 2: Thank you, Katie Jess. What have you got for us?

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Speaker 4: I've got one this week from Lucy who said great name.

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Speaker 4: Absolutely love listening to this podcast. Morning Walked with My

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Speaker 4: Dog have been so much better since finding the pod.

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Speaker 4: Coming from a girl in her early twenties who has

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Speaker 4: always loved finance and is currently completing a Bachelor of

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Speaker 4: Business majoring in finance.

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Speaker 3: This is so awesome. Love all the hosts. They are

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Speaker 3: great and so easy to listen to.

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Speaker 2: I love that. That's also good luck with your degree,

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Speaker 2: because that's not an easy one to do. Get a queen,

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Speaker 2: I have one? Do you want me to share it?

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Speaker 2: Absolutely and us from Elise and it says, this is

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Speaker 2: short but sweet. Are you ready obsessed with beck? Girl?

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Speaker 2: You are just perfect? God, it's so cute.

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Speaker 4: That is so nice.

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Speaker 3: Thank you, ladies. He is excited.

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Speaker 5: Thank you.

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Speaker 3: That is really sweet.

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Speaker 2: I think Alica's got a crush on you.

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Speaker 3: Oh my god, I've crushed on you too.

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Speaker 2: Oh I love it. What a good start to our

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Speaker 2: Friday episode. I want to get into it, though, Miss Gochy.

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Speaker 2: I want you to start off with laughing.

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Speaker 3: Laughing, because it keeps going.

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Speaker 4: I'm going like I'm.

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Speaker 2: Jessica's laughing because she got the dodgy chair today. Have

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Speaker 2: to change later, all right, jess So from down there

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Speaker 2: in your small chair, what have you got when it

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Speaker 2: comes to money wins or confessions from the community, I've.

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Speaker 4: Got some goodies this week. So firstly, I've got one

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Speaker 4: from Chloe, who said she's learning the art of loaning

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Speaker 4: and borrowing things rather than purchasing them for a once

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Speaker 4: off use. So she borrowed someone's dehydrated to preserve from

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Speaker 4: lemons from a neighbor's tree with recipes that she got

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Speaker 4: from a loaned library book.

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Speaker 3: Oh that's clever.

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Speaker 4: I feel like this is something I was heard about

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Speaker 4: this in my friend group recently, which is why I

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Speaker 4: really liked it is I'm often a friend that will

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Speaker 4: have like.

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Speaker 2: You've got all the stuff.

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Speaker 4: Yeah, we're like friends of mine own.

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Speaker 2: She's got it, new Christmas decorations, sixty boxes.

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Speaker 4: Power washer and like leaf blower and stuff friends of

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Speaker 4: ours borrowed and they've still got it because I'm like,

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Speaker 4: I use it like twice a year, and the rest

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Speaker 4: of you registers in my garage.

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Speaker 2: Me too.

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Speaker 4: It's so satisfying. But I'm like, why if you have

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Speaker 4: a group of friends and one person has it, why

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Speaker 4: would another you buy it?

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Speaker 3: You should start like a tool library, like my own

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Speaker 3: little person.

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Speaker 2: This is what I've got, and this is what beck

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Speaker 2: has got.

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Speaker 4: But if you need something, just chuck it in your

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Speaker 4: friends group chat like, how has anyone got a steam cleaner?

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Speaker 4: How has anyone got X y Z? Don't buy it

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Speaker 4: if you don't have.

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Speaker 2: To, Yes, genus, Hey can you come and do the

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Speaker 2: power washing.

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Speaker 5: For you?

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Speaker 2: Of course I've never.

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Speaker 4: Next, I've got the money win from it, Zelma, who

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Speaker 4: said this is probably the least impressive win ever. But

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Speaker 4: I'm so broke, so I'm pretty happy with this. She

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Speaker 4: got some moldy raspberries in her Click and Collect, so

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Speaker 4: she put in a refund request. Obviously, she got her

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Speaker 4: money back, and she got an additional voucher for the

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Speaker 4: value of the berries because Wilors have a fresh food guarantee.

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Speaker 2: Oh great, So she came out six bucks up.

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Speaker 3: That's funny, way I.

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Speaker 2: Feel your girl.

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Speaker 3: And then with that she can get herself a loaf

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Speaker 3: of bread and that last, hopefully the week exactly.

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Speaker 2: A loaf of bread. A loaf of bread.

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Speaker 4: Next, I've got a money win from Haley, who said

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Speaker 4: I always thought selling things on marketplace was too hard

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Speaker 4: for not a lot of money. But We've been decluttering

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Speaker 4: recently to move and I've sold enough to cover the

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Speaker 4: cost of out vacate cleaning. Oh my god, that's so

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Speaker 4: expensive too, as well as some extra to cover some

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Speaker 4: convenience food to get us through the stress.

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Speaker 2: Oh how good. That just takes the pressure off totally.

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Speaker 2: Get a few pizzas and have someone do the end

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Speaker 2: of lace clean like oh live love last. Yeah.

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Speaker 4: My philosophy is always the more I sell at moving time,

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Speaker 4: the less I have to move, Like, that's one less

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Speaker 4: thing I got to put an exact.

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Speaker 2: That's true, and I hate packing. Uving is my least

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Speaker 2: favorite thing in the entire world.

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Speaker 4: I completely agree. Next, I want money win from Annie

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Speaker 4: who said money win. We went to the Jurassic World

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Speaker 4: exhibit in Melbourne on the weekend with my dino obsessed

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Speaker 4: three year old cool. She got in for free despite

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Speaker 4: having to buy tickets for kids that were three or

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Speaker 4: years or older, because in the description it says three

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Speaker 4: and under are free, so she got them on a

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Speaker 4: little bit of a technicality. She obviously argued with whoever

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Speaker 4: was up the front and she said, I use that

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Speaker 4: to my advantage, got her in for free. The money

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Speaker 4: loss was they do make you exit through the gift shop,

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Speaker 4: and of course we had to buy a dinosaur toy,

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Speaker 4: so it kind of came out in the wash.

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Speaker 3: Of course, of course the money good point.

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Speaker 2: That's a good point. Also that dinosaur toy endless entertainment. Yes,

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Speaker 2: an investment. It is an investment. Everybody needs a dinosaur toy.

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Speaker 3: I really want to go to that exhibition anyway. That's

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Speaker 3: another time.

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Speaker 4: Sorry for lastly this week I have a money in

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Speaker 4: from Rachel who said last week I bought a new TV.

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Speaker 4: I've never owned a new TV in my life. It

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Speaker 4: was very exciting at the time. I price match and

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Speaker 4: got a good deal for one one hundred and forty

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Speaker 4: five dollars. One week later, though, it went on sale.

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Speaker 4: I walked right into JB requested a refund for the difference,

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Speaker 4: and as I was old at the time I purchased it,

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Speaker 4: this was something that I could do, no questions asked.

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Speaker 4: They refunded me in cash for the difference. Oh my god,

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Speaker 4: straight in her pocket.

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Speaker 2: What walking back in and being like, hello, I saw

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Speaker 2: you were having a little.

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Speaker 3: SALEH yeah, that's really good. What are the chances that

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Speaker 3: the exact model and everything.

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Speaker 4: Is completely and you'd be so annoyed as well if

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Speaker 4: I know, just study like, oh, I could to save

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Speaker 4: childred bucks by waiting. I did that on the Iconic

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Speaker 4: this week tell me that I bought a new pair

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Speaker 4: of jeans and I was like, do I get them

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Speaker 4: express posted or no? And then I was like, nah, you, Victoria,

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Speaker 4: you do not need to spend money on Express Post.

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Speaker 4: So I picked the normal post.

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Speaker 2: And then the next day, because I did this over

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Speaker 2: the weekend, I got the notification about Black Friday sales.

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Speaker 2: And I should have known, like I should have used

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Speaker 2: my brain and I should have known. And so these

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Speaker 2: jeans went from like one sixty down to I think

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Speaker 2: one hundred and eleven dollars.

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Speaker 3: That's a bit.

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Speaker 2: Different, and because I didn't get express posts, they hadn't

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Speaker 2: even arrived yet and they were cheaper. So I just

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Speaker 2: got on little like on their chat thing and said, hello,

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Speaker 2: it's me. I was just one the jeans that I

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Speaker 2: still haven't received yet have now gone on like sale,

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Speaker 2: and they said, norries a refunding you the difference easy, well,

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Speaker 2: and they still like they still haven't arrived, which is

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Speaker 2: so fine, but like I already have the discount back

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Speaker 2: in my pocket.

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Speaker 3: That's so good.

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Speaker 2: And also to take it to another level, I looked

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Speaker 2: at them online and my size is sold out, so

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Speaker 2: I couldn't have bought them for the sale price anyway,

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Speaker 2: because I think everybody else like snapped them up on

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Speaker 2: the sale price, but I'd paid for anyway.

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Speaker 4: It was very excited Friday sales.

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Speaker 3: They get me good.

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Speaker 2: I gotta tell you, Oh, it's so bad. But also

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Speaker 2: like I have needed new Janes for ages because like,

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Speaker 2: you know, not to get too deep into it, but

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Speaker 2: jeans are the arch nemesis of a postpartum body. I see,

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Speaker 2: like I just don't want to and I'm finally feeling

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Speaker 2: a little bit comfortable, and I was like, all right,

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Speaker 2: I'm just gonna buy some new white jeans for summer,

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Speaker 2: Like it's just it needs to happen, so to get

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Speaker 2: them as a bit of a money win as well,

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Speaker 2: like I was very happy with this out. Yeah, not bad,

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Speaker 2: not bad, all right, beck? If you got some broke chips?

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Speaker 3: Yes, yes, I do. Okay, so as always too from

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Speaker 3: the community for myself. The first one comes from Alex,

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Speaker 3: who says, how if you, Hi, Alex, if you boil

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Speaker 3: water instead of using weed killer, that will eradicate your weeds.

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Speaker 3: Apparently I've tried these.

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Speaker 2: It works, confirm They go, I love this. Why didn't

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Speaker 2: you guys tell me? I bought weed killer the other

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Speaker 2: week and I've been too scared to use it because

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Speaker 2: I'm like, oh weed killer, I have pets, like they're

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Speaker 2: not in the garden. It just feels a gress. So

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Speaker 2: you're telling me I could have just boiled some water

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Speaker 2: and fixed it.

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Speaker 4: It's weird, Like some small part of me felt a

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Speaker 4: little bit bad that I was boiling the plant alive,

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Speaker 4: but I was like, I'm so sorry, but hopefully it's

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Speaker 4: a quick death. Last night, as hydelion.

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Speaker 3: This is the off topic, but I I still have

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Speaker 3: no idea what a weed is. I don't know how

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Speaker 3: to detect a weed.

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Speaker 2: Babe, you do, I don't know what it is. If

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Speaker 2: it's growing in between the bricks, it's a weed. Okay,

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Speaker 2: it doesn't anything that's just not meant to be there.

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Speaker 2: I see come to my front garden everywhere.

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Speaker 3: Okay, okay, well maybe you can help me figure out

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Speaker 3: which I'm here for you. Thank you.

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Speaker 2: Everything, everything is a weed.

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Speaker 3: Everything's beautiful in my eyes, thank you.

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Speaker 2: Okay.

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Speaker 3: This next one comes from actually a friend of mine, Nikola.

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Speaker 3: We were at the pubular day. She was wearing this

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Speaker 3: top and I was like, oh my god, such a

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Speaker 3: nice top. Where you get that? And she was like,

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Speaker 3: I got it from Lost and Found? And I was

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Speaker 3: like that. I want to preface this because I know

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Speaker 3: that if you go into a Lost and Found, people

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Speaker 3: might come back for their items. But if you're going

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Speaker 3: into like.

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Speaker 2: Feel safe, it's slow, scary on she was saying hostels.

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Speaker 3: She was just traveling for a little bit. And also

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Speaker 3: you know gyms and things like that, if you like, ask.

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Speaker 2: The people there.

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Speaker 3: Like especially, I think it's safer with hostels because people

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Speaker 3: are coming and going, and if you're truly in a different,

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Speaker 3: different country, then it's a little bit safer. So maybe

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Speaker 3: not gyms, let's rule out gyms, but hostels, even if

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Speaker 3: you're not staying a hostile, even if you're not traveling,

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Speaker 3: you can theoretically literally if you just don't have the

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Speaker 3: money to buy yourself new clothes and you do want

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Speaker 3: to just see what's out there, and there are probably

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Speaker 3: this probably goes for like people who are literally homeless

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Speaker 3: right now as well, if they happen to be listening.

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Speaker 3: If you just need something something warm for the winter

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Speaker 3: and you just go into your hostel and say, hey,

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Speaker 3: how long.

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Speaker 2: Have these been here?

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Speaker 3: Are these people?

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Speaker 2: You know?

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Speaker 3: Have they left the country?

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Speaker 2: Can I take this has to be a no claim

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Speaker 2: period there?

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Speaker 4: Like he's there, Okay, well, I mean it depends place

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Speaker 4: to place. But my partner where he works, there's a

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Speaker 4: lot of lost and found stuff and they have like

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Speaker 4: a six month period. After six months they either donate it.

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Speaker 4: I think, like the staff are welcome to go through

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Speaker 4: if they want anything, and then it literally gets dropped

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Speaker 4: at up shop. Yeah, and you've got some really nice

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Speaker 4: stuff about Loston founder.

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Speaker 2: Really nice. Well you don't really nice watch, which.

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Speaker 3: Is sorry, Okay, that's sick.

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Speaker 2: That's sick.

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Speaker 3: But like you know, other than the watch. I feel

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Speaker 3: like people sometimes just leave sulf so like I can't.

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Speaker 2: Makes sense. I feel like if they have a policy

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Speaker 2: of donating it after three months, like fair game.

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Speaker 3: Absolutely, it's all yours, so that's just an option. But

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Speaker 3: I thought that was really really clever. Okay, the next

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Speaker 3: one is from me.

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Speaker 2: You don't want it if you haven't come back for

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Speaker 2: it six months exactly. You know, needs plenty of time

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Speaker 2: for someone to remember that. And if it was like

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Speaker 2: a roll Legs watch, I'm sure they would have taken

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Speaker 2: it to the body cops.

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Speaker 4: Right.

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Speaker 3: Absolutely, I just feel like absolutely. And then this next

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Speaker 3: one is from me, So this was I just want

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Speaker 3: to preface this also by saying that I do come

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Speaker 3: to the table with arts and crafts. Broke to excellence.

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Speaker 2: And crafts. Girls, it's okay, you're you're preaching.

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Speaker 3: Okay, good, not great.

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Speaker 2: Please don't tell us that you're going to make us

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Speaker 2: make our own felt from like drial into or something.

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Speaker 3: Absolutely, you do have to travel because they have felt field.

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Speaker 3: I don't think they exist, but anyway, No, So this

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Speaker 3: is for the people who have gift giving as like

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Speaker 3: their love language, you know.

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Speaker 2: And filling out to Christmas.

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Speaker 3: You guys coming up to Christmas, but you don't have

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Speaker 3: much money to spend anyway, I made these custom match

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Speaker 3: boxes and I saw the story.

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Speaker 2: I loved them. Thank you so much.

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Speaker 3: You could do like little puns if it's for like

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Speaker 3: a match boxes are cheap.

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Speaker 2: So did you just buy them at market?

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Speaker 3: Yes, cheap match boxes. And then I just you don't

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Speaker 3: have to get paint, but you can if you want.

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Speaker 3: I'm sure you have something lying around that you could use.

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Speaker 2: But I just used.

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Speaker 3: You know those chalk markers.

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Speaker 2: Oh yeah, yeah, I use those came out the other day.

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Speaker 2: I didn't need them, but I wanted.

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Speaker 3: They're so satisfying, so something so nice, like I was on.

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Speaker 2: A whiteboard with a chalk market though, I thought it

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Speaker 2: would be good for my MLM deep dives because the

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Speaker 2: colors were very vibrant, but not very cum coffy. Oh

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Speaker 2: I see a bit more permanent, you could say, which

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Speaker 2: is perfect because it really it similizes the permanence of

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Speaker 2: your love for the person you're giving these match boxes too.

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Speaker 3: So I recommend just get a little bit of arts

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Speaker 3: and craft, see make some personalized matchboxes.

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Speaker 2: They're really pretty and so cheap. Yeah, so cheap and

339
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Speaker 2: so thoughtful. I just love a homemade gift.

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Speaker 3: I know it's cute and so it's you to use

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Speaker 3: it like people actually use matches. So it's like win

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Speaker 3: win win.

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Speaker 2: I love this for us ten.

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Speaker 4: You could print it on stick of paper, yeah, and

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Speaker 4: then put the stick of paper around exactly.

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Speaker 2: Or you could just do a terrible drawing and tell

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Speaker 2: the person that it's the thought that count. That's my theory.

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Speaker 2: That's my theory. All right, let's go to a really

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Speaker 2: quick break on the flip side. We're going to be

350
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Speaker 2: answering a money dilemma, which this week is all about

351
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Speaker 2: which debt you should pay off first for maximum impact?

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Speaker 2: And you slid into our dms about something. This week

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Speaker 2: we're answering the question of how do you decide which

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Speaker 2: financial goals are actually worth saving for? So guys, don't

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Speaker 2: go anywhere.

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Speaker 4: Welcome back friends. Let's take a listen to this week's

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Speaker 4: money dilemma.

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Speaker 2: Hi, there, have you got a money dilemma you just

359
00:16:02,520 --> 00:16:05,040
Speaker 2: can't solve that. She's on the Money team is here

360
00:16:05,080 --> 00:16:08,320
Speaker 2: to help. Every week we tackle your dilemmas, both big

361
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Speaker 2: and small, to answer your most burning money, career and

362
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Speaker 2: life questions. To get involved, simply head to our website

363
00:16:14,360 --> 00:16:16,480
Speaker 2: and leave us a short voice recording and you might

364
00:16:16,560 --> 00:16:19,080
Speaker 2: just find yourself on the show. Now, let's take a

365
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Speaker 2: listen to this week's money dilemma.

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Speaker 5: High She's on the money. I just have a question

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Speaker 5: regarding investment property. So me and my sister share an

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Speaker 5: investment property together. We are fifty to fifty in it,

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Speaker 5: and that mortgage currently sits at around two hundred thousand. Unfortunately,

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Speaker 5: we recently lost our dad and got an inheritance each

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Speaker 5: of about two hundred and fifty thousand. My sister is

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Speaker 5: really eager to pay off the investment property. She does

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Speaker 5: not have a mortgage herself. She rents, whereas me and

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Speaker 5: my partner have a mortgage of around four hundred and

375
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Speaker 5: fifty thousand for the house that we live in. We've

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Speaker 5: discussed it and think it would be wiser to put

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Speaker 5: the inheritance on the offset of our own home rather

378
00:16:56,880 --> 00:16:59,720
Speaker 5: than pay off the investment property, but my sister has

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Speaker 5: very You get a paid off and not have to

380
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Speaker 5: worry about it. I know two hundred thousand isn't a

381
00:17:04,720 --> 00:17:07,160
Speaker 5: very big mortgage at the moment, and there's a lot

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00:17:07,160 --> 00:17:09,320
Speaker 5: of things to consider. Just wanting to know what your

383
00:17:09,320 --> 00:17:11,719
Speaker 5: thoughts are and what some of the tax implications can be.

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Speaker 2: Thanks, guys, Oh, I feel like this is a really

385
00:17:14,400 --> 00:17:17,320
Speaker 2: good one and one of those things I guess first

386
00:17:17,359 --> 00:17:20,159
Speaker 2: things first, Actually, let's rewind. I'm really sorry about your

387
00:17:20,240 --> 00:17:24,000
Speaker 2: duck because that sucks. But first things first, this is

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00:17:24,040 --> 00:17:30,600
Speaker 2: a really good, I guess example of how different competing

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Speaker 2: financial goals are going to take shape once you purchase

390
00:17:35,680 --> 00:17:38,159
Speaker 2: a property with someone who's not your partner. And that

391
00:17:38,200 --> 00:17:40,199
Speaker 2: doesn't mean it's a negative thing. It just means that

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00:17:40,240 --> 00:17:42,960
Speaker 2: we need to discuss it. Because if you have two

393
00:17:43,040 --> 00:17:45,399
Speaker 2: hundred thousand dollars left on a property, that's one hundred

394
00:17:45,440 --> 00:17:48,120
Speaker 2: thousand dollars each, and your sister's probably like, cool, I've

395
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Speaker 2: got two hundred and fifty thousand dollars. I'll have one

396
00:17:50,080 --> 00:17:52,880
Speaker 2: hundred and fifty grand leftover and no mortgage money win

397
00:17:53,440 --> 00:17:55,159
Speaker 2: for her. That makes sense. For you, you might have

398
00:17:55,200 --> 00:17:58,680
Speaker 2: done the maths and been like, actually, our family home mortgage,

399
00:17:58,800 --> 00:18:01,520
Speaker 2: it would be much better in an offset. That's what

400
00:18:01,560 --> 00:18:03,280
Speaker 2: we want to do. And I'd prefer to pay this

401
00:18:03,280 --> 00:18:05,880
Speaker 2: one hundred thousand dollars that I owe on this investment

402
00:18:05,920 --> 00:18:09,560
Speaker 2: property off over time. I think, guess what I'm going

403
00:18:09,600 --> 00:18:12,200
Speaker 2: to say when in dow zoom out. So let's look

404
00:18:12,200 --> 00:18:15,040
Speaker 2: at the bigger picture, Like, if you paid off this

405
00:18:15,160 --> 00:18:18,160
Speaker 2: in its entirety right now, is that actually the best

406
00:18:18,160 --> 00:18:20,320
Speaker 2: decision for you and your sister? Like if it's an

407
00:18:20,320 --> 00:18:23,359
Speaker 2: investment property, I don't have enough information, like is it

408
00:18:23,359 --> 00:18:27,160
Speaker 2: a positively good is it negatively gared? Like maybe there

409
00:18:27,160 --> 00:18:29,080
Speaker 2: could be some type of compromise and you pay off

410
00:18:29,119 --> 00:18:32,160
Speaker 2: a little bit so that the property does become completely

411
00:18:32,200 --> 00:18:35,760
Speaker 2: positively geared, so that there's no additions that are necessary

412
00:18:35,800 --> 00:18:37,840
Speaker 2: for you guys, and over time it just ticks along.

413
00:18:38,320 --> 00:18:41,159
Speaker 2: Maybe you could talk to your sister about what that

414
00:18:41,280 --> 00:18:44,679
Speaker 2: lumpsum could mean for her outside, Like what's the interest

415
00:18:44,720 --> 00:18:47,800
Speaker 2: rate on that mortgage? Let's pretend you went to Zella

416
00:18:47,840 --> 00:18:50,440
Speaker 2: and you've got a good interest rate on your mortgage.

417
00:18:50,680 --> 00:18:53,480
Speaker 2: The Australian share market is returning more than the interest

418
00:18:53,560 --> 00:18:57,760
Speaker 2: rates rewriting right now on mortgages, so it would actually

419
00:18:57,880 --> 00:19:00,040
Speaker 2: long term make more sense to not just pay that

420
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Speaker 2: off even though would feel good, but invest. So I

421
00:19:03,000 --> 00:19:07,440
Speaker 2: think it's a bigger conversation around Okay, what does that mean?

422
00:19:07,920 --> 00:19:11,120
Speaker 2: But also what does happen if your sister pays off

423
00:19:11,160 --> 00:19:14,879
Speaker 2: her entire portion. Is that a bad thing? Does that

424
00:19:14,920 --> 00:19:17,240
Speaker 2: mean that your sister's expecting to pay her one hundred

425
00:19:17,280 --> 00:19:20,240
Speaker 2: thousand dollars off and you have to do the same thing?

426
00:19:20,400 --> 00:19:22,439
Speaker 2: Or are you happy to take on the one hundred

427
00:19:22,480 --> 00:19:24,840
Speaker 2: thousand dollars left on the mortgage and be like, yes, sister,

428
00:19:24,920 --> 00:19:27,640
Speaker 2: you're completely paid off. That's all good, But I still

429
00:19:27,680 --> 00:19:30,959
Speaker 2: want to have that financial burden because it's still going

430
00:19:31,000 --> 00:19:33,480
Speaker 2: to be the same amount that you're paying every single month.

431
00:19:33,520 --> 00:19:37,600
Speaker 2: If your sister extinguishes her portion, Does that make sense.

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Speaker 4: Yeah, you just might want to increase in your interesting

433
00:19:40,880 --> 00:19:42,920
Speaker 4: they're splitting the cost of interest.

434
00:19:43,359 --> 00:19:45,520
Speaker 2: Yes, but it would then only be on one hundred

435
00:19:45,520 --> 00:19:48,359
Speaker 2: thousand dollars instead of two hundred thousand dollars, So it

436
00:19:48,440 --> 00:19:51,080
Speaker 2: should all come out in the wash technically. And I

437
00:19:51,119 --> 00:19:54,320
Speaker 2: mean that's up to you to decide whether you put

438
00:19:54,720 --> 00:19:57,040
Speaker 2: another twenty five thousand dollars into that, so then your

439
00:19:57,040 --> 00:19:59,879
Speaker 2: mortgage on that investment property is only seventy five or

440
00:20:00,080 --> 00:20:02,879
Speaker 2: something like that. But for me, it would be about

441
00:20:02,880 --> 00:20:06,439
Speaker 2: looking at what the rental yield on that investment property is, like,

442
00:20:06,920 --> 00:20:09,359
Speaker 2: what it looks like over time, what's the plan for it, like,

443
00:20:09,400 --> 00:20:12,200
Speaker 2: are you planning on selling it? Because for me, if

444
00:20:12,240 --> 00:20:15,760
Speaker 2: the plan is to sell a property, you don't necessarily

445
00:20:15,800 --> 00:20:19,720
Speaker 2: need to extinguish the mortgage first, especially with post tax dollars,

446
00:20:20,160 --> 00:20:22,640
Speaker 2: to then sell it and get the money back out

447
00:20:22,680 --> 00:20:26,240
Speaker 2: that way. So what's the long term plan for this property?

448
00:20:26,400 --> 00:20:27,960
Speaker 2: Would you be looking at, Jess? If you and I

449
00:20:28,080 --> 00:20:30,840
Speaker 2: purchased a property together and one of us wanted to

450
00:20:30,840 --> 00:20:32,679
Speaker 2: get rid of our mortgage and the other wanted to

451
00:20:32,720 --> 00:20:33,080
Speaker 2: keep it.

452
00:20:33,359 --> 00:20:35,520
Speaker 4: I don't have a good reason for this, but my

453
00:20:35,720 --> 00:20:38,720
Speaker 4: instinct was, just like our listener, like I would want

454
00:20:38,720 --> 00:20:40,600
Speaker 4: to pay off my own mortgage first.

455
00:20:41,160 --> 00:20:43,120
Speaker 2: I don't really know why. I don't know if it's

456
00:20:43,119 --> 00:20:45,800
Speaker 2: because to me over your own head. Yeah, I don't

457
00:20:45,800 --> 00:20:46,320
Speaker 2: know if it's like.

458
00:20:46,280 --> 00:20:49,399
Speaker 4: The emotional thing or like in my mind, I guess

459
00:20:49,760 --> 00:20:53,000
Speaker 4: you know, I'm like that push comes to shove if you,

460
00:20:53,000 --> 00:20:55,600
Speaker 4: you know, God forbid something goes wrong. The first thing

461
00:20:55,640 --> 00:20:59,120
Speaker 4: I'd sell would be the investment property before my family home,

462
00:20:59,160 --> 00:21:01,560
Speaker 4: And so for me, it makes sense to secure that

463
00:21:01,680 --> 00:21:04,880
Speaker 4: family home as much as possible. But I can see

464
00:21:04,920 --> 00:21:08,040
Speaker 4: that it could potentially cause conflict, you know, with if

465
00:21:08,119 --> 00:21:09,920
Speaker 4: you're wanting to do one thing and your sister's wanting

466
00:21:09,920 --> 00:21:12,720
Speaker 4: to do another, and there's obviously then the complexities of like,

467
00:21:13,280 --> 00:21:15,080
Speaker 4: as you were saying, if she pays off her portion

468
00:21:15,160 --> 00:21:16,800
Speaker 4: and you don't pay off your portion, like, I can

469
00:21:16,840 --> 00:21:19,280
Speaker 4: see that that's quite messy, which is also not ideal.

470
00:21:19,800 --> 00:21:21,480
Speaker 4: But yeah, but honestly, no good reason. I think I

471
00:21:21,480 --> 00:21:23,359
Speaker 4: would go with my mortgage. I mean I would probably

472
00:21:23,440 --> 00:21:25,439
Speaker 4: as you were saying, run the numbers. That's probably the

473
00:21:25,480 --> 00:21:28,520
Speaker 4: smart practical way to do it. That My just first

474
00:21:28,560 --> 00:21:31,639
Speaker 4: instinct listening to the dilemma was oh, like, I think

475
00:21:31,680 --> 00:21:33,280
Speaker 4: I would probably put it in my off personally.

476
00:21:33,720 --> 00:21:36,200
Speaker 2: Yeah, I also think we need to storry to jump

477
00:21:36,200 --> 00:21:38,679
Speaker 2: in here talk about the difference between tenants in common

478
00:21:38,760 --> 00:21:41,840
Speaker 2: versus joint tenants, because I don't know how you own that.

479
00:21:42,280 --> 00:21:45,000
Speaker 2: And so if your sister pays off her fifty percent

480
00:21:45,320 --> 00:21:50,480
Speaker 2: and it depends like the liability if you are joint tenants,

481
00:21:50,560 --> 00:21:53,600
Speaker 2: would actually mean that she still has that over her head, yeah,

482
00:21:53,600 --> 00:21:56,440
Speaker 2: which is which is technically not fair. But then you

483
00:21:56,480 --> 00:21:58,920
Speaker 2: could also draw up an agreement that says oh no, no, no,

484
00:21:59,040 --> 00:22:02,600
Speaker 2: like it's definitely my responsibility. But on the flip side,

485
00:22:02,680 --> 00:22:05,280
Speaker 2: if your tenants in common where you have a defined

486
00:22:05,440 --> 00:22:08,440
Speaker 2: share and you've paid off your defined share, like it

487
00:22:08,560 --> 00:22:11,919
Speaker 2: shouldn't be an issue. But anyway, just probably thinking too

488
00:22:12,000 --> 00:22:14,080
Speaker 2: deep about it once again, Beck, what would you do?

489
00:22:14,240 --> 00:22:14,440
Speaker 1: Well?

490
00:22:14,600 --> 00:22:16,719
Speaker 3: I actually just have a question about So offset account

491
00:22:16,800 --> 00:22:19,160
Speaker 3: is like, say, like you've you or you're paying for

492
00:22:19,359 --> 00:22:21,680
Speaker 3: your mortgage, and then you have an account that's linked

493
00:22:21,680 --> 00:22:24,960
Speaker 3: to your MORTGAGEE the offset account is like let's say,

494
00:22:24,960 --> 00:22:26,560
Speaker 3: for example, you have one hundred dollars in your mortgage

495
00:22:26,600 --> 00:22:28,560
Speaker 3: and then fifty dollars in your offset. You're only paying

496
00:22:28,560 --> 00:22:31,639
Speaker 3: interest on the remaining fifty Is that right? I'm retiring,

497
00:22:32,760 --> 00:22:34,600
Speaker 3: I'm retired. I don't even I don't even need to

498
00:22:34,640 --> 00:22:37,360
Speaker 3: be here. You've got this What if like, and I'm

499
00:22:37,400 --> 00:22:40,400
Speaker 3: not suggesting that our listener do this, but if they

500
00:22:40,440 --> 00:22:43,120
Speaker 3: put one hundred thousand dollars in the offset and then

501
00:22:43,119 --> 00:22:46,000
Speaker 3: the system pays one hundred thousand, does it just like

502
00:22:46,080 --> 00:22:48,560
Speaker 3: is that like does that mean that they're paying zero interest?

503
00:22:49,240 --> 00:22:52,800
Speaker 2: Yeah? Yeah, So there are people out there who still

504
00:22:52,840 --> 00:22:56,040
Speaker 2: have their entire mortgage facility, and if their house is

505
00:22:56,080 --> 00:22:58,240
Speaker 2: worth five hundred thousand dollars, they might have five hundred

506
00:22:58,280 --> 00:23:01,600
Speaker 2: thousand dollars in their sure in their offset and they

507
00:23:01,640 --> 00:23:04,040
Speaker 2: just don't pay anything each month and it offsets it.

508
00:23:04,119 --> 00:23:06,800
Speaker 2: But for some reason they might decide that still having

509
00:23:06,920 --> 00:23:10,720
Speaker 2: access to the mortgage facility makes sense. Now you might

510
00:23:10,760 --> 00:23:13,119
Speaker 2: go VI, that makes absolutely no sense, like, wouldn't you

511
00:23:13,160 --> 00:23:16,320
Speaker 2: just want to be nil all. Well, firstly, this is

512
00:23:16,359 --> 00:23:19,600
Speaker 2: actually quite common for people coming up to retirement, where

513
00:23:19,720 --> 00:23:22,160
Speaker 2: you know, they might be in their sixties and they

514
00:23:22,200 --> 00:23:24,119
Speaker 2: know if they went to a bank because one of

515
00:23:24,200 --> 00:23:26,800
Speaker 2: them is just retired, they would never get that mortgage again.

516
00:23:27,240 --> 00:23:30,080
Speaker 2: And they like the idea that they could have access

517
00:23:30,160 --> 00:23:33,639
Speaker 2: to the capital and the money in their offset to

518
00:23:33,800 --> 00:23:35,639
Speaker 2: play with. Maybe they're like, oh, it's a part of

519
00:23:35,680 --> 00:23:37,560
Speaker 2: our retirement plan. I don't want to be niil all

520
00:23:37,640 --> 00:23:39,879
Speaker 2: and just have a mortgage that's a zero and like

521
00:23:40,000 --> 00:23:42,560
Speaker 2: mortgage is gone, Like I don't mind if I go

522
00:23:42,680 --> 00:23:45,680
Speaker 2: back into debt a little bit because I took out

523
00:23:45,720 --> 00:23:48,399
Speaker 2: eighty thousand dollars to buy a caravan, because they probably

524
00:23:48,440 --> 00:23:51,920
Speaker 2: wouldn't get that on personal finance. So sometimes people keep

525
00:23:51,960 --> 00:23:55,439
Speaker 2: their mortgage facility around, so there's a lot of to

526
00:23:55,600 --> 00:23:58,760
Speaker 2: and fro. But yes, you could technically put the money

527
00:23:58,800 --> 00:24:01,760
Speaker 2: in there and offset it. But what this money direst

528
00:24:01,880 --> 00:24:03,719
Speaker 2: or this listener has written in and said, is she

529
00:24:03,800 --> 00:24:08,520
Speaker 2: wants that money in her current family homes offset And

530
00:24:08,600 --> 00:24:11,240
Speaker 2: I'm assuming it's because it's probably a higher interest rate.

531
00:24:11,640 --> 00:24:13,520
Speaker 2: And even if it's not a higher interest rate, it's

532
00:24:13,560 --> 00:24:17,040
Speaker 2: clearly making her feel more secure. Yes, and that's really

533
00:24:17,080 --> 00:24:18,800
Speaker 2: important to take infoferent generation too.

534
00:24:18,960 --> 00:24:21,639
Speaker 3: That's so fair. I think I probably do the same

535
00:24:21,800 --> 00:24:26,240
Speaker 3: thing in that case. Yes, simply feel like security. And yeah,

536
00:24:26,280 --> 00:24:28,159
Speaker 3: I guess if you do, like you don't really have

537
00:24:28,160 --> 00:24:33,000
Speaker 3: the emotional attachment to the investment property. So yeah, I mean, yeah,

538
00:24:32,680 --> 00:24:33,560
Speaker 3: I can see it.

539
00:24:33,880 --> 00:24:36,359
Speaker 2: I'm like thinking about this as much as I can now.

540
00:24:36,400 --> 00:24:38,560
Speaker 2: And I think that if this was my sister and

541
00:24:38,600 --> 00:24:40,119
Speaker 2: I and my sister was like, vey, I want to

542
00:24:40,160 --> 00:24:42,040
Speaker 2: put my one hundred grand in and paid off, I

543
00:24:42,040 --> 00:24:44,400
Speaker 2: think I would ask her if she could just put

544
00:24:44,440 --> 00:24:46,800
Speaker 2: it into the offset account and I continue to pay

545
00:24:46,840 --> 00:24:49,439
Speaker 2: the remainder of the mortgage because it would drop the

546
00:24:49,560 --> 00:24:54,240
Speaker 2: interest payments down to looking like it was only quote

547
00:24:54,240 --> 00:24:56,040
Speaker 2: one hundred thousand dollars, and that can then be my

548
00:24:56,200 --> 00:24:58,600
Speaker 2: portion and I can slowly pay it off over time.

549
00:24:58,880 --> 00:25:01,200
Speaker 2: But then I could like sell it to my sister

550
00:25:01,280 --> 00:25:04,399
Speaker 2: that if that situation ever changes, you can take the

551
00:25:04,440 --> 00:25:06,320
Speaker 2: money back out, like we don't need to sell the

552
00:25:06,320 --> 00:25:09,360
Speaker 2: property to get your money back out, and then if

553
00:25:09,359 --> 00:25:12,639
Speaker 2: you needed it for like another home deposit in the future,

554
00:25:12,760 --> 00:25:15,520
Speaker 2: or like building wealth in a different way, like you

555
00:25:15,560 --> 00:25:17,520
Speaker 2: could access it. So maybe that's a good way of

556
00:25:17,560 --> 00:25:19,600
Speaker 2: going about it. So like your sister can pay her

557
00:25:19,600 --> 00:25:22,399
Speaker 2: a portion, you pay yours, you do the mortgage, your payments,

558
00:25:22,400 --> 00:25:24,800
Speaker 2: but I would talk to your bank about that first

559
00:25:24,800 --> 00:25:28,240
Speaker 2: as well, talk to your broker actually about how that works,

560
00:25:28,680 --> 00:25:33,560
Speaker 2: because there might be you know, some loans. You might

561
00:25:33,560 --> 00:25:36,600
Speaker 2: not know this, but some loans have contribution caps, so

562
00:25:36,640 --> 00:25:38,959
Speaker 2: they might say you can only contribute up to, you know,

563
00:25:39,000 --> 00:25:41,840
Speaker 2: twenty four thousand dollars a year on your mortgage, which

564
00:25:42,000 --> 00:25:44,080
Speaker 2: obviously you need to dot all the i's and cross

565
00:25:44,119 --> 00:25:47,240
Speaker 2: all the teeth if you're concerned, shameless plug. But Xella

566
00:25:47,280 --> 00:25:50,320
Speaker 2: Money could literally do that for you, and it might

567
00:25:50,359 --> 00:25:52,320
Speaker 2: be a good idea. Now, if you're in a situation

568
00:25:52,359 --> 00:25:53,959
Speaker 2: where you're like, oh, like, we could pay it off,

569
00:25:54,000 --> 00:25:57,000
Speaker 2: it's only two hundred grand, maybe refinance it as well,

570
00:25:57,200 --> 00:25:59,160
Speaker 2: get a better rate, pay off you one hundred grand

571
00:25:59,200 --> 00:26:01,760
Speaker 2: of your sister's things, or put that in the offset

572
00:26:01,920 --> 00:26:04,960
Speaker 2: and then you're paying even less as well. That's a

573
00:26:05,080 --> 00:26:08,240
Speaker 2: great everyone can come out in the wash very comfortably.

574
00:26:08,359 --> 00:26:12,199
Speaker 2: But again, it's such a personal decision because, like money

575
00:26:12,320 --> 00:26:16,120
Speaker 2: isn't inherently right or wrong, Like there's no right answer here.

576
00:26:16,160 --> 00:26:18,399
Speaker 2: It's like, well, what do you feel most comfortable with? Sure,

577
00:26:18,680 --> 00:26:21,120
Speaker 2: it's an interesting dilemma, but above all, we're really.

578
00:26:20,960 --> 00:26:22,439
Speaker 3: Sorry too for your loss.

579
00:26:22,720 --> 00:26:26,359
Speaker 2: Yeah, sending you lot. Yeah, everybody who gets an inheritance,

580
00:26:26,400 --> 00:26:29,480
Speaker 2: I feel like there's this idea that, oh my god,

581
00:26:29,520 --> 00:26:31,800
Speaker 2: you got an inheritance, that's so lucky. It set you up.

582
00:26:31,920 --> 00:26:34,760
Speaker 2: Like I don't know one person who got an inheritance

583
00:26:34,760 --> 00:26:37,200
Speaker 2: who wouldn't immediately give it back for even like five

584
00:26:37,280 --> 00:26:40,880
Speaker 2: minutes more with the person that they lost. Yeah, Like, oh,

585
00:26:41,080 --> 00:26:43,760
Speaker 2: it's a shitty position to be in. So I am sorry.

586
00:26:44,160 --> 00:26:48,160
Speaker 2: But moving onwards, we have a DM that we're received

587
00:26:48,200 --> 00:26:49,639
Speaker 2: this week. Would you guys like to hear it?

588
00:26:49,800 --> 00:26:50,040
Speaker 4: Yeah?

589
00:26:50,119 --> 00:26:53,480
Speaker 2: Yeah, all right, So here's our DM. Hey, she's on

590
00:26:53,520 --> 00:26:56,160
Speaker 2: the money. How do you figure out what you actually

591
00:26:56,160 --> 00:26:58,159
Speaker 2: want to say? For I feel like I'm at an

592
00:26:58,200 --> 00:27:01,119
Speaker 2: age they're twenty three. I should be saving for the

593
00:27:01,119 --> 00:27:04,520
Speaker 2: big things in life, like a car, a house, or retirement.

594
00:27:05,080 --> 00:27:08,520
Speaker 2: But I also have a really pessimistic view towards that.

595
00:27:09,000 --> 00:27:11,720
Speaker 2: I have a car that runs. It's not flashy or new,

596
00:27:11,880 --> 00:27:14,600
Speaker 2: but it's nice enough. I don't feel like buying a

597
00:27:14,640 --> 00:27:17,280
Speaker 2: house is in reach right now due to the market.

598
00:27:17,760 --> 00:27:20,000
Speaker 2: For example, I live on the Gold Coast, so that

599
00:27:20,080 --> 00:27:22,320
Speaker 2: feels like it's too big of a goal to even

600
00:27:22,359 --> 00:27:26,480
Speaker 2: think about. And I'm slowly chipping away at my investment portfolio.

601
00:27:26,600 --> 00:27:29,680
Speaker 2: But to be honest, saving for retirement doesn't light me up.

602
00:27:30,200 --> 00:27:32,840
Speaker 2: So my head goes, oh, you should save for a trip,

603
00:27:33,200 --> 00:27:36,160
Speaker 2: But that feels irresponsible and silly. Does that make sense.

604
00:27:36,440 --> 00:27:38,000
Speaker 2: I want to be able to save my money and

605
00:27:38,000 --> 00:27:40,040
Speaker 2: I have a goal of five thousand dollars at the moment,

606
00:27:40,160 --> 00:27:42,480
Speaker 2: but I don't know why, so it's making the goal

607
00:27:42,520 --> 00:27:45,320
Speaker 2: feel much harder to reach. Is this relatable?

608
00:27:45,600 --> 00:27:47,760
Speaker 3: Oh my god, I feel so seen.

609
00:27:48,680 --> 00:27:50,040
Speaker 2: I don't know why we're doing this.

610
00:27:50,320 --> 00:27:52,560
Speaker 3: Yeah, that's why I feel like I've never saved. But also,

611
00:27:52,800 --> 00:27:55,639
Speaker 3: you know, I'm also really really bad as money, as

612
00:27:55,640 --> 00:27:58,040
Speaker 3: everyone knows, but I've never just really had a save

613
00:27:58,080 --> 00:28:03,720
Speaker 3: it back with money fueinantially illiterate.

614
00:28:07,680 --> 00:28:13,760
Speaker 2: Eyes. We're learning, we're growing, You're getting some new tools

615
00:28:13,760 --> 00:28:16,160
Speaker 2: and resources that you didn't have before. I think we're

616
00:28:16,160 --> 00:28:18,240
Speaker 2: all just out here doing the best that we can. Yes,

617
00:28:18,280 --> 00:28:19,800
Speaker 2: that's living the life that we want to leave.

618
00:28:19,840 --> 00:28:20,440
Speaker 3: Thank you so much.

619
00:28:20,560 --> 00:28:22,879
Speaker 2: That's actually is a bad Like there's a decision if

620
00:28:22,920 --> 00:28:25,399
Speaker 2: you go V would you have spent X on X?

621
00:28:25,680 --> 00:28:28,080
Speaker 2: Well maybe not, but then I would go, hey, back,

622
00:28:28,160 --> 00:28:30,400
Speaker 2: I spent this amount of money on this other thing,

623
00:28:30,400 --> 00:28:31,680
Speaker 2: and you'd be like, what the hell are you doing?

624
00:28:31,880 --> 00:28:35,040
Speaker 3: Like, yeah, that's true. I know you're just doing you that.

625
00:28:35,440 --> 00:28:36,600
Speaker 2: Thank you. It's important.

626
00:28:36,720 --> 00:28:42,360
Speaker 3: Thank you. Yeah, I feel like saving for something. I've

627
00:28:42,400 --> 00:28:44,400
Speaker 3: also been saved. It's kind of like I just can't

628
00:28:44,480 --> 00:28:47,080
Speaker 3: see beyond, Like I don't actually know what I'm saving for.

629
00:28:47,120 --> 00:28:50,200
Speaker 3: I'm just like, I guess I'm saving. If I can,

630
00:28:50,320 --> 00:28:52,320
Speaker 3: I'll save, but I'm like, what the hell for? Like,

631
00:28:52,360 --> 00:28:54,920
Speaker 3: I actually don't think I'll be able to buy an

632
00:28:54,960 --> 00:28:57,360
Speaker 3: apartment anytime soon. I don't really.

633
00:28:58,200 --> 00:28:59,960
Speaker 2: If we work at it, you will buy an apartment.

634
00:29:00,080 --> 00:29:02,320
Speaker 3: That's true, But I don't even have like the passion

635
00:29:02,480 --> 00:29:05,520
Speaker 3: for that to feel, you know, oh my god, Like

636
00:29:05,560 --> 00:29:07,280
Speaker 3: I want to put a thousand dollars away every month

637
00:29:07,320 --> 00:29:09,440
Speaker 3: to get so it's like it's a big goal. So

638
00:29:09,440 --> 00:29:11,480
Speaker 3: I totally understand what this person is saying, But I

639
00:29:11,520 --> 00:29:14,200
Speaker 3: think that even if you just are saving so that

640
00:29:14,320 --> 00:29:18,560
Speaker 3: you are not I guess it's really screwed if something

641
00:29:18,560 --> 00:29:20,320
Speaker 3: goes wrong. So like, as you say, like just having

642
00:29:20,320 --> 00:29:23,800
Speaker 3: an emergency emergency fund, but if you live like me,

643
00:29:23,920 --> 00:29:27,520
Speaker 3: that emergency fund could also be everyone's going to Japan

644
00:29:27,600 --> 00:29:30,040
Speaker 3: next year and I actually really want to go with them,

645
00:29:30,040 --> 00:29:33,560
Speaker 3: and I emergency. It depends on who you are as

646
00:29:33,920 --> 00:29:39,120
Speaker 3: you categorize. Emergency is sometimes just desperately not feeling fomo

647
00:29:39,320 --> 00:29:42,080
Speaker 3: and that is an emergency, or just like seeing something

648
00:29:42,080 --> 00:29:43,479
Speaker 3: that you really like and be like, oh, I can

649
00:29:43,480 --> 00:29:46,280
Speaker 3: actually afford that, Like I really want to buy this

650
00:29:46,360 --> 00:29:48,480
Speaker 3: brand new Fitbit and I can afford that now.

651
00:29:48,480 --> 00:29:50,520
Speaker 2: So it's like, I just see that brand new Fitbit,

652
00:29:50,840 --> 00:29:52,280
Speaker 2: is it? It looks really nice?

653
00:29:52,280 --> 00:29:55,600
Speaker 3: Thank you so much? No new color?

654
00:29:55,960 --> 00:29:56,800
Speaker 2: Yeah, I like it.

655
00:29:56,840 --> 00:29:58,959
Speaker 3: But yes, I think just like even if you have

656
00:29:59,040 --> 00:30:01,040
Speaker 3: no goals, if you don't know what you're saving, four

657
00:30:01,440 --> 00:30:04,080
Speaker 3: just honestly save for the joys of life, and that

658
00:30:04,120 --> 00:30:06,040
Speaker 3: could be don't feel bad about going on a trip.

659
00:30:06,200 --> 00:30:10,160
Speaker 3: That's when you're on your deathbed in a touchwood, You're

660
00:30:10,200 --> 00:30:12,240
Speaker 3: not gonna be like, wow, I'm so glad that I

661
00:30:12,360 --> 00:30:14,680
Speaker 3: didn't buy that late that one time so I could

662
00:30:14,760 --> 00:30:15,400
Speaker 3: buy a house.

663
00:30:15,560 --> 00:30:17,720
Speaker 2: You know you're going to be like as also, if

664
00:30:17,760 --> 00:30:19,880
Speaker 2: the compromise is not buying a latte and I get

665
00:30:19,880 --> 00:30:20,960
Speaker 2: a house, take my latte.

666
00:30:23,360 --> 00:30:24,280
Speaker 3: That's a very boom thing to no.

667
00:30:24,400 --> 00:30:26,560
Speaker 2: No, no, no. But I get it because I think that

668
00:30:26,680 --> 00:30:29,480
Speaker 2: so many times we feel the pressure to make compromises

669
00:30:29,720 --> 00:30:32,640
Speaker 2: that are compromising our lifestyle but don't actually ultimately help

670
00:30:32,680 --> 00:30:33,720
Speaker 2: with the long term.

671
00:30:33,800 --> 00:30:38,360
Speaker 3: Exactly exactly, But I'm just saying that the experiences and

672
00:30:38,560 --> 00:30:41,160
Speaker 3: having fun and doing things that make you feel happy

673
00:30:41,200 --> 00:30:43,280
Speaker 3: and joyful and spending time with your friends and all

674
00:30:43,320 --> 00:30:45,320
Speaker 3: this stuff, and those things are so important. So if

675
00:30:45,320 --> 00:30:48,440
Speaker 3: it's travel, i'd say that's an investment. I like that.

676
00:30:48,520 --> 00:30:52,360
Speaker 2: I like that. I'm going to flip to the savior. Yes,

677
00:30:52,560 --> 00:30:56,320
Speaker 2: yes we should miss I can save even when I'm broke.

678
00:30:57,360 --> 00:30:59,840
Speaker 2: Talk to me. I agree on some level.

679
00:30:59,880 --> 00:31:02,080
Speaker 4: I think that you're right, like you do need to

680
00:31:02,280 --> 00:31:05,120
Speaker 4: find joy in the things that you're doing. I think

681
00:31:05,480 --> 00:31:08,880
Speaker 4: I'm not entirely sure. If our listener is saying five thousand,

682
00:31:08,960 --> 00:31:10,760
Speaker 4: the five thousand that she's saving towards will be like

683
00:31:11,080 --> 00:31:13,200
Speaker 4: all the money that she has, Like currently she has

684
00:31:13,240 --> 00:31:15,200
Speaker 4: no money and she's saving. If that's the case, I

685
00:31:15,200 --> 00:31:17,640
Speaker 4: completely agree, like emergency fund should be your first priority

686
00:31:17,680 --> 00:31:20,120
Speaker 4: because you need to have something there in case of whatever.

687
00:31:19,880 --> 00:31:20,280
Speaker 3: It may be.

688
00:31:21,000 --> 00:31:23,040
Speaker 4: I think you need to figure out what does bring

689
00:31:23,080 --> 00:31:25,960
Speaker 4: you joy. So if it is the travel and that's

690
00:31:26,000 --> 00:31:28,480
Speaker 4: what you're choosing to prioritize, it's okay to prioritize that

691
00:31:28,600 --> 00:31:33,360
Speaker 4: over more traditional quote unquote goals like purchasing a house

692
00:31:33,520 --> 00:31:34,720
Speaker 4: or a wedding.

693
00:31:34,480 --> 00:31:39,320
Speaker 2: Or traditional goals are literally bullshit, Like you don't have

694
00:31:39,360 --> 00:31:41,560
Speaker 2: to do anything in this life that doesn't align with

695
00:31:41,600 --> 00:31:42,200
Speaker 2: your values.

696
00:31:42,240 --> 00:31:44,480
Speaker 4: Absolutely, So if travel is what really lights you up,

697
00:31:44,480 --> 00:31:46,720
Speaker 4: I think definitely prioritize that. The one thing that I

698
00:31:46,760 --> 00:31:49,480
Speaker 4: would say is, and I mean, I don't know anything

699
00:31:49,480 --> 00:31:51,560
Speaker 4: about where our listeners sitting in terms of like their

700
00:31:51,560 --> 00:31:54,600
Speaker 4: own journey for financial literacy and stuff. But I was

701
00:31:54,640 --> 00:31:57,680
Speaker 4: never excited by the idea of saving for retirement until

702
00:31:57,680 --> 00:32:02,040
Speaker 4: I understood the fact that like investing, for example, is

703
00:32:02,200 --> 00:32:03,800
Speaker 4: free money.

704
00:32:03,840 --> 00:32:04,479
Speaker 2: Free money.

705
00:32:04,680 --> 00:32:06,080
Speaker 4: Yeah, it was like a switch in my head. It

706
00:32:06,120 --> 00:32:08,160
Speaker 4: was like, oh my god, once I understood that by

707
00:32:08,200 --> 00:32:11,840
Speaker 4: doing this, I get all this money for free, you know,

708
00:32:12,000 --> 00:32:12,720
Speaker 4: pending marketing.

709
00:32:13,560 --> 00:32:15,360
Speaker 2: And so far it's been going well, it.

710
00:32:15,320 --> 00:32:17,720
Speaker 4: Has been going on earan, like in my investment portfolio,

711
00:32:17,760 --> 00:32:20,440
Speaker 4: which is not particularly big. I think currently if I

712
00:32:20,480 --> 00:32:23,360
Speaker 4: were to sell, I'd be up like three grand, Like

713
00:32:23,520 --> 00:32:26,160
Speaker 4: that's three grand you didn't have before correct, three grand

714
00:32:26,360 --> 00:32:29,480
Speaker 4: effectively free money. And so you know, even if you're

715
00:32:29,520 --> 00:32:32,320
Speaker 4: looking at lot a high interest savings account or something

716
00:32:32,360 --> 00:32:35,680
Speaker 4: like that. For me, that was a really good switch

717
00:32:35,680 --> 00:32:37,120
Speaker 4: and a motivator. That's not going to be the case

718
00:32:37,120 --> 00:32:39,560
Speaker 4: for everybody. Like you know, my money might not be

719
00:32:39,600 --> 00:32:42,120
Speaker 4: something that's a priority to you, But I would say,

720
00:32:42,560 --> 00:32:45,280
Speaker 4: maybe explore all the different options and make sure you

721
00:32:45,360 --> 00:32:49,360
Speaker 4: really understand what that looks like for your potential future.

722
00:32:49,360 --> 00:32:51,040
Speaker 4: You said you kind of want to buy a house,

723
00:32:51,080 --> 00:32:53,640
Speaker 4: but you don't think it's achievable. Talk to a broker,

724
00:32:53,800 --> 00:32:56,040
Speaker 4: see where you would need to be, because you would

725
00:32:56,040 --> 00:32:59,040
Speaker 4: be amazed at how many schemes there are that can

726
00:32:59,120 --> 00:33:01,520
Speaker 4: help you get in with the much lower deposit than

727
00:33:01,560 --> 00:33:03,760
Speaker 4: you would maybe think. And you know, there are all

728
00:33:03,760 --> 00:33:06,160
Speaker 4: of these different avenues and options. So I would say,

729
00:33:06,720 --> 00:33:08,520
Speaker 4: and again maybe this is coming back to the type

730
00:33:08,560 --> 00:33:10,120
Speaker 4: of person I am. I like to have all of

731
00:33:10,120 --> 00:33:12,600
Speaker 4: the information before I make a choice, but like, really

732
00:33:12,640 --> 00:33:14,800
Speaker 4: look into all of these different things and what that

733
00:33:14,880 --> 00:33:17,120
Speaker 4: could look like and what input that would take from you,

734
00:33:17,520 --> 00:33:19,400
Speaker 4: and if at the end of that year, go no,

735
00:33:19,600 --> 00:33:21,600
Speaker 4: I just want to spend the next five years traveling.

736
00:33:22,280 --> 00:33:25,120
Speaker 4: Travel like that is okay, and do that and enjoy

737
00:33:25,160 --> 00:33:27,280
Speaker 4: that and don't feel guilty about that. But I would

738
00:33:27,320 --> 00:33:29,320
Speaker 4: just say, make sure you have all the information, because

739
00:33:29,320 --> 00:33:31,800
Speaker 4: I would hate for you to make a choice, because

740
00:33:31,800 --> 00:33:33,160
Speaker 4: you know, I can't afford to buy a house, so

741
00:33:33,200 --> 00:33:34,760
Speaker 4: I'm just going to spend the money because can't take

742
00:33:34,760 --> 00:33:36,480
Speaker 4: it with me when I die, like you were saying back,

743
00:33:36,880 --> 00:33:39,160
Speaker 4: and then you know, a couple of years later, you go, oh,

744
00:33:39,200 --> 00:33:42,880
Speaker 4: if I had known X y Z, I actually could

745
00:33:42,880 --> 00:33:44,760
Speaker 4: have bought a house a couple of years ago. And

746
00:33:44,800 --> 00:33:47,240
Speaker 4: that's something that I would have wanted. But you shouldn't

747
00:33:47,240 --> 00:33:48,520
Speaker 4: feel bad about your priorities.

748
00:33:48,640 --> 00:33:53,720
Speaker 2: Yes, yeah, I think that you said something, or our

749
00:33:53,840 --> 00:33:57,080
Speaker 2: listener wrote in and said, like, I think I'm just pessimistic,

750
00:33:57,600 --> 00:34:01,080
Speaker 2: And I think that's important to dress because human beings

751
00:34:01,160 --> 00:34:04,200
Speaker 2: are inherently pessimistic, because if we go back in time,

752
00:34:04,520 --> 00:34:06,840
Speaker 2: none of us could live in a cave. But back then,

753
00:34:07,520 --> 00:34:11,480
Speaker 2: being pessimistic was a survival instinct and expecting the worst

754
00:34:11,520 --> 00:34:15,719
Speaker 2: and getting the best was a literal survival tool to

755
00:34:15,800 --> 00:34:17,279
Speaker 2: go like, oh, if I go out, there might be

756
00:34:17,320 --> 00:34:19,799
Speaker 2: a threat. Like and I think that that is a

757
00:34:19,840 --> 00:34:24,920
Speaker 2: protective measure that we still implement today, whether that is

758
00:34:25,120 --> 00:34:28,319
Speaker 2: us protecting our emotions because we're like, oh, I don't

759
00:34:28,320 --> 00:34:31,160
Speaker 2: even like them kind of vibes, or oh, I don't

760
00:34:31,200 --> 00:34:33,160
Speaker 2: even want to buy a property, when maybe deep down

761
00:34:33,200 --> 00:34:37,440
Speaker 2: you do because you just don't want to put yourself

762
00:34:37,440 --> 00:34:39,960
Speaker 2: in a situation where you feel at risk. Right, So,

763
00:34:40,080 --> 00:34:44,280
Speaker 2: I think that having conversations and learning more about financial

764
00:34:44,320 --> 00:34:47,520
Speaker 2: literacy and what it could mean, and just exploring opportunities,

765
00:34:47,560 --> 00:34:50,560
Speaker 2: you don't have to do these things. Like my job,

766
00:34:50,680 --> 00:34:53,200
Speaker 2: or the job I've given myself, is to give you

767
00:34:53,320 --> 00:34:55,920
Speaker 2: all of the tools and resources that I believe you

768
00:34:56,000 --> 00:34:58,920
Speaker 2: deserve to make decisions that are in line with your values.

769
00:34:59,360 --> 00:35:02,240
Speaker 2: And that does not mean that everybody should be investing

770
00:35:02,280 --> 00:35:04,360
Speaker 2: in the share market. It doesn't mean that everybody should be,

771
00:35:04,440 --> 00:35:07,319
Speaker 2: you know, buying property. Like, I want you to have

772
00:35:07,360 --> 00:35:10,240
Speaker 2: the financial freedom to live the life that you are crafting,

773
00:35:10,560 --> 00:35:12,879
Speaker 2: but I can't tell you what your values are. That's

774
00:35:12,920 --> 00:35:15,400
Speaker 2: why I'm so like, oh, think about your money story,

775
00:35:15,440 --> 00:35:17,799
Speaker 2: think about these things because I can push you so far,

776
00:35:17,840 --> 00:35:20,120
Speaker 2: but you can't lead a horse to water and then

777
00:35:20,200 --> 00:35:23,200
Speaker 2: expect them that they will immediately drink. Right, So I

778
00:35:23,200 --> 00:35:26,279
Speaker 2: think you need to do some internal work about, well,

779
00:35:26,280 --> 00:35:29,640
Speaker 2: what are your value systems? Like, let's talk about this pessimism.

780
00:35:29,680 --> 00:35:32,040
Speaker 2: Where is it coming from? Is it because your money

781
00:35:32,040 --> 00:35:34,279
Speaker 2: story is telling you that it never happened for your

782
00:35:34,320 --> 00:35:37,279
Speaker 2: parents and every family member that you've got has never

783
00:35:37,320 --> 00:35:41,399
Speaker 2: owned property, and therefore this blueprint has been set for you,

784
00:35:41,520 --> 00:35:44,240
Speaker 2: so you just expect you will follow suit. That doesn't

785
00:35:44,280 --> 00:35:46,680
Speaker 2: have to be the reality of your future. Like just

786
00:35:46,719 --> 00:35:50,359
Speaker 2: because you've seen it portrayed that way doesn't mean that

787
00:35:50,480 --> 00:35:53,719
Speaker 2: you aren't completely in control of your money journey. Like

788
00:35:54,160 --> 00:35:56,920
Speaker 2: anybody at any stage can go Nope, that's not for

789
00:35:57,000 --> 00:35:59,680
Speaker 2: me anymore. It's really hard. It's not like a easy

790
00:35:59,760 --> 00:36:01,959
Speaker 2: like I just wake up today and decided to be rich,

791
00:36:02,480 --> 00:36:05,680
Speaker 2: like if only, if only right? But like, if you

792
00:36:05,800 --> 00:36:09,200
Speaker 2: want something bad enough, you can make it happen. And

793
00:36:09,239 --> 00:36:11,640
Speaker 2: the She's on the Money community has taught us that.

794
00:36:11,719 --> 00:36:14,640
Speaker 2: Like we've had people who have gone from being dead

795
00:36:14,840 --> 00:36:17,600
Speaker 2: broke in hundreds of thousands of dollars worth of debt

796
00:36:17,640 --> 00:36:21,400
Speaker 2: to starting businesses to you know, investing hundreds of thousands

797
00:36:21,440 --> 00:36:24,560
Speaker 2: of dollars to becoming financially free. So I think it's

798
00:36:24,719 --> 00:36:27,839
Speaker 2: important to kind of like go, okay, cool. Why why

799
00:36:27,880 --> 00:36:30,400
Speaker 2: am I not even engaged in this? Is it because

800
00:36:30,400 --> 00:36:32,719
Speaker 2: it is overwhelming? Is it because I don't know what

801
00:36:32,760 --> 00:36:35,200
Speaker 2: I even want to do with my degree or even

802
00:36:35,239 --> 00:36:37,439
Speaker 2: want to do for work or whatever that is? Jess,

803
00:36:37,600 --> 00:36:40,560
Speaker 2: you touched on something that I think is really disengaging,

804
00:36:40,719 --> 00:36:44,080
Speaker 2: and that's this concept of retirement. Like in my head.

805
00:36:44,239 --> 00:36:46,719
Speaker 2: In my head, people who retire they have like a

806
00:36:46,760 --> 00:36:49,520
Speaker 2: work chrisma, like a work party, and they get a

807
00:36:49,560 --> 00:36:51,960
Speaker 2: col's cake and they stand around in their tea room

808
00:36:52,000 --> 00:36:55,520
Speaker 2: and they go yay friends retiring, and they have little flags.

809
00:36:55,840 --> 00:36:59,439
Speaker 2: And there's nothing sexy about retirement to me. But there's

810
00:36:59,480 --> 00:37:03,440
Speaker 2: a lot that sexy about financial freedom, Like the idea

811
00:37:03,480 --> 00:37:05,319
Speaker 2: that I'm going to get to a point in my

812
00:37:05,560 --> 00:37:09,799
Speaker 2: life and I'm going to have enough income from passive investments,

813
00:37:09,840 --> 00:37:13,240
Speaker 2: meaning I could not go to work and still afford brunch,

814
00:37:13,320 --> 00:37:16,440
Speaker 2: still afford coffee, still be able to travel. Like to me,

815
00:37:16,600 --> 00:37:19,719
Speaker 2: that excites me. So I think it's about I get

816
00:37:19,719 --> 00:37:23,240
Speaker 2: that you're not engaged with this concept of retirement because neither.

817
00:37:23,719 --> 00:37:25,560
Speaker 2: And I know that Jess. That was something where I

818
00:37:25,560 --> 00:37:26,920
Speaker 2: was like, do you want to talk about retirement and

819
00:37:26,960 --> 00:37:29,080
Speaker 2: you were like absolutely not. But then I was like, well,

820
00:37:29,120 --> 00:37:30,600
Speaker 2: so did you know you can get free money? And

821
00:37:30,640 --> 00:37:33,759
Speaker 2: you're like, sorry, what was that? I wasn't listening? Can

822
00:37:33,800 --> 00:37:37,360
Speaker 2: you start again? And I think it's really important to

823
00:37:37,440 --> 00:37:40,080
Speaker 2: kind of educate yourself on what that can provide, because

824
00:37:40,120 --> 00:37:43,839
Speaker 2: if you love travel, imagine having an investment portfolio that

825
00:37:43,920 --> 00:37:46,160
Speaker 2: paid you a passive income that meant you could travel

826
00:37:46,280 --> 00:37:50,640
Speaker 2: every single year without question, without having to be like, oh,

827
00:37:50,719 --> 00:37:52,600
Speaker 2: I wonder if I'll be able to afford it. No, no, no,

828
00:37:52,640 --> 00:37:54,960
Speaker 2: You set yourself up so you could afford it, and

829
00:37:55,040 --> 00:37:58,400
Speaker 2: a lot of these systems, once you've decided on your values,

830
00:37:58,680 --> 00:38:01,560
Speaker 2: we can set up in the background, whether that's contributing

831
00:38:01,600 --> 00:38:04,160
Speaker 2: more to your superannuation and asking your employer to do

832
00:38:04,200 --> 00:38:05,799
Speaker 2: that on your behalf so you don't have to think

833
00:38:05,840 --> 00:38:08,640
Speaker 2: about it again, or whether that is you know, automating

834
00:38:08,680 --> 00:38:10,840
Speaker 2: your cash flow so when money comes into your account,

835
00:38:10,880 --> 00:38:13,479
Speaker 2: you have a direct debit that goes straight out into

836
00:38:13,520 --> 00:38:16,600
Speaker 2: an investment or straight out into your savings account, so

837
00:38:16,640 --> 00:38:19,400
Speaker 2: that you don't have to think about money all the time.

838
00:38:19,520 --> 00:38:22,160
Speaker 2: I think there's this massive misconception that to be good

839
00:38:22,160 --> 00:38:24,480
Speaker 2: at money you need to be consistently like counting your

840
00:38:24,520 --> 00:38:26,759
Speaker 2: pennies and checking your bank account and doing all these things.

841
00:38:26,800 --> 00:38:31,600
Speaker 2: Like no, implementing good systems is the key to success. Ye, Like,

842
00:38:31,719 --> 00:38:34,280
Speaker 2: it's not something like I don't check my bank account

843
00:38:34,320 --> 00:38:36,359
Speaker 2: every day. I don't look at these things and that's

844
00:38:36,400 --> 00:38:39,680
Speaker 2: a privilege. But the privilege has come from implementing clean

845
00:38:39,840 --> 00:38:43,600
Speaker 2: systems because I don't really want to do that every day. Yeah.

846
00:38:43,680 --> 00:38:46,040
Speaker 4: Yeah, And it's a really tough economic time right now.

847
00:38:46,320 --> 00:38:49,879
Speaker 4: You have a point about, like, you know, feeling pessimistic,

848
00:38:50,000 --> 00:38:52,120
Speaker 4: and to be honest, I can totally agree with that.

849
00:38:52,160 --> 00:38:55,319
Speaker 4: I think that it's just overwhelming and scary, not even

850
00:38:55,360 --> 00:38:57,920
Speaker 4: just in the financial world, but the political world and

851
00:38:58,360 --> 00:38:59,719
Speaker 4: you know, all of the things that are happening in

852
00:38:59,719 --> 00:39:01,880
Speaker 4: other right now. I feel like it feels heavy to

853
00:39:02,080 --> 00:39:06,440
Speaker 4: just be alive, right and it's right, Yeah, sometimes it

854
00:39:06,600 --> 00:39:10,120
Speaker 4: just feels hard, and that is really normal, I think,

855
00:39:10,160 --> 00:39:12,320
Speaker 4: and that it makes sense that that would then bleed

856
00:39:12,400 --> 00:39:15,439
Speaker 4: into something as significant as your finances because you're trying

857
00:39:15,440 --> 00:39:17,640
Speaker 4: to think about your future, you know, well, oh my god,

858
00:39:17,640 --> 00:39:20,400
Speaker 4: the future feels very scary and very unsure and very unstable,

859
00:39:21,120 --> 00:39:22,719
Speaker 4: and I feel like that could maybe plain into it

860
00:39:22,719 --> 00:39:24,160
Speaker 4: as well. But I just want to say that you're.

861
00:39:24,000 --> 00:39:25,520
Speaker 2: Not alone in that, because I feel like that a

862
00:39:25,560 --> 00:39:27,480
Speaker 2: lot too, And you don't want to hear this, But

863
00:39:27,640 --> 00:39:30,319
Speaker 2: the best way to protect yourself and your future is

864
00:39:30,360 --> 00:39:33,440
Speaker 2: to care about your financial literacy. The best way to

865
00:39:33,520 --> 00:39:36,359
Speaker 2: put yourself in in the best position, whether you are

866
00:39:36,440 --> 00:39:39,880
Speaker 2: in significant debt or have a massive income, is to

867
00:39:40,000 --> 00:39:42,360
Speaker 2: care about your cash flow. Is to do a budget,

868
00:39:42,520 --> 00:39:44,600
Speaker 2: is to do all the things that you are probably

869
00:39:44,640 --> 00:39:48,879
Speaker 2: avoiding because it is going to mean that you have clarity. Yeah,

870
00:39:48,920 --> 00:39:53,680
Speaker 2: and even if the clarity shows you that things looking

871
00:39:53,680 --> 00:39:56,759
Speaker 2: a bit bleak, you would prefer to know now and

872
00:39:56,800 --> 00:39:59,200
Speaker 2: be able to address it. Then get another ten years

873
00:39:59,239 --> 00:40:02,960
Speaker 2: down the track and like, oh, that's even worse. Like

874
00:40:03,080 --> 00:40:05,759
Speaker 2: we can do so much today. That puts you in

875
00:40:05,760 --> 00:40:09,120
Speaker 2: the best possible position, like let's do it, let's do it. Whatever,

876
00:40:09,360 --> 00:40:11,920
Speaker 2: will say. So lots of opinions, and I feel like

877
00:40:11,960 --> 00:40:14,480
Speaker 2: it was a really relatable one. Right, So we went

878
00:40:14,520 --> 00:40:16,400
Speaker 2: to the community and we said, do you find it

879
00:40:16,440 --> 00:40:18,480
Speaker 2: hard to set goals because of what you think you

880
00:40:18,640 --> 00:40:22,160
Speaker 2: should be doing? And forty percent of our community said

881
00:40:22,200 --> 00:40:25,920
Speaker 2: oh my god, yes, twenty seven percent said sometimes I

882
00:40:26,000 --> 00:40:28,360
Speaker 2: try hard to tune that out, and thirty three percent

883
00:40:28,400 --> 00:40:30,440
Speaker 2: of you said no, I'm just doing what works for me.

884
00:40:31,320 --> 00:40:32,279
Speaker 2: Teach us your way.

885
00:40:32,600 --> 00:40:32,960
Speaker 3: Yeah.

886
00:40:33,520 --> 00:40:36,279
Speaker 2: We also asked do you think clear goals help you

887
00:40:36,440 --> 00:40:39,920
Speaker 2: keep control of your finances? Seventy eight percent of you

888
00:40:40,000 --> 00:40:43,480
Speaker 2: said yes, or my money is a mess, and twenty

889
00:40:43,480 --> 00:40:46,440
Speaker 2: two percent of you said nope, I'm fine without them.

890
00:40:46,760 --> 00:40:48,480
Speaker 4: Whatever works for you when I need to judge.

891
00:40:48,239 --> 00:40:51,320
Speaker 2: Eye But also like I could never.

892
00:40:51,680 --> 00:40:54,080
Speaker 4: I know when my type, I asked, could simply not.

893
00:40:54,120 --> 00:40:56,640
Speaker 2: But I absolutely not. We obviously then said can we

894
00:40:56,680 --> 00:41:00,520
Speaker 2: please have your two cents? Some and I have a

895
00:41:00,520 --> 00:41:02,120
Speaker 2: lot of comments, so I'm going to go through them.

896
00:41:02,480 --> 00:41:04,480
Speaker 2: One person said, I think it's okay for people to

897
00:41:04,520 --> 00:41:07,920
Speaker 2: have different goals at different ages and stages. Absolutely agree,

898
00:41:08,560 --> 00:41:11,680
Speaker 2: So many of you replied, I relate so hard to this.

899
00:41:12,320 --> 00:41:15,279
Speaker 2: Someone else said, struggling with goals, think of money as

900
00:41:15,320 --> 00:41:18,440
Speaker 2: a journey, not a destination, because it's about process.

901
00:41:18,520 --> 00:41:19,080
Speaker 3: So true.

902
00:41:19,200 --> 00:41:20,879
Speaker 2: I love this. I feel like all of you guys

903
00:41:20,920 --> 00:41:24,239
Speaker 2: should actually host the show. Someone else said, I think

904
00:41:24,280 --> 00:41:27,160
Speaker 2: you should think of investments as something different rather than

905
00:41:27,200 --> 00:41:30,799
Speaker 2: your retirement, same page as me. Another person said, you

906
00:41:30,840 --> 00:41:33,120
Speaker 2: can save for a holiday and a house. The house

907
00:41:33,160 --> 00:41:36,000
Speaker 2: doesn't need to be clear in order to save towards it.

908
00:41:36,040 --> 00:41:38,759
Speaker 3: That's true. Yeah, you can do multiple things at once.

909
00:41:38,920 --> 00:41:41,200
Speaker 2: Someone else said, I'm a little bit in the same

910
00:41:41,320 --> 00:41:43,759
Speaker 2: boat of not knowing what to save for. So I

911
00:41:43,800 --> 00:41:46,600
Speaker 2: have just a big savings account and then a general

912
00:41:46,640 --> 00:41:49,720
Speaker 2: savings account. The big one is for life things, whether

913
00:41:49,880 --> 00:41:52,239
Speaker 2: it's a house or something big that I decide on

914
00:41:52,320 --> 00:41:55,400
Speaker 2: in the future, and then general savings can be for holidays.

915
00:41:55,719 --> 00:41:56,560
Speaker 3: I like that cool.

916
00:41:56,880 --> 00:41:59,560
Speaker 2: Someone else said, I'm not very goal oriented. I save

917
00:41:59,680 --> 00:42:02,200
Speaker 2: because I can, and then it's there if I need something.

918
00:42:02,480 --> 00:42:05,040
Speaker 4: Totally a good point. Not everyone does work that I particularly.

919
00:42:05,040 --> 00:42:08,000
Speaker 4: I feel like a lot of neurodivergin people probably approach

920
00:42:08,120 --> 00:42:10,040
Speaker 4: you and we don't know what we want you always

921
00:42:10,680 --> 00:42:12,759
Speaker 4: you either hyper fixate and you're like, this is all

922
00:42:12,800 --> 00:42:14,920
Speaker 4: I'm doing, or it can maybe feel a little bit

923
00:42:15,000 --> 00:42:17,960
Speaker 4: intangible and therefore more challenging, which is also normal.

924
00:42:18,160 --> 00:42:18,440
Speaker 5: Yeah.

925
00:42:18,520 --> 00:42:23,319
Speaker 2: Yeah, encrusted right now, Yeah, but very valid. Like, you

926
00:42:23,360 --> 00:42:25,040
Speaker 2: don't need to have goals, but you do need to

927
00:42:25,080 --> 00:42:27,279
Speaker 2: care about future you. Yes, So I think that you

928
00:42:27,320 --> 00:42:29,520
Speaker 2: don't need to be clear on it. But we do

929
00:42:29,600 --> 00:42:31,640
Speaker 2: need to be clear that future you deserves the best,

930
00:42:31,640 --> 00:42:34,040
Speaker 2: and we're going to treat them that way. Someone said,

931
00:42:34,080 --> 00:42:37,200
Speaker 2: this is one hundred percent me. I'm saving, but what for?

932
00:42:37,600 --> 00:42:39,920
Speaker 2: I think about spending it, but then I don't because

933
00:42:39,920 --> 00:42:44,000
Speaker 2: I fear it's a waste. It's hard. Yeah, someone else said,

934
00:42:44,160 --> 00:42:47,200
Speaker 2: life is short but also long. I try to balance

935
00:42:47,360 --> 00:42:48,240
Speaker 2: goals for both.

936
00:42:48,360 --> 00:42:49,960
Speaker 3: You never know, you never know.

937
00:42:50,200 --> 00:42:52,960
Speaker 2: And then someone else said, maybe just start with one

938
00:42:53,040 --> 00:42:55,360
Speaker 2: goal and that goal is an emergency fund.

939
00:42:55,480 --> 00:42:56,480
Speaker 3: That's a great idea.

940
00:42:56,719 --> 00:42:57,640
Speaker 2: I really love. For me.

941
00:42:57,760 --> 00:43:00,960
Speaker 3: It's like, what are you saving for? Financial freedom?

942
00:43:01,480 --> 00:43:04,319
Speaker 2: I just want to reach, Like do you want me

943
00:43:04,320 --> 00:43:04,839
Speaker 2: free money?

944
00:43:05,120 --> 00:43:05,279
Speaker 4: Yeah?

945
00:43:05,280 --> 00:43:07,680
Speaker 2: Don't free money? What I want exactly? And I feel

946
00:43:07,719 --> 00:43:09,640
Speaker 2: like you are a do what you want kind of person,

947
00:43:10,000 --> 00:43:11,319
Speaker 2: Like you don't need to buy a house, you don't

948
00:43:11,360 --> 00:43:13,640
Speaker 2: need to organize like a plan for an apartment. But

949
00:43:13,760 --> 00:43:17,560
Speaker 2: like Beck, you imagine how much do what you want?

950
00:43:17,560 --> 00:43:18,719
Speaker 2: You could do if you didn't have to come to

951
00:43:18,719 --> 00:43:21,719
Speaker 2: work today. I know you could sleep in you could

952
00:43:21,760 --> 00:43:24,280
Speaker 2: lay in the grass, you could get six billion vapes

953
00:43:24,320 --> 00:43:26,160
Speaker 2: like you could do you but you need cash to

954
00:43:26,239 --> 00:43:27,200
Speaker 2: fund that lifestyle.

955
00:43:27,239 --> 00:43:30,360
Speaker 4: But I'd still be here lots of people don't have

956
00:43:30,440 --> 00:43:33,600
Speaker 4: houses and stuff too, like, yeah for every.

957
00:43:33,360 --> 00:43:35,959
Speaker 2: Oh my god, I just actually finished it's coming out soon.

958
00:43:36,000 --> 00:43:38,960
Speaker 2: I just finished recording a money diary. Was someone who said, basically,

959
00:43:39,320 --> 00:43:42,680
Speaker 2: I have six figures in my investment portfolio, six figures

960
00:43:42,719 --> 00:43:46,120
Speaker 2: in my super six figure income, and I don't think

961
00:43:46,160 --> 00:43:48,440
Speaker 2: I want to buy property, not for me. And I

962
00:43:48,560 --> 00:43:51,279
Speaker 2: looked at their savings they are saving. They have one

963
00:43:51,320 --> 00:43:54,479
Speaker 2: hundred and ten thousand dollars in an investment platform right now,

964
00:43:54,680 --> 00:43:57,799
Speaker 2: saving two and a half or two two hundred dollars

965
00:43:57,880 --> 00:44:01,880
Speaker 2: each and every single month, which is so much money, right,

966
00:44:02,400 --> 00:44:05,000
Speaker 2: But I worked out that when they retire, they're going

967
00:44:05,080 --> 00:44:08,600
Speaker 2: to have about five million dollars in investments. Crazy and

968
00:44:08,800 --> 00:44:10,919
Speaker 2: no plans for property. But do you know what five

969
00:44:10,960 --> 00:44:12,920
Speaker 2: million dollars in their investment is going to mean when

970
00:44:12,960 --> 00:44:16,240
Speaker 2: they retire? What an income of two hundred and seventy

971
00:44:16,280 --> 00:44:17,439
Speaker 2: five thousand dollars a year.

972
00:44:17,560 --> 00:44:18,680
Speaker 4: That is very feeling.

973
00:44:19,040 --> 00:44:22,680
Speaker 2: But do you know how much whatever you want that means? Yeah,

974
00:44:22,719 --> 00:44:25,160
Speaker 2: that's so true. And they were like, oh, I don't know,

975
00:44:25,520 --> 00:44:26,799
Speaker 2: I'll have to work it out because I have to

976
00:44:26,800 --> 00:44:28,720
Speaker 2: pay rent. And I was like, babe, with only seventy

977
00:44:28,760 --> 00:44:30,759
Speaker 2: five thousand dollars has an income, you'll always be able

978
00:44:30,760 --> 00:44:34,960
Speaker 2: to pay rent. You are fine. Anyway. This is probably

979
00:44:35,040 --> 00:44:37,719
Speaker 2: also a really good time to do a little bit

980
00:44:37,719 --> 00:44:40,239
Speaker 2: of a shameless plug Jess and Beck, because we have

981
00:44:40,400 --> 00:44:43,399
Speaker 2: just launched our first ever Black Friday sale, and it's

982
00:44:43,400 --> 00:44:45,800
Speaker 2: like kind of a way to divert you from actual

983
00:44:45,840 --> 00:44:49,000
Speaker 2: shopping and into investing in yourself. And we're just talking

984
00:44:49,040 --> 00:44:51,920
Speaker 2: about goal setting and investing and cash flow and how

985
00:44:52,000 --> 00:44:55,360
Speaker 2: that's really important. So we have just launched our bundles

986
00:44:55,400 --> 00:44:57,359
Speaker 2: with Sheese on the Money, so you could get your

987
00:44:57,360 --> 00:44:59,839
Speaker 2: wealth built a bundle and it's like thirty percent off

988
00:45:00,040 --> 00:45:02,600
Speaker 2: all of our courses or are like a future Investor

989
00:45:02,640 --> 00:45:05,239
Speaker 2: bundle where you have the goal setting course as well

990
00:45:05,280 --> 00:45:08,040
Speaker 2: as the investing course. Anyway, there's whole heap of discounts

991
00:45:08,040 --> 00:45:10,719
Speaker 2: to be had. It launches in January next year, like

992
00:45:10,760 --> 00:45:13,480
Speaker 2: the actual course intakes, but we wanted to give some

993
00:45:13,520 --> 00:45:15,759
Speaker 2: people some savings now so that they can focus on

994
00:45:15,800 --> 00:45:18,600
Speaker 2: investing in themselves instead of in close and shoes and

995
00:45:18,640 --> 00:45:21,880
Speaker 2: things that seem to be all we care about during

996
00:45:21,920 --> 00:45:25,239
Speaker 2: Black Friday. Anyway, all of the for that is going

997
00:45:25,280 --> 00:45:27,439
Speaker 2: to be in the show notes, and it's all over

998
00:45:27,480 --> 00:45:31,320
Speaker 2: social media because that's just who we are as people. Anyway,

999
00:45:31,440 --> 00:45:33,600
Speaker 2: I feel like this has been a really good Friday

1000
00:45:33,719 --> 00:45:37,320
Speaker 2: Chat Friday Rat. Have a good weekend, guys, and we'll

1001
00:45:37,360 --> 00:45:39,560
Speaker 2: see you right early on Monday for a money.

1002
00:45:39,400 --> 00:45:40,480
Speaker 3: Jarry Bye guys.

1003
00:45:40,600 --> 00:45:49,080
Speaker 2: By The advice shared on She's on the Money is

1004
00:45:49,160 --> 00:45:52,800
Speaker 2: general in nature and does not consider your individual circumstances.

1005
00:45:53,120 --> 00:45:56,520
Speaker 2: She's on the Money exists purely for educational purposes and

1006
00:45:56,560 --> 00:45:58,960
Speaker 2: should not be relied upon to make an investment or

1007
00:45:59,040 --> 00:46:02,680
Speaker 2: financial decisions. If you do choose to buy a financial product,

1008
00:46:02,760 --> 00:46:06,720
Speaker 2: read the PDS TMD and obtain appropriate financial advice tailored

1009
00:46:06,760 --> 00:46:10,240
Speaker 2: towards your needs. Victoria Divine and She's on the Money

1010
00:46:10,280 --> 00:46:13,879
Speaker 2: are authorized representatives of Money sherper P t y lt

1011
00:46:14,000 --> 00:46:16,759
Speaker 2: D A b N three two one six four nine

1012
00:46:16,840 --> 00:46:20,359
Speaker 2: two seven seven zero eight AFS L four five one

1013
00:46:20,560 --> 00:46:22,480
Speaker 2: two eight nine