Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoaltbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money.
Speaker 2: She's on the Money.
Speaker 4: Hello and welcome to She's on the Money podcast that
Speaker 4: makes personal finance fun, especially on Fridays. It's our favorite
Speaker 4: or my favorite day of the week because I get
Speaker 4: to get my little team together and celebrate you, our
Speaker 4: incredible She's on the Money community. This week, mister Sigricci,
Speaker 4: as always, is going to be sharing some money whins
Speaker 4: all confessions from the Facebook group. Miss becksayed, I believe
Speaker 4: you've got a few good broke tips to share this week.
Speaker 4: We've got a money dilemma. This week is all about
Speaker 4: which debt you should be paying off first for maximum impact,
Speaker 4: and you slid into our dms about something how do
Speaker 4: you decide which financial goals are actually worth saving for?
Speaker 2: So before we get there new segment, we.
Speaker 4: Have been sharing our favorite five star reviews from the
Speaker 4: show every single week and it's been such a nice
Speaker 4: little addition.
Speaker 2: I feel so if you haven't left a review and
Speaker 2: you would like to hear yours on the show, you
Speaker 2: could even slip in like a cheeky question into it.
Speaker 2: I reckon, I'm so take it care, take a cantage
Speaker 2: of it.
Speaker 4: So, beck I want to know, have you got a
Speaker 4: five star review that you would like to share with
Speaker 4: the team?
Speaker 5: Yes, ma'am. Okay, So this one comes from very official.
Speaker 2: This one come from Katie. She's on the Money podcast
Speaker 2: is informative yet broken down to be easily understood and explained.
Speaker 2: That girls are so passionate and keep the podcast entertaining
Speaker 2: and interesting. I like that there's three different episodes a
Speaker 2: week that are in different formats which keep things interesting,
Speaker 2: such as the deep Dives, money Diaries and Fridays with
Speaker 2: the Money, Dilemmas and spicy topics. Thank you for making
Speaker 2: financial education so accessible for women and in brackets and
Speaker 2: anyone else who would like to listen to this podcast
Speaker 2: and breaking down the barriers to financial independence. That's so kind.
Speaker 4: Can you believe that people take their time to write
Speaker 4: reviews that are that long?
Speaker 2: So sweet? It's just it's so nice and it's very
Speaker 2: very helpful. It's very nice, but also like just so kind. Yeah,
Speaker 2: so kind.
Speaker 5: Thank you so much?
Speaker 2: Key, I love that? Thank you, Katie Jess. What have
Speaker 2: you got for us?
Speaker 6: I've got one this week from Lucy who said, good night,
Speaker 6: great name. Absolutely love listening to this podcast. Morning Walked
Speaker 6: with My Dog have been so much better since finding
Speaker 6: the pod. Coming from a girl in her early twenties
Speaker 6: who has always loved finance and is currently completing a
Speaker 6: Bachelor of Business majoring in finance.
Speaker 2: This is so awesome. Love all the hosts. They are
Speaker 2: great and so easy to listen to. Love that.
Speaker 4: That's also good luck with your degree because that's not
Speaker 4: an easy one to do.
Speaker 2: Get a queen, I have one? Do you want me
Speaker 2: to share it? Absolutely honest?
Speaker 4: From Elise and it says, this is short but sweet?
Speaker 4: Are you ready obsessed with Beck?
Speaker 2: Girl? You are just perfect? God, it's so cute. That
Speaker 2: is so nice.
Speaker 5: Thank you, Thank you, a ladies, he is excited.
Speaker 2: Thank you.
Speaker 5: That is really sweet.
Speaker 2: I think Alica's got crush on you. Oh my god,
Speaker 2: I've crushed on you too. Oh I love it. What
Speaker 2: a good start to our Friday episode. I want to
Speaker 2: get into it, though. I want you to start off
Speaker 2: with laughing, laughing, because it keeps going. I'm going like
Speaker 2: I'm Jessica's laughing because she got the dodgy chair and.
Speaker 4: Today I have to change later, all right, jess So
Speaker 4: from down there in your small chair, what have you
Speaker 4: got when it comes to money?
Speaker 2: Wins all confessions from the community.
Speaker 6: I've got some goodies this week. So firstly, I've got
Speaker 6: one from Chloe, who said she's learning the art of
Speaker 6: loaning and borrowing things rather than purchasing them for a
Speaker 6: once off use. So she borrowed someone's dehydrated to preserve
Speaker 6: from lemons from a neighbor's tree, with recipes that she
Speaker 6: got from a loaned library book.
Speaker 5: Oh that's clever.
Speaker 6: I feel like this is something I was talking about
Speaker 6: this see my friend group recently. Which is why I
Speaker 6: really liked it is I'm often a friend that will have.
Speaker 2: Like you've got all the stuff. Yeah, we're like friends
Speaker 2: of mine own. She's got it, new Christmas decorations, sixty boxes.
Speaker 6: Power washer and like leaf blower and stuff friends of
Speaker 6: ours borrowed and they've still got it because I'm like,
Speaker 6: I use it like twice.
Speaker 2: Yeah, and the rest of your just in my garage
Speaker 2: me too. It's so satisfying.
Speaker 6: But I'm like, why if you have a group of
Speaker 6: friends and one person has it, why would another you
Speaker 6: buy it?
Speaker 5: You should start like a tool library, like.
Speaker 2: My own little person. And this is what I've got,
Speaker 2: and this is what beck has got.
Speaker 6: But if you need something, just chuck it in your
Speaker 6: friends group chat like, how has anyone got a steam cleaner?
Speaker 2: How has anyone got x y Z? Don't buy it
Speaker 2: if you don't have to.
Speaker 4: Yes, Gus, Hey can you come and do the power washing.
Speaker 2: For you? Of course I've never.
Speaker 6: Next, I've got a money from it, Zelma, who said
Speaker 6: this is probably the least impressive win ever. But I'm
Speaker 6: so broke, so I'm pretty happy with this. She got
Speaker 6: some moldy raspberries in her Click and Collect, so she
Speaker 6: put in a refund request. Obviously, she got her money back,
Speaker 6: and she got an additional voucher for the value of
Speaker 6: the berries because will.
Speaker 2: Have a fresh food guarantee. Oh great, so she came
Speaker 2: out six bucks up. That's funny, Red, I feel your girl.
Speaker 2: And then with that she can get herself a loaf
Speaker 2: of bread and that'll last, hopefully the week, exactly, a
Speaker 2: loaf of bread. A loaf of bread.
Speaker 6: Next, I've got a money win from Haley, who said
Speaker 6: I always thought selling things on marketplace was too hard
Speaker 6: for not a lot of money. But we've been decluttering
Speaker 6: recently to move and I've sold enough to cover the
Speaker 6: cost of out vacate cleaning. Oh my god, that's so
Speaker 6: expensive too, as well as an extra to cover some
Speaker 6: convenience food to get us through the stress.
Speaker 2: Oh how good. That just takes the pressure off. Totally.
Speaker 4: Get a few pizzas and have someone do the end
Speaker 4: of lace clean like, oh live lovelast.
Speaker 6: Yeah. My philosophy is always the more I sell at
Speaker 6: moving time, the less I have to move, Like that's
Speaker 6: the one least thing I got to put in exactly true.
Speaker 4: That's true, and I hate packing. Ving is my least
Speaker 4: favorite thing in the entire world.
Speaker 2: I completely agree.
Speaker 6: Next, I want money win from Annie, who said money
Speaker 6: win We went to the Jurassic World exhibit in Melbourne
Speaker 6: on the weekend with my dino obsessed three year old cool.
Speaker 6: She got in for free despite having to buy tickets
Speaker 6: for kids that were three or years or older, because
Speaker 6: in the description it says three and under are free,
Speaker 6: so she got them on a little bit of a technicality.
Speaker 6: She obviously argued with whoever was up the front and
Speaker 6: she said, I use that to my advantage, got her
Speaker 6: in for free. The money loss was they do make
Speaker 6: you exit through the gift shop, and of course we
Speaker 6: had to buy a dinosaur toy, so it kind of
Speaker 6: came out in the wash.
Speaker 2: Of course, of course the money good point. It's a
Speaker 2: good point.
Speaker 7: Yeah.
Speaker 2: Also that dinosaur toy endless entertainment. Yes, an investment.
Speaker 5: It is an investment.
Speaker 2: Everybody needs a dinosaur toy.
Speaker 5: I really want to go to that exhibition.
Speaker 2: Anyway.
Speaker 5: That's another time. Sorry for time.
Speaker 6: Lastly, this week I have a money in from Rachel
Speaker 6: who said last week I bought a new TV. I've
Speaker 6: never owned a new TV in my life. It was
Speaker 6: very exciting at the time. I price match and got
Speaker 6: a good deal for one one hundred and forty five
Speaker 6: dollars one week later, though, it went on sale.
Speaker 2: I walked right into JB requested a.
Speaker 6: Refunder for the difference, and as I was old at
Speaker 6: the time I purchased it, this was something that I
Speaker 6: could do, no questions asked.
Speaker 2: They refunded me in cash for the difference.
Speaker 6: Oh my god, straight in her pocket.
Speaker 2: What just walking back in and being like, hello, I
Speaker 2: saw you were having a little sale. Yeah, that's really good.
Speaker 5: What are the chances that the exact model and everything.
Speaker 6: Is completely and you'd be so annoyed as well if
Speaker 6: I know, study like, Oh, I could to save twtter
Speaker 6: bucks by waiting.
Speaker 2: I did that on the Iconic this week tell me.
Speaker 2: I bought a new pair.
Speaker 4: Of jeans and I was like, do I get them
Speaker 4: express posted or no? And then I was like, nah,
Speaker 4: you're Victoria. You do not need to spare money on
Speaker 4: express post. So I picked the normal post. And then
Speaker 4: the next day, because I did this over the weekend,
Speaker 4: I got the notification about Black Friday sales. And I
Speaker 4: should have known, like I should have used my brain
Speaker 4: and I should have known. And so these jeans went
Speaker 4: from like one sixty down to I think one hundred
Speaker 4: and eleven dollars that's a bit different. And because I
Speaker 4: didn't get express posts, they hadn't even arrived yet and
Speaker 4: they were cheaper. So I just got on little like
Speaker 4: on their chat thing and said, hello, it's me. I
Speaker 4: was just one the jeans that I still haven't received
Speaker 4: yet have now gone on like sale and they said
Speaker 4: no worries a refunding you the difference easy. Well, and
Speaker 4: they still like they still haven't arrived, which is so fine,
Speaker 4: but like I already have the discount back in my pocket.
Speaker 2: That's so good. And also to take it to another level,
Speaker 2: I looked at them online and my size is sold out,
Speaker 2: so I couldn't have bought them for the sale price anyway,
Speaker 2: because I think everybody else like snapped them up on
Speaker 2: the sale price, but I'd paid for anyway. It was
Speaker 2: very excited, like Friday sales. They get me good. I
Speaker 2: gotta tell y'a, oh, it's so bad.
Speaker 4: But also like I have needed new genes for ages
Speaker 4: because like you know, not to get too deep into it,
Speaker 4: but jeans are the arch nemesis of a postpartum body.
Speaker 4: I see, like I just don't want to and I'm
Speaker 4: finally feeling a little bit comfortable and I was like,
Speaker 4: all right, I'm just going to buy some new white
Speaker 4: jeans for summer. Like it's just it needs to happen,
Speaker 4: so to get them as a bit of a money
Speaker 4: win as well, Like I was very happy with this out. Yeah,
Speaker 4: not bad, not bad, all right, beck, if you got
Speaker 4: some broke chips?
Speaker 5: Yes, yes, I do.
Speaker 2: Okay, so as always too from the community to myself.
Speaker 2: The first one comes from Alex, who says, if you, hi, Alex,
Speaker 2: if you boil water instead of using weed killer, that
Speaker 2: will eradicate your weeds. Apparently I've tried these. It works.
Speaker 2: It confirm the go I love this.
Speaker 4: Why didn't you guys tell me I bought weed killer
Speaker 4: the other week and I've been too scared to use
Speaker 4: it because I'm like, oh weed killer, I have pets,
Speaker 4: like they're not in the garden.
Speaker 2: It just feels a gressing. So you're telling me I
Speaker 2: could have just boiled some water and fixed it.
Speaker 6: It's weird, Like some small part of me felt a
Speaker 6: little bit bad that I was boiling the plant alive.
Speaker 2: But I was like, I'm so sorry, but hopefully it's
Speaker 2: a quick death.
Speaker 4: Last night, absolute hypgtdelion.
Speaker 2: This is the off topic, but I I still have
Speaker 2: no idea what a weed is. I don't know how
Speaker 2: to detect a weed, babe, you do.
Speaker 4: I don't know.
Speaker 2: If it's growing in between the bricks, it's a weed. Okay,
Speaker 2: it doesn't anything that's just not meant to be there.
Speaker 2: I see, I see come to my front garden everywhere. Okay, okay,
Speaker 2: well maybe you can help me figure out which I'm
Speaker 2: here for you.
Speaker 5: Thank you?
Speaker 2: Everything, everything is a weed.
Speaker 5: Everything's beautiful in my eyes, thank you.
Speaker 2: Okay.
Speaker 5: This next one comes.
Speaker 2: From actually a friend of mine, Nikola. We were at
Speaker 2: the Popular day. She's wearing this top and I was like,
Speaker 2: oh my god, such a nice top.
Speaker 5: Where you get that? And she was like, I got
Speaker 5: it from Lost and Found? And I was like that.
Speaker 2: I want to preface this because I know that if
Speaker 2: you go into a Lost and Found people might come
Speaker 2: back for their items.
Speaker 5: But if you're going into like.
Speaker 2: I feel safe. He's slip pretty slow, carry on.
Speaker 5: She was saying, hostels. She was just traveling for a
Speaker 5: little bit.
Speaker 2: And also, you know, gyms and things like that, if
Speaker 2: you like, ask the people there, like especially, I think
Speaker 2: it's safer with hostels because people are coming and going
Speaker 2: and if you're truly in a different country, different country,
Speaker 2: then it's a little bit safer. So maybe not gyms,
Speaker 2: let's rule out gyms, but hostels, even if you're not
Speaker 2: staying hostile, even if you're not traveling, you can theoretically
Speaker 2: literally if you just don't have the money to buy
Speaker 2: yourself new clothes and you do want to just see
Speaker 2: what's out there, and there are probably This probably goes
Speaker 2: for like people who are literally homeless right now as well,
Speaker 2: if they happen to be listening. If you just need
Speaker 2: something something warm for the winter, and you just go
Speaker 2: into your hostel and say, hey, how long have these
Speaker 2: been here?
Speaker 5: Are these people?
Speaker 2: You know?
Speaker 5: Have they left the country? Can I take this?
Speaker 6: It has to be a no client period there, like
Speaker 6: he's there, okay, Well, I mean it depends place to place.
Speaker 6: But my partner where he works, there's a lot of
Speaker 6: Loston Found stuff and they have like a six month
Speaker 6: period and after six months they either donate it. I think,
Speaker 6: like the staff are welcome to go through if they
Speaker 6: want anything, and then it literally gets dropped at up shop. Yeah,
Speaker 6: and you got some really nice stuff about Loston Found,
Speaker 6: really nice. Well, you don't really nice watch.
Speaker 2: Which is sorry. Okay, that's sick. That's sick. But like,
Speaker 2: you know, other than the watch, I feel like people
Speaker 2: sometimes just leave stuff so like I can't be back.
Speaker 2: That makes sense.
Speaker 4: I feel like if they have a policy of donating
Speaker 4: it after three months, like fair game.
Speaker 5: Absolutely it's all yours. So that's just an option. But
Speaker 5: I thought that was really really clever. Okay, the next
Speaker 5: one is from me.
Speaker 2: You don't want it if you haven't come back for
Speaker 2: it six months exactly. You know, needs plenty of time
Speaker 2: for someone to remember that.
Speaker 4: And if it was like a roll Legs watch, I'm
Speaker 4: sure they would have taken it to the body cops, right, Absolutely,
Speaker 4: I just feel like absolutely.
Speaker 2: And then this next one is from me, So this
Speaker 2: was I just want to preface this also by saying
Speaker 2: that I do come to the table with arts and
Speaker 2: crafts broke.
Speaker 4: Excellent arts and crafty girls. It's okay, you're you're preaching. Okay, great,
Speaker 4: Please don't tell us that you're going to make us
Speaker 4: make our own felt frim like drial into or something.
Speaker 5: Absolutely, you do have to travel because they have felt field.
Speaker 2: I don't think they exist, but anyway, No, so this
Speaker 2: is for the people who have gift giving as like
Speaker 2: their love language. You know, to Christmas, you guys coming
Speaker 2: up to Christmas, but you don't have much money to spend. Anyway,
Speaker 2: I made.
Speaker 5: These custom match boxes and saw my story.
Speaker 2: I loved them. Thank you so much. You could do
Speaker 2: like little puns if it's for like, match boxes are cheap,
Speaker 2: So did you just buy them at market? Yes, cheap
Speaker 2: match boxes, And then I just you don't have to
Speaker 2: get paint, but you can if you want. I'm sure
Speaker 2: you have something lying around that you could use. But
Speaker 2: I just used.
Speaker 5: You know those chalk markers. Oh yeah, yeah, I use.
Speaker 2: Those came up the other day. I didn't need them,
Speaker 2: but I wanted.
Speaker 5: They're so satisfying, so something so nice.
Speaker 4: Like I was on a whiteboard with a chalk market though,
Speaker 4: I thought it would be good for my MLM deep
Speaker 4: dives because the colors were very vibrant, but not very
Speaker 4: cum coffee. Oh I see a bit more permanent, you could.
Speaker 2: Say, which is perfect because it really it similarizes the
Speaker 2: permanence of your love for the person you're giving these
Speaker 2: match boxes too. So I recommend just get a little
Speaker 2: bit of arts and craft seat make some personalized matchboxes
Speaker 2: really pretty and so cheap, so cheap, and so thoughtful.
Speaker 2: I just love a homemade gift. I know it's cute,
Speaker 2: and so it's you to use it like people actually
Speaker 2: use matches.
Speaker 5: So it's like win, win win.
Speaker 2: I love this for us.
Speaker 6: You could print it on stick of paper, yeah, and
Speaker 6: then put the stick of paper around exactly.
Speaker 2: Or you could just do a terrible drawing and tell
Speaker 2: the person that it's the thought that count.
Speaker 4: That's my theory. That's my theory. All right, let's go
Speaker 4: to a really quick break on the flip side. We're
Speaker 4: going to be answering a money dilemma, which this week
Speaker 4: is all about which debt you should pay off first
Speaker 4: for maximum impact? And you slid into our dms about something.
Speaker 4: This week we're answering the question of how do you
Speaker 4: decide which financial goals are actually worth saving for?
Speaker 2: So guys, don't go anywhere. Welcome back friends. Let's take
Speaker 2: a listen to this week's money dilemma.
Speaker 4: Hi, there, have you got a money dilemma you just
Speaker 4: can't solve that. She's on the Money team is here
Speaker 4: to help. Every week we tackle your dilemmas, both big
Speaker 4: and small, to answer your most burning money.
Speaker 2: Career and life questions.
Speaker 4: To get involved, simply head to our website and leave
Speaker 4: us a short voice recording and you might just find
Speaker 4: yourself on the show. Now, let's take a listen to
Speaker 4: this week's money dilemma.
Speaker 3: Hi, she's on the money. I just have a question
Speaker 3: regarding investment property. So me and my sister share an
Speaker 3: investment property together. We are fifty to fifty in it,
Speaker 3: and that mortgage currently sits at around two hundred thousand. Unfortunately,
Speaker 3: we recently lost our dad and got an inheritance each
Speaker 3: of about two hundred and fifty thousand. My sister is
Speaker 3: really eager to pay off the investment property. She does
Speaker 3: not have a mortgage herself. She rents, whereas me and
Speaker 3: my partner have a mortgage of around four hundred and
Speaker 3: fifty thousand for the house that we live in.
Speaker 2: We've discussed it and.
Speaker 3: Think it would be wiser to put the inheritance on
Speaker 3: the offset of our own home rather than pay off
Speaker 3: the investment property, but my sister has very You get
Speaker 3: a paid off and not have to worry about it.
Speaker 3: I know two hundred thousand isn't a very big mortgage
Speaker 3: at the moment, and there's a lot of things to consider,
Speaker 3: just wanting to know what your thoughts are and what
Speaker 3: some of the tax implications can be.
Speaker 2: Thanks, guys, Oh, I feel like this is a really
Speaker 2: good one and one of those things I guess first
Speaker 2: things first, Actually, let's rewind. I'm really sorry about your
Speaker 2: duck because that sucks.
Speaker 4: But first things first, this is a really good, I
Speaker 4: guess example of how different competing financial goals are going
Speaker 4: to take shape once you purchase a property with someone
Speaker 4: who's not your partner. And that doesn't mean it's a
Speaker 4: negative thing. It just means that we need to discuss it.
Speaker 4: Because if you have two hundred thousand dollars left on
Speaker 4: a property, that's one hundred thousand dollars each, and your
Speaker 4: sister's probably like, cool, I've got two hundred and fifty
Speaker 4: thousand dollars. I'll have one hundred and fifty grand leftover
Speaker 4: and no mortgage money win for her.
Speaker 2: That makes sense.
Speaker 4: For you, you might have done the maths and have
Speaker 4: been like, actually, our family home mortgage, it would be
Speaker 4: much better in offset. That's what we want to do,
Speaker 4: and I'd prefer to pay this one hundred thousand dollars
Speaker 4: that I owe on this investment property off over time,
Speaker 4: I think, guess what I'm going to say when in
Speaker 4: dow zoom out.
Speaker 2: So let's look at the.
Speaker 4: Bigger picture, Like, if you paid off this in its
Speaker 4: entirety right now, is that actually the best decision for
Speaker 4: you and your sister? Like if it's an investment property,
Speaker 4: I don't have enough information, like is it a positively
Speaker 4: GD is it negatively gared? Like maybe there could be
Speaker 4: some type of compromise and you pay off a little
Speaker 4: bit so that the property does become completely positively geared,
Speaker 4: so that there's no additions that are necessary for you guys,
Speaker 4: and over time it just ticks along. Maybe you could
Speaker 4: talk to your sister about what that lump sum could
Speaker 4: mean for her outside, Like what's the interest rate on
Speaker 4: that mortgage. Let's pretend you went to Zella and you've
Speaker 4: got a good interest rate on your mortgage. The Australian
Speaker 4: share market is returning more than the interest rates rewriting
Speaker 4: right now on mortgages, so it would actually long term
Speaker 4: make more sense to not just pay that off, even
Speaker 4: though it would feel good, but invest So I think
Speaker 4: it's a bigger conversation around Okay, what does that mean?
Speaker 4: But also what does happen. If your sister pays off
Speaker 4: her entire portion, is that a bad thing? Does that
Speaker 4: mean that your sister's expecting to pay her one hundred
Speaker 4: thousand dollars off and you have to do the same thing?
Speaker 4: Or are you happy to take on the one hundred
Speaker 4: thousand dollars left on the mortgage and be like, yeah, sister,
Speaker 4: you're completely paid off. That's all good, But I still
Speaker 4: want to have that financial burden because it's still going
Speaker 4: to be the same amount that you're paying every single month.
Speaker 4: If your sister extinguishes her portion, does that make sense?
Speaker 2: Yeah? You just what would you do? Increase in your
Speaker 2: interest splitting the cost of interest?
Speaker 4: Yes, but it would then only be on one hundred
Speaker 4: thousand dollars instead of two hundred thousand dollars, So it
Speaker 4: should all come out in the wash technically. And I
Speaker 4: mean that's up to you to decide whether you put
Speaker 4: another twenty five thousand dollars into that, so then your
Speaker 4: mortgage on that investment property is only seventy five or
Speaker 4: something like that. But for me, it would be about
Speaker 4: looking at what the rental yield on that investment property is, like,
Speaker 4: what it looks like over time what's the plan for it? Like,
Speaker 4: are you planning on selling it? Because for me, if
Speaker 4: the plan is to sell a property, you don't necessarily
Speaker 4: need to extinguish the mortgage first, especially with post tax dollars,
Speaker 4: to then sell it and get the money back out
Speaker 4: that way.
Speaker 2: So what's the long term plan for this property? What
Speaker 2: would you be looking at, Jess?
Speaker 4: If you and I purchased a property together and one
Speaker 4: of us wanted to get rid of our mortgage and
Speaker 4: the other wanted to keep it.
Speaker 6: I don't have a good reason for this, but my
Speaker 6: instinct was, just like our listener, like, I would want
Speaker 6: to pay off my own mortgage first. And I don't
Speaker 6: really know why. I don't know if it's because to
Speaker 6: me over your own head, yeah, I don't know, if
Speaker 6: it's like the emotional thing or like in my mind,
Speaker 6: I guess you know, I'm like that push comes to
Speaker 6: shove if you you know, God forbid something goes wrong.
Speaker 6: The first thing I'd sell would be the investment property
Speaker 6: before my family home. And so for me, it makes
Speaker 6: sense to secure that family home as much as possible.
Speaker 6: But I can see that it could potentially cause conflict,
Speaker 6: you know, with if you're wanting to do one thing
Speaker 6: and your sister's wanting to do another, And there's obviously
Speaker 6: then the complexities of like, as you were saying, if
Speaker 6: she pays off her portion and you don't pay off
Speaker 6: your portion, like, I can see that that's quite messy,
Speaker 6: which is also not ideal. But yeah, but honestly, no
Speaker 6: good reason. I think I would go with my mortgage.
Speaker 6: I mean I would probably as you were saying, run
Speaker 6: the numbers. That's probably the smart practical way to do it.
Speaker 6: That My just first instinct listening to the dilemma was oh, like,
Speaker 6: I think I would probably put it in my off personally.
Speaker 4: Yeah, I also think we need to, sorry to jump
Speaker 4: in here, talk about the difference between tenants in common
Speaker 4: versus joint tenants, because I don't know how you own that.
Speaker 4: And so if your sister pays off her fifty percent
Speaker 4: and it depends like the liability if you are joint tenants,
Speaker 4: would actually mean that she still has that over her head, yeah,
Speaker 4: which is which is technically not fair. But then you
Speaker 4: could also draw up an agreement that says oh no, no, no,
Speaker 4: like it's definitely my responsibility.
Speaker 2: But on the flip side, if.
Speaker 4: Your tenants in common where you have a defined share
Speaker 4: and you've paid off your defined share, like it shouldn't
Speaker 4: be an issue. But anyway, just probably thinking too deep
Speaker 4: about it once again, Beck, what would you do?
Speaker 6: Well?
Speaker 2: I actually just have a question about so offset account
Speaker 2: is like, say, like you've you you're paying for your mortgage,
Speaker 2: and then you have an account that's linked to your mortgage.
Speaker 2: The offset account is like, let's say, for example, we
Speaker 2: have one hundred dollars in your mortgage and then fifty
Speaker 2: dollars in your offset. You're only paying interest on the
Speaker 2: remaining fifty Is that right? I'm retiring. I'm retired. I
Speaker 2: don't even I don't even need to be here. You've
Speaker 2: got this What if like, and I'm not suggesting that
Speaker 2: our listener do this, but if they put one hundred
Speaker 2: thousand dollars in the offset and then the system pays
Speaker 2: one hundred thousand, does it just like is that like
Speaker 2: does that mean that they're paying zero interest?
Speaker 6: Yeah?
Speaker 2: Oh yeah.
Speaker 4: So there are people out there who still have their
Speaker 4: entire mortgage facility, and if their house is worth five
Speaker 4: hundred thousand dollars, they might have five hundred thousand dollars
Speaker 4: in their sure in their offset and they just don't
Speaker 4: pay anything each month and it offsets it. But for
Speaker 4: some reason they might decide that still having access to
Speaker 4: the mortgage facility makes sense. Now you might go v
Speaker 4: that makes absolutely no sense, like, wouldn't you just want
Speaker 4: to be niil All. Well, firstly, this is actually quite
Speaker 4: common for people coming up to retirement, where you know,
Speaker 4: they might be in their sixties and they know if
Speaker 4: they went to a bank because one of them is
Speaker 4: just retired, they would never get that mortgage again. And
Speaker 4: they like the idea that they could have access to
Speaker 4: the capital and the money in their offset to play with.
Speaker 4: Maybe they're like, oh, it's a part of our retirement plan.
Speaker 4: I don't want to be niil All and just have
Speaker 4: a mortgage that's a zero and like mortgage is gone,
Speaker 4: Like I don't mind if I go back into debt
Speaker 4: a little bit because I took out eighty thousand dollars
Speaker 4: to buy a caravan, because they probably wouldn't get that
Speaker 4: on personal finance. So sometimes people keep their mortgage facility around,
Speaker 4: so there's a lot of to and fro. But yes,
Speaker 4: you could technically put the money in there and offset it.
Speaker 4: What this money direst or this listener has written in
Speaker 4: and said, is she wants that money in her current
Speaker 4: family homes offset And I'm assuming it's because it's probably
Speaker 4: a higher interest rate, And even if it's not a
Speaker 4: higher interest rate, it's clearly making her feel more secure. Yes,
Speaker 4: and that's really important to take it into generation too.
Speaker 2: That's so fair. I think I'd probably do the same
Speaker 2: thing in that case, yes, simply for like security. And yeah,
Speaker 2: I guess if you do, like you don't really have
Speaker 2: the emotional attachment to the investment property.
Speaker 5: So yeah, I mean, yeah, I can see it.
Speaker 4: I'm like thinking about this as much as I can now,
Speaker 4: and I think that if this was my sister and
Speaker 4: I and my sister was like, vey, I want to
Speaker 4: put my one hundred grand in and paid off, I
Speaker 4: think I would ask her if she could just put
Speaker 4: it into the offset account and I continue to pay
Speaker 4: the remainder of the mortgage because it would drop the
Speaker 4: interest payments down to looking like it was only quote
Speaker 4: one hundred thousand dollars, and that can then be my
Speaker 4: portion and I can slowly pay it off over time.
Speaker 4: But then I could like sell it to my sister
Speaker 4: that if that situation ever changes, you can take the
Speaker 4: money back out, like we don't need to sell the
Speaker 4: property to get your money back out, and then if
Speaker 4: you needed it for like another home deposit in the future,
Speaker 4: or like building wealth in a different way, like you
Speaker 4: could access it. So maybe that's a good way of
Speaker 4: going about it. So like your sister can pay her
Speaker 4: a portion, you pay yours, you do the mortgage, your payments,
Speaker 4: but I would talk to your bank about that first
Speaker 4: as well, talk to your broker actually about how that works,
Speaker 4: because there might be you know, some loans.
Speaker 2: You might not know this, but some loans.
Speaker 4: Have contribution caps, so they might say you can only
Speaker 4: contribute up to, you know, twenty four thousand dollars a
Speaker 4: year on your mortgage, which obviously you need to dot
Speaker 4: all the i's and cross all the teeth if you're concerned,
Speaker 4: like shameless plug, but Xella Money could literally do that
Speaker 4: for you, and it might be a good idea. Now,
Speaker 4: if you're in a situation where you're like, oh, like,
Speaker 4: we could pay it off, it's only two hundred grand,
Speaker 4: maybe refinance it as well, get a better rate, pay
Speaker 4: off your hundred grand of your sister's things, or put
Speaker 4: that in the offset, and then you're paying even less
Speaker 4: as well.
Speaker 5: That's a great.
Speaker 4: Everyone can come out in the wash very comfortably. But again,
Speaker 4: it's such a personal decision because, like money isn't inherently
Speaker 4: right or wrong, Like there's no right answer here.
Speaker 2: It's like, well, what do.
Speaker 5: You feel most comfortable with? Sure, it's interesting dilemma, but
Speaker 5: above all, we're really sorry too for your loss.
Speaker 2: Yeah sending.
Speaker 4: Yeah, everybody who gets an inheritance, I feel like there's
Speaker 4: this idea that, oh, my god, you got.
Speaker 2: An inheritance, that's so lucky. It set you up.
Speaker 4: Like I don't know one person who got an inheritance
Speaker 4: who wouldn't immediately give it back for even like five
Speaker 4: minutes more with the person that they lost. Yeah, Like, oh,
Speaker 4: it's a shitty position to be in. So I am sorry.
Speaker 2: But moving onwards, we have a DM that were received
Speaker 2: this week. Would you guys like to hear it?
Speaker 6: Yeah?
Speaker 2: Yeah, all right, So here's our DM. Hey, she's on
Speaker 2: the money. How do you figure out what you actually
Speaker 2: want to say?
Speaker 4: For I feel like I'm at an age they're twenty three.
Speaker 4: I should be saving for the big things in life,
Speaker 4: like a car, a house, or retirement, But I also
Speaker 4: have a really pessimistic view towards that. I have a
Speaker 4: car that runs. It's not flashy or new, but it's
Speaker 4: nice enough. I don't feel like buying a house is
Speaker 4: in reach right now due to the market. For example,
Speaker 4: I live on the Gold Coast, so that feels like
Speaker 4: it's too big of a goal to even think about.
Speaker 4: And I'm slowly chipping away at my investment portfolio. But
Speaker 4: to be honest, saving for retirement doesn't light me up.
Speaker 4: So my head goes, oh, you should save for a trip.
Speaker 4: But that feels irresponsible and silly. Does that make sense.
Speaker 4: I want to be able to save my money and
Speaker 4: I have a goal of five thousand dollars at the moment,
Speaker 4: but I don't know why, so it's making the goal
Speaker 4: feel much harder to reach.
Speaker 2: Is this relatable?
Speaker 5: Oh my god, I feel so seen.
Speaker 2: I don't know why we're doing this.
Speaker 5: Yeah, that's why I feel like I've never saved it.
Speaker 2: Also, you know, I'm also really really bad as money,
Speaker 2: as everyone knows, but I've never just really had to save.
Speaker 2: It's bad with money, fineinantally illiterate.
Speaker 4: We're learning, we're growing, You're getting some new tools and
Speaker 4: resources that you didn't have before. I think we're all
Speaker 4: just out here doing the best that we can. Yes,
Speaker 4: that's living the life that we want to leave.
Speaker 2: Thank you so much.
Speaker 4: That's actually is a bad Like there's a decision if
Speaker 4: you go V would you have spent X on X?
Speaker 4: Well maybe not, but then I would go, hey, back,
Speaker 4: I spent this amount of money on this other thing,
Speaker 4: and you'd be like, what the.
Speaker 2: Hell are you doing?
Speaker 5: Like, yeah, that's true, I know you. You're just doing
Speaker 5: you that. Thank you.
Speaker 2: That's important.
Speaker 5: Thank you.
Speaker 2: I yeah, I feel like saving for something. I've also
Speaker 2: been saved. It's kind of like I just can't see beyond,
Speaker 2: Like I don't know actually know what I'm saving for.
Speaker 2: I'm just like, I guess I'm saving. If I can,
Speaker 2: I'll save, but I'm like, what the hell for? Like,
Speaker 2: I actually don't think I'll be able to buy an
Speaker 2: apartment anytime soon.
Speaker 5: I don't really have anybody.
Speaker 2: If we work at it, you will buy an apartment,
Speaker 2: that's true, But I don't even have like the passion
Speaker 2: for that to feel, you know, oh my god, Like
Speaker 2: I want to put a thousand dollars away every month
Speaker 2: to get so it's like it's not a big goal.
Speaker 2: So I totally understand what this person is saying. But
Speaker 2: I think that even if you just are saving so
Speaker 2: that you are not I guess it's really screwed if
Speaker 2: something goes wrong. So like, as you say, like just
Speaker 2: having an emergency emergency fund, but if you live like me,
Speaker 2: that emergency fund could also be everyone's going to Japan
Speaker 2: next year and I actually really want to go with them, And.
Speaker 4: Iency it depends on who you are as you categorize.
Speaker 2: Emergency is sometimes just desperately not feeling fomo and that
Speaker 2: is an emergency, or just like seeing something that you
Speaker 2: really like and be like, oh, I can actually afford that,
Speaker 2: Like I really want to buy this brand new Fitbit
Speaker 2: and I can afford that now. So it's like I
Speaker 2: just have to see that brand new Fitbit? Is it?
Speaker 2: It looks really nice? Thank you so much, nice spend,
Speaker 2: very new color. Yeah, I like it. But yes, I
Speaker 2: think just like even if you have no goals, if
Speaker 2: you don't know what you're saving, four just honestly say
Speaker 2: for the joys of life, and that could be don't
Speaker 2: feel bad about going on a trip. That's when you're
Speaker 2: on your deathbed in a touchwood, You're not gonna be like, Wow,
Speaker 2: I'm so glad that I didn't buy that late that
Speaker 2: one time so I could buy a house.
Speaker 5: You know you're going to be like.
Speaker 4: Also, also, if the compromise is not buying a latte
Speaker 4: and I get a house, take my latte.
Speaker 5: That was a very boom thing to no.
Speaker 2: No, no no.
Speaker 4: But I get it because I think that so many
Speaker 4: times we feel the pressure to make compromises that are
Speaker 4: compromising our lifestyle but don't actually ultimately help with the long.
Speaker 2: Term exactly exactly, but I'm just saying that the experiences
Speaker 2: and having fun and doing things that make you feel
Speaker 2: happy and joyful and spending time with your friends and
Speaker 2: all this stuff and those things are so important.
Speaker 5: So if it's travel, i'd say that's an investment.
Speaker 2: I like that. I like that.
Speaker 4: I'm going to flip to the savior. Yes, yes we
Speaker 4: should miss I can save even when I'm broke.
Speaker 2: Talk to me. I agree on some level.
Speaker 6: I think that you're right, like you do need to
Speaker 6: find joy in the things that you're doing. I think
Speaker 6: I'm not entirely sure if our listener is saying five thousand,
Speaker 6: the five thousand that she's saving towards will be like
Speaker 6: all the money that she has, Like currently she has
Speaker 6: no money and she's saving. If that's the case, I
Speaker 6: completely agree, Like emergency fund should be your first priority
Speaker 6: because you need to have something there in case of
Speaker 6: whatever it may be. I think you need to figure
Speaker 6: out what does bring you joy. So if it is
Speaker 6: the travel and that's what you're choosing to prioritize, it's
Speaker 6: okay to prioritize that over more traditional quote unquote goals
Speaker 6: like purchasing a house or a wedding.
Speaker 2: Or traditional goals are literally bullshit, Like you don't have
Speaker 2: to do anything in this life that doesn't align with
Speaker 2: your values.
Speaker 6: Absolutely, So if travel is what really lights you up,
Speaker 6: I think definitely prioritize that. The one thing that I
Speaker 6: would say is, and I mean I don't know anything
Speaker 6: about where our listeners sitting in terms of like their
Speaker 6: own journey for financial literacy and stuff. But I was
Speaker 6: never excited by the idea of saving for retirement until
Speaker 6: I understood the fact that like investing, for example, is
Speaker 6: free money.
Speaker 2: I say free money. Yeah, it was like a switch
Speaker 2: in my head. It was like, oh my god.
Speaker 6: Once I understood that by doing this, I get all
Speaker 6: this money for free, you know.
Speaker 2: Pending marketingution, and so far it's been going well. It
Speaker 2: has been going on.
Speaker 6: You mean, like in my investment portfolio, which is not
Speaker 6: particularly big. I think currently if I were to sell,
Speaker 6: I'd be up like three grand, and like.
Speaker 4: That's three grand you didn't have before, correct, three grand
Speaker 4: effectively free money.
Speaker 6: And so you know, even if you're looking at a
Speaker 6: high interest savings account or something like that. For me,
Speaker 6: that was a really good switch and a motivator. That's
Speaker 6: not going to be the case for everybody. Like you know,
Speaker 6: my money might not be something that's a priority to you.
Speaker 6: But I would say, maybe explore all the different options
Speaker 6: and make sure you really understand what that looks like
Speaker 6: for your potential future. You said you kind of want
Speaker 6: to buy a house, but.
Speaker 2: You don't think it's achievable. Talk to a.
Speaker 6: Broker, see where you would need to be, because you
Speaker 6: would be amazed at how many schemes there are that
Speaker 6: can help you get in a much lower deposit than
Speaker 6: you would maybe think. And you know, there are all
Speaker 6: of these different avenues and options. So I would say,
Speaker 6: and again maybe this is coming back to the type
Speaker 6: of person I am. I like to have all of
Speaker 6: the information before I make a choice, but like, really
Speaker 6: look into all of these different things and what that
Speaker 6: could look like and what input that would take from you,
Speaker 6: and if at the end of that year, go no,
Speaker 6: I just want to spend the next five years traveling.
Speaker 6: Travel like that, okay, and do that and enjoy that
Speaker 6: and don't feel guilty about that. But I would just say,
Speaker 6: make sure you have all the information because I would
Speaker 6: hate for you to make a choice, because you know,
Speaker 6: I can't afford to buy a house, so I'm just
Speaker 6: going to spend the money because can't take it with
Speaker 6: me when I die, like you were saying back, and
Speaker 6: then you know, a couple of years later, you go, oh,
Speaker 6: if I had known X y Z, I actually could
Speaker 6: have bought a house a couple of years ago. And
Speaker 6: that's something that I would have wanted. But you shouldn't
Speaker 6: feel bad about your priorities.
Speaker 4: Yes, yea, I think that you said something, or our
Speaker 4: listener wrote in and said, like, I think I'm just pessimistic,
Speaker 4: And I think that's important to dress because human beings
Speaker 4: are inherently pessimistic, because if we go back in time,
Speaker 4: none of us could live in a cave. But back then,
Speaker 4: being pessimistic was a survival instinct, and expecting the worst
Speaker 4: and getting the best was a literal survival tool to
Speaker 4: go like, oh, if I go out, there might be
Speaker 4: a threat. Like And I think that that is a
Speaker 4: protective measure that we still implement today, whether that is
Speaker 4: us protecting our emotions because we're like, oh, I don't
Speaker 4: even like them kind of vibes, or oh, I don't
Speaker 4: even want to buy a property, when maybe deep down
Speaker 4: you do because you just don't want to put yourself
Speaker 4: in a situation where you feel at risk. Right, So,
Speaker 4: I think that having conversations and learning more about financial
Speaker 4: literacy and what it could mean, and just exploring opportunities,
Speaker 4: you don't have to do these things. Like my job
Speaker 4: or the job I've given myself, is to give you
Speaker 4: all of the tools and resources that I believe you
Speaker 4: deserve to make decisions that are in line with your values.
Speaker 4: And that does not mean that everybody should be investing
Speaker 4: in the share market. It doesn't mean that everybody should be,
Speaker 4: you know, buying property. Like, I want you to have
Speaker 4: the financial freedom to live the life that you are crafting,
Speaker 4: but I can't tell you what your values are. That's
Speaker 4: why I'm so like oh, think about your money story.
Speaker 4: Think about these things, because I can push you so far,
Speaker 4: but you can't lead a horse to water and then
Speaker 4: expect them that they will immediately drink. Right, So I
Speaker 4: think you need to do some internal work about, well,
Speaker 4: what are your value systems? Like, let's talk about this pessimism.
Speaker 4: Where is it coming from? Is it because your money
Speaker 4: story is telling you that it never happened for your
Speaker 4: parents and every family member that you've got has never
Speaker 4: owned property, and therefore this blueprint has been set for you,
Speaker 4: so you just expect you will follow suit. That doesn't
Speaker 4: have to be the reality of your future. Like just
Speaker 4: because you've seen it portrayed that way doesn't mean that
Speaker 4: you aren't completely in control of your money journey. Like
Speaker 4: anybody at any stage can go Nope, that's not for
Speaker 4: me anymore.
Speaker 2: It's really hard. It's not like a easy like I
Speaker 2: just wake up today and decided to be rich, like
Speaker 2: if only, if only right?
Speaker 4: But like, if you want something bad enough, you can
Speaker 4: make it happen. And the She's on the money community
Speaker 4: has taught us that. Like we've had people who have
Speaker 4: gone from being dead broke in hundreds of thousands of
Speaker 4: dollars worth of debt to starting businesses, to you know,
Speaker 4: investing hundreds of thousands of dollars to becoming financially free.
Speaker 4: So I think it's important to kind of like go, okay, cool.
Speaker 4: Why why am I not even engaged in this? Is
Speaker 4: it because it is overwhelming? Is it because I don't
Speaker 4: know what I even want to do with my degree
Speaker 4: or even want to do for.
Speaker 2: Work or whatever that is?
Speaker 4: Jess, you touched on something that I think is really disengaging,
Speaker 4: and that's this concept of retirement.
Speaker 2: Like in my head.
Speaker 4: In my head, people who retire they have like a
Speaker 4: work Chris, like a work party, and they get a
Speaker 4: Cole's cake and they stand around in their tea room
Speaker 4: and they go yay friends retiring, and they have little flags.
Speaker 4: And there's nothing sexy about retirement to me, but there's
Speaker 4: a lot it's sexy about financial freedom, Like the idea
Speaker 4: that I'm going to get to a point in my
Speaker 4: life and I'm going to have enough income from passive investments,
Speaker 4: meaning I could not go to work and still afford brunch,
Speaker 4: still afford coffee, still be able to travel.
Speaker 2: Like to me, that excites me.
Speaker 4: So I think it's about I get that you're not
Speaker 4: engaged with this concept of retirement, because neither and I
Speaker 4: know that Jess. That was something where I was like,
Speaker 4: do you want to talk about retirement? And you were
Speaker 4: like absolutely not. But then I was like, well, so
Speaker 4: did you know you can get free money?
Speaker 2: And you're like, sorry, what was that? I wasn't listening?
Speaker 2: Can you start again?
Speaker 4: And I think it's really important to kind of educate
Speaker 4: yourself on what that can provide, because if you love travel,
Speaker 4: imagine having an investment portfolio that paid you a passive
Speaker 4: income that meant you could travel every single year without question,
Speaker 4: without having to be like, oh, I wonder if I'll
Speaker 4: be able to afford it. No, no, no, you set yourself
Speaker 4: up so you could afford it, and a lot of
Speaker 4: these systems, once you've decided on your values, we can
Speaker 4: set up in the background, whether that's contributing more to
Speaker 4: your superannuation and asking your employer to do that on
Speaker 4: your behalf so you don't have to think about it again,
Speaker 4: or whether that is you know, automating your cash flow
Speaker 4: so when money comes into your account, you have a
Speaker 4: direct debit that goes straight out into an investment or
Speaker 4: straight out into your savings account so that you don't
Speaker 4: have to think about money all the time. I think
Speaker 4: there's this massive misconception that to be good at money
Speaker 4: you need to be consistently like counting your pennies and
Speaker 4: checking your bank account and doing all these things. Like no,
Speaker 4: implementing good systems is the key to success. Like it's
Speaker 4: not something like I don't check my bank account every day.
Speaker 2: I don't look at these things, and that's a privilege.
Speaker 2: But the privilege has come from implementing clean systems because
Speaker 2: I don't really want to do that every day. Yeah. Yeah,
Speaker 2: And it's a really tough economic time right now. You
Speaker 2: have a.
Speaker 6: Point about, like, you know, feeling pessimistic, and to be honest,
Speaker 6: I can totally agree with that. I think that it's
Speaker 6: just overwhelming and scary, not even just in the financial world,
Speaker 6: but the political world, and you know, all of the
Speaker 6: things that are happening in other right now. I feel
Speaker 6: like it feels heavy to just be alive, right and
Speaker 6: it's not right. Yeah, sometimes it just feels hard, and
Speaker 6: that is really normal, I think, and that it makes
Speaker 6: sense that that would then bleed into something as significant
Speaker 6: as your finances because you're trying to think about your future.
Speaker 6: You know, well, oh my god, the future feels very
Speaker 6: scary and very unsure and very unstable, and I feel
Speaker 6: like that could maybe plain into it as well. But
Speaker 6: I just want to say that you're.
Speaker 2: Not alone in that, because I feel that a lot too,
Speaker 2: and you don't want to hear this, But the best
Speaker 2: way to protect yourself and your future is to care
Speaker 2: about your financial literacy. The best way to put yourself
Speaker 2: in the best position, whether you are in significant debt
Speaker 2: or have a massive income, is to care about your
Speaker 2: cash flow. Is to do a budget, is to do.
Speaker 4: All the things that you are probably avoiding because it
Speaker 4: is going to mean that you have clarity. Yeah, and
Speaker 4: even if the clarity shows you that things are looking
Speaker 4: a bit bleak, you would prefer to know now and
Speaker 4: be able to address it. Then get another ten years
Speaker 4: down the track. You're like, oh, that's even worse. Like
Speaker 4: we can do so much today. That puts you in
Speaker 4: the best possible position, Like let's do it, let's do it.
Speaker 4: Say so lots of opinions, and I feel like it
Speaker 4: was a really relatable one. Right, So we went to
Speaker 4: the community and we said, do you find it hard
Speaker 4: to set goals? Because of what you think you should
Speaker 4: be doing, and forty percent of our community said, oh
Speaker 4: my god, yes, twenty seven percent said sometimes I try
Speaker 4: hard to tune that out, and thirty three percent of
Speaker 4: you said no, I'm just doing what works for me.
Speaker 2: Teach us your way.
Speaker 1: Yeah.
Speaker 4: We also asked do you think clear goals help you
Speaker 4: keep control of your finances? Seventy eight percent of you
Speaker 4: said yes, or my money is a mess, and twenty
Speaker 4: two percent of you said nope, I'm fine without them.
Speaker 2: Whatever works for you when I need to judge. But
Speaker 2: also like I could never I know when my type
Speaker 2: I asked, could simply not but absolutely not.
Speaker 4: We obviously then said can we please have your two cents?
Speaker 4: Some and I have a lot of comments, so I'm
Speaker 4: going to go through them. One person said, I think
Speaker 4: it's okay for people to have different goals at different
Speaker 4: ages and stages.
Speaker 2: Absolutely agree. So many of you.
Speaker 4: Replied, I relate so hard to this. Someone else said,
Speaker 4: struggling with goals, think of money as a journey, not
Speaker 4: a destination, because it's about process.
Speaker 5: So true.
Speaker 2: I love this.
Speaker 4: I feel like all of you guys should actually host
Speaker 4: the show. Someone else said, I think you should think
Speaker 4: of investments as something different rather than your retirement our
Speaker 4: same page as me. Another person said, you can save
Speaker 4: for a holiday and a house. The house doesn't need
Speaker 4: to be clear in order to save towards it.
Speaker 2: It's true. Yeah, you can do multiple things at once.
Speaker 4: Someone else said, I'm a little bit in the same
Speaker 4: boat of not knowing what to save for. So I
Speaker 4: have just a big savings account and then a general
Speaker 4: savings account. The big one is for life things, whether
Speaker 4: it's a house or something big that I decide on
Speaker 4: in the future, and then general savings can.
Speaker 2: Be for holidays. I like that cool.
Speaker 4: Someone else said, I'm not very goal oriented. I save
Speaker 4: because I can, and then it's there if I need something.
Speaker 6: Totally a good point. Not everyone does work that I particularly.
Speaker 6: I feel like a lot of neurodivergin people probably approach.
Speaker 2: You and we don't know what we want.
Speaker 6: You don't always you either hyper fixate and you're like,
Speaker 6: this is all I'm doing, or it can maybe feel
Speaker 6: a little bit intangible and therefore more challenging, which is
Speaker 6: also normal.
Speaker 3: Yeah.
Speaker 4: Yeah, crusted right now, but very valid. Like, you don't
Speaker 4: need to have goals, but you do need to care
Speaker 4: about future you. Yes, so I think that you don't
Speaker 4: need to be clear on it, but we do need
Speaker 4: to be clear that future you deserves the best, and
Speaker 4: we're going to treat them that way. Someone said, this
Speaker 4: is one hundred percent me. I'm saving, but what for?
Speaker 4: I think about spending it, but then I don't because
Speaker 4: I fear it's a waste.
Speaker 6: That's hard.
Speaker 2: Yeah, someone else said, life is short but also long.
Speaker 2: I try to balance goals for both. You never know,
Speaker 2: you never know. And then someone else said, maybe just
Speaker 2: start with one goal and that goal is an emergency fund.
Speaker 2: That's a great ideas for me. It's like, what are
Speaker 2: you saving for financial freedom? I just wanted to rich,
Speaker 2: like do you want free money? Don't free money? What
Speaker 2: I want exactly?
Speaker 4: And I feel like you are do what you want
Speaker 4: kind of person, Like you don't need to buy a house,
Speaker 4: you don't need to organize like a plan for an apartment.
Speaker 4: But like beck, you imagine how much do what you want?
Speaker 4: You could do if you didn't have to come to
Speaker 4: work today.
Speaker 2: I know you.
Speaker 4: Could sleep in you could lay in the grass, you
Speaker 4: could get six billion vapes like you could do you
Speaker 4: but you need cash to fund that lifestyle.
Speaker 2: But I'd still be here. Lots of people don't have
Speaker 2: houses and stuff too, like ye for every Oh my god,
Speaker 2: I just actually finished it's coming out soon. I just
Speaker 2: finished recording a money diary.
Speaker 4: Was someone who said, basically, I have six figures in
Speaker 4: my investment portfolio, six figures in my super six figur income,
Speaker 4: and I don't think I want to buy property, not
Speaker 4: for me. And I looked at their savings they are saving.
Speaker 4: They have one hundred and ten thousand dollars in an
Speaker 4: investment platform right now, saving two and a half or
Speaker 4: two two hundred dollars each and every single month, which
Speaker 4: is so much money, right, But I worked out that
Speaker 4: when they retire they're going to have about five million
Speaker 4: dollars in investments. Crazy and no plans for property. But
Speaker 4: do you know what five million dollars in their investment
Speaker 4: is going to mean when they retire? What an income
Speaker 4: of two hundred and seventy five thousand dollars a year?
Speaker 2: That is very appealing, But do you know how much
Speaker 2: whatever you want that means? Yeah, that's so true.
Speaker 4: And they were like, oh, I don't know, I'll have
Speaker 4: to work it out because I have to pay rent.
Speaker 4: And I was like, babe, with seventy five thousand dollars
Speaker 4: has an income, you'll always be able to pay rent.
Speaker 2: You are fine. Anyway. This is probably also a really
Speaker 2: good time to do a little bit of a shameless
Speaker 2: plug Jess and Beck, because we have just launched our
Speaker 2: first ever Black Friday sale, and it's like kind of
Speaker 2: a way to divert you from actual shopping and into
Speaker 2: investing in yourself. And we're just talking about goal setting
Speaker 2: and investing and cash flow and how that's really important.
Speaker 2: So we have just launched our bundles with Sheese on
Speaker 2: the Money, so you could get your wealth built a
Speaker 2: bundle and it's like thirty percent off all of our
Speaker 2: courses or are like a future Investor bundle where you
Speaker 2: have the goal setting course as well as the investing course. Anyway,
Speaker 2: there's whole heap of discounts to be had.
Speaker 4: It launches in January next year, like the actual course intakes,
Speaker 4: but we wanted to give some people some savings now
Speaker 4: so that they can focus on investing in themselves instead
Speaker 4: of incloses and shoes and things that seem to be
Speaker 4: all we care about during Black Friday. Anyway, all of
Speaker 4: the for that is going to be in the show notes,
Speaker 4: and it's all over social media because that's just who
Speaker 4: we are as people.
Speaker 2: Anyway, I feel like this has been.
Speaker 4: A really good Friday Chat Friday Rap. Have a good weekend, guys,
Speaker 4: and we'll see you right early on Monday for a
Speaker 4: money diary.
Speaker 2: Bye, guys.
Speaker 4: By The advice shared on She's on the Money is
Speaker 4: general in nature and does not consider your individual circumstances.
Speaker 4: She's on the Money exists purely for educational purposes and
Speaker 4: should not be relied upon to make an investment or
Speaker 4: financial decision. If you do choose to buy a financial product.
Speaker 7: Read the PDS TMD and obtain appropriate financial advice.
Speaker 2: Tailored towards your needs.
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