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

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Speaker 1: the Order Kerney Whoalbury 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 through.

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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and

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

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money. Hello, and

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Speaker 3: welcome to She's on the Money, the podcast for millennials

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Speaker 3: who want financial freedom. Welcome back to another one of

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Speaker 3: our money diaries where we get to talk to one

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Speaker 3: of how incredible She's on the Money community members all

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Speaker 3: about their money story.

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Speaker 4: So let's jump straight.

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Speaker 3: Into it, because this week I got a little message

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Speaker 3: and it went like this, Hi, Victoria, I'm a gen

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Speaker 3: X single mother of four two Gen Z kids, two

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Speaker 3: for kids, and I'm in the top one percent of

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Speaker 3: income earners according to Forbes.

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Speaker 4: But I'm still struggling due to the cost of.

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Speaker 3: Living and no financial literacy, that is until she's on

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Speaker 3: the money, which is turning my life around and setting

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Speaker 3: my kids up for success.

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Speaker 4: Money Darist, welcome to the show.

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Speaker 2: Thank you very much. I'm glad to be here.

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Speaker 4: I'm so excited.

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Speaker 3: As you guys know, I read those for the first

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Speaker 3: time live on the show, so I never know what

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Speaker 3: to expect, but oh my gosh, I'm so excited. I

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Speaker 3: want to hear so much more about this journey. Maybe

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Speaker 3: because I'm really self absorbed, I'm not sure. But let's

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Speaker 3: start off with the same question. I always ask Moneyed Diarist,

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Speaker 3: what grade would you give your money habits if I

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Speaker 3: asked you to give them a grade from A through

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Speaker 3: to F.

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Speaker 2: Well, I would actually give myself a C, because even

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Speaker 2: though I am a high income earner, that hasn't always

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Speaker 2: been the case. And I certainly, you know, have only

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Speaker 2: really just learned how to deal with that money in

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Speaker 2: the very It probably only in the last twelve months.

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Speaker 2: So I now know a lot more and I'm definitely

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Speaker 2: on upwards trajectory, but I certainly don't have a lot

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Speaker 2: of money behind me, and yeah, I wish i'd learned

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Speaker 2: all about this bit sooner.

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Speaker 4: Oh, I'm so excited to learn more.

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Speaker 3: Let's jump in my favorite question in the entire world,

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Speaker 3: moneyed Diarist. Can you tell me a little bit more

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Speaker 3: about your money story.

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Speaker 2: Yeah, so, I think up until about probably ten years ago,

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Speaker 2: I think I really just ignored money. It was just

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Speaker 2: like to me, it was just air or water and

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Speaker 2: just came in and out and you used it and

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Speaker 2: you didn't think you needed to save it up for

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Speaker 2: later or anything like that. And yeah, I wasn't really

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Speaker 2: motivated by it. You know, my parents want admit to

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Speaker 2: me to be an engineer, but so that i'd have

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Speaker 2: a good income, but I just wasn't interested. I was

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Speaker 2: interested in the environment and science, and so really I

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Speaker 2: just ignored it and I worked. I worked from when

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Speaker 2: I was fourteen, but I always had enough for what

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Speaker 2: I needed and I live within my means, and yeah,

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Speaker 2: it just wasn't something I thought about a whole lot. So, yeah,

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Speaker 2: I've kind of landed where I am just through hard

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Speaker 2: work and default. But it certainly hasn't been, you know,

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Speaker 2: through any real sort of need or want for money.

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Speaker 2: I was really just interested in the work that I

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Speaker 2: was doing. My parents didn't have a lot of money.

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Speaker 2: You know, they worked really hard. It was just me

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Speaker 2: and my sister and we always had enough. But they

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Speaker 2: certainly didn't have any investments or any particular financial literacy

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Speaker 2: that I knew about. I vaguely remember them planning for

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Speaker 2: retirement at one point, but yeah, it was just something

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Speaker 2: we didn't talk about a whole lot, so my focus

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Speaker 2: was really elsewhere.

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Speaker 3: Wow, I'm so excited to hear more about I guess

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Speaker 3: how much that has changed. You have two gen z

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Speaker 3: kids and two fur kids, both have different requirements.

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Speaker 4: Yes, how do you think they approach money?

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Speaker 2: Well, I guess one of the reasons that I thought

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Speaker 2: about coming on Cheese on the Money is because, listening

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Speaker 2: to it, I really wanted to change things for my kids.

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Speaker 2: Both of them are very similar to me, and that

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Speaker 2: they want to I mean, my daughter's keen to work

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Speaker 2: for the UN on human rights and my son doesn't

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Speaker 2: quite know what he wants to do yet. But they're

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Speaker 2: really not motivated by jobs that earn a lot of money.

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Speaker 2: And I've been through a bit of a tough time

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Speaker 2: in the last ten years, and so I really wanted

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Speaker 2: them to be able to do what they wanted without

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Speaker 2: sort of having that pressure, and so now with all

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Speaker 2: the knowledge that I've gained in the last year, basically

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Speaker 2: setting them up for financial freedom very very early. They're

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Speaker 2: only eighteen and sixteen, and yeah, I feel positive about

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Speaker 2: them following their dreams like I have, but without sort

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Speaker 2: of having those money worries behind them. So you're going

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Speaker 2: to love this. But they're actually even though they're only

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Speaker 2: eighteen and sixteen, they pulled ten dollars a fortnite into

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Speaker 2: an investment account and they put ten dollars a fortnight

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Speaker 2: into this super.

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Speaker 4: Oh my gosh, of course they do.

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Speaker 1: Yeah.

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Speaker 2: Yeah, So I explained it all to them and they

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Speaker 2: were both really keen, and yeah, they've kept it up,

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Speaker 2: so I guess yeah, I'm really excited about that, that

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Speaker 2: they'll have that literacy that I never had.

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Speaker 3: This whole time, I love this so much. I'm so

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Speaker 3: excited about this conversation. And I want to know a

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Speaker 3: bit more about I guess you said that money has

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Speaker 3: kind of like been ignored until you know recently, how

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Speaker 3: has that impacted the relationship you have with your kids.

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Speaker 3: Were they like, Mum, why are we talking about money

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Speaker 3: all of a sudden, like we don't want to do this?

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Speaker 3: Or were they really interested in it, or like, how

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Speaker 3: have you? I guess bait and switched them because money

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Speaker 3: could be really boring.

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Speaker 2: Yeah, yeah, look, I guess that the whole impetus for

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Speaker 2: that was a separation, a divorce and separation unfortunately, and

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Speaker 2: so I guess I went from a situation where I

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Speaker 2: could kind of ignore money to I couldn't bury my

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Speaker 2: head in the sand anymore. Separation itself was really difficult.

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Speaker 2: I had to get lawyers involved, and we didn't have

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Speaker 2: a lot of money, and so yeah, it was just

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Speaker 2: all of a sudden being conscious of what was going

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Speaker 2: in what was going out, and I was quite confused, going,

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Speaker 2: I'm I'm this high income manner, and yet I just

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Speaker 2: still don't have any you know, spare money. It all

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Speaker 2: goes on the house and the kids and everything else.

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Speaker 2: And so I guess, yeah, I don't know. I just

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Speaker 2: spoke about with the kids. I mean we did look

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Speaker 2: at the Barefoot investor, you know, ten years ago or whatever,

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Speaker 2: so they had that little bit of intro, but not

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Speaker 2: really much. But then recently been you know, walking them

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Speaker 2: through their investments and everything, and yeah, I think they

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Speaker 2: really kind of understood the whole compound interest and starting

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Speaker 2: now will put them in good stead. So yeah, that

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Speaker 2: sort of worked out with them and the fur kids.

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Speaker 2: They're just two spoiled labradors who get everything they want,

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Speaker 2: but bring me a lot of joy.

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Speaker 3: Yeah, and everything labradors want so snacks. Everybody knows this,

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Speaker 3: But I am the biggest pet person in the entire world.

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Speaker 3: So if I know someone's got pets, I'm like, tell me.

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Speaker 4: About them, Who've got pictures? So we'll get to that later.

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Speaker 4: I woant to know though.

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Speaker 3: You mentioned before that you're in the top one percent

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Speaker 3: of earners according to Forbes.

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Speaker 4: Tell me what do you do for work? How much

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Speaker 4: money do you earn?

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Speaker 2: So I work for the Australian government. I'm in the

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Speaker 2: area of environmental protection and I provide sites advice to

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Speaker 2: lawyers and government decision makers. So that's really my bread

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Speaker 2: and butter of work.

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Speaker 4: That sounds very fancy, let's be honest.

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Speaker 2: Yeah, it's really quite stressful and you have the potential

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Speaker 2: of getting taken to court all of the time. But

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Speaker 2: my job involves, I guess, holding big businesses to account

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Speaker 2: and making sure that they prevent, reduced, and minimize their

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Speaker 2: environmental impacts. So yeah, it's you know, I did used

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Speaker 2: to think that I was very lucky to be in

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Speaker 2: this job. My ex partner used to tell me I

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Speaker 2: was lucky. But I suppose after listening to your podcast

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Speaker 2: and everything, I've kind of gone, well, yes, it is

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Speaker 2: a bit lucky, but also it's.

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Speaker 4: Not really luck though.

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Speaker 2: It's really hard to get here, and I'm really passionate

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Speaker 2: about it, I do, so yeah. Yeah, And now the

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Speaker 2: how much do I earn question? I actually earn over

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Speaker 2: two hundred and fifty grand a year, so it sounds

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Speaker 2: like a lot of money. I do also have to

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Speaker 2: say that about ninety k of that goes in tac

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Speaker 2: so you know, I don't get that part, which is fine.

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Speaker 2: You know, I'm happy to back into health and education

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Speaker 2: in the community and all of that. So, yeah, it is.

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Speaker 2: It does sound like a lot of money. But I

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Speaker 2: did do a little breakdown. I'm not sure how much

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Speaker 2: you want to go into it.

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Speaker 3: Oh no, if you want to go into detail, I

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Speaker 3: am sitting here for the whole time.

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Speaker 2: Please find myself. Was like, where does all this money

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Speaker 2: go go?

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Speaker 4: My friend, I would love to know.

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Speaker 2: Yeah. Yeah, so besides the tags about thirty grander that

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Speaker 2: goes to super so that leaves about one hundred and

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Speaker 2: fifty left. My mortgage is around forty k a year.

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Speaker 2: This is the big one. My groceries so for myself

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Speaker 2: and my two children and my two pets is about

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Speaker 2: out a twenty K year, so that's like a lot.

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Speaker 2: By the way, my daughter is a Celiac, so I

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Speaker 2: feel your grocery pain in that respect. Yes, yell. Everything

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Speaker 2: is twice as much and you get half as much.

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Speaker 3: So yeah, yeah, and it tastes half as bad, like

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Speaker 3: it's not even good.

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Speaker 2: Yeah, yeah, stoddie.

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Speaker 3: Do you know in Italy they actually test from when

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Speaker 3: kids are very little whether they're celiac or not, and

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Speaker 3: if they are, they give you a subsidy to afford

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Speaker 3: their products that are gluten free.

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Speaker 4: Isn't that cool?

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Speaker 2: Yeah, that's amazing, You're like, I would love that. Yeah.

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Speaker 1: I have a.

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Speaker 2: Funny story about that related to child support. But I

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Speaker 2: had to go and do this special extra process to

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Speaker 2: get some of the school kids school fees paid by

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Speaker 2: their dad, and in it they say, you know, do

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Speaker 2: they have any other medical conditions? And I put down

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Speaker 2: that was celiac because I had just incurred a whole

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Speaker 2: lot of expenses. But they decided that they didn't think

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Speaker 2: that that was you know, much more.

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Speaker 4: That's literally a medical condition, so down.

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Speaker 2: Yeah, but they just said no, no, sorry, that doesn't count.

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Speaker 4: Absolutely not.

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Speaker 2: Yeah. It was quite disappointing the way that it fell out,

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Speaker 2: but anyway, it is what it is. My next biggest

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Speaker 2: cost is their school fee. So my kids don't go

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Speaker 2: to like a really fancy private school, but they do

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Speaker 2: go to a Catholic school. So that's about thirteen K

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Speaker 2: a year, and their dad does have to pay some

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Speaker 2: of that through child support.

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Speaker 3: Does he pay like I'm just pervy to know about

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Speaker 3: like the breakup there, does he pay like half or

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Speaker 3: is it less than half? Well, like you the primary

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Speaker 3: breadwinner in that circumstance.

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Speaker 2: Yeah, so I have a lot of info about child support,

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Speaker 2: which in my view doesn't work when the primary care

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Speaker 2: is also the primary financial bringer in it for the family.

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Speaker 2: The way that the system is set up kind of

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Speaker 2: it does really work when you have a person that

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Speaker 2: brings in the most money is not the primary care.

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Speaker 2: But when the same person is that, I feel like

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Speaker 2: it's really unfair. And Luckily for me, you know, I

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Speaker 2: earn a good income, so it's actually okay, but I

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Speaker 2: get really quite you know, frustrated with the system because

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Speaker 2: a lot of the things that happened to me, which

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Speaker 2: I can cope with, I just think of, you know,

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Speaker 2: other women who are not on high incomes and pay

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Speaker 2: the way that payments get delayed and broke it down.

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Speaker 2: It breaks my heart, to be honest, And I've kind

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Speaker 2: of decided that when I'm out of it, because my

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Speaker 2: kids are nearly both eighteen, and then I'm out of it,

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Speaker 2: that you know, I will actually I don't know what

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Speaker 2: do what, but I have worked in governments and maybe

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Speaker 2: there's some I.

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Speaker 4: Love this, I love the passion.

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Speaker 3: I'm so excited about it because I've heard this so

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Speaker 3: many times as well, that it just it doesn't end

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Speaker 3: up falling evenly. No, and while sometimes a few dollars

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Speaker 3: here and there, like, let's be honest, it's not worth

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Speaker 3: arguing over. We're not talking about a few dollars here.

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Speaker 3: We're talking about thousands of dollars difference when you're the

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Speaker 3: primary caregiver and the person who's funding most of it.

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Speaker 2: That's right, And it's not even that. It's like some

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Speaker 2: things are just process based where it's really unfair for

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Speaker 2: the person who is receiving and and I feel like

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Speaker 2: there's such easy fixes, and I know how government policy works,

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Speaker 2: it's really hard to change. But yeah, I do think

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Speaker 2: of other women, and I just think I really like

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Speaker 2: to get onto that and do something.

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Speaker 4: I don't know what to advocate for them. No, that's

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Speaker 4: so kind. I love that. I absolutely love that.

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Speaker 3: I can see where your daughter gets ye, where she's like,

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Speaker 3: not money motivated, but she wants to work with you.

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Speaker 3: And I was like, can't wait to hear what you

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Speaker 3: do for work, babe, cannot wait because the affle does

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Speaker 3: often not fall far.

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Speaker 4: From the tree.

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Speaker 2: Yeah. Yeah, So is.

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Speaker 3: There anything else in that budget? We got to school

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Speaker 3: fees they go to a Catholic school. Thirteen grand a year.

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Speaker 2: Yep. My insurances so I pay and look, I don't

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Speaker 2: know what you would say about this, but I actually

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Speaker 2: pay about ten grand in insurances. So for the whole family,

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Speaker 2: I have health insurance, trauma insurance, TPD, death in income

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Speaker 2: protection because I am the primary incomelately, the family feels

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Speaker 2: right home and contents car insurance and now, of course

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Speaker 2: my daughter has a car as well, so her insurance

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Speaker 2: so insurance sure. The students tank on that a year,

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Speaker 2: which is a lot. I haven't had to claim it,

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Speaker 2: so that's a good thing. But that's what it is.

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Speaker 3: We want insurance to be the biggest waste of money

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Speaker 3: in the entire way.

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Speaker 1: Ran.

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Speaker 3: Yeah, because it means we didn't have to claim on it,

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Speaker 3: and that's a really attractive position to be in. I

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Speaker 3: do want to know, as a high income earner, how

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Speaker 3: did you set up your TPD life and income protection insurances?

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Speaker 3: Is this something that you just set up through SUPER

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Speaker 3: or like what was the plan?

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Speaker 2: Yeah, so I did have it through SUPER initially, but

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Speaker 2: then I went to a financial advisor and she tweaked

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Speaker 2: some of it, so two were still through SUPER, but

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Speaker 2: two we took out. And I do have to go

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Speaker 2: and review it again because it was set up for

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Speaker 2: like in the event something hap to meet, the kids'

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Speaker 2: school fees would still be paid and the more we

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Speaker 2: were still paid and everything. But obviously there's a bit

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Speaker 2: of a change coming up, so with that change, I'll

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Speaker 2: need to review them and yeah, see maybe I'll have

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Speaker 2: to pay less, which would be nice.

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Speaker 3: Which would be really nice, It would be really nice. Yeah, yeah, no,

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Speaker 3: that makes sense. Most financial advisors will split some inside

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Speaker 3: SUPER and some outside SUPER. Yeah, and to I guess

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Speaker 3: stereotype completely most advisors. I do won't want to say

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Speaker 3: most advisors, but you know what I mean when I

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Speaker 3: say that, they'll pick TPD or total and Permanent disability

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Speaker 3: in life insurance to sit inside superannuation, and then they'll

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Speaker 3: pick trauma and income protection to sit outside of superannuation

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Speaker 3: because of the tax differences and also the claiming benefits

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Speaker 3: depending on whether you can claim it inside super Because

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Speaker 3: the interesting thing, just as a side note, because I'm

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Speaker 3: passionate about finance right is if you need to claim

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Speaker 3: on let's say, income protection, the claiming criteria of income

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Speaker 3: protection might be very different to what superranuation is willing

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Speaker 3: to release the funds for. So we've seen it historically

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Speaker 3: where someone might be able to claim on their income

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Speaker 3: protection and it gets paid into their superfund because it's

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Speaker 3: owned by the superfund. All the policy is owned by

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Speaker 3: the superfund, and when they apply to the super fund

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Speaker 3: to have the money let out, it doesn't get led

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Speaker 3: out because it doesn't meet the same criteria. It's all

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Speaker 3: about just protecting you. And if you haven't thought about that,

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Speaker 3: not you personally, but people listening to this, please do

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Speaker 3: because it's.

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Speaker 4: So important to just get the right structure.

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Speaker 3: Actually, in this episode, side note to my gorgeous producer

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Speaker 3: and a Lisa, let's put the contact details for my

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Speaker 3: friend Phil at sky Wealth in the show notes, because

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Speaker 3: that is something that everyone needs to set up properly

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Speaker 3: and get done. And I promise it doesn't cost thousands.

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Speaker 3: It really doesn't.

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Speaker 4: I mean, if you were in two hundred and fifty

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Speaker 4: grand and you have two kids and a lot of insurances,

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Speaker 4: that might cost you ten grand.

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Speaker 3: But that's across all of your insurances, including cur insurance,

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Speaker 3: which is honestly pretty palpable.

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Speaker 4: Let's be honest. Ye yeah, yeah, what have you got

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Speaker 4: next on our line? Next?

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Speaker 2: I have got house maintenance. So this is a thing

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Speaker 2: about being a single parent who works full time. Is firstly,

341
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Speaker 2: I do get help around the house, you know, for

342
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Speaker 2: gardening and things like that, cleaning. I just don't have

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Speaker 2: time for it, so I do that. But then also

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Speaker 2: I you know, just yeah, it's not a new house.

345
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Speaker 2: It's an old house. It's still needs you know, you

346
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Speaker 2: just I don't know, light bulbs changed, and you know,

347
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Speaker 2: I had a roof leak and just things like that.

348
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Speaker 2: So yeah, a lot of just little things like that

349
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Speaker 2: little costs like that. On that, I've got eight grand

350
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Speaker 2: on utilities, and then for transport, so I own my

351
00:16:16,280 --> 00:16:19,760
Speaker 2: own car, but for fuel, bus and train and everything

352
00:16:20,000 --> 00:16:22,440
Speaker 2: is about six grand a year. So that's myself and

353
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Speaker 2: the children. Then the next one is kids sport and

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Speaker 2: my sport, which is about six grand, which is expensive

355
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Speaker 2: for sport, and that's because my daughter is into dancing,

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Speaker 2: which is an expensive sport.

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Speaker 4: Dancing is expensive.

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Speaker 2: And recently in the last few years, which is something

359
00:16:39,640 --> 00:16:42,320
Speaker 2: I constantly think should I be spending that money on.

360
00:16:42,440 --> 00:16:45,600
Speaker 2: But my sport, which is its only really just happened,

361
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Speaker 2: has been horse riding.

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Speaker 4: Hush's expensive.

363
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Speaker 2: Oh yeah, yeah, yeah, And I don't even own a

364
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Speaker 2: horse or anything. I just go once a week and ride.

365
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Speaker 3: Not yet it's a slippery slope. We've had a few

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Speaker 3: horse friends on the show before. Yeah, all let us

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00:16:58,960 --> 00:17:00,440
Speaker 3: know how expensive it is.

368
00:17:00,840 --> 00:17:03,720
Speaker 2: Yep. Yeah. But for me it was a mental health thing,

369
00:17:03,840 --> 00:17:05,880
Speaker 2: like it was really the only thing that got me through.

370
00:17:07,119 --> 00:17:10,160
Speaker 2: It's exercise when you don't actually feel like you're exercising.

371
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Speaker 2: I love animals and I just had a half an

372
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Speaker 2: hour window where I used to take one of my kids,

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Speaker 2: and I found that in the week. That was just

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Speaker 2: the most peaceful half an hour that I had. So yeah,

375
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Speaker 2: I am constantly revisiting that, going is that an expense

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Speaker 2: that I really need and it's not, but for my

377
00:17:26,280 --> 00:17:28,720
Speaker 2: mental health at this point in time, it was. Yeah,

378
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Speaker 2: it was really really appreciated.

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Speaker 4: I think it's really important as well.

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Speaker 3: Like I get when you add it all up, you go, wow,

381
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Speaker 3: that's so much. But like, let's be honest, someone adding

382
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Speaker 3: up their forty five membership, they might absolutely adore it.

383
00:17:41,480 --> 00:17:43,520
Speaker 3: Ad cost about the same per year, Like we're not

384
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Speaker 3: talking about a ridiculous amount per year. And I mean

385
00:17:48,119 --> 00:17:50,879
Speaker 3: you'll probably get less sessions, but they might mean a

386
00:17:50,880 --> 00:17:54,359
Speaker 3: lot more to you. And having learned a little bit

387
00:17:54,359 --> 00:17:56,600
Speaker 3: about your money story, like my friend, I think it

388
00:17:56,640 --> 00:18:00,560
Speaker 3: gets to stay at least for now.

389
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Speaker 2: So that's sport. And then we've got medical as I said,

390
00:18:04,600 --> 00:18:08,840
Speaker 2: my daughter's AE ciliac, my son has optical issues. So

391
00:18:09,160 --> 00:18:11,800
Speaker 2: you know, all of that probably comes to about five

392
00:18:12,000 --> 00:18:15,840
Speaker 2: K a year. The dogs, actually I've made a mistake before.

393
00:18:15,880 --> 00:18:18,399
Speaker 2: Their groceries weren't included in my grocery bill. I've got

394
00:18:18,480 --> 00:18:21,640
Speaker 2: four K year for their groceries and their health stuff,

395
00:18:22,320 --> 00:18:24,800
Speaker 2: and then the rest of it is like three grand

396
00:18:24,880 --> 00:18:28,720
Speaker 2: for gifts for my family and friends and the kids,

397
00:18:29,280 --> 00:18:32,679
Speaker 2: and then there's only about two grand on beauty and

398
00:18:32,720 --> 00:18:35,560
Speaker 2: makeup and stuff and myself and my daughter, we don't

399
00:18:35,600 --> 00:18:38,439
Speaker 2: spend much on that at all. And then the last

400
00:18:38,880 --> 00:18:41,840
Speaker 2: big expense or actually I had one k for coffee

401
00:18:41,840 --> 00:18:45,840
Speaker 2: and one k for alcohol and one k for entertainment subscriptions.

402
00:18:46,359 --> 00:18:50,000
Speaker 2: And then the other more complicated one is it about

403
00:18:50,000 --> 00:18:52,120
Speaker 2: two grand a year. I have a partner who lives

404
00:18:52,119 --> 00:18:55,040
Speaker 2: in Melbourne, so I'm in a long distance relationship.

405
00:18:55,080 --> 00:18:55,280
Speaker 4: Ah.

406
00:18:55,359 --> 00:19:00,480
Speaker 2: Yeah, you've got to travel, So I only pay for airport,

407
00:19:00,520 --> 00:19:05,240
Speaker 2: parking and taxes because generally I get frequent Flyer points.

408
00:19:05,400 --> 00:19:06,200
Speaker 4: I was smart.

409
00:19:06,359 --> 00:19:08,960
Speaker 2: Yes, it's mostly from just using a frequent Flyer credit

410
00:19:08,960 --> 00:19:11,760
Speaker 2: card for all of my bills. So everything goes on that.

411
00:19:11,920 --> 00:19:13,600
Speaker 4: Yeah, oh how fun.

412
00:19:14,160 --> 00:19:17,440
Speaker 2: Yeah, so I have that, and then the rest of

413
00:19:17,480 --> 00:19:20,480
Speaker 2: it is just you know, whatever's left over for clothes

414
00:19:20,560 --> 00:19:24,280
Speaker 2: and shoes and tech like phones and AirPods, like the

415
00:19:24,320 --> 00:19:25,840
Speaker 2: things that you have to pay for for teenagers.

416
00:19:25,920 --> 00:19:27,840
Speaker 3: So all of that stuff that they need, they really

417
00:19:27,880 --> 00:19:29,200
Speaker 3: need otherwise they might die.

418
00:19:29,400 --> 00:19:34,440
Speaker 2: Yeah, exactly, exactly, yep. So that's it. But very recently

419
00:19:34,720 --> 00:19:37,440
Speaker 2: I now only have just started putting together an emergency

420
00:19:37,480 --> 00:19:40,400
Speaker 2: fund because even on having a high income like that,

421
00:19:40,560 --> 00:19:43,320
Speaker 2: I had my garage door break, I had my hot

422
00:19:43,359 --> 00:19:46,159
Speaker 2: water system break, I had my washing machine break, I

423
00:19:46,200 --> 00:19:48,879
Speaker 2: had my like we have a swimming pool because I

424
00:19:48,880 --> 00:19:52,159
Speaker 2: stayed in the family home salt dispenser that broke it.

425
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Speaker 2: Just you know, I had a year. It all adds up.

426
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Speaker 4: It all adds up. I've loved this.

427
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Speaker 3: I feel like this is such a good breakdown because

428
00:20:00,160 --> 00:20:02,680
Speaker 3: you're right being like, oh, I earned two hundred and

429
00:20:02,720 --> 00:20:03,280
Speaker 3: fifty grand.

430
00:20:03,320 --> 00:20:05,280
Speaker 4: People could be like, I don't know what she's got

431
00:20:05,280 --> 00:20:07,000
Speaker 4: to complain about, my friend.

432
00:20:07,240 --> 00:20:10,520
Speaker 3: Life adds up, Like life is expensive, and you know

433
00:20:10,560 --> 00:20:14,439
Speaker 3: what's more expensive teenage children? Like I know you said, oh,

434
00:20:14,440 --> 00:20:16,639
Speaker 3: their school fees aren't as bad as private fees, but

435
00:20:16,720 --> 00:20:20,159
Speaker 3: like that's still thirteen grand a year that they spend,

436
00:20:20,560 --> 00:20:23,520
Speaker 3: then dancing, then everything else that goes along with it.

437
00:20:23,600 --> 00:20:27,960
Speaker 3: And I think it's interesting because obviously, let's be honest,

438
00:20:28,000 --> 00:20:29,879
Speaker 3: lots of people have done the exact same thing on

439
00:20:30,000 --> 00:20:33,840
Speaker 3: much less. But when we have that income, we're going

440
00:20:33,840 --> 00:20:36,480
Speaker 3: to make the most of it and live the lifestyle

441
00:20:36,560 --> 00:20:39,120
Speaker 3: that we want to live. And you've obviously gone through

442
00:20:39,160 --> 00:20:42,159
Speaker 3: a majority I'm assuming of your children's lives, having a

443
00:20:42,240 --> 00:20:45,840
Speaker 3: duel income household right where that was never a stretch,

444
00:20:46,240 --> 00:20:49,280
Speaker 3: and it is such an ask to change your entire

445
00:20:49,400 --> 00:20:53,119
Speaker 3: lifestyle to go from Hey, daughter, I know that life's

446
00:20:53,160 --> 00:20:55,640
Speaker 3: really hard because you're a teenager right now, but mom

447
00:20:55,640 --> 00:20:57,639
Speaker 3: and dad aren't staying together, and it means you have

448
00:20:57,680 --> 00:21:01,040
Speaker 3: to cancel dancing. Like that is not something that most

449
00:21:01,040 --> 00:21:03,560
Speaker 3: people would want to take because you want to keep

450
00:21:03,600 --> 00:21:06,360
Speaker 3: some level of normalcy. You want to keep them in

451
00:21:06,480 --> 00:21:09,280
Speaker 3: their routines and keep them happy with their friendship groups.

452
00:21:09,280 --> 00:21:13,160
Speaker 4: And I think that there's just obviously privilege fantastic.

453
00:21:13,000 --> 00:21:16,120
Speaker 3: But at the end of the day, this is normal.

454
00:21:16,560 --> 00:21:19,000
Speaker 3: Like at the end of the day, it just makes sense.

455
00:21:19,080 --> 00:21:20,520
Speaker 3: And I don't want you to feel like, I know

456
00:21:20,560 --> 00:21:21,840
Speaker 3: you wrote in your said I'm in the top one

457
00:21:21,880 --> 00:21:24,160
Speaker 3: percent of earners and all of that, and I think

458
00:21:24,200 --> 00:21:27,480
Speaker 3: that you're obviously very aware of the privilege that is,

459
00:21:27,920 --> 00:21:29,680
Speaker 3: but like you worked your butt off to get here,

460
00:21:30,240 --> 00:21:31,639
Speaker 3: Like that's really cool.

461
00:21:31,800 --> 00:21:33,119
Speaker 4: My friend got to ride your horse.

462
00:21:33,880 --> 00:21:36,080
Speaker 2: But I think the thing is as well. It's also

463
00:21:36,800 --> 00:21:39,160
Speaker 2: that was a really big part of trying to keep

464
00:21:39,200 --> 00:21:41,679
Speaker 2: the kids' lives, trying to keep the impact of the

465
00:21:41,680 --> 00:21:44,560
Speaker 2: separation away from them and trying to continue on. And

466
00:21:44,920 --> 00:21:47,159
Speaker 2: you know, the house is a really big expense for me,

467
00:21:47,640 --> 00:21:49,880
Speaker 2: but I didn't want to move. And it's not even

468
00:21:49,880 --> 00:21:51,800
Speaker 2: a big house. It's a really average house in an

469
00:21:51,840 --> 00:21:52,640
Speaker 2: average suburb.

470
00:21:52,960 --> 00:21:53,199
Speaker 1: You know.

471
00:21:53,320 --> 00:21:55,600
Speaker 2: The higher income is really quite new to me. It

472
00:21:55,600 --> 00:21:58,320
Speaker 2: hasn't always been the case, and so it's not like

473
00:21:58,359 --> 00:22:00,600
Speaker 2: I had a lot of money behind me, and now

474
00:22:00,640 --> 00:22:02,760
Speaker 2: I'm you know, trying to pay off my mortgage and

475
00:22:02,760 --> 00:22:05,439
Speaker 2: everything because I'm actually not that far from retirement. So

476
00:22:05,960 --> 00:22:07,959
Speaker 2: it's kind of just sort of sneaks up on you

477
00:22:08,000 --> 00:22:09,720
Speaker 2: and you think, yes, you've got this big income, but

478
00:22:09,840 --> 00:22:12,240
Speaker 2: without you know, I'm sure that all of your listeners,

479
00:22:12,280 --> 00:22:16,400
Speaker 2: because they've got their financial literacy so early, they would

480
00:22:16,400 --> 00:22:18,280
Speaker 2: be in so much more of a better position than

481
00:22:18,280 --> 00:22:20,679
Speaker 2: what I am at my age because they will have

482
00:22:20,760 --> 00:22:23,400
Speaker 2: started so early and they're not trying to you know,

483
00:22:23,720 --> 00:22:26,320
Speaker 2: still maintain this kind of lifestyle at the end of

484
00:22:26,320 --> 00:22:28,399
Speaker 2: the day when they've only got you know, ten or

485
00:22:28,440 --> 00:22:31,399
Speaker 2: fifteen years before they want to retire. So I think,

486
00:22:31,520 --> 00:22:33,040
Speaker 2: you know, one of the things that I wanted to

487
00:22:33,040 --> 00:22:35,480
Speaker 2: get across is that life does get more expensive and

488
00:22:35,520 --> 00:22:37,840
Speaker 2: when You've got, you know, two teenage kids, and you

489
00:22:37,840 --> 00:22:40,639
Speaker 2: you're really covering the cost of three people. So you know,

490
00:22:40,680 --> 00:22:43,960
Speaker 2: whenever you're budgeting for yourself for clothes and hair and

491
00:22:44,400 --> 00:22:47,040
Speaker 2: fuel and food, you've got to times that by three.

492
00:22:47,280 --> 00:22:50,119
Speaker 2: And absolutely the income is still only coming from one person.

493
00:22:50,280 --> 00:22:53,040
Speaker 2: So yeah, life does get a lot more expensive. So

494
00:22:53,080 --> 00:22:56,880
Speaker 2: starting early is just yeah, it's worth absolutely worth as well.

495
00:22:56,920 --> 00:22:59,399
Speaker 2: And I wish I had had the knowledge to do

496
00:22:59,480 --> 00:23:02,960
Speaker 2: so myself, but yeah, it's I'm getting there better late

497
00:23:03,000 --> 00:23:03,360
Speaker 2: than never.

498
00:23:03,560 --> 00:23:05,160
Speaker 4: I have to ask. I have to ask.

499
00:23:05,200 --> 00:23:07,600
Speaker 3: You wrote in and you said I'm a gen X

500
00:23:07,640 --> 00:23:11,040
Speaker 3: single mum of you said four. Obviously that's a sixteen

501
00:23:11,040 --> 00:23:13,440
Speaker 3: and eighteen year old and two gorgeous labradors.

502
00:23:13,840 --> 00:23:15,080
Speaker 4: You've said I'm close.

503
00:23:14,880 --> 00:23:18,360
Speaker 3: To retirement, but like, I don't know who your botox

504
00:23:18,400 --> 00:23:20,639
Speaker 3: technician is. I don't know what's going on, babe, But

505
00:23:20,720 --> 00:23:23,199
Speaker 3: you look like you're in your early forties. Are you

506
00:23:23,240 --> 00:23:25,600
Speaker 3: actually close to retirement? Are we going to share ages

507
00:23:25,640 --> 00:23:27,640
Speaker 3: on this podcast? I know they can't see you.

508
00:23:27,720 --> 00:23:31,600
Speaker 2: Like I'm sharing my eight I'm forty eight. I've never

509
00:23:31,640 --> 00:23:35,520
Speaker 2: had no you're not so. I've never died my hair ever,

510
00:23:35,800 --> 00:23:39,320
Speaker 2: I've never had any anything else done, and people always

511
00:23:39,359 --> 00:23:41,479
Speaker 2: say that to me, and I honestly I don't know.

512
00:23:41,720 --> 00:23:43,800
Speaker 3: Like if you said it was my fortieth birthday last week,

513
00:23:43,800 --> 00:23:45,760
Speaker 3: I'd be like, of course, it was like that makes sense,

514
00:23:45,800 --> 00:23:49,520
Speaker 3: of course, Like yeah, absolutely not. But when you were

515
00:23:49,560 --> 00:23:51,919
Speaker 3: dropping yep, these are my kids ages, this is what

516
00:23:52,000 --> 00:23:53,920
Speaker 3: I did, this is how I grew up. And I'm like, oh,

517
00:23:54,280 --> 00:23:56,720
Speaker 3: something in my head's not like, has she got an

518
00:23:56,720 --> 00:23:59,639
Speaker 3: extra ten years of person sleeve to achieve what she's.

519
00:23:59,520 --> 00:24:02,880
Speaker 2: Achief My parents have aged really well. I think it's good, Jeen.

520
00:24:03,040 --> 00:24:05,720
Speaker 2: So I'm really really lucky in that respect because.

521
00:24:06,359 --> 00:24:08,160
Speaker 4: Let me know where you buy them, because I need

522
00:24:08,200 --> 00:24:08,960
Speaker 4: a lot of those.

523
00:24:09,280 --> 00:24:11,720
Speaker 3: I do dye my hair because if I didn't, my

524
00:24:11,800 --> 00:24:14,399
Speaker 3: friend I'd be half gray and you would all be like,

525
00:24:14,440 --> 00:24:15,080
Speaker 3: what the heck?

526
00:24:15,240 --> 00:24:17,639
Speaker 2: I am getting some gray hairs now. And my hairdresser

527
00:24:17,840 --> 00:24:20,440
Speaker 2: is laughing at me because I'm freaking out going.

528
00:24:20,280 --> 00:24:23,119
Speaker 3: Oh my god, and she's like, my friend Victoria was

529
00:24:23,119 --> 00:24:24,679
Speaker 3: half gray by the age of twenty.

530
00:24:26,600 --> 00:24:28,240
Speaker 4: Yeah, oh my gosh. I love that so much.

531
00:24:28,280 --> 00:24:30,320
Speaker 3: I love that you're working on an emergency fund and

532
00:24:30,400 --> 00:24:33,560
Speaker 3: kind of like finding your own feet. I do want

533
00:24:33,560 --> 00:24:35,719
Speaker 3: to know what is your big money goal. You mentioned

534
00:24:35,800 --> 00:24:37,600
Speaker 3: like you're trying to smash down your mortgage, but like,

535
00:24:37,640 --> 00:24:40,000
Speaker 3: have you got specific money goals at the moment.

536
00:24:40,200 --> 00:24:43,000
Speaker 2: Yeah, I really do want to pay off my mortgage

537
00:24:43,040 --> 00:24:46,760
Speaker 2: and have enough money to retire at sixty, which I

538
00:24:46,840 --> 00:24:50,600
Speaker 2: will be struggling to make sixty five is probably likely.

539
00:24:51,000 --> 00:24:52,600
Speaker 2: But the other thing is that I do want to

540
00:24:52,640 --> 00:24:54,720
Speaker 2: move out of the family home because it is quite

541
00:24:54,800 --> 00:24:58,040
Speaker 2: expensive for me to keep and maintain it, and you know,

542
00:24:58,359 --> 00:25:01,199
Speaker 2: kind of want to just start fresh as well. But

543
00:25:01,240 --> 00:25:04,600
Speaker 2: I haven't worked out how to make that happen yet, because, yeah,

544
00:25:04,800 --> 00:25:07,320
Speaker 2: if it depends what I've moved to, and if the

545
00:25:07,400 --> 00:25:09,639
Speaker 2: kids are still with me, I kind of feel like

546
00:25:09,680 --> 00:25:12,119
Speaker 2: they're both going to be with me through university, so

547
00:25:12,160 --> 00:25:14,880
Speaker 2: I'll be you know, solely supporting them for the next

548
00:25:14,920 --> 00:25:17,680
Speaker 2: few years. I mean, look, they're great kids. They both

549
00:25:17,760 --> 00:25:21,159
Speaker 2: work and they contribute and everything. But it's still, you know,

550
00:25:21,520 --> 00:25:22,200
Speaker 2: a lot of money.

551
00:25:22,280 --> 00:25:23,080
Speaker 4: It's still a lot.

552
00:25:23,200 --> 00:25:25,440
Speaker 3: It's still a responsibility at the end of the day

553
00:25:25,480 --> 00:25:27,960
Speaker 3: that you're having to make accommodations for and it's important

554
00:25:28,000 --> 00:25:29,600
Speaker 3: to take it into consideration.

555
00:25:29,520 --> 00:25:32,520
Speaker 2: That's right. So, Yeah, aside from being able to sort

556
00:25:32,560 --> 00:25:34,480
Speaker 2: of have enough money to retire if I want, and

557
00:25:34,880 --> 00:25:37,800
Speaker 2: paying off the mortgage. My new partner and I both

558
00:25:37,840 --> 00:25:40,800
Speaker 2: wanted to do a trip together, like an overseas trip,

559
00:25:41,119 --> 00:25:44,159
Speaker 2: which we'll probably put off until our kids have finished school,

560
00:25:44,160 --> 00:25:45,840
Speaker 2: and that will be twenty twenty six.

561
00:25:46,040 --> 00:25:46,840
Speaker 4: Oh my gosh.

562
00:25:46,880 --> 00:25:49,080
Speaker 3: But that's a goal, that's a goal to work towards,

563
00:25:49,119 --> 00:25:50,080
Speaker 3: and that's so exciting.

564
00:25:50,320 --> 00:25:52,679
Speaker 2: Yeah, And I guess that's another thing as well, is

565
00:25:52,720 --> 00:25:55,720
Speaker 2: like sometimes with the budgeting, which is helpful for your

566
00:25:55,720 --> 00:25:59,040
Speaker 2: community to know, is that sometimes it's really quite hard

567
00:25:59,119 --> 00:26:01,240
Speaker 2: to because the timing of things that you want to

568
00:26:01,280 --> 00:26:04,280
Speaker 2: do with your kids is dependent on what year they're in.

569
00:26:04,440 --> 00:26:06,719
Speaker 2: So you might want to go on our holiday with

570
00:26:06,800 --> 00:26:08,960
Speaker 2: them at a certain time, but then you've got to

571
00:26:09,000 --> 00:26:11,080
Speaker 2: work in with when their exams are and all that,

572
00:26:11,200 --> 00:26:13,680
Speaker 2: so you actually do have to plan, you know, well

573
00:26:13,720 --> 00:26:15,800
Speaker 2: in advance and know that you've kind of got this

574
00:26:15,840 --> 00:26:17,719
Speaker 2: little window, and then they might not want to come

575
00:26:17,760 --> 00:26:21,280
Speaker 2: on holidays with you anymore, and those kinds of things. So, yeah,

576
00:26:21,359 --> 00:26:24,359
Speaker 2: it is it is tricky to sort of balance everybody's needs.

577
00:26:24,359 --> 00:26:26,920
Speaker 2: You're not just balancing your own needs, you're balancing, you know,

578
00:26:27,280 --> 00:26:29,840
Speaker 2: what they've got going on, and they go through phases

579
00:26:29,840 --> 00:26:31,280
Speaker 2: where they want to come away with you, and then

580
00:26:31,320 --> 00:26:33,480
Speaker 2: it's all about their friends, and then they don't mind

581
00:26:33,480 --> 00:26:36,160
Speaker 2: so much. Again, so a lot of the time, Yeah,

582
00:26:36,160 --> 00:26:38,800
Speaker 2: it's really you're really juggling and trying to make those

583
00:26:38,840 --> 00:26:41,800
Speaker 2: memories while you can. You know, it's it's tricky.

584
00:26:42,000 --> 00:26:43,840
Speaker 4: Oh my gosh. All right, let's go to a really

585
00:26:43,960 --> 00:26:44,560
Speaker 4: quick break.

586
00:26:44,600 --> 00:26:47,000
Speaker 3: I have so many more questions and we'll get to

587
00:26:47,000 --> 00:26:53,800
Speaker 3: them in a hot minute. All right, Money direst we

588
00:26:53,920 --> 00:26:55,679
Speaker 3: are back, and I feel like this has been one

589
00:26:55,720 --> 00:26:59,520
Speaker 3: of my favorite chats in more recent times. I feel

590
00:26:59,520 --> 00:27:02,120
Speaker 3: like it's just so enlightening to see where you're coming from.

591
00:27:02,160 --> 00:27:04,600
Speaker 3: And you've broken down your budget in such nitty, greedy

592
00:27:04,640 --> 00:27:06,800
Speaker 3: detail that I'm like, I love this. Maybe I should

593
00:27:06,800 --> 00:27:09,199
Speaker 3: make every single money. Don't tell me exactly what's in

594
00:27:09,240 --> 00:27:13,920
Speaker 3: their budget. I just find it genuinely so interesting. You

595
00:27:14,000 --> 00:27:18,040
Speaker 3: mentioned before that your kids have started investing, but I

596
00:27:18,040 --> 00:27:20,879
Speaker 3: want to have you started investing, Like, are we walking

597
00:27:20,920 --> 00:27:22,640
Speaker 3: the walk or we just talk in the talk?

598
00:27:22,800 --> 00:27:26,240
Speaker 2: My friend, I haven't started investing for myself so well,

599
00:27:26,280 --> 00:27:29,480
Speaker 2: aside from my super so. Again, I'm really lucky because

600
00:27:29,480 --> 00:27:32,480
Speaker 2: I've been with the government. They have fifteen percent super so.

601
00:27:32,680 --> 00:27:35,760
Speaker 2: My own super is actually five hundred grand.

602
00:27:36,040 --> 00:27:39,639
Speaker 4: Oh my gosh, no it isn't. Yeah, that's so sexy.

603
00:27:39,920 --> 00:27:43,000
Speaker 2: Yeah, look, I'm really really happy about that because, like

604
00:27:43,040 --> 00:27:44,920
Speaker 2: I said, you know, I used to be up until

605
00:27:44,920 --> 00:27:47,600
Speaker 2: a year ago, I honestly used to get the super

606
00:27:47,600 --> 00:27:51,240
Speaker 2: statements and just go, oh, yeah, okay. I didn't even

607
00:27:51,240 --> 00:27:54,360
Speaker 2: have an idea about how great you know, and how

608
00:27:54,400 --> 00:27:56,320
Speaker 2: good that is and how lucky I am to have that.

609
00:27:56,440 --> 00:27:57,320
Speaker 2: I really didn't know.

610
00:27:57,480 --> 00:27:59,920
Speaker 3: So no, not lucky, we're removing that one, or an

611
00:28:00,520 --> 00:28:01,720
Speaker 3: how hard you've worked.

612
00:28:02,200 --> 00:28:04,040
Speaker 2: It has been hard work. I have worked since I

613
00:28:04,080 --> 00:28:07,040
Speaker 2: was fourteen, so I have that. But also in the

614
00:28:07,160 --> 00:28:10,919
Speaker 2: financial settlement, I did get some of my ex'es super

615
00:28:11,000 --> 00:28:14,320
Speaker 2: as well because I was actually part time for about

616
00:28:14,359 --> 00:28:16,720
Speaker 2: ten years, so I didn't you know, I was looking

617
00:28:16,800 --> 00:28:18,919
Speaker 2: after the kids. I was a primary caregiver as well

618
00:28:18,920 --> 00:28:20,959
Speaker 2: as working part time. So I actually have another one

619
00:28:21,040 --> 00:28:25,080
Speaker 2: hundred and thirty k of his. And that one, that's

620
00:28:25,119 --> 00:28:27,400
Speaker 2: a really interesting one because when we did this settlement,

621
00:28:27,520 --> 00:28:29,800
Speaker 2: I didn't know that I was entitled to that, and

622
00:28:30,280 --> 00:28:33,200
Speaker 2: he really tried to keep lawyers out of it and

623
00:28:33,240 --> 00:28:35,600
Speaker 2: not to get legal advice and kind of said, oh,

624
00:28:35,720 --> 00:28:37,159
Speaker 2: you know, if you do that, it's going to be

625
00:28:37,240 --> 00:28:38,360
Speaker 2: really expensive and all this.

626
00:28:38,360 --> 00:28:40,080
Speaker 4: Stuff more expensive for me or not that.

627
00:28:40,520 --> 00:28:42,680
Speaker 2: Yeah, that's right, and that's how it turned out because

628
00:28:42,680 --> 00:28:45,120
Speaker 2: I wouldn't have got that if I hadn't had lawyers

629
00:28:45,160 --> 00:28:47,320
Speaker 2: go no, this is this is the breakdown, this is

630
00:28:47,360 --> 00:28:49,680
Speaker 2: what you know, how we're going to do. Yeah, so

631
00:28:49,880 --> 00:28:53,120
Speaker 2: I have that as well. So they're my OWNI investments.

632
00:28:52,680 --> 00:28:55,560
Speaker 4: Only that's a lot. I'm very impressed. That's a lot.

633
00:28:55,720 --> 00:28:58,560
Speaker 2: Yes, but yes, I'm very very fortunate to have that.

634
00:28:58,680 --> 00:29:01,280
Speaker 2: And look, I don't you know, I guess I would

635
00:29:01,320 --> 00:29:04,360
Speaker 2: not be even looking to retire at sixty if I

636
00:29:04,400 --> 00:29:08,320
Speaker 2: didn't have those. So yeah, I'm really really happy. Suppose

637
00:29:08,920 --> 00:29:11,360
Speaker 2: I don't have any actual Well, I do have investments

638
00:29:11,400 --> 00:29:13,640
Speaker 2: in my name because we invested some money for the

639
00:29:13,720 --> 00:29:17,880
Speaker 2: kids in some direct shares that was probably about ten

640
00:29:18,000 --> 00:29:21,719
Speaker 2: years ago. Now that is worth about eleven grand and

641
00:29:21,760 --> 00:29:23,920
Speaker 2: they are in my name. But the plan is that

642
00:29:24,040 --> 00:29:26,400
Speaker 2: I will transfer them to the kids' names when they're

643
00:29:26,400 --> 00:29:29,280
Speaker 2: both over eighteen. Although that's another thing I want to

644
00:29:29,280 --> 00:29:31,920
Speaker 2: talk to my financial advisor about is that obviously the

645
00:29:31,960 --> 00:29:34,280
Speaker 2: tax is on me at this point in time. So

646
00:29:34,360 --> 00:29:36,680
Speaker 2: now that my daughter's eighteen it might be good to

647
00:29:36,680 --> 00:29:39,000
Speaker 2: transfer them to her name, but then I've got to

648
00:29:39,040 --> 00:29:41,920
Speaker 2: split them between the two kids. So yeah, I still

649
00:29:41,960 --> 00:29:43,960
Speaker 2: have a few things to work out with that. And

650
00:29:44,000 --> 00:29:46,880
Speaker 2: then more recently, because the dividends were being paid into

651
00:29:46,920 --> 00:29:49,080
Speaker 2: their trading account, I spoke about it with the kids

652
00:29:49,080 --> 00:29:53,320
Speaker 2: and so they did choose some comsept pocket ETFs, so

653
00:29:53,400 --> 00:29:55,840
Speaker 2: they've got that as well. Again, it's all in my name,

654
00:29:55,880 --> 00:29:58,640
Speaker 2: but it will be transferred to them once they're eighteen.

655
00:29:58,720 --> 00:30:02,840
Speaker 2: So I don't have anything that's mine. Actually it was super,

656
00:30:02,920 --> 00:30:05,360
Speaker 2: but I don't have anything that's mine. But my plan

657
00:30:05,560 --> 00:30:08,920
Speaker 2: is that I'm actually changing jobs. So I'm actually starting

658
00:30:08,920 --> 00:30:10,959
Speaker 2: a job, a new job in a few weeks.

659
00:30:11,080 --> 00:30:12,440
Speaker 4: Congrats, how exciting.

660
00:30:12,560 --> 00:30:14,640
Speaker 2: Thank you And I actually want to say thank you

661
00:30:14,680 --> 00:30:17,840
Speaker 2: to you because listening to the podcast gave me the

662
00:30:18,640 --> 00:30:21,320
Speaker 2: confidence to actually ask for a better deal than what

663
00:30:21,400 --> 00:30:24,880
Speaker 2: I was getting. In the better deal, it wasn't more money,

664
00:30:24,920 --> 00:30:27,200
Speaker 2: but because the SUPER was going to be less than

665
00:30:27,240 --> 00:30:30,000
Speaker 2: the government super, I did ask for the package to

666
00:30:30,000 --> 00:30:32,040
Speaker 2: be the same and they agree.

667
00:30:31,960 --> 00:30:34,440
Speaker 4: Our money win. That's such a good outcome.

668
00:30:34,760 --> 00:30:37,200
Speaker 2: Yeah, I would never ever have done that. I would

669
00:30:37,200 --> 00:30:39,800
Speaker 2: have just gone on. Yet you're going to manche the salary.

670
00:30:39,920 --> 00:30:41,760
Speaker 2: That's great. Yeah, I would never have done it, so

671
00:30:41,840 --> 00:30:42,240
Speaker 2: thank you.

672
00:30:42,560 --> 00:30:44,160
Speaker 4: Ah, I love that so much.

673
00:30:44,520 --> 00:30:47,880
Speaker 3: It gives me goosebumps when people actually make tangible change.

674
00:30:48,120 --> 00:30:50,440
Speaker 2: But my plan, and you're going to love this even more,

675
00:30:50,560 --> 00:30:53,400
Speaker 2: is that my plan is that for that additional money

676
00:30:53,480 --> 00:30:55,719
Speaker 2: that won't be going into my super anymore, I am

677
00:30:55,840 --> 00:30:59,400
Speaker 2: going to invest that. So I'm just going to compartmentalizeer,

678
00:30:59,560 --> 00:31:01,200
Speaker 2: not going to see, not going to have it come

679
00:31:01,240 --> 00:31:05,200
Speaker 2: into my cash area. I'm going to just have it

680
00:31:05,240 --> 00:31:08,120
Speaker 2: straight into investments so that it's working the same for

681
00:31:08,200 --> 00:31:10,000
Speaker 2: me as my super was obsessed.

682
00:31:10,120 --> 00:31:10,840
Speaker 4: Yeah, I love it.

683
00:31:10,840 --> 00:31:12,720
Speaker 3: Talk to your financial advisor and she'll set it all

684
00:31:12,800 --> 00:31:14,320
Speaker 3: up and make sure that you're ready to go.

685
00:31:14,680 --> 00:31:18,320
Speaker 4: I love that idea so much. I want to know.

686
00:31:18,440 --> 00:31:22,080
Speaker 3: We spoke before about you having a mortgage, so I

687
00:31:22,120 --> 00:31:24,680
Speaker 3: want to know about debts. What debt do you have

688
00:31:24,960 --> 00:31:26,600
Speaker 3: and tell us a little bit more about that.

689
00:31:26,800 --> 00:31:29,400
Speaker 2: Yep, So I have my mortgage, which is about four

690
00:31:29,480 --> 00:31:33,320
Speaker 2: hundred and sixty grand. Kind of the separation made me

691
00:31:33,360 --> 00:31:35,480
Speaker 2: realize that we really didn't have a lot of money.

692
00:31:35,560 --> 00:31:37,240
Speaker 2: Part of the reason for that is we had just

693
00:31:37,320 --> 00:31:40,560
Speaker 2: done some home renovations and so the capital in our

694
00:31:40,560 --> 00:31:43,160
Speaker 2: house had been reduced through that was just the timing

695
00:31:43,200 --> 00:31:46,080
Speaker 2: of it. So I do still have a sizeable mortgage,

696
00:31:46,120 --> 00:31:48,800
Speaker 2: which that's what I'm trying to pay down. I don't

697
00:31:48,800 --> 00:31:51,280
Speaker 2: have any other debts though, so I don't have hex debt.

698
00:31:51,360 --> 00:31:54,560
Speaker 2: I was very fortunate to get a scholarship. I have

699
00:31:54,680 --> 00:31:57,480
Speaker 2: got a PhD. And I got a PhD scholarship.

700
00:31:57,520 --> 00:31:59,760
Speaker 3: And you didn't ride in with doctor in front of

701
00:31:59,800 --> 00:32:05,680
Speaker 3: your Come on, no, I didn't. All right, well doctor

702
00:32:05,720 --> 00:32:09,720
Speaker 3: money diarrest. How much is your property worth in comparison

703
00:32:09,760 --> 00:32:10,680
Speaker 3: to your mortgage at this year?

704
00:32:10,720 --> 00:32:12,760
Speaker 2: It's probably about seven hundred grand.

705
00:32:12,960 --> 00:32:15,080
Speaker 4: Oh, that's not too bad in comparison.

706
00:32:15,400 --> 00:32:17,920
Speaker 3: Yeah, yeah, And the plan is to smash that down

707
00:32:18,040 --> 00:32:21,480
Speaker 3: over a period of time before you retire and get

708
00:32:21,520 --> 00:32:23,920
Speaker 3: that done. How likely is that to be paid off

709
00:32:24,080 --> 00:32:25,200
Speaker 3: by the time you're sixty.

710
00:32:25,320 --> 00:32:28,160
Speaker 2: I think it's pretty good odds because I guess I'm

711
00:32:28,280 --> 00:32:32,160
Speaker 2: planning on my expenses being less with the kids growing up,

712
00:32:32,760 --> 00:32:36,760
Speaker 2: and look, I think it's definitely will happen in fifteen years,

713
00:32:36,800 --> 00:32:38,800
Speaker 2: probably in eleven, is my plan.

714
00:32:39,000 --> 00:32:41,000
Speaker 4: So yeah, oh, how cool.

715
00:32:41,400 --> 00:32:43,760
Speaker 2: But it's like, you know, it's all last minute stuff.

716
00:32:43,800 --> 00:32:46,440
Speaker 2: I just think, gosh, if I'd been applying myself to

717
00:32:46,480 --> 00:32:49,960
Speaker 2: this all this time, my life would be just really different.

718
00:32:50,000 --> 00:32:51,760
Speaker 3: But you just don't know what you don't know, and

719
00:32:51,800 --> 00:32:53,880
Speaker 3: you weren't entering on that path yet, And that is

720
00:32:54,000 --> 00:32:57,600
Speaker 3: so fine. Now I need to know, what do you

721
00:32:57,720 --> 00:33:01,360
Speaker 3: think your best money habit is, Well, this is a.

722
00:33:01,320 --> 00:33:03,840
Speaker 2: Funny one, but my best money habit is that I'd

723
00:33:03,840 --> 00:33:05,880
Speaker 2: normally take my lunch to work, so I work in

724
00:33:05,880 --> 00:33:08,280
Speaker 2: the city, but I never ever buy my lunch. And

725
00:33:08,320 --> 00:33:11,320
Speaker 2: this has not been motivated by money. But what happens

726
00:33:11,320 --> 00:33:13,080
Speaker 2: that when you get older is if you look at

727
00:33:13,080 --> 00:33:15,200
Speaker 2: a piece of lettuce, you put on a killo. So

728
00:33:15,680 --> 00:33:19,160
Speaker 2: it was more about eating health than saving money.

729
00:33:20,600 --> 00:33:24,320
Speaker 3: That's fair, that's absolutely fair. But also it does impact

730
00:33:24,600 --> 00:33:27,240
Speaker 3: the budget because I feel like the piece of lettuce

731
00:33:27,280 --> 00:33:31,000
Speaker 3: you buy at lunch time is like at least sixteen

732
00:33:31,080 --> 00:33:32,280
Speaker 3: dollars nowadays.

733
00:33:32,320 --> 00:33:32,720
Speaker 2: Correct.

734
00:33:32,800 --> 00:33:34,040
Speaker 4: Yeah, so that's a no for me.

735
00:33:34,280 --> 00:33:36,760
Speaker 2: Yeah yeah, yeah, So that's a really good money habit

736
00:33:36,800 --> 00:33:39,560
Speaker 2: that I'll take, even though it wasn't actually a money habit.

737
00:33:40,280 --> 00:33:42,680
Speaker 3: What are you usually taking to work for lunch though?

738
00:33:42,720 --> 00:33:46,000
Speaker 3: Are we making gourmet lunches? Are we doing tuna and rice?

739
00:33:46,120 --> 00:33:47,120
Speaker 4: Like? What does it look.

740
00:33:47,000 --> 00:33:50,360
Speaker 2: Like I do. I generally do like a fresh fruit

741
00:33:50,400 --> 00:33:53,400
Speaker 2: and bed platter, which it's so funny because I generally

742
00:33:53,520 --> 00:33:55,880
Speaker 2: use up all of the fruit and veg and you know,

743
00:33:55,960 --> 00:33:57,880
Speaker 2: it's not old, but it's the stuff that the kids

744
00:33:57,920 --> 00:33:59,520
Speaker 2: are not going to eat kind of thing. And I

745
00:33:59,600 --> 00:34:01,200
Speaker 2: bring it to work and I cut it off and

746
00:34:01,240 --> 00:34:03,040
Speaker 2: I arrange it on a plate, and it's like, you know,

747
00:34:03,120 --> 00:34:06,600
Speaker 2: carrot sticks, cucumber, cherry tomatoes, you know a bit of

748
00:34:06,920 --> 00:34:09,400
Speaker 2: meat and olives and fetter. If I have it, and

749
00:34:09,480 --> 00:34:11,040
Speaker 2: I put it all on a plate because I just

750
00:34:11,080 --> 00:34:12,400
Speaker 2: go and get it, cut it all up, and then

751
00:34:12,440 --> 00:34:14,520
Speaker 2: I just snack through the day because I generally don't

752
00:34:14,600 --> 00:34:17,839
Speaker 2: leave my desk. So good lunch, but it's just like

753
00:34:17,880 --> 00:34:20,000
Speaker 2: a last minute thing. I don't have to do any prep.

754
00:34:20,080 --> 00:34:22,799
Speaker 2: And I get so many comments in the lunch room

755
00:34:22,800 --> 00:34:24,920
Speaker 2: when everyone sees it all laid out on a plate.

756
00:34:24,960 --> 00:34:27,560
Speaker 2: They're like, Wow, your lunch looks so good. And I'm like,

757
00:34:27,680 --> 00:34:30,960
Speaker 2: I just brawl was left in the fruit nutral. It's

758
00:34:31,080 --> 00:34:34,359
Speaker 2: quite funny, but yeah, no, I find that works really well.

759
00:34:34,400 --> 00:34:36,960
Speaker 2: And then because you sort of eating your snacking, I

760
00:34:36,960 --> 00:34:38,640
Speaker 2: don't if I have it big lunch, I just want

761
00:34:38,640 --> 00:34:40,880
Speaker 2: to fall asleep in the afternoon, so it kind of

762
00:34:40,920 --> 00:34:42,000
Speaker 2: avoids that as well.

763
00:34:42,520 --> 00:34:43,319
Speaker 4: Yeah, that's fair.

764
00:34:43,400 --> 00:34:46,160
Speaker 3: I do tend to avoid pasta and stuff because otherwise

765
00:34:46,200 --> 00:34:48,480
Speaker 3: I think I deserve a nap and I'm not very

766
00:34:48,520 --> 00:34:50,920
Speaker 3: good at self control, so I'll usually let myself have

767
00:34:51,040 --> 00:34:51,440
Speaker 3: the nap.

768
00:34:52,120 --> 00:34:52,680
Speaker 2: I want to know.

769
00:34:52,840 --> 00:34:55,560
Speaker 3: On the flip side, though, because platters a work that

770
00:34:55,680 --> 00:34:57,760
Speaker 3: sounds good, I'm glad I asked.

771
00:34:57,920 --> 00:35:00,800
Speaker 2: Lots of people are quite inspired by it apparently, which

772
00:35:00,880 --> 00:35:03,479
Speaker 2: is yeah, funny, love.

773
00:35:03,880 --> 00:35:06,520
Speaker 4: I need to know, though, what is your worst money habit.

774
00:35:07,239 --> 00:35:09,480
Speaker 2: I have a lot of bad money habits. I'd say

775
00:35:09,480 --> 00:35:12,799
Speaker 2: the worst one is like my kids, you know, when

776
00:35:12,840 --> 00:35:14,960
Speaker 2: they want something, I really want to get it for them.

777
00:35:15,200 --> 00:35:18,040
Speaker 2: They aren't that sport though generally, you know, make them

778
00:35:18,080 --> 00:35:20,239
Speaker 2: save up for things and all of that. But I do,

779
00:35:20,480 --> 00:35:23,040
Speaker 2: you know, because I have the means, I do like

780
00:35:23,120 --> 00:35:25,359
Speaker 2: to get it for them. And you know, that really

781
00:35:25,360 --> 00:35:27,479
Speaker 2: happened because I've never really had a lot of money

782
00:35:27,520 --> 00:35:29,359
Speaker 2: my whole life. Like I didn't have it when I

783
00:35:29,440 --> 00:35:31,880
Speaker 2: was a kid. I went straight to UNI. I was

784
00:35:31,880 --> 00:35:34,040
Speaker 2: at UNI for a long time because I did multiple

785
00:35:34,080 --> 00:35:36,640
Speaker 2: degrees and you know, didn't have that much money. Then

786
00:35:36,960 --> 00:35:39,279
Speaker 2: my first job that I got when I finished, not

787
00:35:39,400 --> 00:35:42,480
Speaker 2: my PhD, but my undergrad was for twenty five thousand

788
00:35:42,480 --> 00:35:44,640
Speaker 2: a year, and I just thought I'd hit the jackpot,

789
00:35:44,760 --> 00:35:47,719
Speaker 2: you know. So and then doing a PhD for a

790
00:35:47,760 --> 00:35:49,759
Speaker 2: long time and then basically having kids, and so I

791
00:35:49,800 --> 00:35:52,200
Speaker 2: went straight to was out of work for six months

792
00:35:52,239 --> 00:35:54,920
Speaker 2: and then working part time. So I never really had

793
00:35:55,120 --> 00:35:57,960
Speaker 2: like a lot of money. And so then when I

794
00:35:58,000 --> 00:36:00,560
Speaker 2: got I separated and all of a sudden I could

795
00:36:00,560 --> 00:36:03,160
Speaker 2: spend the money on what I wanted. I did go

796
00:36:03,239 --> 00:36:05,759
Speaker 2: a little bit crazy because it was the first time

797
00:36:05,840 --> 00:36:07,880
Speaker 2: ever that I had money. So, yeah, a lot of

798
00:36:07,880 --> 00:36:11,520
Speaker 2: stuff on their kids and also the dogs too. Probably

799
00:36:11,600 --> 00:36:14,560
Speaker 2: my worst money have it, and I do also like clothes,

800
00:36:14,640 --> 00:36:17,480
Speaker 2: but I'm really trying to rain that.

801
00:36:17,480 --> 00:36:19,359
Speaker 4: That's fair. That's fair, all right.

802
00:36:19,560 --> 00:36:22,040
Speaker 3: Last question I have for you is at the start

803
00:36:22,040 --> 00:36:24,520
Speaker 3: of our conversation, I asked you what your money grade was,

804
00:36:24,560 --> 00:36:26,759
Speaker 3: and you set a sea But then you continue to

805
00:36:26,800 --> 00:36:29,600
Speaker 3: tell me about how the potential to retire at sixty

806
00:36:29,719 --> 00:36:32,239
Speaker 3: is there smashing down your mortgage. You gave me a

807
00:36:32,440 --> 00:36:36,200
Speaker 3: really detailed outline of your budget and how that works

808
00:36:36,200 --> 00:36:38,520
Speaker 3: and what that looks like. And we talked about super

809
00:36:38,760 --> 00:36:42,200
Speaker 3: and how you are obviously killing it inside super and

810
00:36:42,239 --> 00:36:45,759
Speaker 3: have plans to invest outside of superannuation in yourself, but

811
00:36:45,920 --> 00:36:49,840
Speaker 3: also you negotiated to get some of your partners super

812
00:36:49,880 --> 00:36:51,800
Speaker 3: when you went through a divorce. Like, I just feel

813
00:36:51,840 --> 00:36:54,760
Speaker 3: like there's a lot going on there in a really

814
00:36:54,800 --> 00:36:58,240
Speaker 3: good way, and you spoke about it one so clearly,

815
00:36:58,560 --> 00:37:01,000
Speaker 3: but also in a way that just made so the

816
00:37:01,040 --> 00:37:03,880
Speaker 3: real question I have for you now is is C

817
00:37:04,200 --> 00:37:07,000
Speaker 3: where you really think you're sitting at the moment, and

818
00:37:07,200 --> 00:37:09,440
Speaker 3: if so, what's it going to take to get to

819
00:37:09,480 --> 00:37:09,680
Speaker 3: an A.

820
00:37:10,280 --> 00:37:13,680
Speaker 2: Yeah, I think a C is really because it's about

821
00:37:13,719 --> 00:37:17,239
Speaker 2: my money management, Like in terms of having money. You know,

822
00:37:17,400 --> 00:37:20,200
Speaker 2: maybe now it's a bit higher, but my own money

823
00:37:20,239 --> 00:37:23,440
Speaker 2: management is literally only in the last year have I

824
00:37:23,480 --> 00:37:25,439
Speaker 2: got on top of it. So I think I would

825
00:37:25,480 --> 00:37:27,719
Speaker 2: still say C. But I think probably in a couple

826
00:37:27,760 --> 00:37:29,920
Speaker 2: of years I will get up to a B and

827
00:37:29,960 --> 00:37:32,120
Speaker 2: then hopefully by the time I retire, it'll be an A.

828
00:37:32,360 --> 00:37:36,440
Speaker 3: So I have made it at the base of I

829
00:37:36,480 --> 00:37:38,520
Speaker 3: love that you're still like, no, this is about me

830
00:37:38,560 --> 00:37:40,560
Speaker 3: and my money journey. And I still feel like a

831
00:37:40,600 --> 00:37:42,799
Speaker 3: C because sometimes we talk to people and they're like, yeah,

832
00:37:42,800 --> 00:37:44,680
Speaker 3: you're right, and being a bit harsh on myself. And

833
00:37:44,920 --> 00:37:46,080
Speaker 3: I feel like a lot of people are going to

834
00:37:46,080 --> 00:37:47,480
Speaker 3: be jumping up and down in their carts right now

835
00:37:47,520 --> 00:37:47,960
Speaker 3: and they're.

836
00:37:47,760 --> 00:37:50,200
Speaker 4: Like, she is being harsh on herself. She's an a.

837
00:37:50,800 --> 00:37:52,399
Speaker 4: But it's not really about what we think.

838
00:37:52,440 --> 00:37:55,320
Speaker 3: It's more about how you're feeling and how you're grading

839
00:37:55,320 --> 00:37:58,600
Speaker 3: that and what that means. And you're only comparing past you.

840
00:37:58,640 --> 00:38:00,759
Speaker 3: We're not comparing to other people, just comparing to the

841
00:38:00,800 --> 00:38:02,960
Speaker 3: journey that you've been on an artist. I'm so in

842
00:38:03,040 --> 00:38:05,200
Speaker 3: awe of what you're creating and what you're doing and

843
00:38:05,360 --> 00:38:07,919
Speaker 3: the life skills you're teaching your kids and that they're

844
00:38:07,960 --> 00:38:10,680
Speaker 3: set up for success, and I reckon, they're so proud

845
00:38:10,680 --> 00:38:13,120
Speaker 3: of you, like there's no way they're not, Like it's

846
00:38:13,160 --> 00:38:15,520
Speaker 3: just it's so cool to see your journey. And I'm

847
00:38:15,560 --> 00:38:17,720
Speaker 3: just so grateful the one you wanted to tell your story,

848
00:38:17,719 --> 00:38:19,279
Speaker 3: but too I get to say that you're part of

849
00:38:19,320 --> 00:38:23,160
Speaker 3: our community, and like, thank you. I really really appreciate it, Honestly,

850
00:38:23,200 --> 00:38:23,400
Speaker 3: I do.

851
00:38:23,800 --> 00:38:26,799
Speaker 2: No, thank you very much for having me on. And yeah,

852
00:38:26,840 --> 00:38:29,200
Speaker 2: I just also hope that your community is like you know,

853
00:38:29,360 --> 00:38:31,759
Speaker 2: they can get there too, because if someone like me

854
00:38:31,880 --> 00:38:35,719
Speaker 2: can get there with no financial literacy whatsoever. Then you

855
00:38:35,760 --> 00:38:38,080
Speaker 2: know they're all going to be in such good steads.

856
00:38:38,160 --> 00:38:42,520
Speaker 2: So yeah, and thank you. Thank you for educating me

857
00:38:42,680 --> 00:38:45,120
Speaker 2: and us all. And you've made a huge difference to

858
00:38:45,160 --> 00:38:47,960
Speaker 2: my kids. You are going to affect their lives enormously,

859
00:38:48,120 --> 00:38:49,239
Speaker 2: So thank you very much.

860
00:38:49,640 --> 00:38:51,440
Speaker 3: Oh my gosh, I love it well. Thank you so

861
00:38:51,520 --> 00:38:53,960
Speaker 3: much for spending some time with me today. I cannot

862
00:38:54,080 --> 00:38:55,480
Speaker 3: wait to drop this episode.

863
00:38:55,600 --> 00:38:56,719
Speaker 4: Everyone's gonna love it.

864
00:38:57,000 --> 00:38:57,360
Speaker 2: Thank you.

865
00:39:03,920 --> 00:39:06,440
Speaker 3: The advice shared on She's on the Money is general

866
00:39:06,520 --> 00:39:10,360
Speaker 3: in nature and does not consider your individual circumstances. She's

867
00:39:10,400 --> 00:39:13,880
Speaker 3: on the Money exists purely for educational purposes and should

868
00:39:13,880 --> 00:39:17,080
Speaker 3: not be relied upon to make an investment or financial decision.

869
00:39:17,440 --> 00:39:19,879
Speaker 3: If you do choose to buy a financial product, read

870
00:39:19,920 --> 00:39:23,240
Speaker 3: the PDS TMD and obtain appropriate financial.

871
00:39:22,840 --> 00:39:24,640
Speaker 4: Advice tailored towards your needs.

872
00:39:25,000 --> 00:39:28,920
Speaker 3: Victoria Divine and She's on the Money are authorized representatives

873
00:39:28,960 --> 00:39:32,840
Speaker 3: of Money. Sheper Pty Ltd ABN three two one IS

874
00:39:32,880 --> 00:39:36,719
Speaker 3: six four nine two seven seven zero eight AFSL four

875
00:39:36,840 --> 00:39:40,480
Speaker 3: five one two eight nine