Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerney Whoalbury 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.
Speaker 2: Generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Mune, the podcast
Speaker 4: for millennials who want financial freedom. Welcome back to another
Speaker 4: one of our money diaries, where I get the absolute
Speaker 4: pleasure of sitting down with one of my friends from
Speaker 4: the community and talking all about.
Speaker 2: Their money story.
Speaker 4: Before I read out the letter I got this week,
Speaker 4: I just wanted to give you guys a little bit
Speaker 4: of a content warning. We are discussing inheritance today, which
Speaker 4: can be a little bit of a tricky topic for some.
Speaker 5: This is a.
Speaker 4: Beautiful money diary talking about a positive experience with inheritance
Speaker 4: and how the money has been used to help them thrive.
Speaker 4: But if it's not a conversation for you today or
Speaker 4: for you at this point in time, we have so
Speaker 4: many other episodes you could dive right into now. So
Speaker 4: thanks for coming and we will see you next time.
Speaker 4: For those of you sticking around, here is the letter
Speaker 4: I got Hi Victoria. Earlier this year, I lost my
Speaker 4: nana and my mum within a couple of months of
Speaker 4: each other. Since then, I've come into some money. I
Speaker 4: managed to purchase an apartment to live in. Since the
Speaker 4: passing of my mum, I've had to restructure a lot
Speaker 4: of my life, my future, and my finances. In a heartbeat,
Speaker 4: I would trade my apartment and the money I received
Speaker 4: to have my mum back. And I think grief and
Speaker 4: money is a discussion not often had money.
Speaker 2: Diarist. I could not agree with you more.
Speaker 4: Kick you while you're down your mum and your nana
Speaker 4: like so close together, Like I'm sorry, that's actually quite rude,
Speaker 4: isn't it.
Speaker 5: Yeah, but you know life and the opposite of life
Speaker 5: happens to all of us.
Speaker 4: Yeah, yeah, exactly, But that's just bullshit, Like you don't
Speaker 4: deserve to lose one, let alone both at once.
Speaker 2: Anyway, that's really really awful.
Speaker 4: I'm so sorry for your loss, But I think talking
Speaker 4: about it is also something that, as you said in
Speaker 4: your letter, I think grief and money is not a
Speaker 4: discussion often had. But also just like the burden of
Speaker 4: all of that, it's not just oh, you lost your
Speaker 4: mum and your nana, it's also like the admin, the
Speaker 4: life admin, everything that is then put on your shoulders.
Speaker 4: Can you tell me a little bit about that before
Speaker 4: we get into I guess how more structured questions.
Speaker 5: Yeah, yeah, of course I thought I would write in
Speaker 5: after I noticed a couple of the episodes, you know,
Speaker 5: you were talking about inheritances, and obviously you have a
Speaker 5: lot of experience with this and you're very familiar, you know,
Speaker 5: with walking people through it. And we're already emotional about
Speaker 5: money and finances, and then you know, you add grief
Speaker 5: on top of it and it becomes, you know, significantly
Speaker 5: more complex. It's everything tied into it all. So for me,
Speaker 5: you know, I think we've spoken about this. I just
Speaker 5: wanted to honor my mum and my nana. I am,
Speaker 5: in some regards very lucky. I know, that sounds weird
Speaker 5: to be starting off this conversation with that. Essentially, obviously,
Speaker 5: my dad was the inheritor of everything because it was
Speaker 5: his mother and his wife, so it all kind of
Speaker 5: came to him, and he wanted to help my sister
Speaker 5: and I out, and he gave us access to a
Speaker 5: portion of money earlier, knowing that I wanted to buy
Speaker 5: a house, you know, my sister and her partner as well,
Speaker 5: and things like that. So I don't know, it's like
Speaker 5: a whole thing, like you're grieving somebody who you love
Speaker 5: so dearly. My mum was only fifty eight years so
Speaker 5: really young. It was quite starting in the end, and
Speaker 5: you're going through all of this and then you have
Speaker 5: to go through a crap down a paperwork.
Speaker 2: And make shitty decisions about death that no one wants
Speaker 2: to have to make.
Speaker 5: Yeah, something that like I didn't even realize about until
Speaker 5: obviously these last few months, my dad had to go
Speaker 5: in and file a tax return on behalf of my mother. Yeah,
Speaker 5: you do, right, Like, and you don't even think about
Speaker 5: those things.
Speaker 4: Just the shit things that you have to do, Like
Speaker 4: it's it's tremendous, Like there's not one good thing about.
Speaker 5: That yeah, exactly, even things I like. Obviously, because you know,
Speaker 5: I'm a direct descendant of my mom, I could ask
Speaker 5: for a portion of that inheritance. But I've got a
Speaker 5: really good relationship with my dad and wanted him, you know,
Speaker 5: to have the money to make his own decisions with that. Yes,
Speaker 5: of course. But I was going in whilst grieving and
Speaker 5: signing documents saying, you know, I don't know the exact
Speaker 5: amount of my mom's superannuation account, but I'm signing all
Speaker 5: of this over to my dad, and I'm fully cognizant
Speaker 5: of that, and I'm happy to do it. And I
Speaker 5: was just thinking to myself, my goodness, I'm lucky. I
Speaker 5: am so lucky that I have such a good relationship
Speaker 5: with my dad, with my sister, and that I'm also
Speaker 5: financially informed and I know the kind of decisions that
Speaker 5: I'm making. And there are some people out there, you know,
Speaker 5: we were having discussions prior to my mum getting put
Speaker 5: into palliative care. A nurse comes and meets with you
Speaker 5: and they go through like a list of questions and
Speaker 5: they ask you things like do you own this house?
Speaker 5: Are you on any form of support or financial assistance?
Speaker 5: Are you working, are you able to take leave? And
Speaker 5: there are some people who will be answering you know,
Speaker 5: I rent, No, I don't own this house. Yes, I
Speaker 5: am on support. No, I do not work currently, and
Speaker 5: you know all of these things. And again I was
Speaker 5: just thinking, my goodness, I am lucky to be able
Speaker 5: to mostly focus on my grief and not deal with
Speaker 5: all of these other things as well. So yeah, wow,
Speaker 5: it was a very eye opening experience.
Speaker 4: So your mum was sick and then she passed away
Speaker 4: at fifty eight years young. Tell me a little bit more.
Speaker 4: I guess about the estate planning process for that? Did
Speaker 4: she have a will in place? Had she discussed these
Speaker 4: things with you? I know some families do Some families
Speaker 4: completely like bury their heads in the sand and don't
Speaker 4: want to have conversations about that because obviously it's overwhelming, Like,
Speaker 4: it's not very sexy, it's not nice conversation to be having,
Speaker 4: especially when you want to be I guess, savoring every
Speaker 4: moment that you can get together.
Speaker 5: What was that like? So luckily my parents had had
Speaker 5: a lot of these conversations when everybody was well, which
Speaker 5: you know is so important, right to have these conversations
Speaker 5: before the concept of death has even entered into your life,
Speaker 5: so I knew that there was a will already. And look,
Speaker 5: my parents have been together since they were nineteen years old.
Speaker 2: Oh so cute.
Speaker 5: Yeah, yeah, they were set up by my mom's brother.
Speaker 2: No, they were that's so wholesome.
Speaker 5: Very wholesome. So they were together for a very very
Speaker 5: long time, over half of their lives. So they split
Speaker 5: everything like everything was shited. The only thing separate was
Speaker 5: my mum's superannuation account and some shares in terms of
Speaker 5: the actual estate itself. That was quite straightforward because you know,
Speaker 5: there was no hidden secret relationships or secret children.
Speaker 2: Oh thank god.
Speaker 4: Like honestly, as a financial advisor, I have seen it all.
Speaker 4: I have seen the secret children come out of the woodwork.
Speaker 4: I have seen this secret partner that lives in a
Speaker 4: different state and they thought that their husband actually was
Speaker 4: traveling back and forth for work, but they weren't. They
Speaker 4: were maintaining two different lives of my ex clients. If
Speaker 4: you're listening to this right now and you want to
Speaker 4: share that story publicly, you just slide straight into my
Speaker 4: DMS and I'll get you on the show.
Speaker 5: Just let us know I will be listening to that
Speaker 5: episode yeah, I'm not right, like I need all the
Speaker 5: juicy details, but I'm obviously not going to share it
Speaker 5: without their permission.
Speaker 4: But it's interesting how messy it can get. And I'm
Speaker 4: very very grateful that you didn't have that experience.
Speaker 5: No, I've been raised by two incredibly pragmatic people, and
Speaker 5: they always had their house in order and were step
Speaker 5: free at this point.
Speaker 2: Oh, very nice, get it mom and dad by fifty eight.
Speaker 5: Yeah, so very together. Yeah, really planned it, and yeah,
Speaker 5: they always lived within their means. So again, like this
Speaker 5: is a very good kind of like financial situation to
Speaker 5: be in for them. So obviously in terms of like
Speaker 5: the finances in the estate, that was just a matter
Speaker 5: of paperwork. But the other side of it is acknowledging
Speaker 5: and knowing that you are passing away, yeah, and that
Speaker 5: you loved when he's passing away. So when somebody is
Speaker 5: sick for a while, coming to that realization can really hurt.
Speaker 5: And there are some things that you have to do
Speaker 5: sort of in those final moments, like putting in insurance
Speaker 5: claims and saying that you have a terminal illness. And
Speaker 5: that is the bit that I think my mum struggled
Speaker 5: with the most because it's admitting defeat. And that was
Speaker 5: probably the hardest part in terms of your initial question
Speaker 5: of the estate planning. There was a rush to get
Speaker 5: all of this paperwork through.
Speaker 2: Yeah, all of your doug's in a row.
Speaker 5: Yeah, because we had so much hope and we were
Speaker 5: so just focused on like, it's okay, we can do
Speaker 5: this and it'll be fine, and then very quickly it wasn't.
Speaker 5: And so yeah, getting all of that was tricky in
Speaker 5: the end, But the rest of it, Yeah, I'm very
Speaker 5: grateful to have been raised by two parents who had
Speaker 5: their heads screwed on.
Speaker 4: Yeah, I can tell. But also I can just tell
Speaker 4: that they were just like wholesome human beings. Oh your
Speaker 4: mum sounds like a legend, But talk to me. I
Speaker 4: guess a bit more about this admitting defeat vibe, because
Speaker 4: that's really shitty. I have had to work with clients
Speaker 4: who are dying and we have had to go through
Speaker 4: those things, and a lot of the time I'm like, look,
Speaker 4: we have to go through this. Obviously, this is what
Speaker 4: medicine says.
Speaker 2: But wouldn't it be cool if I could call them
Speaker 2: and say, ha ha, let's withdraw that. We don't need
Speaker 2: it anymore.
Speaker 4: How did you have those conversations with your mum? Obviously
Speaker 4: admitting defeat at the end. It's just really shitty, Like
Speaker 4: there's no other way to put it, Like, I don't
Speaker 4: want to romanticize it and be like, oh, some Mira
Speaker 4: cool could happen, because it doesn't help to do that.
Speaker 2: What would you say to.
Speaker 4: Somebody going through the same process that you have just
Speaker 4: been through to make it a little bit easier.
Speaker 5: Well, the diagnosis was never curable, so we knew it
Speaker 5: was just a matter of trying to extend life as
Speaker 5: much as possible. So since that initial diagnosis, which was
Speaker 5: about two years prior, I'd made a point of always
Speaker 5: you know, finishing every conversation with I love you, and
Speaker 5: I moved back home, you know, everything just became significantly
Speaker 5: more intentional. And I had those conversations with my mum
Speaker 5: when she was well and happy and feeling positive about
Speaker 5: you know how she has no regrets. To be able
Speaker 5: to have that conversation is amazing. So many people get
Speaker 5: a diagnosis of you know, this is it, and they
Speaker 5: have so many people that they need to call, people
Speaker 5: that they need to apologize to things that they worry about.
Speaker 5: Whereas that wasn't the case with my mum. She'd done
Speaker 5: everything right.
Speaker 2: Oh, Mom, of course she did.
Speaker 5: Yeah, she just knew that she could go in grace. However,
Speaker 5: because she was so well for the majority of air time,
Speaker 5: the end was very quick. Yeah, I suppose I want
Speaker 5: to say to people, movies do sensationalize a lot of
Speaker 5: this stuff, and so does literature and all of these things.
Speaker 5: And you know, those conversations, those final goodbyes, it's not
Speaker 5: always like that. Don't think that you're meant to, you know,
Speaker 5: have this big final moment with somebody, because somebody's final
Speaker 5: moment isn't the entirety of their life. You know, you've
Speaker 5: got too many good memories leading up to it. So yeah,
Speaker 5: I suppose that's what I would say about that.
Speaker 2: It's really sweet. I really like that.
Speaker 4: I think it's so important to share more conversation about
Speaker 4: this more regularly as well, because there is a very
Speaker 4: complicated relationship between grief and money. And one thing I
Speaker 4: do want to ask before we get back on track
Speaker 4: with money dies. I've got so many questions. I want
Speaker 4: to ask you. Something that I've always dealt with, I
Speaker 4: guess as an ex financial advisor, is guilt so you
Speaker 4: know you've gone through this. I've done absolutely the best
Speaker 4: you can for your mum, right like end to end.
Speaker 4: You know she had a life well lived and that
Speaker 4: is so beautiful. But then the end comes, and it's
Speaker 4: usually not immediate. It might be two or three months
Speaker 4: after the passing. You're finally making some big decisions around
Speaker 4: some inheritance, around some money, whether that is the thousand
Speaker 4: dollars that you've inherited a need to allocate, or it's
Speaker 4: a whole house, or it might be an entire investment
Speaker 4: portfolio that sets you up for the rest of your life.
Speaker 4: There seems to be a lot of guilt around I
Speaker 4: guess spending that money, and you said something earlier about
Speaker 4: honoring the money, and that's what I really you know,
Speaker 4: drive people towards I'm like, no, your mum can't be here.
Speaker 4: Like obviously, anyone who has gone through this can empathize
Speaker 4: and say, in a flash, I'll trade my apartment, I'll
Speaker 4: trade the money that I received. I want my mom
Speaker 4: back ten out of ten, even if it's for a day,
Speaker 4: like I would take that back in a heartbeat. However,
Speaker 4: have you dealt with the I guess guilt that comes
Speaker 4: with taking on such a large responsibility.
Speaker 5: I don't know if I would frame.
Speaker 2: It as guilt good because it's not.
Speaker 5: No. One of the biggest lessons that I've learned is
Speaker 5: life is significantly too short to be messing around with
Speaker 5: those kinds of feelings, right, And I suppose the other
Speaker 5: side of it, maybe I didn't so much to deal
Speaker 5: with guilt, but I did, for a period of time,
Speaker 5: felt this almost like impending sense of you know, oh
Speaker 5: my goodness, I haven't done the things that I want
Speaker 5: to do just yet, and what if I don't have
Speaker 5: the time to do it. You know, my mom did
Speaker 5: the things that she wanted to do, and she made
Speaker 5: all of the right decisions, and then you end up
Speaker 5: putting that mirror on yourself. And so I think for me,
Speaker 5: it was we can get into it when you ask
Speaker 5: me some of the questions. But you'll find out this
Speaker 5: year I've made a lot of big decisions.
Speaker 2: All right, Right, let's get into the questions.
Speaker 5: Then I've done her eyes wide open.
Speaker 2: No, I love it.
Speaker 5: I love it.
Speaker 4: So back to the first question I usually ask people,
Speaker 4: but I wanted to talk about.
Speaker 2: Your mamma first.
Speaker 5: Sorry, Yeah, I know she's worth it.
Speaker 2: She answers, then, is worth it? Exactly?
Speaker 4: What grade would you give your money habits if I
Speaker 4: asked you to give yourself a grade from A three
Speaker 4: to F.
Speaker 5: I think I'm a solid A.
Speaker 2: You're a solid A. I love the conviction.
Speaker 4: Next question, I want to know, obviously a bit more
Speaker 4: about your money story. How did you grow up around money?
Speaker 4: What did that look like? You've dropped in conversation a
Speaker 4: little bit earlier that you were brought up by quote
Speaker 4: two people with their head screwed on.
Speaker 5: What was that like? Yeah, they were raised in very
Speaker 5: humble homes and not to the point of having food insecurity,
Speaker 5: but to the point of, you know, both leaving school
Speaker 5: at sixteen to get work and you know, moving out
Speaker 5: of home pretty quickly, to you know, be independent and
Speaker 5: to not you know, burden their family and things like that.
Speaker 5: My mum also lost her mother when she was quite
Speaker 5: young as well, so a bit of a legacy there.
Speaker 5: And then they met quite young and were very smart
Speaker 5: about things. So you know, if you look at their timeline,
Speaker 5: they waited a while, like you know, this was in
Speaker 5: the eighties, so a while for the time being, like
Speaker 5: six years before they even got married.
Speaker 2: Oh what, Yeah, that's a lot of time. Yeah, mom
Speaker 2: and dad were savvy.
Speaker 5: Exactly. They waited almost ten years being together before they
Speaker 5: even had kids.
Speaker 2: Oh I love this from them.
Speaker 5: Yeah, they were planned and I.
Speaker 2: Was too, And it shocks me and like, who chose this?
Speaker 5: Really?
Speaker 2: Okay me?
Speaker 5: All right?
Speaker 2: Interesting that was a choice.
Speaker 5: Like, my mom has always been very financially informed, which
Speaker 5: was a great role model.
Speaker 2: She's a woman after my own heart. I already love her.
Speaker 5: I would go over and she'd be like, what superannuation
Speaker 5: account are you with?
Speaker 2: Yes, Mum, you're a queen.
Speaker 5: She'd be like, I don't think that they're as competitive
Speaker 5: as the other one. I think you should change this one.
Speaker 5: And then she'd like give me this spiel of why, and.
Speaker 2: I hope that's the mom.
Speaker 4: I am like you right, my kids, if it comes
Speaker 4: out and it's called superannuation, don't be surprised.
Speaker 5: One of my mum's friends got divorced quite later in life,
Speaker 5: and in that relationship she had no financial independence and
Speaker 5: obviously had to learn a lot in her sixties, and
Speaker 5: you know, my mom got some finance books and went
Speaker 5: over and you know, had some catchups with her and
Speaker 5: helped her get herself set up and she's back in
Speaker 5: the workforce and all these kinds of things.
Speaker 2: So Mom sounds like she was a queen, yeah, exactly.
Speaker 5: And she learned about shares when she was working at
Speaker 5: a bank and she bought some and then they sold them,
Speaker 5: and they paid off the house, and then they renovated
Speaker 5: the house and then like re mortgage, and they were
Speaker 5: always doing what they could. And my sister and I
Speaker 5: both went to really good schools. We both got university educations,
Speaker 5: and it's always just sort of been, I think, for them.
Speaker 5: And what I've seen is independence, like a strong sense
Speaker 5: of independence and needing to stand on your own two
Speaker 5: feet and not burdening other people with your financial needs,
Speaker 5: you know, like not doing things that you can't afford,
Speaker 5: so you know, you live the life that you can.
Speaker 5: And then also just one foot in front of the other,
Speaker 5: like making sure that every decision that you make is
Speaker 5: putting yourself in a better position than you were the
Speaker 5: day before. I love it, And that might be small,
Speaker 5: but you'll find yourself like five years later and you'll
Speaker 5: look back and you'll go, my goodness, I never thought
Speaker 5: that i'd be here.
Speaker 4: No wonder your parents have a daughter that had such
Speaker 4: conviction that she was an a like, it's not surprising.
Speaker 4: I should have asked you the other one first and
Speaker 4: then been like, right, so you think you're in a
Speaker 4: financially because like, I expect nothing less this point.
Speaker 5: All right?
Speaker 2: Tell me now, what do you do for work? How
Speaker 2: much money do you earn a work in HR?
Speaker 5: Been doing that for about five years now and I'm
Speaker 5: on one hundred and eighteen thousand a year?
Speaker 2: Is that including or excluding Super?
Speaker 5: Excluding Super?
Speaker 2: Also you get super on top of that.
Speaker 5: I'm actually so proud of that. My first job out
Speaker 5: of UNI five years ago was like fifty k.
Speaker 4: Hold on, so in five years you've gone from fifty
Speaker 4: k to one hundred and eighteen plus Super.
Speaker 5: Yeah?
Speaker 2: Sorry, quick crash course, how do we do that too?
Speaker 5: Never leave a job unhappy. Always fix your situation first,
Speaker 5: and you talk about it a lot in your books
Speaker 5: and things like that. You push for those promotions, but
Speaker 5: you ask them, what do I need to do to
Speaker 5: get that pay rise? What do I need to do
Speaker 5: to get that promotion? Get your manager to spell it
Speaker 5: out for you, and then keep track of what you.
Speaker 4: Do, and then you can be on one hundred and
Speaker 4: eighteen plus super. All right, I'm just going to copy
Speaker 4: you that cut paste.
Speaker 2: Stunning. I love that advice. That's so inspiring. In five years,
Speaker 2: you've gone from fifty grand to work eighteen queen. I
Speaker 2: love it.
Speaker 4: That is very, very impressive. So tell me a bit
Speaker 4: more about your big money goals. What are you currently
Speaker 4: working towards.
Speaker 5: Well, I just achieved my big money goal. I settled
Speaker 5: on my apartment in September.
Speaker 2: Congratulations, Thank you.
Speaker 4: So exciting. Your mama would be so proud. She'd be like,
Speaker 4: get a little queen. That's exactly how I taught you.
Speaker 5: Exactly, and it's what she wanted, which is why you
Speaker 5: know you're asking me about how I spent the money
Speaker 5: and everything. It was all one hundred percent on putting
Speaker 5: a very generous deposit down on my apartment because in
Speaker 5: today's economy, I wanted to reduce the amount of money
Speaker 5: that I was borrowing from the bank as much as
Speaker 5: I could.
Speaker 2: Yeah, because it's crippling right now.
Speaker 5: Oh yeah, So I didn't want to invest in shares
Speaker 5: or anything like that. I was also made redundant earlier
Speaker 5: on in the Yeah, about like two months after my
Speaker 5: mom passed away.
Speaker 2: I'll kick you while you're down. Are you that should
Speaker 2: be illegal.
Speaker 5: I know, I got a three month payout from.
Speaker 2: That, Okay, not too bad.
Speaker 5: And I secured a job before my redundancy it had
Speaker 5: even been oh.
Speaker 2: Okay, so it all works out.
Speaker 4: But like in my head, that should still be illegal,
Speaker 4: Like that is not acceptable.
Speaker 2: How's your mental health now?
Speaker 5: Oh, we're good.
Speaker 4: But at the time, I am assuming that that wasn't
Speaker 4: the most comfortable of periods.
Speaker 5: I was just honestly thought, like, you know what, this
Speaker 5: isn't as bad as what I've dealt with already. This. Yeah,
Speaker 5: like I think when you lose somebody really close to you,
Speaker 5: you think that's a problem. This is not a problem.
Speaker 5: This is fixable.
Speaker 2: Yeah, okay, I can fix this.
Speaker 5: I can't fix somebody dying, but I can fix getting
Speaker 5: a new job.
Speaker 2: Yeah, okay. It makes these problems seem very small in comparison.
Speaker 5: It really does. I was like, oh, that's just work,
Speaker 5: Like we'll figure that out.
Speaker 4: Yeah, that's fine. Like, honestly, at this point, don't even
Speaker 4: need a job.
Speaker 5: Yep. So I also got like kind of that additional
Speaker 5: bonus money as well. Well. I want to say about
Speaker 5: twenty k yeap maybe.
Speaker 4: For those listening who might not understand a redundancy, you
Speaker 4: are lucky. But also there's different tax rates applied to
Speaker 4: redundancy payouts. So obviously you'd be on a pretty good
Speaker 4: tax rate if you're on one hundred and eighteen plus super,
Speaker 4: but you often end up walking away with a bit
Speaker 4: more cash in the bank than you would have if
Speaker 4: that was treated as normal pay So twenty k is good.
Speaker 4: That would have been a nice little bonus, especially if
Speaker 4: you had sorted out another job. Did that just all
Speaker 4: go straight to your home deposit?
Speaker 5: Most of it, yeah, and then part of it went
Speaker 5: to a holiday. So that is why I kind of
Speaker 5: also was very confident in spending the money that I
Speaker 5: got from Dad through MYNN or my mum, in just
Speaker 5: putting that straight onto the deposit, because I had a
Speaker 5: little bit like extra fun money come in at the
Speaker 5: time that I was able to spend on, you know,
Speaker 5: some stuff that you know, just for me. So I
Speaker 5: did that.
Speaker 2: You deserved that, thank you.
Speaker 5: So then I started a new job, and then I
Speaker 5: went overseas and my dad texted me while I was
Speaker 5: overseas being like, there's some money in your bank account.
Speaker 2: I was like, oh, chill, no worries, no problems, at all.
Speaker 5: It sent me like one hundred and forty.
Speaker 4: K just a little bit of change. Dad, Oh my gosh,
Speaker 4: but that's life changing.
Speaker 5: It was like at a restaurant and I was like, okay,
Speaker 5: all right, we're just gonna not react.
Speaker 2: Yeah, no, no, no, we don't want to react.
Speaker 4: But also like it's a life changing amount of money, right,
Speaker 4: Like it puts you in such a different situation, and
Speaker 4: it's a lot all right, I have a lot of questions.
Speaker 4: Let's go to a really quick break on the flip side.
Speaker 4: I want to talk about your property journey. I want
Speaker 4: to talk about investments, and I want to talk about
Speaker 4: I guess how you've structured this home loan because you
Speaker 4: said before obviously I wanted a bit more of a
Speaker 4: chunky deposit because interest rates are so high. So I've
Speaker 4: just got so many questions. Guys, don't go anywhere, all right,
Speaker 4: money dis are back, and I want to know first,
Speaker 4: cab off the rank.
Speaker 2: Do you have any investments? If so, what are they?
Speaker 5: Yes, so I have my house which I live in.
Speaker 5: We cannot classify that as an investment.
Speaker 2: Or you've been listening to the podcast, I see you.
Speaker 5: Depending on your perspective, whether you like to think of
Speaker 5: it as an investment or not.
Speaker 4: Well, obviously talk to me about the house. If you
Speaker 4: see it as an investment, why do you see it
Speaker 4: an investment? How does that work and what does that
Speaker 4: look like?
Speaker 5: Yeah, so, first of all, I adore it and I'm
Speaker 5: super happy living in it. It's an apartment. I could
Speaker 5: have gone further out and bought myself a house, but
Speaker 5: I like living close to the city, and I thought,
Speaker 5: I'm not going to buy something for a future that
Speaker 5: I don't even know is going to happen. I'm single.
Speaker 2: Like, so you're a catch as well. Look at this.
Speaker 2: She works in HR she owns one hundred and eighteen K.
Speaker 5: We'll take refer off.
Speaker 2: Yeah, I'm working on it. You own your own house, Like,
Speaker 2: you're a catch ten out of ten. If you popped
Speaker 2: up on bumble for me, I'd be like, yep, ten.
Speaker 5: I'll never forget my dad once said to music, when
Speaker 5: you buy a house, you're going to be so much
Speaker 5: more attractive because men will be attracted to your assets.
Speaker 4: Getting the bin, Dad, I'm not going to tell the
Speaker 4: men that that's a secret.
Speaker 2: I'll pop out on our wedding day and let them know.
Speaker 5: Oh.
Speaker 2: By the way, did you also know that I'm very financially.
Speaker 5: Secure, pragmatic Dad advice you know what.
Speaker 2: I like that he's interested.
Speaker 5: So I got the apartment six' eighty for it, and
Speaker 5: I put down just over one hundred and eighty on it.
Speaker 5: So I got my very nice loan under five hundred.
Speaker 5: And then on top of that, obviously you know stamp
Speaker 5: and legal fees and yeah, all of that kind of stuff.
Speaker 5: So I basically cleared my savings out because I saved.
Speaker 2: Up seventy k oh, that's so good.
Speaker 5: Yeah, plus Dad's money, and so then that kind of yeah,
Speaker 5: dropped my overall loaning amount down quite significantly. And then
Speaker 5: I signed up for a principle and interest loan. Yeah.
Speaker 5: So the way you're asking me about how I see
Speaker 5: this as an investment, the way I see it is
Speaker 5: that I'm building equity. Yeah, I'm in a very resellable suburb.
Speaker 5: It's not going to go up massively like houses do,
Speaker 5: but it will go up maybe a little bit. But
Speaker 5: at the meantime, I'm putting money away essentially so that
Speaker 5: if my life does change, then I'm setting myself up
Speaker 5: to make my purchase in the future more accessible for myself.
Speaker 5: I'm in the market essentially.
Speaker 2: I love this. Do you think that your mindset around
Speaker 2: purchasing was a little bit more stable because you actually
Speaker 2: had saved such a significant amount of money on your own, So,
Speaker 2: like you obviously said, I actually saved seventy grand of
Speaker 2: this on my own, and then obviously one pint forty
Speaker 2: turbocharges it. That's very sexy. We love that.
Speaker 4: But I feel like sometimes if you only are working
Speaker 4: with inheritance, there's a lot more apprehension.
Speaker 5: How did you feel, Yeah, like part of it was, yeah,
Speaker 5: this is my money, because not all of it was
Speaker 5: the money from my parents. That I had saved a
Speaker 5: significant amount of money, and I wouldn't say that seventy
Speaker 5: k is insignificant at all.
Speaker 4: Nobody would and if they do, they're not in our community,
Speaker 4: like they're not our people.
Speaker 2: My friend.
Speaker 5: But having said that, I was very quick at making
Speaker 5: my decisions because I just came and saw this place
Speaker 5: and I was like, it's perfect the real estate age.
Speaker 5: I was like, this will buy it today, And I
Speaker 5: went home and I did the math and everything. I
Speaker 5: made an offer and within four hours the yea and
Speaker 5: I was lying in bed. It was like nine o'clock
Speaker 5: at night and I was like, oh my god, I've
Speaker 5: own an apartment. What just happened.
Speaker 4: I love that so much because so many times people
Speaker 4: have like painful money journeys when it comes to property.
Speaker 4: They're like, oh, I've put on offers on fifty properties
Speaker 4: that I haven't got them. And then you know when
Speaker 4: one hundred k over at auction, et cetera, et cetera.
Speaker 2: You just walked in made an offer. Four hours later
Speaker 2: it was all yours. Do you think your mom had
Speaker 2: anything to do with that? Because I think she did.
Speaker 5: When I was moving, I was living at home and
Speaker 5: I'm going through the garage and everything, and I'm finding
Speaker 5: full sets of cutlery that my mum had put aside.
Speaker 5: I'm finding a whole bunch of like shop cooking and
Speaker 5: finding like beaters and all these extra you know, bits
Speaker 5: of things to have in the house. And I'm like, oh, man,
Speaker 5: she had plans. I love her.
Speaker 2: She knew what she was doing. She was involved.
Speaker 4: Yeah, she's the mum that had the money magazine and
Speaker 4: was like meddling in your super and was like they're
Speaker 4: not committed eve enough, Like you best believe that wasn't
Speaker 4: going to stop so at the moment, let's talk about
Speaker 4: the debt that you have. You said you took out
Speaker 4: a five hundred thousand dollars loane. What's currently owing on that?
Speaker 4: And do you have any other debts?
Speaker 5: So HEX is sitting at about thirty five, OK. I
Speaker 5: want to say, I'm just ignoring that. It comes out
Speaker 5: pretax and.
Speaker 2: You'll knock it over, my friend.
Speaker 4: I don't think on one hundred and eighteen grand you
Speaker 4: need to worry too much about your HEX. It'll slowly
Speaker 4: tick away and you'll be just fine.
Speaker 5: Yeah, it's going down. It's started at forty five. You know,
Speaker 5: we're ten k off already. Happy days.
Speaker 2: Oh money went and I've only.
Speaker 5: Just gotten the loan, so I haven't worked too much
Speaker 5: off of it. But we're down I think to like
Speaker 5: four hundred and ninety seven ninety eight yep. So just
Speaker 5: chipping away it that slowly and that's it for debts.
Speaker 5: I don't have anything else. Never took out a loan
Speaker 5: in my life.
Speaker 2: That's very sexy.
Speaker 4: And to be honest with parents like yours, I'm not
Speaker 4: surprised that that's what you would say. Tell me a
Speaker 4: bit about what you think your best money habit is.
Speaker 5: Best money habit. I'm organized like I treat it like
Speaker 5: my life. I schedule in my payments, I know exactly
Speaker 5: what's in my bank account. I can really research when
Speaker 5: I need to. I've got my house in order. I
Speaker 5: don't have any skeletons in the closet. That's just going
Speaker 5: to say quickly. We mentioned investments, do have super and
Speaker 5: I also do have some shares as well.
Speaker 2: Oh, tell me about the those shares. How did you
Speaker 2: forget those? You should know me well enough by now,
Speaker 2: my friends.
Speaker 5: I'm distracted by the house chat.
Speaker 2: Yeah, okay, that's so fair. Tell me about your shares.
Speaker 5: I inherited some from my work. Part of my package
Speaker 5: was to be given shares, so I kick started off
Speaker 5: with that, and then I invest. Prior to owning the house,
Speaker 5: I was putting away fifty bucks a week into an
Speaker 5: ETF and then now it's down to twenty a week.
Speaker 2: Yeah, because you have a mortgage and life is expensive.
Speaker 5: Yep. So that's just kind of sitting there. It's about
Speaker 5: six and a half thousand dollars, So we'll just let
Speaker 5: that slowly build over time. I don't know the share market.
Speaker 5: I think I'm just happy to be slow about it
Speaker 5: and just I'll get it to probably maybe about fifteen K,
Speaker 5: and then I'll look at investing in the blue chips. No,
Speaker 5: I love, and in the meantime, I'll just let that
Speaker 5: slowly build and then my supers at about forty.
Speaker 4: Hey, that's very sexy for your age dollars. No forty
Speaker 4: dollars or forty thousand dollars.
Speaker 2: I was about to be like, sorry, I think you're lying.
Speaker 5: I just realized I said like forty and didn't clarify
Speaker 5: how much of forty it was.
Speaker 4: I've read you like a very open book. It is okay,
Speaker 4: But what I want to know you mentioned before that
Speaker 4: you're putting fifty bucks now twenty dollars a week into
Speaker 4: an ETF. It's a really beautiful way of investing. You said, Look,
Speaker 4: I'm just going to let that cheap away, Like you know,
Speaker 4: I've got my priorities in other areas, but at least
Speaker 4: I'm investing. How did you pick that ETF and what
Speaker 4: platform did you go with?
Speaker 5: I bought investing Machines on the Money.
Speaker 2: Oh, that's a great book. I heard great things about
Speaker 2: that book.
Speaker 5: I injured my back and my brother in law sat
Speaker 5: next to me and read it to me while I
Speaker 5: tried not to cry about my saw back because he's
Speaker 5: a gem.
Speaker 2: Oh my gosh, what a legend. Also, you could have
Speaker 2: picked a better book, like if I'm sad out of
Speaker 2: my back, I don't want to hear investing with She's
Speaker 2: on the money like read me some I don't know,
Speaker 2: fifty shades of great probably inappropriate for that dynamic that you.
Speaker 5: Had, not for the brother in law.
Speaker 2: I'm from Tasmania, so maybe that's okay. I don't know.
Speaker 4: But at the end of the day, like I would
Speaker 4: have picked something a little bit more engaging that maybe
Speaker 4: would have felt less painful.
Speaker 5: But you do, you booth, Well, we learned things and
Speaker 5: that was fun. Bick.
Speaker 2: I couldn't agree more.
Speaker 4: But obviously the book isn't going to give you exactly
Speaker 4: what ETF to invest in, but more like a process
Speaker 4: of elimination and how to pick one.
Speaker 2: But what did you come up with? What did you say?
Speaker 4: All right, well, now I've done my research, this is
Speaker 4: the ETF for me, and this is how I'm going
Speaker 4: to do it.
Speaker 5: So for me, it was about choosing socially responsible ETFs
Speaker 5: because that's something that I'm quite passionate about. So I
Speaker 5: didn't want to be accidentally investing in my money that
Speaker 5: would go against sort of my own values. So I
Speaker 5: broke it down based on my values. I then looked
Speaker 5: at what opacity I had to contribute. I get paid weekly,
Speaker 5: so it's easy for me to manage my contributions weekly.
Speaker 5: I can't like put money away, No, it's there to
Speaker 5: like build up to then invest in one big bolt go,
Speaker 5: So I have to do it, you know, in incremental amounts.
Speaker 5: So then that kind of led to me making a
Speaker 5: decision on what the fees would be in terms of
Speaker 5: like my purchases and what would hurt me less. So
Speaker 5: I suppose there was both that kind of like financial
Speaker 5: decision along with also the moral and you know, kind
Speaker 5: of personal values decision, and that's sort of how I
Speaker 5: got there in the end.
Speaker 2: Yeah, gorgeous. Can I ask what platform you picked to
Speaker 2: invest on?
Speaker 5: Cheers eas? Oh?
Speaker 4: Why am I not surprised? So little ches on the
Speaker 4: money stand? And then what ETF did you pick? Just
Speaker 4: out of interest not advice? Obviously we're just being pervy.
Speaker 5: I need to know the socially responsible option that they
Speaker 5: have on their platform.
Speaker 2: Very sexy. I like this.
Speaker 5: Yeah, so it's a combination of a few things. Yeah,
Speaker 5: I'm just using it as an opportun unity. It's not
Speaker 5: doing super well at the moment.
Speaker 2: No, the market isn't, so that makes sense.
Speaker 5: So I'm just letting it chip away and then I'll
Speaker 5: check it in like ten years.
Speaker 4: That is a very good way to approach investing. I
Speaker 4: don't hate that at all. All right, let's flip the narrative.
Speaker 4: You are an a money person I would assume also
Speaker 4: an A personality type because you and I are very similar.
Speaker 4: So tell me now, which is probably going to be
Speaker 4: hard for an A personality type.
Speaker 2: What's your worst money habit.
Speaker 5: I don't know if you would be surprised by this,
Speaker 5: but I think there's definitely a thread of people pleasing
Speaker 5: that comes from an A personality type. Yep. And I
Speaker 5: would say probably setting boundaries, which I'm working on. We're
Speaker 5: getting there. I get excited about things that my friends
Speaker 5: want to do, and sometimes I don't always have the
Speaker 5: capacity to afford it.
Speaker 2: Yeah, that's fair.
Speaker 5: I don't have a credit card, so I've never liked
Speaker 5: borrowing to do things. It just means that maybe I'm
Speaker 5: eating too minute norse week to do things, and that's okay.
Speaker 5: Or not. But I've implemented a buffer fund just stop
Speaker 5: dipping into my savings, and that's actually worked really well.
Speaker 5: And then I think it just comes with time and
Speaker 5: maturity in terms of the kind of friends that you
Speaker 5: have around you, people that you trust, and how you
Speaker 5: communicate just boundaries in general with people. And I think
Speaker 5: it's just I'm slowly getting there.
Speaker 4: Yeah, I love that, and I like the I guess
Speaker 4: ability to self reflect on that saying, oh, I'm a
Speaker 4: bit of a people pleaser, needs to be better at
Speaker 4: setting boundaries is something that I need to do too.
Speaker 4: But then also when I look at my money story
Speaker 4: and I look at my values, I kind of like
Speaker 4: being a people pleaser. At the same time, I think
Speaker 4: there's this very negative connotation when you say, oh, there's
Speaker 4: a people pleaser like that, it's a negative thing.
Speaker 5: I want to make people happy.
Speaker 4: Yeah, And do you know what, if I've got the
Speaker 4: funds and I know that this thing that I could
Speaker 4: purchase is going to make your day even better, I'm
Speaker 4: going to do it anyway.
Speaker 2: And I don't think that that is a negative thing.
Speaker 4: I think we just need to be really aware of
Speaker 4: those things so that they don't end up negatively impacting
Speaker 4: our bigger goals. Because if making those decisions is what's
Speaker 4: getting in the way of purchasing your first home, if
Speaker 4: that's your biggest goal, or investing or getting out of
Speaker 4: personal debt, then we really need to like reflect a
Speaker 4: bit more.
Speaker 2: However, Like, I think you would be on.
Speaker 4: The same page as me, Like, I kind of like
Speaker 4: being a little bit of a people pleaser at the
Speaker 4: same time. Yeah, I need to be maybe a little
Speaker 4: bit better at boundaries and not agree to so much. However,
Speaker 4: I really like that one of my personality traits is,
Speaker 4: you know, being generous and being kind and you know,
Speaker 4: wanting the best for other people. And I don't think
Speaker 4: that's ever negative. And I think that we need to
Speaker 4: change that narrative around, like, oh, she's such a people
Speaker 4: pleaser to like, oh, she's a really kind and generous
Speaker 4: human being exactly.
Speaker 5: And if I'm the friend that people think will say
Speaker 5: yes to the wine tour, then I'm not mad about
Speaker 5: that perception at all.
Speaker 4: Yeah, I'm pregnant, but I'm still there. I will be
Speaker 4: there with bells on.
Speaker 2: You're like, I'll drive, yeah, exactly. Look how much value
Speaker 2: I'm bringing as a friend already.
Speaker 4: Oh, my gosh, I love this. I love our conversation.
Speaker 4: Unfortunately we are almost out of time. However, at the
Speaker 4: start of this episode, you said I'm an A I'm
Speaker 4: not going to argue with you. I don't think anyone
Speaker 4: listening to this episode is going to argue with you.
Speaker 2: But you didn't say A plus. What would it take
Speaker 2: to get you to an A plus?
Speaker 5: I think I could be a bit more strategic about
Speaker 5: things sometimes, like you know, researching the actual shares an
Speaker 5: investment economy and things instead of choosing a low effort option.
Speaker 2: That's not a bad option though.
Speaker 4: That was a smart decision from you for a very
Speaker 4: passive investment portfolio, so can't say you're wrong there.
Speaker 5: Yeah, so I think they make the right decisions, but
Speaker 5: I do sometimes choose the easier ones just to stay
Speaker 5: in my comfort zone. So I think I could push
Speaker 5: myself a little bit out of my comfort zone. That
Speaker 5: might boster me up to an A plus. But I
Speaker 5: know everybody talks about the side hustles, but I'm really
Speaker 5: not going to do that because I'm like, working is enough.
Speaker 2: That's so valid.
Speaker 4: Like I obviously love a side hustle, right, Like get it, Queens.
Speaker 5: You are obviously the Queen of side hustles in the
Speaker 5: sense that now look at you.
Speaker 4: Yep, and it works for me, but you know what,
Speaker 4: it doesn't work for everybody. And I think that there
Speaker 4: is a lot of beauty in actually having off time.
Speaker 4: So find your niche and love it hard, and don't
Speaker 4: feel bad when other people are doing different, because different
Speaker 4: doesn't necessarily mean better. More money is not necessarily better lifestyle,
Speaker 4: and enjoying your world is to me the most important thing.
Speaker 5: But one hundred percent. I always said, you know, you
Speaker 5: live to work or you work to live, right, and
Speaker 5: if you're living to work, then you have to do
Speaker 5: your passion. You can't live it any other way because
Speaker 5: it's going to be your life and it has to
Speaker 5: then be what you love. But if you're working to live,
Speaker 5: you don't have to do something necessarily that you adore,
Speaker 5: but you have to make sure that you've got time
Speaker 5: to do things that you adore. I so love that
Speaker 5: I choose something that I am good at and I
Speaker 5: like it. It's not exactly my passion. I would say
Speaker 5: that my passion is reading about one hundred and fifty
Speaker 5: romance books a year.
Speaker 2: Well, that's a sleigh, that's just a little bit of
Speaker 2: a flex. She's on the Money's books were not the
Speaker 2: romance once though.
Speaker 5: Hey no, they kind of took it down to like
Speaker 5: maybe one hundred and forty five romance books and stuff fun.
Speaker 4: I can see why you didn't get your brother in
Speaker 4: law to read those to you, because it could have
Speaker 4: gotten very awkward very quickly.
Speaker 2: But I love this.
Speaker 4: I love this for you, and I think that's honestly
Speaker 4: a perfect place to leave it, Money Dicet.
Speaker 2: I'm so grateful for you and your.
Speaker 4: Story and you sharing a little bit about your mum,
Speaker 4: Like it's so nice to talk about people who aren't
Speaker 4: with us anymore. And I think too often we just
Speaker 4: sweep it under the rug and go, oh my gosh,
Speaker 4: you lost your mum.
Speaker 2: That's so unfortunate.
Speaker 4: By let's change the topic of the conversation because sometimes
Speaker 4: it can be awkward. But I can tell you love talking.
Speaker 2: About your mum.
Speaker 4: She was a brilliant person and you've been when you
Speaker 4: talk about her, and you deserve to talk about her more.
Speaker 4: So I really hope that more people around you want
Speaker 4: to have more conversations, not like this one, but like
Speaker 4: more conversations about your mum and about her legacy and
Speaker 4: what she's created, and how proud of you she would be.
Speaker 4: But it has been an absolute pleasure having I guess
Speaker 4: an hour to sit down with you and chat and
Speaker 4: learn about you and your life.
Speaker 2: So thank you so much for that.
Speaker 5: Thank you, It's been a delight as well.
Speaker 3: The advice shared on She's on the Money is general
Speaker 3: in nature and does not consider your individual circumstances. She's
Speaker 3: on the Money exists purely for educational purposes and should
Speaker 3: not be relied upon to make an investment or financial decision.
Speaker 2: If you do choose to buy a financial.
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