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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

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

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

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Speaker 1: today and lasting 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.

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

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Speaker 2: for millennials who want financial freedom. Welcome back to another

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Speaker 2: one of our money diaries where I get the very

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Speaker 2: exciting privilege of talking to one of our incredible She's

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Speaker 2: on the Money community members all about their money story.

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Speaker 2: Let's jump straight into it because this week our team

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Speaker 2: got this message, Hi, She's on the Money. I'm the

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Speaker 2: youngest of five in a family where we weren't taught

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Speaker 2: about money. Mum is what I would describe as financially loose,

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Speaker 2: while Dad is very conservative. When we became adults, Mum

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Speaker 2: and dad were struggling financially and began to borrow money

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Speaker 2: from us. When I was twenty five. My career in

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Speaker 2: financing in the automotive industry saw me earning one hundred

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Speaker 2: and thirty thousand dollars a year, and I purchased my

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Speaker 2: first home while single. Now, at thirty one, I'm engaged

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Speaker 2: buying another house while paying for a wedding. My fiance's

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Speaker 2: parents give us money towards the house, and I really

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Speaker 2: want to talk about this privilege with the community. Money diarist,

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Speaker 2: I also want to talk about this privilege with the community.

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Speaker 2: Thank you for wanting to share this as it's so important.

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Speaker 3: Thank you for having me on. Yeah.

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Speaker 4: For me, we're just so lucky to be able to

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Speaker 4: have this help. My fiance and I are extremely hard working.

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Speaker 4: But if we have the ability to use I guess

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Speaker 4: generational wealth, you would say why not?

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Speaker 2: Yeah, I absolutely agree, And I think the important thing

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Speaker 2: here is first things first, nobody in this situation is

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Speaker 2: being taken advantage of. But then secondly, we really need

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Speaker 2: to kind of break this down because how many times

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Speaker 2: do we, you know, flippantly say things like, oh my gosh,

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Speaker 2: it's the bank of mom and dad, and like, we

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Speaker 2: don't mean it in a super negative way, but that

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Speaker 2: has a super negative connotation. As you guys know, I

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Speaker 2: own a mortgage broking business with my business partner Kate

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Speaker 2: called Zella Money, and we see it all the time, right,

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Speaker 2: Like we see people coming in and their parents are

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Speaker 2: giving them the deposit or their parents are helping out

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Speaker 2: with the loan repayments, and there just seems to be

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Speaker 2: I guess a lot of shame around that because they're like,

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Speaker 2: oh yeah, but like my friends don't get this help,

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Speaker 2: or you know, all of these other things don't happen.

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Speaker 2: But I think we need to talk about it because

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Speaker 2: I think the situation should honestly be good on you

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Speaker 2: money dires, like use what's you know, use what's successible

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Speaker 2: to you, because I guarantee your fiance's parents are like

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Speaker 2: super proud that they're in the position where they can

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Speaker 2: do that for you. It probably gives them a lot

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Speaker 2: of gratification. It probably makes them feel so good about

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Speaker 2: the world. And I just think these things shouldn't be

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Speaker 2: in the shadows. It should just be something where yeah, no, no,

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Speaker 2: we do have help, full stop. End of story. Like,

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Speaker 2: it's not a judgment thing, it just is what it is, right,

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Speaker 2: I think.

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Speaker 4: So and for us, we at the start, we weren't

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Speaker 4: going to tell anyone, and I think it was because

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Speaker 4: of that shame well we didn't save that money ourselves

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Speaker 4: and things like that. But at the same time we yes,

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Speaker 4: the Bank of Mum and Data have helped us substantially

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Speaker 4: with the deposit, but at the same time we're going

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Speaker 4: to pay that back to them as well. So it's

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Speaker 4: not a handout. It's just, hey, we want you to

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Speaker 4: be able to pay less to the bank and some

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Speaker 4: back to SO.

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Speaker 2: And I'm super glad that you've kind of prefaced this

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Speaker 2: conversation with going I want to talk about this privilege.

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Speaker 2: Like you already know what's a privilege. It's something that's

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Speaker 2: not extended to absolutely everybody. But we're going to break

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Speaker 2: it down. So let's jump into the actual interview part

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Speaker 2: of this podcast. The question I always ask first is money, Dirist.

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Speaker 2: I want to know what grade would you give your

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Speaker 2: money habits from A through to F.

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Speaker 3: I'd probably have to give it like A C plus.

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Speaker 2: Ooh, a C plus.

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Speaker 3: Or like a B minus minus.

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Speaker 2: Or B minus minus. I've never heard someone give themselves

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Speaker 2: a B minus minus. But let's learn a little bit

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Speaker 2: about it. You said in your letter into us that

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Speaker 2: you would describe your mam as financially loose and your

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Speaker 2: dad is very conservative. Can you tell us a little

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Speaker 2: bit more about your money story.

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Speaker 4: Yeah, So, like you mentioned, I'm the youngest of five.

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Speaker 4: So for us, my parents had my brother when they

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Speaker 4: were really young and then four kids, like had me

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Speaker 4: when they were twenty years later they had me.

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Speaker 3: Hey, yep, and they've been married for fifty two years.

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Speaker 3: Oh my heart.

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Speaker 2: They're doing something right.

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Speaker 3: They're doing something right?

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Speaker 2: Is the answer? Just having lots of babies over a

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Speaker 2: long period of time.

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Speaker 3: I don't know.

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Speaker 2: I mean it's working. The science says yes.

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Speaker 4: The science says yes. They also work together though, so

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Speaker 4: they own their own business. So for them to live

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Speaker 4: and work together and have five children, I feel as though, yeah,

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Speaker 4: they must be doing something right because that just seems

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Speaker 4: like a rarity.

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Speaker 3: Yeah.

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Speaker 2: No, Oh my gosh, how good. So what did they

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Speaker 2: teach you about money? How did you grow up around money?

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Speaker 2: Was it something that made you feel good, awkward or

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Speaker 2: was it not disgusted at all?

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Speaker 1: Like?

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Speaker 2: What was that like in your life.

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Speaker 4: Yeah, it wasn't really disgusted at all. I mean, my

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Speaker 4: older siblings may have had a different upbringing to what

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Speaker 4: I did because they are substantially older than what I am.

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Speaker 4: But for my brother and I, we didn't really Yeah,

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Speaker 4: there was no discussion around mine.

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Speaker 1: You know.

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Speaker 4: My parents owned their home at the time, they had

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Speaker 4: their own business, and we went on holidays, we did

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Speaker 4: all all the things like I just we never talked

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Speaker 4: about money. I guess we didn't really have pocket money

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Speaker 4: or anything like that though, but we never went without.

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Speaker 4: And that's something that now that I'm an adult, I realize

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Speaker 4: how amazing my parents were. They were just Oh, I

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Speaker 4: have so much love for my parents. They're just amazing

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Speaker 4: human beings.

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Speaker 2: I can tell by the tone of your voice that

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Speaker 2: is the best to hear. All right, next question I've

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Speaker 2: got for you. Tell me what do you do for work?

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Speaker 2: How much money do you own?

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Speaker 3: So I am.

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Speaker 4: In marketing and I earn one hundred and ten thousand

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Speaker 4: dollars a year, plus I have a company car, so

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Speaker 4: I don't pay any car expenses.

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Speaker 2: Ool, very nice. Is that included in your salary package?

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Speaker 2: Or is that like above and beyond the one ten

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Speaker 2: that's above and beyond.

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Speaker 3: The one ten.

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Speaker 2: Oh, very sexy. We like that. How did you get

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Speaker 2: your career in marketing? Like, what did you study and

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Speaker 2: what type of career progression have you had over the years.

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Speaker 4: So I actually started off as a receptionist in the

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Speaker 4: automotive industry, which was, you know, minimal wage, and then

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Speaker 4: I worked my way up. So I worked in sales

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Speaker 4: and finance within automotive, and that's where I started to

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Speaker 4: earn some really good money. So I think I was

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Speaker 4: like twenty three and I was earning like one hundred

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Speaker 4: and ten, one hundred and twenty grand my first year,

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Speaker 4: and then yeah, one hundred and thirty my second year,

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Speaker 4: and it was it was amazing, And that's yeah, that's

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Speaker 4: how I bought my first house.

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Speaker 2: What made you go from working in finance, which arguably

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Speaker 2: can be relatively lucrative, and I'm assuming that there was

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Speaker 2: some level of base salary and then a type of

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Speaker 2: commission on top of that. What made you go from

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Speaker 2: that into marketing?

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Speaker 4: I realized probably about two years after doing finance that

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Speaker 4: I really disliked it.

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Speaker 2: That's not my experience, but yes, it was more just

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Speaker 2: I had.

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Speaker 4: No work life balance. I was you know, personal circumstance.

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Speaker 4: I was quite depressed that sort of thing, and I

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Speaker 4: said to my boss one day, I said, I quit

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Speaker 4: like I'm.

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Speaker 3: Done, Oh my god.

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Speaker 4: And he said to me, he said you can't leave.

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Speaker 4: And I said, watch this. Yeah, I don't want to

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Speaker 4: do finance and he said, well, he said, I want

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Speaker 4: to keep you.

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Speaker 3: What do you want to do?

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Speaker 4: And I said I have no idea And he said,

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Speaker 4: why don't you give marketing a go? And I said,

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Speaker 4: I am the most uncreative person like that exists. I

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Speaker 4: swear like I don't think that I'm creative at all.

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Speaker 4: And he goes, just give it a go. I'm sure

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Speaker 4: you'll like it.

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Speaker 3: Anyway.

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Speaker 4: Seven years later, here I am absolutely loving my job.

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Speaker 2: Oh my gosh. And are you here to tell me

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Speaker 2: also that marketing is more about strategy than it is

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Speaker 2: about creativeness. Is that potentially where we're going with this?

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Speaker 4: Yeah, definitely it is it. It's completely strategic. The creative

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Speaker 4: is just one tiny components.

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Speaker 2: I love it. I love it, you know. Personal anecdote.

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Speaker 2: Hear my husband works in marketing, and he works in

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Speaker 2: the analytics side of marketing. And every time I tell people, yeah,

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Speaker 2: like my husband in marketing at this company. They'll be like,

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Speaker 2: oh my gosh, how cool, Like that company's branding is

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Speaker 2: epic or this that the other, and I'm like, oh no, no, no,

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Speaker 2: Like it's the strategy side of things. Like I think

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Speaker 2: every time someone thinks of marketing, you think you've got

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Speaker 2: to be really creative, but that's not the case at all.

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Speaker 2: Like it can actually be quite strategic and quite analytical

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Speaker 2: and like quite i don't know, really really engaging in

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Speaker 2: a great way.

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Speaker 4: Definitely, And I think that's one thing that people look

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Speaker 4: at social media and they go, oh, that's marketing, and

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Speaker 4: I'm like, no, that's like five percent of my job. Yeah, exactly,

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Speaker 4: it's very minimal of what I actually do.

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Speaker 3: Yees.

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Speaker 4: So I had been in marketing now for about seven years,

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Speaker 4: but it was only two years ago or two and

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Speaker 4: a half years ago that I decided to get my degree.

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Speaker 4: So I was working full time and studying full time

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Speaker 4: during the pandemic to do my Bachelor of Biz measoring

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Speaker 4: in marketing.

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Speaker 2: So congratulations, Are you glad to have some level of

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Speaker 2: work life balance back now?

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Speaker 4: Definitely? It makes such a difference. I love my job,

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Speaker 4: I love life like it just it just makes you

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Speaker 4: feel good to wake up in the morning and know

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Speaker 4: that you're going to a job that you really enjoy.

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Speaker 2: Now you don't always have to study to work in

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Speaker 2: a specific area. I think there's this big common misconception

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Speaker 2: that you absolutely need a university degree to absolutely thrive. Obviously,

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Speaker 2: you already had the job, like and you'd been working

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Speaker 2: in the job. I would assume very successfully for five

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Speaker 2: years before deciding to do the degree. But what made

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Speaker 2: you want to go back and study and actually get

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Speaker 2: that qualification? I guess why would you choose to do

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Speaker 2: that after having the job already.

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Speaker 4: I think looking at it, it was more of a

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Speaker 4: self development for one thing, but also career progression. So

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Speaker 4: I know that when you do want to go for

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Speaker 4: those higher jobs that they do want to see a degree.

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Speaker 4: But I used it to my advantage. So what I

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Speaker 4: did was I loved working for oh I love working

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Speaker 4: for the company that I work for. So I decided

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Speaker 4: that when I finished my degree, I walked into the

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Speaker 4: COO's office and I said, Hey, finish my degree.

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Speaker 3: Now you know what are you gonna pay me?

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Speaker 2: Ah? No, you did not. How do you have that audacity?

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Speaker 2: Please give us some.

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Speaker 4: Honestly, we have such a great relationship. So I just went,

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Speaker 4: you know, like he'll know that I mean this in

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Speaker 4: the in the best way possible. But I also now

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Speaker 4: know my worth. I've just spent, you know, fifty thousand

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Speaker 4: dollars on a degree, so to take it to the

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Speaker 4: next level, now I.

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Speaker 3: Need to recoup those costs.

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Speaker 2: Oh my gosh. I love that you just walked in

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Speaker 2: and said, Hey, it's me, look at me. I have

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Speaker 2: a degree. What are you going to do about this?

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Speaker 2: Like that's the audacity we all need. Like, I think

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Speaker 2: that that's so powerful. Obviously, later in this chat, we're

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Speaker 2: going to get into talking a little bit about family wealth.

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Speaker 2: So before we get there, I need to be even

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Speaker 2: more pervy money, Darrist, what's your partner do? How much

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Speaker 2: does your partner earn?

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Speaker 4: I would have to say we're extremely privileged between the

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Speaker 4: two of us of what our income is. So my

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Speaker 4: partner's and operations manager for audio visual and he earns

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Speaker 4: one forty five a year.

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Speaker 2: Oh my gosh, very nice.

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Speaker 4: Yeah, so between the two of us, obviously we have

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Speaker 4: a very comfortable income. But we also, I guess, spend

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Speaker 4: way below what we make because well we try to

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Speaker 4: you anyway, I call him the bank rolling bougie boyfriend

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Speaker 4: or now fiance.

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Speaker 2: Yeah okay, I really like that. Congratulations, but also lock

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Speaker 2: that down stairs.

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Speaker 4: Because he loves to spend money. So whereas I'm the

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Speaker 4: one that's sort of like a little bit more conservative.

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Speaker 4: I guess like my dad, I'm more conservative, whereas he's

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Speaker 4: more like my mum. Which is so funny that we're

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Speaker 4: in this relationship.

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Speaker 3: Again.

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Speaker 2: I really do believe that in every relationship there is

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Speaker 2: a spender and there is a saver. There's no such

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Speaker 2: thing as having two genuine savers or two genuine spenders.

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Speaker 2: There's always one of each. And that's what causes the

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Speaker 2: most conflict. Is that something that raises a bit of

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Speaker 2: conflict in your relationship.

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Speaker 4: Surprisingly, it's not. Our communication style is really open, so

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Speaker 4: we don't have I guess, arguments or conflict around money

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Speaker 4: because it's very much. We have separate bank accounts, but

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Speaker 4: we also put money into a joint bank account, and

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Speaker 4: then obviously with our wedding savings and stuff, we both

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Speaker 4: have a common goal, which is to pay for our

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Speaker 4: wedding and to pay for our honeymoon and things like that,

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Speaker 4: So we keep our extra money separate or else you know,

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Speaker 4: the extra money that we earn separate and that way

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Speaker 4: we can just do what we want with it, whether

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Speaker 4: we saving it or spending it or whatever.

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Speaker 2: So I love that. I love it so much. I

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Speaker 2: have to be slightly rude and ask another question, which

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Speaker 2: you're probably not going to like all that much, but

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Speaker 2: I think is really important. So money often is a

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Speaker 2: really big pain point in relationships because there's not enough

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Speaker 2: of it. And obviously you said you have a really

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Speaker 2: great salary. Your partner has a really great salary. He's

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Speaker 2: a bit of a spender. But to be honest, like

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Speaker 2: looking at your personal situation from the outside, like, you're

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Speaker 2: probably in a pretty good position, so it doesn't really

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Speaker 2: matter if your partner is a bit of a spender. Right,

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Speaker 2: do you think that if you didn't have such high

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Speaker 2: incomes that could become a pain point in your relationship.

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Speaker 4: I think yes, definitely. So my previous relationship, prior to

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Speaker 4: meeting my fiance, I was the I guess, the breadwinner

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Speaker 4: as tradition tells us, and my partner earned minimum wage.

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Speaker 4: Now I didn't have an issue with that. He enjoyed

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Speaker 4: what he did, so that was fantastic. However, he had

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Speaker 4: a real issue with the ability of me earning my

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Speaker 4: money the way that I did, and that's I think

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Speaker 4: that was the issue is because it was more of

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Speaker 4: that traditional gender role.

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Speaker 2: Yeah, yeah, Okay, it's just interesting to ask because I know,

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Speaker 2: you know, there are going to be a lot of

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Speaker 2: our friends in the car driving to work this morning

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Speaker 2: listening to this podcast, and they're like, mate, of course

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Speaker 2: you're not going to fight about money because you have

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Speaker 2: so much of it. But I think it's really interesting.

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Speaker 2: I guess asking a perfect question like that because it

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Speaker 2: does make I guess our money direst reflect on it

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Speaker 2: and go, well, actually, I've been in a situation where

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Speaker 2: that's not the case, and now it's just, you know,

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Speaker 2: a lot easier. And I think that it's just nice

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Speaker 2: to have these open, honest conversations because money is stressful

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Speaker 2: and money can be overwhelming, and it obviously gets slightly

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Speaker 2: easier when you have more, but that doesn't necessarily mean

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Speaker 2: that you don't argue about it. You often just argue

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Speaker 2: about different things. And I feel like, yeah, having these

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Speaker 2: conversations is just super super important. You touched before on Yeah,

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Speaker 2: we have shared goals. We're both saving for this house,

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Speaker 2: we're both saving for this wedding, which is super exciting.

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Speaker 2: Let's dive into that though. What are your big money goals?

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Speaker 2: What are we working towards this year?

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Speaker 4: So this year, so we've recently just obviously bought our house. Congratulations, Yes,

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Speaker 4: very exciting.

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Speaker 3: It's our dream home.

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Speaker 2: Oh my gosh. What was it like signing the contract?

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Speaker 2: Were you like, this is surreal?

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Speaker 4: Yes, so we'd actually we were going to build a house,

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Speaker 4: and we put a deposit on a block of land,

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Speaker 4: you know, we did all of that sort of stuff,

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Speaker 4: and then I had a freak out. I went, this

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Speaker 4: is so much cold feet. I said, this is so

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Speaker 4: much money, and I don't think we should be doing this.

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Speaker 4: And this is before interest rates were rising, and I'm

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Speaker 4: so glad we didn't go that way. But we end

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Speaker 4: up looking at existing houses and my fiance said, how

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Speaker 4: about we look in our dream area, and I said,

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Speaker 4: there's no way we can afford a house in our

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Speaker 4: dream marriage.

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Speaker 2: Yeah, of course he would have thought that you were crazy.

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Speaker 4: We walked into the house and I said to my fiance,

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Speaker 4: this layout looks really familiar, and it ended up being

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Speaker 4: the exact same layout of the house that we were

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Speaker 4: going to build.

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Speaker 2: No what wasn't Yes, Oh my gosh, they had already

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Speaker 2: built it for you.

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Speaker 4: So this one was about three years old, but it

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Speaker 4: was the exact layout that we wanted from the exact builder,

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Speaker 4: like we know. Yeah, I said to my fiance, this

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Speaker 4: is meant to be, like we have to buy this house,

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Speaker 4: and it all just.

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Speaker 3: Fell into place.

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Speaker 2: Oh my gosh.

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Speaker 3: Our offer was accepted straight away, which for.

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Speaker 2: Me was mind blowing, mind blowing. It's meant to be hard.

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Speaker 2: Everyone talks about property being hard. What do you mean

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Speaker 2: you just accepted it. Isn't there meant to be an

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Speaker 2: argument and like another bidder or something in the background

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Speaker 2: trying to out bid us, like I don't know.

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Speaker 4: Yeah, so but nothing like that. It was like, yeah,

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Speaker 4: your office accepted, and yeah, we'd already had we'd spoken

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Speaker 4: to a brokera and we'd already had our finance approved

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Speaker 4: and things like that. So it was really easy. That

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Speaker 4: that whole process was really easy. So that was our goal.

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Speaker 4: But now our goal has moved to our wedding. So

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Speaker 4: we have savings for both our wedding and our honeymoon

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Speaker 4: and yeah, that's we're just excited to have that as

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Speaker 4: our big goal.

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Speaker 2: How exciting all right, I need to know how far

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Speaker 2: away is the wedding and where is it going to

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Speaker 2: be and where are we're going on honeymoon.

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Speaker 4: So our wedding is in Caserina, which is northern New

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Speaker 4: South Wales, so just over the Queensland New Southwell's borders. Doneing, Yes,

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Speaker 4: absolutely amazing And it was the again first venue that

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Speaker 4: we looked at and we just went, this is us.

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Speaker 4: Why why do we need to look anywhere else? And

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Speaker 4: it's in March twenty twenty four.

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Speaker 2: Our heaps of time to continue preparing.

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Speaker 4: You would think so, wouldn't you, But things just well

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Speaker 4: you would know from.

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Speaker 2: I planned a wedding in like less than twelve months

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Speaker 2: and I cannot recommend that process to even one individual,

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Speaker 2: one out of ten. You absolutely need more time than that.

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Speaker 2: You think a year is a long period of time,

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Speaker 2: It is not. And weddings are.

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Speaker 4: Expensive, definitely, And we didn't realize how expensive a wedding

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Speaker 4: would be until we started the process. And I know,

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Speaker 4: speaking to other people, they say, oh, yeah, I'll only

398
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Speaker 4: spend like ten fifteen grand on a wedding, and then

399
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Speaker 4: that becomes unrealistic.

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Speaker 3: Really really quickly.

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Speaker 4: Yeah, And I said to my fiance. Look, I'm comfortable

402
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Speaker 4: in spending forty to fifty grand on our wedding. You know,

403
00:19:00,720 --> 00:19:04,800
Speaker 4: it's one day that will do. I'm really excited, you know.

404
00:19:04,880 --> 00:19:06,600
Speaker 4: I don't want it to be completely over the top,

405
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Speaker 4: but I want it to be everything that we both want.

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Speaker 2: Yep.

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Speaker 4: And so we were now currently sitting at about fifty

408
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Speaker 4: eight grand.

409
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Speaker 2: Oh my gosh, it's always the way, isn't it. How

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Speaker 2: did you and your partner come to a number that

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Speaker 2: you were comfortable with? So obviously you said forty to

412
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Speaker 2: fifty grand And did he go, oh my gosh, money, Daris,

413
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Speaker 2: that's so much money, or did he go, oh, yeah,

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Speaker 2: I want to spend more. Like what was that conversation?

415
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Speaker 3: Like again, I sort of had to rain him in

416
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Speaker 3: a little bit.

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Speaker 2: I love this narrative.

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Speaker 4: Yeah, so he, like I said, he's a bit bougie

419
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Speaker 4: fancy boy. Yeah, definitely. And I had to say to him,

420
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Speaker 4: this is what I think we could save within that time,

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Speaker 4: and that's what we've sort of kept to. So we

422
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Speaker 4: do have a wedding planner, which does increase the cost,

423
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Speaker 4: but at the same time, she is saving us so

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Speaker 4: much time and money.

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Speaker 2: I was about to ask, so tell me how much

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Speaker 2: your wedding planner is and then tell me how the

427
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Speaker 2: savings go. Because I also had a wedding planner, and

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Speaker 2: I think that that's something that you know, my wedding

429
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Speaker 2: was a bit over the top, so please don't use

430
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Speaker 2: mine as a benchmark, but the amount of money she

431
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Speaker 2: saved us on, just like vendors and stuff, was a

432
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Speaker 2: very worthwhile investment. So how much does a wedding planner cost?

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Speaker 2: My friend?

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Speaker 4: So, our wedding planner is just over five and a

435
00:20:24,640 --> 00:20:25,359
Speaker 4: half grand.

436
00:20:25,720 --> 00:20:28,119
Speaker 2: Wow, And how much do you think she's saved you

437
00:20:28,200 --> 00:20:29,160
Speaker 2: along that journey?

438
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Speaker 4: I would probably say she's already saved us at least

439
00:20:32,800 --> 00:20:35,320
Speaker 4: five and a half grand. And that's not even including

440
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Speaker 4: the time that we would have had to spend on

441
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Speaker 4: doing things for the wedding, which for me is massive.

442
00:20:41,600 --> 00:20:44,440
Speaker 4: You know, my fiance and I both work pretty long hours,

443
00:20:44,520 --> 00:20:48,280
Speaker 4: so we don't have that time and we didn't want to.

444
00:20:48,240 --> 00:20:49,080
Speaker 3: Have that stress.

445
00:20:49,520 --> 00:20:52,600
Speaker 4: So that's why we thought that the wedding planner would

446
00:20:52,600 --> 00:20:53,520
Speaker 4: be a good investment.

447
00:20:53,760 --> 00:20:54,320
Speaker 3: Genius.

448
00:20:54,440 --> 00:20:56,320
Speaker 2: I love it. I feel like a wedding planner is

449
00:20:56,359 --> 00:20:58,080
Speaker 2: the second you say, oh, I've got a wedding planner,

450
00:20:58,080 --> 00:21:00,359
Speaker 2: they're like oh my gosh, you must be absolutely just

451
00:21:00,440 --> 00:21:03,480
Speaker 2: pouring money at this. And to be honest, I had

452
00:21:03,640 --> 00:21:05,000
Speaker 2: I don't know if this is going to come as

453
00:21:05,000 --> 00:21:07,719
Speaker 2: a surprise to anybody, but I did a budget on

454
00:21:07,760 --> 00:21:10,119
Speaker 2: a spreadsheet and I worked out what things were going

455
00:21:10,200 --> 00:21:12,520
Speaker 2: to cost and how you know, we wanted to invest

456
00:21:12,560 --> 00:21:14,520
Speaker 2: in the wedding and what that would look like. And

457
00:21:14,520 --> 00:21:17,159
Speaker 2: then I started talking to a number of different planners,

458
00:21:17,600 --> 00:21:19,560
Speaker 2: and a lot of the time they were like, okay, cool,

459
00:21:19,560 --> 00:21:21,840
Speaker 2: but we have a number of recommended vendors and if

460
00:21:21,880 --> 00:21:24,320
Speaker 2: you use those vendors, you'll get like fifteen percent off,

461
00:21:24,400 --> 00:21:27,800
Speaker 2: or you get twenty percent off, or they'll negotiate something different.

462
00:21:27,920 --> 00:21:31,280
Speaker 2: And another thing that I found really helpful, which is

463
00:21:31,520 --> 00:21:35,600
Speaker 2: absolutely money saving, but also just really smart on my

464
00:21:36,240 --> 00:21:39,439
Speaker 2: planner's behalf, was that they talked me out of a

465
00:21:39,440 --> 00:21:41,520
Speaker 2: lot of things that I thought I needed that I

466
00:21:41,560 --> 00:21:44,119
Speaker 2: didn't need. A lot of the time she said do

467
00:21:44,160 --> 00:21:46,520
Speaker 2: you really need that? Like, why are you saying we

468
00:21:46,560 --> 00:21:49,080
Speaker 2: need to organize this? You don't sound excited about it.

469
00:21:49,119 --> 00:21:51,320
Speaker 2: Why are we doing it? And I'd be like, oh, well,

470
00:21:51,400 --> 00:21:54,600
Speaker 2: I guess we don't, and she yeah, just helped put

471
00:21:54,840 --> 00:21:57,439
Speaker 2: a lot of things in a lot of perspective. That

472
00:21:57,560 --> 00:22:00,600
Speaker 2: meant I made decisions that were really aligned my values.

473
00:22:00,640 --> 00:22:03,400
Speaker 2: And you know, obviously it is a privilege to spend

474
00:22:03,400 --> 00:22:05,920
Speaker 2: five and a half thousand dollars on a planner, because

475
00:22:06,040 --> 00:22:09,080
Speaker 2: that's some people's entire wedding budgets. But if you're going

476
00:22:09,119 --> 00:22:11,359
Speaker 2: to have a more expensive wedding, it would definitely be

477
00:22:11,440 --> 00:22:14,159
Speaker 2: worth looking into somebody who could help you along the

478
00:22:14,200 --> 00:22:17,000
Speaker 2: way because like you do, still feel in control, right,

479
00:22:17,200 --> 00:22:20,240
Speaker 2: you just don't have all the stress of finding the vendors.

480
00:22:20,720 --> 00:22:23,640
Speaker 4: Definitely, and I think the quality of vendors that they've

481
00:22:23,640 --> 00:22:26,280
Speaker 4: found us within our price range, we wouldn't have been

482
00:22:26,280 --> 00:22:28,920
Speaker 4: able to search for them ourselves.

483
00:22:29,119 --> 00:22:31,600
Speaker 2: You just don't know what you don't know, No, you don't.

484
00:22:31,760 --> 00:22:35,800
Speaker 4: So yeah, that's that's been really amazing. So yeah, that's

485
00:22:35,840 --> 00:22:39,600
Speaker 4: our wedding planning so far. And then we just booked

486
00:22:39,600 --> 00:22:40,320
Speaker 4: our honeymoon.

487
00:22:40,600 --> 00:22:43,040
Speaker 2: Congrats, How exciting. Where are we going?

488
00:22:43,600 --> 00:22:44,840
Speaker 3: So we were going to go.

489
00:22:44,760 --> 00:22:47,560
Speaker 4: To a couple of different well we're thinking about going

490
00:22:47,600 --> 00:22:50,480
Speaker 4: to a couple of different places, but we've ended up

491
00:22:50,520 --> 00:22:52,959
Speaker 4: settling on Turtle Island in Fiji.

492
00:22:53,240 --> 00:22:55,080
Speaker 2: Stunning. How exciting?

493
00:22:55,760 --> 00:22:58,359
Speaker 4: Yeah, definitely, And again it's one of those things that

494
00:22:58,400 --> 00:23:01,320
Speaker 4: we've gone. Okay, well, what can we go without in

495
00:23:01,400 --> 00:23:05,320
Speaker 4: our budget to make sure that we can afford our honeymoon,

496
00:23:05,359 --> 00:23:09,520
Speaker 4: but be go to something like Fiji that is for us.

497
00:23:10,000 --> 00:23:11,480
Speaker 3: Yeah, once in a lifetime.

498
00:23:11,160 --> 00:23:13,840
Speaker 2: I really lux and having a good time, but it's

499
00:23:13,840 --> 00:23:16,520
Speaker 2: still not or a borer, which is like a thirty

500
00:23:16,600 --> 00:23:19,080
Speaker 2: thousand dollar trip to begin with. I looked at it

501
00:23:19,080 --> 00:23:21,720
Speaker 2: because I'd seen it all over TikTok and Instagram, and

502
00:23:21,760 --> 00:23:24,440
Speaker 2: then I ran straight away because I saw the price

503
00:23:24,520 --> 00:23:27,040
Speaker 2: and yep, we went to Queensland for our honeymoon. Yeah,

504
00:23:27,040 --> 00:23:29,320
Speaker 2: that's where I'm at. That's where I'm at. It's all

505
00:23:29,320 --> 00:23:31,840
Speaker 2: about values, though, and that's the coolest thing I guess

506
00:23:31,840 --> 00:23:34,479
Speaker 2: about getting to talk to people like you. I get

507
00:23:34,520 --> 00:23:37,320
Speaker 2: to understand your values and you get to understand mine,

508
00:23:37,359 --> 00:23:39,640
Speaker 2: and we just get to, you know, be really open

509
00:23:39,680 --> 00:23:43,000
Speaker 2: and honest about it. Obviously you wrote in and you said, look,

510
00:23:43,119 --> 00:23:46,040
Speaker 2: my fiance's parents do give us money towards the house.

511
00:23:46,240 --> 00:23:48,560
Speaker 2: Have they helped out with the wedding or in any

512
00:23:48,640 --> 00:23:51,159
Speaker 2: other aspect of your life or is it just with

513
00:23:51,280 --> 00:23:51,760
Speaker 2: the house.

514
00:23:52,320 --> 00:23:56,400
Speaker 4: So it's just been with the house for us. They're

515
00:23:56,680 --> 00:24:00,920
Speaker 4: the most loveliest people. My in laws, and we call

516
00:24:00,920 --> 00:24:03,040
Speaker 4: our parents B one and B two because our parents

517
00:24:03,119 --> 00:24:07,960
Speaker 4: are pretty similar, or we call them the parents, so yeah,

518
00:24:08,000 --> 00:24:10,880
Speaker 4: they're like both sets of our parents are absolutely amazing.

519
00:24:11,600 --> 00:24:15,359
Speaker 4: And my fiance's parents aren't assisting us with the wedding

520
00:24:15,359 --> 00:24:18,879
Speaker 4: at all. Obviously the ability for them to contribute to

521
00:24:18,880 --> 00:24:22,560
Speaker 4: our deposit has been more than enough of a gift.

522
00:24:22,720 --> 00:24:26,679
Speaker 4: So we haven't asked or wanted, I guess assistance in

523
00:24:26,800 --> 00:24:28,639
Speaker 4: terms of paying for the wedding or the honeymoon.

524
00:24:28,760 --> 00:24:31,720
Speaker 2: No, that makes absolute sense. It's always just super pervy

525
00:24:31,760 --> 00:24:34,080
Speaker 2: to ask my friend. All right, let's go to a

526
00:24:34,119 --> 00:24:37,000
Speaker 2: really quick break because I have a whole heap of questions.

527
00:24:37,080 --> 00:24:44,639
Speaker 2: Right after this, all right, money diarist, we are back,

528
00:24:44,760 --> 00:24:48,040
Speaker 2: and I want to ask even more questions. First things, First,

529
00:24:48,200 --> 00:24:50,600
Speaker 2: do you invest? If so, what do you currently invest in?

530
00:24:51,000 --> 00:24:54,040
Speaker 4: So we don't actually have any investments? Or sorry, we

531
00:24:54,480 --> 00:24:57,800
Speaker 4: just bought five hundred dollars worth of shares.

532
00:24:57,760 --> 00:25:00,600
Speaker 2: So you do have investments, my friends, and you have.

533
00:25:00,600 --> 00:25:03,440
Speaker 3: Super yeah sorry, yeah, actually she's.

534
00:25:03,280 --> 00:25:05,240
Speaker 2: An investing queen and she didn't even know it.

535
00:25:06,760 --> 00:25:09,359
Speaker 4: I do have Super, so I have I think I

536
00:25:09,440 --> 00:25:12,639
Speaker 4: have about sixty five thousand dollars.

537
00:25:12,440 --> 00:25:15,120
Speaker 2: In Super oh, that is epic for your age.

538
00:25:15,119 --> 00:25:15,600
Speaker 3: Epic.

539
00:25:16,400 --> 00:25:19,240
Speaker 4: I didn't actually think so, but then I started to,

540
00:25:19,680 --> 00:25:20,160
Speaker 4: I guess.

541
00:25:20,000 --> 00:25:22,960
Speaker 3: I googled the average yes super.

542
00:25:22,800 --> 00:25:24,600
Speaker 2: For my age, and what did it tell you?

543
00:25:24,720 --> 00:25:27,880
Speaker 4: It said it was half of that, so, which blows.

544
00:25:27,520 --> 00:25:30,480
Speaker 2: My mind exactly. And so you are doing really well.

545
00:25:30,560 --> 00:25:32,960
Speaker 2: It's sometimes really not. And I mean I talk all

546
00:25:33,000 --> 00:25:35,800
Speaker 2: the time about putting some blinkers on and you know,

547
00:25:35,960 --> 00:25:39,040
Speaker 2: not comparing yourselves to others because it doesn't really help.

548
00:25:39,359 --> 00:25:42,800
Speaker 2: But something that does genuinely help me is benchmarking. Like

549
00:25:42,880 --> 00:25:46,159
Speaker 2: I want to know technically, if we look at the average,

550
00:25:46,200 --> 00:25:47,879
Speaker 2: where am I meant to be for my age? So

551
00:25:48,119 --> 00:25:49,560
Speaker 2: money drives how old are you?

552
00:25:50,520 --> 00:25:51,560
Speaker 3: I am thirty one?

553
00:25:51,840 --> 00:25:55,359
Speaker 2: She a baby. So the average amount of SUPER for

554
00:25:55,480 --> 00:25:58,080
Speaker 2: a woman between the age of thirty and thirty for

555
00:25:58,320 --> 00:26:01,560
Speaker 2: my friends is forty two thousand, two hundred and forty dollars.

556
00:26:02,000 --> 00:26:05,000
Speaker 2: That is obviously still a lot of money. And if

557
00:26:05,000 --> 00:26:06,840
Speaker 2: you're sitting on that or below that, like I wouldn't

558
00:26:06,840 --> 00:26:09,120
Speaker 2: worry too much you're still so young. It just means

559
00:26:09,119 --> 00:26:10,600
Speaker 2: we need to have a think about what that looks

560
00:26:10,640 --> 00:26:13,280
Speaker 2: like in your future. But what did you feel like

561
00:26:13,320 --> 00:26:16,159
Speaker 2: when you're like, oh, the Benjmark actually says that I'm ahead.

562
00:26:17,119 --> 00:26:20,320
Speaker 4: I think it was like a realization that it made

563
00:26:20,359 --> 00:26:23,679
Speaker 4: me actually investigated a little bit more because I went, Okay,

564
00:26:23,760 --> 00:26:26,119
Speaker 4: so if I'm let's just say I want to retire

565
00:26:26,160 --> 00:26:31,359
Speaker 4: at sixty, then I only have twenty nine years to

566
00:26:31,440 --> 00:26:33,560
Speaker 4: do that. And it's already been ten years of my

567
00:26:33,640 --> 00:26:37,439
Speaker 4: working life that I only got sixty. So how on

568
00:26:37,520 --> 00:26:40,520
Speaker 4: earth am I going to get a couple of hundred

569
00:26:40,520 --> 00:26:43,480
Speaker 4: more thousand or or whatever it is that you need

570
00:26:43,800 --> 00:26:48,600
Speaker 4: to get to retire. So that made me think a

571
00:26:48,600 --> 00:26:50,520
Speaker 4: little bit more about investment.

572
00:26:50,680 --> 00:26:52,480
Speaker 2: Yeahh And I mean, I want to say you're a

573
00:26:52,520 --> 00:26:55,919
Speaker 2: baby still because like you are so young. But ultimately

574
00:26:56,320 --> 00:26:59,560
Speaker 2: most people and most women, they retire with less than

575
00:26:59,560 --> 00:27:03,639
Speaker 2: three hundre hundred thousand dollars in their superannuation accounts. And

576
00:27:03,760 --> 00:27:06,080
Speaker 2: if we looked at yours, right, if we looked at

577
00:27:06,119 --> 00:27:08,480
Speaker 2: sixty five thousand dollars, and I'm just using a simple

578
00:27:08,520 --> 00:27:12,199
Speaker 2: compound interest calculator, if you didn't contribute anything to your

579
00:27:12,200 --> 00:27:14,919
Speaker 2: super for the foreseeable future, and in thirty years you

580
00:27:15,000 --> 00:27:17,359
Speaker 2: looked at it, your super would actually grow to a

581
00:27:17,400 --> 00:27:20,479
Speaker 2: total of about six hundred and thirteen thousand dollars. So

582
00:27:20,560 --> 00:27:23,240
Speaker 2: even having sixty five thousand dollars in it right now

583
00:27:23,359 --> 00:27:26,119
Speaker 2: puts you so ahead of the game and like literally

584
00:27:26,160 --> 00:27:27,879
Speaker 2: in a position where you're going to have double what

585
00:27:27,960 --> 00:27:31,040
Speaker 2: the average female retires with now. But we know that

586
00:27:31,160 --> 00:27:33,680
Speaker 2: you're going to contribute to that for you know, probably

587
00:27:33,720 --> 00:27:35,680
Speaker 2: the next thirty years, and that's going to put you

588
00:27:35,800 --> 00:27:39,280
Speaker 2: in such a good position. Like on your actual income,

589
00:27:39,680 --> 00:27:42,239
Speaker 2: we know that you're on about what you said, one

590
00:27:42,280 --> 00:27:44,520
Speaker 2: hundred and ten to one hundred and twenty thousand dollars.

591
00:27:44,520 --> 00:27:47,399
Speaker 2: So let's say conservatively every single year you're adding at

592
00:27:47,480 --> 00:27:50,479
Speaker 2: least ten thousand dollars to SUPER. You're going to end

593
00:27:50,600 --> 00:27:53,639
Speaker 2: up with you know, obviously a significant amount of money.

594
00:27:53,640 --> 00:27:57,000
Speaker 2: But if we are compounding sixty five thousand dollars with

595
00:27:57,080 --> 00:28:00,560
Speaker 2: a regular contribution of ten thousand dollars annually, you're looking

596
00:28:00,640 --> 00:28:03,000
Speaker 2: at having one point six million dollars in SUPER when

597
00:28:03,040 --> 00:28:06,280
Speaker 2: you retire. My friend, that's good money.

598
00:28:06,880 --> 00:28:07,840
Speaker 3: That does sound pretty good.

599
00:28:07,880 --> 00:28:11,920
Speaker 4: And I guess that's just mine too, like excityancee. Yeah,

600
00:28:11,960 --> 00:28:14,440
Speaker 4: by the time, well we'll be husband and wife by them,

601
00:28:14,480 --> 00:28:17,400
Speaker 4: but you know, adding his as well, or which would be.

602
00:28:17,560 --> 00:28:20,560
Speaker 2: Yeah, amazing. I'm obsessed with it. I think they're just

603
00:28:20,600 --> 00:28:23,919
Speaker 2: doing the numbers can make you feel relatively secure, So

604
00:28:24,000 --> 00:28:25,800
Speaker 2: obviously you didn't think it was that good, and then

605
00:28:25,840 --> 00:28:28,159
Speaker 2: when we extrapolated it out, we're like, holy moly, that

606
00:28:28,359 --> 00:28:30,879
Speaker 2: is actually really good and puts you in such a

607
00:28:30,880 --> 00:28:34,200
Speaker 2: good position. I want to know, you mentioned before I'm

608
00:28:34,240 --> 00:28:36,959
Speaker 2: not really you know, investing, but we just bought our

609
00:28:37,000 --> 00:28:40,040
Speaker 2: first shares. How did you buy your first shares? Why

610
00:28:40,080 --> 00:28:42,840
Speaker 2: did you make that decision, and what made you feel

611
00:28:42,840 --> 00:28:44,240
Speaker 2: super comfortable to do that.

612
00:28:44,960 --> 00:28:47,920
Speaker 4: So it actually is a little bit of an interesting story.

613
00:28:48,160 --> 00:28:51,080
Speaker 4: We invested five hundred dollars, which was the minimum you

614
00:28:51,080 --> 00:28:55,440
Speaker 4: could invest, but we invested it into shares in a

615
00:28:55,560 --> 00:28:56,440
Speaker 4: platform called.

616
00:28:56,240 --> 00:28:57,080
Speaker 2: Gabba mm hm.

617
00:28:57,680 --> 00:28:59,960
Speaker 4: Now it's like the Uber of private catering. I guess

618
00:29:00,000 --> 00:29:02,880
Speaker 4: this is the best way to explain it. But I

619
00:29:02,920 --> 00:29:06,280
Speaker 4: actually met the founder when I was at university and

620
00:29:06,320 --> 00:29:10,480
Speaker 4: I interviewed her for my entrepreneurship subject, and I just

621
00:29:10,520 --> 00:29:13,120
Speaker 4: fell in love with her concepts so much, and I've

622
00:29:13,200 --> 00:29:17,200
Speaker 4: used the company a few times that I went, this

623
00:29:17,320 --> 00:29:19,840
Speaker 4: is such a great idea. And then when shares opened,

624
00:29:19,880 --> 00:29:22,320
Speaker 4: I went, you know what, five hundred bucks Like she's

625
00:29:22,400 --> 00:29:26,400
Speaker 4: just expanded to the US, like cool. It just seems

626
00:29:26,400 --> 00:29:31,840
Speaker 4: like such an awesome organization. So that's how we invested.

627
00:29:32,000 --> 00:29:34,080
Speaker 4: I know it's a bit of a weird one, but no.

628
00:29:34,040 --> 00:29:37,000
Speaker 2: It's why we ask these questions because everyone has a

629
00:29:37,040 --> 00:29:40,240
Speaker 2: different journey, everyone has a different thought process. And I'm

630
00:29:40,280 --> 00:29:42,240
Speaker 2: just so grateful that I get let in on like

631
00:29:42,280 --> 00:29:44,480
Speaker 2: how did you make your decision? What does this look like?

632
00:29:44,560 --> 00:29:46,280
Speaker 2: And you're just like, oh my gosh, I'm so passionate

633
00:29:46,320 --> 00:29:48,960
Speaker 2: about this. I looked into this like that's information that

634
00:29:49,000 --> 00:29:51,920
Speaker 2: we wouldn't have got anywhere else. Thank you. How cool?

635
00:29:52,480 --> 00:29:56,040
Speaker 4: Yeah, and I have set up a Shares's account, I

636
00:29:56,240 --> 00:29:58,640
Speaker 4: just haven't like delved into it yet.

637
00:29:58,800 --> 00:30:02,600
Speaker 2: How exciting you're the start of your journey money, darrist.

638
00:30:02,640 --> 00:30:05,600
Speaker 2: I want to ask now that debt. So you've recently

639
00:30:05,640 --> 00:30:09,280
Speaker 2: purchased your dream home, which is so exciting. How much

640
00:30:09,320 --> 00:30:11,600
Speaker 2: debt do you have and what is it? How is

641
00:30:11,600 --> 00:30:12,960
Speaker 2: it broken down?

642
00:30:13,400 --> 00:30:17,840
Speaker 4: So I actually just sold my investment property so as

643
00:30:17,920 --> 00:30:18,800
Speaker 4: of last week.

644
00:30:18,720 --> 00:30:20,760
Speaker 2: Oh my gosh, I didn't even know you have one

645
00:30:20,800 --> 00:30:22,240
Speaker 2: that's baller for a baby.

646
00:30:23,000 --> 00:30:25,320
Speaker 4: So that was my first house that I bought when

647
00:30:25,320 --> 00:30:28,040
Speaker 4: I was twenty five living in Queensland.

648
00:30:28,280 --> 00:30:29,600
Speaker 3: I bought it for incredibly cheap.

649
00:30:29,640 --> 00:30:32,560
Speaker 4: So I bought it for like two ninety yeah, when

650
00:30:32,560 --> 00:30:35,920
Speaker 4: I was twenty five, and then I recently just sold

651
00:30:35,920 --> 00:30:36,959
Speaker 4: it for three seventy.

652
00:30:37,120 --> 00:30:40,440
Speaker 2: Oh my gosh, did you actually how exciting? What's the

653
00:30:40,520 --> 00:30:41,680
Speaker 2: profit look like on that?

654
00:30:42,200 --> 00:30:44,800
Speaker 3: So that was just over one hundred grand in that?

655
00:30:45,200 --> 00:30:48,160
Speaker 2: Gosh? And how many years did you hold that for? Like?

656
00:30:48,280 --> 00:30:49,320
Speaker 3: Seven? So?

657
00:30:49,840 --> 00:30:51,960
Speaker 2: Oh my gosh? So seven years did you live in

658
00:30:52,000 --> 00:30:52,520
Speaker 2: the property?

659
00:30:52,720 --> 00:30:53,160
Speaker 3: I did?

660
00:30:53,200 --> 00:30:55,520
Speaker 2: So you didn't even have to pay capital gains tax

661
00:30:55,600 --> 00:30:56,640
Speaker 2: on that one hundred grand?

662
00:30:57,120 --> 00:31:00,440
Speaker 4: No, So it was always my principal place of reddence.

663
00:31:00,640 --> 00:31:03,840
Speaker 4: I guess like I did move out, but in saying that,

664
00:31:04,120 --> 00:31:06,320
Speaker 4: I never owned another property at that time.

665
00:31:06,600 --> 00:31:10,480
Speaker 2: So smart. I love this. It's so pervy. What have

666
00:31:10,560 --> 00:31:11,920
Speaker 2: you done with that one hundred grand?

667
00:31:12,640 --> 00:31:15,440
Speaker 4: So it is just sitting in my bank account at

668
00:31:15,440 --> 00:31:17,640
Speaker 4: the moment. Obviously some has gone.

669
00:31:17,400 --> 00:31:20,440
Speaker 2: To is it in an offset account to your mortgage?

670
00:31:20,520 --> 00:31:23,280
Speaker 4: When we set up this mortgage for our new home,

671
00:31:23,640 --> 00:31:26,840
Speaker 4: we went on fixed and that was purely because it

672
00:31:26,920 --> 00:31:27,840
Speaker 4: was so turbulent.

673
00:31:28,160 --> 00:31:30,840
Speaker 2: Good decision to have made, my friend, Yeah.

674
00:31:30,600 --> 00:31:33,240
Speaker 4: And we're really lucky we did that because otherwise we'd

675
00:31:33,240 --> 00:31:36,640
Speaker 4: be looking at, you know, five six plus interest rates

676
00:31:37,240 --> 00:31:40,400
Speaker 4: on our current mortgage, whereas we're sitting in the fours still.

677
00:31:40,640 --> 00:31:43,560
Speaker 2: Yeah, smart, When will that rate expire? Like when you're

678
00:31:43,560 --> 00:31:46,120
Speaker 2: going to have to make another decision about your mortgage.

679
00:31:46,520 --> 00:31:48,920
Speaker 3: So it'll be in March twenty twenty four, which.

680
00:31:48,880 --> 00:31:50,920
Speaker 2: Bad month for it because you're getting married. Are you

681
00:31:51,040 --> 00:31:53,200
Speaker 2: also going to get slapped with an interest rate hike?

682
00:31:53,320 --> 00:31:54,040
Speaker 2: We don't know yet.

683
00:31:54,360 --> 00:31:55,400
Speaker 3: We don't know yet, do we.

684
00:31:55,760 --> 00:31:58,000
Speaker 4: So that's going to be interesting for us. But it

685
00:31:58,040 --> 00:32:00,840
Speaker 4: works really well at the moment because while we're saving

686
00:32:00,880 --> 00:32:03,320
Speaker 4: for our wedding, we don't need to worry about the

687
00:32:03,360 --> 00:32:04,320
Speaker 4: interest rate rises.

688
00:32:04,480 --> 00:32:05,880
Speaker 2: Yeah, that's really helpful.

689
00:32:06,040 --> 00:32:08,280
Speaker 4: And all of that money that we've got from the

690
00:32:08,280 --> 00:32:12,360
Speaker 4: profit of the sale is sitting in a high interest

691
00:32:12,600 --> 00:32:13,920
Speaker 4: savings account, so.

692
00:32:14,000 --> 00:32:15,160
Speaker 2: She's working hard.

693
00:32:15,320 --> 00:32:16,000
Speaker 3: We like this.

694
00:32:16,640 --> 00:32:19,160
Speaker 2: Okay, So when you wrote into us, you explained to

695
00:32:19,240 --> 00:32:21,600
Speaker 2: us that your fiance's parents give you money towards the house.

696
00:32:21,720 --> 00:32:24,160
Speaker 2: I want to know how much money did they actually

697
00:32:24,160 --> 00:32:26,560
Speaker 2: give you and tell us about this house purchase, like,

698
00:32:26,640 --> 00:32:28,960
Speaker 2: how much was it, how much of a deposit did

699
00:32:28,960 --> 00:32:31,680
Speaker 2: you have? What did that actually look like in reality?

700
00:32:32,040 --> 00:32:35,080
Speaker 4: Yeah, so we purchased the house for seven hundred and

701
00:32:35,200 --> 00:32:42,240
Speaker 4: five thousand, and we received two hundred thousand from my

702
00:32:42,320 --> 00:32:46,880
Speaker 4: fiance's parents, which obviously is money that we are paying

703
00:32:46,920 --> 00:32:49,000
Speaker 4: back to them, just interest free.

704
00:32:49,320 --> 00:32:51,960
Speaker 2: So how good. So have you got a payment plan

705
00:32:52,040 --> 00:32:54,320
Speaker 2: with them to do that or is this at some

706
00:32:54,480 --> 00:32:56,840
Speaker 2: point in the future or what did that look like?

707
00:32:56,960 --> 00:32:58,760
Speaker 2: Did you have to sign a contract?

708
00:32:59,000 --> 00:33:01,440
Speaker 4: We did, So we did it all legitimately. We got

709
00:33:01,440 --> 00:33:05,040
Speaker 4: a contract drawn up and we got solicitors to sign

710
00:33:05,080 --> 00:33:08,240
Speaker 4: it and to review it, just so that if anything

711
00:33:08,480 --> 00:33:11,360
Speaker 4: was to ever happen, that we're all covered. Yeah, and

712
00:33:11,400 --> 00:33:13,600
Speaker 4: I think that's really important. Obviously we don't like to

713
00:33:13,720 --> 00:33:17,520
Speaker 4: think about what could happen because we don't think it could,

714
00:33:17,600 --> 00:33:20,480
Speaker 4: but it's just there to protect everyone just in case

715
00:33:20,520 --> 00:33:20,960
Speaker 4: it does.

716
00:33:21,200 --> 00:33:23,000
Speaker 2: I like that. I always used to say to my

717
00:33:23,080 --> 00:33:26,320
Speaker 2: clients who are in similar situations, let's plan for the worst,

718
00:33:26,360 --> 00:33:29,560
Speaker 2: but expect the best. Like let's pretend that the worst

719
00:33:29,720 --> 00:33:32,280
Speaker 2: might happen and actually just plan for it, but like,

720
00:33:32,320 --> 00:33:34,400
Speaker 2: we don't want it to happen. So I think that

721
00:33:34,400 --> 00:33:36,520
Speaker 2: that's the best thing that you could have done. So

722
00:33:36,640 --> 00:33:38,920
Speaker 2: I'm assuming then your mortgage is around five hundred and

723
00:33:38,960 --> 00:33:40,240
Speaker 2: five thousand dollars.

724
00:33:39,960 --> 00:33:41,800
Speaker 3: Then yeah, correct, it is?

725
00:33:42,080 --> 00:33:44,680
Speaker 2: Yeah, And are you being aggressive in paying that off

726
00:33:44,760 --> 00:33:47,200
Speaker 2: or are we just doing the minimum? Like what's the plan?

727
00:33:47,320 --> 00:33:47,400
Speaker 1: Like?

728
00:33:47,400 --> 00:33:49,360
Speaker 2: How much are we paying back on this two hundred

729
00:33:49,400 --> 00:33:52,160
Speaker 2: thousand dollars versus this five hundred thousand dollars mortgage? Where

730
00:33:52,160 --> 00:33:53,240
Speaker 2: are the priorities at?

731
00:33:53,920 --> 00:33:57,360
Speaker 4: So the two hundred thousand we pay back, I think

732
00:33:57,360 --> 00:33:59,320
Speaker 4: it's like one hundred and eighteen dollars a week or

733
00:33:59,360 --> 00:34:06,080
Speaker 4: something on the two hundred thousand, and then our mortgage repayments,

734
00:34:06,480 --> 00:34:09,200
Speaker 4: I think they're like about I can't remember right now,

735
00:34:09,239 --> 00:34:13,040
Speaker 4: but I think they're about six hundred a week, No,

736
00:34:13,120 --> 00:34:14,160
Speaker 4: seven hundred a week.

737
00:34:14,320 --> 00:34:16,760
Speaker 2: That feels about right. I feel like that's really exciting.

738
00:34:16,880 --> 00:34:19,840
Speaker 2: So with your calculations, how long will it take to

739
00:34:19,920 --> 00:34:22,840
Speaker 2: pay back that? I guess two hundred thousand dollars alone

740
00:34:22,920 --> 00:34:24,040
Speaker 2: from the in laws.

741
00:34:24,440 --> 00:34:26,960
Speaker 4: So it's a bit of a funny one because we

742
00:34:27,160 --> 00:34:30,440
Speaker 4: put it over the same timeframe as our mortgage that

743
00:34:30,440 --> 00:34:33,719
Speaker 4: it was good at, while we did put it over

744
00:34:33,760 --> 00:34:39,880
Speaker 4: thirty years. Jokingly, obviously, my in laws have said, oh, well,

745
00:34:40,320 --> 00:34:42,839
Speaker 4: you know, the day after you pay that back, then

746
00:34:42,960 --> 00:34:46,240
Speaker 4: you know we'll probably cark it or something, but not before.

747
00:34:46,440 --> 00:34:49,239
Speaker 4: So yeah, it's it's a bit of a joke between them.

748
00:34:49,280 --> 00:34:51,600
Speaker 4: But we're obviously willing to pay more of that back

749
00:34:51,640 --> 00:34:54,640
Speaker 4: as well after we've finished saving for the wedding.

750
00:34:54,840 --> 00:34:57,600
Speaker 2: So I'm glad you have that flexibility. Are there any

751
00:34:57,680 --> 00:34:59,520
Speaker 2: other debts that you or your partner hold?

752
00:35:00,120 --> 00:35:00,319
Speaker 1: No?

753
00:35:00,640 --> 00:35:04,919
Speaker 3: Nothing else that is it really good debt? Yeah.

754
00:35:05,000 --> 00:35:08,279
Speaker 4: We recently got credit cards to get the points for

755
00:35:08,320 --> 00:35:12,360
Speaker 4: our honeymoon, which is fantastic because we got our flights

756
00:35:12,480 --> 00:35:16,280
Speaker 4: to Fiji return in business class for no money.

757
00:35:16,320 --> 00:35:16,920
Speaker 3: We didn't have to.

758
00:35:16,840 --> 00:35:19,560
Speaker 2: Pay a sex I feel like this is what I

759
00:35:19,600 --> 00:35:22,000
Speaker 2: need to get on. Obviously, I've done episodes on this

760
00:35:22,080 --> 00:35:24,520
Speaker 2: show of how to points Hack, but I don't do

761
00:35:24,600 --> 00:35:27,000
Speaker 2: it because I just haven't trusted myself with a credit

762
00:35:27,000 --> 00:35:30,240
Speaker 2: card yet, because like she's spendy, like I'm a bit spendy,

763
00:35:30,560 --> 00:35:32,239
Speaker 2: and I just don't know how i'd feel with a

764
00:35:32,280 --> 00:35:33,960
Speaker 2: credit card. I just can see it being a really

765
00:35:34,000 --> 00:35:36,000
Speaker 2: bad idea. But then I hear stories like this, I'm like,

766
00:35:36,400 --> 00:35:38,960
Speaker 2: maybe I should, but maybe I should also talk myself

767
00:35:38,960 --> 00:35:41,399
Speaker 2: out of it, because business class flights are not worth

768
00:35:41,440 --> 00:35:44,960
Speaker 2: my future wealth, so who knows? Who knows?

769
00:35:45,280 --> 00:35:47,160
Speaker 4: Well, we did get rid of the credit cards, so

770
00:35:47,200 --> 00:35:49,680
Speaker 4: as soon as we got the points and had the

771
00:35:49,719 --> 00:35:52,120
Speaker 4: minimum period of which we needed to keep the credit

772
00:35:52,200 --> 00:35:55,960
Speaker 4: cards for we have got rid of them, so that's gone.

773
00:35:56,000 --> 00:35:56,800
Speaker 2: You're so smart.

774
00:35:56,960 --> 00:35:57,440
Speaker 3: I love this.

775
00:35:57,560 --> 00:35:58,680
Speaker 2: Maybe I should do it that way.

776
00:35:58,719 --> 00:35:58,879
Speaker 1: Then.

777
00:35:59,160 --> 00:36:01,360
Speaker 2: Look, I'll look into this later and share on social

778
00:36:01,360 --> 00:36:04,239
Speaker 2: media what I get up to money diarist, I feel

779
00:36:04,280 --> 00:36:06,560
Speaker 2: like you might have some good tips to share. What

780
00:36:06,880 --> 00:36:08,840
Speaker 2: is your best money habit? Do you think?

781
00:36:09,239 --> 00:36:09,319
Speaker 1: So?

782
00:36:09,719 --> 00:36:12,480
Speaker 4: It's I take after my dad with this one. And

783
00:36:12,640 --> 00:36:17,600
Speaker 4: it's price checking. So whether it's at the grocery store

784
00:36:17,680 --> 00:36:20,760
Speaker 4: and I'm holding up, you know, two lots of rice

785
00:36:20,800 --> 00:36:23,319
Speaker 4: and I'm going, okay, per one hundred grams, this one's

786
00:36:23,400 --> 00:36:24,279
Speaker 4: cheaper than this one.

787
00:36:24,440 --> 00:36:27,120
Speaker 2: Good money habit to have. I feel very good because

788
00:36:27,160 --> 00:36:29,680
Speaker 2: I don't do that. I'm just lazy and I want

789
00:36:29,680 --> 00:36:32,319
Speaker 2: to get out of that supermarket. It is overstimulating and

790
00:36:32,360 --> 00:36:34,120
Speaker 2: I have to leave definitely.

791
00:36:34,360 --> 00:36:38,080
Speaker 4: And I guess that's now extended to so we use

792
00:36:38,239 --> 00:36:41,439
Speaker 4: like cash back programs or I look at cash back

793
00:36:41,480 --> 00:36:45,560
Speaker 4: programs before I purchase something to know if I buy

794
00:36:45,560 --> 00:36:47,359
Speaker 4: it in the store and I don't get the cash back,

795
00:36:47,560 --> 00:36:49,719
Speaker 4: verse I buy it online and I get the cash back.

796
00:36:49,920 --> 00:36:52,520
Speaker 2: I am so good at that. That's also my money habit.

797
00:36:52,800 --> 00:36:55,080
Speaker 2: And then I get real salty about having to wait

798
00:36:55,160 --> 00:36:56,560
Speaker 2: for it, because I know if I just went to

799
00:36:56,600 --> 00:36:57,920
Speaker 2: may Or, I could pick it up. But if I

800
00:36:57,960 --> 00:36:59,840
Speaker 2: got it online, I'd get an extra like four or

801
00:36:59,840 --> 00:37:02,080
Speaker 2: five percent back, and that's worth it. So then I

802
00:37:02,120 --> 00:37:04,120
Speaker 2: sit there and I'm like, oh, I'm waiting for this package.

803
00:37:04,160 --> 00:37:07,279
Speaker 2: But like, I'm quite impulsive, So then the yeah, it's

804
00:37:07,280 --> 00:37:09,960
Speaker 2: a very fun process for me, but I'm doing the right.

805
00:37:09,800 --> 00:37:13,080
Speaker 4: Thing, definitely, And I think that's what then leads me

806
00:37:13,120 --> 00:37:14,399
Speaker 4: into my worst money habit.

807
00:37:14,480 --> 00:37:15,399
Speaker 2: Oh yeah, what is it?

808
00:37:16,080 --> 00:37:18,680
Speaker 4: I think I'm very much like UV and I can't

809
00:37:18,960 --> 00:37:21,319
Speaker 4: I don't put enough time or I forget to put

810
00:37:21,440 --> 00:37:25,480
Speaker 4: enough time between purchasing or like thinking about purchasing something

811
00:37:25,520 --> 00:37:28,399
Speaker 4: and then actually purchasing it. So I sometimes go out

812
00:37:28,400 --> 00:37:30,320
Speaker 4: on a bit of a whim and I'm like, ooh,

813
00:37:30,360 --> 00:37:32,359
Speaker 4: I love that dress, let me just buy it now,

814
00:37:32,680 --> 00:37:34,759
Speaker 4: And then I buy it, and then I go.

815
00:37:34,840 --> 00:37:36,799
Speaker 3: Oh, should I really need that?

816
00:37:37,160 --> 00:37:39,680
Speaker 2: Yeah? Yeah, I know I'm a bit impulsive. And when

817
00:37:39,680 --> 00:37:41,480
Speaker 2: I say a bit, I mean a lot, which is

818
00:37:41,480 --> 00:37:44,360
Speaker 2: why I'm always telling you guys, put twenty four hours

819
00:37:44,400 --> 00:37:46,640
Speaker 2: between you and your spending. And I do that because

820
00:37:46,640 --> 00:37:48,759
Speaker 2: it's like a consistent reminder to me that I need

821
00:37:48,760 --> 00:37:50,319
Speaker 2: to do that. Like if you guys think I'm really

822
00:37:50,320 --> 00:37:52,640
Speaker 2: good at money, like I'm sorry, we're a bit wrong.

823
00:37:52,800 --> 00:37:54,359
Speaker 2: So do as I say, not as I do, kind

824
00:37:54,360 --> 00:37:54,920
Speaker 2: of show you know.

825
00:37:56,880 --> 00:37:59,799
Speaker 3: Yeah, definitely, And I think that's like I'm trying to

826
00:37:59,880 --> 00:38:02,120
Speaker 3: do that and I'm trying to get better at that.

827
00:38:02,920 --> 00:38:07,160
Speaker 4: And it's really funny because my fiance is he's really

828
00:38:07,160 --> 00:38:11,080
Speaker 4: good at doing that, but then he will just buy

829
00:38:11,080 --> 00:38:11,640
Speaker 4: it and heat.

830
00:38:12,360 --> 00:38:15,960
Speaker 2: Yeah, babe, I did think about this. We're still doing this.

831
00:38:16,320 --> 00:38:18,600
Speaker 2: I like that he's got conviction. That is a very

832
00:38:18,640 --> 00:38:23,120
Speaker 2: attractive quality. I believe. Yeah, definitely, No, we like him

833
00:38:23,800 --> 00:38:26,919
Speaker 2: money darist. Now that we've had a really good conversation

834
00:38:27,280 --> 00:38:29,160
Speaker 2: at the start of this episode, you said, oh, I

835
00:38:29,200 --> 00:38:31,839
Speaker 2: think I'm a C plus or like a B minus minus.

836
00:38:33,040 --> 00:38:36,440
Speaker 2: We talked about you. You have sold your investment property,

837
00:38:36,480 --> 00:38:38,319
Speaker 2: you made a really good profit on that. You've just

838
00:38:38,360 --> 00:38:41,480
Speaker 2: bought your dream home, You've just started investing. You know,

839
00:38:41,560 --> 00:38:44,000
Speaker 2: you're saving for your wedding. You are doing so many

840
00:38:44,000 --> 00:38:47,279
Speaker 2: different things. Do you think that that grade is reflective

841
00:38:47,320 --> 00:38:50,560
Speaker 2: of where you are at after having this conversation, I would.

842
00:38:50,360 --> 00:38:55,600
Speaker 4: Say probably it would improve in them, like maybe improve

843
00:38:55,640 --> 00:38:57,880
Speaker 4: a little bit maybe to like a B.

844
00:38:58,600 --> 00:39:01,480
Speaker 2: We'll call your bee. Why would you say it's improved

845
00:39:01,520 --> 00:39:02,520
Speaker 2: after our conversation.

846
00:39:03,200 --> 00:39:06,080
Speaker 4: I think knowing that I'm doing the right things in

847
00:39:06,160 --> 00:39:10,360
Speaker 4: terms of investing, or I'm on the right track for investing,

848
00:39:10,560 --> 00:39:13,640
Speaker 4: is a good thing. And I guess thinking about it,

849
00:39:13,880 --> 00:39:15,800
Speaker 4: you know, I have no other debt and.

850
00:39:15,719 --> 00:39:17,200
Speaker 2: That that's very sexy.

851
00:39:17,320 --> 00:39:17,560
Speaker 1: Yeah.

852
00:39:17,760 --> 00:39:20,120
Speaker 4: Yeah, And I think if you'd spoken to me, you know,

853
00:39:20,200 --> 00:39:22,399
Speaker 4: five years ago, and I did have a lot of debt,

854
00:39:23,040 --> 00:39:26,520
Speaker 4: that would be a very different like me, I guess.

855
00:39:26,719 --> 00:39:30,120
Speaker 4: So the position that I'm in now is really different.

856
00:39:30,239 --> 00:39:34,360
Speaker 4: And you know that's a contribution of my fiance's parents

857
00:39:34,360 --> 00:39:37,960
Speaker 4: helping us out. It's a contribution of us saving our

858
00:39:38,000 --> 00:39:41,360
Speaker 4: money really well and living not beyond our means.

859
00:39:42,000 --> 00:39:44,759
Speaker 3: Yeah. So I think a B on my way to

860
00:39:44,800 --> 00:39:45,719
Speaker 3: a B plus.

861
00:39:46,160 --> 00:39:48,120
Speaker 2: He well, that is what do you think it would

862
00:39:48,160 --> 00:39:49,720
Speaker 2: take to get you to an A plus?

863
00:39:50,280 --> 00:39:55,520
Speaker 4: Probably delving more into where to put all my savings

864
00:39:56,400 --> 00:40:00,640
Speaker 4: so like working on Yeah, utilizing that savings money a

865
00:40:00,680 --> 00:40:03,120
Speaker 4: little bit better, whether it be you know, in a

866
00:40:03,160 --> 00:40:07,000
Speaker 4: high interest savings account, or whether it be into further

867
00:40:07,040 --> 00:40:10,040
Speaker 4: investments for like long term strategy.

868
00:40:10,400 --> 00:40:13,280
Speaker 2: How good, Oh my gosh, money Darist. I have loved

869
00:40:13,400 --> 00:40:16,320
Speaker 2: talking to you. I feel like it's been really relatable

870
00:40:16,320 --> 00:40:19,319
Speaker 2: but also super interesting to I guess hear a bit

871
00:40:19,360 --> 00:40:22,080
Speaker 2: about how you borrowed money and then what that looked

872
00:40:22,160 --> 00:40:25,080
Speaker 2: like from your in laws without you know, destroying a

873
00:40:25,120 --> 00:40:27,759
Speaker 2: relationship or you know, making sure that we're planning for

874
00:40:27,800 --> 00:40:29,719
Speaker 2: the worst but expecting for the best. I think it's

875
00:40:29,760 --> 00:40:32,279
Speaker 2: just such an important conversation that we need to be

876
00:40:32,440 --> 00:40:36,680
Speaker 2: having more transparently, more often. So thank you for sharing that.

877
00:40:36,880 --> 00:40:38,719
Speaker 2: It has been an absolute privilege.

878
00:40:39,120 --> 00:40:41,359
Speaker 4: Thank you for having me. Yeah, I've really enjoyed it.

879
00:40:41,400 --> 00:40:44,040
Speaker 4: And I think if we can just sort of get

880
00:40:44,120 --> 00:40:47,560
Speaker 4: rid of the stigma of using mom and dad or

881
00:40:47,719 --> 00:40:51,720
Speaker 4: using relatives for assistance, if they're more than willing to help,

882
00:40:52,320 --> 00:40:54,960
Speaker 4: then yeah, I think that's that's a good thing for us.

883
00:40:55,080 --> 00:40:57,759
Speaker 2: I love that. I think, to me, the most important

884
00:40:57,760 --> 00:41:01,120
Speaker 2: thing when going through circin stances like this is just

885
00:41:01,160 --> 00:41:04,480
Speaker 2: acknowledging privilege. I think being able to have these conversations

886
00:41:04,560 --> 00:41:07,440
Speaker 2: is great, but it's not the expectation that these things happen.

887
00:41:07,600 --> 00:41:09,759
Speaker 2: So I think what I've loved most is you going,

888
00:41:09,800 --> 00:41:12,560
Speaker 2: oh my gosh, it's been an absolute privilege. I'm so grateful,

889
00:41:12,600 --> 00:41:16,240
Speaker 2: and to me, that's kind of what changes the narrative.

890
00:41:16,400 --> 00:41:19,440
Speaker 2: It's a very different circumstance than being like, well, my

891
00:41:19,520 --> 00:41:21,880
Speaker 2: parents are rich, so they should help me. Like, I

892
00:41:21,920 --> 00:41:25,560
Speaker 2: think it's a very you know, different and very She's

893
00:41:25,600 --> 00:41:28,319
Speaker 2: on the Money way of approaching things. So yeah, I'm

894
00:41:28,360 --> 00:41:30,480
Speaker 2: just really super grateful to be able to share this

895
00:41:30,520 --> 00:41:32,360
Speaker 2: on the pod, and I know that lots of people

896
00:41:32,560 --> 00:41:35,600
Speaker 2: will either feel better about their circumstances or just learn

897
00:41:35,640 --> 00:41:38,279
Speaker 2: a bit more about how the world works and that's

898
00:41:38,320 --> 00:41:39,640
Speaker 2: exactly why we exist.

899
00:41:39,840 --> 00:41:40,960
Speaker 3: Yeah, thank you so much.

900
00:41:47,520 --> 00:41:50,040
Speaker 2: The advice shared on She's on the Money is general

901
00:41:50,080 --> 00:41:53,960
Speaker 2: in nature and does not consider your individual circumstances. She's

902
00:41:54,000 --> 00:41:57,400
Speaker 2: on the Money exists purely for educational purposes and should

903
00:41:57,480 --> 00:42:00,680
Speaker 2: not be relied upon to make an investment or financial decision.

904
00:42:01,040 --> 00:42:03,480
Speaker 2: If you do choose to buy a financial product, read

905
00:42:03,520 --> 00:42:07,680
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards

906
00:42:07,680 --> 00:42:10,960
Speaker 2: your needs. Victoria Divine and She's on the Money are

907
00:42:11,040 --> 00:42:14,600
Speaker 2: authorized representatives of Money sherper P T y lt D

908
00:42:14,840 --> 00:42:17,560
Speaker 2: A b N three two one six four nine two

909
00:42:17,680 --> 00:42:21,359
Speaker 2: seven seven zero eight AFS L four five one two

910
00:42:21,400 --> 00:42:24,040
Speaker 2: eight nine