Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerney Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money. She's on the Money.
Speaker 2: Hello, and welcome to She's on the Money, the podcast
Speaker 2: for millennials who want financial freedom. Welcome back to another
Speaker 2: one of our money diaries where I get the very
Speaker 2: exciting privilege of talking to one of our incredible She's
Speaker 2: on the Money community members all about their money story.
Speaker 2: Let's jump straight into it because this week our team
Speaker 2: got this message, Hi, She's on the Money. I'm the
Speaker 2: youngest of five in a family where we weren't taught
Speaker 2: about money. Mum is what I would describe as financially loose,
Speaker 2: while Dad is very conservative. When we became adults, Mum
Speaker 2: and dad were struggling financially and began to borrow money
Speaker 2: from us. When I was twenty five. My career in
Speaker 2: financing in the automotive industry saw me earning one hundred
Speaker 2: and thirty thousand dollars a year, and I purchased my
Speaker 2: first home while single. Now, at thirty one, I'm engaged
Speaker 2: buying another house while paying for a wedding. My fiance's
Speaker 2: parents give us money towards the house, and I really
Speaker 2: want to talk about this privilege with the community. Money diarist,
Speaker 2: I also want to talk about this privilege with the community.
Speaker 2: Thank you for wanting to share this as it's so important.
Speaker 3: Thank you for having me on. Yeah.
Speaker 4: For me, we're just so lucky to be able to
Speaker 4: have this help. My fiance and I are extremely hard working.
Speaker 4: But if we have the ability to use I guess
Speaker 4: generational wealth, you would say why not?
Speaker 2: Yeah, I absolutely agree, And I think the important thing
Speaker 2: here is first things first, nobody in this situation is
Speaker 2: being taken advantage of. But then secondly, we really need
Speaker 2: to kind of break this down because how many times
Speaker 2: do we, you know, flippantly say things like, oh my gosh,
Speaker 2: it's the bank of mom and dad, and like, we
Speaker 2: don't mean it in a super negative way, but that
Speaker 2: has a super negative connotation. As you guys know, I
Speaker 2: own a mortgage broking business with my business partner Kate
Speaker 2: called Zella Money, and we see it all the time, right,
Speaker 2: Like we see people coming in and their parents are
Speaker 2: giving them the deposit or their parents are helping out
Speaker 2: with the loan repayments, and there just seems to be
Speaker 2: I guess a lot of shame around that because they're like,
Speaker 2: oh yeah, but like my friends don't get this help,
Speaker 2: or you know, all of these other things don't happen.
Speaker 2: But I think we need to talk about it because
Speaker 2: I think the situation should honestly be good on you
Speaker 2: money dires, like use what's you know, use what's successible
Speaker 2: to you, because I guarantee your fiance's parents are like
Speaker 2: super proud that they're in the position where they can
Speaker 2: do that for you. It probably gives them a lot
Speaker 2: of gratification. It probably makes them feel so good about
Speaker 2: the world. And I just think these things shouldn't be
Speaker 2: in the shadows. It should just be something where yeah, no, no,
Speaker 2: we do have help, full stop. End of story. Like,
Speaker 2: it's not a judgment thing, it just is what it is, right,
Speaker 2: I think.
Speaker 4: So and for us, we at the start, we weren't
Speaker 4: going to tell anyone, and I think it was because
Speaker 4: of that shame well we didn't save that money ourselves
Speaker 4: and things like that. But at the same time we yes,
Speaker 4: the Bank of Mum and Data have helped us substantially
Speaker 4: with the deposit, but at the same time we're going
Speaker 4: to pay that back to them as well. So it's
Speaker 4: not a handout. It's just, hey, we want you to
Speaker 4: be able to pay less to the bank and some
Speaker 4: back to SO.
Speaker 2: And I'm super glad that you've kind of prefaced this
Speaker 2: conversation with going I want to talk about this privilege.
Speaker 2: Like you already know what's a privilege. It's something that's
Speaker 2: not extended to absolutely everybody. But we're going to break
Speaker 2: it down. So let's jump into the actual interview part
Speaker 2: of this podcast. The question I always ask first is money, Dirist.
Speaker 2: I want to know what grade would you give your
Speaker 2: money habits from A through to F.
Speaker 3: I'd probably have to give it like A C plus.
Speaker 2: Ooh, a C plus.
Speaker 3: Or like a B minus minus.
Speaker 2: Or B minus minus. I've never heard someone give themselves
Speaker 2: a B minus minus. But let's learn a little bit
Speaker 2: about it. You said in your letter into us that
Speaker 2: you would describe your mam as financially loose and your
Speaker 2: dad is very conservative. Can you tell us a little
Speaker 2: bit more about your money story.
Speaker 4: Yeah, So, like you mentioned, I'm the youngest of five.
Speaker 4: So for us, my parents had my brother when they
Speaker 4: were really young and then four kids, like had me
Speaker 4: when they were twenty years later they had me.
Speaker 3: Hey, yep, and they've been married for fifty two years.
Speaker 3: Oh my heart.
Speaker 2: They're doing something right.
Speaker 3: They're doing something right?
Speaker 2: Is the answer? Just having lots of babies over a
Speaker 2: long period of time.
Speaker 3: I don't know.
Speaker 2: I mean it's working. The science says yes.
Speaker 4: The science says yes. They also work together though, so
Speaker 4: they own their own business. So for them to live
Speaker 4: and work together and have five children, I feel as though, yeah,
Speaker 4: they must be doing something right because that just seems
Speaker 4: like a rarity.
Speaker 3: Yeah.
Speaker 2: No, Oh my gosh, how good. So what did they
Speaker 2: teach you about money? How did you grow up around money?
Speaker 2: Was it something that made you feel good, awkward or
Speaker 2: was it not disgusted at all?
Speaker 1: Like?
Speaker 2: What was that like in your life.
Speaker 4: Yeah, it wasn't really disgusted at all. I mean, my
Speaker 4: older siblings may have had a different upbringing to what
Speaker 4: I did because they are substantially older than what I am.
Speaker 4: But for my brother and I, we didn't really Yeah,
Speaker 4: there was no discussion around mine.
Speaker 1: You know.
Speaker 3: My parents owned their.
Speaker 4: Home at the time, they had their own business, and
Speaker 4: we went on holidays, we did all all the things
Speaker 4: like I just we never talked about money. I guess
Speaker 4: we didn't really have pocket money or anything like that though,
Speaker 4: but we never went without. And that's something that now
Speaker 4: that I'm an adult, I realize how amazing my parents were.
Speaker 4: They were just Oh, I have so much love for
Speaker 4: my parents. They're just amazing human beings.
Speaker 2: I can tell by the tone of your voice that
Speaker 2: is the best to hear. All right, next question I've
Speaker 2: got for you. Tell me what do you do for work?
Speaker 2: How much money do you own?
Speaker 3: So I am.
Speaker 4: In marketing and I earn one hundred and ten thousand
Speaker 4: dollars a year, plus I have a company car, so
Speaker 4: I don't pay any car expenses.
Speaker 2: Ool, very nice. Is that included in your salary package?
Speaker 2: Or is that like above and beyond the one ten
Speaker 2: that's above and beyond.
Speaker 3: The one ten.
Speaker 2: Oh, very sexy. We like that. How did you get
Speaker 2: your career in marketing? Like, what did you study and
Speaker 2: what type of career progression have you had over the years.
Speaker 4: So I actually started off as a receptionist in the
Speaker 4: automotive industry, which was, you know, minimal wage, and then
Speaker 4: I worked my way up. So I worked in sales
Speaker 4: and finance within automotive, and that's where I started to
Speaker 4: earn some really good money. So I think I was
Speaker 4: like twenty three and I was earning like one hundred
Speaker 4: and ten, one hundred and twenty grand my first year,
Speaker 4: and then yeah, one hundred and thirty my second year,
Speaker 4: and it was it was amazing, And that's yeah, that's
Speaker 4: how I bought my first house.
Speaker 2: What made you go from working in finance, which arguably
Speaker 2: can be relatively lucrative, and I'm assuming that there was
Speaker 2: some level of base salary and then a type of
Speaker 2: commission on top of that. What made you go from
Speaker 2: that into marketing?
Speaker 4: I realized probably about two years after doing finance that
Speaker 4: I really disliked it.
Speaker 2: That's not my experience, but yes, it was more just
Speaker 2: I had.
Speaker 4: No work life balance. I was you know, personal circumstance.
Speaker 4: I was quite depressed that sort of thing, and I
Speaker 4: said to my boss one day, I said, I quit
Speaker 4: like I'm done.
Speaker 3: Oh my god.
Speaker 4: And he said to me, he said, you can't leave.
Speaker 4: And I said, watch this. Yeah, I don't want to
Speaker 4: do finance and he said, well, he said, I want
Speaker 4: to keep you. What do you want to do? And
Speaker 4: I said I have no idea. And he said, why
Speaker 4: don't you give marketing a go? And I said, I
Speaker 4: am the most uncreative person like that exists. I swear
Speaker 4: like I don't think that I'm creative at all. And
Speaker 4: he goes, just give it a go. I'm sure you'll
Speaker 4: like it.
Speaker 3: Anyway.
Speaker 4: Seven years later, here, I am absolutely loving my job.
Speaker 2: Oh my gosh. And are you here to tell me
Speaker 2: also that marketing is more about strategy than it is
Speaker 2: about creativeness. Is that potentially where we're going with this?
Speaker 4: Yeah, definitely it is it. It's completely strategic. The creative
Speaker 4: is just one tiny components.
Speaker 2: I love it. I love it, you know. Personal anecdote here,
Speaker 2: my husband works in marketing and he works in the
Speaker 2: analytics side of marketing. And every time I tell people, yeah,
Speaker 2: like my husband in marketing at this company. They'll be like,
Speaker 2: oh my gosh, how cool, Like that company's branding is
Speaker 2: epic or this that the other, and I'm like, oh no, no, no,
Speaker 2: Like it's the strategy side of things. Like I think
Speaker 2: every time someone thinks of marketing, you think you've got
Speaker 2: to be really creative, but that's not the case at all.
Speaker 2: Like it can actually be quite strategic and quite analytical
Speaker 2: and like quite i don't know, really really engaging in
Speaker 2: a great way.
Speaker 4: Definitely, And I think that's one thing that people look
Speaker 4: at social media and they go, oh, that's marketing, and
Speaker 4: I'm like, no, that's like five percent of my job. Yeah, exactly,
Speaker 4: it's very minimal of what I actually do.
Speaker 3: Yees.
Speaker 4: So I had been in marketing now for about seven years,
Speaker 4: but it was only two years ago or two and
Speaker 4: a half years ago that I decided to get my degree.
Speaker 4: So I was working full time and studying full time
Speaker 4: during the pandemic to do my Bachelor of Biz measoring
Speaker 4: in marketing.
Speaker 2: So congratulations, Are you glad to have some level of
Speaker 2: work life balance back now?
Speaker 4: Definitely? It makes such a difference. I love my job,
Speaker 4: I love life like it just it just makes you
Speaker 4: feel good to wake up in the morning and know
Speaker 4: that you're going to a job that you really enjoy.
Speaker 2: Now you don't always have to study to work in
Speaker 2: a specific area. I think there's this big common misconception
Speaker 2: that you absolutely need a university degree to absolutely thrive.
Speaker 2: Obviously you already had the job, like you'd been working
Speaker 2: in the job. I would assume very successfully for five
Speaker 2: years before deciding to do the degree. But what made
Speaker 2: you want to go back and study and actually get
Speaker 2: that qualification? I guess why would you choose to do
Speaker 2: that after having the job already.
Speaker 4: I think looking at it, it was more of a
Speaker 4: self development for one thing, but also career progression. So
Speaker 4: I know that when you do want to go for
Speaker 4: those higher jobs that they do want to see a degree.
Speaker 4: But I used it to my advantage. So what I
Speaker 4: did was I loved working for oh, I love working
Speaker 4: for the company that I work for. So I decided
Speaker 4: that when I finished my degree, I walked into the
Speaker 4: COO's office and I said, Hey, finish my degree.
Speaker 3: Now you know what are you gonna pay me?
Speaker 2: Ah?
Speaker 3: No, you did not.
Speaker 2: How do you have that audacity? Please give us some.
Speaker 4: Honestly, we have such a great relationship. So I just went,
Speaker 4: you know, like he'll know that I mean this in
Speaker 4: the in the best way possible. But I also now
Speaker 4: know my worth. I've just spent, you know, fifty thousand
Speaker 4: dollars on a degree, so to take it to the
Speaker 4: next level, now I need.
Speaker 3: To recoup those costs.
Speaker 2: Oh my gosh, I love that you just walked in
Speaker 2: and said, Hey, it's me, look at me. I have
Speaker 2: a degree. What are you going to do about this?
Speaker 2: Like that's the audacity we all need. Like I think
Speaker 2: that that's so powerful. Obviously, later in this chat, we're
Speaker 2: going to get into talking a little bit about family wealth.
Speaker 2: So before we get there, I need to be even
Speaker 2: more pervy money, Darrist. What's your partner do? How much
Speaker 2: does your partner earn?
Speaker 4: I would have to say we're extremely privileged between the
Speaker 4: two of us of what our income is. So my
Speaker 4: partner's and operations manager for audio visual and he earns
Speaker 4: one forty five a year.
Speaker 2: Oh my gosh, very nice.
Speaker 4: Yeah, so between the two of us, obviously we have
Speaker 4: a very comfortable income. But we also, I guess, spend
Speaker 4: way below what we make because well we try to
Speaker 4: you anyway, I call him the bank rolling bougie boyfriend
Speaker 4: ll now fiance.
Speaker 2: Yeah okay, I really like that. Congratulations, but also lock
Speaker 2: that down stairs.
Speaker 4: Because he loves to spend money. So whereas I'm the
Speaker 4: one that's sort of like a little bit more conservative.
Speaker 4: I guess like my dad, I'm more conservative, whereas he's
Speaker 4: more like my mum. Which is so funny that we're
Speaker 4: in this relationship.
Speaker 3: Again.
Speaker 2: I really do believe that in every relationship there is
Speaker 2: a spender and there is a saver. There's no such
Speaker 2: thing as having two genuine savers or two genuine spenders.
Speaker 2: There's always one of each. And that's what causes the
Speaker 2: most conflict. Is that something that raises a bit of
Speaker 2: conflict in your relationship.
Speaker 4: Surprisingly, it's not. Our communication style is really open, so
Speaker 4: we don't have I guess, arguments or conflict around money
Speaker 4: because it's very much. We have separate bank accounts, but
Speaker 4: we also put money into a joint bank account, and
Speaker 4: then obviously with our wedding savings and stuff, we both
Speaker 4: have a common goal, which is to pay for our
Speaker 4: wedding and to pay for our honeymoon and things like that,
Speaker 4: so we keep our extra money separate or else, you know,
Speaker 4: the extra money that we earn separate and that way
Speaker 4: we can just do what we want with it, whether
Speaker 4: we saving it or spending it or whatever.
Speaker 2: So I love that. I love it so much. I
Speaker 2: have to be slightly rude and ask another question, which
Speaker 2: you're probably not going to like all that much, but
Speaker 2: I think is really important. So money often is a
Speaker 2: really big pain point in relationships because there's not enough
Speaker 2: of it. And obviously you said you have a really
Speaker 2: great salary. Your partner has a really great salary. He's
Speaker 2: a bit of a spender. But to be honest, like
Speaker 2: looking at your personal situation from the outside, like, you're
Speaker 2: probably in a pretty good position, so it doesn't really
Speaker 2: matter if your partner is a bit of a spender. Right,
Speaker 2: do you think that if you didn't have such high
Speaker 2: incomes that could become a pain point in your relationship.
Speaker 4: I think yes, definitely. So my previous relationship, prior to
Speaker 4: meeting my fiance, I was the I guess, the breadwinner
Speaker 4: as tradition tells us, and my partner earned minimum wage.
Speaker 4: Now I didn't have an issue with that. He enjoyed
Speaker 4: what he did, so that was fantastic. However, he had
Speaker 4: a real issue with the ability of me earning my
Speaker 4: money the way that I did, and that's I think
Speaker 4: that was the issue is because it was more of
Speaker 4: that traditional gender role.
Speaker 2: Yeah, yeah, Okay, it's just interesting to ask because I know,
Speaker 2: you know, there are going to be a lot of
Speaker 2: our friends in the car driving to work this morning
Speaker 2: listening to this podcast, and they're like, mate, of course
Speaker 2: you're not going to fight about money because you have
Speaker 2: so much of it. But I think it's really interesting.
Speaker 2: I guess asking a perfect question like that because it
Speaker 2: does make I guess our money direst reflect on it
Speaker 2: and go, well, actually, I've been in a situation where
Speaker 2: that's not the case, and now it's just, you know,
Speaker 2: a lot easier. And I think that it's just nice
Speaker 2: to have these open, honest conversations because money is stressful
Speaker 2: and money can be overwhelming, and it obviously gets slightly
Speaker 2: easier when you have more, but that doesn't necessarily mean
Speaker 2: that you don't argue about it. You often just argue
Speaker 2: about different things. And I feel like, yeah, having these
Speaker 2: conversations is just super super important. You touched before on Yeah,
Speaker 2: we have shared goals. We're both saving for this house,
Speaker 2: we're both saving for this wedding, which is super exciting.
Speaker 2: Let's dive into that though. What are your big money goals?
Speaker 2: What are we working towards this year?
Speaker 4: So this year, so we've recently just obviously bought our house. Congratulations, Yes,
Speaker 4: very exciting.
Speaker 3: It's our dream home.
Speaker 2: Oh my gosh. What was it like signing the contract?
Speaker 2: Were you like, this is surreal?
Speaker 4: Yes, so we'd actually we were going to build a house,
Speaker 4: and we put a deposit on a block of land,
Speaker 4: you know, we did all of that sort of stuff,
Speaker 4: and then I had a freak out. I went, this
Speaker 4: is so much cold feet. I said, this is so
Speaker 4: much money, and I don't think we should be doing this.
Speaker 4: And this is before interest rates were rising, and I'm
Speaker 4: so glad we didn't go that way. But we end
Speaker 4: up looking at existing houses and my fiance said, how
Speaker 4: about we look in our dream area, and I said,
Speaker 4: there's no way we can afford a house in our
Speaker 4: dream marriage.
Speaker 2: Yeah, of course he would have thought that you were crazy.
Speaker 4: We walked into the house and I said to my fiance,
Speaker 4: this layout looks really familiar, and it ended up being
Speaker 4: the exact same layout of the house that we were
Speaker 4: going to build.
Speaker 2: No, what wasn't. Yes, oh my gosh, they had already
Speaker 2: built it for you.
Speaker 4: So this one was about three years old, but it
Speaker 4: was the exact layout that we wanted from the exact builder,
Speaker 4: like we know. Yeah, I said to my fiance, this
Speaker 4: is meant to be, like we have to buy this house,
Speaker 4: and it all just.
Speaker 3: Fell into place.
Speaker 2: Oh my gosh.
Speaker 3: Our offer was accepted straight away, which for.
Speaker 2: Me was mind blowing.
Speaker 3: Mind blowing.
Speaker 2: It's meant to be hard. Everyone talks about property being hard.
Speaker 2: What do you mean you just accepted it. Isn't there
Speaker 2: meant to be an argument and like another bidder or
Speaker 2: something in the background trying to out bid us, like
Speaker 2: I don't know.
Speaker 4: Yeah, so but nothing like that. It was like, yeah,
Speaker 4: your office accepted, and yeah, we'd already had we'd spoken
Speaker 4: to a brokera and we'd already had our finance approved
Speaker 4: and things like that. So it was really easy. That
Speaker 4: that whole process was really easy. So that was our goal.
Speaker 4: But now our goal has moved to our wedding. So
Speaker 4: we have savings for both our wedding and our honeymoon
Speaker 4: and yeah, that's we're just excited to have that as
Speaker 4: our big goal.
Speaker 2: How exciting all right, I need to know how far
Speaker 2: away is the wedding and where is it going to
Speaker 2: be and where are we're going on honeymoon.
Speaker 4: So our wedding is in Caserina, which is northern New
Speaker 4: South Wales, so just over the Queensland New Southwell's borders. Doneing, Yes,
Speaker 4: absolutely amazing And it was the again first venue that
Speaker 4: we looked at and we just went, this is us.
Speaker 4: Why why do we need to look anywhere else? And
Speaker 4: it's in March twenty twenty four.
Speaker 2: Our heaps of time to continue preparing.
Speaker 4: You would think so, wouldn't you, But things just well
Speaker 4: you would know from.
Speaker 2: I planned a wedding in like less than twelve months
Speaker 2: and I cannot recommend that process to even one individual,
Speaker 2: one out of ten. You absolutely need more time than that.
Speaker 2: You think a year is a long period of time,
Speaker 2: It is not. And weddings are.
Speaker 4: Expensive, definitely, And we didn't realize how expensive a wedding
Speaker 4: would be until we started the process. And I know,
Speaker 4: speaking to other people, they say, oh, yeah, I'll only
Speaker 4: spend like ten fifteen grand on a wedding, and then
Speaker 4: that becomes unrealistic.
Speaker 3: Really really quickly.
Speaker 4: Yeah, And I said to my fiance look, I'm comfortable
Speaker 4: in spending forty to fifty grand on our wedding. You know,
Speaker 4: it's one day that will do. I'm really excited, you know.
Speaker 4: I don't want it to be completely over the top,
Speaker 4: but I want it to be everything that we both want.
Speaker 2: Yep.
Speaker 4: And so we were now currently sitting at about fifty
Speaker 4: eight grand.
Speaker 2: Oh my gosh. It's always the way, isn't it. How
Speaker 2: did you and your partner come to a number that
Speaker 2: you were comfortable with? So obviously you said forty to
Speaker 2: fifty grand and did he go, oh my gosh, money, Daris,
Speaker 2: that's so much money, or did he go, oh, yeah,
Speaker 2: I want to spend more. Like what was that conversation?
Speaker 3: Like, again, I sort of had to rain him in
Speaker 3: a little bit.
Speaker 2: I love this narrative.
Speaker 4: Yeah, so he, like I said, he's a bit bougie
Speaker 4: fancy boy.
Speaker 3: Yeah, definitely.
Speaker 4: And I had to say to him, this is what
Speaker 4: I think we could save within that time, and that's
Speaker 4: what we've sort of kept to. So we do have
Speaker 4: a wedding planner, which does increase the cost, but at
Speaker 4: the same time, she is saving us so much time
Speaker 4: and money.
Speaker 2: I was about to ask, so tell me how much
Speaker 2: your wedding planner is and then tell me how the
Speaker 2: savings go, because I also had a wedding planner, and
Speaker 2: I think that that's something that you know, my wedding
Speaker 2: was a bit over the top, so please don't use
Speaker 2: mine as a benchmark, but the amount of money she
Speaker 2: saved us on, just like vendors and stuff, was a
Speaker 2: very worthwhile investment. So how much does a wedding planner cost?
Speaker 2: My friend?
Speaker 4: So our wedding planner is just over five and a
Speaker 4: half grand?
Speaker 2: Wow, And how much do you think she's saved you
Speaker 2: along that journey?
Speaker 4: I would probably say she's already saved us at least
Speaker 4: five and a half grand. And that's not even including
Speaker 4: the time that we would have had to spend on
Speaker 4: doing things for the wedding, which for me is massive.
Speaker 4: You know, my fiance and I both work pretty long hours,
Speaker 4: so we don't have that time and we didn't want to.
Speaker 3: Have that stress.
Speaker 4: So that's why we thought that the wedding planner would
Speaker 4: be a good investment.
Speaker 2: Genius. I love it. I feel like a wedding planner
Speaker 2: is the second you say, oh, I've got a wedding planner,
Speaker 2: they're like, oh, my gosh, you must be absolutely just
Speaker 2: pouring money at this, And to be honest, I had
Speaker 2: I don't know if this is going to come as
Speaker 2: a surprise to anybody, but I did a budget on
Speaker 2: a spreadsheet and I worked out what things were going
Speaker 2: to cost and how you know, we wanted to invest
Speaker 2: in the wedding and what that would look like. And
Speaker 2: then I started talking to a number of different planners
Speaker 2: and a lot of the time they were like, okay, cool,
Speaker 2: but we have a number of recommended vendors and if
Speaker 2: you use those vendors, you'll get like fifteen percent off,
Speaker 2: or you get twenty percent off, or they'll negotiate something different.
Speaker 2: And another thing that I found really helpful, which is
Speaker 2: absolutely money saving, but also just really smart on my
Speaker 2: planner's behalf, was that they talked me out of a
Speaker 2: lot of things that I thought I needed that I
Speaker 2: didn't need a lot of the time she said do
Speaker 2: you really need that? Like why are you saying we
Speaker 2: need to organize this? You don't sound excited about it.
Speaker 2: Why are we doing it? And I'd be like, oh, well,
Speaker 2: I guess we don't, and she yeah, just helped put
Speaker 2: a lot of things in a lot of perspective. That
Speaker 2: meant I made decisions that were really aligned my values.
Speaker 2: And you know, obviously it is a privilege to spend
Speaker 2: five and a half thousand dollars on a planner, because
Speaker 2: that's some people's entire wedding budgets. But if you're going
Speaker 2: to have a more expensive wedding, it would definitely be
Speaker 2: worth looking into somebody who could help you along the
Speaker 2: way because like you do, still feel in control, right,
Speaker 2: you just don't have all the stress of finding the vendors.
Speaker 4: Definitely, and I think the quality of vendors that they've
Speaker 4: found us within our price range, we wouldn't have been
Speaker 4: able to search for them ourselves.
Speaker 2: You just don't know what you don't know, No, you don't.
Speaker 4: So yeah, that's that's been really amazing. So yeah, that's
Speaker 4: our wedding planning so far. And then we just booked
Speaker 4: our honeymoon.
Speaker 2: Congrats, How exciting. Where are we going?
Speaker 3: So we were going to go.
Speaker 4: To a couple of different well we're thinking about going
Speaker 4: to a couple of different places, but we've ended up
Speaker 4: settling on Turtle Island in Fiji.
Speaker 2: Stunning. How exciting?
Speaker 4: Yeah, definitely, And again it's one of those things that
Speaker 4: we've gone, Okay, well, what can we go without in
Speaker 4: our budget to make sure that we can afford our honeymoon,
Speaker 4: but be go to something like Fiji that is for us.
Speaker 3: Yeah, once in a lifetime.
Speaker 2: I really lux and having a good time, but it's
Speaker 2: still not or a borer, which is like a thirty
Speaker 2: thousand dollar trip to begin with. I looked at it
Speaker 2: because I'd seen it all over TikTok and Instagram, and
Speaker 2: then I ran straight away because I saw the price
Speaker 2: and yep, we went to Queensland for our honeymoon. Yeah,
Speaker 2: that's where I'm at. That's where I'm at. It's all
Speaker 2: about values, though, and that's the coolest thing I guess
Speaker 2: about getting to talk to people like you. I get
Speaker 2: to understand your values and you get to understand mine,
Speaker 2: and we just get to, you know, be really open
Speaker 2: and honest about it. Obviously, you wrote in and you said, look,
Speaker 2: my fiance's parents do give us money towards the house.
Speaker 2: Have they helped out with the wedding or in any
Speaker 2: other aspect of your life or is it just with
Speaker 2: the house.
Speaker 4: So it's just been with the house for us. They're
Speaker 4: the most loveliest people. My in laws and we call
Speaker 4: our parents B one and B two because our parents
Speaker 4: are pretty similar, or we call them the parents, so yeah,
Speaker 4: they're like both sets of our parents are absolutely amazing.
Speaker 4: And my fiance's parents aren't assisting us with the wedding
Speaker 4: at all. Obviously the ability for them to contribute to
Speaker 4: our deposit has been more than enough of a gift,
Speaker 4: so we haven't asked or wanted, I guess assistance in
Speaker 4: terms of paying for the wedding or the honeymoon.
Speaker 2: No, that makes absolute sense. It's always just super pervy
Speaker 2: to ask my friend. All right, let's go to a
Speaker 2: really quick break because I have a whole heap of questions.
Speaker 2: Right after this, all right, money diarist, we are back,
Speaker 2: and I want to ask even more questions. First things, First,
Speaker 2: do you invest? If so, what do you currently invest in?
Speaker 4: So we don't actually have any investments? Or sorry, we
Speaker 4: just bought five hundred dollars worth of shares.
Speaker 2: So you do have investments, my friends, and you have.
Speaker 3: Super yeah sorry, yeah, actually she's.
Speaker 2: An investing queen and she didn't even know it.
Speaker 4: I do have Super, so I have I think I
Speaker 4: have about sixty five thousand dollars in Super.
Speaker 2: Oh that is epic for your age?
Speaker 3: Epic.
Speaker 4: I didn't actually think so, but then I started to,
Speaker 4: I guess.
Speaker 3: I googled the average yes super.
Speaker 2: For my age, and what did it tell you?
Speaker 4: It said it was half of that, so, which blows.
Speaker 2: My mind exactly. And so you are doing really well.
Speaker 2: It's sometimes really not. And I mean I talk all
Speaker 2: the time about putting some blinkers on and you know,
Speaker 2: not comparing yourselves to others because it doesn't really help.
Speaker 2: But something that does genuinely help me is benchmarking. Like
Speaker 2: I want to know technically, if we look at the average,
Speaker 2: where am I meant to be for my age? So
Speaker 2: money drives how old are you?
Speaker 3: I am thirty one?
Speaker 2: She a baby. So the average amount of SUPER for
Speaker 2: a woman between the age of thirty and thirty for
Speaker 2: my friends is forty two thousand, two hundred and forty dollars.
Speaker 2: That is obviously still a lot of money. And if
Speaker 2: you're sitting on that or below that, like I wouldn't
Speaker 2: worry too much, you're still so young. It just means
Speaker 2: we need to have a think about what that looks
Speaker 2: like in your future. But what did you feel like
Speaker 2: when you were like, oh, the Benjmark actually says that
Speaker 2: I'm ahead.
Speaker 4: I think it was like a realization that it made
Speaker 4: me actually investigated a little bit more because I went, Okay,
Speaker 4: so if I'm let's just say I want to retire
Speaker 4: at sixty, then I only have twenty nine years to
Speaker 4: do that. And it's already been ten years of my
Speaker 4: working life that I only got sixty. So how on
Speaker 4: earth am I going to get a couple of hundred
Speaker 4: more thousand or or whatever it is that you need
Speaker 4: to get to retire. So that made me think a
Speaker 4: little bit more about investment.
Speaker 2: Yeahh And I mean, I want to say you're a
Speaker 2: baby still because like you are so young. But ultimately
Speaker 2: most people and most women, they retire with less than
Speaker 2: three hundre hundred thousand dollars in their superannuation accounts. And
Speaker 2: if we looked at yours, right, if we looked at
Speaker 2: sixty five thousand dollars, and I'm just using a simple
Speaker 2: compound interest calculator, if you didn't contribute anything to your
Speaker 2: super for the foreseeable future, and in thirty years you
Speaker 2: looked at it, your super would actually grow to a
Speaker 2: total of about six hundred and thirteen thousand dollars. So
Speaker 2: even having sixty five thousand dollars in it right now
Speaker 2: puts you so ahead of the game and like literally
Speaker 2: in a position where you're going to have double what
Speaker 2: the average female retires with now. But we know that
Speaker 2: you're going to contribute to that for you know, probably
Speaker 2: the next thirty years, and that's going to put you
Speaker 2: in such a good position. Like on your actual income,
Speaker 2: we know that you're on about what you said, one
Speaker 2: hundred and ten to one hundred and twenty thousand dollars.
Speaker 2: So let's say conservatively every single year you're adding at
Speaker 2: least ten thousand dollars to SUPER. You're going to end
Speaker 2: up with you know, obviously a significant amount of money.
Speaker 2: But if we are compounding sixty five thousand dollars with
Speaker 2: a regular contribution of ten thousand dollars annually, you're looking
Speaker 2: at having one point six million dollars in SUPER when
Speaker 2: you retire. My friend, that's good money.
Speaker 3: That does sound pretty good.
Speaker 4: And I guess that's just mine too, like excityancee. Yeah,
Speaker 4: by the time, well we'll be husband and wife by them,
Speaker 4: but you know, adding his as well, or which would be.
Speaker 2: Yeah, amazing. I'm obsessed with it. I think they're just
Speaker 2: doing the numbers can make you feel relatively secure. So
Speaker 2: obviously you didn't think it was that good, and then
Speaker 2: when we extrapolated it out, we're like, holy moly, that
Speaker 2: is actually really good and puts you in such a
Speaker 2: good position. I want to know, you mentioned before I'm
Speaker 2: not really you know, investing, but we just bought our
Speaker 2: first shares. How did you buy your first shares? Why
Speaker 2: did you make that decision, and what made you feel
Speaker 2: super comfortable to do that?
Speaker 4: So it actually is a little bit of an interesting story.
Speaker 4: We invested five hundred dollars, which was the minimum you
Speaker 4: could invest, but we invested it into shares in a
Speaker 4: platform called.
Speaker 3: Gabb mm hm.
Speaker 4: Now it's like the Uber of private catering. I guess
Speaker 4: this is the best way to explain it. But I
Speaker 4: actually met the founder when I was at university and
Speaker 4: I interviewed her for my entrepreneurship subject, and I just
Speaker 4: fell in love with her concepts so much, and I've
Speaker 4: used the company a few times that I went, this
Speaker 4: is such a great idea. And then when shares opened,
Speaker 4: I went, you know what, five hundred bucks Like she's
Speaker 4: just expanded to the US, like cool. It just seems
Speaker 4: like such an awesome organization. So that's how we invested.
Speaker 4: I know it's a bit of a weird one, but no.
Speaker 2: It's why we ask these questions because everyone has a
Speaker 2: different journey, everyone has a different thought process. And I'm
Speaker 2: just so grateful that I get let in on like
Speaker 2: how did you make your decision? What does this look like?
Speaker 2: And you're just like, oh my gosh, I'm so passionate
Speaker 2: about this. I looked into this like that's information that
Speaker 2: we wouldn't have got anywhere else. Thank you. How cool?
Speaker 4: Yeah, and I have set up a Shares's account, I
Speaker 4: just haven't like delved into it yet.
Speaker 2: How exciting you're the start of your journey money, darrist.
Speaker 2: I want to ask now that debt. So you've recently
Speaker 2: purchased your dream home, which is so exciting. How much
Speaker 2: debt do you have and what is it? How is
Speaker 2: it broken down?
Speaker 4: So I actually just sold my investment property so as
Speaker 4: of last week.
Speaker 2: Oh my gosh, I didn't even know you have one
Speaker 2: that's baller for a baby.
Speaker 4: So that was my first house that I bought when
Speaker 4: I was twenty five living in Queensland.
Speaker 3: I bought it for incredibly cheap.
Speaker 4: So I bought it for like two ninety yeah, when
Speaker 4: I was twenty five, and then I recently just sold
Speaker 4: it for three seventy.
Speaker 2: Oh my gosh, did you actually how exciting? What's the
Speaker 2: profit look like on that?
Speaker 3: So that was just over one hundred grand in that?
Speaker 2: Gosh? And how many years did you hold that for?
Speaker 3: Like? Seven? So?
Speaker 2: Oh my gosh? So seven years did you live in
Speaker 2: the property?
Speaker 3: I did?
Speaker 2: So you didn't even have to pay capital gains tax
Speaker 2: on that one hundred grand?
Speaker 4: No, So it was always my principal place of reddence.
Speaker 4: I guess like I did move out, but in saying that,
Speaker 4: I never owned another property at that time.
Speaker 2: So smart. I love this. It's so pervy. What have
Speaker 2: you done with that one hundred grand?
Speaker 4: So it is just sitting in my bank account at
Speaker 4: the moment. Obviously some has gone.
Speaker 2: To is it in an offset account to your mortgage?
Speaker 4: When we set up this mortgage for our new home,
Speaker 4: we went on fixed and that was purely because it
Speaker 4: was so turbulent.
Speaker 2: Good decision to have made, my friend.
Speaker 4: Yeah, and we're really lucky we did that because otherwise
Speaker 4: we'd be looking at, you know, five six plus interest
Speaker 4: rates on our current mortgage, whereas we're sitting in the
Speaker 4: fours still.
Speaker 2: Yeah, smart, When will that rate expire? Like when you're
Speaker 2: going to have to make another decision about your mortgage.
Speaker 3: So it'll be in March twenty twenty four, which.
Speaker 2: Bad month for it because you're getting married. Are you
Speaker 2: also going to get slapped with an interest rate hike?
Speaker 2: We don't know yet.
Speaker 3: We don't know yet, do we.
Speaker 4: So that's going to be interesting for us. But it
Speaker 4: works really well at the moment because while we're saving
Speaker 4: for our wedding, we don't need to worry about the
Speaker 4: interest rate rises.
Speaker 2: Yeah, that's really helpful.
Speaker 4: And all of that money that we've got from the
Speaker 4: profit of the sale is sitting in a high interest
Speaker 4: savings account, so.
Speaker 2: She's working hard.
Speaker 3: We like this.
Speaker 2: Okay, So when you wrote into us, you explained to
Speaker 2: us that your fiance's parents give you money towards the house.
Speaker 2: I want to know how much money did they actually
Speaker 2: give you and tell us about this house purchase, like,
Speaker 2: how much was it, how much of a deposit did
Speaker 2: you have? What did that actually look like in reality?
Speaker 4: Yeah, so we purchased the house for seven hundred and
Speaker 4: five thousand, and we received two hundred thousand from my
Speaker 4: fiance's parents, which obviously is money that we are paying
Speaker 4: back to them, just interest free.
Speaker 2: So how good. So have you got a payment plan
Speaker 2: with them to do that or is this at some
Speaker 2: point in the future or what did that look like?
Speaker 2: Did you have to sign a contract?
Speaker 4: We did, So we did it all legitimately. We got
Speaker 4: a contract drawn up and we got solicitors to sign
Speaker 4: it and to review it, just so that if anything
Speaker 4: was to ever happen, that we're all covered. Yeah, and
Speaker 4: I think that's really important. Obviously we don't like to
Speaker 4: think about what could happen because we don't think it could,
Speaker 4: but it's just there to protect everyone just in case
Speaker 4: it does.
Speaker 2: I like that. I always used to say to my
Speaker 2: clients who are in similar situations, let's plan for the worst,
Speaker 2: but expect the best. Like let's pretend that the worst
Speaker 2: might happen and actually just plan for it, but like,
Speaker 2: we don't want it to happen. So I think that
Speaker 2: that's the best thing that you could have done. So
Speaker 2: I'm assuming then your mortgage is around five hundred and
Speaker 2: five thousand dollars.
Speaker 3: Then yeah, correct, it is?
Speaker 2: Yeah, And are you being aggressive in paying that off
Speaker 2: or are we just doing the minimum? Like what's the plan?
Speaker 1: Like?
Speaker 2: How much are we paying back on this two hundred
Speaker 2: thousand dollars versus this five hundred thousand dollars mortgage? Where
Speaker 2: are the priorities at?
Speaker 4: So the two hundred thousand we pay back, I think
Speaker 4: it's like one hundred and eighteen dollars a week or
Speaker 4: something on the two hundred thousand, and then our mortgage repayments,
Speaker 4: I think they're like about I can't remember right now,
Speaker 4: but I think they're about six hundred a week, No,
Speaker 4: seven hundred a week.
Speaker 2: That feels about right. I feel like that's really exciting.
Speaker 2: So with your calculations, how long will it take to
Speaker 2: pay back that? I guess two hundred thousand dollars alone
Speaker 2: from the in laws.
Speaker 4: So it's a bit of a funny one because we
Speaker 4: put it over the same timeframe as our mortgage that
Speaker 4: it was good at, while we did put it over
Speaker 4: thirty years. Jokingly, obviously, my in laws have said, oh, well,
Speaker 4: you know, the day after you pay that back, then
Speaker 4: you know we'll probably cark it or something, but not before.
Speaker 4: So yeah, it's it's a bit of a joke between them.
Speaker 4: But we're obviously willing to pay more of that back
Speaker 4: as well after we've finished saving for the wedding.
Speaker 2: So I'm glad you have that flexibility. Are there any
Speaker 2: other debts that you or your partner hold?
Speaker 1: No?
Speaker 3: Nothing else that is it really good debt? Yeah.
Speaker 4: We recently got credit cards to get the points for
Speaker 4: our honeymoon, which is fantastic because we got our flights
Speaker 4: to Fiji return in business class for no money.
Speaker 3: We didn't have to.
Speaker 2: Pay a sex I feel like this is what I
Speaker 2: need to get on. Obviously, I've done episodes on this
Speaker 2: show of how to points Hack, but I don't do
Speaker 2: it because I just haven't trusted myself with a credit
Speaker 2: card yet, because like she's spendy, like I'm a bit spendy,
Speaker 2: and I just don't know how i'd feel with a
Speaker 2: credit card. I just can see it being a really
Speaker 2: bad idea. But then I hear stories like this, I'm like,
Speaker 2: maybe I should, but maybe I should also talk myself
Speaker 2: out of it, because business class flights are not worth
Speaker 2: my future wealth, so who knows? Who knows?
Speaker 4: Well, we did get rid of the credit cards, so
Speaker 4: as soon as we got the points and had the
Speaker 4: minimum period of which we needed to keep the credit
Speaker 4: cards for we have got rid of them, so that's gone.
Speaker 2: You're so smart.
Speaker 3: I love this.
Speaker 2: Maybe I should do it that way.
Speaker 1: Then.
Speaker 2: Look, I'll look into this later and share on social
Speaker 2: media what I get up to money diarist, I feel
Speaker 2: like you might have some good tips to share. What
Speaker 2: is your best money habit? Do you think?
Speaker 1: So?
Speaker 4: It's I take after my dad with this one. And
Speaker 4: it's price checking. So whether it's at the grocery store
Speaker 4: and I'm holding up, you know, two lots of rice
Speaker 4: and I'm going, okay, per one hundred grams, this one's
Speaker 4: cheaper than this one.
Speaker 2: Good money habit to have. I feel very good because
Speaker 2: I don't do that. I'm just lazy and I want
Speaker 2: to get out of that supermarket. It is overstimulating and
Speaker 2: I have to leave definitely.
Speaker 4: And I guess that's now extended to so we use
Speaker 4: like cash back programs or I look at cash back
Speaker 4: programs before I purchase something to know if I buy
Speaker 4: it in the store and I don't get the cash back,
Speaker 4: verse I buy it online and I get the cash back.
Speaker 2: I am so good at that. That's also my money habit.
Speaker 2: And then I get real salty about having to wait
Speaker 2: for it, because I know if I just went to
Speaker 2: may Or, I could pick it up. But if I
Speaker 2: got it online, I'd get an extra like four or
Speaker 2: five percent back, and that's worth it. So then I
Speaker 2: sit there and I'm like, oh, I'm waiting for this package.
Speaker 2: But like, I'm quite impulsive, So then the yeah, it's
Speaker 2: a very fun process for me, but I'm doing the right.
Speaker 4: Thing, definitely, And I think that's what then leads me
Speaker 4: into my worst money habit.
Speaker 2: Oh yeah, what is it?
Speaker 4: I think I'm very much like UV and I can't
Speaker 4: I don't put enough time or I forget to put
Speaker 4: enough time between purchasing or like thinking about purchasing something
Speaker 4: and then actually purchasing it. So I sometimes go out
Speaker 4: on a bit of a whim and I'm like, ooh,
Speaker 4: I love that dress, let me just buy it now,
Speaker 4: And then I buy it, and then I go.
Speaker 3: Oh, should I really need that?
Speaker 2: Yeah? Yeah, I know I'm a bit impulsive. And when
Speaker 2: I say a bit, I mean a lot, which is
Speaker 2: why I'm always telling you guys, put twenty four hours
Speaker 2: between you and your spending. And I do that because
Speaker 2: it's like a consistent reminder to me that I need
Speaker 2: to do that. Like if you guys think I'm really
Speaker 2: good at money, like I'm sorry, we're a bit wrong.
Speaker 2: So do as I say, not as I do, kind
Speaker 2: of show you know.
Speaker 3: Yeah, definitely, And I think that's like I'm trying to
Speaker 3: that and I'm trying to get better at that.
Speaker 4: And it's really funny because my fiance is he's really
Speaker 4: good at doing that, but then he will just buy
Speaker 4: it and heat.
Speaker 2: Yeah, babe, I did think about this. We're still doing this.
Speaker 2: I like that he's got conviction. That is a very
Speaker 2: attractive quality. I believe.
Speaker 3: Yeah, definitely, No, we like him money darist.
Speaker 2: Now that we've had a really good conversation at the
Speaker 2: start of this episode, you said, oh, I think I'm
Speaker 2: a C plus or like a B minus minus. We
Speaker 2: talked about you. You have sold your investment property, you
Speaker 2: made a really good profit on that. You've just bought
Speaker 2: your dream home, You've just started investing. You know, you're
Speaker 2: saving for your wedding. You are doing so many different things.
Speaker 2: Do you think that that grade is reflective of where
Speaker 2: you are at after having this conversation, I would.
Speaker 4: Say probably it would improve in them, like maybe improve
Speaker 4: a little bit maybe to like a B.
Speaker 2: We'll call your bee. Why would you say it's improved
Speaker 2: after our conversation.
Speaker 4: I think knowing that I'm doing the right things in
Speaker 4: terms of investing, or I'm on the right track for investing,
Speaker 4: is a good thing. And I guess thinking about it,
Speaker 4: you know, I have no other debt and.
Speaker 2: That that's very sexy.
Speaker 1: Yeah.
Speaker 4: Yeah, And I think if you'd spoken to me, you know,
Speaker 4: five years ago, and I did have a lot of debt,
Speaker 4: that would be a very different like me, I guess.
Speaker 4: So the position that I'm in now is really different.
Speaker 4: And you know that's a contribution of my fiance's parents
Speaker 4: helping us out. It's a contribution of us saving our
Speaker 4: money really well and living not beyond our means.
Speaker 3: Yeah. So I think a B on my way to
Speaker 3: a B plus.
Speaker 2: He well with that is, what do you think it
Speaker 2: would take to get you to an A plus?
Speaker 4: Probably delving more into where to put all my savings,
Speaker 4: so like working on, Yeah, utilizing that savings money a
Speaker 4: little bit better, whether it be you know, in a
Speaker 4: high interest savings account, or whether it be into further
Speaker 4: investments for like long term strategy.
Speaker 2: How good, Oh my gosh, money Darist. I have loved
Speaker 2: talking to you. I feel like it's been really relatable
Speaker 2: but also super interesting to I guess hear a bit
Speaker 2: about how you borrowed money and then what that looked
Speaker 2: like from your in laws without you know, destroying a
Speaker 2: relationship or you know, making sure that we're planning for
Speaker 2: the worst but expecting for the best. I think it's
Speaker 2: just such an important conversation that we need to be
Speaker 2: having more transparently, more often. So thank you for sharing that.
Speaker 2: It has been an absolute privilege.
Speaker 4: Thank you for having me. Yeah, I've really enjoyed it.
Speaker 4: And I think if we can just sort of get
Speaker 4: rid of the stigma of using mom and dad or
Speaker 4: using relatives for assistance, if they're more than willing to help,
Speaker 4: then yeah, I think that's that's a good thing for us.
Speaker 2: I love that. I think, to me, the most important
Speaker 2: thing when going through circin stances like this is just
Speaker 2: acknowledging privilege. I think being able to have these conversations
Speaker 2: is great, but it's not the expectation that these things happen.
Speaker 2: So I think what I've loved most is you going,
Speaker 2: oh my gosh, it's been an absolute privilege. I'm so grateful,
Speaker 2: and to me, that's kind of what changes the narrative.
Speaker 2: It's a very different circumstance than being like, well, my
Speaker 2: parents are rich, so they should help me. Like, I
Speaker 2: think it's a very you know, different and very She's
Speaker 2: on the Money way of approaching things. So yeah, I'm
Speaker 2: just really super grateful to be able to share this
Speaker 2: on the pod, and I know that lots of people
Speaker 2: will either feel better about their circumstances or just learn
Speaker 2: a bit more about how the world works and that's
Speaker 2: exactly why we exist.
Speaker 3: Yeah, thank you so much.
Speaker 2: The advice shared on She's on the Money is general
Speaker 2: in nature and does not consider your individual circumstances. She's
Speaker 2: on the Money exists purely for educational purposes and should
Speaker 2: not be relied upon to make an investment or financial decision.
Speaker 2: If you do choose to buy a financial product, read
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards
Speaker 2: your needs. Victoria Divine and She's on the Money are
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