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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 Kerni 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 4: Hello, and welcome to She's on the Money, the podcast

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Speaker 4: of people who want financial freedom. Today, my friend's surprise,

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Speaker 4: it is Friday, and it means that it is time

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Speaker 4: to get our little team together and celebrate you.

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Speaker 2: How incredible.

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Speaker 4: She's on the Money community today, Miss Jess Gricci, She's

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Speaker 4: on the Money.

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Speaker 2: Wins from our community.

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Speaker 4: BECKSI Ede, She's got some broke tips and we're helping

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Speaker 4: to answer a juicy money dilemma, which this week is

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Speaker 4: all about.

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Speaker 2: Sorting your super out. At thirty.

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Speaker 4: We're also going to be unpacking something that you slid

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Speaker 4: into our dams out which this week is about parents

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Speaker 4: who borrow money and don't pay it back.

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Speaker 2: But before we get there, my loves, how have your

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Speaker 2: weeks been? What have you been up to? Anything exciting

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Speaker 2: to report?

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Speaker 1: You?

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Speaker 5: Good?

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Speaker 6: Good? Good luck?

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Speaker 2: Chuck over here, how is your streak going? Good? Good?

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Speaker 5: You're going well. We had our little team retreat this week,

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Speaker 5: which was very fun, very fun.

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Speaker 4: We had a pool, a whole house and I'm just

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Speaker 4: surprised we got any work done.

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Speaker 5: I I loved being down by the beach, enjoyed some

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Speaker 5: beautiful sunsets stunning for.

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Speaker 4: Those of you following along and maybe haven't seen our socials.

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Speaker 2: We stayed at Sagres Sagres.

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Speaker 5: Is that how you say, Jess Sagres Sagres, Yeah, sag r.

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Speaker 4: E s Segars in Queenscliff, most beautiful home, like legit,

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Speaker 4: it felt like we had like our little Shees on

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Speaker 4: the money sorority, Like we all had our fancy bedrooms,

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Speaker 4: we had our communal dining room, we had a cool

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Speaker 4: like it was very el Woods vibes for us to

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Speaker 4: do work and get motivated, but amazing. I thought that

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Speaker 4: was really important to get the shees on the Money

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Speaker 4: team together to like make sure that we've got content

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Speaker 4: coming out because I'm having a baby. So I figured

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Speaker 4: probably should take the team away, lock them in a

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Speaker 4: room together, basically, and go, how.

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Speaker 2: Are we dealing with my matt leave? Is there anything

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Speaker 2: you need from me?

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Speaker 4: What can we do so that there's no bumps in

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Speaker 4: the road, because otherwise I will be like peeping over

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Speaker 4: their shoulders and be like hey, yes, what do and

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Speaker 4: you will go back to maternity leave and I'll be

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Speaker 4: like lord, yeah, yeah.

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Speaker 5: Yeah, sound really fun. How has your week being?

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Speaker 6: Yeah, very nice. I saw all of us strangers. Oh,

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Speaker 6: it was good, it was good. I just want to

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Speaker 6: say to a musical movie, I'm not a big musical girl.

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Speaker 2: I was so.

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Speaker 4: Excited when I heard that The Mean Girl's movie was

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Speaker 4: coming out, and then someone was like, by the way,

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Speaker 4: it's musical, and I was like, I'm out.

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Speaker 5: The Mean Girls musical that is fabulous?

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Speaker 2: Is actual?

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Speaker 6: Actually yeah it is.

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Speaker 5: So it was a movie that was adapted to a

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Speaker 5: musical that has now been adapted to a movie.

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Speaker 6: So a movie that is a musical, Yes, No, I'm

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Speaker 6: out any musical movies.

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Speaker 2: Like, it's just not me.

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Speaker 4: Unless it's high school musical, in which case they were

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Speaker 4: very clear about what it was going to be with

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Speaker 4: the titles.

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Speaker 2: Yes, except that.

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Speaker 5: I do you feel like the Mean Girls trailer doesn't

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Speaker 5: showcase strongly that it is a musical, so I can

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Speaker 5: understand why some people were taking to surprise.

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Speaker 6: They really Trojan horsed us. But other than that, Yeah,

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Speaker 6: it's just being real chill, living, loving and laughing at

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Speaker 6: the moment.

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Speaker 2: Oh, you're in the right conditions to love last Yeah,

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Speaker 2: I love that for you. And what about UV just

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Speaker 2: feeling really heavy? That's it.

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Speaker 4: We had a really good time at the retreat and

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Speaker 4: now I'm just feeling like a bit of a heaflump

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Speaker 4: to be honest, like I got to blow.

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Speaker 2: Yeah.

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Speaker 4: Cool, that's my update, because you don't actually want to

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Speaker 4: know what's been going on with my buddy. Anyway, let's

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Speaker 4: jump straight in, Miss Jesse Gricci.

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Speaker 2: Community money Wins. What are you bringing to the table

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Speaker 2: this week?

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Speaker 5: Firstly, this week I have a money win from April,

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Speaker 5: who said, went through my old boxes from my early

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Speaker 5: twenties in my parents shed over the holiday break. I

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Speaker 5: found a bunch of notes from when I traveled to

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Speaker 5: Europe that I kept as a souvenir. This is financial money,

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Speaker 5: dollar dollar bills, she said. I decided to keep some

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Speaker 5: of the other more meaningful bits and bobs I picked

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Speaker 5: up during my trip as souvenirs instead, and I cashed

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Speaker 5: in the notes over the weekend, which was an extrae

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Speaker 5: hundred and fifty bucks.

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Speaker 2: Oh my gosh, that's so much money. That's an expensive souvenir.

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Speaker 5: Well, how often do you come home from a trip

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Speaker 5: and you have just random coins? And I have a

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Speaker 5: jar of like foreign money, which I use is like decorps,

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Speaker 5: but which I'm like, oh, this is kind of fun

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Speaker 5: expensive if you if you took it to an exchange

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Speaker 5: place and they did all the coins and stuff, it

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Speaker 5: probably adds up.

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Speaker 6: It true does fun little.

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Speaker 5: Idea from April. Next, I've got a money win from Ambray,

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Speaker 5: who said, I actually stuck to my budget this week.

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Speaker 2: So much harder done. Then said, so I love this for.

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Speaker 5: You, completely agree. Then I've got one from Sea who

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Speaker 5: said I found an unopened copy of the board game

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Speaker 5: Telestrations at the shop. They Illustrations Tallestrations. If you have

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Speaker 5: not played it is my favorite game. It is what.

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Speaker 5: Let me give you a real quick right now. Okay,

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Speaker 5: it's good for small and big groups because you can

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Speaker 5: buy like an upsized one that has up to twelve players.

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Speaker 5: So everyone, well players, Everyone gets a little pad like

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Speaker 5: that's got whiteboard pages and a pen and an eraser

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Speaker 5: and so on the very front page, you draw a

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Speaker 5: card and it gives you something. Let's say you get

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Speaker 5: the Man in the moon, right, So the first person

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Speaker 5: text like this, Yes, so your thing is a text

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Speaker 5: on your card. So you write on the first page

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Speaker 5: the man in the moon. You flip the page and

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Speaker 5: you pass it to the person on your level, so

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Speaker 5: everyone has the thing. Everyone gets the one from next

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Speaker 5: to them. You look at the text and you draw

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Speaker 5: it right then you pass it along. The person looks

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Speaker 5: at your drawing and has to write what they think

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Speaker 5: that you drew, and it passes along. The next person

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Speaker 5: draws what the So you're you're effectively drawing or writing

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Speaker 5: from the page in front of you.

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Speaker 6: Right.

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Speaker 5: So then you get back to the start and you

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Speaker 5: start at the end and you go, okay, I've ended

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Speaker 5: up with catdog cheese, and you go, this is what

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Speaker 5: the person drew. And then you see the progression of

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Speaker 5: how it's changed this game. You don't.

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Speaker 6: It's just so funny. Literally play this on the weekend.

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Speaker 5: It's such a good game.

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Speaker 6: It's such a good game at the end, I don't

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Speaker 6: hope like everyone does.

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Speaker 2: Is but competitive, guys, I need to win.

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Speaker 6: Well, you can actually win. The way that we do

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Speaker 6: it is at the end, when we're doing our slideshow

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Speaker 6: of like progression and things like that, we auction off

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Speaker 6: the artwork for a few cents.

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Speaker 5: This is worth or like if your clues worked, I

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Speaker 5: guess you could track how many if you really want

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Speaker 5: to run it. It's so fun anyway, Oh.

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Speaker 2: I love that. That sounds really fun.

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Speaker 4: But I more of a like gets to win the

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Speaker 4: game Katan kind of girl. I've played so much of it,

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Speaker 4: like every weekend. I think for the last month, I've

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Speaker 4: played at least two games of Katan.

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Speaker 2: That shows you how cool I am. Wow, Just what

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Speaker 2: else have you got?

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Speaker 5: Let's not talk about well, let me finish's win.

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Speaker 6: She said.

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Speaker 5: The game normally goes for twenty nine dollars at the shop,

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Speaker 5: it was marked to thirteen, and at that particular day

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Speaker 5: it was fifty percent off toys, so she paid six

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Speaker 5: dollars fifteen for brand new telestrations by illustration.

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Speaker 2: I highly recommend it, even though I can't win, because.

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Speaker 6: Just think of your own sentence is you know it's

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Speaker 6: a zerio dollar game anyway.

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Speaker 5: Oh, you totally could do it without the actual thing

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Speaker 5: for sure.

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Speaker 2: Next to my need, I need the structure.

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Speaker 5: Sure, next I've got to win from Carli, who said,

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Speaker 5: I really drilled into my health insurance coverage my needs,

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Speaker 5: and I balanced it with having my own emergency fund.

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Speaker 5: So I've kept my insurance at a lower level and

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Speaker 5: started my own emergency fund coverage for what I felt

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Speaker 5: like I needed.

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Speaker 2: Oh that's really smart, very smart.

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Speaker 5: Review health insurances. You're probably paying for something you don't need.

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Speaker 7: Yeah.

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Speaker 4: I think I've shared on the podcast before that I

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Speaker 4: have private health insurance. But something I did a couple

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Speaker 4: of years ago, which made a lot of sense at

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Speaker 4: the time, was drill through it then call them and

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Speaker 4: be like, hey, can I please have this this and

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Speaker 4: this removed from my policy because like I'm not going

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Speaker 4: to use it right Yeah, And like sometimes there are

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Speaker 4: blanket policies like I did not need to be covered

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Speaker 4: for testicular can suggests. Yes, Like that didn't make sense,

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Speaker 4: And at the time I was like, I'm a boss lady,

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Speaker 4: I don't need no child, I don't need maternity cover.

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Speaker 2: Yes, how'd that work out for me? Jess?

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Speaker 5: You did forget to put it back on?

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Speaker 4: I did, and so I'm very lucky that the date

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Speaker 4: I did re implement it once I learned that that was,

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Speaker 4: you know, missing from my cover. But thankfully I learned

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Speaker 4: before this pregnancy started. But it means that my cover

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Speaker 4: only kicks in literally like three weeks before the babies do,

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Speaker 4: so I've had to pay out of pocket for literally

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Speaker 4: everything except my hospital stay.

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Speaker 2: She burns.

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Speaker 4: Yeah, so you know, if you've removed something from your cover,

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Speaker 4: which is great because you're not using it, maybe put

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Speaker 4: a calendar reminder in.

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Speaker 2: For every year and be like, do you want.

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Speaker 4: To check now? Have you changed your mind? Do you

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Speaker 4: now want children?

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Speaker 2: Victoria? Like it sounds trivial, but like that would have

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Speaker 2: saved you thousands of dollars.

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Speaker 5: The great tips are review but don't forget to come back.

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Speaker 5: And yes, then I've got money in from a net

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Speaker 5: who said I enrolled in Tafe to study a diploma

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Speaker 5: last year and I got it for free money. And

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Speaker 5: then I've applied for another course this year, which is

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Speaker 5: also free as well.

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Speaker 2: How goods that love that?

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Speaker 5: And then lastly, I've got a good one from Lauren

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Speaker 5: who said I got into the OS Open with a

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Speaker 5: ten dollar kids ticket because I'm five foot tall and

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Speaker 5: can pass as a child despite the fact that I'm

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Speaker 5: twenty six years old.

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Speaker 2: That's so cheeky.

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Speaker 4: We definitely shouldn't be promoting it, but I do have

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Speaker 4: a friend that also does that.

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Speaker 2: And yeah, very nice, very nice.

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Speaker 4: Carry on questions, no answers, moving on, Beck, please don't

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Speaker 4: use that as your broke tips.

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Speaker 6: What if you got if you look younger than you are?

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Speaker 1: No?

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Speaker 6: Okay, So, as usual, we do have two from the community,

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Speaker 6: one for myself. So the first one comes from Mikayla

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Speaker 6: who said that if you have any old veggies just

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Speaker 6: lying around in your fridge instead of just throwing them out,

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Speaker 6: chop them up and make some frozen dumplings or eat

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Speaker 6: day of if you have done, which is great idea

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Speaker 6: because otherwise we just chuck them out. You can also

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Speaker 6: say with curries and things like that, you can't really

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Speaker 6: freeze it as well as a dumpling. Also, you can't

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Speaker 6: you can still get the texture of the vegetable in

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Speaker 6: a curry. You can't in a dumpling. It's almost wasteful

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Speaker 6: to use a fresh vegetable in a dumpling.

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Speaker 2: It's true. Use your little limp carrots and put them in.

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Speaker 6: Dumpling, those soft carrots. The next one comes from my

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Speaker 6: housemate Alison, who is currently just I'm so impressed by her.

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Speaker 6: I know I've mentioned this before, but propagating, you know,

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Speaker 6: plants and things like that, but.

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Speaker 2: Woman after my own heart.

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Speaker 4: Yes, you sneapy, snippy totally and even just like a

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Speaker 4: liberated plant, don't we just cut so.

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Speaker 6: In particular, using the seeds from your tomatoes and things

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Speaker 6: you get from the actual grocery store. It just literally,

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Speaker 6: I mean she probably does more than this, but in

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Speaker 6: my mind, she just chucks them in the garden and

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Speaker 6: they grow into the Absolutely, I think we've got potatoes growing,

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Speaker 6: got carrots, we've got tomatoes, we've got everything, and just

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Speaker 6: we've got like a whole garden. And she's doing an

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Speaker 6: amazing Job's particularly, she's just using the things that she

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Speaker 6: would have already bought from the grocery store anyway, but

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Speaker 6: now we just have to that's really wholesome too, So

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Speaker 6: nice little weekend activity it is, and it is a

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Speaker 6: nice little reminder. I know we've mentioned similar things on

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Speaker 6: the show before, but it's just a nice reminder to

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Speaker 6: just chuck everything in the garden and hope for the best.

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Speaker 2: What else have you got? What's your breake tip?

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Speaker 6: Okay, So, because I see Valentine's Day is coming up,

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Speaker 6: some people don't celebrate. Obviously I am single, so but

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Speaker 6: I just wanted to give the love shout out to

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Speaker 6: go Beck single.

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Speaker 2: She's like getting this on the pod early.

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Speaker 6: If you would like to like to change that exactly.

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Speaker 4: Or this is like dating for because she's on the

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Speaker 4: date is what this podcast is now. So if you

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Speaker 4: would like to date Beck, don't slide into her DMS

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Speaker 4: because I would like to take credit as matchmaker.

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Speaker 2: I'll slide into mine and I'll hook a gal up.

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Speaker 5: Please.

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Speaker 2: Also would be very cute, so tip let.

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Speaker 6: Me payer dinner.

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Speaker 5: I'm free on Valentine's Day.

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Speaker 2: No, I'm not Valentine's Day.

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Speaker 6: Everyone in the room is free. No, but I was

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Speaker 6: going to just share some cheap and cute Valentine's Day

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Speaker 6: ideas you don't have to use. You don't have to

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Speaker 6: use for Valentine's Day. You can use it for any

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Speaker 6: kind of date. But also you can use it with

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Speaker 6: your friends and things like that.

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Speaker 5: So what have you got?

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Speaker 6: Okay, So one of my favorite things to do is

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Speaker 6: to just take a couple of board games and go

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Speaker 6: sit in the park with a five dollar bottle of wine.

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Speaker 6: I always mentioned this five dollar bottle of wine. It's

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Speaker 6: so cheap. I just can't get around cheapens, like take

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Speaker 6: a game of chess and things like that. But what

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Speaker 6: I did once with my best friend, who I mentioned

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Speaker 6: all the time as well highly live, what I did

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Speaker 6: was I got her to leave the house for a

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Speaker 6: little while and I turned our house into a pub,

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Speaker 6: so instead of going out for seriously, I did this

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Speaker 6: through COVID, though I probably have like photos and videos

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Speaker 6: somewhere that I'll show. Please, But did you.

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Speaker 2: Like pour beer all over the carpet so it's got sticky?

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Speaker 6: I did? I did. I made the carpet sticky. I

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Speaker 6: even put my head on the wall. I did. I

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Speaker 6: just grossing to make it as authentic experiences possible exactly,

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Speaker 6: And you know, we go north side pubs, so I

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Speaker 6: tried to make it airy exactly, very grungy. But I

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Speaker 6: just got some paper, which is obviously you know, it

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Speaker 6: doesn't have to be too expensive, and I wrote up menus.

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Speaker 6: I got frozen pizzas and put those. I made them

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Speaker 6: sound really good, like, you know, like ham and pineapple.

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Speaker 6: I put it on there as a twenty four hours

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Speaker 6: slow roasted pork.

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Speaker 2: It was really just like a.

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Speaker 6: Pineapple throats and pizza. So and I play.

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Speaker 2: I love this.

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Speaker 6: I put like signs in our bathroom if anyone's making

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Speaker 6: you feel uncomfortable. And you know, I got like a

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Speaker 6: case of beers, which is cheaper. You know, twenty beers

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Speaker 6: at a pub is like, I don't know, several thousand dollars.

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Speaker 6: I don't know bad math, but you know it's probably

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Speaker 6: sixty bucks from the liquor store.

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Speaker 2: Of Yeah, I know, that's genius.

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Speaker 6: I thought, you know, and you put on a movie

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Speaker 6: on Netflix. It's all, it's all. It doesn't have to

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Speaker 6: be that expensive at all.

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Speaker 2: It's actually so cute. I want to do that.

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Speaker 6: That's really cute.

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Speaker 2: It was really four on our carpet, though there's a line.

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Speaker 2: That's where it is for me.

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Speaker 6: That's fair. You still have to weigh on the on

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Speaker 6: the floor somewhere.

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Speaker 2: No bathrooms, no never.

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Speaker 6: If you have a male female bathroom in your home,

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Speaker 6: I will be very pressed where all sitles or gender bathroom.

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Speaker 4: Just put an old gender sign on your own actual

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Speaker 4: toy if you do.

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Speaker 6: That as well, yeah from memory, so funny. But anyway,

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Speaker 6: so that's my ROAK tip is to turn your home

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Speaker 6: into a pub.

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Speaker 2: I love it, I like it, I love it.

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Speaker 6: All right, let's go to a really quick break. I

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Speaker 6: need to see these photos of this pub.

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Speaker 4: And on the flip side, we're going to be talking

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Speaker 4: about sorting out your super ed of thirty and we're

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Speaker 4: also going to be answering and unpacking something that you

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Speaker 4: slid into our DMS about.

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Speaker 2: So don't go anywhere.

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Speaker 5: Welcome back, everybody. Let's take a listen to the money dilemma.

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Speaker 6: Hi.

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Speaker 4: There, have you got a money dilemma you just can't solve?

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Speaker 4: The Sheese on the Money team is here to help.

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Speaker 4: Every week, we tackle your dilemmas, both big and small,

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Speaker 4: to answer your most burning money.

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Speaker 2: Career and life questions.

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Speaker 6: To get involved, simply head to our website and leave

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Speaker 6: us a short voice recording and you might just find

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Speaker 6: yourself on the show. Now, let's take a listen to

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Speaker 6: this week's money dilemma.

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Speaker 7: Hey, I need your help. I'm twenty eight years old,

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Speaker 7: and I have no SUPER, like zero dollars. I work

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Speaker 7: full time as a nanny, and I'm earning just shy

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Speaker 7: of ninety k. However, because I work for two families

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Speaker 7: and less than thirty hours at each of them, I

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Speaker 7: fall into a weird category of domestic employee that doesn't

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Speaker 7: qualify for SUPER from their employers. I adore my job,

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Speaker 7: and I love the families I work for, but I

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Speaker 7: just think that in this industry, it's just really hard

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Speaker 7: to earn SUPER from your employers. It's hard to qualify.

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Speaker 7: So I know I need to start on my own somehow.

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Speaker 7: And the closer I get to thirty and the more

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Speaker 7: I listen to the podcast, the more worried I am

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Speaker 7: for my future. But I just don't know where to start.

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Speaker 1: Help.

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Speaker 4: I love this question because I feel like there are

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Speaker 4: lots of people in this situation, but also it applies

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Speaker 4: to people who are self employed, Like they have income

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Speaker 4: and they're like, but I'm not being paid SUPER. In

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Speaker 4: these circumstances, it is your responsibility to build eleven percent

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Speaker 4: into the amount that you are being paid. So if

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Speaker 4: you want to earn twenty dollars an hour, you need

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Speaker 4: to add your supranuation to cost to that, and that

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Speaker 4: is why more often than not, those hourly rates when

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Speaker 4: you know you're not paying SUPER and you are paying

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Speaker 4: a quote casual employee, do not consist of superanuation, but

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00:17:22,119 --> 00:17:25,520
Speaker 4: they are higher so that you know a freelancer is

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Speaker 4: meant to pay themselves, right, Like we've worked with so

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Speaker 4: many freelancers and we never pay them super. Not because

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Speaker 4: we're dodgy, but that's how the world works. Like a

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Speaker 4: freelancer might cost me one hundred dollars an hour, right,

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Speaker 4: but I know of that when that gets to them,

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Speaker 4: they're paying their tax, they're paying their superranuation, or they

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Speaker 4: should be paying their superannuation and their business overhead. So

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00:17:45,880 --> 00:17:48,680
Speaker 4: the true cost of it obviously comes down after their

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Speaker 4: business expenses. But this is the way you should be

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00:17:51,640 --> 00:17:54,480
Speaker 4: seeing it as well. If you know from the start,

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Speaker 4: all right, well I'm not going to get SUPER. Instead

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Speaker 4: of saying I earn ninety thousand dollars is year, well

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00:18:01,200 --> 00:18:05,359
Speaker 4: actually you earn ninety thousand dollars including SUPER, and you

408
00:18:05,400 --> 00:18:07,400
Speaker 4: need to work out what that amount is and take

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Speaker 4: that out and put it into your superannuation for your future.

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Speaker 2: It is so important to be putting.

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Speaker 4: To you first, and it could also be about renegotiating

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Speaker 4: a rate.

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Speaker 2: But to me, in those.

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Speaker 4: Roles, it's not actually about even approaching your employer and

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Speaker 4: saying you need to pay me SUPER. Because of the

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00:18:23,160 --> 00:18:27,040
Speaker 4: way you're employed, you're basically a freelancer, so it's actually

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Speaker 4: your responsibility to be paying you SUPER.

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Speaker 2: And if you ask for a.

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Speaker 4: Pay rise, it's not oh, yes, I need to up

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Speaker 4: my rates because I need to pay myself SUPER.

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Speaker 2: It's oh, Jess, my rates are going up year.

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Speaker 4: You may also just like cost of living has increased

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Speaker 4: full stop, end of story, but some of that income

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Speaker 4: that you already earned needs to be allocated towards SUPER

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Speaker 4: like end of story. And I feel like I have

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Speaker 4: danced around it for a long time. And I am

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Speaker 4: also very aware that I sound hypocritical in this conversation,

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00:18:56,440 --> 00:19:00,080
Speaker 4: because if you know me personally, you know that I

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00:19:00,080 --> 00:19:03,240
Speaker 4: did compromise my SUPER to start my business. Lots of

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Speaker 4: small business owners do that. Is it the right thing?

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00:19:06,000 --> 00:19:08,400
Speaker 4: Absolutely not, Like this is definitely a do as I say,

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Speaker 4: not as.

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Speaker 2: I do thing.

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Speaker 4: But I also want to let you know if you're

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Speaker 4: a freelancer and you don't pay self SUPER yet, bybe

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Speaker 4: I get it.

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00:19:13,960 --> 00:19:15,000
Speaker 2: We've all been there.

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Speaker 4: Like sometimes I didn't have enough money coming in the

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00:19:17,840 --> 00:19:20,640
Speaker 4: door to even pay myself a wage, let alone superannuation,

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Speaker 4: and I just was trying to hustle to get my business.

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Speaker 2: Where I wanted it to be.

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Speaker 4: Now I do and have sorted it all out and

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Speaker 4: I've definitely back paid it and we're all good.

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Speaker 2: But one, I get it, but two, prioritize it. It's

445
00:19:33,320 --> 00:19:34,760
Speaker 2: future you that's missing out.

446
00:19:34,560 --> 00:19:38,159
Speaker 4: And you're not working in these jobs to put yourself behind.

447
00:19:38,600 --> 00:19:41,720
Speaker 4: So many times you talk to freelancers who are just

448
00:19:41,800 --> 00:19:44,760
Speaker 4: like the biggest hustlers, and you're just like, you work

449
00:19:44,880 --> 00:19:46,240
Speaker 4: so hard to put yourself ahead.

450
00:19:46,320 --> 00:19:48,640
Speaker 2: No one works that hard and doesn't want.

451
00:19:48,440 --> 00:19:51,360
Speaker 4: To be in a better position after to find out

452
00:19:51,359 --> 00:19:53,800
Speaker 4: they're shooting themselves in the foot because they will retire

453
00:19:53,880 --> 00:19:57,920
Speaker 4: with much less SUPER than the average PAYG employee just

454
00:19:57,960 --> 00:19:59,280
Speaker 4: because they haven't prioritized it.

455
00:20:00,440 --> 00:20:03,800
Speaker 5: Yeah, in ninety K inclusive of super is of like,

456
00:20:04,000 --> 00:20:05,800
Speaker 5: that's a package that a lot of people earn in there.

457
00:20:06,119 --> 00:20:07,840
Speaker 5: So like, even if you're not up in your rates,

458
00:20:07,880 --> 00:20:10,240
Speaker 5: there is, from my perspective, no reason to not be

459
00:20:10,359 --> 00:20:10,880
Speaker 5: going through.

460
00:20:11,000 --> 00:20:11,359
Speaker 2: I agree.

461
00:20:11,440 --> 00:20:13,520
Speaker 5: The other thing I would suggest is you said, you're

462
00:20:13,560 --> 00:20:17,199
Speaker 5: twenty eight, you have zero SUPER. You need to be

463
00:20:17,359 --> 00:20:20,159
Speaker 5: working on building that up, whether that's within SUPER or

464
00:20:20,160 --> 00:20:22,879
Speaker 5: whether that's in investments outside of SUPER. Obviously SUPER has

465
00:20:22,920 --> 00:20:25,640
Speaker 5: a lot of really fantastic tax benefits, so look into

466
00:20:25,640 --> 00:20:28,920
Speaker 5: what works for you. But if you genuinely have zero

467
00:20:28,960 --> 00:20:32,000
Speaker 5: dollars in SUPER, and particularly if you didn't have an investment,

468
00:20:32,040 --> 00:20:33,720
Speaker 5: either if you've just kind of been spending the money

469
00:20:33,800 --> 00:20:37,000
Speaker 5: or saving the money or living your best life, definitely

470
00:20:37,240 --> 00:20:39,040
Speaker 5: I would say sit down and look at a plan.

471
00:20:39,240 --> 00:20:42,000
Speaker 5: As you said, ved to prioritize that and start contributing.

472
00:20:42,080 --> 00:20:46,919
Speaker 5: Because at thirty, I think you're the suggested amount to

473
00:20:47,000 --> 00:20:50,760
Speaker 5: retire with a liverabol wage is around thirty five forty

474
00:20:50,800 --> 00:20:51,359
Speaker 5: thousand dollars.

475
00:20:51,400 --> 00:20:52,240
Speaker 2: Yes, that's correct.

476
00:20:52,440 --> 00:20:54,639
Speaker 5: So whether that's in SUPER or whether that's in an

477
00:20:54,640 --> 00:20:57,680
Speaker 5: independent investment, you know your call as a business owner.

478
00:20:57,720 --> 00:20:59,639
Speaker 5: But if you're not kind of sitting around there, I

479
00:20:59,640 --> 00:21:01,560
Speaker 5: would be looking at a strategy. You're a plan to

480
00:21:01,600 --> 00:21:03,640
Speaker 5: help get you on your way. And I don't mean

481
00:21:03,640 --> 00:21:05,480
Speaker 5: that to sound overwhelming, but like that's.

482
00:21:05,560 --> 00:21:08,879
Speaker 2: No, that's the reality of the situation. Like you need

483
00:21:08,920 --> 00:21:10,000
Speaker 2: to put future you first.

484
00:21:10,240 --> 00:21:12,600
Speaker 4: One website that could be really helpful for you is

485
00:21:12,640 --> 00:21:15,639
Speaker 4: paycalculator dot com dot au. So what you do is

486
00:21:15,680 --> 00:21:18,040
Speaker 4: pop in your annual salary. So I've just done this

487
00:21:18,200 --> 00:21:22,719
Speaker 4: ninety thousand dollars and right now, not including super, your

488
00:21:22,760 --> 00:21:26,119
Speaker 4: annual pays sixty eight thousand, four hundred and eighty three dollars.

489
00:21:26,200 --> 00:21:29,240
Speaker 4: Because you have a taxable income of ninety thousand dollars

490
00:21:29,280 --> 00:21:32,320
Speaker 4: in the twenty twenty three twenty twenty four tax year,

491
00:21:32,840 --> 00:21:34,879
Speaker 4: you're going to pay a total of twenty one thousand,

492
00:21:34,960 --> 00:21:38,680
Speaker 4: five hundred and seventeen dollars tax, not taking into consideration

493
00:21:38,720 --> 00:21:40,439
Speaker 4: if you have any like student loans.

494
00:21:40,680 --> 00:21:42,200
Speaker 2: But if we click the.

495
00:21:42,160 --> 00:21:46,720
Speaker 4: Option that says include superannuation, that flip set and it says, well,

496
00:21:46,760 --> 00:21:50,359
Speaker 4: actually your annual is now sixty two thousand, six hundred

497
00:21:50,359 --> 00:21:53,240
Speaker 4: and forty one dollars with a taxable income of eighty.

498
00:21:53,000 --> 00:21:54,880
Speaker 2: One thousand and eighty one dollars.

499
00:21:55,200 --> 00:21:57,960
Speaker 4: Superannuation that you would be paying out of that ninety

500
00:21:58,000 --> 00:22:00,440
Speaker 4: thousand dollars package would be eight thousand, nine one hundred

501
00:22:00,440 --> 00:22:03,960
Speaker 4: and eighteen dollars a year, which means you're paying eighteen thousand,

502
00:22:04,320 --> 00:22:07,480
Speaker 4: four hundred and thirty nine dollars in tax a year

503
00:22:07,600 --> 00:22:10,560
Speaker 4: instead of the twenty one thousand, so there are some

504
00:22:10,720 --> 00:22:14,480
Speaker 4: tax benefits as well to putting money in SUPER. Obviously,

505
00:22:14,520 --> 00:22:16,760
Speaker 4: this is an advice. It's more like, go and work

506
00:22:16,800 --> 00:22:19,960
Speaker 4: out what works for you. But at the end of

507
00:22:19,960 --> 00:22:22,320
Speaker 4: the day, if your structure is that you don't get

508
00:22:22,320 --> 00:22:24,479
Speaker 4: paid SUPER, you need to build it in. So not

509
00:22:24,640 --> 00:22:27,760
Speaker 4: I earn ninety thousand dollars a year, I earn ninety

510
00:22:27,800 --> 00:22:30,560
Speaker 4: thousand dollars as a package each year, which means I

511
00:22:30,600 --> 00:22:33,399
Speaker 4: actually earn eighty one thousand and I pay eight thousand,

512
00:22:33,480 --> 00:22:34,400
Speaker 4: nine hundred in SUPER.

513
00:22:34,680 --> 00:22:35,440
Speaker 2: Does that make sense?

514
00:22:35,560 --> 00:22:37,879
Speaker 4: That totally makes sense, And that's still a great wage,

515
00:22:38,359 --> 00:22:41,880
Speaker 4: like a fantastic wage, and you're putting future you first. Totally.

516
00:22:41,920 --> 00:22:44,600
Speaker 6: My only advice is to be harming yourself.

517
00:22:44,600 --> 00:22:46,080
Speaker 5: She sounded very stressful for the MDBEA.

518
00:22:45,920 --> 00:22:47,320
Speaker 6: And I totally did You've been doing the less that

519
00:22:47,359 --> 00:22:50,360
Speaker 6: you can. Yes, exactly, You're doing great, and it's never

520
00:22:50,400 --> 00:22:51,600
Speaker 6: too late and you're fine.

521
00:22:51,840 --> 00:22:53,560
Speaker 5: It's good that you're thinking about it. That's awesome.

522
00:22:53,600 --> 00:22:55,000
Speaker 4: I think it's really smart to think about it, and

523
00:22:55,000 --> 00:22:57,480
Speaker 4: you are absolutely correct, Beck Like, there is no better

524
00:22:57,480 --> 00:22:59,920
Speaker 4: time than today to start. And I'm so glad that

525
00:23:00,000 --> 00:23:01,520
Speaker 4: you're in our community because You're going to be in

526
00:23:01,520 --> 00:23:04,040
Speaker 4: the best possible position that you can be. Mm hmm

527
00:23:04,359 --> 00:23:05,920
Speaker 4: oh when you get to be along for the ride,

528
00:23:05,960 --> 00:23:06,600
Speaker 4: How good is that?

529
00:23:06,920 --> 00:23:10,680
Speaker 6: Yes, all right, let's move on, my friends, We once

530
00:23:10,720 --> 00:23:13,920
Speaker 6: again have a juicy money dilemma that you slid into

531
00:23:13,920 --> 00:23:14,879
Speaker 6: our dms about.

532
00:23:15,359 --> 00:23:18,800
Speaker 2: So here is our DM of the week. Are you ready, ready, ready? High?

533
00:23:18,800 --> 00:23:21,360
Speaker 4: She's on the money. My boyfriend and I have been

534
00:23:21,359 --> 00:23:24,680
Speaker 4: together for six years now. His parents always.

535
00:23:24,240 --> 00:23:25,119
Speaker 2: Ask him for money.

536
00:23:25,160 --> 00:23:28,199
Speaker 4: I'm talking like four hundred dollars every couple of weeks,

537
00:23:28,320 --> 00:23:31,960
Speaker 4: but they never pay him back. We don't share finances,

538
00:23:32,040 --> 00:23:34,479
Speaker 4: but we are trying really hard to save for our

539
00:23:34,560 --> 00:23:37,240
Speaker 4: shared goals, like buying a house together in the future.

540
00:23:37,720 --> 00:23:40,960
Speaker 4: This is getting really difficult to save when he continually

541
00:23:41,040 --> 00:23:44,439
Speaker 4: gives them money, and now I'm contributing more towards our

542
00:23:44,520 --> 00:23:47,160
Speaker 4: shared goals as he has less savings due to this.

543
00:23:48,040 --> 00:23:50,439
Speaker 2: Also, his parents have all paying jobs.

544
00:23:50,880 --> 00:23:54,000
Speaker 4: They just have bad, expensive habits and rely on their

545
00:23:54,040 --> 00:23:57,439
Speaker 4: son as backup, which is even more frustrating. We've been

546
00:23:57,480 --> 00:24:00,440
Speaker 4: fighting about this and I told him this is negatively

547
00:24:00,480 --> 00:24:03,680
Speaker 4: impacting our ability to reach our goals. He said, I'm

548
00:24:03,680 --> 00:24:06,920
Speaker 4: being controlling, trying to convince him not to help his parents,

549
00:24:07,200 --> 00:24:09,359
Speaker 4: but really I'm trying to do what's best for him

550
00:24:09,600 --> 00:24:12,560
Speaker 4: and our future together. I'm not sure what to do

551
00:24:12,680 --> 00:24:15,159
Speaker 4: now as it really doesn't sit well with me what

552
00:24:15,320 --> 00:24:15,920
Speaker 4: he's doing.

553
00:24:16,200 --> 00:24:16,800
Speaker 2: Please help.

554
00:24:18,160 --> 00:24:23,560
Speaker 6: Uncomfortable, very yeah, awkward, and just what do you do?

555
00:24:24,960 --> 00:24:27,399
Speaker 5: I feel like it's hard because to me, this is

556
00:24:27,480 --> 00:24:31,840
Speaker 5: one of the very few things I feel like nobody

557
00:24:31,920 --> 00:24:36,199
Speaker 5: else really has input over. Like I think that I

558
00:24:36,280 --> 00:24:38,480
Speaker 5: know that you know, when your parents have raised you,

559
00:24:39,000 --> 00:24:41,200
Speaker 5: they have obviously put a lot of money into raising

560
00:24:41,200 --> 00:24:42,720
Speaker 5: you as a child, not to make you sound like

561
00:24:42,720 --> 00:24:46,080
Speaker 5: a prized cow to fair or something. They've looked after

562
00:24:46,119 --> 00:24:48,960
Speaker 5: you for so long that a lot of children, I think,

563
00:24:49,000 --> 00:24:51,480
Speaker 5: want to repay that when the roles are reversed, and

564
00:24:51,560 --> 00:24:53,520
Speaker 5: you know, I think there's I've seen a lot of

565
00:24:53,560 --> 00:24:56,080
Speaker 5: quotes and discussion around how people kind of age up

566
00:24:56,080 --> 00:24:57,879
Speaker 5: and then age down, like you hit your peak and

567
00:24:57,880 --> 00:25:00,320
Speaker 5: then you kind of regress, and then sometimes you know,

568
00:25:00,400 --> 00:25:02,280
Speaker 5: for some people, they then want to step in and

569
00:25:02,320 --> 00:25:05,560
Speaker 5: support their parents in the way that their parents supported them.

570
00:25:06,080 --> 00:25:09,359
Speaker 5: In certain cultures, it's also very common for children to

571
00:25:09,400 --> 00:25:13,119
Speaker 5: support their parents completely once they reach a certain age.

572
00:25:13,160 --> 00:25:15,960
Speaker 5: So I you know, that's another lot of aspects we.

573
00:25:15,920 --> 00:25:18,960
Speaker 4: Don't have insight into is a central thing and you

574
00:25:19,119 --> 00:25:23,080
Speaker 4: just haven't tapped into that being a cultural thing. And

575
00:25:23,400 --> 00:25:26,399
Speaker 4: you know who knows, yeah, or are you just like

576
00:25:26,480 --> 00:25:30,000
Speaker 4: me and you're straight stray in and that's not really

577
00:25:30,040 --> 00:25:30,439
Speaker 4: a part.

578
00:25:30,320 --> 00:25:31,040
Speaker 2: Of your culture.

579
00:25:31,200 --> 00:25:34,159
Speaker 4: And that's why you find it really frustrating because you know,

580
00:25:34,440 --> 00:25:37,400
Speaker 4: just to extrapolate it out, you're saying, and you said

581
00:25:37,480 --> 00:25:41,760
Speaker 4: in this that you know they have some bad expensive habits.

582
00:25:43,240 --> 00:25:44,920
Speaker 2: What are those bad expensive habits?

583
00:25:45,040 --> 00:25:48,800
Speaker 4: So why is your partner funding them if they're not

584
00:25:48,840 --> 00:25:50,040
Speaker 4: good for their parents as well?

585
00:25:50,080 --> 00:25:51,760
Speaker 2: Like, I just feel like there's a lot more to

586
00:25:51,880 --> 00:25:53,359
Speaker 2: the story totally.

587
00:25:53,880 --> 00:25:56,720
Speaker 5: I feel like my suggestion for a solution would simply

588
00:25:56,760 --> 00:25:59,520
Speaker 5: be that if you are feeling uncomfortable with the fact

589
00:25:59,560 --> 00:26:01,840
Speaker 5: that you now I feel like you're contributing more financially,

590
00:26:01,880 --> 00:26:05,000
Speaker 5: you feel like it's a bit uneven. If he wants

591
00:26:05,040 --> 00:26:06,960
Speaker 5: to continue to support his parents, I think that should

592
00:26:06,960 --> 00:26:10,399
Speaker 5: be his decision. But I suppose to equalize the playing field,

593
00:26:10,400 --> 00:26:12,520
Speaker 5: maybe the conversation is okay, well, if you're taking four

594
00:26:12,600 --> 00:26:15,440
Speaker 5: hundred dollars out a month or a fortnight or whatever,

595
00:26:16,080 --> 00:26:18,480
Speaker 5: I'm going to contribute four hundred dollars less, and I'm

596
00:26:18,480 --> 00:26:20,520
Speaker 5: going to put that towards something for me. So maybe

597
00:26:20,520 --> 00:26:22,880
Speaker 5: you put it in an investment portfolio, or maybe you

598
00:26:23,320 --> 00:26:25,120
Speaker 5: put it towards something you want to treat yourself with,

599
00:26:25,280 --> 00:26:28,280
Speaker 5: and you kind of equalize those contributions in a way

600
00:26:28,280 --> 00:26:30,080
Speaker 5: that you want. Like I know we've discussed before, there's

601
00:26:30,119 --> 00:26:32,360
Speaker 5: many different ways to approach your money, and not everyone

602
00:26:32,359 --> 00:26:35,159
Speaker 5: wants it to be exactly tit for tat, But if

603
00:26:35,200 --> 00:26:38,840
Speaker 5: it's a point of contention, maybe that is that that's

604
00:26:38,840 --> 00:26:40,040
Speaker 5: the best way I can kind of think of.

605
00:26:39,960 --> 00:26:40,359
Speaker 2: To solve it.

606
00:26:40,359 --> 00:26:42,080
Speaker 5: And I totally agree to kind of pull that back

607
00:26:42,119 --> 00:26:44,159
Speaker 5: he continues to do what is important to him and

608
00:26:44,160 --> 00:26:46,400
Speaker 5: important to his family, because I do think that that's

609
00:26:46,440 --> 00:26:49,080
Speaker 5: maybe not necessarily something that anyone else can tell you

610
00:26:49,640 --> 00:26:52,240
Speaker 5: how to manage, Like your relationship with your family, I

611
00:26:52,240 --> 00:26:55,399
Speaker 5: think is deeply personal. And if our listener is worried

612
00:26:55,440 --> 00:26:58,520
Speaker 5: about the impact on their financial goals, you know, strip

613
00:26:58,560 --> 00:27:00,600
Speaker 5: it back, kind of even out the playing field and

614
00:27:01,119 --> 00:27:03,920
Speaker 5: maybe read the timeline for the goals that you have.

615
00:27:04,160 --> 00:27:06,720
Speaker 6: I totally agree my advice is going to be similar

616
00:27:06,760 --> 00:27:10,240
Speaker 6: to that, almost exactly the same, but obviously.

617
00:27:09,800 --> 00:27:13,440
Speaker 2: Communication say what she says what she said.

618
00:27:14,080 --> 00:27:16,560
Speaker 6: No, but yeah, communication is key, and also yeah, I

619
00:27:16,600 --> 00:27:19,160
Speaker 6: would say I guess it would be really frustrating if

620
00:27:19,160 --> 00:27:22,760
Speaker 6: you have already mapped out when you're going to reach

621
00:27:22,760 --> 00:27:26,359
Speaker 6: your goal by and it's like, you know your second half,

622
00:27:26,960 --> 00:27:29,080
Speaker 6: you know, the person who's meant to be contributing the

623
00:27:29,119 --> 00:27:33,080
Speaker 6: same amount or not that much less. Is kind of

624
00:27:33,119 --> 00:27:35,280
Speaker 6: like not really pulling the weight in that regard. But yeah,

625
00:27:35,280 --> 00:27:37,520
Speaker 6: it is one of those things. It's like you currently

626
00:27:37,520 --> 00:27:39,480
Speaker 6: say anything. You can't talk to the parents. Obviously they're

627
00:27:39,480 --> 00:27:41,560
Speaker 6: not yours. It depends on your dynamic with them. Maybe

628
00:27:41,560 --> 00:27:42,440
Speaker 6: you're super comfortable.

629
00:27:42,440 --> 00:27:42,760
Speaker 1: I don't know.

630
00:27:42,840 --> 00:27:44,680
Speaker 2: I agree with you on the communication piece.

631
00:27:45,119 --> 00:27:48,520
Speaker 4: It feels like there's a lack of understanding from both sides,

632
00:27:49,119 --> 00:27:50,879
Speaker 4: like you're clearly not on the same page about it.

633
00:27:50,920 --> 00:27:54,280
Speaker 4: I think we need to step back and then go, oh, hey, Jess,

634
00:27:54,280 --> 00:27:56,320
Speaker 4: can we sit down and like properly talk about this,

635
00:27:56,520 --> 00:27:58,600
Speaker 4: Like obviously that's important to you.

636
00:27:58,960 --> 00:28:00,000
Speaker 2: We need to factor it in.

637
00:28:00,160 --> 00:28:02,840
Speaker 4: It's like, let's be honest, it's happening so often, happening

638
00:28:02,840 --> 00:28:05,520
Speaker 4: every week or whatever it is, we now need to

639
00:28:05,520 --> 00:28:07,320
Speaker 4: build this into our budget. If you're going to continue it,

640
00:28:07,320 --> 00:28:09,360
Speaker 4: that's fine, but like, we need to be talking about

641
00:28:09,359 --> 00:28:10,560
Speaker 4: our goals and what that looks like.

642
00:28:10,640 --> 00:28:12,800
Speaker 2: And you know, I think that if you don't go,

643
00:28:13,080 --> 00:28:13,919
Speaker 2: I don't want you doing it.

644
00:28:14,000 --> 00:28:17,399
Speaker 4: Let's talk about that, that's going to create some bruffage.

645
00:28:17,880 --> 00:28:19,680
Speaker 4: But if you say, look, we actually just need to

646
00:28:19,680 --> 00:28:22,880
Speaker 4: revisit our budget because obviously we're not able to do this.

647
00:28:22,960 --> 00:28:26,760
Speaker 4: We quote we need to be contributing to this, and

648
00:28:26,800 --> 00:28:28,760
Speaker 4: then once you sit down, you go, well, I don't

649
00:28:28,840 --> 00:28:31,560
Speaker 4: want to contribute to that. I want to be doing this.

650
00:28:31,680 --> 00:28:33,480
Speaker 4: But what does it look like like if your parents

651
00:28:33,520 --> 00:28:34,240
Speaker 4: are asking you for this?

652
00:28:34,320 --> 00:28:34,880
Speaker 2: Let's have a look.

653
00:28:34,920 --> 00:28:37,320
Speaker 4: How much have we given them over the last few months? Okay,

654
00:28:37,960 --> 00:28:40,640
Speaker 4: X thousand dollars? Okay, no worries. How do we make

655
00:28:40,680 --> 00:28:43,200
Speaker 4: sure that you are in a position to do that

656
00:28:43,320 --> 00:28:44,360
Speaker 4: and achieve your goals?

657
00:28:44,400 --> 00:28:44,960
Speaker 2: Does that mean?

658
00:28:45,000 --> 00:28:47,960
Speaker 4: And I think that the reality of the circumstances might

659
00:28:48,000 --> 00:28:50,480
Speaker 4: come tumbling down then, because if you're doing it ad hoc,

660
00:28:50,840 --> 00:28:53,560
Speaker 4: you go whatever whatever every time, right. But if then

661
00:28:53,600 --> 00:28:56,600
Speaker 4: I go, oh, beck, like that means that you know,

662
00:28:56,640 --> 00:28:58,760
Speaker 4: how we wanted to buy a house next year, it's not.

663
00:28:58,720 --> 00:28:59,880
Speaker 2: Going to happen. That's okay.

664
00:29:00,760 --> 00:29:02,840
Speaker 4: What will happen though, is we could probably buy a

665
00:29:02,840 --> 00:29:04,800
Speaker 4: house in three or four years. You're right with that,

666
00:29:05,160 --> 00:29:07,160
Speaker 4: and I'm almost certain that your partner will be like,

667
00:29:07,160 --> 00:29:09,200
Speaker 4: wait wait, I no, no, no, that's not what we wanted.

668
00:29:09,680 --> 00:29:12,600
Speaker 2: But that's how money works. It's not endless.

669
00:29:12,640 --> 00:29:17,560
Speaker 4: Like I think, having a really good, non judgmental conversation

670
00:29:17,680 --> 00:29:19,520
Speaker 4: about it, because you might think it's the worst thing ever.

671
00:29:19,880 --> 00:29:22,040
Speaker 2: But then I look at it and go if my parents.

672
00:29:21,840 --> 00:29:23,440
Speaker 4: Reached out to me and said they need a cash,

673
00:29:23,600 --> 00:29:26,760
Speaker 4: which they don't, I would give it to them in heartbeat.

674
00:29:26,800 --> 00:29:28,120
Speaker 2: I don't think i'd even question it.

675
00:29:28,200 --> 00:29:32,080
Speaker 4: No, like sister sibling, honestly, jes asked me for cash tomorrow,

676
00:29:32,120 --> 00:29:34,320
Speaker 4: I'd be like, oh, of course, I'll look after you, like,

677
00:29:34,400 --> 00:29:37,480
Speaker 4: don't worry. Yeah, I'm that type of person. And that's

678
00:29:37,520 --> 00:29:40,120
Speaker 4: not that sounds terrible. It's not a flex thing. It's

679
00:29:40,160 --> 00:29:42,280
Speaker 4: more that's what I would want to do in that

680
00:29:42,320 --> 00:29:45,280
Speaker 4: circumstance if I have the means. So your partner might

681
00:29:45,320 --> 00:29:47,880
Speaker 4: be very similar and they're like, yeah, but like I

682
00:29:47,920 --> 00:29:50,800
Speaker 4: know what compromises my goals, but my family's more important.

683
00:29:51,400 --> 00:29:53,760
Speaker 4: So like we need to have that conversation and get

684
00:29:53,800 --> 00:29:55,840
Speaker 4: on the same page because you might not have grown

685
00:29:55,880 --> 00:29:58,080
Speaker 4: up in a similar situation, you might go, oh, my

686
00:29:58,200 --> 00:30:01,560
Speaker 4: parents I left when I was six, want nothing to

687
00:30:01,600 --> 00:30:04,160
Speaker 4: do with them, would never give them a dollar, And

688
00:30:04,200 --> 00:30:07,360
Speaker 4: then that mindset is overlaying what they're doing, and you're going, well, that.

689
00:30:07,400 --> 00:30:09,080
Speaker 2: Makes no sense. I'd never do that. Why would you

690
00:30:09,120 --> 00:30:09,400
Speaker 2: do that?

691
00:30:09,840 --> 00:30:11,440
Speaker 4: So I think we need to kind of like step

692
00:30:11,480 --> 00:30:14,400
Speaker 4: back and just have some open, honest communication about this,

693
00:30:14,760 --> 00:30:18,040
Speaker 4: because you both deserve that clarity, because then at least

694
00:30:18,120 --> 00:30:20,840
Speaker 4: you can feel at peace with the decision they're making.

695
00:30:21,040 --> 00:30:23,280
Speaker 2: And going back to what you said, Yes, if there's

696
00:30:23,320 --> 00:30:24,600
Speaker 2: spare cash, because you're.

697
00:30:24,480 --> 00:30:26,000
Speaker 4: Like, well, I'm not going to be buying this house

698
00:30:26,040 --> 00:30:29,120
Speaker 4: on my own, you can allocate it towards another investment

699
00:30:29,120 --> 00:30:31,040
Speaker 4: goal to make sure that you're still working towards a

700
00:30:31,080 --> 00:30:32,240
Speaker 4: safe financial future.

701
00:30:32,640 --> 00:30:32,840
Speaker 5: Yeah.

702
00:30:33,000 --> 00:30:33,400
Speaker 6: Love that.

703
00:30:33,600 --> 00:30:34,520
Speaker 5: What did everyone else say?

704
00:30:34,720 --> 00:30:36,200
Speaker 2: Oh, God, spicy, you're ready.

705
00:30:36,240 --> 00:30:38,600
Speaker 4: And we asked, obviously for your two cents. First question

706
00:30:38,680 --> 00:30:41,040
Speaker 4: we asked was would you be frustrated if your partner

707
00:30:41,120 --> 00:30:42,720
Speaker 4: was giving significant dollars.

708
00:30:42,560 --> 00:30:44,760
Speaker 2: To their parents. Ninety percent of you said yes.

709
00:30:45,240 --> 00:30:47,440
Speaker 4: Well, he said, if your parents continued to ask for

710
00:30:47,480 --> 00:30:49,560
Speaker 4: your help with money, would you give it?

711
00:30:50,080 --> 00:30:53,600
Speaker 2: Forty percent of you said yes. Sixty percent said no, I.

712
00:30:53,520 --> 00:30:55,160
Speaker 5: Guess it does depend on what it's like. If they're

713
00:30:55,240 --> 00:30:57,840
Speaker 5: using it for drugs, then you go, okay, probably not exactly.

714
00:30:57,880 --> 00:30:59,400
Speaker 5: And that's where I'm like, we need some context.

715
00:30:59,520 --> 00:31:01,479
Speaker 4: You said it was a bad habit, but like, what

716
00:31:01,800 --> 00:31:04,480
Speaker 4: is a bad habit that you just keep overspending and

717
00:31:04,600 --> 00:31:07,200
Speaker 4: you didn't allocate money for the bills this month?

718
00:31:07,440 --> 00:31:10,920
Speaker 2: Or like is that crystal meth? Like there's a different delineation,

719
00:31:11,120 --> 00:31:11,320
Speaker 2: you know.

720
00:31:11,840 --> 00:31:15,360
Speaker 4: We then asked you if yes, so as if you

721
00:31:15,440 --> 00:31:18,240
Speaker 4: would continue to give your parents money why, And we

722
00:31:18,680 --> 00:31:21,520
Speaker 4: have a number of different answers. So they've always helped

723
00:31:21,560 --> 00:31:22,479
Speaker 4: me whenever i'd need it.

724
00:31:22,480 --> 00:31:23,320
Speaker 2: It's reciprocal.

725
00:31:23,720 --> 00:31:25,440
Speaker 4: Someone said, if I was in a position to help

726
00:31:25,440 --> 00:31:28,600
Speaker 4: my parents, I would, similarly to how they've always helped

727
00:31:28,640 --> 00:31:29,760
Speaker 4: me get as far as I have.

728
00:31:30,760 --> 00:31:31,840
Speaker 2: Some people said mine.

729
00:31:31,720 --> 00:31:33,960
Speaker 4: Wouldn't ask if they were desperate, so if they asked,

730
00:31:33,960 --> 00:31:36,280
Speaker 4: I'd sell everything I own for them. I was like,

731
00:31:36,360 --> 00:31:40,200
Speaker 4: you're Someone said, look, I trust them to always return

732
00:31:40,280 --> 00:31:44,480
Speaker 4: it with some interest, of course. Someone said, my mum

733
00:31:44,560 --> 00:31:48,200
Speaker 4: sacrificed everything for me, and she wouldn't ask unless she

734
00:31:48,280 --> 00:31:49,520
Speaker 4: really really needed it.

735
00:31:50,080 --> 00:31:52,719
Speaker 2: Someone said the bank of mom and Dad's actually supported me.

736
00:31:52,760 --> 00:31:55,280
Speaker 4: Thus far in my hard times, I would want to

737
00:31:55,320 --> 00:31:59,040
Speaker 4: return that favor. So it was very much if you said, yes,

738
00:31:59,120 --> 00:32:02,280
Speaker 4: that's absolutely it. But then the tables turned and someone

739
00:32:02,280 --> 00:32:04,680
Speaker 4: said I'd do it. I don't want to. I'd just

740
00:32:04,720 --> 00:32:08,440
Speaker 4: feel guilty, Like I can see where that comes from.

741
00:32:08,600 --> 00:32:11,560
Speaker 4: Someone said, I grew up in a Chinese household. It's

742
00:32:11,600 --> 00:32:15,400
Speaker 4: actually expected that I fund my parents' lifestyle, right. Someone

743
00:32:15,480 --> 00:32:18,200
Speaker 4: said they're not going to ask for it for bad habits,

744
00:32:18,280 --> 00:32:20,280
Speaker 4: but if it was for good things, I'm sure I

745
00:32:20,320 --> 00:32:22,440
Speaker 4: would be happy to give it to them. And then

746
00:32:22,520 --> 00:32:25,480
Speaker 4: a lot of other people said, if it's a cultural thing,

747
00:32:25,760 --> 00:32:29,560
Speaker 4: maybe your partner could give Cole's gift cards so they

748
00:32:29,600 --> 00:32:32,800
Speaker 4: don't have access to cash for whatever bad habit that is.

749
00:32:33,240 --> 00:32:34,960
Speaker 5: That's an interesting idea.

750
00:32:35,360 --> 00:32:37,600
Speaker 2: Yeah, well I don't know because I don't know what

751
00:32:37,600 --> 00:32:38,080
Speaker 2: the cash is.

752
00:32:38,080 --> 00:32:41,200
Speaker 5: Being correct, Yeah, it depends on I suppose.

753
00:32:41,360 --> 00:32:43,120
Speaker 2: I mean you could extrapolate that out and be like, oh,

754
00:32:43,160 --> 00:32:44,280
Speaker 2: what's it for? And if it's for a.

755
00:32:44,200 --> 00:32:45,960
Speaker 4: Bill'll be like, oh, send me a copy of it,

756
00:32:46,000 --> 00:32:48,400
Speaker 4: and I'll just be paying myself, like I'll organize it.

757
00:32:48,880 --> 00:32:51,040
Speaker 4: We did then say, well, if you wouldn't give your

758
00:32:51,040 --> 00:32:53,960
Speaker 4: parents cash, how would you go about telling them that

759
00:32:54,000 --> 00:32:58,000
Speaker 4: you can't help. Someone said sharing with them that as

760
00:32:58,000 --> 00:33:00,000
Speaker 4: an adult, their finances are not my respect.

761
00:33:01,360 --> 00:33:02,840
Speaker 6: Also technically true.

762
00:33:03,680 --> 00:33:05,920
Speaker 5: It's such a hard thing because I completely agree and

763
00:33:06,080 --> 00:33:08,680
Speaker 5: understand what everyone's said around like wanting to support their

764
00:33:08,720 --> 00:33:11,440
Speaker 5: parents who have supported them and helped them, but at

765
00:33:11,480 --> 00:33:13,000
Speaker 5: the end of the day, like you didn't ask to

766
00:33:13,040 --> 00:33:16,600
Speaker 5: be born, and which it's very aggressive, but do you

767
00:33:16,640 --> 00:33:18,800
Speaker 5: know what I mean? If again, depending on what that

768
00:33:18,840 --> 00:33:21,520
Speaker 5: bad habit is, if you're not in the position or

769
00:33:21,520 --> 00:33:24,280
Speaker 5: you don't want to, I think that's also fair and valid.

770
00:33:24,400 --> 00:33:24,640
Speaker 6: Yes.

771
00:33:25,080 --> 00:33:25,320
Speaker 2: Yeah.

772
00:33:25,400 --> 00:33:29,240
Speaker 4: Someone said I'd discuss boundaries with my parents about my

773
00:33:29,440 --> 00:33:32,800
Speaker 4: parent child relationship and my future goals and how that's

774
00:33:32,880 --> 00:33:36,560
Speaker 4: impacting them. Someone else said, in my situation, I'd express

775
00:33:36,600 --> 00:33:38,480
Speaker 4: that I have my own goals and I'm trying.

776
00:33:38,200 --> 00:33:42,000
Speaker 2: To meet them. Someone said, I'm really not in a position.

777
00:33:42,080 --> 00:33:44,400
Speaker 4: I'm so sorry. I can't do this anymore. I would

778
00:33:44,440 --> 00:33:46,840
Speaker 4: have loved to help, it's just not a possibility. You

779
00:33:46,880 --> 00:33:48,960
Speaker 4: feel like it's a bit more gentle. Someone said, I'd

780
00:33:48,960 --> 00:33:52,240
Speaker 4: be really blunt. I'd give them all the information for Centerlink,

781
00:33:52,480 --> 00:33:53,720
Speaker 4: financial counseling, etc.

782
00:33:54,080 --> 00:33:54,760
Speaker 2: And leave it at that.

783
00:33:55,160 --> 00:33:57,440
Speaker 5: Resources are really helpful for people totally.

784
00:33:57,560 --> 00:33:59,280
Speaker 4: Someone said I'd just be straight up if I can't

785
00:33:59,280 --> 00:34:01,800
Speaker 4: afford it, I can't thought it, And then someone else said,

786
00:34:02,080 --> 00:34:05,720
Speaker 4: sitting them down for a calm and honest conversation about

787
00:34:05,720 --> 00:34:09,120
Speaker 4: their habits and how they are not helping themselves. I

788
00:34:09,160 --> 00:34:11,399
Speaker 4: feel like I would probably be a little bit more

789
00:34:11,440 --> 00:34:13,680
Speaker 4: gentle than that, Like, I just can't imagine doing it.

790
00:34:13,719 --> 00:34:16,280
Speaker 2: But that's my relationship with my parents.

791
00:34:16,719 --> 00:34:19,000
Speaker 4: But I guess this idea of just saying, look, I'm

792
00:34:19,040 --> 00:34:22,000
Speaker 4: really not in the position to support that, so sorry.

793
00:34:22,160 --> 00:34:24,000
Speaker 4: Even if you've been doing it for a little while,

794
00:34:24,280 --> 00:34:25,680
Speaker 4: I think you can go back and be like, look,

795
00:34:25,719 --> 00:34:28,840
Speaker 4: I can't continue to do this. It's now impacting my

796
00:34:28,960 --> 00:34:30,280
Speaker 4: bigger goals and stuff.

797
00:34:30,480 --> 00:34:31,880
Speaker 5: Cost of living is getting worse.

798
00:34:32,080 --> 00:34:34,799
Speaker 4: Yeah, so I think that that is absolutely fine and

799
00:34:34,880 --> 00:34:39,120
Speaker 4: obviously the your boundaries draw them, yeah, enforce them.

800
00:34:39,280 --> 00:34:41,240
Speaker 2: We then said have you been in a similar situation.

801
00:34:41,320 --> 00:34:44,319
Speaker 2: If so, what happened? And someone said, I regularly help

802
00:34:44,360 --> 00:34:46,759
Speaker 2: support my mum and my partner and I have open

803
00:34:46,760 --> 00:34:51,040
Speaker 2: communication about this. Heat doesn't mind at all. Someone said, yep,

804
00:34:51,120 --> 00:34:53,919
Speaker 2: I send money to support my family who's in Ethiopia.

805
00:34:54,120 --> 00:34:55,040
Speaker 2: It's an obligation.

806
00:34:55,239 --> 00:34:58,880
Speaker 4: I can't ever shed sure seek cultural again, Like, I

807
00:34:59,000 --> 00:35:01,040
Speaker 4: just think that there's so much, many layers to this

808
00:35:01,120 --> 00:35:05,280
Speaker 4: conversation that we don't understand. Someone said, yeap, very similar

809
00:35:05,320 --> 00:35:07,720
Speaker 4: where my mum ended up taking out a personal loan

810
00:35:08,080 --> 00:35:10,520
Speaker 4: at to start a business. It went south and I

811
00:35:10,600 --> 00:35:13,360
Speaker 4: had to clean up the pieces. Someone said, I'm in

812
00:35:13,360 --> 00:35:16,400
Speaker 4: a really similar situation and it's a real shot feeling

813
00:35:16,480 --> 00:35:21,160
Speaker 4: for all those reasons. Someone said, I'm Asian. Most Asian

814
00:35:21,200 --> 00:35:24,640
Speaker 4: parents expect money from their kids. Mine asked for thirty

815
00:35:24,680 --> 00:35:25,960
Speaker 4: percent of my pay.

816
00:35:26,280 --> 00:35:26,960
Speaker 5: Wow.

817
00:35:27,040 --> 00:35:29,480
Speaker 4: I refused to give it, and then I was being

818
00:35:29,520 --> 00:35:32,360
Speaker 4: compared to my cousins who actually did it. And I

819
00:35:32,440 --> 00:35:35,080
Speaker 4: have to pay rent and mortgage, so this is very

820
00:35:35,160 --> 00:35:35,640
Speaker 4: hard on me.

821
00:35:36,080 --> 00:35:37,160
Speaker 6: It's a lot lot.

822
00:35:37,320 --> 00:35:39,520
Speaker 5: Yeah, it's hard, I think as well.

823
00:35:39,719 --> 00:35:42,480
Speaker 4: A lot of thirty percent is like less than what

824
00:35:43,160 --> 00:35:45,000
Speaker 4: a lot of people are paying on their mortgage. But

825
00:35:45,080 --> 00:35:46,920
Speaker 4: like on average, if I could put everyone in a

826
00:35:46,920 --> 00:35:49,800
Speaker 4: perfect position, he'd be only spending about thirty percent on

827
00:35:49,840 --> 00:35:52,960
Speaker 4: your mortgage. So that's a mortgage or a payment guys, huge.

828
00:35:52,760 --> 00:35:53,440
Speaker 2: Amount of money.

829
00:35:53,960 --> 00:35:55,640
Speaker 5: And it's hard for a lot of people who maybe

830
00:35:55,719 --> 00:35:59,160
Speaker 5: are balancing their parents' culture and their own cultural identity,

831
00:35:59,480 --> 00:36:02,839
Speaker 5: especially immigrants. I have a few friends who have either

832
00:36:02,880 --> 00:36:04,880
Speaker 5: them or their parents, and.

833
00:36:04,840 --> 00:36:07,600
Speaker 4: They're like first generation, so it's not really something that

834
00:36:07,719 --> 00:36:08,800
Speaker 4: they've tackled before.

835
00:36:09,080 --> 00:36:11,799
Speaker 5: Yeah, and it's it's almost like navigating, you know, the

836
00:36:11,800 --> 00:36:13,880
Speaker 5: set of rules and the way that it could realistic

837
00:36:13,920 --> 00:36:17,160
Speaker 5: work in one country versus here, and the norms that

838
00:36:17,200 --> 00:36:19,759
Speaker 5: they observe in other family dynamics. And it can see

839
00:36:19,760 --> 00:36:22,719
Speaker 5: how it also would be really hard to save your parents. Hey, like, like,

840
00:36:22,719 --> 00:36:24,520
Speaker 5: I know you've spent your whole life thinking that I

841
00:36:24,520 --> 00:36:27,560
Speaker 5: would pay for you, but there's only so much that

842
00:36:27,680 --> 00:36:28,600
Speaker 5: is within my means.

843
00:36:28,440 --> 00:36:31,360
Speaker 2: Like they're exactly huge COSI livy crisis.

844
00:36:31,640 --> 00:36:32,279
Speaker 5: Yeah.

845
00:36:32,320 --> 00:36:34,279
Speaker 4: So a couple more, someone said, how long's a piece

846
00:36:34,320 --> 00:36:37,520
Speaker 4: of string? Someone said, you should set up a binding

847
00:36:37,560 --> 00:36:39,920
Speaker 4: financial agreement, second last one, because I don't want to

848
00:36:40,000 --> 00:36:42,520
Speaker 4: end on a trainer. But someone said, I ended up

849
00:36:42,560 --> 00:36:45,000
Speaker 4: having to have an intervention with my parents and they're

850
00:36:45,040 --> 00:36:48,400
Speaker 4: overspending after a few health issues arised from what they

851
00:36:48,440 --> 00:36:51,600
Speaker 4: were spending money on. And then someone said, look, I

852
00:36:51,719 --> 00:36:54,240
Speaker 4: used to support my parents and now had to reset

853
00:36:54,320 --> 00:36:56,560
Speaker 4: some boundaries. But we are both on the same page

854
00:36:56,600 --> 00:36:59,000
Speaker 4: because we had open, honest communication, and I think.

855
00:36:58,840 --> 00:37:00,680
Speaker 2: That that's where we will leave it.

856
00:37:01,320 --> 00:37:04,360
Speaker 4: But yeah, I think again open hoes communication exactly what

857
00:37:04,400 --> 00:37:07,880
Speaker 4: you were saying, Beck, Like you just can't leave it

858
00:37:07,960 --> 00:37:10,120
Speaker 4: in that situation. And I feel like there's such a

859
00:37:10,200 --> 00:37:12,880
Speaker 4: lack of clarity from both parties about like what they

860
00:37:12,960 --> 00:37:14,680
Speaker 4: can do, what you can do, and like how are

861
00:37:14,680 --> 00:37:16,600
Speaker 4: we sharing finances in the future, Like we.

862
00:37:16,520 --> 00:37:17,520
Speaker 2: Need lots of chats.

863
00:37:17,640 --> 00:37:21,000
Speaker 4: Yes, agreed, Right, that is all we have time for today,

864
00:37:21,000 --> 00:37:24,680
Speaker 4: My loves, I hope you have the best weekend.

865
00:37:24,320 --> 00:37:26,960
Speaker 2: And we'll see you bright nearly from Money Dari's on Monday.

866
00:37:27,160 --> 00:37:28,680
Speaker 6: Bye, guys, love you Bye.

867
00:37:34,640 --> 00:37:37,240
Speaker 4: The advice shared on She's on the Money is generally

868
00:37:37,400 --> 00:37:41,200
Speaker 4: nature and does not consider your individual circumstances. She's on

869
00:37:41,239 --> 00:37:44,719
Speaker 4: the Money exists purely for educational purposes and should not

870
00:37:44,800 --> 00:37:47,800
Speaker 4: be relied upon to make an investment or financial decision.

871
00:37:48,160 --> 00:37:50,640
Speaker 4: If you do choose to buy a financial product, read

872
00:37:50,640 --> 00:37:53,960
Speaker 4: the PDS TMD and obtain appropriate financial.

873
00:37:53,560 --> 00:37:55,360
Speaker 2: Advice tailored towards your needs.

874
00:37:55,719 --> 00:37:59,600
Speaker 4: Victoria Divine and She's on the Money are authorized representatives

875
00:37:59,640 --> 00:38:01,759
Speaker 4: of Money, NI sherper P, T y L t D

876
00:38:01,960 --> 00:38:04,759
Speaker 4: A B N three two one six four nine two

877
00:38:04,800 --> 00:38:07,759
Speaker 4: seven seven zero eight A F s L four five

878
00:38:07,840 --> 00:38:09,120
Speaker 4: one two eight nine,