Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni 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 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: of people who want financial freedom. Today, my friend's surprise,
Speaker 4: it is Friday, and it means that it is time
Speaker 4: to get our little team together and celebrate you.
Speaker 2: How incredible.
Speaker 4: She's on the Money community today, Miss Jess Gricci, She's
Speaker 4: on the Money.
Speaker 2: Wins from our community.
Speaker 4: BECKSI Ede, She's got some broke tips and we're helping
Speaker 4: to answer a juicy money dilemma, which this week is
Speaker 4: all about.
Speaker 5: Sorting your super out.
Speaker 2: At thirty.
Speaker 4: We're also going to be unpacking something that you slid
Speaker 4: into our dams out which this week is about parents
Speaker 4: who borrow money and don't pay it back.
Speaker 2: But before we get there, my loves, how have your
Speaker 2: weeks been? What have you been up to? Anything exciting
Speaker 2: to report you?
Speaker 5: Good?
Speaker 1: Good luck?
Speaker 2: Chuck over here, how is your streak going? Good? Good?
Speaker 5: You're going well. We had our little team retreat this week,
Speaker 5: which was very fun, very fun.
Speaker 4: We had a pool, a whole house and I'm just
Speaker 4: surprised we got any work done.
Speaker 5: I I loved being down by the beach, enjoyed some
Speaker 5: beautiful sunsets stunning.
Speaker 4: For those of you following along and maybe haven't seen
Speaker 4: our socials.
Speaker 2: We stayed at Sagres Sagres. Is that how you say?
Speaker 5: Jess Sagres Sagres ye sag r.
Speaker 4: E s Segars in Queenscliff, most beautiful home like legit,
Speaker 4: it felt like we had like our little Shees on
Speaker 4: the Money sorority, Like we all had our fancy bedrooms,
Speaker 4: we had our communal dining room, we had a cool
Speaker 4: like it was very Elwoods vibes for us to do
Speaker 4: work and get motivated, but amazing. I thought that was
Speaker 4: really important to get the Shees on the Money team
Speaker 4: together to like make sure that we've got content coming
Speaker 4: out because I'm having a baby. So I figured probably
Speaker 4: should take the team away, lock them in a room together, basically.
Speaker 2: And go, how are we dealing with my matt leave?
Speaker 2: Is there anything you need from me?
Speaker 4: What can we do so that there's no bumps in
Speaker 4: the road, because otherwise I will be like peeping over
Speaker 4: their shoulders and be like hey, yes, what do and
Speaker 4: you will go back to maternity leave and I'll be like.
Speaker 5: Lord, yeah, yeah, yeah, sound was really fun. How has
Speaker 5: your week been? Yeah?
Speaker 2: Very nice.
Speaker 6: I saw all of us strangers.
Speaker 2: Oh, it was good.
Speaker 5: It was good.
Speaker 6: I just want to say to a musical movie, I'm
Speaker 6: not a big musical girl.
Speaker 4: I was so excited when I heard that The Mean
Speaker 4: Girl's movie was coming out, and then someone was like,
Speaker 4: by the way, it's musical, and I was like, I'm out.
Speaker 5: The Mean Girls musical.
Speaker 6: That is fabulous?
Speaker 2: Is it actual? Actually?
Speaker 5: Yeah it is. So it was a movie that was
Speaker 5: adapted to a musical that has now been adapted to
Speaker 5: a movie.
Speaker 4: So a movie that is a musical, yes, No, I'm
Speaker 4: out any musical movies. Like, it's just not me unless
Speaker 4: it's high school musical, in which case they were very
Speaker 4: clear about what it was going to be with the titles.
Speaker 5: Yes, except that I do feel like the Mean Girls
Speaker 5: trailer doesn't showcase strongly that it is a musical, so
Speaker 5: I can understand why some people were taking to surprise.
Speaker 5: They really Trojan horsed us.
Speaker 6: But other than that, Yeah.
Speaker 2: It's just being real chill.
Speaker 6: Living, loving and laughing at the moment.
Speaker 2: Oh, you're in the right conditions to love last Yeah,
Speaker 2: I love that for you. And what about UV just
Speaker 2: feeling really heavy?
Speaker 1: That's it.
Speaker 4: We had a really good time at the retreat and
Speaker 4: now I'm just feeling like a bit of a heaflump to.
Speaker 6: Be honest, like I got to blow.
Speaker 2: Yeah.
Speaker 4: Cool, that's my update, because you don't actually want to
Speaker 4: know what's been going on with my buddy. Anyway, let's
Speaker 4: jump straight in, Miss Jesse Gricci.
Speaker 2: Community money Wins. What are you bringing to the table
Speaker 2: this week?
Speaker 5: Firstly, this week I have a money win from April,
Speaker 5: who said, went through my old boxes from my early
Speaker 5: twenties in my parents shed over the holiday break. I
Speaker 5: found a bunch of notes from when I traveled to
Speaker 5: Europe that I kept as a souvenir. This is financial
Speaker 5: money now dollar dollar bills, she said. I decided to
Speaker 5: keep some of the other more meaningful bits and bobs
Speaker 5: I picked up during my trip as souvenirs instead, and
Speaker 5: I cashed in the notes over the weekend, which was
Speaker 5: an extrae hundred and fifty bucks.
Speaker 2: Oh my gosh, that's so much money. That's an expensive souvenir.
Speaker 5: Well, how often do you come home from a trip
Speaker 5: and you have just random coins? And I have a
Speaker 5: jar of like foreign money, which I use is like decorps,
Speaker 5: but which I'm like, oh, this is kind of fun.
Speaker 5: Expensive if you if you took it to an exchange
Speaker 5: place and they did all the coins and stuff, it
Speaker 5: probably adds up. It true does fun little idea from April. Next,
Speaker 5: I've got a money win from Ambray, who said, I
Speaker 5: actually stuck to my budget this.
Speaker 2: Week, so much harder done. Then said, so I love
Speaker 2: this for.
Speaker 5: You, completely agree. Then I've got one from Sea who
Speaker 5: said I found an unopened copy of the board game
Speaker 5: Telestrations at the shop. They Illustrations Tallestrations. If you have
Speaker 5: not played it is my favorite game. It is what.
Speaker 5: Let me give you a real quick right. Now, Okay,
Speaker 5: it's good for small and big groups because you can
Speaker 5: buy like an upsized one that has up to twelve players.
Speaker 5: So everyone, well players, Everyone gets a little pad like
Speaker 5: that's got whiteboard pages and a pen and an eraser
Speaker 5: and so on the very front page, you draw a
Speaker 5: card and it gives you something. Let's say you get
Speaker 5: the Man in the moon, right, So the first person
Speaker 5: text like this, Yes, so your thing is a text
Speaker 5: on your card. So you write on the first page
Speaker 5: the man in the Moon. You flip the page and
Speaker 5: you pass it to the person on your level, so
Speaker 5: everyone has the thing. Everyone gets the one from next
Speaker 5: to them. You look at the text and you draw
Speaker 5: it right then you pass it along. The person looks
Speaker 5: at your drawing and has to write what they think
Speaker 5: that you drew, and it passes along. The next person
Speaker 5: draws what the So you're you're effectively drawing or writing
Speaker 5: from the page in front of you. Right. So then
Speaker 5: you get back to the start, and you start at
Speaker 5: the end and you go, okay, I've ended up with
Speaker 5: catdog cheese, and you go, this is what the person drew,
Speaker 5: And then you see the progression of how.
Speaker 2: It's changed this game you don't.
Speaker 5: It's just so funny.
Speaker 6: Literally play this on the weekend.
Speaker 5: It's such a good game.
Speaker 6: It's such a good game at the end, I don't
Speaker 6: hope like everyone does.
Speaker 2: Is but competitive, guys, I need a win.
Speaker 6: Well, you can actually win. The way that we do
Speaker 6: it is at the end, when we're doing our slideshow
Speaker 6: of like progression and things like that, we auction off
Speaker 6: the artwork.
Speaker 5: For a few cents. This is worth four cents or like,
Speaker 5: if your clues worked, I guess you could track how
Speaker 5: many if you really want to run curate. It's so
Speaker 5: fun anyway, Oh.
Speaker 2: I love that. That sounds really fun.
Speaker 4: But I more of a like gets to win the
Speaker 4: game Katan kind of girl. I've played so much of it,
Speaker 4: like every weekend. I think for the last month, I've
Speaker 4: played at least two games of Katan.
Speaker 2: That shows you how cool I am. Wow, Just what
Speaker 2: else have you got?
Speaker 5: Let's not talk about well, let me finish's win. She said.
Speaker 5: The game normally goes for twenty nine dollars at the shop,
Speaker 5: it was marked to thirteen, and at that particular day
Speaker 5: it was fifty percent off toys, so she paid six
Speaker 5: dollars fifteen for brand new telestrations by illustration. I highly
Speaker 5: recommend it, even though I can't win, because.
Speaker 6: Just think of your own sentence is you know it's
Speaker 6: a zerio dollar game anyway.
Speaker 5: Oh, you totally could do it without the actual thing.
Speaker 5: For sure, next time I need the structure. Sure, next
Speaker 5: I've got to win. From Carli, who said, I really
Speaker 5: drilled into my health insurance coverage my needs, and I
Speaker 5: balanced it with having my own emergency fund. So I've
Speaker 5: kept my insurance at a lower level and started my
Speaker 5: own emergency fund coverage for what I felt like I needed.
Speaker 2: Oh that's really smart, very smart.
Speaker 5: Review health insurances. You're probably paying for something you don't need.
Speaker 7: Yeah.
Speaker 4: I think I've shared on the podcast before that I
Speaker 4: have private health insurance. But something I did a couple
Speaker 4: of years ago, which made a lot of sense at
Speaker 4: the time, was drill through it then call them and
Speaker 4: be like, hey, can I please have this this and
Speaker 4: this removed from my policy because like I'm not going
Speaker 4: to use it right Yeah, And like sometimes there are
Speaker 4: blanket policies like I did not need to be covered
Speaker 4: for testicular can suggests. Yes, Like that didn't make sense,
Speaker 4: And at the time I was like, I'm a boss lady,
Speaker 4: I don't need no child, I don't need maternity cover.
Speaker 2: Yes, how'd that work.
Speaker 5: Out for me? Jess? You did forget to put it
Speaker 5: back on?
Speaker 4: I did, and so I'm very lucky that the date
Speaker 4: I did re implement it once I learned that that was,
Speaker 4: you know, missing from my cover. But thankfully I learned
Speaker 4: before this pregnancy started. But it means that my cover
Speaker 4: only kicks in literally like three weeks before the babies do,
Speaker 4: so I've had to pay out of pocket for literally
Speaker 4: everything except my hospital stay.
Speaker 5: She burns.
Speaker 4: Yeah, so you know, if you've removed something from your cover,
Speaker 4: which is great because you're not using it, maybe put
Speaker 4: a calendar reminder in.
Speaker 2: For every year and be like, do you want.
Speaker 5: To check now? Have you changed your mind?
Speaker 2: Do you now want children? Victoria? Like sounds trivial, but
Speaker 2: like that would have saved you thousands of dollars.
Speaker 5: The great tips are review but don't forget to come back.
Speaker 5: And yes, then I've got money in from a net
Speaker 5: who said I enrolled in Tafe to study a diploma
Speaker 5: last year and I got it for free money. And
Speaker 5: then I've applied for another course this year, which is
Speaker 5: also free as well, how goods that?
Speaker 2: Love that?
Speaker 5: And then lastly, I've got a good one from Lauren
Speaker 5: who said I got into the OS Open with a
Speaker 5: ten dollar kids ticket because I'm five foot tall and
Speaker 5: can pass as a child despite the fact that I'm
Speaker 5: twenty six years old.
Speaker 2: That's so cheeky.
Speaker 4: We definitely shouldn't be promoting it, but I do have
Speaker 4: a friend that also does that.
Speaker 5: And yeah, very nice, very nice.
Speaker 7: Carry on.
Speaker 4: Questions, no answers, moving on, Beck, please don't use that
Speaker 4: as your broke tips.
Speaker 6: What if you got if you look younger than you are?
Speaker 1: No?
Speaker 6: Okay, So, as usual, we do have two from the community,
Speaker 6: one for myself. So the first one comes from Mikayla,
Speaker 6: who said that if you have any old veggies just
Speaker 6: lying around in your fridge instead of just throwing them out,
Speaker 6: chop them up and make some frozen dumplings or eat
Speaker 6: day of if you have done, which is great idea
Speaker 6: because otherwise we just chuck them out. You can also
Speaker 6: say with curries and things like that, but you can't
Speaker 6: really freeze it as well as a dumpling. Also, you
Speaker 6: can't you can still get the texture of the vegetable
Speaker 6: in a curry. You can't in a dumpling. It's almost
Speaker 6: wasteful to use a fresh vegetable in a dumpling.
Speaker 2: It's true. Use your little limp carrots and put them in.
Speaker 6: Dumpling, those soft carrots. The next one comes from my
Speaker 6: housemate Alison, who is currently just I'm so impressed by her.
Speaker 6: I know I've mentioned this before, but propagating, you know,
Speaker 6: plants and things like that, but.
Speaker 2: Woman after my own heart.
Speaker 4: Yes, you sneapy, snippy totally and even just like a
Speaker 4: liberated plant, don't we just cut so.
Speaker 6: In particular, using the seeds from your tomatoes and things
Speaker 6: you get from the actual grocery store. It just literally
Speaker 6: I mean she probably does more than this, but in
Speaker 6: my mind, she just chucks them in the garden and
Speaker 6: they grow into the Absolutely, I think we've got potatoes growing,
Speaker 6: got carrots, we've got tomatoes, we've got everything, and just
Speaker 6: like we've got like a whole garden. And she's doing
Speaker 6: an amazing Job's particularly, she's just using the things that
Speaker 6: she would have already bought from the grocery store anyway, but.
Speaker 4: Now we just have to that's really wholesome too, So
Speaker 4: nice little weekend activity it is.
Speaker 6: And it is a nice little reminder. I know we've
Speaker 6: mentioned similar things on the show before, but it's just
Speaker 6: a nice reminder to just chuck everything in the garden
Speaker 6: and hope for the best.
Speaker 2: What else have you got? What's your breake tip?
Speaker 6: Okay, So, because I see Valentine's Day is coming up,
Speaker 6: some people don't celebrate obviously I am single, so but
Speaker 6: I just wanted to give the love shout out.
Speaker 2: To go Beck single. She's like getting this on the
Speaker 2: pod early.
Speaker 5: If you would like to like to change that exactly.
Speaker 4: Or this is like dating for bec She's on the
Speaker 4: date is what this podcast is now. So if you
Speaker 4: would like to date Beck, don't slide into her DMS
Speaker 4: because I would like to take credit as matchmaker.
Speaker 2: I'll slide into mine and I'll hook a gal up.
Speaker 5: Please.
Speaker 2: Also would be very cute, so tip, let.
Speaker 6: Me payer dinner.
Speaker 5: I'm free on Valentine's Day.
Speaker 2: No, I'm not Valentine's Day.
Speaker 5: Everyone in the room is free.
Speaker 6: No, but I was going to just share some cheap
Speaker 6: and cute Valentine's Day ideas you don't have to use.
Speaker 6: You don't have to use for Valentine's Day. You can
Speaker 6: use it for any kind of date, but also you
Speaker 6: can use it with your friends and things like that.
Speaker 5: So what have you got?
Speaker 6: Okay? So one of my favorite things to do is
Speaker 6: to just take a couple of board games and go
Speaker 6: sit in the park with a five dollar bottle of wine.
Speaker 6: I always mentioned this five dollar bottle of wine. It's
Speaker 6: so cheap. I just can't get around cheapens, like take
Speaker 6: a game of chess and things like that. But what
Speaker 6: I did once with my best friend who I mentioned
Speaker 6: all the time as well highly live, what I did
Speaker 6: was I got her to leave the house for a
Speaker 6: little while and I turned our house into a pub,
Speaker 6: so instead of going out for seriously, I did this
Speaker 6: through COVID, though I probably have like photos and videos
Speaker 6: somewhere that I'll show.
Speaker 5: Please, But did you like pour beer all over the
Speaker 5: carpet so it's got sticky? I did?
Speaker 6: I did. I made the carpet sticky. I even put
Speaker 6: like heat on the wall.
Speaker 8: I did.
Speaker 6: I just grossing to.
Speaker 4: Make it as authentic experience possible exactly.
Speaker 6: And you know, we go north side pubs, so I
Speaker 6: tried to make it air exactly, very grungy. But I
Speaker 6: just got some paper which is obviously you know it
Speaker 6: doesn't have to be too expensive. And I wrote up menus.
Speaker 6: I got frozen pizzas and put those. I made them
Speaker 6: sound really good, like, you know, like ham and pineapple.
Speaker 6: I put it on there as a twenty four hours
Speaker 6: slow roasted pork.
Speaker 2: It was really just like a.
Speaker 5: Pineapple throats and pizza. So and I play. I love this.
Speaker 6: I put like signs in our bathroom if anyone's making
Speaker 6: you feel uncomfortable. And you know, I got like a
Speaker 6: case of beers, which is cheaper. You know, twenty beers
Speaker 6: at a pub is like, I don't know, several thousand dollars.
Speaker 6: I don't know bad math, but you know it's probably
Speaker 6: sixty bucks from the liquor store.
Speaker 2: Of Yeah, I know, that's genius.
Speaker 6: I thought, you know, and you put on a movie
Speaker 6: on Netflix.
Speaker 5: It's all, it's all.
Speaker 6: It doesn't have to be that expensive at all.
Speaker 2: It's actually so cute.
Speaker 5: I want to do that. That's really cute.
Speaker 2: It was really four on our carpet, though there's a line.
Speaker 2: That's where it is for me.
Speaker 5: That's fair.
Speaker 6: You still have to weigh on the on the floor somewhere.
Speaker 2: No bathrooms, no never.
Speaker 5: If you have a male female bathroom in your home.
Speaker 6: I will be very pressed where all sitles or gender bathroom.
Speaker 4: Sign Just put an old gender sign on your own
Speaker 4: actual toylet if you go do that as well.
Speaker 6: Yeah from memory, so funny. But anyway, so that's my
Speaker 6: ROAK tip is to turn your home into a pub.
Speaker 5: I love it, I like it, I love it.
Speaker 2: All right, let's go to a really quick break. I
Speaker 2: need to see these photos of this pub.
Speaker 4: And on the flip side, we're going to be talking
Speaker 4: about sorting out your super ed of thirty and we're
Speaker 4: also going to be answering and unpacking something that you
Speaker 4: slid into our DMS about.
Speaker 2: So don't go anywhere.
Speaker 5: Welcome back, everybody. Let's take a listen to the money dilemma.
Speaker 4: Hi, there, have you got a money dilemma you just
Speaker 4: can't solve? The Sheese on the Money team is here
Speaker 4: to help.
Speaker 8: Every week, we tackle your dilemmas, both big and small,
Speaker 8: to answer your most burning money, career and life questions.
Speaker 8: To get involved, simply head to our website and leave
Speaker 8: us a short voice recording and you might just find
Speaker 8: yourself on the show.
Speaker 2: Now, let's take a listen to the week's money dilemma.
Speaker 7: Hey, I need your help. I'm twenty eight years old
Speaker 7: and I have no SUPER, like zero dollars. I work
Speaker 7: full time as a nanny, and I'm earning just shy
Speaker 7: of ninety k. However, because I work for two families
Speaker 7: and less than thirty hours at each of them, I
Speaker 7: fall into a weird category of domestic employee that doesn't
Speaker 7: qualify for SUPER from their employers. I adore my job,
Speaker 7: and I love the families I work for, but I
Speaker 7: just think that in this industry, it's just really hard
Speaker 7: to earn SUPER from your employers. It's hard to qualify.
Speaker 7: So I know I need to start on my own somehow.
Speaker 7: And the closer I get to thirty and the more
Speaker 7: I listen to the podcast, the more worried I am
Speaker 7: for my future. But I just don't know where to start.
Speaker 8: Help.
Speaker 4: I love this question because I feel like there are
Speaker 4: lots of people in this situation, but also it applies
Speaker 4: to people who are self employed, Like they have income
Speaker 4: and they're like, but I'm not being paid SUPER. In
Speaker 4: these circumstances, it is your responsibility to build eleven percent
Speaker 4: into the amount that you are being paid.
Speaker 2: So if you want to earn twenty dollars an hour.
Speaker 5: You need to add your.
Speaker 2: Supranuation to cost to that.
Speaker 4: And that is why more often than not, those hourly
Speaker 4: rates when you know you're not paying SUPER and you
Speaker 4: are paying a quote casual employee, do not consist of superanuation,
Speaker 4: but they are higher so that you know a freelancer
Speaker 4: is meant to pay themselves, right, Like we've worked with
Speaker 4: so many freelancers and we never pay them super.
Speaker 2: Not because we're dodgy, but that's how the world works.
Speaker 4: Like a freelancer might cost me one hundred dollars an hour, right,
Speaker 4: but I know of that when that gets to them,
Speaker 4: they're paying their tax, they're paying their superranuation, or they
Speaker 4: should be paying their superannuation and their business overhead. So
Speaker 4: the true cost of it obviously comes down after their
Speaker 4: business expenses. But this is the way you should be
Speaker 4: seeing it as well. If you know from the start,
Speaker 4: all right, well I'm not going to get SUPER. Instead
Speaker 4: of saying I earn ninety thousand dollars is year, well
Speaker 4: actually you earn ninety thousand dollars including SUPER, and you
Speaker 4: need to work out what that amount is and take
Speaker 4: that out and put it into your superannuation for your future.
Speaker 4: It is so important to be putting to you first,
Speaker 4: and it could also be about renegotiating a rate. But
Speaker 4: to me, in those roles, it's not actually about even
Speaker 4: approaching your employer and saying you need to pay me SUPER.
Speaker 4: Because of the way you're employed, you're basically a freelancer,
Speaker 4: so it's actually your responsibility to be paying you SUPER.
Speaker 4: And if you ask for a pay rise, it's not oh, yes,
Speaker 4: I need to up my rates because I need to
Speaker 4: pay myself SUPER.
Speaker 2: It's oh, Jess, my rates are going up year.
Speaker 4: You may also just like cost of living has increased
Speaker 4: full stop, end of story, but some of that income
Speaker 4: that you already earned needs to be allocated towards SUPER
Speaker 4: like end of story.
Speaker 2: And I feel like I have danced around it for
Speaker 2: a long time.
Speaker 4: And I am also very aware that I sound hypocritical
Speaker 4: in this conversation because if you know me personally, you
Speaker 4: know that I did compromise my SUPER to start my business.
Speaker 5: Lots of small business owners do that.
Speaker 2: Is it the right thing?
Speaker 5: Absolutely not?
Speaker 2: Like this is definitely a do as I say, not
Speaker 2: as I do thing. But I also want to let
Speaker 2: you know if you're a freelancer and you don't pay
Speaker 2: self super.
Speaker 5: Yet bybe I get it.
Speaker 4: We've all been there, Like sometimes I didn't have enough
Speaker 4: money coming in the door to even pay myself a wage,
Speaker 4: let alone superannuation, and I just was trying to hustle
Speaker 4: to get my business where.
Speaker 5: I wanted it to be.
Speaker 2: Now I do and have sorted it all out and
Speaker 2: I've definitely back paid it and we're all good. But one,
Speaker 2: I get it, but two prioritize it.
Speaker 4: It's future you that's missing out, and you're not working
Speaker 4: in these jobs to put yourself behind. So many times
Speaker 4: you talk to freelancers who are just like the biggest hustlers,
Speaker 4: and you're just like, you work so hard to put
Speaker 4: yourself ahead. No one works that hard and doesn't want
Speaker 4: to be in a better position after to find out
Speaker 4: they're shooting themselves in the foot because they will retire
Speaker 4: with much less SUPER than the average PAYG employee just
Speaker 4: because they haven't prioritized it.
Speaker 5: Yeah, in ninety K inclusive of super is of like,
Speaker 5: that's a package that a lot of people earn in there.
Speaker 5: So like, even if you're not up in your rates,
Speaker 5: there is from my perspective, no reason to not be
Speaker 5: going through. I agree the other thing I would suggest
Speaker 5: is you said you're twenty eight, you have zero SUPER.
Speaker 5: You need to be working on building that up, whether
Speaker 5: that's within SUPER or whether that's in investments outside of SUPER.
Speaker 5: Obviously SUPER has a lot of really fantastic tax benefits,
Speaker 5: so look into what works for you. But if you
Speaker 5: genuinely have zero dollars in SUPER, and particularly if you
Speaker 5: didn't have an investment, either if you've just kind of
Speaker 5: been spending the money or saving the money or living
Speaker 5: your best life, definitely I would say sit down and
Speaker 5: look at a plan, as you said, ved to prioritize
Speaker 5: that and start contributing. Because at thirty, I think you're
Speaker 5: the suggested amount to retire with a livable wage is
Speaker 5: around thirty five forty thousand dollars.
Speaker 2: Yes, that's correct.
Speaker 5: So whether that's in SUPER or whether that's in an
Speaker 5: independent investment, you know your call as a business owner.
Speaker 5: But if you're not kind of sitting around there, I
Speaker 5: would be looking at a strategy or a plan to
Speaker 5: help get you on your way. And I don't mean
Speaker 5: that to sound overwhelming, but like that's no, that's the
Speaker 5: reality of the situation, Like you need to put future
Speaker 5: you first. One website that could be really helpful for
Speaker 5: you is paycalculator.
Speaker 2: Dot com dot au. So what you do is pop
Speaker 2: in your annual salary.
Speaker 4: So I've just done this ninety thousand dollars and right now,
Speaker 4: not including super, your annual pays sixty eight thousand, four
Speaker 4: hundred and eighty three dollars. Because you have a taxable
Speaker 4: income of ninety thousand dollars in the twenty twenty three
Speaker 4: twenty twenty four tax year, you're going to pay a
Speaker 4: total of twenty one thousand, five hundred and seventeen dollars tax,
Speaker 4: not taking into consideration if you have any like student loans.
Speaker 4: But if we click the option that says include superannuation,
Speaker 4: that flip set and it says, well, actually your annual
Speaker 4: is now sixty two thousand, six hundred and forty one
Speaker 4: dollars with a taxable income of eighty one thousand and
Speaker 4: eighty one dollars. Superannuation that you would be paying out
Speaker 4: of that ninety thousand dollars package would be eight thousand,
Speaker 4: nine one hundred and eighteen dollars a year, which means
Speaker 4: you're paying eighteen thousand, four hundred and thirty nine dollars
Speaker 4: in tax a year instead of the twenty one thousand,
Speaker 4: so there are some tax benefits as well to putting
Speaker 4: money in SUPER. Obviously this is an advice. It's more like,
Speaker 4: go and work out what works for you. But at
Speaker 4: the end of the day, if your structure is that
Speaker 4: you don't get paid super, you need to build it in.
Speaker 4: So not I earn ninety thousand dollars a year, I
Speaker 4: earn ninety thousand dollars as a package each year, which
Speaker 4: means I actually earn eighty one thousand and I pay
Speaker 4: eight thousand, nine hundred in Super.
Speaker 2: Does that make sense?
Speaker 4: That totally makes sense, And that's still a great wage,
Speaker 4: like a fantastic wage, and you're putting future you first.
Speaker 2: Totally. My only advice is to be harming yourself.
Speaker 5: She sounded very stressful for the Endea, And.
Speaker 6: I told you, did You've been doing the less that
Speaker 6: you can. Yes, exactly, You're doing great, and it's never
Speaker 6: too late and you're fine.
Speaker 5: It's good that you're thinking about it. That's awesome.
Speaker 4: I think it's really smart to think about it, and
Speaker 4: you are absolutely correct, Beck, Like, there is no better
Speaker 4: time than today to start. And I'm so glad that
Speaker 4: you're in our community because you're going to be in
Speaker 4: the best possible position that you can be.
Speaker 2: Mm hmm oh when you get to be along for
Speaker 2: the ride, How good is that?
Speaker 4: Yes, all right, let's move on, my friends, We once
Speaker 4: again have a juicy money dilemma that you slid into
Speaker 4: our dms about.
Speaker 2: So here is our DM of the week.
Speaker 5: Are you ready, ready?
Speaker 6: Ready?
Speaker 2: High?
Speaker 4: She's on the money. My boyfriend and I have been
Speaker 4: together for six years now. His parents always ask him
Speaker 4: for money. I'm talking like four hundred dollars every couple
Speaker 4: of weeks, but they never pay him back. We don't
Speaker 4: share finances, but we are trying really hard to save
Speaker 4: for our shared goals, like buying a house together in
Speaker 4: the future. This is getting really difficult to save when
Speaker 4: he continually gives them money, and now I'm contributing more
Speaker 4: towards our shared goals as he has less savings due
Speaker 4: to this.
Speaker 5: Also, his parents have all paying jobs.
Speaker 4: They just have bad, expensive habits and rely on their
Speaker 4: son as backup, which is even more frustrating. We've been
Speaker 4: fighting about this and I told him this is negatively
Speaker 4: impacting our ability to reach our goals. He said, I'm
Speaker 4: being controlling trying to convince him not to help his parents.
Speaker 2: But really I'm trying to do what's best for him
Speaker 2: and our future together. I'm not sure what to do
Speaker 2: now as it really doesn't.
Speaker 5: Sit well with me what he's doing.
Speaker 2: Please help.
Speaker 6: Uncomfortable, very yeah, awkward, and just what do you do?
Speaker 5: I feel like it's hard because to me, this is
Speaker 5: one of the very few things I feel like nobody
Speaker 5: else really has input over. Like I think that I
Speaker 5: know that you know, when your parents have raised you,
Speaker 5: they have obviously put a lot of money into raising
Speaker 5: you as a child, not to make you sound like
Speaker 5: a prized cow to fair or something. They've looked after
Speaker 5: you for so long that a lot of children, I think,
Speaker 5: want to repay that when the roles are reversed, and
Speaker 5: you know, I think there's I've seen a lot of
Speaker 5: quotes and discussion around how people kind of age up
Speaker 5: and then age down, like you hit your peak and
Speaker 5: then you kind of regress, and then sometimes you know,
Speaker 5: for some people, they then want to step in and
Speaker 5: support their parents in the way that their parents supported them.
Speaker 5: In certain cultures, it's also very common for children to
Speaker 5: support their parents completely once they reach a certain age.
Speaker 5: So I you know, that's another lot of aspects we.
Speaker 2: Don't have insight into. Is this a centural thing and
Speaker 2: you just haven't tapped into that being a cultural.
Speaker 5: Thing and you know who knows?
Speaker 2: Yeah? Or are you just like me and you're straight
Speaker 2: stray in and that's not really a part of your culture.
Speaker 4: And that's why you find it really frustrating because you know,
Speaker 4: just to extrapolate it out, you're saying, and you said
Speaker 4: in this that you know they have some bad expensive habits.
Speaker 4: What are those bad expensive habits? So why is your
Speaker 4: partner funding them if they're not good for their.
Speaker 2: Parents as well?
Speaker 5: Like, I just feel like there's a lot more to
Speaker 5: the story totally. I feel like my suggestion for a
Speaker 5: solution would simply be that if you are feeling uncomfortable
Speaker 5: with the fact that you now I feel like you're
Speaker 5: contributing more financially, you feel like it's a bit uneven.
Speaker 5: If he wants to continue to support his parents, I
Speaker 5: think that should be his decision. But I suppose to
Speaker 5: equalize the playing field, maybe the conversation is okay, Well,
Speaker 5: if you're taking four hundred dollars out a month or
Speaker 5: a fortnight or whatever, I'm going to contribute four hundred
Speaker 5: dollars less and I'm going to put that towards something
Speaker 5: for me. So maybe you put it in an investment portfolio,
Speaker 5: or maybe you put it towards something you want to
Speaker 5: treat yourself with, and you kind of equalize those contributions
Speaker 5: in a way that you want. Like I know we've
Speaker 5: discussed before, there's many different ways to approach your money,
Speaker 5: and not everyone wants it to be exactly tit for tat,
Speaker 5: But if it's a point of contention, maybe that is
Speaker 5: that that's the best way I can kind of think
Speaker 5: of to solve it. No, I totally agree to kind
Speaker 5: of pull that back he continues to do what is
Speaker 5: important to him and important to his family, because I
Speaker 5: do think that that's maybe not necessarily something that anyone
Speaker 5: else can tell you how to manage. Like your relationship
Speaker 5: with your family, I think is deeply personal. And if
Speaker 5: our listener is worried about the impact on their financial goals,
Speaker 5: you know, strip it back, kind of even out the
Speaker 5: playing field and maybe read the timeline for the goals
Speaker 5: that you have.
Speaker 6: I totally agree my advice is going to be similar
Speaker 6: to that, almost exactly the same.
Speaker 2: But obviously communication say what she says what she said.
Speaker 6: No, But yeah, communication is key, and also yeah, I
Speaker 6: would say I guess it would be really frustrating if
Speaker 6: you have already mapped out when you're going to reach
Speaker 6: your goal by and it's like, you know your second half,
Speaker 6: you know, the person who's meant to be contributing the
Speaker 6: same amount or not that much less. Is kind of
Speaker 6: like not really pulling the weight in that regard. But yeah,
Speaker 6: it is one of those things. It's like you currently
Speaker 6: say anything. You can't talk to the parents. Obviously they're
Speaker 6: not yours. It depends on your dynamic with them. Maybe
Speaker 6: you're super comfortable.
Speaker 1: I don't know.
Speaker 2: I agree with you on the communication piece.
Speaker 4: It feels like there's a lack of understanding from both sides,
Speaker 4: like you're clearly not on the same page about it.
Speaker 4: I think we need to step back and then go, oh, hey, Jess,
Speaker 4: can we sit down and like properly talk about this,
Speaker 4: Like obviously that's important to you.
Speaker 2: We need to factor it in.
Speaker 4: It's like, let's be honest, it's happening so often, happening
Speaker 4: every week or whatever it is, we now need to
Speaker 4: build this into our budget. If you're going to continue it,
Speaker 4: that's fine, but like we need to be talking about
Speaker 4: our goals and what that looks like. And you know,
Speaker 4: I think that if you don't go, I don't want
Speaker 4: you doing it. Let's talk about that, that's going to
Speaker 4: create some bruffage. But if you say, look, we actually
Speaker 4: just need to revisit our budget because obviously we're not
Speaker 4: able to do this, we quote we need to be
Speaker 4: contributing to this, and then once you sit down, you go, well,
Speaker 4: I don't want to contribute to that.
Speaker 2: I want to be doing this. But what does it
Speaker 2: look like like if your parents are asking you for this?
Speaker 5: Let's have a look.
Speaker 4: How much have we given them over the last few months? Okay,
Speaker 4: X thousand dollars? Okay, no worries.
Speaker 2: How do we make sure that you are in a
Speaker 2: position to do that and achieve your goals? Does that mean?
Speaker 4: And I think that the reality of the circumstances might
Speaker 4: come tumbling down then, because if you're doing it ad hoc,
Speaker 4: you go whatever whatever every time, right, But if then
Speaker 4: I go, oh, beck, like that means that you know,
Speaker 4: how we wanted to buy a house next year, it's
Speaker 4: not going to happen.
Speaker 5: That's okay.
Speaker 2: What will happen though, is we could probably buy a
Speaker 2: house in three or four years. You're right with that,
Speaker 2: and I'm almost certain that your partner will be like, wait, wait,
Speaker 2: I no, no, no, that's not what we wanted. But
Speaker 2: that's how money works. It's not endless.
Speaker 4: Like I think, having a really good, non judgmental conversation
Speaker 4: about it, because you might think it's the worst thing ever.
Speaker 4: But then I look at it and go if my
Speaker 4: parents reached out to me and said they need a cash,
Speaker 4: which they don't, I would give it to them in heartbeat.
Speaker 4: I don't think i'd even question it. No, like sister sibling, honestly,
Speaker 4: Jes asked me for cash tomorrow, I'd be like, oh,
Speaker 4: of course, I'll look after you, like, don't worry. Yeah,
Speaker 4: I'm that type of person. And that's not that sounds terrible.
Speaker 4: It's not a flex thing. It's more that's what I
Speaker 4: would want to do in that circumstance if I have
Speaker 4: the means. So your partner might be very similar and
Speaker 4: they're like, yeah, but like I know what compromises my goals,
Speaker 4: but my family's more important. So like we need to
Speaker 4: have that conversation and get on the same page because
Speaker 4: you might not have grown up in a similar situation.
Speaker 4: You might go, oh, my parents I left when I
Speaker 4: was six, want nothing to do with them, would never
Speaker 4: give them a dollar, And then that mindset is overlaying
Speaker 4: what they're doing, and you're going, well, that makes no sense.
Speaker 5: I'd never do that.
Speaker 2: Why would you do that? So I think we need
Speaker 2: to kind of like step back and just have.
Speaker 4: Some open, honest communication about this, because you both deserve
Speaker 4: that clarity, because then at least you can feel at
Speaker 4: peace with the decision they're making. And going back to
Speaker 4: what you said, yes, if there's spare cash, because you're like, well,
Speaker 4: I'm not going to be buying this house on my own,
Speaker 4: you can allocate it towards another investment goal, to make
Speaker 4: sure that you're still working towards a safe financial future.
Speaker 5: Yeah.
Speaker 1: Love that.
Speaker 5: What did everyone else say?
Speaker 4: Oh, God, spicy, you're ready. And we asked, obviously for
Speaker 4: your two cents. First question we asked was would you
Speaker 4: be frustrated if your partner was giving significant dollars to
Speaker 4: their parents.
Speaker 2: Ninety percent of you said yes. Well, he said, if
Speaker 2: your parents continued to ask for your help with money,
Speaker 2: would you give it? Forty percent of you said yes.
Speaker 2: Sixty percent said no, I.
Speaker 5: Guess it does depend on what it's like. If they're
Speaker 5: using it for drugs, then you go, okay, probably not exactly.
Speaker 2: And that's where I'm like, we need some context. You
Speaker 2: said it was a bad habit, but like, what is
Speaker 2: a bad habit that you just keep overspending and you
Speaker 2: didn't allocate money for the bills this month, or like
Speaker 2: is that crystal meth?
Speaker 5: Like there's a different delineation, you know.
Speaker 4: We then asked you if yes, so as if you
Speaker 4: would continue to give your parents money why And we
Speaker 4: have a number of different answers.
Speaker 2: So they've always helped me whenever I'd need it. It's reciprocal.
Speaker 4: Someone said, if I was in a position to help
Speaker 4: my parents, I would, similarly to how they've always helped
Speaker 4: me get as far as I have.
Speaker 5: Some people said mine wouldn't.
Speaker 4: Ask if they were desperate, so if they asked, I'd
Speaker 4: sell everything I own for them. I was like, you're
Speaker 4: Someone said, look, I trust them to always return it
Speaker 4: with some interest, of course. Someone said, my mum sacrificed
Speaker 4: everything for me, and she wouldn't ask unless she really
Speaker 4: really needed it. Someone said, the bank of Mom and
Speaker 4: Dad's actually supported me thus far in my hard times.
Speaker 4: I would want to return that favor. So it was
Speaker 4: very much if you said, yes, that's absolutely it. But
Speaker 4: then the tables turned and someone said I'd do it.
Speaker 4: I don't want to.
Speaker 2: I'd just feel guilty, Like I can see where that
Speaker 2: comes from.
Speaker 4: Someone said, I grew up in a Chinese household. It's
Speaker 4: actually expected that I fund my parents' lifestyle, right. Someone
Speaker 4: said they're not going to ask for it for bad habits,
Speaker 4: but if it was for good things, I'm sure I
Speaker 4: would be happy to give it to them. And then
Speaker 4: a lot of other people said, if it's a cultural thing,
Speaker 4: maybe your partner could give Cole's gift cards so they
Speaker 4: don't have access to cash for whatever bad habit that is.
Speaker 5: That's an interesting idea.
Speaker 4: Yeah, well I don't know because I don't know what
Speaker 4: the cash is being correct, Yeah, it depends on I suppose.
Speaker 4: I mean you could extrapolate that out and be like, oh,
Speaker 4: what's it for, And if it's for a bill'll be like, oh,
Speaker 4: send me a copy of it, and I'll just be
Speaker 4: paying myself, like I'll organize it. We did then say, well,
Speaker 4: if you wouldn't give your parents cash, How would you
Speaker 4: go about telling them that you can't help. Someone said,
Speaker 4: sharing with them that as an adult, their finances are
Speaker 4: not my respec.
Speaker 5: Also technically true. It's such a hard thing because I
Speaker 5: completely agree and understand what everyone's said around like wanting
Speaker 5: to support their parents who have supported them and helped them.
Speaker 5: But at the end of the day, like you didn't
Speaker 5: ask to be born and so which it's very aggressive,
Speaker 5: but do you know what I mean? If again, depending
Speaker 5: on what that bad habit is, if you're not in
Speaker 5: the position or you don't want to, I think that's
Speaker 5: also fair and valid.
Speaker 1: Yes. Yeah.
Speaker 4: Someone said I'd discuss boundaries with my parents about my
Speaker 4: parent child relationship.
Speaker 5: And my future goals and how that's impacting them.
Speaker 4: Someone else said, in my situation, I'd express that I
Speaker 4: have my own goals and I'm trying to meet them.
Speaker 4: Someone said, I'm really not in a position. I'm so
Speaker 4: sorry I can't do this anymore. I would have loved
Speaker 4: to help, it's just not a possibility. You feel like
Speaker 4: it's a bit more gentle. Someone said, I'd be really blunt.
Speaker 4: I'd give them all the information for Centerlink Financial Counseling, etc.
Speaker 2: And leave it at that resources are really helpful for
Speaker 2: people totally.
Speaker 4: Someone said I'd just be straight up if I can't
Speaker 4: afford it, I can't thought it, And then someone else said,
Speaker 4: sitting them down for a calm and honest conversation about
Speaker 4: their habits and how they are not helping themselves. I
Speaker 4: feel like I would probably be a little bit more
Speaker 4: gentle than that, Like, I just can't imagine doing it.
Speaker 2: But that's my relationship with my parents.
Speaker 4: But I guess this idea of just saying, look, I'm
Speaker 4: really not in the position to support that, so sorry.
Speaker 5: Even if you've been doing it for a little while, I.
Speaker 4: Think you can go back and be like, look, I
Speaker 4: can't continue to do this. It's now impacting my bigger
Speaker 4: goals and stuff.
Speaker 5: Cost of living is getting worse. Yeah, So I think
Speaker 5: that that.
Speaker 4: Is absolutely fine and obviously the your boundaries draw them.
Speaker 5: Yeah, enforce them. We then said have you been in
Speaker 5: a similar situation.
Speaker 2: If so, what happened? And someone said, I regularly help
Speaker 2: support my mum and my partner and I have open
Speaker 2: communication about this. Heat doesn't mind at all. Someone said, yep,
Speaker 2: I send money to support.
Speaker 4: My family who's in Ethiopia. It's an obligation. I can't
Speaker 4: ever shed sure seek cultural again. Like, I just think
Speaker 4: that there's so much, many layers to this conversation that
Speaker 4: we don't understand. Someone said, yeap, very similar where my
Speaker 4: mum ended up taking out a personal loan at to
Speaker 4: start a business.
Speaker 2: It went south and I had to.
Speaker 5: Clean up the pieces.
Speaker 2: Someone said, I'm in a really similar situation and it's
Speaker 2: a real shot feeling for all those reasons.
Speaker 4: Someone said, I'm Asian. Most Asian parents expect money from
Speaker 4: their kids. Mine asked for thirty percent of my pay.
Speaker 2: Wow.
Speaker 4: I refused to give it, and then I was being
Speaker 4: compared to my cousins who actually did it.
Speaker 2: And I have to pay rent and mortgage, so this
Speaker 2: is very hard on me.
Speaker 5: It's a lot lot. Yeah, it's hard, I think as well.
Speaker 4: A lot of thirty percent is like less than what
Speaker 4: a lot of people are paying on their mortgage. But
Speaker 4: like on average, if I could put everyone in a
Speaker 4: perfect position, he'd be only spending about thirty percent on
Speaker 4: your mortgage. So that's a mortgage or a payment guys huge.
Speaker 5: Amount of money, and it's hard for a lot of
Speaker 5: people who maybe are balancing their parents' culture and their
Speaker 5: own cultural identity, especially immigrants. I have a few friends
Speaker 5: who have either them or their parents.
Speaker 4: And they're like first generation, so it's not really something
Speaker 4: that they've tackled before.
Speaker 5: Yeah, and it's it's almost like navigating, you know, the
Speaker 5: set of rules and the way that it could realistic
Speaker 5: work in one country versus here, and the norms that
Speaker 5: they observe in other family dynamics. And it can see
Speaker 5: how it also would be really hard to save your parents, hey, like, like,
Speaker 5: I know you've spent your whole life thinking that I
Speaker 5: would pay for you, but there's only so much that
Speaker 5: is within my means.
Speaker 2: Like, that's exactly huge COSI livy crisis.
Speaker 5: Yeah. So a couple more, someone said, how long's a
Speaker 5: piece of string?
Speaker 4: Someone said, you should set up a binding financial agreement,
Speaker 4: second last one, because I don't want to end on
Speaker 4: a trainer. But someone said, I ended up having to
Speaker 4: have an intervention with my parents and they're overspending after
Speaker 4: a few health issues arised from what they were spending
Speaker 4: money on. And then someone said, look, I used to
Speaker 4: support my parents and now had to reset some boundaries.
Speaker 4: But we are both on the same page because we
Speaker 4: had open, honest communication and I think that that's where
Speaker 4: we will leave it. But yeah, I think again open
Speaker 4: hoes communication exactly what you were saying, Beck, Like you
Speaker 4: just can't leave it in that situation. And I feel
Speaker 4: like there's such a lack of clarity from both parties
Speaker 4: about like what they can do, what you can do,
Speaker 4: and like how are we sharing finances in the future,
Speaker 4: Like we need.
Speaker 2: Lots of chats.
Speaker 4: Yes, agreed, Right, that is all we have time for today,
Speaker 4: My loves, I hope you have the best weekend and.
Speaker 5: We'll see you bright nearly from Money Dari's on Monday. Bye, guys,
Speaker 5: love you Bye.
Speaker 8: The advice shared on She's on the Money is generally
Speaker 8: nature and does not consider your individual circumstances. She's on
Speaker 8: the Money exists purely for educational purposes and should not
Speaker 8: be relied upon to make an investment or financial decision.
Speaker 8: If you do choose to buy a financial product, read
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