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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yor

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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. She's on the Money, She's on

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Speaker 2: the Money. Hello, and welcome to she Is on the Money,

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Speaker 2: the podcast the millennials who want financial freedom. My friends,

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Speaker 2: it is the and I am back not for a podcast,

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Speaker 2: but for an audio book. I have written another book,

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Speaker 2: which I don't think is surprising to anybody who knows me.

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Speaker 2: But this time it's a little bit different. It's about

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Speaker 2: the power in rewriting your money story. You guys know

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Speaker 2: that I am wildly passionate about money stories, and so

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Speaker 2: I am beyond excited to announce that Money Diaries with

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Speaker 2: She's on the Money was published on the twenty first

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Speaker 2: of May twenty twenty four. So if you want to

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Speaker 2: feel inspired, motivated, and empowered to create the financial life

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Speaker 2: that you deserve, this is the book for you. It

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Speaker 2: is full of page turning stories from real people in

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Speaker 2: our community about their relationships with money, plus some fun

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Speaker 2: activities and quick tips to help transform your own money story.

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Speaker 2: Money Diaries with She's on the Money is the enjoyable,

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Speaker 2: useful financial book that you not only need, but you

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Speaker 2: actually want. This is the one where I would say,

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Speaker 2: actually read this before you read my first book, like

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Speaker 2: I wish I'd written this one first, because it gets

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Speaker 2: you into the mindset of going, I really want to

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Speaker 2: change my money story. So do you actually know what

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Speaker 2: your money story is? What is your personal set of

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Speaker 2: beliefs and experiences and values around money that directly influences

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Speaker 2: how you earn and save and spend and invest. Could

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Speaker 2: this story be holding you back from the financial life

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Speaker 2: that you have been dreaming of. In this book, you

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Speaker 2: are going to meet twenty five incredible real life money

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Speaker 2: diarists who are digging deep, opening up and sharing their

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Speaker 2: intimate money stories with me to lift the lead on

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Speaker 2: how money really works In our lives so that we

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Speaker 2: can all understand it better. This book has not just

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Speaker 2: been written by me, it has been written by our community.

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Speaker 2: It's honest, it's eye opening, and it's more juicy than

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Speaker 2: you'd ever expect a money book to be. These inspiring

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Speaker 2: and motivational stories come with a whole heap of guided

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Speaker 2: journaling activities that are going to help you work out

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Speaker 2: your own money story, how it imp hacked your behavior,

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Speaker 2: and how you can change your mindset about money to

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Speaker 2: feel way more in control. Plus, there are obviously going

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Speaker 2: to be a whole heap of money win tips from

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Speaker 2: the savvy She's on the Money community in every single

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Speaker 2: chapter to help you pocket some really easy savings. Look.

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Speaker 2: Money Diaries with Shees on the Money is my best

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Speaker 2: book yet, and it's going to help you align your

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Speaker 2: finances with your values and feel proud of your progress

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Speaker 2: and gain confidence on your journey towards financial freedom and

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Speaker 2: to really motivate you. Guess what, You've got a whole

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Speaker 2: chapter to listen to now, so dive in, enjoy it.

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Speaker 2: And I am not only proud of the book that

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Speaker 2: we've created, but of the twenty five incredible diarists who

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Speaker 2: were so happy to share their stories with us so

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Speaker 2: that you could be in a better position. So this

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Speaker 2: is a community book. Guys dive in First Nations remote

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Speaker 2: community to now a CPA. This Money Diarist is a

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Speaker 2: thirty three year old First Nations woman who grew up

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Speaker 2: in a remote Indigenous community and was surrounded by the

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Speaker 2: cycle of welfare dependency, drug and alcohol abuse, send domestic violence.

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Speaker 2: With dreams of creating a different life for herself, she

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Speaker 2: moved to the mainland and pursued a financial education. She's

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Speaker 2: now a Certified Practicing Accountant CPA and proud homeowner. What

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Speaker 2: grade would you give your money habits?

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Speaker 3: I think I would be a B or a B minus.

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Speaker 2: Okay, can you tell us a little bit more about

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Speaker 2: your money story.

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Speaker 3: My money story starts with where I was raised. I'm

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Speaker 3: an Aboriginal woman from an island off the east coast

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Speaker 3: of Brisbane in Queensland. I come from a small Indigenous

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Speaker 3: community that is really quite welfare dependent, drug and alcohol

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Speaker 3: abuse and domestic violence are pretty rife too. I grew

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Speaker 3: up knowing that I didn't want that, which is hard

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Speaker 3: right because you grow up with families and you grow

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Speaker 3: up with friends who are part of that and will

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Speaker 3: always live there. But as soon as I could, I

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Speaker 3: knew I wanted to escape and get out of the

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Speaker 3: community to create a different life for myself. On the

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Speaker 3: other hand, I knew I would always come full circle

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Speaker 3: and that depending on what I did and how I

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Speaker 3: went about it, I would bring something back to my family,

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Speaker 3: my sister, her children, and my children when I have them.

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Speaker 3: Being Aboriginal, you talk about intergenerational wealth and the fact

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Speaker 3: that it's not there, especially in communities that are so

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Speaker 3: heavily welfare dependent, and so regardless of what I earned,

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Speaker 3: I always wanted to be able to return and give

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Speaker 3: back to the people who helped me.

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Speaker 2: Did you have any role models in your family? How

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Speaker 2: did you know that you wanted to create a different

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Speaker 2: life for yourself.

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Speaker 3: It definitely comes back to my parents. My dad has

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Speaker 3: his own business, and you know how one of your

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Speaker 3: She's on the Money principles is about saving pennies from

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Speaker 3: little things big things grow well. He was always really

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Speaker 3: focused on how much everything cost, right down to the

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Speaker 3: last cent, which as a child always annoyed me. Whenever

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Speaker 3: we went to Woolli's or Coal's, it'd take forever. He'd

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Speaker 3: be price checking everything, so He was an influence, but

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Speaker 3: I think the biggest role model for me was my mum.

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Speaker 3: From a very young age, I could see the sacrifices

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Speaker 3: she made for us so we could do the things

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Speaker 3: that we wanted to. She and my dad sacrificed a

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Speaker 3: lot to support us, not just when I was at school,

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Speaker 3: but when I was at university as well. The things

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Speaker 3: they helped me do and the money my mom snuck

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Speaker 3: me without my dad knowing helped so much.

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Speaker 2: Do you know much about your dad's childhood.

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Speaker 3: My Aboriginal background is on my mom's side and my

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Speaker 3: dad's side is white. His family were actually Swedish and

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Speaker 3: he grew up in Horsham in Victoria. They were very poor.

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Speaker 3: His meal was basically going out into the country and

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Speaker 3: shooting rabbits. That was often the only way they could eat.

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Speaker 3: He's quite private about his life growing up. I know

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Speaker 3: that in his teenage years his parents divorced, so that

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Speaker 3: would have brought more strain, going from a duel income

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Speaker 3: to a single income when they were already struggling.

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Speaker 2: How about your parents.

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Speaker 3: They met when they were sixteen and married when they

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Speaker 3: were eighteen, so they basically grew up together. My mom

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Speaker 3: came from a welfare dependent family. Her dad passed away

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Speaker 3: when she was sixteen, and he'd been the in come ana.

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Speaker 3: She was one of seven kids and they quickly fell

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Speaker 3: back into the welfare cycle. I've seen the house she

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Speaker 3: grew up in. It was a tiny two bedroom shack

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Speaker 3: and I can't imagine how you could fit all those

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Speaker 3: kids in there. I know in communities we talk about

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Speaker 3: social housing and overcrowding being an issue, but there are

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Speaker 3: pros and cons. You're very connected with your family in

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Speaker 3: a situation like that, and that's great, because of course

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Speaker 3: there are inequities that come with social housing as well.

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Speaker 3: My mum's mum was part of the stolen generations, and

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Speaker 3: so I think for her it was all about trying

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Speaker 3: to move forward and create a better life for her children.

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Speaker 3: Her dad had been blackbirded from Vanuatu, which has since

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Speaker 3: been recognized by the Queensland Government as wage theft. So

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Speaker 3: the couple of generations before me were really conscious about

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Speaker 3: building wealth for their families.

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Speaker 2: Do you think that history impacts you today?

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Speaker 3: One percent. There's no generalized way that you can articulate

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Speaker 3: how you're different to white Australian or Asian communities. Or

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Speaker 3: other cultures. Either my husband is Tonguan, and that differs

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Speaker 3: from other Polynesian communities. You just grow up knowing that

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Speaker 3: this is how you do things, that it's all about

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Speaker 3: that connection, whether it be a connection to culture, a

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Speaker 3: connection to family, or a connection to community. Basically, what's

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Speaker 3: yours is mine. The only way I got ahead was

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Speaker 3: because of my family, So if I can show them

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Speaker 3: thanks in some way, then why wouldn't I do that?

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Speaker 2: That is so beautiful. So tell us a bit more

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Speaker 2: about you. What do you do for work and how

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Speaker 2: much money do you word.

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Speaker 3: I'm a CPA, a certified Practicing accountant and a senior

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Speaker 3: manager at PwC Indigenous Consulting. We're a separate legal entity

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Speaker 3: to PwC. They own forty nine percent and we own

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Speaker 3: fifty one percent, so we are self determining but obviously affiliated.

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Speaker 3: I'm on a salary of one hundred and eighty thousand dollars,

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Speaker 3: so very very blessed to start of UNI. I started

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Speaker 3: off at a smaller indigenous organization. It was a peak

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Speaker 3: body at the time. That's when I started studying to

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Speaker 3: be a CPA. I worked there for a couple of years,

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Speaker 3: then moved across to where I am now, and I've

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Speaker 3: been here for eight years. I moved up the ranks

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Speaker 3: from the associate grade up to senior manager. There are

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Speaker 3: now only two positions above me, Director and partner, so

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Speaker 3: there's still the ability to take on more responsibility and

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Speaker 3: increase my salary. You have to work really hard at

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Speaker 3: one of the big four consultancy firms. It's competitive and

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Speaker 3: there are so many people that are incredibly hard working

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Speaker 3: and really high performing. In order to show your worth

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Speaker 3: and prove your value, you do have to work above

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Speaker 3: and beyond. In an indigenous business where around sixty percent

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Speaker 3: of us are Indigenous, really being able to step up

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Speaker 3: and show your value takes hard work.

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Speaker 2: Do many people in your family have degrees.

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Speaker 3: I'm one of very few people from our community to

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Speaker 3: go to UNI and get a degree. At the time

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Speaker 3: I went, ten or so years ago, there would have

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Speaker 3: been maybe one in every three of us that went.

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Speaker 3: So it's something I don't take lightly at all, and

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Speaker 3: I'm incredibly grateful for it. Around the time I enrolled,

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Speaker 3: my family bought a little three hundred thousand dollar house

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Speaker 3: on the mainland that we could use when we were

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Speaker 3: at university. All we had to do was fill the fridge,

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Speaker 3: basically to look after ourselves so I didn't have to

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Speaker 3: stress about rent and all those extras. My mum and

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Speaker 3: dad just wanted me to focus on my studies. I

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Speaker 3: was very lucky that I was able to do that.

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Speaker 3: My husband and I were eventually able to buy that

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Speaker 3: house off my parents. We met in twenty fifteen and

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Speaker 3: pretty much moved in together straight away. My parents offered

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Speaker 3: to sell us the house for one hundred thousand dollars

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Speaker 3: less than the market value.

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Speaker 2: That's so generous self them, it really was, So we

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Speaker 2: took the opportunity, knowing we'd have to renovate it in

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Speaker 2: the future, and leveraged it to buy an investment property.

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Speaker 3: At the time, my salary was around fifty thousand dollars.

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Speaker 3: I often think about that and how my salary, as

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Speaker 3: just one indicator, has increased so much since we bought

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Speaker 3: that house eight years ago. So I'm pretty blessed and

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Speaker 3: lucky and very proud of what we've done, because that's

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Speaker 3: meant we've been able to take another step towards building

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Speaker 3: that intergenerational wealth.

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Speaker 2: Do you ever look at it and go, it's not luck,

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Speaker 2: it's actually bloody hard work.

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Speaker 3: That's a really interesting point because I think there are

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Speaker 3: a lot of stereotypes about Aboriginal people owning homes and

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Speaker 3: how apparently we get all sorts of help, like a

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Speaker 3: really good interest rate or what have you. When I

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Speaker 3: went through the process of buying this house, the only

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Speaker 3: advantage I received was that I'm a CPA accountant, which

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Speaker 3: positively affected my LMI. The fact that I'm Indigenous played

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Speaker 3: no part in it. In our case, you have to

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Speaker 3: reel it back to understand how hard we've worked. I've

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Speaker 3: been on a salary all my adult life, but there

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Speaker 3: was a time in our relationship where the amount of

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Speaker 3: hours my partner worked to put us ahead so we

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Speaker 3: could really start paying off some of the loan leverage

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Speaker 3: the equity and add more money to our renovation fund

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Speaker 3: was huge. We lost so many weekends together. So, yeah,

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Speaker 3: you're right, it's not all luck. It's about being able

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Speaker 3: to sit back and acknowledge just how hard you've worked.

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Speaker 2: All right, guys, you've heard a little bit of the

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Speaker 2: Money Diaries Booklet's go to a really quick break and

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Speaker 2: on the flip side, are we going to dive straight

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Speaker 2: back in? And don't worry, it gets juicier. Now, let's pivot.

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Speaker 2: What are your current big money goals and what are

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Speaker 2: you working towards.

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Speaker 3: In terms of big money goals. The house that we're

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Speaker 3: renovating is all well and good, but it will ultimately

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Speaker 3: be rented out. We want to take advantage of that

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Speaker 3: because we want to focus on our forever home. We

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Speaker 3: got married recently and we want to be able to

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Speaker 3: settle down and think about having a family. Maybe not

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Speaker 3: seven kids like my mum, just two or three. My

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Speaker 3: longer term goal is I want to be able to

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Speaker 3: help my family. I have a little nephew, I have

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Speaker 3: a little niece. My sister, if I can be honest,

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Speaker 3: is caught in the welfare cycle and she's a single parent.

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Speaker 3: I want to be able to focus on something like

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Speaker 3: investing in bonds for them.

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Speaker 2: That's so good. Do you have any investments right now?

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Speaker 2: If so, what are they.

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Speaker 3: Since we bought our home under market value, we could

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Speaker 3: immediately leverage the equity to buy our investment property. Even

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Speaker 3: though I'm an accountant and I'm pretty aware about this stuff,

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Speaker 3: I'm starting to get a bit nervous that it's about

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Speaker 3: to turn it to a positively geared property. So we

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Speaker 3: have to sit down and think about it soon.

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Speaker 2: The equity in a property refers to how much of

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Speaker 2: it you own versus what the bank owns valued in

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Speaker 2: today's market. For example, if your home is valued at

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Speaker 2: four hundred thousand dollars and you still owe three hundred

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Speaker 2: thousand dollars, your equity is one hundred thousand dollars. Banks

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Speaker 2: may let you use a portion of this as security

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Speaker 2: against another loan, which is what our diarist did here

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Speaker 2: to purchase an investment property. The financial planning around an

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Speaker 2: investment property involves looking at the ways in which it

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Speaker 2: will pay for itself as well as rental income. This

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Speaker 2: could include keeping a property negatively geared, which essentially means

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Speaker 2: that the costs of holding a property, such as interest repayments,

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Speaker 2: maintenance costs, strata fees, and the like, exceed the income

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Speaker 2: it generates. Investors use this difference to help reduce their

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Speaker 2: taxable income. And how about debts.

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Speaker 3: We're really lucky at the moment to just have two

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Speaker 3: main lines of debt, the mortgage on our main property

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Speaker 3: and the mortgage for the investment property. Both are under

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Speaker 3: three hundred thousand dollars, so things are looking pretty good.

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Speaker 3: We've just managed to refinance about one hundred thousand dollars

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Speaker 3: from our owner occupied home to focus on the renovations.

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Speaker 3: Other than that, I have no other personal debts.

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Speaker 2: What's your best money?

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Speaker 1: Have it?

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Speaker 2: Do you think?

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Speaker 3: I don't know if this is an accountant thing, but

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Speaker 3: I'm not very creative. So when my husband and I

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Speaker 3: sit down and talk about what we want to do

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Speaker 3: in terms of the renovations, for example, because I'm not

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Speaker 3: a creative brain, I just can't think on the spot.

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Speaker 3: So I'll quite often sit on purchases before I buy something.

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Speaker 3: I think that's a good thing because it means you

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Speaker 3: can really try to understand whether you need something or

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Speaker 3: whether it's just an impulse buy because you've been told

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Speaker 3: that you need to buy it by Black Friday sales

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Speaker 3: or the Instagram algorithm.

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Speaker 2: What about super and other investments?

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Speaker 3: I salary sacrifice into superannuation. If I remember correctly, my

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Speaker 3: superbalance at the moment is about one hundred and eighty

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Speaker 3: thousand dollars. I salary sacrifice an extra seven hundred dollars

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Speaker 3: per month overall. That puts me just under the concessional

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Speaker 3: contribution cap.

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Speaker 2: I decided I.

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Speaker 3: Wanted to reach the cap every year to see how

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Speaker 3: much it can reduce my tax. Because I'm on one

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Speaker 3: hundred and eighty thousand dollars, the more that we can

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Speaker 3: do to reduce tax, the better, and it doesn't make

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Speaker 3: a huge change to my disposable income. The seven hundred

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Speaker 3: dollars is a buffer that I can pull out if

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Speaker 3: and when we need to.

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Speaker 2: Since sheese on the money is all about building financial

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Speaker 2: freedom for future you. We love to talk about superannuation.

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Speaker 2: If you're employed, your employer must pay at least eleven

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Speaker 2: percent of your ordinary time earnings into your super account,

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Speaker 2: unless exceptions apply. But if, like many in our community,

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Speaker 2: you're self employed, it's even more important to take ownership

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Speaker 2: of this for yourself if you can afford it. Making

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Speaker 2: extra contributions to your super can boost your retirement savings

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Speaker 2: and reduce your tax. Even small amounts add up over time,

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Speaker 2: and voluntary contributions can reduce the amount of tax you pay.

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Speaker 2: If you're on a low income, you may be eligible

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Speaker 2: for extra contributions from the government. You can choose to

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Speaker 2: make personal contributions to your super in one of two ways.

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Speaker 2: Concessional which is paid using pre tax dollars, or non

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Speaker 2: concessional which uses after tax income. Concessional contributions are taxed

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Speaker 2: at fifteen percent up to twenty seven thousand, five hundred

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Speaker 2: per financial year, or higher if unused limits from previous

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Speaker 2: years apply. For those earning over forty five thousand dollars

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Speaker 2: a year, this could mean paying less tax while boosting

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Speaker 2: your retirement savings. Non Concessional contributions are paid using your

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Speaker 2: after tax income. They can reach up to one hundred

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Speaker 2: and ten thousand dollars in each financial year and may

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Speaker 2: also qualify for a tax deduction. If you're a low

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Speaker 2: to middle income earner and make after tax super contributions,

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Speaker 2: you may be eligible for a matching contribution from the

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Speaker 2: government called a co contribution. The government will work out

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Speaker 2: how much you are entitled to when you lodge your

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Speaker 2: tax return. If you're eligible, the governom them will pay

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Speaker 2: the co contribution directly to your fund. And what about

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Speaker 2: your worst money habit?

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Speaker 3: I would say good old luber Etes, which is really

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Speaker 3: depressing because I think the food now area isn't even

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Speaker 3: that good. I'm terrible at meal prepping and I'm terrible

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Speaker 3: at grocery shopping and absolutely hate it. It's probably childhood

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Speaker 3: trauma from my dad checking every single price on every

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Speaker 3: single item.

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Speaker 2: After everything you've told us, do you still think your

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Speaker 2: money grade is A B or B minus?

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Speaker 3: When I think about how I've grown up, how I've

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Speaker 3: gone to university and created a career for myself, that

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Speaker 3: I have around five times the average superbalance for Indigenous

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Speaker 3: Australians my age, and that my partner and I will

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Speaker 3: only continue to grow, I can be really grateful for

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Speaker 3: how hard I've worked and what I've done. I'm also

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Speaker 3: really grateful for my parents and the things they've provided

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Speaker 3: along the way to help me achieve everything I have.

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Speaker 3: So I would probably increase my grade to an A.

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Speaker 3: But like I said in the beginning, there's always going

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Speaker 3: to be different seasons of life where there'll be different

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Speaker 3: financial priorities. I'd like to learn more about shares to

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Speaker 3: be able to invest for my nephew and niece, and

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Speaker 3: the whole conversation around childcare if we have children is

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Speaker 3: another thing. If you put your kids in childcare, that's

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Speaker 3: going to be a huge chunk of your salary and

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Speaker 3: we'll need to plan for that. So different priorities, different

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Speaker 3: things mean that I always need to learn more.

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Speaker 2: All right, Welcome back, from the book, this is now

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Speaker 2: Podland talking to you. I am so proud of this book.

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Speaker 2: Obviously that was only a very small snippet of what

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Speaker 2: is to come. So if you want to pick up

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00:18:30,119 --> 00:18:32,120
Speaker 2: the book or the audiobook, I'll read the whole thing

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00:18:32,119 --> 00:18:34,160
Speaker 2: to you. But in this book, you're going to meet

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Speaker 2: twenty five incredible real life money diarists who are digging

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00:18:37,680 --> 00:18:40,160
Speaker 2: deep and opening up to put you in a better

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00:18:40,200 --> 00:18:43,480
Speaker 2: financial position. So if you wanted to align your finances

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Speaker 2: with your values and feel proud of your progress and

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00:18:46,080 --> 00:18:49,320
Speaker 2: gain confidence on your journey to financial freedom, I'm a

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00:18:49,320 --> 00:18:51,680
Speaker 2: bit biased, but I think money dies with cheese. On

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00:18:51,720 --> 00:18:54,120
Speaker 2: the Money is the next book for you, So pick

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00:18:54,119 --> 00:18:56,840
Speaker 2: it up from any good book retailer or order it

378
00:18:56,880 --> 00:18:59,600
Speaker 2: online through book Topia, and please tag me if you're

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00:18:59,640 --> 00:19:01,560
Speaker 2: going to share it on social media, because I love

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Speaker 2: seeing you guys putting yourself in a better financial position.

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Speaker 2: So I'll see you next time. Guys, have the best day.

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Speaker 2: The advice shared on She's on the Money is general

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00:19:17,280 --> 00:19:21,080
Speaker 2: in nature and does not consider your individual circumstances. She's

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00:19:21,160 --> 00:19:24,560
Speaker 2: on the Money exists purely for educational purposes and should

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00:19:24,640 --> 00:19:27,840
Speaker 2: not be relied upon to make an investment or financial decision.

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00:19:28,200 --> 00:19:30,640
Speaker 2: If you do choose to buy a financial product, read

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00:19:30,680 --> 00:19:34,840
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards

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00:19:34,840 --> 00:19:38,119
Speaker 2: your needs. Victoria Divine and She's on the Money are

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00:19:38,200 --> 00:19:43,200
Speaker 2: authorized representatives of Money. Sheper pty Ltd ABN three two

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00:19:43,240 --> 00:19:46,240
Speaker 2: one is six four nine two seven seven zero eight

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Speaker 2: AFSL four five one two eight nine