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Why Your Dad’s Super Advice Might Be Costing You Thousands · She's On The Money

0:00
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud Yr
0:04
Speaker 1: the Order Kerni Whaltbury and a waddery woman. And before
0:08
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
0:14
Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
0:22
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
0:27
Speaker 1: and the storytelling of you to make a difference for
0:30
Speaker 1: today and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it. She's on the Money. She's on
0:36
Speaker 2: the Money. Hello and welcome to She's on the moneyodcast.
1:00
Speaker 2: That makes finance fun, especially on Fridays. It is again
1:04
Speaker 2: our favorite day of the week because we get to
1:07
Speaker 2: get our team together and celebrate you our incredible She's
1:10
Speaker 2: on the Money community, Mister Grieci is here with some
1:13
Speaker 2: money wins again from the community. Beck has a number
1:16
Speaker 2: of Broake tips that she's gonna share with you, and
1:19
Speaker 2: this week we're going to be answering a money dilemma,
1:21
Speaker 2: which is all about exactly how credit card interest works
1:25
Speaker 2: and something that you slid into our DMS about we're
1:29
Speaker 2: chatting about dealing with what you think is outdated money views.
1:34
Speaker 3: Oh, I know that one's going to go.
1:36
Speaker 2: But before we get there, as always, we are going
1:39
Speaker 2: to share our favorite five star reviews from the podcast.
1:44
Speaker 3: Miss Beck sayed, yes, how are you? I'm really good?
1:47
Speaker 3: How are you?
1:48
Speaker 2: I am great? Have you got a good review to
1:50
Speaker 2: share with the team? I do?
1:52
Speaker 4: This one comes from Emilee. I just love how easy Victoria,
1:55
Speaker 4: Jess and the team make money to understand. They make
1:57
Speaker 4: it really relatable and break down those gender and societal
2:00
Speaker 4: norms where only the men get to know this stuff.
2:05
Speaker 2: And then you realize it's like really easy, and of
2:07
Speaker 2: course you can do it because like the boys can
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Speaker 2: do it totally.
2:10
Speaker 3: Boys can do a week and do it exactly.
2:12
Speaker 2: It can't be that hard. It can't be that hard.
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Speaker 5: I've got one this week from Rookie who said, I'm
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Speaker 5: gonna say it, Victoria divine is truly divine.
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Speaker 2: Oh I see we did that, Thank you, Thank you.
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Speaker 2: This podcast is will take it. My dad says that that's.
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Speaker 3: A bit cute.
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Speaker 5: Podcast has been such a helpful tool in reaching a
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Speaker 5: member of your community who has had very limited access
2:32
Speaker 5: to financial knowledge given my field of work. Thank you
2:35
Speaker 5: so much for sharing your knowledge, tips and insights. The
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Speaker 5: skill of turning the dull and dry topic that is
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Speaker 5: financial literacy into a fun learning opportunity must be applauded.
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Speaker 5: Have been enjoying the banter from the co host Also
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Speaker 5: keep up the great work.
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Speaker 3: Is that right? Thank you? Thank you is a fantastic groups.
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Speaker 2: Thank you nice. I also have another fantastic one. This
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Speaker 2: one's from Lizzie and she says, longtime listener of the show,
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Speaker 2: and I've been really enjoying the new vibe since Beck
3:00
Speaker 2: started last year. Isn't that so cute? It feels like
3:05
Speaker 2: the show has found its stride again with the three
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Speaker 2: co hosts, and I am so enjoying your updated format.
3:11
Speaker 2: I really like hearing Beck's perspective. She and Victoria have
3:14
Speaker 2: great energy together, which reminds me of Georgia King. So
3:18
Speaker 2: if you hadn't been around, Georgia used to be on
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Speaker 2: the show, but then she moved to London. Yes, Beck
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Speaker 2: got the gig.
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Speaker 4: Oh my god, I actually my stomach is like doing first.
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Speaker 2: That's so cute and yeah, this is all about you.
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Speaker 2: I keep picking ones that are just like I'm going
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Speaker 2: to die, and I really like how Beck represents the
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Speaker 2: everyday person who might not have as much financial knowledge.
3:42
Speaker 2: Really enjoying the vibe of Friday episodes and hearing the
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Speaker 2: three she's on the money ladies, keep up the great work,
3:48
Speaker 2: and please do some more content on weddings and bridesmaids
3:51
Speaker 2: and travel.
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Speaker 3: Okay, so much?
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Speaker 2: Isn't that cute?
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Speaker 3: It's really sweet? I love it. I love it.
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Speaker 2: But let's get back into the show. Enough ego stroking.
4:03
Speaker 2: If you would like to leave a review, obviously you
4:06
Speaker 2: can do that on Apple, So Apple allows you to
4:09
Speaker 2: type and you could even ask us questions in the review,
4:12
Speaker 2: which I might. Let's slip through to the keeper, you know, like,
4:15
Speaker 2: if you've come this far, you're doing us a solid.
4:17
Speaker 2: Will do you a solid? But onto the community, Jess,
4:21
Speaker 2: what's happened in our Money Wins and Confessions thread this week? Already?
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Speaker 4: Firstly this week we've got one Frihannon that started as
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Speaker 4: a loss, but it turned into a win. She said
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Speaker 4: she had to get a tire replaced on her car.
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Speaker 4: She didn't check when she left it with the mechanic,
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Speaker 4: and when she came back the next day, they changed
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Speaker 4: the wrong tire, So she took her back the day
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Speaker 4: afterwards and they changed. They do that that actually did
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Speaker 4: to be changed, so she did it with two year
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Speaker 4: free tires for the press.
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Speaker 3: That's amazing.
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Speaker 2: How did they change the wrong tire? I know. It's
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Speaker 2: like when they hear and this is maybe wad to
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Speaker 2: have my foot amputated, and then you come out You're like,
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Speaker 2: that is the wrong foot? Fu, how do they get
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Speaker 2: that wrong?
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Speaker 3: He's so bad.
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Speaker 5: My partner's a physio and he says whenever someone comes
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Speaker 5: in for like something that's one like one leg, one shoulder, whatever,
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Speaker 5: he always has them like point at the one just
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Speaker 5: in case, because he doesn't want to like, yeah, go
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Speaker 5: for the.
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Speaker 2: Wrong thing, hold on backtrack. If they only have one foot,
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Speaker 2: he makes them point at their one.
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Speaker 5: Probably not in that case. I would imagine there might
5:23
Speaker 5: be some flexibily there. Next, I've got a money win
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Speaker 5: from Sammy who said money win. I shopped stasher Bags
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Speaker 5: Black Friday sale and bought a twelve pack of bags
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Speaker 5: that seemed like a suspiciously good deal. Turns out the
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Speaker 5: website had an error and they had accidentally listed the
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Speaker 5: pack of twelve for the price of one. They have
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Speaker 5: since offered to ship out the additional eleven bags for
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Speaker 5: free to honor the purchase as they shoot a point,
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Speaker 5: get eleven free.
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Speaker 2: Also, like Stasher bags are really expensive, so that definitely
5:53
Speaker 2: was an error.
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Speaker 3: Like that's a good win.
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Speaker 2: Next, I've got a money win from Alicia, who said
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Speaker 2: she opened up her.
6:00
Speaker 5: Shares his account. She obviously owned the SotM code. She
6:03
Speaker 5: invested in some shares and she got a divid end.
6:06
Speaker 2: Of twenty cents. Incredible for all little things. Big things grow.
6:09
Speaker 2: That's not even going to get your Maca's cone yet,
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Speaker 2: but it will will She's going to grow.
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Speaker 3: We love that. Incredible.
6:17
Speaker 2: Next one from Melinda who said she just did the
6:20
Speaker 2: New South waleses toll relief rebate online and she got
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Speaker 2: herself a very tidy three hundred and eighty dollars back.
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Speaker 3: So like free money.
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Speaker 5: I'm going to tell you, she said, if you go
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Speaker 5: onto the Service New South Wales website to check if
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Speaker 5: you're eligible, if you frequent the toll roads in Sydney
6:37
Speaker 5: it is Sydney specific sad for those of us in Melbourne,
6:40
Speaker 5: but if you're in the Sydney.
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Speaker 2: You do you drive up to the family, So great
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Speaker 2: to know.
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Speaker 3: Jump on there.
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Speaker 5: Check it out the New South Wales website service New
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Speaker 5: South Wales Nose. I've got money from Emmy who said
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Speaker 5: she didn't feel like cooking on Saturday. I get that
6:54
Speaker 5: instead of doing takeaways, she went to col She got
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Speaker 5: herself two frozen pizzas that were on special for dollars
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Speaker 5: fifty for the duo and a three dollars fifty tharlic bread.
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Speaker 5: She went to the checkout found out she had a
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Speaker 5: ten dollars fly by as voucher pizza for two for
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Speaker 5: six dollars fifty.
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Speaker 2: Okay, but like frozen pizzas, the what is the brand?
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Speaker 4: It's the like Doctor Restaurante, the rests one, like they're
7:18
Speaker 4: actually so good, the spinach one and they go on
7:21
Speaker 4: sale and they're like four dollars each.
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Speaker 2: Yeah, you want to make it bougie. This is what
7:26
Speaker 2: Steve and I do. Okay, we get two pizzas because
7:29
Speaker 2: like you need a whole one each because they're quite
7:30
Speaker 2: thin based, like that's a meal. So four dollars for
7:33
Speaker 2: your pizza and then you get a bag of what
7:35
Speaker 2: is it rocket or pizza? Yeah, but I'm not putting
7:39
Speaker 2: on pizza oh side, salad, oh side salad, diet coke,
7:43
Speaker 2: elite meal.
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Speaker 3: Oh that sounds amazing. It was a journey and a pair.
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Speaker 2: Oh yeah, but like that's a bit bougie. I'm sorry,
7:50
Speaker 2: I don't I don't want the pair, but apparently what
7:52
Speaker 2: you don't put pair in your salad? Pair and parmesan
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Speaker 2: and salad.
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Speaker 5: Yes, I thought you mean on the pizza, and I
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Speaker 5: was like, that's taking one of.
8:00
Speaker 2: Pineapple but worse. No, one of my favorite pizza shops
8:04
Speaker 2: which is near my house. So I'm not going to
8:06
Speaker 2: name names, but if you know, you know they also
8:08
Speaker 2: sell the Blazing Pizza.
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Speaker 3: Very good, but they do.
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Speaker 2: A pair parmesan and goats cheese like pizza.
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Speaker 3: Unsure. No, you wouldn't do you know what? You wouldn't
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Speaker 3: love it?
8:20
Speaker 2: I don't put it beck and I would love it. Yeah,
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Speaker 2: you'll order your margarita every single day of the happy
8:26
Speaker 2: I've actually ordered you the margarita from that place and
8:29
Speaker 2: we've had it together before and you said it was
8:31
Speaker 2: really really like, I guarantee these pizzas the Blazing Pizza. Okay,
8:36
Speaker 2: I'm just going to explain these.
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Speaker 3: You need to know.
8:39
Speaker 2: So it's red sauce pizza bas like salami pepperoni, mint leaves,
8:45
Speaker 2: married as spokes, valley cheese and lemon.
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Speaker 3: Oh no, it's the mint got me the men.
8:53
Speaker 2: Oh it's next level.
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Speaker 3: Okay, well maybe you can come to my house.
8:57
Speaker 2: I'll order the pizzas report.
9:00
Speaker 6: Yeah.
9:00
Speaker 2: Yeah, they also do a very good chocolate moose.
9:04
Speaker 3: I love chocolate moves.
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Speaker 2: Okay, so I can sell you. Yeah, anyway, back to
9:09
Speaker 2: frozen pizza. Four dollars money win pargain.
9:12
Speaker 5: Lastly, this week, I've got one from Anna who said
9:14
Speaker 5: a money lost, but a happiness win. She went to
9:16
Speaker 5: the Wiggles show with her two toddlers and spent eighty
9:18
Speaker 5: dollars two bubble ones, so overprized.
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Speaker 3: And it kept them entertainer.
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Speaker 2: Wiggles, We've got to talk, no wonder you guys are
9:28
Speaker 2: all rich.
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Speaker 3: Literally.
9:30
Speaker 5: May I suggest someone has said this in the group before,
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Speaker 5: But if you're going to a kid's show, a Bluey
9:35
Speaker 5: a Disney on eye said, pre buy your toys Kmart,
9:39
Speaker 5: hide them in your back hack and just bring them
9:42
Speaker 5: out when you get there.
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Speaker 2: Kids, get the toys. It's a lot cheaper the bubbles.
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Speaker 5: Dollars for bubble ones is certifiedly that's criminal, that's highway robbery.
9:52
Speaker 2: Like I actually can't.
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Speaker 5: I mean they're a bit of plastic ones probably dollars
9:57
Speaker 5: quarters for two.
9:58
Speaker 4: Still yeah, I know, but still it's like I just
10:01
Speaker 4: can't imagine.
10:03
Speaker 3: Do the pre shop, That's all I'm saying.
10:04
Speaker 2: I do the pre shop absolutely when parents go to Disney,
10:08
Speaker 2: and that's obviously very like niche because it's American, But
10:11
Speaker 2: like I would be stuffing my bag for like they're
10:14
Speaker 2: not getting anything at Disney, Like no, absolutely not. Everything
10:17
Speaker 2: is so expensive. Wow, I got a Mickey cookie cut
10:19
Speaker 2: up Mickey sandwiches. Like it's just it's not happening.
10:21
Speaker 5: You can pray buy like so many of the licensed
10:24
Speaker 5: things now, like Camar on Target.
10:26
Speaker 2: Yeah. And one of the tips that I got when
10:29
Speaker 2: like someone messaged me while we're in the US, they said,
10:32
Speaker 2: go to the op shops near Disneyland if you're ever traveling,
10:36
Speaker 2: because a lot of the merch ends up there, so
10:38
Speaker 2: you can buy like the popcorn buckets, or you could
10:40
Speaker 2: buy like the bubble wands or whatever for super cheap
10:43
Speaker 2: and then you can take them to the parks exactly.
10:47
Speaker 2: So always check op shops for merch.
10:50
Speaker 3: That's a great idea.
10:52
Speaker 2: Not bad, not bad. What are your broke tips this
10:54
Speaker 2: week there.
10:55
Speaker 4: Okay, just really quickly, I want to say, with the
10:58
Speaker 4: person who told us about her car tires, if anyone
11:02
Speaker 4: wants me to put a video up of how to
11:04
Speaker 4: change your own that I do the money I do, would.
11:08
Speaker 3: Would would show you.
11:09
Speaker 2: I'm actually gonna make it gold and cheese on the
11:11
Speaker 2: money if you're willing to be a actor, a paid
11:15
Speaker 2: unpaid actor. Yes, yeah, that would be really good content. Okay,
11:19
Speaker 2: great other day, did you see the other day, I
11:21
Speaker 2: was like, oh, I can change my own wiper blades.
11:24
Speaker 2: And I was like, oh, I buy them from wiper Tech.
11:27
Speaker 2: My dad told me to, like, you don't question my
11:30
Speaker 2: dad when it comes to cast stuff. So I ordered
11:32
Speaker 2: them and then I just changed them myself and it
11:34
Speaker 2: was so easy and so cheap. Yeah, it just it
11:38
Speaker 2: made sense. But so many people don't know that you
11:40
Speaker 2: can just do it yourself. Yes, exactly.
11:42
Speaker 3: It sounds like it's sponsor, but it's not.
11:44
Speaker 5: But that wipe Tech brand is who I use too,
11:45
Speaker 5: because they've guarantee that if you can't put it on
11:47
Speaker 5: and they'll just give you money back.
11:49
Speaker 1: Yeah.
11:50
Speaker 3: I like that's so.
11:51
Speaker 2: Yes, but that's a good deal. And I have actually
11:54
Speaker 2: DMed them and asked them for a discount coach because
11:56
Speaker 2: like they're surprisingly they're actually a small business. So I
12:00
Speaker 2: was like, oh, I like that, we're supporting them, and
12:03
Speaker 2: so I asked for a discount code. Foreshes all the
12:05
Speaker 2: money yet tear back. But if we get one, I
12:08
Speaker 2: will pop it in the show notes and I'll like
12:10
Speaker 2: pop it all over social media, because like we should
12:12
Speaker 2: just be doing this stuff ourselves. It feels over. It's
12:16
Speaker 2: like finance. For so long we've been told like, oh,
12:18
Speaker 2: that's a man's game, like car stuff. It's easy. Yeah,
12:22
Speaker 2: it really.
12:23
Speaker 3: It all makes sense as well, Like.
12:24
Speaker 4: I changed my window over the weekends, finally did put
12:28
Speaker 4: all the panels off blah crazy and you know, your
12:31
Speaker 4: side mirrors, all these things, like you know, if you
12:34
Speaker 4: can do it, if one person can do it without
12:37
Speaker 4: the help of like big industrial size lifters and things,
12:41
Speaker 4: you can do it in your own backyard.
12:43
Speaker 3: So I would love to.
12:44
Speaker 2: I love so we're all just changing our wipers, we're
12:46
Speaker 2: topping up our wash of fluid, we're changing our oil.
12:49
Speaker 2: I love this for us.
12:50
Speaker 3: Yep, completely great.
12:52
Speaker 4: I think that's so good. So cool, Well I'll do that.
12:54
Speaker 4: I wouldn't have been clear out my my boot for
12:56
Speaker 4: the press. I'll just make it as possible.
12:59
Speaker 2: Absolutely love this for us.
13:01
Speaker 4: Okay, so my broke tips. This first one comes from Lisa,
13:05
Speaker 4: who says, stock up on all frozens.
13:08
Speaker 3: I'm assuming you.
13:09
Speaker 4: Know, like your turkey's your chickens on Boxing Day because
13:13
Speaker 4: of those things they stay, they stay good, and the
13:15
Speaker 4: next year you've got it all there. So it's also
13:18
Speaker 4: even if you paid full price for it this year,
13:21
Speaker 4: for next year, it will still once you get there
13:23
Speaker 4: feel like it was free.
13:24
Speaker 2: But wait until it goes on sale.
13:25
Speaker 4: Everything will go on half price even cheaper, probably when
13:28
Speaker 4: they get desperate and just stock.
13:31
Speaker 3: Up if you have the space.
13:32
Speaker 2: So love a Boxing day ham, Yeah, boxing hair, So
13:35
Speaker 2: like a boxing day ham obviously if you don't like
13:39
Speaker 2: Christmas ham weird but okay, but like baking a ham
13:44
Speaker 2: and then having ham sandwiches for the period of time
13:47
Speaker 2: that the kids are off school and like school holidays,
13:50
Speaker 2: and like you can use the hambones to make soup
13:53
Speaker 2: and like there's just so much you can.
13:55
Speaker 3: Do with it.
13:55
Speaker 2: But ham is usually really expensive. So yeah, that's also
13:58
Speaker 2: a hot tip, so you're not freezing it, but like
14:01
Speaker 2: that's a good mulchi purpose item that you could purchase
14:05
Speaker 2: and your money's worth and you can make like ham sandwiches,
14:08
Speaker 2: take them to the beach over summer. Like that's my
14:11
Speaker 2: childhood right there, Ham mustard sandwich with like fresh white bread.
14:16
Speaker 3: Yep, fresh with fresh Eric.
14:18
Speaker 2: Now it's freshly baked by Eric. My dad's taken up baking.
14:21
Speaker 2: Oh yeah, he bakes bread now. And so whenever I'm
14:24
Speaker 2: going down to his house, I like put in a
14:26
Speaker 2: little bread order. I've been really liking his rice aldo.
14:29
Speaker 3: Yeah, will you bring some in?
14:32
Speaker 2: Yes, I will bring some Eric bread for you. Thank
14:34
Speaker 2: you one hundred percent. You will be shocked at how
14:37
Speaker 2: good it is, because I was too when he said
14:39
Speaker 2: he was baking. I was like, oh, here we go,
14:42
Speaker 2: here we go. But it is very good. And also,
14:46
Speaker 2: do you know what, I'll ask him for the tips
14:48
Speaker 2: because he buys the really big boxes of bread flour. Yeah,
14:51
Speaker 2: and he's already done the maths on how much each
14:53
Speaker 2: loafer is costing him, and he's like, oh, baker's delight,
14:56
Speaker 2: this would have cost you seven dollars in my kitchen
14:58
Speaker 2: two dollars eighty. Like he's a wizard. He's a wizard. Yeah, okay,
15:04
Speaker 2: that could be that far from it could be a
15:08
Speaker 2: broke tip. Maybe if you get those, yeah, Eric spread tips,
15:11
Speaker 2: get those to just get that bread.
15:14
Speaker 4: Also devon instead of ham. I don't know if you
15:18
Speaker 4: guys ever dabbled, but anyway, Oh no, you guys call
15:20
Speaker 4: it something else.
15:20
Speaker 3: I don't know. Don't you speak a different language right now?
15:23
Speaker 2: No?
15:23
Speaker 3: No, I always had devan. You call it true, we
15:27
Speaker 3: call it. But what do you mean if you ever dabbled?
15:31
Speaker 2: That is all I would accept as a sandwich option
15:34
Speaker 2: growing up. Devon sauce, white bread, and the storm mustard.
15:39
Speaker 2: Oh that's way too fancy.
15:41
Speaker 3: I haven't tried that one, but I will try that one.
15:43
Speaker 2: Tomato sauce, stras stras sandwiches Victorians.
15:53
Speaker 3: I'm not a meat Jesse also doesn't lack sandwich. I
15:57
Speaker 3: don't even know. I can't imagine. You got can buy
15:59
Speaker 3: a lot of love sandwich.
16:01
Speaker 2: Like my favorite food, like not not favorite, but my
16:05
Speaker 2: most convenient lunch is the seven eleven sandwich, like through
16:09
Speaker 2: and through. Like if you know me in person, you
16:12
Speaker 2: know I'll be like one sambo like that's I'll shout,
16:16
Speaker 2: like I will go and get them. I drive from
16:18
Speaker 2: my office to get a seven eleven sandwich because in
16:21
Speaker 2: my head, that's the easiest lunch option for me.
16:25
Speaker 3: Jessica doesn't eat them. Come on, I'll get a seven
16:27
Speaker 3: eleven piles something I know you do.
16:29
Speaker 2: It's not the point. This isn't sponsored. This is just
16:31
Speaker 2: me genuinely having a very deep passion for seven eleven sandwiches.
16:35
Speaker 2: But like good cries, how can you not like an
16:39
Speaker 2: eggle lead of sandwich?
16:40
Speaker 4: I think after a few bites, I'm like, okay, I've
16:43
Speaker 4: been here, have done that.
16:44
Speaker 3: You know, chicken chicken abbow, I like you.
16:47
Speaker 2: Like the chicken avo. They also do a very mean
16:49
Speaker 2: ham tomato cheese.
16:50
Speaker 3: I just get really worried about gristles. You know, I
16:52
Speaker 3: don't like gristly meat.
16:53
Speaker 2: Why would they use gristly meat? They would sell no sandwiches.
16:57
Speaker 3: Scared someone just literally walked out of my grave. Give
17:00
Speaker 3: me sorry, Sorry, you got okay. Next one comes with
17:04
Speaker 3: my friend. Now.
17:05
Speaker 4: I know this is it's kind of briefly mentioned before.
17:07
Speaker 4: I know, I know you've got that commerents. But Victoria,
17:11
Speaker 4: I know you don't like me reusing, so I don't
17:13
Speaker 4: think this is a technically round because we.
17:14
Speaker 2: Should be getting the most value out of your segment.
17:17
Speaker 2: I know it gave you your whole segment, and you
17:19
Speaker 2: keep telling me the same thing.
17:22
Speaker 3: I know it's cheating, but this one is a little
17:23
Speaker 3: bit of Australia.
17:25
Speaker 2: But my friend, you have it.
17:26
Speaker 3: My friend literally changed the trajectory of her life by
17:31
Speaker 3: doing a free course manifestation and that too. Oh no,
17:36
Speaker 3: that was a joke. What's the free course?
17:37
Speaker 2: It was how to build.
17:39
Speaker 3: A multi level mark feeling skeptical. I'm not gonna lie
17:43
Speaker 3: to you.
17:43
Speaker 4: No, it was one of those you know, Victoria, I
17:45
Speaker 4: don't know if everyone does it, the free taste, the
17:47
Speaker 4: free tape courses. Okay, there was actually a good store, yeah,
17:51
Speaker 4: outdoor something. So she's like to guard and doing like
17:53
Speaker 4: all this kind of stuff.
17:54
Speaker 2: Oh that's cool. So she did a free taste course
17:57
Speaker 2: and then got a new job. Is that what you're saying?
18:00
Speaker 2: You like, upskilled?
18:01
Speaker 4: She upskilled, But she's like, actually just completely changed. Like
18:03
Speaker 4: she was a cartographer.
18:05
Speaker 3: It's like a map person.
18:06
Speaker 4: I don't really understand it now doing outdoorsy stuff, which
18:09
Speaker 4: is what she actually closed.
18:10
Speaker 3: That's her passion.
18:11
Speaker 2: And I just feel like Taifa is free too.
18:13
Speaker 4: It is free and if you well, you know, particular
18:15
Speaker 4: courses and if you just like keep checking every year,
18:17
Speaker 4: I feel like they change, they update, and just just
18:20
Speaker 4: see what's going.
18:21
Speaker 2: We're always looking because Jess and I we keep talking
18:23
Speaker 2: about wanting to do an olds Land course, but we
18:26
Speaker 2: haven't found one that's like accessible for both of us
18:29
Speaker 2: and on days that work, because the Odds Land course
18:31
Speaker 2: that we want to do, like is like the proper one,
18:34
Speaker 2: and I think it's our closest one is in the
18:36
Speaker 2: city and it's on like a night that doesn't work,
18:37
Speaker 2: and it's just it's not going to work out yet,
18:39
Speaker 2: but one.
18:39
Speaker 3: Day we will get there.
18:41
Speaker 2: This might be so cool.
18:42
Speaker 3: That would be really cool.
18:43
Speaker 4: I know one handed because my Grandma's death, so I
18:45
Speaker 4: could teach you that, but it's not very universe.
18:48
Speaker 2: No, I like it. We've started doing sign language for
18:51
Speaker 2: Harvey actually, and so we've made sure that it is
18:54
Speaker 2: oz Land sign language, so I can do some small things.
18:57
Speaker 2: But maybe Harvey and I are learning together, like he
18:59
Speaker 2: knows eat and more, and he knows like all done,
19:03
Speaker 2: and he knows like milk, and he knows water mom
19:07
Speaker 2: and dad, so like there's like a heap of them
19:09
Speaker 2: that we've been slowly learning. But I think it's really important.
19:12
Speaker 3: That's cute. That's a really really good one to learn.
19:15
Speaker 2: Yeah, when you have an audio based product podcast exactly, exactly.
19:21
Speaker 4: Okay, So this next one was obviously my own. It
19:24
Speaker 4: is Black Friday related.
19:26
Speaker 3: And it is my Friday days.
19:27
Speaker 2: That's perfect is today.
19:29
Speaker 3: I was like, when the hell is black?
19:31
Speaker 2: Actually today? That's today?
19:33
Speaker 3: Good to know, good to know.
19:34
Speaker 4: So Woolworths are doing a I don't know if you've
19:37
Speaker 4: heard of Everyday Extra, but it's like I have, Yes,
19:40
Speaker 4: you can genuinely if you shop at will Words a lot,
19:42
Speaker 4: you can genuinely save like a fair bit of money
19:45
Speaker 4: every year, every month. Even so basically for thirty five
19:48
Speaker 4: dollars a year, you could save up to one hundred
19:50
Speaker 4: dollars every month. And so this particularly deal, Everyday Extra
19:54
Speaker 4: is half price because of Black Friday.
19:57
Speaker 3: And I would recommend having.
20:00
Speaker 4: A look because if it, yeah, and if Woolwards is
20:02
Speaker 4: doing it, I'm assuming that like Colds and Flybys and
20:05
Speaker 4: all this kind of similar deal. So but I just think,
20:08
Speaker 4: take advantage of these black write things. And if it's
20:10
Speaker 4: thirty five dollars once off and you're saving money for
20:13
Speaker 4: the whole year.
20:14
Speaker 3: I don't know, that's a win win.
20:16
Speaker 5: Yeah, and you get a I remember seeing Emma Edwards
20:18
Speaker 5: the broke and you get a free thing every so often,
20:22
Speaker 5: like it's random.
20:23
Speaker 3: She was she.
20:25
Speaker 2: Wanted the chocolate and then got the peppermints, and I
20:27
Speaker 2: was like, I would have been so annoyed by that too.
20:30
Speaker 5: Yeah, but like you get quite often. I think, like
20:32
Speaker 5: you get to pick up a little freebie, which is
20:33
Speaker 5: kind of fun.
20:34
Speaker 2: So that's me. I like that. No, I reckon that
20:37
Speaker 2: is a really good place to believe it. All right,
20:39
Speaker 2: let's go to a really quick break on the flip side.
20:41
Speaker 2: I'm excited for this. We've got a money dilemma about
20:44
Speaker 2: exactly how credit card interest works. And you slid into
20:48
Speaker 2: our dams about something that I think is gonna get
20:49
Speaker 2: a little bit spassy dealing with what you think is
20:53
Speaker 2: outdated money use. I don't go anywhere, guys. Welcome back everyone.
21:03
Speaker 3: Let's take a listen to this week's money dilemma.
21:07
Speaker 2: Hi, there, have you got a money dilemma you just
21:10
Speaker 2: can't solve that. She's on the Money Team is here
21:12
Speaker 2: to help. Every week we tackle your dilemmas, both big
21:16
Speaker 2: and small, to answer your most burning money, career and
21:19
Speaker 2: life questions.
21:20
Speaker 3: To get involved.
21:20
Speaker 2: Simply head to our website and leave us a short
21:23
Speaker 2: voice recording, and you might just find yourself on the show. Now,
21:26
Speaker 2: let's take a listen to this week's money dilemma. Hi,
21:31
Speaker 2: she's on the money.
21:33
Speaker 6: Look. I work as a banker, and I've noticed that
21:37
Speaker 6: a lot of people really don't understand how interest works
21:40
Speaker 6: on credit cards, specially residual interest, and there's a lot
21:45
Speaker 6: of confusion around that. I think it would be absolutely
21:48
Speaker 6: awesome if you could explain how interest on credit cards work.
21:52
Speaker 6: Thank you bye.
21:53
Speaker 5: This is a good question because I actually didn't realize
21:55
Speaker 5: until recently that my credit card interest period is more
21:59
Speaker 5: than the money. Like I'd always thought in my head
22:01
Speaker 5: that you whatever you spend in the month, you'll pay
22:03
Speaker 5: off by the end of the month.
22:04
Speaker 3: Is it forty five days?
22:05
Speaker 4: It is forty five days. And also it's like from
22:08
Speaker 4: the date of purchase. So within that month, if I
22:13
Speaker 4: spent one hundred dollars on the first and then one
22:15
Speaker 4: hundred dollars on the twenty eighth, I'm not paying the
22:18
Speaker 4: twenty eighth that much, which I didn't really I don't
22:20
Speaker 4: know why, like I just had obviously never taken the
22:22
Speaker 4: time to figure it out for myself. But say again
22:25
Speaker 4: to me what you're saying. So it's kind of like
22:29
Speaker 4: a roving period, right. So, like my interest period on
22:32
Speaker 4: my personal credit card is forty five days, which obviously
22:35
Speaker 4: no month is forty five days, but it's also from
22:37
Speaker 4: the date of purchase, yes, like within the month. In
22:40
Speaker 4: order to avoid paying interest, I only have to pay
22:42
Speaker 4: for the things that I'd purchased within the last forty
22:44
Speaker 4: five days. Okay, got you got you got? Yes, And
22:47
Speaker 4: so I used to think that if you paid for
22:48
Speaker 4: something on the twenty.
22:49
Speaker 5: Eighth, yeah, I fully just thought whatever balance was, which
22:52
Speaker 5: is really stupid, but I just thought, whatever's on my
22:54
Speaker 5: card needs to be paid before the end of the month.
22:55
Speaker 3: Or a pay interest.
22:56
Speaker 2: I mean not sure that's a healthy habit. Yes, it's
22:59
Speaker 2: a healthy It does give you a bit more flexibility
23:02
Speaker 2: knowing that it's forty five days. Most of them are
23:04
Speaker 2: forty five days. But you've got to make sure that
23:07
Speaker 2: you're privy to the terms and conditions of your credit card,
23:10
Speaker 2: which I would hope if you are signing up for
23:12
Speaker 2: a credit card, you read Jessica. But I also think
23:17
Speaker 2: before we get into this, credit cards like they are,
23:21
Speaker 2: I think they're the devil, right. I think that they
23:23
Speaker 2: are one of the worst things that can happen to
23:26
Speaker 2: people who aren't good at money, But they are one
23:28
Speaker 2: of the best things that can happen to people who
23:30
Speaker 2: are great at money and are good at collecting points,
23:33
Speaker 2: like a few people in my She's on the money team,
23:35
Speaker 2: a fantastic at using credit cards, like Brook for example,
23:39
Speaker 2: she is our video producer and does our course content.
23:43
Speaker 2: She is so good at points hacking that she always
23:46
Speaker 2: flies business class basically free, like wow, I am always
23:50
Speaker 2: so impressed. But she's also very financially responsible, could never
23:55
Speaker 2: be me Jess, very good with her credit card getting
23:58
Speaker 2: all of her points Beck. It's not that side of
24:01
Speaker 2: the table, Shu shun the non believer, like, it's just
24:05
Speaker 2: not relatable. So I think it's really important to preface this.
24:09
Speaker 2: I don't know, I feel like whenever I talk about
24:11
Speaker 2: credit cards, I owe you guys a little bit of
24:13
Speaker 2: an explormation or like a disclaimer beforehand that this isn't
24:16
Speaker 2: going to work for everybody. But residual interest is something
24:19
Speaker 2: we should all understand. So residual interest is sometimes called
24:23
Speaker 2: like trailing interest, so it's interest that follows the loan
24:27
Speaker 2: happens when you carry your credit card balance from one
24:31
Speaker 2: month or one period of forty five values to the next,
24:35
Speaker 2: and it builds up every day, so daily between the
24:38
Speaker 2: time that your new statement is issued and the day
24:42
Speaker 2: that your payment posts. So since it accruise after your
24:46
Speaker 2: billing period closes, you're not actually going to see it
24:49
Speaker 2: on your current statement like they don't. So say your
24:52
Speaker 2: statement came out on like the twenty fifth of this month,
24:57
Speaker 2: on the thirtieth of this month, you would have had,
24:59
Speaker 2: you know, another five extra days of interest that has
25:02
Speaker 2: built up. So if you paid out your quote credit
25:05
Speaker 2: card in full on that day, you actually would have
25:08
Speaker 2: had this trailing interest that is building up as well.
25:12
Speaker 2: So if you're planning on paying out your credit card
25:14
Speaker 2: in full, my recommendation is always call them up on
25:17
Speaker 2: the day and say, hey, can you please calculate my
25:19
Speaker 2: balance as at today and I will pay it today,
25:22
Speaker 2: because otherwise you'll have trailing interest that needs to be
25:26
Speaker 2: paid as well. So since it accrues, you can't see it.
25:30
Speaker 2: So even if you paid like the full amount as
25:33
Speaker 2: I was explaining, your next statement might come as a
25:36
Speaker 2: surprise because you accruede some interest in that five day
25:39
Speaker 2: window or in the window between your statements. Does that
25:43
Speaker 2: make sense?
25:44
Speaker 3: So I've written out an example because I'm like, this.
25:47
Speaker 2: Is really important that you really get this so you
25:51
Speaker 2: never have to like calculate it yourself. In fact, it
25:53
Speaker 2: can almost be impossible to calculate it yourself. Your bank
25:56
Speaker 2: or your credit card issuer will be able to do
25:58
Speaker 2: that for you. But essentially you could estimate it, because
26:04
Speaker 2: it accrues every single day, you don't know at the time, whatever,
26:07
Speaker 2: you could estimate it. So say you got like a
26:09
Speaker 2: whole heap of expenses a crew on a credit card
26:12
Speaker 2: bill and you just couldn't afford to pay it off
26:14
Speaker 2: all at once, and so you had one thousand dollars
26:17
Speaker 2: on your credit card from last month's statement, and maybe
26:21
Speaker 2: say that your annual interest rate is eighteen percent. I
26:25
Speaker 2: feel like eighteen percent is a pretty normal interest rate
26:27
Speaker 2: for credit cards these days, because most credit cards in
26:30
Speaker 2: Australia sit between like sixteen and twenty five percent as
26:34
Speaker 2: an interest rate. So what you would do is you
26:37
Speaker 2: would divide your annual percentage rate of eighteen percent by
26:41
Speaker 2: how many days there are in the year. So you're
26:43
Speaker 2: going to divide eighteen by three hundred and sixty five days,
26:48
Speaker 2: and that takes it to being So the answer to
26:50
Speaker 2: that is point zero four nine three percent. So that's
26:55
Speaker 2: not going to make a lot of sense right now
26:57
Speaker 2: to you.
26:57
Speaker 3: But when you.
26:58
Speaker 2: Multiply this by your current DAN so you've got that
27:00
Speaker 2: current balance of one thousand dollars, the result is forty
27:04
Speaker 2: nine point three cents. So that's what you're going to
27:07
Speaker 2: add to the balance every single day that you don't pay.
27:12
Speaker 2: So you know how I was explaining, like, if your
27:14
Speaker 2: bill came on the twenty fifth and then it's due
27:16
Speaker 2: on the like, or you paid on the thirtieth, and
27:18
Speaker 2: you've got those five days, you would need to take
27:20
Speaker 2: that forty nine point three cents per day and accrue
27:24
Speaker 2: that every single day. Now that doesn't mean it will
27:26
Speaker 2: be one hundred percent correct, but that's a good way
27:28
Speaker 2: of like estimating it. So if I guess your billing
27:31
Speaker 2: cycle for that credit card bill that you you rolled
27:35
Speaker 2: over from last month because we just couldn't pay it off,
27:38
Speaker 2: is one thousand dollars, and it begins on the first
27:41
Speaker 2: of every month, And let's say you pay off the
27:45
Speaker 2: thousand dollars on the eleventh of that month, you would
27:48
Speaker 2: be charged approximately four dollars and ninety three cents in
27:52
Speaker 2: residual interest on that thousand dollars by the time the
27:55
Speaker 2: payment was received. So does that make sense. So it's
27:58
Speaker 2: like this tiny amount of interest, which they were clear
28:02
Speaker 2: to you existed, But residual interest is the interest accrued
28:06
Speaker 2: between the day you got your bill and it was
28:08
Speaker 2: clear to you what you owed and then the day
28:10
Speaker 2: that you paid it.
28:11
Speaker 4: And the interest is going on the amount that you
28:15
Speaker 4: owe or the entire so for example.
28:18
Speaker 2: It'll be on the amount that you owe. So, like
28:20
Speaker 2: as Jess was saying before, like if you're in your
28:23
Speaker 2: and this is why credit cards start to get real
28:25
Speaker 2: complicated really quickly. Say you had that one thousand dollars
28:29
Speaker 2: that rolled over from last month, and that's there on
28:31
Speaker 2: the first of this month, and then two days in
28:34
Speaker 2: on like maybe let's say the third of this month,
28:37
Speaker 2: you made a new purchase. That interest wouldn't apply to
28:40
Speaker 2: that purchase that you just made because you're in your
28:43
Speaker 2: forty five day interest free window. It would only apply
28:46
Speaker 2: to that one thousand dollars. But after that forty five days,
28:49
Speaker 2: if you had that one thousand dollars and your new purchase,
28:52
Speaker 2: the interest would accrue for that too.
28:53
Speaker 3: Gotcha, okay, gotcha? Does that make sense? It does? It does.
28:57
Speaker 4: So let's say, for example, because it's been a long
28:59
Speaker 4: time credit card, but let's say, for example, the entire
29:02
Speaker 4: credit card you have used like five thousand dollars of it,
29:04
Speaker 4: but the actual bill was like one hundred and thirty
29:06
Speaker 4: eight dollars. Ye, just to clarify the if your interest
29:09
Speaker 4: is being on that full five thousand, full five thousand, okay. Yeah,
29:14
Speaker 4: So that bill.
29:14
Speaker 2: That you get in the mail, which is really frustrating
29:17
Speaker 2: to me, Like I want a bill to come in
29:19
Speaker 2: the mail and be like bexsied you wigh five grand?
29:22
Speaker 3: Yeah, okay, But what.
29:23
Speaker 2: They're going to do is this is the minimum repayment.
29:26
Speaker 2: You only have to pay us back one hundred and
29:28
Speaker 2: thirty eight dollars of this five grand. And you go, oh,
29:30
Speaker 2: that's not so bad.
29:31
Speaker 3: I'll just pay that. Yeah.
29:33
Speaker 2: But you know how we always talk about the magic
29:36
Speaker 2: of compound interest and how sexy that is, and that's
29:39
Speaker 2: the money that your money makes, and that money makes
29:41
Speaker 2: money over time. That's exactly how credit card debts work.
29:45
Speaker 2: But it's upside down. So every single day that you
29:49
Speaker 2: hold credit card debt, you're essentially instead of paying. Like
29:53
Speaker 2: we know, the Australian share market, right on average, over
29:56
Speaker 2: the last thirty years, has returned about nine point two percent, right,
30:00
Speaker 2: your credit card debt is racking up way more than that.
30:03
Speaker 2: So like it's at eighteen percent. So like every month
30:07
Speaker 2: you're paying the bank eighteen percent. So you can now
30:10
Speaker 2: see why it's such a good investment for banks to
30:12
Speaker 2: offer credit cards because they're getting eighteen percent return every
30:15
Speaker 2: single time you don't pay your bill, and it's not
30:18
Speaker 2: in their best interest to issue a statement that says, back,
30:20
Speaker 2: by the way, here's the total amount you owe. By
30:22
Speaker 2: the way, like work really hard to get rid of this.
30:25
Speaker 2: They're going to go, hey, Beck, so you only also
30:27
Speaker 2: one hundred and thirty eight dollars because we'll just roll
30:29
Speaker 2: the five grand over and you can just pay interest
30:31
Speaker 2: on that. Usually your one hundred and thirty eight dollars
30:34
Speaker 2: is your interest payment. You just have to pay your
30:37
Speaker 2: interest and keep it going. So, Beck, I've jumped onto
30:40
Speaker 2: the moneysmart dot gov dot au website, which we all
30:43
Speaker 2: know I adore, right, and they have a credit card
30:46
Speaker 2: calculator which if you have credit card debt you absolutely
30:49
Speaker 2: should go on here, But we use the example before
30:51
Speaker 2: you said, V what if I have a five thousand
30:53
Speaker 2: dollar credit card interest rate, We're going to go with
30:55
Speaker 2: eighteen percent. If you make minimum repayments of that one
31:00
Speaker 2: hundred and thirty eight dollars each and every single month, Beck,
31:05
Speaker 2: that will take you thirty four years and seven months
31:08
Speaker 2: to pay that debt off.
31:09
Speaker 3: Oh crazy, wow?
31:11
Speaker 2: Right, And that's at minimum repayments, Okay. That means over
31:15
Speaker 2: that period of time, you will pay, in addition to
31:18
Speaker 2: the five thousand dollars that you borrowed, an additional ten thousand,
31:21
Speaker 2: six hundred and forty seven dollars because you borrowed the
31:25
Speaker 2: money from the bank at eighteen percent.
31:27
Speaker 3: WHOA, it doesn't not just hurt your side?
31:29
Speaker 4: I know I can totally see too how I mean,
31:32
Speaker 4: of course, like it just happened to me, but like
31:34
Speaker 4: how easy it is to just be snowed under it.
31:36
Speaker 2: It's a slippery slope. Because you just got the letter
31:38
Speaker 2: in the mail and it said, Beck, your minimum repayment
31:40
Speaker 2: is one hundred and thirty eight dollars, and you said, fantastic,
31:43
Speaker 2: I'll just pay that then. But what you're choosing when
31:46
Speaker 2: you pay that as the minimum is you're choosing another
31:50
Speaker 2: thirty four years and seven months to pay that off,
31:53
Speaker 2: and you're choosing to pay an additional ten thousand, six
31:57
Speaker 2: hundred and forty seven dollars on the debt that you
31:59
Speaker 2: already owe. WHOA Like it's not worth it, is it?
32:02
Speaker 2: But they don't want you to kind of know that.
32:04
Speaker 2: So the thing that they will highlight is that all
32:06
Speaker 2: you have to pay today is one hundred and thirty
32:08
Speaker 2: eight dollars. I mean, if you look at the rest
32:10
Speaker 2: of the statement, legally they are going to have you
32:13
Speaker 2: know your total amount owing and how long it will
32:15
Speaker 2: take you. But you didn't see that because it's in
32:17
Speaker 2: the fine print. It's down the bottom. Like they're not
32:19
Speaker 2: highlighting that. They're highlighting the pretty thing up the top
32:22
Speaker 2: right hand corner. Usually that says minimum repayment due on
32:25
Speaker 2: the thirtieth of this month. There's one hundred and thirty
32:27
Speaker 2: eight dollars. And you think palatable too bad? One hundred
32:31
Speaker 2: and thirty eight dollars, I mean, oh, five grand, but
32:33
Speaker 2: at least to have new furniture for the house that
32:35
Speaker 2: I've just moved into, and it's taken a whole heap
32:37
Speaker 2: of stress off me. Don't get me wrong, We've all
32:39
Speaker 2: been in that situation. But this is why we need
32:41
Speaker 2: to prioritize our debt reduction and paying off our credit cards,
32:46
Speaker 2: because it's stripping away more than ten grand of your
32:49
Speaker 2: money by choosing minimum repayments. Yeah, but the credit card
32:53
Speaker 2: company does not want to educate you on that because
32:56
Speaker 2: it makes them a lot of money opening They just
33:00
Speaker 2: turned that five grand that they lent to you into fifteen. Wow, geniuses.
33:06
Speaker 2: That mean I'll give anyway? So does that make sense? Yeah?
33:11
Speaker 2: I feel like discussing residual income. That was a good one,
33:15
Speaker 2: maybe even if it's not like your money dilemma. But
33:17
Speaker 2: you want to like pop a voice note in and
33:20
Speaker 2: send us a like, hey, could you explain this on
33:22
Speaker 2: the show? That would be really cool. I love that. Yeah, definitely,
33:25
Speaker 2: I love that because like we're always like, what should
33:27
Speaker 2: we do? What are you guys interested in? Like, how's
33:29
Speaker 2: that going to add value? You tell us?
33:31
Speaker 6: Yeah?
33:32
Speaker 3: So true.
33:32
Speaker 2: And the intern, terrible intern actually deleted all of our
33:37
Speaker 2: voice notes that we had on our website. See the
33:41
Speaker 2: intern is Victoria. Yeah yeah, yeah, then I didn't know
33:45
Speaker 2: that they weren't backed up. I thought that like they
33:48
Speaker 2: would save somewhere else and they didn't save anywhere else.
33:51
Speaker 2: So now we have no voice notes, and we've got
33:53
Speaker 2: like one or two left. So if anybody is feeling
33:56
Speaker 2: charitable and would like to help us top up our
33:59
Speaker 2: voice notes, you can head to our website and hit
34:01
Speaker 2: the podcast page and then there's like a record a
34:04
Speaker 2: voice note for the show. You can leave voice notes
34:07
Speaker 2: about questions you'd like on the show, love notes, whatever
34:09
Speaker 2: sets your heart on fire.
34:11
Speaker 3: That's so cute.
34:12
Speaker 5: Excellent, Well, let's set into the spicy spicy DM.
34:15
Speaker 3: I can't wait.
34:16
Speaker 2: Are you ready for the spicy DM? That's already Okay,
34:19
Speaker 2: here's the DM we got this week. Hey, she's on
34:21
Speaker 2: the money. I believe if one person takes a career
34:24
Speaker 2: break when looking after children, the other partner should contribute
34:27
Speaker 2: to their super But my dad thinks it's disrespectful to
34:31
Speaker 2: even suggest this, saying it's the kind of thing that
34:34
Speaker 2: could drive a partner to walk out the door. I'd
34:38
Speaker 2: love to hear your views and maybe get some AMMO
34:41
Speaker 2: to prove to him he's got a very outdated view.
34:45
Speaker 3: Oh gosh, to start.
34:50
Speaker 2: Hey Dad, did you ever change a nappy?
34:52
Speaker 3: Literally?
34:52
Speaker 2: It's giving boomer energy? Did you ever change a nappy?
34:56
Speaker 2: No interesting concept?
34:58
Speaker 3: Did you?
34:59
Speaker 2: How are you financial supporting mum? Dad?
35:03
Speaker 3: I think it's like if you have a child.
35:06
Speaker 4: It's so funny when when men say like they can
35:09
Speaker 4: only really empathize with women when they have a woman
35:11
Speaker 4: in their life that they care about. It, It's like
35:13
Speaker 4: I can still, I can empathize with a with a
35:15
Speaker 4: dog that's being hurt. I'm not a dog. Yeah, I
35:19
Speaker 4: don't own a dog. But I didn't see that that,
35:20
Speaker 4: you know what I mean. So I'm like, that's a funny.
35:21
Speaker 4: But anyway, I'm not to perentuate that.
35:24
Speaker 2: I always find it so interesting, Yeah, but not to
35:27
Speaker 2: perpetuate that.
35:28
Speaker 3: Like, you have a daughter, so you should understand.
35:30
Speaker 4: But seriously, your daughter could be in a position where
35:34
Speaker 4: she's financially dependent on someone who is making her life
35:38
Speaker 4: miserable or literally so many other scenarios that could play
35:42
Speaker 4: out if your daughter doesn't have any money when it
35:45
Speaker 4: gets to retirement, you know. So I'm like, it's so
35:49
Speaker 4: you're saying you would actually prefer the financial freedom to
35:53
Speaker 4: sit in the hands your daughter's husband. Yeah, so that
35:57
Speaker 4: if something happens, she's fine financially scrooged and he's Okay.
36:02
Speaker 2: So that's okay with you.
36:04
Speaker 3: That's what it sounds like.
36:05
Speaker 4: It's like, okay, well she might be and you know, Touchwood,
36:10
Speaker 4: but realistically, at that point when your daughter is ready
36:13
Speaker 4: for retirement, has maybe like thirteen thousand dollars in her
36:16
Speaker 4: super hopefully maybe less, maybe more, and you know, obviously
36:21
Speaker 4: the parents might be gone by then maybe something's happened
36:25
Speaker 4: to the husband Touchwood, hopefully not, and you're comfortable with
36:28
Speaker 4: the idea that your daughter has nothing really to you know,
36:34
Speaker 4: she can't really afford to live, she can't afford to cook,
36:37
Speaker 4: she can't forward to This is a very extreme.
36:38
Speaker 2: Story, obviously, but it's actually, sadly a very real scenario.
36:43
Speaker 3: I really know that.
36:44
Speaker 2: The biggest demographic of people experiencing homelessness are women in
36:49
Speaker 2: their fifties and sixties. Yeah, and it is because they
36:52
Speaker 2: weren't financially supported into retirement or they went through a
36:56
Speaker 2: divorce or a separation and ended up with no superinuation.
37:00
Speaker 2: And it's the culmination of all of those tiny steps
37:04
Speaker 2: along the way, right, Like you might think, oh, no,
37:06
Speaker 2: it's fine, I'll just take a year off because like
37:07
Speaker 2: I really want to have a baby, and then you're
37:10
Speaker 2: letting your partner overtake you when it comes to career progression.
37:15
Speaker 2: Because so many times, oh so many times, when I
37:17
Speaker 2: was a financial advisor, I'd see women come to me
37:20
Speaker 2: and their partners were, you know, had really high incomes.
37:23
Speaker 2: It doesn't matter what they did, but they had high
37:25
Speaker 2: incomes because of the sacrifices that their partners made to
37:28
Speaker 2: stay home and look after the family and contribute in
37:32
Speaker 2: that way. That then the partner would be like, no,
37:34
Speaker 2: I worked hard for my money, as though the sacrifice
37:39
Speaker 2: wasn't held as like the burden was on women the
37:44
Speaker 2: entire time.
37:44
Speaker 4: Yeah, I know, it's so crazy that like two people
37:48
Speaker 4: are deciding to do this thing together. And let's say,
37:51
Speaker 4: I know I don't want to like in a baby
37:52
Speaker 4: too like a pet, but just for this scenario, just
37:55
Speaker 4: for this story.
37:56
Speaker 2: Oh like the other I was sitting at the dining
37:58
Speaker 2: table and it was like a little bit of ham
37:59
Speaker 2: for my sound, a little bit of ham for my dog.
38:01
Speaker 4: Like, but two people they want to say, for example,
38:05
Speaker 4: by a dog, imagine one of the two people. Let's
38:08
Speaker 4: take gender out of this completely, and now we're looking
38:10
Speaker 4: at just two figures. And now does it it does
38:15
Speaker 4: sound a little bit more ridiculous when you take gender
38:18
Speaker 4: out of it and you just look at two people
38:20
Speaker 4: and you're like, two people have decided to do this thing,
38:23
Speaker 4: only one of you.
38:24
Speaker 2: Sorry, you can't work.
38:27
Speaker 3: Actually you can't get any money.
38:28
Speaker 2: You can't get any soup, but you can't get any
38:29
Speaker 2: like for you, actually just none for you, randomly for
38:32
Speaker 2: absolutely no reason, just some arbitrary reason.
38:35
Speaker 3: There is a reason, you know, gap babies maybe need
38:40
Speaker 3: breast milk or whatever.
38:40
Speaker 4: There's there's maybe many reasons why this one figure might
38:44
Speaker 4: have to stay home. But it's like when you look
38:46
Speaker 4: at it like that, you're like, but these two people
38:49
Speaker 4: made the decision, So why is only one getting all
38:52
Speaker 4: of these consequences? You know, it just seems so unfair,
38:56
Speaker 4: because yes, an unfair division of labor, sexual relationships work, Beck,
39:02
Speaker 4: I don't like that, and I just think.
39:04
Speaker 2: So don't have a heterosexual relationship. Yeah, true, It's like
39:08
Speaker 2: I won't, but I think it is. It's super interesting
39:11
Speaker 2: because I don't even think that's outdated, Like I just
39:15
Speaker 2: think it's wrong, like even history, Like let's go back,
39:19
Speaker 2: let's go back to the nineteen fifties, Gregory, let's talk
39:22
Speaker 2: about it. Did you have a job that could put
39:25
Speaker 2: food on the table, a roof over the heads of
39:27
Speaker 2: your family, and go on a family holiday each and
39:29
Speaker 2: every single year without your partner working. Great, you probably
39:33
Speaker 2: could have in twenty twenty four, that is not the reality.
39:37
Speaker 2: In fact, both parents need to work. And I'm sorry
39:40
Speaker 2: women are still being paid less, Like why aren't you
39:43
Speaker 2: as a girl? Dad mad that your daughter doesn't have
39:47
Speaker 2: the exact same opportunities as a boy born on the
39:50
Speaker 2: same day as her yep, Like I remember the day
39:53
Speaker 2: that I gave birth to Harvey because we didn't know
39:55
Speaker 2: his gender, Like, we had no idea if we're having
39:57
Speaker 2: a boy or a girl. And I remember thinking like
40:00
Speaker 2: maybe it was the next day, Wow, you're a white male.
40:05
Speaker 3: That's going to be good to you.
40:07
Speaker 2: And I remember thinking wow, like the burden is never
40:13
Speaker 2: going to sit that heavily on your shoulders. And I
40:15
Speaker 2: hope I can educate you enough to understand what that
40:19
Speaker 2: burden is going to look like for maybe your sisters
40:23
Speaker 2: in the future, or for your partner, or for your
40:25
Speaker 2: friends or for your fan like I hope that I
40:28
Speaker 2: can do this justice and bring up like a feminist
40:32
Speaker 2: little boy who just cares about other people and wanting equality,
40:36
Speaker 2: Like I just remember being like, that's a burden to carry, Okay,
40:39
Speaker 2: no worries, but then at the same time being like, well,
40:42
Speaker 2: you're not ever going to experience a genda pay cap,
40:45
Speaker 2: Like it's insane to me that other parents aren't immediately
40:49
Speaker 2: like protect my daughter protect Like to me, it's a
40:52
Speaker 2: protective mechanism, Like there's just I couldn't imagine my dad's
40:57
Speaker 2: saying that. I know anyway, you won't have any quote, ammo.
41:01
Speaker 2: I just have a lot of disappointment that I suggest
41:04
Speaker 2: the situation. Of course you can suggest.
41:07
Speaker 5: I would say, kind of what you were getting to
41:09
Speaker 5: at the end, I would almost take gender out of it,
41:11
Speaker 5: because I think that the additional super contribution should be
41:15
Speaker 5: applicable regardless of you know, if it's two men, two women,
41:19
Speaker 5: to non conforming identitied people, if the male is choosing
41:23
Speaker 5: to be the stay at home parent, regardless of the situation,
41:25
Speaker 5: I think whatever person is taking time out of the
41:29
Speaker 5: workforce deserves to have their superannuation contributed. And as you
41:32
Speaker 5: were saying, my husband and I have spoken about this,
41:34
Speaker 5: and I have and will contribute to my husband's superannuation
41:38
Speaker 5: into the future when he takes more time.
41:40
Speaker 2: Off because I want more babies. Yeah, that's just how
41:43
Speaker 2: it's going to work.
41:43
Speaker 3: Yes, I think the.
41:44
Speaker 5: Argument of that is really just as you are kind
41:47
Speaker 5: of touching on that, whoever taking time out of the
41:50
Speaker 5: workforce is being put on the back foot. I feel
41:52
Speaker 5: like maybe your dad's perspective is also coming from, you know,
41:55
Speaker 5: a byproduct of again, his generation is largely people didn't
41:59
Speaker 5: really get divorced back in our parents' day.
42:01
Speaker 2: I feel it's cool, mum, mum, when you divorce dad,
42:04
Speaker 2: don't forget it. And if you're not in Western Australia,
42:07
Speaker 2: you can take half his supers. So yeah, that if
42:10
Speaker 2: you get a good lawyer, you could have like sixty
42:12
Speaker 2: or seventy percent of be super anyway, moving on on, Yeah.
42:14
Speaker 5: But I almost think that perhaps it's not safeguarding your
42:18
Speaker 5: future in that way. Isn't maybe something that occurs to
42:21
Speaker 5: him because it just simply wasn't something happened and that's
42:24
Speaker 5: not an excuse, Like I think, I completely agree. I
42:26
Speaker 5: think it's his mentality quite frankly is wrong from my perspective,
42:30
Speaker 5: but I think that maybe that's what he's thinking. And
42:32
Speaker 5: I think in terms of presenting your argument, because that's
42:35
Speaker 5: what you've asked us about. I would be explaining, well,
42:38
Speaker 5: God forbid, if something does happen in the future and
42:40
Speaker 5: I need to leave, Like, do I not deserve to
42:41
Speaker 5: have the same opportunity the big opportunity cost of not
42:45
Speaker 5: contributing to SUPER, Because I guess the argument could be made, Oh,
42:48
Speaker 5: but you have access to the family bank account or
42:51
Speaker 5: the whatever is that's not compounding at the same rate
42:54
Speaker 5: as Super. There's also additional tax benefits for contributing to SUPER,
42:59
Speaker 5: Like there's a lot of it is from choosing to
43:02
Speaker 5: go that route. And I think the bye and far
43:04
Speaker 5: the biggest one and the one that should be convincing him,
43:07
Speaker 5: not that you should need to convince him, is that
43:09
Speaker 5: it's putting you in the best possible situation. And I'm sorry,
43:13
Speaker 5: but any man who is going to walk out on
43:14
Speaker 5: you because you've asked him to contribute to your SUPER
43:16
Speaker 5: is not a man that she should be married to, dating,
43:18
Speaker 5: sleeping with, or really breathing in the direction of. Like
43:21
Speaker 5: that is a recatcher, ridiculous, ridiculous sentiment. And I think
43:26
Speaker 5: our listener is totally right that that is very much
43:28
Speaker 5: a byproduct of you know him and his generation but
43:31
Speaker 5: ultimately the reason that you would do this is because
43:34
Speaker 5: both people who have chosen to have this child deserve
43:37
Speaker 5: to continue to have opportunity, regardless of the fact that
43:40
Speaker 5: the child has been born, and regardless of the gender
43:43
Speaker 5: of the person who's staying at home. It's genuinely just
43:46
Speaker 5: about safeguarding the future or your future, and any partner
43:49
Speaker 5: who loves you should be on board with that.
43:51
Speaker 2: One hundred percent. And also any partner that's like, I
43:54
Speaker 2: don't know why I'm contributing to your super, Jess, I'm
43:58
Speaker 2: sorry if you got plans to exit this relationship, because
44:02
Speaker 2: I'm pretty sure that we agreed on what's yours is
44:04
Speaker 2: mine and what's mine is yours, and aren't we planning
44:07
Speaker 2: on retiring together, then it's still our retirement fund, whether
44:10
Speaker 2: it's in my super with your super. The second you
44:12
Speaker 2: start going, oh but I don't want it in yours,
44:14
Speaker 2: go but why Yeah, what are you so worried about?
44:17
Speaker 2: Like we are we not as solid as I thought
44:19
Speaker 2: that you were, Like, I just I have a lot
44:21
Speaker 2: of conversations, and I also I am probably on a
44:24
Speaker 2: very pessimistic side of TikTok at the moment where lots
44:27
Speaker 2: of women are like, let's just not have partners because
44:30
Speaker 2: they're burdens. And I'm like, I see you, queen.
44:34
Speaker 4: Yeah, like I get it, which I can see you
44:36
Speaker 4: so unfair, it's actually insane you This is not the same.
44:39
Speaker 4: But like imagine you're like saying with your best friend,
44:41
Speaker 4: let's go on a trip to Japan together, like you're
44:43
Speaker 4: talking about fan but anyway together, and it's like only
44:47
Speaker 4: one of you pays for it, Like it just seems
44:49
Speaker 4: so like you know what, I keep li likening it too,
44:50
Speaker 4: like you're both making the decision.
44:52
Speaker 3: You're both making a decision. Doesn't make any sense to me.
44:55
Speaker 2: Yeah, I think equality is something that hasn't existed historically,
44:59
Speaker 2: so it makes a lot of sense that it's just
45:01
Speaker 2: not your dad's default. But I think it's a really
45:03
Speaker 2: beautiful learning opportunity to go. Okay, Like, hey, I can
45:07
Speaker 2: totally see that that might make I don't know, why
45:10
Speaker 2: would that make you walk out?
45:11
Speaker 6: Dad?
45:11
Speaker 2: Like is it because you're bringing up this is probably
45:13
Speaker 2: a good conversation to have about his money story? Like
45:15
Speaker 2: why would you think that my partner would walk out
45:17
Speaker 2: if I asked him to contribute to my super So
45:20
Speaker 2: that I'm okay, Oh, I would walk him straight out.
45:24
Speaker 2: You don't walk out, I'll hold the door open, don't
45:26
Speaker 2: let it hit you.
45:27
Speaker 4: Yes, seriously, Well, it will change your addresses everywhere for
45:30
Speaker 4: you'll do with life admin see you later.
45:32
Speaker 3: That's it.
45:33
Speaker 5: And then flip it around like if you don't want
45:35
Speaker 5: to contribute my stuper okay, no problems. How about you
45:37
Speaker 5: be the stay at home parent because.
45:39
Speaker 2: I don't want to sacrifice my financial future and.
45:42
Speaker 5: Money for my stupor and you'll get nothing and then
45:44
Speaker 5: see how they feel about that.
45:45
Speaker 2: Yes, when we have these conversations before you actually choose
45:50
Speaker 2: to get pregnant as well, because like red flag run, yeah,
45:54
Speaker 2: big time. We asked the community obviously, we said what
45:57
Speaker 2: do you think of her dad's view? Eighty one percent
46:00
Speaker 2: of you said it's outdated, eight percent of you said
46:03
Speaker 2: he's got a point, oh what, and ten percent said
46:07
Speaker 2: I don't agree, but I know lots who do.
46:10
Speaker 3: That's hard.
46:10
Speaker 2: Another question we asked was, have you or do you
46:13
Speaker 2: plan to have the other partner contribute to the primary
46:16
Speaker 2: cares super Forty one percent of you said yes because
46:20
Speaker 2: it's only fair. For forty six percent of you, I
46:25
Speaker 2: get this said you hadn't considered it, but now you've
46:28
Speaker 2: gone right, yes, hopefully, and thirteen percent said no, it's
46:31
Speaker 2: not for us.
46:32
Speaker 5: I said it to all of my friends when they
46:34
Speaker 5: got pregnant. Every friend I've said you should do your contribution.
46:37
Speaker 2: I feel like I've done so well at molding you
46:39
Speaker 2: into a small, yappy version of me. I tell them
46:42
Speaker 2: this spread the good word if you would like to
46:46
Speaker 2: join the church or we also said all right, we
46:50
Speaker 2: need your two cents. So someone said, if your partner
46:53
Speaker 2: walks out because of this request, farewell, sucker genuinely. Someone
46:58
Speaker 2: said voted no, but only because I'm very fortunate my
47:01
Speaker 2: employer is still gonna pay me super on Matt Leaf.
47:04
Speaker 2: Oh that's great, great, that is very cool. Someone else said,
47:07
Speaker 2: I'm so intrigued about the hadn't considered it results. Someone said,
47:12
Speaker 2: in a separation, wouldn't super get split anyway, But it
47:16
Speaker 2: is a smart way to maximize contributions.
47:19
Speaker 5: But if your super gets split, then you both end
47:21
Speaker 5: up on the back foot. Yeah, it's fifty percent of
47:23
Speaker 5: what one person should have had.
47:24
Speaker 2: Yeah, and yeah, it's also not a guarantee. So just
47:27
Speaker 2: because you're going through a divorce, it doesn't mean that
47:29
Speaker 2: you're gonna get part of your husband's superannuation. Like, if
47:33
Speaker 2: you have no money and you can't pay good legal
47:36
Speaker 2: representation and your husband is able to do that, I mean,
47:40
Speaker 2: this is a very you know, stereotypical example. And your
47:42
Speaker 2: husband's able to pay legal representation and scare the hell
47:46
Speaker 2: out of you and wear you down, you walk away
47:48
Speaker 2: with nothing.
47:49
Speaker 3: Yeah yeah, yeah seriously, So, like, can.
47:51
Speaker 2: We just set it up properly from the start, Like
47:53
Speaker 2: there are so many situations where women aren't able to
47:57
Speaker 2: advocate for themselves, or in a situation where the relationship
48:01
Speaker 2: has turned abusive and they would actually prefer to not
48:03
Speaker 2: have any money because they just don't want any confrontation
48:06
Speaker 2: and they want to walk away from this asap. Like
48:08
Speaker 2: there are so many reasons why, like bread and butter. Yeah,
48:12
Speaker 2: Like you would assume that in a separation you would
48:14
Speaker 2: review all of your finances and split it fairly. However,
48:19
Speaker 2: that's not always the reality of it. And prevention is
48:21
Speaker 2: better than cure, right.
48:22
Speaker 3: So true, But even if you do hypothetically stay together forever.
48:25
Speaker 4: And but one person has like a million dollars in super,
48:28
Speaker 4: one person has like five thousand dollars in super, I
48:31
Speaker 4: don't know what the dynamics like there.
48:32
Speaker 3: I just don't know that.
48:32
Speaker 4: If I go out with my partner and I don't
48:34
Speaker 4: have any money and she has to pay for everything,
48:36
Speaker 4: I feel silly.
48:38
Speaker 2: But she'sa mamma.
48:39
Speaker 3: She is sugar mama. Sometimes she's my sugar mama.
48:41
Speaker 2: I like it.
48:42
Speaker 4: I like it, you know, like it's still like whether
48:44
Speaker 4: you separate or not. It's like you still don't want that.
48:48
Speaker 3: Yeah, I get it, I get it.
48:49
Speaker 2: Someone else said, I said, not for us, because I'm
48:52
Speaker 2: going through IVF. We still don't have a baby, but
48:55
Speaker 2: once we get there, there won't be extra cash for SUPER.
48:58
Speaker 3: I understand.
48:59
Speaker 2: I totally get that. Someone else said, it's either contribute
49:02
Speaker 2: to SUPER or pay for daycare, cleaner and all of
49:04
Speaker 2: the other unpaid roles. Which one is it?
49:06
Speaker 5: Completely agree, completely agree. And the pain of it, like
49:10
Speaker 5: even if you went back to work, like as soon
49:12
Speaker 5: as you were able to, if that's a choice that
49:13
Speaker 5: you made, you still the time you have to take off,
49:15
Speaker 5: like you know, even if you push it right to
49:17
Speaker 5: the end, like a month maybe pre birth, and then
49:20
Speaker 5: however long post birth or where you physically cannot work.
49:24
Speaker 2: No true true. Someone else said, it's giving boomer. I agree.
49:28
Speaker 2: I agree someone said money is tight or maternity leave.
49:31
Speaker 2: I can see how asking for super good add more
49:33
Speaker 2: money stress. So this is true, but we're not asking
49:37
Speaker 2: for post tax contributions from your budget. We are asking
49:41
Speaker 2: for your partner to redirect some of their subranuation that
49:44
Speaker 2: doesn't hit your bank account to be redirected into your supranuation.
49:49
Speaker 2: So I get this concept that, oh, money's already tight.
49:52
Speaker 2: It's fine, Like that's a really good defense if it
49:54
Speaker 2: was coming from your bank account. But I'm actually asking
49:57
Speaker 2: for part of the contribution that you're employer or sorry,
50:01
Speaker 2: your partner's employer makes to their super to be split
50:05
Speaker 2: into two different super funds, one of which is yours.
50:07
Speaker 2: Your partner's employer is still paying the same percentage of
50:10
Speaker 2: superannuation to them in total, it's just going some into
50:13
Speaker 2: your account. So we're not asking for above and beyond.
50:17
Speaker 2: We're asking for split.
50:18
Speaker 4: Yes, I can see how that might be confusing or
50:21
Speaker 4: like scare people off from doing it, but yes, exactly
50:24
Speaker 4: as you're same. You also could definitely like add extral
50:27
Speaker 4: that's definitely part of the conversation. But to you, we're
50:30
Speaker 4: not asking for the budget to be impacted because I
50:34
Speaker 4: know how expensive a baby is, Like, I get that
50:36
Speaker 4: it would be very tight. So that is what I've
50:39
Speaker 4: brought to the table when it comes to our DM
50:41
Speaker 4: and I feel like I've gotten a little bit heated.
50:43
Speaker 2: So I'm sorry, but I'm also not sorry.
50:45
Speaker 3: No, you're doing God's work.
50:47
Speaker 2: But I also I just get so frustrated, Like we
50:50
Speaker 2: just want equality. I just want people to be paid
50:54
Speaker 2: what the job is worth, not what it is worth
50:56
Speaker 2: because you're a female. I want, like desperately for parents,
51:01
Speaker 2: especially in the generations that haven't had it before, to
51:04
Speaker 2: see the opportunity that this generation is creating for us
51:08
Speaker 2: in having a quality Like wouldn't you go, wow, that's
51:11
Speaker 2: a great idea, honey, Like wow, I really do want
51:14
Speaker 2: you to have everything and every opportunity afforded to you,
51:17
Speaker 2: and this is another way of doing that. Yes, I
51:19
Speaker 2: wish that we'd had that information when I was growing up.
51:22
Speaker 2: I wish I was able to do that for your mum, Like,
51:25
Speaker 2: those are the conversations I want to be having, not Oh,
51:27
Speaker 2: that's outdated. Your man will walk out on you. Yeah, Dad,
51:30
Speaker 2: who are you ridiculous? Still? David, I feel like that's
51:33
Speaker 2: all we have time for today. But before that if
51:36
Speaker 2: you have been thinking about changing your money mindset, if
51:39
Speaker 2: you have been thinking about him, they're sting or doing
51:41
Speaker 2: our money master class. Our bundle sale is still on
51:45
Speaker 2: until Monday. I'm going to pop all of the information
51:48
Speaker 2: for that into the show notes so that you can
51:50
Speaker 2: have a look. But it is a very good way
51:52
Speaker 2: of saving a whole heap of cash on our courses,
51:55
Speaker 2: and they're going to launch in January. It's going to
51:57
Speaker 2: be like our best year yet. I feel like I've
51:59
Speaker 2: been using the term thrive in twenty twenty five a lot,
52:03
Speaker 2: and it's becoming like my mantra, like next year is
52:06
Speaker 2: going to be the best year we've ever had. Jessica.
52:07
Speaker 3: Oh, I hope, So I can't wait.
52:09
Speaker 2: All right, have a good weekend, guys, and we will
52:11
Speaker 2: see you brite nearly on Monday for a money diary.
52:13
Speaker 3: Bye, guys, say.
52:21
Speaker 2: The advice shared on She's on the Money is general
52:23
Speaker 2: in nature and does not consider your individual circumstances. She's
52:27
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52:34
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