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Why Owning Property Isn’t Always the Safety Net You Think... And the Relationship Red Flag That Has Us Concerned · She's On The Money

0:00
Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations
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Speaker 1: woman and I'm here to acknowledge country Tea. Glenn Young Ganya, Niana,
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Speaker 1: Kaka yah y and Binahwaka Nian our gay In Nimbini,
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Speaker 1: yakarum jar Dominyagumika Umaga, Ihowaka na Waman damon Immalan Bumba
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Speaker 1: bang gadaboma In and now in Waka Ghana on yakarum
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Speaker 1: jar WA's nadaa. Hello, beautiful friends, we gather on the
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Speaker 1: lands of the Aboriginal people. We thank acknowledge and respect
0:27
Speaker 1: the Aboriginal people's land that we're gathering on today. Take
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Speaker 1: pleasure in all the land and respect all that you see.
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Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,
0:40
Speaker 1: bringing you the tools, knowledge and resources for you to thrive.
0:45
Speaker 2: She's on the Money.
0:47
Speaker 3: She's on the Money.
0:51
Speaker 4: Hello, and welcome to She's on the Money, the podcast
0:53
Speaker 4: that makes personal finance.
0:55
Speaker 5: Fun is especially on Friday.
0:57
Speaker 4: It is our favorite day of the week because we
0:59
Speaker 4: get the tea together and we get to celebrate you
1:02
Speaker 4: the incredible She's on the Money community, and yes.
1:05
Speaker 5: You are hearing right.
1:06
Speaker 4: It is Jess Ricky taking over today because unfortunately poor
1:09
Speaker 4: Victoria is under the weather. Don't worry, though, we're keeping
1:11
Speaker 4: to the usual format. I will still be sharing my
1:14
Speaker 4: favorite money wins Beck's got some of her best broke
1:16
Speaker 4: tips all ready to go, and then we'll be answering
1:18
Speaker 4: a money dilemma, which this week is all about what
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Speaker 4: to do with a property which is currently an investment
1:24
Speaker 4: if you don't want to be a landlord, and something
1:26
Speaker 4: that you slid into our DMS about, which is whether
1:28
Speaker 4: you should share your passwords with a partner.
1:30
Speaker 5: Juicy Juicy sounds gorgeous, I know.
1:33
Speaker 4: But before we get there, I have got a five
1:35
Speaker 4: star review that came to us via slightly unusual avenue. Okay, truthfully,
1:40
Speaker 4: we'll take what we can get. We're not picky. So
1:43
Speaker 4: a beautiful community member messages and said she tried to
1:46
Speaker 4: leave her review on Spotify and wouldn't let her comments,
1:48
Speaker 4: so she's sent it through via Instagram. Oh lovely, thank you, So,
1:51
Speaker 4: she said, I divorced my husband six years ago and
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Speaker 4: had to start from scratch. We'd been together for fourteen
1:57
Speaker 4: years and everything was shared, including our friend and our
2:00
Speaker 4: then six year old daughter. Over the last six years,
2:03
Speaker 4: I have worked my butt off to give my daughter
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Speaker 4: everything she needs financially. But also, and more importantly, I've
2:08
Speaker 4: built my confidence so I can role model being a
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Speaker 4: strong and independent woman to her. About four years ago,
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Speaker 4: I started to educate myself with books, podcasts, websites, articles,
2:18
Speaker 4: and basically anything I could get my hands on regarding
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Speaker 4: financial literacy, and I am obsessed. I have an amazing
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Speaker 4: job that I love, no stress in my life and
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Speaker 4: no consumer debt. I'm back on track to pay off
2:28
Speaker 4: my mortgage by fifty I'm massive up my SUPER contributions,
2:31
Speaker 4: invest outside of Super, and I'm generally just loving myself sick.
2:35
Speaker 4: Thank you for being a part of my kick ass
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Speaker 4: financial journey. I love your potty episodes. Ladies, You've got
2:40
Speaker 4: the best vibe. My wishes that I can share my
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Speaker 4: financial journey with other women so they too can feel
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Speaker 4: inspired and build confidence because money can reduce stress enormously.
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Speaker 6: Oh my god, that is not so beautiful, so cool.
2:52
Speaker 6: That is so impressive and good for you. That's so cool.
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Speaker 4: What a laundry list of things that you're doing as well.
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Speaker 5: That's so amazing. That's great. I do worry about that
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Speaker 5: kind of thing.
3:01
Speaker 6: So I'm like, Okay, you know, I'm not even considering
3:04
Speaker 6: some people have children, some people have shared finances, divorce.
3:08
Speaker 6: There are so many different walks of life out there
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Speaker 6: that I'm like, does this advice apply to everyone? And
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Speaker 6: I'm sure it doesn't for every situation, but it's really
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Speaker 6: competing to hear.
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Speaker 4: Yeah, And it's incredible that you're modeling that behavior, that determination.
3:22
Speaker 4: I think for your daughter it will be just so
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Speaker 4: wonderful for her to grap around.
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Speaker 5: Really really cool. Good on you.
3:28
Speaker 4: Absolutely. Now I do have a very fun question again,
3:30
Speaker 4: I always do. I love this part.
3:32
Speaker 5: It's so fun.
3:33
Speaker 4: You can ask us anything. You can drop it in
3:35
Speaker 4: the comments on Spotify, you can dam it to us.
3:37
Speaker 4: I think we put a threat in the Facebook group.
3:39
Speaker 4: However you would like to ask, but it can be
3:41
Speaker 4: about anything and we will answer it right here live
3:43
Speaker 4: on the show. This week's question comes from Madison. She
3:46
Speaker 4: wants to know what's your go to dinner when you
3:48
Speaker 4: can't be bothered cooking?
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Speaker 5: Great question.
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Speaker 4: I have five fried eggs or that's very specific with
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Speaker 4: anything else.
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Speaker 5: Will just the egg just.
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Speaker 6: The eggs, and I don't cook them all the way,
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Speaker 6: you know, like a runny like a runny egg.
4:04
Speaker 5: But you don't have toasts to dip in it.
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Speaker 6: No, because it's quick and it's easy, and I don't
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Speaker 6: like the toast takes a long time, the egg in
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Speaker 6: and out, you know what I mean.
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Speaker 4: I fear that in the time it takes to cook
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Speaker 4: you to cook five eggs, you could arguably cook some. Yeah.
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Speaker 5: True, actually, but it's also theme of the mess. Yeah,
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Speaker 5: that it makes.
4:23
Speaker 6: I don't want any mess. I don't want a single
4:24
Speaker 6: bit of mess. Or I just go literally the serbo
4:27
Speaker 6: and get a protein chake and that's it. But if
4:29
Speaker 6: I have to cook it home, five fried eggs and
4:32
Speaker 6: so much oil, and then it just slices right out
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Speaker 6: and there's barely anything to clean.
4:36
Speaker 5: You are so funny.
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Speaker 4: You're giving gaston if anyone knows what I'm talking about there,
4:40
Speaker 4: that's hilarious, all about you. Micro to is we always
4:43
Speaker 4: have in our freezer. I think it's Staggles. It's you
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Speaker 4: know how those two frozen chicken brands standing. I don't
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Speaker 4: know which one it is, it's one of the two.
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Speaker 4: They do these temporary chicken little bites. They like the
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Speaker 4: chicken popcorn btes, and so I'll do rice the chicken
4:57
Speaker 4: popcorn btes because you just chuck the me in the
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Speaker 4: air fray. I got my check on the air fryer.
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Speaker 4: Boil up some at a marmaie because we just always
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Speaker 4: have it in the freezer, and then I just make
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Speaker 4: a little sweet sesame sweet sauce. It all up to
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Speaker 4: do everything because I put the rice in a microwave
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Speaker 4: ice cooker, the chicken goes in the air fryer, the
5:15
Speaker 4: at a marmaid just goes in a boiling pot of water,
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Speaker 4: and then for the sauce, you just stir it in
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Speaker 4: a pan. So all of that takes like five minutes.
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Speaker 4: It's really quick and easy. But it's actually I feel
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Speaker 4: like it's kind of giving like a little bit of
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Speaker 4: nutritional value.
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Speaker 5: It's very speedy, but is it like four different things
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Speaker 5: to using?
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Speaker 4: But like to me, that's so easy when I can't
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Speaker 4: be bother cooking like that, I'm like, that's enough to
5:38
Speaker 4: make me feel full and fed. Yes, but it's I
5:41
Speaker 4: don't have to think about anything, you know, Yes, Okay,
5:44
Speaker 4: I under different takes. What that looks like?
5:48
Speaker 5: I'm thinking one wonder hilarious. Okay, you got you got you?
5:52
Speaker 5: That's a great question.
5:53
Speaker 6: Thank you.
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Speaker 4: I love it if you've got one leaving in the comments,
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Speaker 4: because I would argue that the random question is one
5:57
Speaker 4: of my favorite parts.
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Speaker 5: Oh I love getting to do it. Same I do.
6:00
Speaker 4: Also, I have to say love doing my money wins
6:02
Speaker 4: and confessions. I've got some to share with you this week,
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Speaker 4: if I may.
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Speaker 5: Of course, please thank you so much.
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Speaker 4: Firstly, this week I have a money win from Tina
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Speaker 4: who said money win. Our car brokedown and our mechanic
6:13
Speaker 4: recommended taking it to Toyota as the fault code was
6:16
Speaker 4: a known fault and Toyota would possibly fix it through
6:18
Speaker 4: goodwill if I insisted. Two and a half weeks later,
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Speaker 4: and I've gotten my car back with over twelve thousand
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Speaker 4: dollars worth of repairs completed with no out of pocket
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Speaker 4: expenses to us. The mechanic could have just told us
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Speaker 4: that we needed the expensive repairs and made the money
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Speaker 4: for himself, but instead he was really kind and helpful.
6:35
Speaker 5: Oh my god, I feel like.
6:37
Speaker 4: In my mind always trying to wroart you for every
6:39
Speaker 4: dollar you've got really a good one.
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Speaker 3: So you just got to.
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Speaker 4: Insist, did you see him for life?
6:44
Speaker 5: Okay? Good jo.
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Speaker 4: I'm going to insist if it's a non mechanical fault,
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Speaker 4: not just if something to throw the cartain's.
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Speaker 5: Important, that's important. I see, Oh my god, it's incredible. Next,
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Speaker 5: I've got a money win from Lana.
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Speaker 4: He said she found out they were paying GST for
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Speaker 4: something that was not in fact GST registered, so they
7:04
Speaker 4: now owed a refund of about eight thousand dollars. H
7:07
Speaker 4: just a reminder GST is not something you can just
7:09
Speaker 4: throw on an invoice.
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Speaker 3: If you're not closed, very confinused, die very much.
7:23
Speaker 4: Next, I've got a money in from Peach, who said,
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Speaker 4: money win, completed my ten thousand points for my Flybys
7:29
Speaker 4: shop four weeks in a row, one of those challenges
7:31
Speaker 4: that you do across the month, and that's fifty dollars
7:34
Speaker 4: worth of points that she'll stash away for Christmas. Then
7:37
Speaker 4: I've got a money in from medi who said I
7:39
Speaker 4: subscribed my partner to Ko Sports so I could watch
7:42
Speaker 4: the cricket for a dollar a month. Otherwise it would
7:44
Speaker 4: have cost me thirty bucks. Sneaky, but definitely a money win.
7:47
Speaker 4: I'm assumeing they had previously had got a subtription in
7:51
Speaker 4: another email. So using those of you know people around you,
7:54
Speaker 4: or perhaps you're very embarrassing hotmail email that you made
7:57
Speaker 4: fifteen years ago when you were in high school would
7:59
Speaker 4: also do the job. I'm like god gob Lastly, this week,
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Speaker 4: I have a money win from Sarch who said I
8:05
Speaker 4: did a survey. It was so fun, it didn't take
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Speaker 4: long and I won five dollars. It's an important win
8:10
Speaker 4: because every single dollar counts.
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Speaker 5: And I called you, Oh my goodness, we'll done. Everybody,
8:16
Speaker 5: well done. Guys. Have you had some break tips for
8:18
Speaker 5: us this week to share as well? I might certainly do.
8:21
Speaker 4: I live in constant fear of the day I say
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Speaker 4: that and you just go, oh, actually, no, we're not
8:25
Speaker 4: doing it this day.
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Speaker 3: I feel like an idiot.
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Speaker 5: I live in constant fear.
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Speaker 6: Of that too, because it is hard, you guys, it
8:31
Speaker 6: is hard to for my producer to find broadtip for me.
8:35
Speaker 4: If you've got a breake tip, we put a thread
8:37
Speaker 4: in our Facebook group every single week. If you're not
8:39
Speaker 4: in the Facebook group, shameless plug. All the good stuff
8:42
Speaker 4: goes in there, so that's where I pull the money
8:44
Speaker 4: wins from. That gets her broake tips there as well.
8:46
Speaker 4: So if you use the search bar, you can find
8:48
Speaker 4: the relevant thread.
8:49
Speaker 5: We'd love to share your best.
8:50
Speaker 6: Ideas please, so This first one comes from Jim, who says,
8:55
Speaker 6: every school holidays, I buy a month of different streaming
8:58
Speaker 6: services and my kids enjoy watching new shows and movies
9:02
Speaker 6: for under twenty dollars for the month. That's so good,
9:05
Speaker 6: it's so worth it when you compare it to trips
9:07
Speaker 6: to the cinema or buying new movies.
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Speaker 5: That's so Truely, I like that one. That is really clever.
9:12
Speaker 5: Do a little popcorn at home.
9:14
Speaker 6: Totally, and a lot of them you can just get,
9:15
Speaker 6: like just make a new email, get a free trial
9:18
Speaker 6: sort of thing.
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Speaker 5: Clever, very clever, Thank you, Jim.
9:20
Speaker 6: The next one comes from Alana, who says, look at
9:23
Speaker 6: what food fruit, slash, veg scraps you can plant to
9:27
Speaker 6: regrow so you get free food, lettuce, herbs, onions.
9:32
Speaker 5: Some are harder than others to keep alive, but so
9:35
Speaker 5: worth it. That is so true.
9:37
Speaker 4: Turns out if you leave some things too just for
9:39
Speaker 4: long enough, like potatoes and garlic, no, just grow things
9:42
Speaker 4: all by themselves.
9:43
Speaker 5: Totally straight in the pot they can go. All you
9:49
Speaker 5: have to do is neglect and you've got a whole meal.
9:56
Speaker 6: Okay, So my one and some one's definitely from me
9:59
Speaker 6: and not ap producer. But she says, Oh, I say,
10:03
Speaker 6: if you're looking for childcare but don't need long days,
10:06
Speaker 6: have a search for occasional care options.
10:09
Speaker 5: She uses one at her local community center, or I
10:12
Speaker 5: use one at my local community center.
10:15
Speaker 6: She doesn't need a full day, and get six hours
10:17
Speaker 6: of daycare for seventeen dollars after the childcare subsidy.
10:20
Speaker 5: Oh my god, take.
10:21
Speaker 4: A bargain from everything that we've heard about how childcare is.
10:24
Speaker 4: That sounds like a great tip.
10:26
Speaker 5: That's so good.
10:26
Speaker 6: I feel like you could just do that, even if
10:28
Speaker 6: you're like, I just got to have a big nap,
10:30
Speaker 6: you know, so clever, fat.
10:31
Speaker 5: Nap, A big, fat nap. I'm going to take my
10:34
Speaker 5: child's daycare six hours. That's so clever. So thank you
10:38
Speaker 5: so much to myself and GM, our producer.
10:41
Speaker 4: And now we have that wonderful evidence of exactly why
10:43
Speaker 4: we're not a parenting podcast. I think let's go to
10:46
Speaker 4: a really quick break. When we come back, we go
10:48
Speaker 4: to chat through all sorts of fun things, including what
10:50
Speaker 4: you should do if you've got an investment property but
10:52
Speaker 4: you don't actually want to be a landlord, and whether
10:55
Speaker 4: you should share your passwords with your partner. Don't go anywhere.
11:01
Speaker 5: Welcome back everyone. Here's this week's money dilemma.
11:05
Speaker 7: Hi, there, have you got a money dilemma you just
11:08
Speaker 7: can't solve That She's on the Money team is here
11:10
Speaker 7: to help. Every week we tackle your dilemmas, both big
11:14
Speaker 7: and small, to answer your most burning money, career and
11:16
Speaker 7: life questions. To get involved, simply head to our website
11:20
Speaker 7: and leave us a short voice recording and you might
11:22
Speaker 7: just find yourself on the show. Now, let's take a
11:24
Speaker 7: listen to this week's money dilemma.
11:29
Speaker 2: Hi, She's on the Money. I moved in with my
11:31
Speaker 2: partner about two and a half years ago. I had
11:35
Speaker 2: a two bedroom flat which I rented out. When I
11:39
Speaker 2: moved in with him, we will get a contracting out agreement,
11:44
Speaker 2: which means the house we're currently living in is completely
11:47
Speaker 2: in his name, so I have no financial interest in it.
11:50
Speaker 2: And that's fine because I don't contribute to any of
11:53
Speaker 2: the costs. I've kept my place as an investment property
11:56
Speaker 2: because we all know a man is not a financial
11:59
Speaker 2: plan and I need to back up in case things
12:01
Speaker 2: starting to work out. However, I'm quite sick of being
12:05
Speaker 2: a landlord. To be honest, I don't like the extra
12:07
Speaker 2: admin it brings, but I do want a safety net.
12:12
Speaker 2: I'm thinking of selling it. I will make a decent
12:14
Speaker 2: profit and I can put that in a high growth
12:17
Speaker 2: investment fund for my future. However, I am worried on
12:20
Speaker 2: the off chance we do break up, I won't have
12:23
Speaker 2: enough of a deposit to buy my own place again.
12:26
Speaker 2: If you could help me, that would be great. Thank you.
12:29
Speaker 4: Firstly, round for applause. A man is not a financial
12:31
Speaker 4: plan ABS. So we're sitting here silently snappy. Yes, absolutely,
12:38
Speaker 4: I think that you're absolutely right, like having some kind
12:42
Speaker 4: of safety net is really important. We obviously don't know
12:44
Speaker 4: what your financial position is when it comes to this property.
12:47
Speaker 4: Is it positively geared? Is it negatively geared? So are
12:50
Speaker 4: you earning profits on it? Or are you paying a gap?
12:52
Speaker 4: If you sell it, will you be making a profit.
12:55
Speaker 4: There's lots of things that factor in it. Because if
12:57
Speaker 4: you were to sell your property, totally understand that you
12:59
Speaker 4: don't want to be landlord. I think a lot of
13:00
Speaker 4: people probably get into that position where they think it's
13:03
Speaker 4: going to be fantastic. We hear a lot of times
13:05
Speaker 4: people saying, Oh, I wanted to be a landlord, but
13:07
Speaker 4: I'm paying all this extra money. It's all this extra work,
13:09
Speaker 4: and it's like that is unfortunately kind of what you
13:11
Speaker 4: signed up for. So it's I don't think it's uncommon
13:14
Speaker 4: to find yourself in that position. And obviously for our
13:16
Speaker 4: listener it's started off, as you know, a primary place
13:19
Speaker 4: of residence and now her situation has changed. I think
13:22
Speaker 4: that doing the maths and seeing if you were to sell,
13:25
Speaker 4: would you make a profit is important because if so,
13:28
Speaker 4: then theoretically that profit could become a deposit in future
13:32
Speaker 4: should you ever need it. It would be totally up
13:35
Speaker 4: to you, and you know, we really can't look from
13:36
Speaker 4: the outside in and say how likely it is that
13:38
Speaker 4: you'll need that. But you could then choose to invest
13:41
Speaker 4: that excess money. You could keep it aside an emergency
13:43
Speaker 4: man you can put it in a high end savings account.
13:45
Speaker 4: There's lots of different options. But I would say also,
13:49
Speaker 4: if you haven't looked into it, if the admin is
13:51
Speaker 4: what's overwhelming you, you could look at getting a property manager.
13:54
Speaker 4: You don't have to manage that property directly. You can
13:56
Speaker 4: pay somebody else to.
13:57
Speaker 5: Do that for you.
13:58
Speaker 4: I've never been a landlord, so I don't know what
14:00
Speaker 4: kind of difference that makes in terms of how hands
14:03
Speaker 4: or a hands off you have to be as a renter.
14:05
Speaker 4: I know I've had some really shitty property managers, so
14:08
Speaker 4: it could go either way on that one, but it
14:11
Speaker 4: is an option that's available to you. I think it
14:13
Speaker 4: is really important, and it is really fantastic that you're
14:15
Speaker 4: thinking about having a backup plan in place, because you
14:18
Speaker 4: truly just never know what the future could hold. But
14:21
Speaker 4: as to where you put that money, there are a
14:23
Speaker 4: number of different options, and I think for me it
14:25
Speaker 4: would really come down to just running the math on
14:28
Speaker 4: everything and figuring out what that looks like. Could you
14:31
Speaker 4: maybe invest some of the profit and not all of
14:33
Speaker 4: it if you haven't had one done recently, I would
14:36
Speaker 4: have your property value assessed to give you a bit
14:38
Speaker 4: of an idea of what that might look like. Or
14:40
Speaker 4: you could have an agent come through and give you
14:42
Speaker 4: their thoughts. Keep in mind sometimes they do blow a
14:44
Speaker 4: bit of smoke because they're trying to secure, you know,
14:47
Speaker 4: the rights to sell the property. Having an idea of
14:50
Speaker 4: what that all looks like will hopefully give you a
14:52
Speaker 4: bit of clarity on how much of a buffer you
14:54
Speaker 4: may or may not have if you did choose to
14:56
Speaker 4: sell and step away from that, yes, because I also
14:58
Speaker 4: think I want to say, there's definitely no shame in
15:01
Speaker 4: choosing to step away from what you once thought was
15:03
Speaker 4: like the right path forward, because I yeah, I think
15:06
Speaker 4: that you've got to do whatever's right for you. And yeah,
15:10
Speaker 4: there are a bunch of different options available, but that's
15:12
Speaker 4: what I would kind.
15:13
Speaker 5: Of consider true. I also am wondering.
15:16
Speaker 6: I don't know what the process is or if this
15:19
Speaker 6: is any different to having a property manager, but I
15:21
Speaker 6: know that in Sydney, for example, if you own house
15:25
Speaker 6: and you let the council or community or government use
15:30
Speaker 6: it as a housing house, I know it's different. In
15:33
Speaker 6: Melbourne there's like there's like housing blocks, but in Sydney
15:37
Speaker 6: they were just like random houses or apartments or villas
15:39
Speaker 6: or whatever that someone actually owns, The landlord owns it,
15:42
Speaker 6: but the council or the community or the government is
15:46
Speaker 6: using that as a council housing or community housing spot.
15:50
Speaker 6: And I feel like in that situation, just from watching
15:54
Speaker 6: my mum kind of like talk to the landlord or
15:58
Speaker 6: property manager or whatever, I feel like the landlord is
16:00
Speaker 6: quite hands off in that scenario. I don't think I
16:03
Speaker 6: ever heard no hide nor hear from the landlord.
16:05
Speaker 5: Yeah, so I'm like.
16:07
Speaker 4: Takes on the responsibility like a department or something.
16:11
Speaker 5: There must be.
16:12
Speaker 6: Some benefits to doing that, because like, first of all,
16:16
Speaker 6: I feel like I would like to do that because
16:17
Speaker 6: it's like, oh, you know, I'm doing something good and
16:20
Speaker 6: we don't want any empty houses. It's like a you know,
16:22
Speaker 6: housing crisis. But you also kind of like get more
16:24
Speaker 6: of a hands off approach. And I think it depends
16:26
Speaker 6: on the council that you're doing that with, or the
16:29
Speaker 6: state you're in, or in all those kind of things.
16:31
Speaker 6: I would have a look into that because I feel
16:32
Speaker 6: like that that is like a really nice middle ground.
16:35
Speaker 6: It could be a nice middle ground we will like
16:37
Speaker 6: that's all. You can be completely hands off and you're
16:39
Speaker 6: also doing something really good. So that is another option.
16:42
Speaker 6: But other than that, I think, yeah, it is good
16:46
Speaker 6: to have a security blanket and a safety net, I guess.
16:49
Speaker 6: But I think if you just had the money and
16:51
Speaker 6: you had it.
16:52
Speaker 5: Like invested or you had it in a high interest.
16:55
Speaker 6: Savings account, I feel like that's like, you know, it's
16:57
Speaker 6: a big chunk of money.
16:58
Speaker 5: I think it's for me.
17:00
Speaker 6: It's not advice, but I think that for me that
17:02
Speaker 6: would be plenty for a safety blanket. But if you
17:04
Speaker 6: just want to keep the house and kind of not
17:06
Speaker 6: do all that admin, can you like rent it out
17:09
Speaker 6: too privately to like a friend or a family member.
17:13
Speaker 6: You're like, hey, you can have cheaper rent, but you
17:16
Speaker 6: got to do all the repairs yourself or something like that.
17:18
Speaker 6: Kind of find a way where it's like a little
17:20
Speaker 6: more private, you don't have to do too much. They
17:22
Speaker 6: can take on all of it and they just pay
17:24
Speaker 6: you rent every week or month or whatever it is.
17:27
Speaker 6: Is another option, but all it was is proud of
17:29
Speaker 6: you and yes, man, is not a financial plan.
17:32
Speaker 5: Keep that mindset and you're going to be just fine.
17:34
Speaker 4: Yeah, you're right, Like you wouldn't have to, Like if
17:37
Speaker 4: something did happen and you found yourself, you know, no
17:39
Speaker 4: longer living with your partner, and you did need to move,
17:43
Speaker 4: you could always rent for a little bit before, you know,
17:46
Speaker 4: if you had renters in your property, for example in Victoria. Right,
17:50
Speaker 4: it's different in every state, but if your renters are
17:52
Speaker 4: on a lease, you can't just kick them out so
17:54
Speaker 4: that you could move in anyway. So I understand that
17:57
Speaker 4: it might be nice to go, oh, well, I want
17:59
Speaker 4: to have a safety in it a house there, so
18:00
Speaker 4: if I needed somewhere to go, I could go there.
18:02
Speaker 4: But you actually might not be able to go there
18:04
Speaker 4: in actuality anyway. You might have to get a rental
18:07
Speaker 4: property regardless, in which case, if you were to sell it,
18:12
Speaker 4: you could do the exact same thing that you might
18:14
Speaker 4: have to do get a rental property while you kind
18:15
Speaker 4: of figure yourself out, sell down you know, the shares
18:19
Speaker 4: or access the money from wherever you've put it after
18:22
Speaker 4: selling your investment totally. And it might be kind of
18:26
Speaker 4: a similar situation because, yeah, just because you have the
18:29
Speaker 4: property sitting there, if there is a tenant in it,
18:32
Speaker 4: unless you're doing short term rentals or something like that,
18:35
Speaker 4: there's every chance that you won't.
18:36
Speaker 5: Be able to just move straight in anyway. Yes, as
18:39
Speaker 5: you're considering.
18:40
Speaker 4: But with that in mind, should we move along to
18:42
Speaker 4: this week's GCDM.
18:44
Speaker 5: Yes please.
18:45
Speaker 4: It's short but sweet, but also very spicy. This week,
18:48
Speaker 4: oh our DM said, Hi, I have a friend whose
18:51
Speaker 4: partner thinks that he should have the password to her
18:54
Speaker 4: banking account. They aren't a facto, they both live separately,
18:57
Speaker 4: but they have been together for a few years. I'd
19:00
Speaker 4: love everyone's opinions on this.
19:03
Speaker 5: Your damn opinions.
19:07
Speaker 6: Yeah, I just what the what's his reasoning? I want
19:11
Speaker 6: to know what the reason because like, it's not shared account,
19:14
Speaker 6: there's no reason for this. You don't even need to
19:17
Speaker 6: know how much money someone has in their bank account.
19:20
Speaker 5: That's a crazy request. So I think my thoughts are, yeah,
19:26
Speaker 5: I beg your god, damn bad. No, he doesn't need
19:30
Speaker 5: to log in. I would say, like, you know, sometimes
19:33
Speaker 5: we're doing.
19:33
Speaker 6: Something to surprise someone, Like my pardon just went away,
19:37
Speaker 6: and I said that I really needed her house keys
19:40
Speaker 6: and she was like, okay, I don't know why, but sure,
19:43
Speaker 6: and then just like decorate it because it's her birthday,
19:45
Speaker 6: blah blah. Sometimes we're doing these things, and we're doing
19:48
Speaker 6: these things that like you don't absolutely don't need that.
19:50
Speaker 6: I don't understand why you're asking for that, and that's
19:52
Speaker 6: really sus but you're trying to do something cute. I
19:55
Speaker 6: can't imagine a reason how that could work in this case.
19:59
Speaker 6: But if you it's very sudden and it's very like urgent,
20:02
Speaker 6: and it's very suss and there's no real reason for it,
20:05
Speaker 6: it could be something like that, like maybe there's some
20:08
Speaker 6: sort of competition.
20:09
Speaker 5: He's trying to enter for her through her bank.
20:11
Speaker 6: Yeah, I don't know, Like I'm trying to think of
20:13
Speaker 6: like reasons why he could do it, could be needing
20:16
Speaker 6: it for some sort of surprise.
20:17
Speaker 4: But let's say that's not the case, and so you're
20:18
Speaker 4: coming up blank because I got nothing.
20:20
Speaker 5: Yeah, me too. Actually I have a single thing in
20:23
Speaker 5: my mind for that. But I'm thinking red flag. I'm
20:26
Speaker 5: thinking seems controlling, seems a little bit like he wants.
20:30
Speaker 6: To be in her, up in her business, up in
20:32
Speaker 6: her business or what in a way that's like sounding
20:36
Speaker 6: I don't know if you've heard the who the hell
20:37
Speaker 6: is Hamish or maybe.
20:39
Speaker 5: That's not the one.
20:40
Speaker 6: There's a different one, very con many, very like I
20:43
Speaker 6: can help you invest and then take all your money,
20:46
Speaker 6: very Ponzi scheme. So I think, unfortunately, as always, communication
20:53
Speaker 6: is key, but really trying to get to the bottom
20:55
Speaker 6: of what the hell he wants to do in there,
20:57
Speaker 6: and if it's invests something Ponzi scheme, immediately immediately immediately
21:03
Speaker 6: the urgency of investing her money, like she can see
21:07
Speaker 6: like if it actually is legitimate, she'll be able to
21:10
Speaker 6: see like, oh, well, you're getting some good investments. I'm
21:12
Speaker 6: not giving you my money maybe separately a little bit
21:15
Speaker 6: here and there. I'll put my own money into this thing,
21:17
Speaker 6: whatever it is, but your.
21:18
Speaker 4: Asumpity he wants to invest in her that.
21:21
Speaker 6: Maybe I'm thinking it's something to do with that, and
21:23
Speaker 6: if there's an urgency to invest someone else's money, then
21:26
Speaker 6: Ponzi scheme.
21:26
Speaker 2: I like.
21:27
Speaker 4: I'm very pro, like broadly very pro password sharing. I've
21:31
Speaker 4: been with my partner for a decade pretty much. I
21:34
Speaker 4: know all of his passwords to everything. He knows all
21:35
Speaker 4: my passwords everything. We share a lot of passwords for
21:38
Speaker 4: a lot of things. The one thing that I do
21:40
Speaker 4: not have password to for him nor for me is
21:42
Speaker 4: the bank accounts. Yes, because there is simply no reason
21:47
Speaker 4: to Like, if he said to me, hey, like, how
21:49
Speaker 4: much is in your bank account, obviously I'd more than
21:51
Speaker 4: happily tell him, I mean totally honestly. With the house,
21:53
Speaker 4: he's well aware, there's not a lot of hearing, you know,
21:56
Speaker 4: it's all the ins and outs. We're very open with
21:58
Speaker 4: all of those sorts of things. But there's just still
22:01
Speaker 4: no reason for either of us to have access if
22:05
Speaker 4: it's a shared account. Totally different story, which we do
22:08
Speaker 4: have a shared account ive said before, which we use
22:10
Speaker 4: like bills and groceries and stuff, which we both obviously
22:12
Speaker 4: have access to. But for your own independent bank account,
22:16
Speaker 4: there truly is no reason, like, not a single good reason.
22:20
Speaker 4: Like I was exactly easy where I was going God,
22:23
Speaker 4: puzzling it out, trying to think like why what could
22:25
Speaker 4: he want to do with that? Yeah, and nothing good
22:27
Speaker 4: was coming to mind at all. And even if it
22:29
Speaker 4: was something good, I think to ask that of someone
22:31
Speaker 4: you really need a shred of context shrum please, I'm begging.
22:36
Speaker 4: As you said, I thought, big fat red flag yes,
22:39
Speaker 4: and did do a quick little google just to see
22:41
Speaker 4: what the thoughts were on this. And so this is
22:43
Speaker 4: coming directly from NAB, which is obviously one of the
22:45
Speaker 4: Big four, and they very explicitly say never share your
22:49
Speaker 4: password with someone, not even someone you trust. Yes, what
22:52
Speaker 4: about your friends and family regardless of whom you share
22:55
Speaker 4: it with. Once you share your passwords, you lose control
22:57
Speaker 4: of how it's stored or how or when it's used.
23:00
Speaker 4: You may not be covered for fraud. One of your
23:02
Speaker 4: responsibilities as a NAB bank account owner and a user
23:05
Speaker 4: of the Internet banking is to protect your password.
23:08
Speaker 5: Sharing your passwords.
23:09
Speaker 4: Or pins may affect a claim for any money lost
23:13
Speaker 4: or due to fraud, And I think that is a big, fat,
23:15
Speaker 4: important reminder we need to put in front of that. Yes,
23:18
Speaker 4: exactly as you were saying, God forbid, if he was
23:20
Speaker 4: wanting it for nefarious reasons, if you just happily go
23:24
Speaker 4: of course, love of mine, have my password and he
23:27
Speaker 4: was to do something terrible, the chances are that you
23:29
Speaker 4: may not be able to recover that money in the
23:31
Speaker 4: same way that you would if your bank account was
23:33
Speaker 4: hacked totally, totally, And that's really important to remember. We
23:37
Speaker 4: also saw from a family lawyer somebody said one of
23:40
Speaker 4: the first things that we recommend to clients after separating
23:43
Speaker 4: is to consider changing all of their online passwords to everything,
23:46
Speaker 4: even their email accounts. And again that comes back to
23:49
Speaker 4: that data privacy, data protection, because once you give somebody
23:53
Speaker 4: access to something, there's no control over what they're doing
23:55
Speaker 4: with it. And like, yes, obviously you can change the
23:57
Speaker 4: password in future, but all it takes is one transaction
24:00
Speaker 4: for them to potentially take it and do something with
24:03
Speaker 4: it that is going to put you in.
24:05
Speaker 5: A really horrible position.
24:06
Speaker 4: So I would be saying, ask them why and if
24:10
Speaker 4: they are not giving you a very good reason, because truthfully,
24:13
Speaker 4: I can't. I can't think of a single good reason. Yeah,
24:16
Speaker 4: if they can't give you a good one, it's a
24:18
Speaker 4: big fat no from me.
24:19
Speaker 5: Absolutely completely agree. What did the community say?
24:22
Speaker 4: Let me tell you we got a lot of responses
24:25
Speaker 4: to this one. So firstly, we did ask a couple
24:28
Speaker 4: of polls, So we said, what would you do if
24:30
Speaker 4: your friend told you that her partner wanted their passwords?
24:34
Speaker 4: Six percent of you said We'd leave it for her
24:36
Speaker 4: to decide, seventeen percent of you said I would explain
24:39
Speaker 4: the risks to her, another seventeen percent said I would
24:42
Speaker 4: find out more but keep an eye on it, and
24:45
Speaker 4: then sixty percent said I would tell her it's a
24:47
Speaker 4: red flag. I'm shocked that it was only sixty percent.
24:50
Speaker 5: I know shows guys.
24:53
Speaker 4: Next, we said, how do you feel about sharing passwords
24:56
Speaker 4: broadly with a partner. Twenty one percent of you said,
24:59
Speaker 4: I'm fine with it if we're in a committed relationship,
25:02
Speaker 4: Forty six percent of you said I'm only okay with
25:05
Speaker 4: it if we're married or de facto, and thirty three
25:08
Speaker 4: percent of you said it is a hard no from me. Honestly,
25:11
Speaker 4: every single person said exactly what we said. They said,
25:15
Speaker 4: it's a huge point of concern. It's a big red flag.
25:18
Speaker 4: There's no good reason. Yes, I could read them to you,
25:21
Speaker 4: but we have about five hundred responses that all say
25:23
Speaker 4: the exact same thing. So I'm just paraphrasing it for
25:25
Speaker 4: you here right now. I really just want to hammer
25:28
Speaker 4: home to you guys, if there is not a good
25:30
Speaker 4: reason to share your banking password with someone, if it's
25:32
Speaker 4: not a shared account, there really is no reason totally.
25:36
Speaker 4: And I would argue if he said, oh, like I
25:38
Speaker 4: wanted to set us up to do bills or to
25:40
Speaker 4: do whatever, I would be saying, set up a separate
25:43
Speaker 4: shared bank account. Yes, always always have access to something
25:46
Speaker 4: that is just yours.
25:48
Speaker 5: God forbid.
25:49
Speaker 4: You need your emergency fund, whatever, you should always have
25:52
Speaker 4: that tucked away in a place that only you can touch.
25:55
Speaker 6: And also, if you're listening to this, can you please
25:58
Speaker 6: update us because I'm dying to know.
26:00
Speaker 4: I'm desperate to know as well, and just for to
26:02
Speaker 4: know what the outcome is. Yeah, I'm really curious, because
26:05
Speaker 4: I did. I thought about it for a while and
26:07
Speaker 4: I just truly couldn't think of anything interesting.
26:10
Speaker 5: Yeah, maybe because it could be like refer a friend.
26:13
Speaker 4: No, there's no reason you need to cos that's so true. Absolutely,
26:17
Speaker 4: there's nothing, There's nothing at all. But anyway, hopefully we
26:20
Speaker 4: even then we can report back to you, guys. I'm
26:22
Speaker 4: glad that we're all kind of on the same page
26:24
Speaker 4: with that one. If you have any thoughts or concerns,
26:26
Speaker 4: you can always also reach out to like the customer
26:28
Speaker 4: service team at your bank and they can talk you
26:30
Speaker 4: through any risks that might exist.
26:32
Speaker 5: Totally, but I think that's a really good place to
26:33
Speaker 5: leave it for today.
26:34
Speaker 3: What do you think?
26:34
Speaker 6: Yeah?
26:34
Speaker 5: I think so what a lovely episode. It's be Thank
26:37
Speaker 5: you so much, Jess, Ricky and well Victoria. Will see
26:39
Speaker 5: you bright and early on Monday morning. Hi, guys, say.
26:47
Speaker 7: The advice shared on She's on the Money is general
26:50
Speaker 7: in nature and does not consider your individual circumstances. She's
26:54
Speaker 7: on the Money exists purely for educational purposes and should
26:57
Speaker 7: not be relied upon to make an investment. All fune
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Speaker 7: financial decision. If you do choose to buy a financial product,
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Speaker 7: read the PDS TMD and obtain appropriate financial advice tailored
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