Latest / She's On The Money / Raising Money-Smart Kids & Feeling Stuck in a Joint Mortgage

Transcript

Raising Money-Smart Kids & Feeling Stuck in a Joint Mortgage · She's On The Money

0:00
Speaker 1: My name's Atasha Bamblet. I'm a proud First Nations woman
0:03
Speaker 1: and I'm here to acknowledge country t Glenn Young Ganya
0:08
Speaker 1: nianar Kaka yah y and beIN a Ohaka nian our
0:11
Speaker 1: gay In Mbini yakarum Jar, Dominyamka domag Ithawaka Woman, damon
0:15
Speaker 1: Imlan Bumba ban Gadabomba in and now in wakah ghan
0:19
Speaker 1: On yak rum Jar water Nadaa. Hello, beautiful friends, we
0:24
Speaker 1: gather on the lands of the Aboriginal people. We thank,
0:26
Speaker 1: acknowledge and respect the Abiginal people's land that we're gathering
0:29
Speaker 1: on today. Take pleasure in all the land and respect
0:32
Speaker 1: all that you see. She's on the Money podcast acknowledges culture, country,
0:38
Speaker 1: community and connections, bringing you the tools, knowledge and resources
0:43
Speaker 1: for you to thrive.
0:45
Speaker 2: She's on the Money.
0:47
Speaker 3: She's on the Money.
1:08
Speaker 4: Hello and welcome to She's on the Money, the podcast
1:11
Speaker 4: that makes personal finance fun, especially on Fridays. It is
1:15
Speaker 4: our favorite day of the week because they get our
1:17
Speaker 4: little team together and celebrate you our incredible She's on
1:20
Speaker 4: the Money Community Misters Gricci is here and she is
1:24
Speaker 4: sharing her favorite money wins from the community. Bex Away,
1:27
Speaker 4: so I get to share this week's b kIPS and
1:31
Speaker 4: we'll be helping to answer a juicy money dilemma, which
1:35
Speaker 4: is all about things getting complicated after buying property with
1:38
Speaker 4: a sibling and something that you slid into our dams
1:41
Speaker 4: about how to teach your kids about money when you
1:44
Speaker 4: and your co parent have wildly different money stories. Guys,
1:49
Speaker 4: before we get there, miss Jessica Ricci, it's just you
1:52
Speaker 4: and I sang it out today, just hanging out like
1:55
Speaker 4: old times. How's your week being.
1:57
Speaker 5: It's been good. I'm feeling a little bit run down
2:00
Speaker 5: and a little bit under the leather, but not too bad.
2:02
Speaker 5: I'm trying to think what I've done. I don't tell
2:03
Speaker 5: you I started. I stepped up a level in ballet class.
2:06
Speaker 5: Excuse me, I went from absolute beginner to beginner. I
2:11
Speaker 5: love that look, which is so funny because now I
2:14
Speaker 5: can say this and I didn't want to say when
2:15
Speaker 5: I was in the class. I'm ninety seven percent sure
2:19
Speaker 5: that one of the girls in my class is a listener,
2:21
Speaker 5: and I'm pretty sure we've met her before. But you
2:23
Speaker 5: know me, I'm too anxious, So.
2:26
Speaker 4: You had to wait until you were out of her
2:27
Speaker 4: class to say anything, Jessica.
2:30
Speaker 5: There's not a lot of time to talking class. And also,
2:32
Speaker 5: imagine if I went up to somebody and I was like,
2:33
Speaker 5: oh my god, I remember you, thank you so much
2:35
Speaker 5: for coming to our event, and they were like, who
2:37
Speaker 5: are you?
2:37
Speaker 4: And the audacity to assume that I know who you are?
2:40
Speaker 4: I would have died. I will crawl up into.
2:42
Speaker 5: A ball, genuinely. But I'm I would say ninety seven
2:45
Speaker 5: percent sure. I'm not great with names, but I'm pretty
2:47
Speaker 5: good with faces. So anyway, so if you're listening, just actually.
2:50
Speaker 4: Say hi, I did see you. I did see you,
2:53
Speaker 4: and I didn't want to make it weird. Yeah, how
2:56
Speaker 4: we fin good? I actually laugh because we can be
2:58
Speaker 4: incredibly socially awkward. It's funny on a podcast when it's
3:02
Speaker 4: just two of us in a room, but in person,
3:05
Speaker 4: I'm like her, du my week's been good. So something
3:08
Speaker 4: that I have been enjoying very much recently. Mcgriddle, Oh
3:13
Speaker 4: you do love a mcgriddle. I discovered them in America.
3:16
Speaker 4: And when I say I discovered them, I mean brook
3:18
Speaker 4: In our team made me eat one and I was
3:20
Speaker 4: so confused. I was like, I don't know about this.
3:22
Speaker 4: I fell in love with them. But McDonald's you and
3:26
Speaker 4: I we got a chat because in America you can
3:29
Speaker 4: get the chicken mcgriddle, but you can't get the chicken
3:32
Speaker 4: mcgriddle in Australia. So every time I like go to
3:34
Speaker 4: the drive through window and I'm like, hi, so could
3:37
Speaker 4: I please get the sausage and cheese mcgriddle but not
3:41
Speaker 4: have the sausage and put in a chicken patty? And
3:42
Speaker 4: they're like, give me two seconds, and then they're like, oh, yeah,
3:45
Speaker 4: we can do that. Just put the chicken mcgriddle on
3:48
Speaker 4: the menu. People are gonna thank you for it because
3:51
Speaker 4: it is the superior mcgriddle.
3:53
Speaker 5: You can tell you. And McDonald's have beef.
3:56
Speaker 4: We do, but I don't want the beef. What the chicken?
4:00
Speaker 4: That has been? I guess the entire dilemma of my week, Jess,
4:04
Speaker 4: as always, before we get into the money wins and
4:07
Speaker 4: me getting to share Beck's broke tips. Would you like
4:10
Speaker 4: a five star review? Read? I would like I serenade you,
4:14
Speaker 4: please please? So this one's from Naomi. I found She's
4:18
Speaker 4: on the Money back in twenty twenty two and have
4:21
Speaker 4: loved watching the show grow and evolve to what it
4:23
Speaker 4: is today. I haven't missed an episode. I love that
4:26
Speaker 4: Beck is so loved by the community, as she truly
4:29
Speaker 4: is relatable in her life's perspectives, and she's funny and real. Jess,
4:33
Speaker 4: whom I actually met in Greece in twenty fifteen, Oh
4:37
Speaker 4: my god, my friend, has always been the kind of
4:41
Speaker 4: person who radiates kindness and sunshine. And Victoria is an
4:44
Speaker 4: absolute powerhouse who keeps both herself and her content real, authentic,
4:48
Speaker 4: and understandable. Together, this team makes each episode feel like
4:52
Speaker 4: you're sitting in the room with them having a nice
4:54
Speaker 4: catch up. And honestly, I wish I could make this
4:57
Speaker 4: a reality for me one day. I mean, you did
4:59
Speaker 4: in Greece twenty fifteen. Didn't you Keep up the incredible work, team,
5:03
Speaker 4: You are changing lives every day through sharing valuable finance
5:06
Speaker 4: education for everyone, no matter where they are in their
5:09
Speaker 4: money journey. This is your legacy that will always be
5:12
Speaker 4: remembered for generations to come. Isn't that so sweet?
5:16
Speaker 5: How are you, queen? I'm pretty sure we wrote aquad
5:18
Speaker 5: back together.
5:19
Speaker 4: I hope actually she remember?
5:23
Speaker 5: Yeah, no, if I remember correctly, I think we did
5:25
Speaker 5: a tour and I was on the tour with a group.
5:28
Speaker 5: There was I think seven of us or something. There
5:29
Speaker 5: was a big group, and I'm pretty sure she was
5:31
Speaker 5: solo traveling, and so she kind of just adopted her
5:34
Speaker 5: and she hung out with our group of friends quite
5:36
Speaker 5: a lot.
5:36
Speaker 2: But she was lovely.
5:37
Speaker 5: I hope that is so cute. I was on a
5:40
Speaker 5: slod bike somewhere.
5:41
Speaker 4: Yeah, you have to find it to be like, this
5:44
Speaker 4: is just And if she's on the Money listener before
5:46
Speaker 4: she's on the Money.
5:47
Speaker 5: That is honestly so iconic.
5:49
Speaker 4: I love it so much. All right. That was our
5:51
Speaker 4: five star review, which honestly comes up our egos. Guys,
5:55
Speaker 4: please feel free to leave some more flive star reviews
5:58
Speaker 4: for us, because it might just up on the show.
6:00
Speaker 4: But miss Jessicarici, what are your favorite money wins from
6:04
Speaker 4: the Facebook group this week?
6:05
Speaker 5: Alrighty, first this week, I've got one from Lola, who
6:08
Speaker 5: said money win. I saw some free fruit at the shop,
6:12
Speaker 5: so I made some bettery what I don't know how random.
6:14
Speaker 5: She said, I see your random, I'll take it. And
6:16
Speaker 5: she made banana muffins for her and her boyfriend and
6:18
Speaker 5: then dried some up for treats for her rabbits. She
6:21
Speaker 5: did include a pet tax photo of the rabbits, and
6:24
Speaker 5: I need everyone to go look at the photo of
6:25
Speaker 5: Nettle Biscuits.
6:26
Speaker 4: Because no, sorry is his name Nettle Biscuits. Stop it,
6:32
Speaker 4: she said sadly.
6:33
Speaker 5: Periwinkle Parsley is too camera shy to be in the photo.
6:36
Speaker 4: Perrywinkle Parsley, stop it.
6:40
Speaker 5: I am die just in the group search Nettle Biscuits.
6:44
Speaker 5: I'm sure it'll come up, just even to search biscuits
6:46
Speaker 5: my favorite thing of the week.
6:48
Speaker 4: You joking. That's thank you, Parsley. It's a little bit
6:51
Speaker 4: too shy.
6:52
Speaker 5: Pet tax approved.
6:53
Speaker 4: But also, are you guys picking up on this trend?
6:56
Speaker 4: If you send Jess a picture of your pets, you're
6:58
Speaker 4: almost guaranteed to end on the show next.
7:01
Speaker 5: I've good of money win this week from Laura, who
7:03
Speaker 5: said her money in was that she deleted Uber Eats
7:05
Speaker 5: from her phone apps. She's committed to cutting back spending
7:08
Speaker 5: in this category. She reconciled her bank statements for the
7:10
Speaker 5: last six months and said, oh my god, I got
7:13
Speaker 5: curious about my household and probably shouldn't have looked. Yeah,
7:17
Speaker 5: we've been talking a lot about Uber eats in the
7:19
Speaker 5: office this week.
7:20
Speaker 4: I'm sorry, but I am so salty at Uber eats
7:23
Speaker 4: at the moment. You guys actually know that we've worked
7:26
Speaker 4: with Uber before. Clearly that doesn't stop me, Like, if
7:29
Speaker 4: you do something that I don't agree with, I don't
7:31
Speaker 4: care if we've had an alliance in the past. You
7:34
Speaker 4: guys have introduced early last month, you introduced after pay
7:38
Speaker 4: to Uber Eats. I'm sorry to me. That is wildly
7:41
Speaker 4: irresponsible and taking advantage of people during a cost of
7:45
Speaker 4: living crisis. We have just had research come out to
7:48
Speaker 4: say that this cost of living crisis is hitting us
7:51
Speaker 4: harder than ever. And the way that you're combating that
7:54
Speaker 4: after pay is putting after pay on your I'm really sorry.
7:57
Speaker 4: I totally get that food. Is it a central service?
8:01
Speaker 4: Do you know what? I have no issue with you
8:04
Speaker 4: even after paying groceries. Do you know what, We're just
8:07
Speaker 4: trying to do our best.
8:08
Speaker 5: That's what you have to do.
8:09
Speaker 4: You had people write in be like v I know
8:11
Speaker 4: that you're all, you know, hater on after pay basically,
8:14
Speaker 4: but like I used it for a doctor's appointment, pop
8:17
Speaker 4: off queen, you can use it as a tool to
8:21
Speaker 4: get the essential services that you need. If that's where
8:24
Speaker 4: we're at, go that's where we're at. And I'm just
8:26
Speaker 4: proud that you're finding a way to put food on
8:28
Speaker 4: your table or go and get the medical care that
8:30
Speaker 4: you need. Like, there is no judgment there, But you
8:33
Speaker 4: cannot tell me that uber eats is an essential service. Yeah,
8:37
Speaker 4: of course, Jess. We could have this conversation about how
8:41
Speaker 4: uber eats has coals and like we could buy a
8:43
Speaker 4: milk and flour at an inflated price, at a very
8:46
Speaker 4: inflated price that I would say is taking advantage of
8:48
Speaker 4: you in that situation. I agree, because milk Run, for example,
8:53
Speaker 4: free delivery over a certain amount and doesn't inflate their prices. Like,
8:57
Speaker 4: there are just so many different things. I just I
8:59
Speaker 4: am big coming quite disheartened with the process. Yeah, and
9:03
Speaker 4: just really frustrated because you know, a peel in our community. Hopefully, hopefully, guys,
9:09
Speaker 4: you are going to see that and go ridiculous. Absolutely not. Yeah,
9:12
Speaker 4: but it's not you, guys I'm worried about. It's the
9:15
Speaker 4: people who aren't in our community. You're going to go,
9:17
Speaker 4: oh my god, great, I'm going to use that on Friday, Yeah,
9:20
Speaker 4: and then they just end up in debt and they're
9:22
Speaker 4: paying for a pizza over four weeks ago. It's not
9:24
Speaker 4: even like having a top that you don't wear that
9:26
Speaker 4: you could potentially put on. Deep hop. Yeah, you already
9:28
Speaker 4: ate the pizza it's got.
9:30
Speaker 5: She's gone, Well, Laura won't have that problem. Well done, Laura. Next,
9:33
Speaker 5: I got money in from Lily who said money win.
9:36
Speaker 5: I got a snag Stand mixer from David Jones for
9:39
Speaker 5: two hundred and sixty dollars because it was their last
9:41
Speaker 5: and the display model. It's normally around seven hundred bucks.
9:46
Speaker 5: Then I've got a money in from Sarah who said
9:47
Speaker 5: she wanted to buy a snake plant for her front porch.
9:50
Speaker 5: Her husband for some reason, back to the car into
9:52
Speaker 5: the driveway last week. So she was driving out front first,
9:55
Speaker 5: and as she was doing so, she saw right in
9:57
Speaker 5: front of her, like the heavens opened up on the
9:59
Speaker 5: side the road, on somebody's median strip, a snake plant.
10:03
Speaker 5: She didn't even take the whole plant. She took some clippings,
10:04
Speaker 5: and she saved herself fifty bucks.
10:06
Speaker 4: Excuse me, you're like liberating plants that you could have
10:09
Speaker 4: had the whole thing off. Oh.
10:10
Speaker 5: I love that she's left it for somebody else to enjoy,
10:12
Speaker 5: which I thought it was so sweety. Last of this week,
10:15
Speaker 5: I've got a money in from Deha, who said money win.
10:18
Speaker 5: I recently got an email from my age and asking
10:20
Speaker 5: if I was using my car park. At first, I
10:22
Speaker 5: was a little bit worried because I thought the owner
10:24
Speaker 5: might want to rent it out themselves, But it turns
10:26
Speaker 5: out they're actually in a bit of a bind with
10:28
Speaker 5: another unit in the same building and they needed an
10:31
Speaker 5: extra space. Deha doesn't use her car park, so she
10:33
Speaker 5: said she saw an opportunity and negotiated. Now she's getting
10:37
Speaker 5: ninety bucks a month for her car park. Oh money
10:39
Speaker 5: weed t thousand and eighty dollars over the year that
10:42
Speaker 5: she wasn't expecting.
10:43
Speaker 4: That's actually so good. I saw some drama on a
10:46
Speaker 4: different Facebook group the other day where someone had identified
10:50
Speaker 4: an opportunity. So they have a car park in an
10:52
Speaker 4: apartment and a different car always parks in their spot
10:55
Speaker 4: because they don't use their spot. Still rude, I think
10:58
Speaker 4: rude as well, because it's like, clearly laid or don't
11:00
Speaker 4: it's clearly not yours. So they put a little note
11:03
Speaker 4: on the car and said, hey, we notice that you
11:05
Speaker 4: use our car park regularly and we would love to
11:09
Speaker 4: rent it to you. And there was like an uproar
11:12
Speaker 4: in that community of like, I can't believe that you
11:14
Speaker 4: would take advantage of somebody like that. I was like,
11:16
Speaker 4: I'm sorry, Sis, get your bank like you've realized someone's
11:19
Speaker 4: basically using your spot for free.
11:21
Speaker 5: Correct And if they want their own car park, they
11:24
Speaker 5: can pay for a car park or they can rent
11:26
Speaker 5: it off you.
11:26
Speaker 4: Exactly. I'm glad we're on the same page about that.
11:28
Speaker 4: So it is my time to shine. I get to
11:32
Speaker 4: do bex Broke tips.
11:33
Speaker 5: I'm so excited.
11:34
Speaker 4: So do I hope I do them justice. So first
11:37
Speaker 4: one is from Tanya, and Tanya says, if you're really
11:41
Speaker 4: struggling for whatever reason, there is a charity organization called
11:44
Speaker 4: Lazagna Love, and they pair lazagna chefs with people in
11:50
Speaker 4: need and they bake and donate a lasagna for you.
11:53
Speaker 5: I love that because in my mind, it's just like
11:54
Speaker 5: an army of little nunners cooking up some good lazagna
11:57
Speaker 5: to feed the public one percent.
12:00
Speaker 4: And I just think that's like the cutest. Like, sorry,
12:03
Speaker 4: I know that there are lots of charities who probably
12:05
Speaker 4: do a lot of really important things, name a cut one.
12:08
Speaker 4: That's a great tip, Sammy. This is my second one,
12:11
Speaker 4: says my unhinged hack. And there's a few replies to this,
12:14
Speaker 4: so bear with me. My unhinged hack is refusing to
12:17
Speaker 4: pay for aerosol cans dry shampoo and instead I sprinkle
12:22
Speaker 4: a little pinch of corn flour into my greasy roots
12:25
Speaker 4: and brush it through. Interesting yep. And then someone replied
12:29
Speaker 4: and said, oh my goodness, I do the same, but
12:31
Speaker 4: with baby powder. And then someone else said same here.
12:35
Speaker 4: I've used plain flour before too. I haven't gotten cornflour
12:39
Speaker 4: or almond flour though, not sure how that would go.
12:42
Speaker 4: And then someone else said, I do this too, but
12:45
Speaker 4: I have very dark hair, so I added a little
12:47
Speaker 4: bit of cocoa powder. And then someone said, missus Michayla,
12:52
Speaker 4: She said, I'm actually a hairdresser. Make sure you're telling
12:56
Speaker 4: your hairdresser you're doing this because the effect that has
12:59
Speaker 4: on your scal help can be dangerous if you're applying
13:02
Speaker 4: any form of chemicals at your next hair service. So
13:05
Speaker 4: you know you're going to be putting a whole heba
13:07
Speaker 4: stuff on your head and then going to get your
13:09
Speaker 4: hair dyed. Hop off, Keep up, but maybe just tell
13:13
Speaker 4: your hairdresser that your roots are flours a flower. That's
13:16
Speaker 4: so funny.
13:16
Speaker 5: The girl with the flour and the coker probably smells
13:18
Speaker 5: like a cake a.
13:19
Speaker 4: Lot that I know, And I actually think it's so
13:21
Speaker 4: funny because I'm so sorry, babe. Almond flowers probably not
13:24
Speaker 4: a money win, nor is it going to probably absorb
13:27
Speaker 4: that much, because I feel like almonds are quite oily.
13:31
Speaker 5: Plain flower, though chern flower makes sense.
13:33
Speaker 4: Yeah, plain flower, I feel like we could start creating
13:37
Speaker 4: cake on our heads.
13:38
Speaker 5: I'm going to try it and report back because I'm
13:40
Speaker 5: so intrigued.
13:41
Speaker 4: So cheap too, So I use cornflower a lot to
13:43
Speaker 4: like thicken sauces and stuff at home. I use it
13:46
Speaker 4: in my Currige Sausages recipe, which is on my Instagram
13:49
Speaker 4: for anyone who is interested. But it's like a dollar
13:52
Speaker 4: fifty for like five hundred grams. It's so cheap. There
13:56
Speaker 4: you go anyway, are you ready? And this is like
13:58
Speaker 4: bex broke tip. She says, this is one I saw online.
14:03
Speaker 4: It's a cheeky macis hack. So if you buy a
14:05
Speaker 4: cheeseburger at McDonald's, it's four dollars eighty, but if you
14:09
Speaker 4: order a hamburger, it's only two dollars, and then you
14:13
Speaker 4: can add cheese to the hamburger and it will cost
14:15
Speaker 4: you an extra dollar fifteen for the cheese, So it
14:17
Speaker 4: only is three dollars fifteen and you're saving a dollar
14:20
Speaker 4: sixty five.
14:21
Speaker 5: That's a good money wein yup.
14:22
Speaker 4: And did you know that a small cheeseburger meal is
14:25
Speaker 4: more expensive than a small happy meal?
14:28
Speaker 2: Is it?
14:28
Speaker 4: Same meal? But you get a toy and it's cheap. Crazy?
14:32
Speaker 5: Also side note, McDonald's has wings now with ranch and
14:35
Speaker 5: buffalo saw.
14:36
Speaker 4: Sorry what I've been distracted by the mcgriddle.
14:40
Speaker 5: I don't they're doing the most.
14:41
Speaker 4: Also, guys, if you're thinking wow, this episode is sponsored
14:44
Speaker 4: by McDonald's, Oh I wish it is not.
14:47
Speaker 5: We just have a problem today. Should send it anyl
14:51
Speaker 5: after this sear It's not.
14:52
Speaker 4: Our fault, all right, So I think we did pretty
14:54
Speaker 4: well without Beck. Let's go to a really quick break
14:56
Speaker 4: because on the flip side, we're going to be helping
14:58
Speaker 4: to answer a money dilemma, which is all about things
15:01
Speaker 4: getting complicated after purchasing a property with a sibling and
15:04
Speaker 4: something you s lead into our dms about how to
15:07
Speaker 4: teach your kids about money, which seems like a relatively
15:10
Speaker 4: simple question except for the fact you and your co
15:13
Speaker 4: parent have wildly different money stories. Guys, don't go anywhere.
15:21
Speaker 5: Welcome back, everybody. Let's take a listen to this week's
15:23
Speaker 5: money dilemma.
15:26
Speaker 4: Hi, there, have you got a money dilemma you just
15:29
Speaker 4: can't solve that. She's on the Money team is here
15:31
Speaker 4: to help. Every week we tackle your dilemmas, both big
15:35
Speaker 4: and small, to answer your most burning money, career and
15:37
Speaker 4: life questions. To get involved, simply head to our website
15:41
Speaker 4: and leave us a short voice recording and you might
15:43
Speaker 4: just find yourself on the show. Now, let's take a
15:45
Speaker 4: listen to this week's money dilemma.
15:50
Speaker 2: Hi, She's on the Money. My partner and I are
15:52
Speaker 2: looking to buy another property later in the year to
15:55
Speaker 2: live in together. We both own one property each, however,
15:59
Speaker 2: he owns is on a joint loan with his sister.
16:03
Speaker 2: He wants to rent their property out and we need
16:06
Speaker 2: the rental income to be able to borrow what we
16:09
Speaker 2: want to buy. However, his sister is not in a
16:12
Speaker 2: financial position to be able to buy under the property
16:16
Speaker 2: or to move out. We have no idea how to
16:18
Speaker 2: navigate this situation. Neither of them want to solve the
16:21
Speaker 2: property What would you do?
16:23
Speaker 4: Oh, this is one of those tricky situations that we
16:28
Speaker 4: probably should have had a good conversation about before we
16:30
Speaker 4: purchased a property with a sibling. Yeah, because it can
16:33
Speaker 4: get really complex, like siblings and purchasing property together happens
16:39
Speaker 4: all the time, Like we write so many sibling loans
16:41
Speaker 4: that zellamoney, And I feel like it's a good option,
16:45
Speaker 4: Like I feel like lots of people talk about, you know,
16:47
Speaker 4: increasing your borrowing capacity by buying with a friend, But
16:51
Speaker 4: I would say, and I'm not saying that every time
16:53
Speaker 4: this is perfect, but I would say it's quite a
16:57
Speaker 4: safer option to kind of do it with a sibling
17:00
Speaker 4: you already have, I guess, a deeper connection and a
17:03
Speaker 4: deeper relationship and usually have similar values. Obviously, please still
17:09
Speaker 4: get a binding financial agreement, make sure we're all on
17:11
Speaker 4: the same page. But it does get fickle when your
17:13
Speaker 4: lives are going in different directions. Yeah, Jess, how are
17:16
Speaker 4: you feeling? Before I dive even further into how I
17:19
Speaker 4: feel unpopular opinion?
17:21
Speaker 5: Perhaps, how do I say this that saying, I mean,
17:25
Speaker 5: you don't have to own.
17:26
Speaker 4: Multiple hours and nasty.
17:28
Speaker 5: You know, I understand that you're trying to build your
17:30
Speaker 5: portfolio and that's really exciting and I'm not saying that
17:33
Speaker 5: is a bad thing. However, if your sister is, it
17:37
Speaker 5: sounds like she's not taking advantage. But it sounds like,
17:40
Speaker 5: you know, the options are pay rent to live in
17:43
Speaker 5: the house, or don't live in the house and rent elsewhere.
17:48
Speaker 5: And if that is not also an option, then I
17:50
Speaker 5: would say sell the house. It seems like the logical
17:53
Speaker 5: conclusion means you can either sell her half of that
17:55
Speaker 5: house to her sibling, to the brother.
17:57
Speaker 4: Yeah, the brother.
17:57
Speaker 5: Sorry, it was a very like here to her.
17:59
Speaker 4: And look it made sense to me, that's all. Yah.
18:02
Speaker 5: So she can either sell her share of the house
18:04
Speaker 5: back to the brother if that's something that works, or
18:06
Speaker 5: they can sell the property altogether. You don't have to
18:09
Speaker 5: hold onto it, like I just think that to me,
18:12
Speaker 5: it's quite black and white, like either you pay the
18:14
Speaker 5: rent to live there, like that's the obvious first choice.
18:17
Speaker 5: If that's not an option, I understand, then.
18:20
Speaker 4: You sell it.
18:21
Speaker 5: And to me, it's quite like black and white.
18:23
Speaker 4: That's the vibe I picked up as well, which was
18:25
Speaker 4: that the sisters living in the house at the moment.
18:28
Speaker 5: Oh, I just assumed, yeah, yeah.
18:30
Speaker 4: That's what I picked up as well. But I would
18:33
Speaker 4: say that we need to go back to basics and go, Okay,
18:36
Speaker 4: you purchased a house together. That's fantastic. What's the rental
18:39
Speaker 4: yield meant to be on this property in this area,
18:42
Speaker 4: because it's actually doing a disservice to both people. If
18:45
Speaker 4: your sister's living there. Let's say your sister's living there
18:47
Speaker 4: for free because she owns it and we don't quote
18:50
Speaker 4: want to rent it out. But the entire purpose of
18:53
Speaker 4: purchasing it was it be an investment, right, so we
18:57
Speaker 4: could go, Okay, how much is this house worth. Let's
18:59
Speaker 4: pretend it's worth four hundred dollars a week. I would say,
19:03
Speaker 4: if your sister wants sole occupancy of that property, she
19:07
Speaker 4: has to pay absolutely rent. You don't just get to
19:10
Speaker 4: live in that house. And I'm not saying that she
19:12
Speaker 4: pays the entire amount and can negotiate that, but she
19:15
Speaker 4: probably should be paying rent to live there if you
19:19
Speaker 4: are also paying rent to live in a different premises, Like,
19:22
Speaker 4: the whole.
19:22
Speaker 5: Thing doesn't make sense to me. I was like, why
19:24
Speaker 5: is she? Are you living there together?
19:27
Speaker 4: No? You know what, maybe they are living there together
19:30
Speaker 4: at the moment, and like one of the partners has
19:33
Speaker 4: coupled up and they've saved up another deposit and can
19:35
Speaker 4: move out. But also, why did you move into the
19:38
Speaker 4: property together in the first place. Did you move in
19:40
Speaker 4: because you both wanted a cheaper place to live and
19:42
Speaker 4: you wanted to be paying a mortgage instead of rent,
19:45
Speaker 4: At which point I would say, Okay, well, maybe you
19:47
Speaker 4: move out and your sister gets a housemate and covers
19:51
Speaker 4: your portion of the adoption. What does that look like?
19:54
Speaker 4: So I think there's a lot of things that you
19:56
Speaker 4: could work it out. I know neither of you want
19:58
Speaker 4: to dispose of the asset, but it's sounding a lot
20:00
Speaker 4: like you're not on the same page. And if it's
20:03
Speaker 4: stopping and you're right, Jess, you don't need multiple houses.
20:06
Speaker 4: But if it's stopping you from achieving life goals with
20:09
Speaker 4: a partner, I would be seriously reconsidering whether owning that
20:13
Speaker 4: asset is actually the investment you think it is, or
20:16
Speaker 4: if it's holding you back. Yeah, which unfortunately it could
20:20
Speaker 4: be in a number of circumstances. It can get fickle.
20:24
Speaker 4: But that's why we need a binding financial agreement at
20:26
Speaker 4: the very start.
20:27
Speaker 5: Yeah, Hindsight twenty twenty is an app Yeah.
20:30
Speaker 4: And also, if you've got this property and you're planning
20:34
Speaker 4: on purchasing a new property, you should be talking to
20:36
Speaker 4: your mortgage broker about, well, what equity do you have
20:39
Speaker 4: in that property, because we can use that. Just because
20:41
Speaker 4: your sister's living in the property doesn't mean we can't
20:43
Speaker 4: use the equity. In fact, not saying that this is
20:46
Speaker 4: the right way to go about it, but your system
20:48
Speaker 4: might go. But I really want to live here. You
20:51
Speaker 4: can use all of the current equity for your next
20:53
Speaker 4: property purchase instead of splitting it fifty to fifty. And
20:57
Speaker 4: then maybe you're both in a better off position because
20:59
Speaker 4: you were able to get into a house quicker, you
21:02
Speaker 4: didn't have to rely on the rental income and wham bam,
21:06
Speaker 4: thank you ma'am. She gets to live in the house.
21:08
Speaker 4: You get the other house that you want. So talk
21:11
Speaker 4: to a good mortgage broker about your options. But I
21:13
Speaker 4: don't hate the idjes if disposing of a property if
21:17
Speaker 4: it's becoming a little bit too fickle, Yeah, a bit messy.
21:20
Speaker 5: So you're messy. Should get into the DM this week.
21:22
Speaker 4: Yes, I'm very excited. Okay, so the DM says, Heysi's
21:26
Speaker 4: on the money. Would love your advice on something that
21:29
Speaker 4: I think is a little bit tricky. My husband and
21:32
Speaker 4: I both work extra hours and weekends, so when our
21:35
Speaker 4: kids are with us, we can give them a really
21:37
Speaker 4: good life, but when they're with their other parent, things
21:42
Speaker 4: are very different. It's mostly sentling vouchers, a lot of debt,
21:46
Speaker 4: and not great money habits. My husband thinks we should
21:49
Speaker 4: just leave it that the kids will see both situations
21:52
Speaker 4: and work it out for themselves, but I feel like
21:55
Speaker 4: we should be actively teaching them about money without making
21:58
Speaker 4: it sound like we're judging the other parent. If your
22:02
Speaker 4: kids move between two homes with totally different money situations,
22:06
Speaker 4: how do you talk to them without causing drama? Would
22:10
Speaker 4: love to know what other people have done interesting.
22:14
Speaker 5: I think that it's really great that you're being considerate
22:18
Speaker 5: and wanting to be respectful of your co parent, because
22:22
Speaker 5: you know, it's very easy when there's a big gap
22:24
Speaker 5: between you know, two people's situation financially, you know, sometimes
22:28
Speaker 5: people can look down, so I think it's really good
22:30
Speaker 5: that you're trying to be conscious of that. I don't
22:32
Speaker 5: think teaching your kids about money really needs to have
22:34
Speaker 5: anything to do with talking about the other parents' situation.
22:38
Speaker 4: Or journeys at AOL, and you can use it for
22:41
Speaker 4: ABC and D. Like it doesn't necessarily have to be
22:45
Speaker 4: about judgment.
22:46
Speaker 5: I think it's a lot about maybe talking to them
22:49
Speaker 5: about the behavior that you're modeling. So rather than talking
22:52
Speaker 5: about someone else, like, let's talk about what you're doing,
22:54
Speaker 5: you know, talk to them. We work weekends because you know,
22:57
Speaker 5: when you work extra hours, you earn this thing called time.
23:00
Speaker 5: It's extra money. Like, teach them about what the job
23:02
Speaker 5: market looks like, teach them about budgeting to you know,
23:06
Speaker 5: center link is probably something that I would say, you
23:08
Speaker 5: don't need to touch on because then you could kind
23:09
Speaker 5: of be getting into murky water with talking down.
23:12
Speaker 4: A concept that children necessarily need to understand. They don't
23:15
Speaker 4: need to understand government benefits. We need to teach them. Okay,
23:18
Speaker 4: you can say for things that are important to you,
23:21
Speaker 4: and this is how we purchase groceries, and this is
23:24
Speaker 4: what the cost of life is. And you know, my
23:27
Speaker 4: husband and I are working extra shifts so on the
23:30
Speaker 4: weekends we can go to the pool and get hot
23:33
Speaker 4: jibies after like, oh cool, thanks, and like it's probably
23:37
Speaker 4: not a bad thing for them to start understanding that
23:41
Speaker 4: it's not love that drives those things. Yeah, going to
23:44
Speaker 4: a different parents' house and maybe not having as Like
23:47
Speaker 4: I don't know. Let's make up a situation, jess Let's
23:50
Speaker 4: say with you and your husband, you are taking the
23:52
Speaker 4: kids to the zoo or something every single weekend. There's
23:55
Speaker 4: a big activity planned.
23:56
Speaker 2: Yeah.
23:57
Speaker 4: I would hate for kids to think, oh, my other
24:00
Speaker 4: parent doesn't love me as much because they never take
24:02
Speaker 4: me on these big experiences, like we always stay home.
24:06
Speaker 4: But for them to understand it's actually about resourcing, not
24:09
Speaker 4: about love, not about anything like that. Sorry, is that
24:12
Speaker 4: not really constructive for everybody involved? Absolutely, Like we're not
24:15
Speaker 4: putting an unrealistic expectation on the other parent to spend
24:18
Speaker 4: a heap of money that they don't have to keep up.
24:21
Speaker 4: So I don't think it's the worst. I do think
24:23
Speaker 4: that there's age appropriate ways to talk about money, and
24:27
Speaker 4: it depends on how old your kids are, and unfortunately
24:29
Speaker 4: I don't know at this point. But yeah, for me,
24:33
Speaker 4: it's more about what does that look like inside your house?
24:36
Speaker 4: Like if we step back and go, all right, baby Jessica,
24:40
Speaker 4: we want to teach her about money? What do we
24:42
Speaker 4: want her to know? Instead of like, what should we
24:44
Speaker 4: be teaching? What do you want jess to think about money?
24:47
Speaker 4: When she's an adult. Yeah, what do you want Jess
24:49
Speaker 4: to think about, you know, jobs and working and work ethic.
24:53
Speaker 4: What does that look like as opposed to oh, centling?
24:58
Speaker 4: Does that make sense? Yeah?
24:59
Speaker 5: I think them pocket money is probably a really good
25:01
Speaker 5: practical way to teach them because then they're kind of
25:04
Speaker 5: taking on their own experience. They might have pocket money
25:07
Speaker 5: that they can take with them, which can help with
25:10
Speaker 5: you know, if there's not a lot of money at
25:11
Speaker 5: the other parents' house, like that might help to alleviate
25:13
Speaker 5: a little bit of a burden if you're teaching them, hey,
25:16
Speaker 5: like we can save for money if you want to
25:18
Speaker 5: get a stack from the canteen, like you know, you
25:20
Speaker 5: need to save, or you need to budget or whatever,
25:22
Speaker 5: And it might enable them to do some of those
25:24
Speaker 5: things when they're at the other house. And I think
25:26
Speaker 5: you're totally right, like not equating a financial position to love,
25:31
Speaker 5: because just because that parent's on center Link or making
25:35
Speaker 5: use of services or doing whatever, does not mean that
25:37
Speaker 5: they're less responsible or they love their kids any less.
25:41
Speaker 5: Like they're probably just doing the best that they can
25:44
Speaker 5: with what they have. And so I think again, like
25:48
Speaker 5: teaching your kids something that's centric to them rather than
25:51
Speaker 5: centric to another person.
25:52
Speaker 4: Yeah, they don't need to know about the household budget.
25:54
Speaker 4: You don't need to go well, your other parent earns
25:57
Speaker 4: this amount percy, But we own triple that things.
26:00
Speaker 5: To help parent is really hard, and I think that
26:03
Speaker 5: it's awesome that you're being so considerate of the position
26:06
Speaker 5: that they're in. You could also just give them heads
26:08
Speaker 5: up and say, hey, you know, the kids are starting
26:10
Speaker 5: to learn this sort of stuff at school. We're thinking
26:12
Speaker 5: about doing pocket money, or we're thinking about let us
26:14
Speaker 5: know if there's anything we can do to support that.
26:15
Speaker 5: On your side, it's all about open communication with your
26:19
Speaker 5: co parent.
26:19
Speaker 4: Right, Oh my god, did it just come back to communication?
26:22
Speaker 1: Kaida?
26:22
Speaker 5: It's crazy, but wheneveryone else says speaking.
26:25
Speaker 4: My first question we asked the community was how would
26:28
Speaker 4: your parent in this situation? Only eleven percent of you
26:31
Speaker 4: said that you'd be directed and explain the difference, and
26:34
Speaker 4: eighty nine percent of you agree with miss jessic Ricci
26:37
Speaker 4: and you would focus on modeling just good money habits.
26:40
Speaker 4: The next question we asked was what would you do
26:43
Speaker 4: if you didn't agree with your partner on how to
26:46
Speaker 4: handle it.
26:47
Speaker 5: That's when it gets a little trickier, really isn't it.
26:49
Speaker 5: We're assuming that hopefully you guys will be on a
26:51
Speaker 5: similar page.
26:52
Speaker 4: Yeah, So fifty five percent of you said I'd take
26:55
Speaker 4: the kid's lead when they asked, I, like, they're not
26:58
Speaker 4: going to be jumping in. Thirty three percent said I'd
27:01
Speaker 4: hold off until we were on the same page, and
27:04
Speaker 4: twelve percent said I'd still be talking to the kids
27:06
Speaker 4: about it, which I don't think is the worst thing
27:09
Speaker 4: in the world, Like at the end of the day,
27:11
Speaker 4: Like it's a tough conversation to have, but money is
27:15
Speaker 4: a resource that you're not going to escape. It's like
27:17
Speaker 4: the one thing that is central to everybody. We all
27:20
Speaker 4: have different like money thoughts and values and beliefs, but like, sorry,
27:24
Speaker 4: they're all around money. Like, you can't exist in this
27:27
Speaker 4: society unfortunately without having to interact with cash in some way,
27:32
Speaker 4: shape or form.
27:33
Speaker 5: Yeah, And it's about setting the kids up for success too.
27:35
Speaker 5: It's giving them the financial literacy to hopefully ensure that
27:38
Speaker 5: they can look after themselves when the time does come
27:41
Speaker 5: for them to be earning their own money.
27:42
Speaker 4: Exactly. So, we asked the community, guys, what is your
27:45
Speaker 4: two cents? First person said, as a kid who grew
27:48
Speaker 4: up between two homes like this shit, I wish this
27:51
Speaker 4: was talked about. Yeah, but like reflection so helpful for us.
27:56
Speaker 4: Another person said kids are ridiculously observant. They teach them
28:00
Speaker 4: by discussing money in front of them.
28:03
Speaker 5: That's a great point.
28:04
Speaker 4: Another person they had a two parter, said, it's not
28:07
Speaker 4: your place to speak about the other household's finances. You
28:10
Speaker 4: never know another person's reality either.
28:13
Speaker 5: I do agree with that. I think keeping it centric
28:15
Speaker 5: to your world to them, yeah, they don't it can
28:20
Speaker 5: do Yeah, I mean you can do that whether you're
28:22
Speaker 5: on scantlink or not. Lately, I think that it doesn't
28:25
Speaker 5: matter how much money you have. Teaching your kids about
28:28
Speaker 5: money is not about giving them cash. No, like they
28:31
Speaker 5: could help with the grocery budget.
28:34
Speaker 4: It could be really stingy this week because life is tough,
28:37
Speaker 4: but like, oh, what could we do with ten bucks?
28:40
Speaker 4: How can we make that kids love a game like
28:43
Speaker 4: something that. I mean, I only have a what's eighteen
28:46
Speaker 4: month old? But like, kids don't want to be distracted,
28:49
Speaker 4: They want to be included, like, they want to be
28:52
Speaker 4: part of the process. But it's your job to work out. Okay,
28:55
Speaker 4: how far into this process should we be getting? What
28:58
Speaker 4: is age appropriate. Next person said, there's no shame with
29:02
Speaker 4: needing support from the government. It's there for a reason.
29:05
Speaker 4: Absolutely couldn't agree more. Next person said, if the husband
29:09
Speaker 4: is the bio parent, she needs to respect his wishes
29:12
Speaker 4: even if she disagrees, I would disagree with that. Like,
29:16
Speaker 4: if your husband doesn't want to talk to kids about money,
29:19
Speaker 4: really sorry again, it is literally the biggest resource of
29:23
Speaker 4: our economy. Yeah, you stand it.
29:27
Speaker 5: Yeah, Like you guys, if that was the case, you
29:28
Speaker 5: would need to have a conversation around like, well, our
29:32
Speaker 5: values aligned, are our plans for the kids aligned?
29:35
Speaker 4: Yeah? Like, and I'm not saying like, Noah's a full sentence,
29:38
Speaker 4: but I'm not saying that that doesn't he doesn't have
29:42
Speaker 4: to talk to the kids about money and be like, Okay,
29:43
Speaker 4: well I'm going to be teaching them in this way.
29:45
Speaker 4: Is there a way that you'd prefer me to teach them? Like,
29:47
Speaker 4: is there a topic you don't want me to touch
29:49
Speaker 4: on yet?
29:50
Speaker 5: Like yeah, I kind of interpret it to as him
29:52
Speaker 5: being sensitive, right, like not saying oh, like I don't
29:55
Speaker 5: think we want to you know, we don't want to
29:57
Speaker 5: do something that might maybe other parents seem othered or
29:59
Speaker 5: anything like that. A great opposed to like saying I
30:01
Speaker 5: don't want to talk about it.
30:02
Speaker 4: Agreed. And my last one I think is a good one.
30:06
Speaker 4: They've said it really depends on how old your kids are.
30:09
Speaker 4: Toddlers don't need to know explicitly, but teens definitely do.
30:14
Speaker 5: I really agree with that too.
30:15
Speaker 4: Yeah. I think that as a teenager, sorry, it would
30:19
Speaker 4: have really benefited me to be a little bit more
30:21
Speaker 4: savvy when it came to getting my first job. What
30:24
Speaker 4: is supernuation? How does the tax system work? Like, not
30:28
Speaker 4: just pocket money, just how it works.
30:30
Speaker 5: Yeah, And I will say that the younger you start them,
30:32
Speaker 5: the more normalized that becomes too, Like there's something to
30:36
Speaker 5: be said for like, yeah, you don't need to tell
30:37
Speaker 5: you two year old, oh my god, money da da da.
30:39
Speaker 5: But like introducing even really simple concepts when they're younger,
30:42
Speaker 5: I think means that they're it does open up that
30:45
Speaker 5: line of communication, make them comfortable with it, and hopefully
30:49
Speaker 5: set them up for success long term. Yeah.
30:51
Speaker 4: All right, well, I feel like that's probably a very
30:54
Speaker 4: good place to leave it. Good chat, you and I
30:57
Speaker 4: hanging out. It's going to be this way guys for
31:00
Speaker 4: a little while. Because Beck's on. We call it like
31:02
Speaker 4: a se convent. I like that.
31:04
Speaker 5: It sounds very fancy. She's on the continent.
31:06
Speaker 4: She's taken up a four week role at the ABC,
31:08
Speaker 4: and we are so ridiculously proud of her, But it
31:10
Speaker 4: means she's not on the show.
31:11
Speaker 5: If we miss.
31:13
Speaker 4: Should be back, she'll be back all right, guys, have
31:15
Speaker 4: a good week and we'll see you right early on
31:16
Speaker 4: Monday for a money Darry Bye bye did buy shared
31:25
Speaker 4: on She's on the Money is general in nature and
31:28
Speaker 4: does not consider your individual circumstances. She's on the Money
31:31
Speaker 4: exists purely for educational purposes and should not be relied
31:35
Speaker 4: upon to make an investment or financial decision. If you
31:38
Speaker 4: do choose to buy a financial product, read the PDS
31:41
Speaker 4: TMD and obtain appropriate financial advice tailored towards your needs.
31:45
Speaker 4: Victoria Divine and She's on the Money are authorized representatives
31:49
Speaker 4: of Money Shoper Pty Ltd ABN three two one IS
31:53
Speaker 4: six four nine two seven seven zero eight AFSL four
31:57
Speaker 4: five one two eight ninet