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Is It Time To Sell Your Property? And Can You Say You're Broke if You're Just Out of Fun Money? · She's On The Money

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  Speaker 1: My name's Sasha Bamblet. I'm a proud First Nations woman
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  Speaker 1: and I'm here to acknowledge country t Glenn Young Ganya
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  Speaker 1: nianar Kaka yah y and Binahaka nian Our gay In
• 0:11
  Speaker 1: Nimbini yakarum Jar Dominyamiga Umagahawaka Woman Damon Imlan Bomba ban
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  Speaker 1: Gadabomba in and now in wakah ghan On yak rum
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  Speaker 1: Jar water Nada. Now Hello, beautiful friends, we gather on
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  Speaker 1: the lands of the Aboriginal people. We thank acknowledge and
• 0:27
  Speaker 1: respect the Abiginal people's land that we're gathering on today.
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  Speaker 1: Take pleasure in all the land and respect all that
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  Speaker 1: you see. She's on the Money podcast acknowledges culture, country,
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  Speaker 1: community and connections, bringing you the tools, knowledge and resources
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  Speaker 1: for you to thrive.
• 0:45
  Speaker 2: She's on the Money. She's on the Money.
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  Speaker 3: Hello and welcome to She's on the Money, the podcast
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  Speaker 3: that makes personal finance fun, especially on a Friday. It's
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  Speaker 3: our favorite day of the week because we get our
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  Speaker 3: team together to celebrate you, our incredible She's on the
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  Speaker 3: Money community. As always, we have Miss Jess Ricci here
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  Speaker 3: to share our favorite money wins. Miss becksy Ed is
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  Speaker 3: going to be sharing her broke tips, and we're going
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  Speaker 3: to be helping to answer a money dilemma, which is
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  Speaker 3: all about knowing when to hold.
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  Speaker 4: And when to fold when it comes to an investment
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  Speaker 4: property and something that you slid into our DMS about
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  Speaker 4: this week.
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  Speaker 3: Whether it's okay to say you're broke when you actually
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  Speaker 3: have savings in your bank.
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  Speaker 4: Anyway, I feel like that's going to set some good.
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  Speaker 3: Conversation before we get there. Though, Guys, how have your
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  Speaker 3: weeks been?
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  Speaker 4: Go for it? My week has been eventful.
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  Speaker 5: I am just like just coming out of the tail
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  Speaker 5: end of what feels like the most insane month of
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  Speaker 5: my life. It's been a lot, can I do it?
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  Speaker 5: It's made me very grateful to have the people I
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  Speaker 5: have around me. I'll say that. You know, it's been
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  Speaker 5: We've had some crazy stuff happen at work. There's just
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  Speaker 5: been a lot of things out of my control. And
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  Speaker 5: you guys know, I like, I like being in control.
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  Speaker 4: I am very for me and I'm like, God, it's
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  Speaker 4: not that.
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  Speaker 5: Deep, yeah, but it's I am so aware that, particularly
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  Speaker 5: like with work stuff, there's a flow on effect, right
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  Speaker 5: because I'm kind of the in between between external internal
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  Speaker 5: and I've got to say thank God for our team,
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  Speaker 5: like genuinely everyone just rallied, got shit done. Like I
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  Speaker 5: could not be more thankful for the girls, and also
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  Speaker 5: the people like my friends and family who have all
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  Speaker 5: very much been just needs another hug genuinely, like EI know,
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  Speaker 5: it's and it's fine, Like it's not like it nothing
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  Speaker 5: bad has happened. It's just you know when you have
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  Speaker 5: those period. Yeah, I feel like I've been living in
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  Speaker 5: like such a heightened state of stress for a couple
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  Speaker 5: of weeks and now just coming off the tail end
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  Speaker 5: of but I'm.
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  Speaker 3: Like, oh my god, we've booked in facials at locks
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  Speaker 3: of time.
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  Speaker 4: Oh gorgeous. I was like, this will fix it, this
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  Speaker 4: will fix fully. How's your week in? My week has
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  Speaker 4: been fantastic.
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  Speaker 6: I've had my birthday, had my birthday party, and I
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  Speaker 6: am I'm thirty three.
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  Speaker 4: That crazy talk about it. I think it feels like like.
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  Speaker 3: I just I mean, some people are like, oh my god,
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  Speaker 3: it's thirty three, but I'm like, thirty three is a
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  Speaker 3: good as the difference, do you know.
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  Speaker 4: What I mean? I feel like I'm always me and
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  Speaker 4: I don't I don't.
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  Speaker 6: Really subscribe to like being at a certain stage at
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  Speaker 6: a certain time, and like, I'm just kind of going
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  Speaker 6: off script and I think I always will.
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  Speaker 4: So thirty three doesn't mean anything. Three feels like a
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  Speaker 4: good number.
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  Speaker 3: It's a good number, and I think it's sad to
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  Speaker 3: leave behind thirty three. It's the double digit.
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  Speaker 4: Yeah, I like, yeah, I do. Like I feel like
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  Speaker 4: I feel like it resonates with thirty three.
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  Speaker 3: Yeah.
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  Speaker 6: True, I feel exactly the goddamn say, and I'm enjoying
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  Speaker 6: every second.
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  Speaker 3: What about you v D reminding me of the thirty
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  Speaker 3: three in June. At the end of June turned thirty four,
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  Speaker 3: and I was walking with my husband and we're talking about,
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  Speaker 3: like me turning thirty four, and I was like, oh, Ill,
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  Speaker 3: like next year, I'm thirty.
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  Speaker 4: Five and thirty five in my head is half way
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  Speaker 4: to forty.
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  Speaker 3: And he's like, girl, you're way more than halfway to forty.
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  Speaker 3: I meant in terms of being in my thirties, I'm
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  Speaker 3: halfway to forty, and he just humbled me. I'm like,
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  Speaker 3: I don't know. Aging is a privilege that is denied
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  Speaker 3: to so many people. So like getting old absolutely not,
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  Speaker 3: Like I'm not saying that like thirty four, thirty five
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  Speaker 3: or even forty is a bad thing. It's just like
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  Speaker 3: you become acutely aware of how fast time flies, Like
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  Speaker 3: you're just like, oh, like wow, like time really is flying.
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  Speaker 4: Like I'm an age that I once thought was old.
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  Speaker 5: Yeah, and where I thought my life would be at
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  Speaker 5: my age at thirty one versus where I.
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  Speaker 4: Am two very different there.
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  Speaker 3: Yeah, if you'd ask to like baby, be like, oh,
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  Speaker 3: even thirty. I feel like thirty for me was like
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  Speaker 3: a turning point. I would have already had three kids,
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  Speaker 3: I would have been married for years, I would probably
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  Speaker 3: have fifty houses. Like that's just not the reality of
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  Speaker 3: the situation, right, But yes, I have had a very
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  Speaker 3: good week, kind of bau in and out, had a
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  Speaker 3: couple of speaking events. I feel like I'm glad it's
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  Speaker 3: August because July has been a busy month.
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  Speaker 4: Yeah, I completely agree.
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  Speaker 3: Would you guys, like, I don't know if you're interested
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  Speaker 3: in this, but are like, would you like me to
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  Speaker 3: read you a five star review.
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  Speaker 4: That we got this week?
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  Speaker 3: Yes? Please?
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  Speaker 1: All right?
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  Speaker 3: Right, so this is from Destiny and she said five stars.
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  Speaker 3: I am genuinely so happy I somehow came across this podcast.
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  Speaker 4: I absolutely love the.
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  Speaker 3: Way things are explained, you girls have honestly made everything
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  Speaker 3: so doable and made me excited about making changes with
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  Speaker 3: my money habits, although I have no idea what I'm
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  Speaker 3: still doing. I have started with Chaisi's and I've started
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  Speaker 3: dipping into your super episodes now, as my mum always
• 5:54
  Speaker 3: took from her Super and encouraged me to do the
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  Speaker 3: same if I ever needed money. So I feel a
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  Speaker 3: little bit behind. Thank you so much, girls. You are
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  Speaker 3: truly needed. As we don't speak about these topics enough,
• 6:07
  Speaker 3: isn't I was about to say it's not so pretty.
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  Speaker 4: That is really cool.
• 6:13
  Speaker 3: And it's spelt a bit differently as well. It's d
• 6:16
  Speaker 3: E S T I N double e.
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  Speaker 4: I like that, Like the double e on the end
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  Speaker 4: of her name is very French. And no, no, I
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  Speaker 4: love you. I think I don't know. I always call
• 6:29
  Speaker 4: it the strisk thing.
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  Speaker 3: Yeah, yeah, above the no, she doesn't say that, maybe
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  Speaker 3: she does. It was only on Apple Reviews I pulled
• 6:37
  Speaker 3: that one from, so maybe you can't have the umlau
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  Speaker 3: or whatever.
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  Speaker 4: We actually call it. Absolutely, but I knew.
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  Speaker 3: Where she was going and I just you know, and
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  Speaker 3: You're like, I'm not going to correct this situation anyway. Yes,
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  Speaker 3: I feel in the community this week looking at the
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  Speaker 3: money wins and confessions.
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  Speaker 4: What are you bringing to the table already?
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  Speaker 5: First of this week, I've got a great money in
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  Speaker 5: from Alexis, who said money win. She went if I
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  Speaker 5: on the weekend and purchased a pair of jeans from
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  Speaker 5: cotton On, thinking that they were marked down to thirty
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  Speaker 5: five dollars on sale, only to find out this one
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  Speaker 5: all of their jeans have been discounted to five dollars.
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  Speaker 4: Oh my goodness, she wriged dollar jeans back. That's so
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  Speaker 4: Cheap's crazy.
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  Speaker 5: She went back and bought one in each color so
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  Speaker 5: that she'd have plenty to choose from, as well as
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  Speaker 5: in a size up for the days when she's bloated
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  Speaker 5: and feels that's so great.
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  Speaker 4: That's actually of jeans thirty dollars.
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  Speaker 5: Yeah, I agree, buy jeans a size up so that
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  Speaker 5: no matter how you're feeling the shit.
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  Speaker 4: I love that. I thought about it a number of times.
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  Speaker 4: I'm not gonna lie.
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  Speaker 3: I'm wearing a pair of jeans today that are fitting
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  Speaker 3: quite snugly because I am a little bit bloated and
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  Speaker 3: like it would.
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  Speaker 4: Be nice to have a size up.
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  Speaker 3: Oh yeah, the jeans I'm wearing weren't five dollars, So like,
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  Speaker 3: I'm not buying a size up so that I can
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  Speaker 3: be more comfortable.
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  Speaker 4: I'm going to sit in my discomfort.
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  Speaker 5: Yeah, I forgefo in all of our near futures. Next,
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  Speaker 5: I've got money in from Claire who said there's been
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  Speaker 5: lots of sales going around recently with Intero Financial Year
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  Speaker 5: and all that sort of thing, and so I feel
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  Speaker 5: like there's like a sale hangover, Like these guys are
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  Speaker 5: trying to flog it. Yeah, they're really stretching it out
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  Speaker 5: getting maximum marleage. Claire saying, Okay, I see you. I'll
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  Speaker 5: take advantage, and she started buying her Christmas gift. Oh
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  Speaker 5: a good idea, very smart, she said. She saved a
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  Speaker 5: lot of money, and on top of that, she won't
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  Speaker 5: be stressing too much about getting things last minute at
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  Speaker 5: Christmas time. She've kept them all in a sealed container,
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  Speaker 5: so it's ready to be wrapped to come December.
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  Speaker 4: That's actually genius.
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  Speaker 3: And if you're not ready to buy, maybe you could
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  Speaker 3: be ready to start the list, Like maybe you could
• 8:30
  Speaker 3: start writing what you're going to get Jess for Christmas?
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  Speaker 3: You know, like you could work that out now.
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  Speaker 4: So that we can start budgeting for it at least.
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  Speaker 2: Yeah, I love it.
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  Speaker 3: It always gets away from you, right, you go, oh,
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  Speaker 3: buy one for my partner, buy one for my sister,
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  Speaker 3: I've got my parents, and then all of a sudden
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  Speaker 3: you're like, how's that already at five hundred dollars in budgeting?
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  Speaker 4: Ah, I work on It'll be here before you know it.
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  Speaker 3: Exactly, it's already August. I don't mean to scare you,
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  Speaker 3: but that's basically the new year.
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  Speaker 5: Yeah, oh my god, tomorrow's years. Next, I've got a
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  Speaker 5: money in from Georgia who said she's finally paid off
• 8:59
  Speaker 5: her heck, she said, that's five hundred dollars extra per
• 9:02
  Speaker 5: Fortnite that she will now have for her family.
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  Speaker 4: That's so crazy.
• 9:05
  Speaker 5: Congratulations Georsha, that's really exciting. Next one from Jess excellent name,
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  Speaker 5: who said money win. My water bottles needed replacing and
• 9:13
  Speaker 5: Frank Green had a warehouse sale, so I managed to
• 9:16
  Speaker 5: replace them, as well as pick up a few as
• 9:18
  Speaker 5: gifts for half of what it would have been for
• 9:20
  Speaker 5: the regular retail price.
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  Speaker 4: Don't I saw on social media the lines.
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  Speaker 3: Yeah crazy that you guys are willing to line up
• 9:28
  Speaker 3: for drink bottles but they are so expensive.
• 9:30
  Speaker 4: Drink bottles are so expensive, be.
• 9:32
  Speaker 5: So for real, and Frank cree ones are really nice,
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  Speaker 5: like I have a couple and they last their gag.
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  Speaker 4: Which is great.
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  Speaker 5: And then last of this week, I've got money in
• 9:39
  Speaker 5: from Sheridan who said her husband represents her state in
• 9:43
  Speaker 5: softball next month. And they found out that their local
• 9:45
  Speaker 5: council offers a grant for those who represent sport at
• 9:48
  Speaker 5: a state level.
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  Speaker 4: Oh okay, I didn't even know things like that existed.
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  Speaker 4: Four strange time to re account to help with the
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  Speaker 4: fees associated with travel. I'm the biggest check your local council. Yes,
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  Speaker 4: I don't know.
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  Speaker 5: It's just I've signed up for a sewing course ten
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  Speaker 5: weeks for fifty dollars.
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  Speaker 4: Like there's all these.
• 10:06
  Speaker 5: Great basically paying you at that point, literally, I can't
• 10:10
  Speaker 5: believe it. So counter websites. The grants I remember I
• 10:13
  Speaker 5: got when I was in high school. I got some.
• 10:16
  Speaker 5: I got it two years in a like one thousand
• 10:17
  Speaker 5: dollars for I don't know, academic excellence or something. I
• 10:20
  Speaker 5: was not particularly academically excellent.
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  Speaker 4: I just think my name in the ring one hundred percent.
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  Speaker 4: Like there's all kinds of things check you council website.
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  Speaker 6: Oh my god, that's so good.
• 10:32
  Speaker 4: That's very funny. All right, love that rap. Thank you, Jess.
• 10:36
  Speaker 3: Miss Beck's yed what tips if you come to collect
• 10:40
  Speaker 3: this week?
• 10:40
  Speaker 6: So this first one comes from Courtney, who says that
• 10:43
  Speaker 6: Aldi meal kits are great for date nights. It's quick, cheap,
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  Speaker 6: easy and nice.
• 10:48
  Speaker 4: To make together. Okay, but those Audi meal kits slap.
• 10:51
  Speaker 4: I have never seen that. Yes, you would lovemore.
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  Speaker 3: So they have, and Beck, you can correct me if
• 10:57
  Speaker 3: you've got more information. But it's fifteen dollars for the
• 11:00
  Speaker 3: meal kit and you get like the bow buns, you
• 11:03
  Speaker 3: get the slow cooked pork or like a different meat.
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  Speaker 3: You get like all of the fillings and the sauces,
• 11:09
  Speaker 3: and between Steve and I there is more than enough food.
• 11:12
  Speaker 3: They also do like a souf lucky one and like
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  Speaker 3: a few others I've seen. I've been stalking this on TikTok,
• 11:18
  Speaker 3: so like good one for you to share. I've seen
• 11:20
  Speaker 3: so many people talking about the meal kits, but it
• 11:22
  Speaker 3: seems to vary from state to state what you get
• 11:25
  Speaker 3: in like your Bower button kit. It must just be
• 11:27
  Speaker 3: based on like local availability or something.
• 11:30
  Speaker 4: I've seen a couple and I'm.
• 11:31
  Speaker 3: Like, hey, I don't have access to that one, but
• 11:34
  Speaker 3: I often like, right beside my calls is a audi
• 11:37
  Speaker 3: and I'll often like pop past it just to grab
• 11:39
  Speaker 3: those because they're so easy to have in the bridge.
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  Speaker 4: And fifteen dollars for dinner. Yeah, I'm going to need
• 11:44
  Speaker 4: to look that up. I think. Yeah, I did not
• 11:47
  Speaker 4: know this is a thing. Great people, great tip. And
• 11:49
  Speaker 4: also like so cute for a date night, totally, oh
• 11:52
  Speaker 4: my god, cute and cheap basume yep, chief fine dollars. Fantastic.
• 11:58
  Speaker 4: So the next one comes from Michelle who's says that.
• 12:00
  Speaker 6: Apparently YouTube Movies channel has a heap of movies you
• 12:03
  Speaker 6: can watch for free.
• 12:05
  Speaker 4: Oh I had no idea, I know, what the hell?
• 12:08
  Speaker 3: Also money win, because I feel like subscriptions are getting
• 12:10
  Speaker 3: quite expensive. It's like Netflix, what are you doing? And
• 12:13
  Speaker 3: you don't even let me share the account with Jess anymore.
• 12:15
  Speaker 4: It's crazy. I know that pay for our own What
• 12:18
  Speaker 4: is that? Well?
• 12:19
  Speaker 6: I think that how Michelle found this out, it was
• 12:21
  Speaker 6: just like she wants to watch a movie. Sometimes you
• 12:23
  Speaker 6: go to your own like if you have Google TV
• 12:24
  Speaker 6: or something, you'll search it and it's like four ninety
• 12:27
  Speaker 6: nine to rent. I did not know YouTube had. I
• 12:30
  Speaker 6: didn't know that existed either. That is such a money.
• 12:32
  Speaker 5: Wine, like a legit channel, not like one of those
• 12:34
  Speaker 5: ones that bootlegged.
• 12:35
  Speaker 4: Yes, watch all totally. This is legit, and I think,
• 12:41
  Speaker 4: just give it to go. And then my one.
• 12:43
  Speaker 6: I saw this on TikTok and I always kind of
• 12:45
  Speaker 6: mentioned something similar before, but it's about debt when it
• 12:47
  Speaker 6: goes to a dick collector, and.
• 12:49
  Speaker 4: This thing I saw on TikTok.
• 12:50
  Speaker 6: I don't know how true it is, but someone said
• 12:51
  Speaker 6: that there are like legal loopholes where like you don't
• 12:53
  Speaker 6: actually have to pay it all. And I'm not suggesting that,
• 12:56
  Speaker 6: but I'm suggesting I think this is true that when
• 13:00
  Speaker 6: collector buys debt from a big company, they buy it
• 13:03
  Speaker 6: for a certain amount and you have to pay off.
• 13:06
  Speaker 6: Let's say it's one hundred dollars and they've bought it
• 13:09
  Speaker 6: for fifty dollars. They still say, oh, you are one
• 13:12
  Speaker 6: hundred dollars. So that's that's how they kind of make money.
• 13:15
  Speaker 4: I see.
• 13:15
  Speaker 6: But I would argue that you could call up and
• 13:19
  Speaker 6: just see what you can do whatever you have right now.
• 13:22
  Speaker 6: If you're like I have two hundred dollars in my
• 13:23
  Speaker 6: account and iow a thousand dollars, say I will pay
• 13:27
  Speaker 6: two hundred dollars.
• 13:27
  Speaker 4: Right now, just wipe it. I have heard of people
• 13:31
  Speaker 4: negotiating their debts out.
• 13:32
  Speaker 6: Some people do that because if they're like, oh great,
• 13:35
  Speaker 6: like we have, they might have bought it for way
• 13:37
  Speaker 6: less than your offering, so the chances are they might
• 13:40
  Speaker 6: take it, or they're at least open to everything's negotiable.
• 13:43
  Speaker 4: For everything's negotiable.
• 13:44
  Speaker 3: But I think in particular when when it goes to
• 13:47
  Speaker 3: a debt collector, because it's like they haven't paid the
• 13:48
  Speaker 3: exact same amount, they're just buying the debt and they're
• 13:50
  Speaker 3: trying to like see how much they can get.
• 13:52
  Speaker 6: I don't know about the legal loophole part where it's
• 13:54
  Speaker 6: like you don't have to pay it all and so
• 13:56
  Speaker 6: maybe look at research on that research.
• 13:59
  Speaker 4: Should we get advice? If it's free, you don't be
• 14:02
  Speaker 4: any more money. And so that's my one beautiful, my
• 14:06
  Speaker 4: one job. I feel like that's a good collection.
• 14:08
  Speaker 3: Let's go to a really quick break because on the
• 14:10
  Speaker 3: flip side, girls, I cannot wait to get into the
• 14:12
  Speaker 3: money dilemma, which this week is all about knowing when
• 14:14
  Speaker 3: to hold and when to fold when it comes to
• 14:16
  Speaker 3: an investment property and something you slid into our DMS
• 14:19
  Speaker 3: about which I think is going to get a little
• 14:21
  Speaker 3: bit spicy. Is it okay to say that you're broke
• 14:23
  Speaker 3: if you actually have money in your savings? Anyway, guys,
• 14:26
  Speaker 3: don't go anywhere. Welcome back, everybody. Let's take a listen
• 14:33
  Speaker 3: to this week's money dilemma. Hi. There, have you got
• 14:38
  Speaker 3: a money dilemma you just can't solve? The Sheese on
• 14:40
  Speaker 3: the Money team is here to help. Every week, we
• 14:43
  Speaker 3: tackle your dilemmas, both big and small, to answer your
• 14:46
  Speaker 3: most burning money.
• 14:47
  Speaker 4: Career and life questions.
• 14:49
  Speaker 3: To get involved, simply head to our website and leave
• 14:51
  Speaker 3: us a short voice recording and you might just find
• 14:53
  Speaker 3: yourself on the show. Now, let's take a listen to
• 14:56
  Speaker 3: this week's money dilemma.
• 15:00
  Speaker 7: Hey, money friends, So I'm looking for some advice because
• 15:03
  Speaker 7: I'm really not sure what to do. I'm in the
• 15:06
  Speaker 7: incredibly privileged position that I own an investment property. So
• 15:10
  Speaker 7: I own a two bedroom apartment in Melbourne, and my
• 15:15
  Speaker 7: question is the building is super old, it's had burst
• 15:19
  Speaker 7: pipes and issues for quite a few years, and I
• 15:23
  Speaker 7: want to know what would you do. Would you sell
• 15:27
  Speaker 7: it knowing that apartments are not going for much in
• 15:30
  Speaker 7: the Melbourne market at the moment, or would you hold
• 15:33
  Speaker 7: on to it and let people live there peacefully and
• 15:37
  Speaker 7: happily and just hope that everything works out okay? From
• 15:42
  Speaker 7: an investment perspective, what would you do? Because I'm feeling
• 15:46
  Speaker 7: a bit lost and there's a lot of opinions.
• 15:48
  Speaker 3: Oh, I feel like that's a good one. I have
• 15:51
  Speaker 3: a lot of thoughts, jess, what would you do?
• 15:53
  Speaker 5: To be honest, I don't really know. I don't know
• 15:56
  Speaker 5: much about the world of investment property. It's not really
• 15:59
  Speaker 5: something I've considered myself, and therefore really haven't looked into
• 16:02
  Speaker 5: it too much. I would say, from an investment perspective,
• 16:06
  Speaker 5: in an ideal world, you would want to add a
• 16:08
  Speaker 5: minimum break even. I don't know I would be selling
• 16:10
  Speaker 5: it a loss unless I absolutely had to. But with
• 16:13
  Speaker 5: that being said, any investment property is an investment. It's
• 16:15
  Speaker 5: like anything you take on a level of risk. I
• 16:18
  Speaker 5: think there's a bit of a misconception that investment properties
• 16:21
  Speaker 5: are less risky.
• 16:22
  Speaker 4: Less risky, you will always increase in value.
• 16:24
  Speaker 5: There's been a lot of talk about, you know, build
• 16:26
  Speaker 5: a your portfolio editor like, and everyone do what's right
• 16:29
  Speaker 5: for you. I'm not here to pass judgment, but you
• 16:32
  Speaker 5: know that is the risk that you run is that
• 16:34
  Speaker 5: you may have to sell at a loss or you
• 16:35
  Speaker 5: may have issues where you know you're saying that the
• 16:37
  Speaker 5: apartments aren't selling for much.
• 16:39
  Speaker 4: That may be the case for a while, it may change.
• 16:41
  Speaker 4: We don't know.
• 16:42
  Speaker 5: The property market can be just as volatile as the
• 16:44
  Speaker 5: share market. But yeah, to be totally honest, I really
• 16:47
  Speaker 5: I don't know woman value.
• 16:49
  Speaker 6: I know I'm kind of the same, but also I
• 16:50
  Speaker 6: don't think of the best person to give advice. I
• 16:53
  Speaker 6: was telling my friends that if I had investment property,
• 16:56
  Speaker 6: I would never raise the rent and I would miraculously
• 16:59
  Speaker 6: have all the money to just like give the renters
• 17:02
  Speaker 6: the best life possible. And I just wouldn't be very
• 17:04
  Speaker 6: financially smart, like I would be doing things that would
• 17:06
  Speaker 6: be detrimental to myself. Yeah, and so I guess I'm
• 17:09
  Speaker 6: not even going to think of it as a house.
• 17:11
  Speaker 6: I'm going to think of it as an investment strictly
• 17:13
  Speaker 6: similar to what you're saying.
• 17:14
  Speaker 4: Yess, if it's.
• 17:15
  Speaker 6: Consistently not generating income or being beneficial to you, I would.
• 17:22
  Speaker 4: Get rid of it, but yeah, I think that, Yeah,
• 17:24
  Speaker 4: it really.
• 17:25
  Speaker 6: Depends on like you at such a loss right now
• 17:27
  Speaker 6: that it's like I kind of want it maybe, but
• 17:30
  Speaker 6: then it's like the sunken cost fallacy to keep sinking.
• 17:35
  Speaker 6: You could sink further, but right right now where you
• 17:37
  Speaker 6: are is like not too bad, you know. I think
• 17:40
  Speaker 6: get rid of the investment property is probably causing stress
• 17:42
  Speaker 6: as well, Like stress free lifestyle is priceless.
• 17:45
  Speaker 4: Get rid of it.
• 17:47
  Speaker 3: I love that, but I have so many questions back,
• 17:49
  Speaker 3: collec gol when you send these into me, I just
• 17:52
  Speaker 3: want so many more details. Right so you are correct
• 17:55
  Speaker 3: at the moment, the apartment market in Melbourne is not incredible.
• 18:00
  Speaker 3: But I don't know when you bought this property. I
• 18:02
  Speaker 3: don't know how much mortgage you've got left on it.
• 18:04
  Speaker 3: I don't know how much rental yield you're getting from this.
• 18:07
  Speaker 3: And like historically I have had clients and I still
• 18:10
  Speaker 3: have clients because I run a mortgage breaking business and
• 18:13
  Speaker 3: we are buying literally every week, investment properties for clients.
• 18:17
  Speaker 3: Like we have clients who are buying properties with absolutely
• 18:20
  Speaker 3: no intention of that property increasing in value, but over
• 18:23
  Speaker 3: time they go, Okay, cool, I'm going to buy this apartment,
• 18:26
  Speaker 3: the rental yield is really good. After twenty five years,
• 18:29
  Speaker 3: it will have paid off the entire mortgage and then
• 18:32
  Speaker 3: I'll have an income stream coming in. And for them
• 18:36
  Speaker 3: it's a relatively low risk way of creating wealth. So
• 18:39
  Speaker 3: I would be looking at the rental yield, how much
• 18:42
  Speaker 3: money is coming in. I also would be looking at
• 18:44
  Speaker 3: the body corporate notes. So you're saying that there's been
• 18:46
  Speaker 3: like burst water pipes and stuff like that, I want
• 18:49
  Speaker 3: you to either attend your body corporate meetings or get
• 18:52
  Speaker 3: hold of all the meeting minutes and read through them
• 18:54
  Speaker 3: like a couple of burst pipes, like maybe it's a
• 18:57
  Speaker 3: really old but very well bund building and like those
• 19:01
  Speaker 3: pipes burst, and you know it didn't actually cost that
• 19:03
  Speaker 3: much to fix. Or you might be in an apartment
• 19:06
  Speaker 3: complex that has a terrible facade that needs doing up
• 19:09
  Speaker 3: and you know there is speculation in the meeting notes
• 19:12
  Speaker 3: that every single apartment owner is going to be up
• 19:15
  Speaker 3: for forty thousand dollars soon to upgrade the facades of
• 19:18
  Speaker 3: the building. Or you might have, like I don't know,
• 19:21
  Speaker 3: a lift that needs replacing and therefore another big expense
• 19:24
  Speaker 3: coming up. So we want to be educated and understand, well,
• 19:28
  Speaker 3: what's this apartment going to cost us and what's it
• 19:30
  Speaker 3: going to look like moving forward? But also talk to
• 19:32
  Speaker 3: me about take this property out. Why did you buy
• 19:35
  Speaker 3: an investment property? Did you think it would just increase
• 19:37
  Speaker 3: in value? Are you just looking right now at the
• 19:40
  Speaker 3: apartment market and getting a little bit stressed out because
• 19:42
  Speaker 3: you forgot to zoom out and look at the bigger
• 19:44
  Speaker 3: picture And maybe you've only owned it for three years
• 19:46
  Speaker 3: and go of course you won't have seen a lot
• 19:48
  Speaker 3: of uptick. Things like compound interest and increases in property
• 19:53
  Speaker 3: value really don't start to kick in properly until after
• 19:56
  Speaker 3: ten years. I just have a lot of questions about that,
• 19:59
  Speaker 3: So be zooming out, I'd be looking at rental yield.
• 20:02
  Speaker 3: You know, if you're renting it out and it's covering
• 20:04
  Speaker 3: the mortgage and you know you're okay with the ongoing
• 20:08
  Speaker 3: maintenance costs, maybe that is a good investment to keep
• 20:10
  Speaker 3: hold of, because like, what's the benefit of selling it.
• 20:13
  Speaker 3: Like let's say you sell it and you get your
• 20:15
  Speaker 3: deposit back and you've got some cash to spend, Well,
• 20:19
  Speaker 3: what would you do with that?
• 20:20
  Speaker 4: Then?
• 20:20
  Speaker 3: Are you going to put it into the share market?
• 20:22
  Speaker 3: Because you're like rental properties aren't for me?
• 20:25
  Speaker 4: Fine?
• 20:26
  Speaker 3: Or are you going to try and buy another property
• 20:27
  Speaker 3: and just hope it's quote a better property? Like at
• 20:30
  Speaker 3: which point where's the risk going to come in? So
• 20:33
  Speaker 3: I just have a lot of questions about like knowing
• 20:35
  Speaker 3: when to hold them and when to fold them is
• 20:37
  Speaker 3: a very good question, But a lot of it comes
• 20:40
  Speaker 3: down to, well, what is the property doing for you
• 20:43
  Speaker 3: right now? Stop looking at the market. What's it doing
• 20:45
  Speaker 3: for you personally? And what will it do for your
• 20:48
  Speaker 3: wealth moving forward? Is probably the questions I'd be asking you.
• 20:52
  Speaker 4: Go, should we read the d oh? I can't wait? Okay?
• 20:55
  Speaker 4: Are you guys ready?
• 20:56
  Speaker 6: Ready?
• 20:56
  Speaker 4: Completely strap in?
• 20:57
  Speaker 3: So this week we got a DM from someone in
• 21:00
  Speaker 3: our community and I put it on the Instagram stories
• 21:02
  Speaker 3: he identified of course, they said, hey, she's on the money.
• 21:06
  Speaker 3: My friend's been saying she's so broke for a while now,
• 21:09
  Speaker 3: so I've.
• 21:09
  Speaker 4: Been covering her here and there.
• 21:11
  Speaker 3: Nothing huge, but I didn't mind because I thought she
• 21:14
  Speaker 3: was genuinely struggling. Now my hours have been caught and
• 21:17
  Speaker 3: I'm currently living paycheck to paycheck. I owed her for
• 21:20
  Speaker 3: something small and asked if I could pay her next week,
• 21:23
  Speaker 3: and she said she was broke true, So I felt
• 21:25
  Speaker 3: really bad and I gave him my last thirty dollars. Later,
• 21:28
  Speaker 3: I found out her version of broke just means she's
• 21:31
  Speaker 3: out of fun money, not out of money in general,
• 21:34
  Speaker 3: she's got savings. In my opinion, broke means you don't
• 21:37
  Speaker 3: have any money at all. I feel really dumb, and
• 21:40
  Speaker 3: I feel kind of betrayed. I helped her when I
• 21:42
  Speaker 3: could and when I needed the same. She didn't repay
• 21:45
  Speaker 3: the favor and she didn't really need my help.
• 21:48
  Speaker 4: What would you guys do? What would you say? Mmm?
• 21:51
  Speaker 6: I think for status, like something small, just like some
• 21:54
  Speaker 6: of the terminology, I just want to nip in the
• 21:56
  Speaker 6: bud really quickly, something small to someone. Like So, if
• 22:00
  Speaker 6: someone owned me thirty bucks and it's like sometimes I
• 22:03
  Speaker 6: literally not exaggerating, have like forty six cents in my account.
• 22:06
  Speaker 6: If they own me thirty dollars and they're like, can
• 22:08
  Speaker 6: I pay you next week, obviously I'd be like, that's
• 22:09
  Speaker 6: so fine.
• 22:09
  Speaker 4: I'm actually gonna work it out. It's fine.
• 22:11
  Speaker 6: But if you can pay me thirty dollars right now,
• 22:13
  Speaker 6: that will go a long way. I can afford a
• 22:15
  Speaker 6: little thing of rice and some stings for tonight, you
• 22:18
  Speaker 6: know what I mean, Like it's it's thirty bucks is
• 22:20
  Speaker 6: a lot so small, big, subjective and depends on the person.
• 22:24
  Speaker 6: But I know that the context of this is that
• 22:26
  Speaker 6: she actually does have savings and that was just so
• 22:29
  Speaker 6: fun money that she ran out of. So with that knowledge,
• 22:32
  Speaker 6: I think that you, I mean, it really depends, but
• 22:36
  Speaker 6: I think broke in my mind, it really does mean
• 22:39
  Speaker 6: you don't have anything to fall back on. You don't
• 22:42
  Speaker 6: have anything fall back on. You are broke, broke, you
• 22:44
  Speaker 6: have nothing, which maybe I don't really know what the
• 22:47
  Speaker 6: difference is between like poor and broke. Maybe poor is
• 22:50
  Speaker 6: like a I don't know, but I think it's not
• 22:53
  Speaker 6: crucial that you give up this information when asking for help.
• 22:58
  Speaker 6: And it could be the case that, like in I
• 23:01
  Speaker 6: don't know, if you guys use up, you can lock
• 23:02
  Speaker 6: your bank account, so like it could be the situation
• 23:05
  Speaker 6: where like she's locked it and she actually just can't
• 23:06
  Speaker 6: get back into it or something. She doesn't access these
• 23:08
  Speaker 6: savings and she really does any money. So I think that,
• 23:11
  Speaker 6: you know, we can't really say how someone's feeling. And
• 23:14
  Speaker 6: you know, my girlfriend, for example, gets very anxious when
• 23:16
  Speaker 6: her savings dip below a certain amount, and that is
• 23:19
  Speaker 6: the exact same anxiety that I feel when I have
• 23:23
  Speaker 6: a million bills to pay and forty six cents in
• 23:26
  Speaker 6: my bank account. And so if I had savings at
• 23:28
  Speaker 6: all and it dipped below two thousand dollars, I would
• 23:31
  Speaker 6: be on cloud night. So the set the anxiety that
• 23:34
  Speaker 6: she feels when her savings dip below a certain point
• 23:37
  Speaker 6: is the same I feel when I'm literally minus one
• 23:41
  Speaker 6: thousand dollars. And so we can't really say that one
• 23:45
  Speaker 6: situation generates the same anxieties or like fear responses as another,
• 23:51
  Speaker 6: you know what I mean. And we can't assume that
• 23:53
  Speaker 6: because we've helped someone, they will do the same. Sometimes
• 23:56
  Speaker 6: we just have to help. Well, I think we should
• 23:57
  Speaker 6: always just help because we want to, not because we
• 23:59
  Speaker 6: expecting thing back. However, in saying that really quickly, last
• 24:02
  Speaker 6: point is that I don't think that she should be
• 24:04
  Speaker 6: using the term broke because it makes people like us
• 24:08
  Speaker 6: when we realize that their version of broke is they
• 24:11
  Speaker 6: still have savings, it makes us feel like shit. It
• 24:13
  Speaker 6: makes us feel like so far away from the world, like,
• 24:16
  Speaker 6: oh my god, here I have been thinking I relate
• 24:19
  Speaker 6: to everyone around me, but everyone has savings. Now I
• 24:21
  Speaker 6: feel so much worse than I ever thought possible because
• 24:26
  Speaker 6: my version of broke is nothing nothing. My version broke
• 24:30
  Speaker 6: is not rich parents, no help anywhere, which is so fine.
• 24:33
  Speaker 6: We shouldn't be expecting help, no savings, nothing that's broke.
• 24:37
  Speaker 6: And so when you hear other people using it, but
• 24:38
  Speaker 6: they have savings, maybe they have rich parents, maybe they
• 24:40
  Speaker 6: have people that can borrow money from, you're like, Okay,
• 24:43
  Speaker 6: I really am so so broke.
• 24:46
  Speaker 4: You know what I mean. No, that's what I have
• 24:47
  Speaker 4: to say. Just how do you feel about it?
• 24:49
  Speaker 7: Well?
• 24:49
  Speaker 5: No, I'm feeling quite guilty because I've definitely used the
• 24:51
  Speaker 5: term broke to describe myself and I do have it saved.
• 24:55
  Speaker 4: I think feel me to tackle broke. Yeah.
• 25:00
  Speaker 5: I think for me, the language specifically like our listeners
• 25:04
  Speaker 5: asking does broke me in X or Y, I think
• 25:06
  Speaker 5: the term broke is very colloquialized, and so it has
• 25:10
  Speaker 5: become like I think it's acceptable for me to have
• 25:14
  Speaker 5: used it in the context that I have. But you know,
• 25:16
  Speaker 5: now I'm more aware of how that may make others
• 25:18
  Speaker 5: around me feel, and I think that's something that I
• 25:20
  Speaker 5: then need to be conscious of and others need to
• 25:22
  Speaker 5: be conscious of. It sounds like you and your friend
• 25:24
  Speaker 5: maybe just do have different definitions of what that looks like.
• 25:27
  Speaker 5: And so when you've said to her, oh, I'm really broke,
• 25:30
  Speaker 5: maybe she hasn't comprehended the vastness of that for you,
• 25:34
  Speaker 5: and she's applying her own lens and her own context
• 25:37
  Speaker 5: to that. And so when she's like, oh, well, if
• 25:38
  Speaker 5: you've got the money and you can pay me, like,
• 25:40
  Speaker 5: I'd really appreciate it. So it could be that you
• 25:42
  Speaker 5: guys are just coming from two different perspectives on it,
• 25:46
  Speaker 5: and that can be I guess, mitigated with a bit
• 25:49
  Speaker 5: more conversation. Shockingly, that being said, I do also think
• 25:52
  Speaker 5: that I agree with you when you said we should
• 25:55
  Speaker 5: do things to help people out of the goodness of
• 25:56
  Speaker 5: our heart, which it sounds like is exactly what our
• 25:58
  Speaker 5: listener did. I do also think it's it doesn't sound
• 26:02
  Speaker 5: like she's being a great friend in expecting you to
• 26:05
  Speaker 5: pay her when she maybe doesn't fully need it.
• 26:08
  Speaker 3: But again we are missing the context. What we don't
• 26:10
  Speaker 3: want to first side, like, we don't know the context.
• 26:12
  Speaker 3: Does she know that that was your last thirty dollars?
• 26:14
  Speaker 4: Correct? Do you know what I mean?
• 26:16
  Speaker 3: If you were like, oh, can I just pay you
• 26:17
  Speaker 3: back next week, and she goes, oh, no, I really
• 26:19
  Speaker 3: need the cash now, because like, yeah, she might've had savings,
• 26:22
  Speaker 3: but she didn't have any fun money, and to her,
• 26:23
  Speaker 3: getting that money back was fun money. So she's like, yeah, yeah,
• 26:26
  Speaker 3: like if you've got to give it to me, And
• 26:28
  Speaker 3: then that was the entire conversation. And so you gave
• 26:31
  Speaker 3: her your last thirty dollars. She was like, great, I've
• 26:34
  Speaker 3: been paid back. I don't need to chase that next week.
• 26:36
  Speaker 3: But what she didn't realize is that that was actually
• 26:38
  Speaker 3: your last thirty dollars and there's.
• 26:41
  Speaker 4: Some context missing that.
• 26:42
  Speaker 3: If it was me and i'd done that, I can
• 26:45
  Speaker 3: tell you right now, I would have been skipping down
• 26:47
  Speaker 3: the road and like gone, yep, okay, no worries. Yeah,
• 26:50
  Speaker 3: but like I didn't go, hold on, is that your
• 26:52
  Speaker 3: last thirty dollars? And I also don't know if I
• 26:54
  Speaker 3: should be asking you a question like that, Like you know, Jesse,
• 26:57
  Speaker 3: if you owe me thirty bucks and you go, oh,
• 26:59
  Speaker 3: can I.
• 26:59
  Speaker 4: Pay you next week?
• 27:00
  Speaker 3: Yeah, but I've got it right now. V go, oh,
• 27:03
  Speaker 3: well just give it to me right now. Yeah, I'm
• 27:05
  Speaker 3: not actually ever going to go Jess, just checking before
• 27:08
  Speaker 3: you pay me back, no, since your last thirty dollars,
• 27:11
  Speaker 3: like house your finances in general, Like that's a conversation
• 27:15
  Speaker 3: that I wouldn't open up to. But it's a different
• 27:17
  Speaker 3: story if you said, oh, I've only got thirty dollars
• 27:19
  Speaker 3: in my account, can I just pay you back next
• 27:21
  Speaker 3: week and your friends still amount it different story, Yeah, And.
• 27:24
  Speaker 5: It's it's hard because the context is key, right, Like
• 27:26
  Speaker 5: there's so on both sides, I think, And we don't
• 27:29
  Speaker 5: know how open the two of you are about money
• 27:31
  Speaker 5: and how comfortable you are having that conversation, but it
• 27:34
  Speaker 5: sounds like, you know, I can't imagine any friend taking
• 27:38
  Speaker 5: something from someone when they need it so desperately like
• 27:41
  Speaker 5: that just it's not to me. That's not what a
• 27:42
  Speaker 5: friend would do, And that is making me assume that
• 27:46
  Speaker 5: perhaps she wasn't aware of that additional backstory on your side,
• 27:50
  Speaker 5: and maybe hopefully it can all just be resolved with
• 27:52
  Speaker 5: a bit of a conversation. I think, same with the
• 27:54
  Speaker 5: language thing, saying hey, like exactly as Beck just did
• 27:56
  Speaker 5: when you say you're broke, but I know you've got
• 27:58
  Speaker 5: money and savings, Like it just makes me feel kind
• 28:00
  Speaker 5: of shitty. Yeah, because sometimes people don't know these things
• 28:03
  Speaker 5: until we tell them, yeah, and until we make them
• 28:05
  Speaker 5: aware of it.
• 28:06
  Speaker 4: And so it's it is.
• 28:07
  Speaker 5: I guess a little bit of a responsibility on two
• 28:09
  Speaker 5: people in a friendship, your friends for a reason you
• 28:11
  Speaker 5: obviously care and love about each other. Let's like have
• 28:15
  Speaker 5: these conversations so that we can support each other in
• 28:17
  Speaker 5: the ways that we need to be supported.
• 28:19
  Speaker 4: Totally.
• 28:20
  Speaker 3: I would agree with Beck and say that I don't
• 28:23
  Speaker 3: think that you should be using the terminology. And I
• 28:26
  Speaker 3: personally would never say I'm broke because that's not accurate.
• 28:30
  Speaker 4: I'm not broke.
• 28:31
  Speaker 3: I still have cash, i still have assets, I still
• 28:33
  Speaker 3: have stuff, And I think it's just the wrong terminology.
• 28:37
  Speaker 4: Same with the word you said, poor.
• 28:39
  Speaker 3: I don't think you should use that unless genuinely you
• 28:42
  Speaker 3: are in that situation. I think, yeah, it has become
• 28:45
  Speaker 3: like quite colloquial. And I know that if Jess said that.
• 28:48
  Speaker 3: I know enough about Jess's life that if just said,
• 28:50
  Speaker 3: oh my god, I'm so broke this week, I'd be like,
• 28:52
  Speaker 3: oh my god, girl feels like I'm going to have
• 28:55
  Speaker 3: a conversation with her because I know what she means,
• 28:57
  Speaker 3: because I have enough context about her situation and I'm
• 29:00
  Speaker 3: not offended by that in any way, shape or form,
• 29:02
  Speaker 3: but I can see how that might be misconstrued if
• 29:05
  Speaker 3: you don't have that deep level of friendship where we
• 29:08
  Speaker 3: both know our financial situations, right Like if I said
• 29:12
  Speaker 3: to you, oh my god, beck, I'm so broke, that's
• 29:14
  Speaker 3: so rude, or.
• 29:16
  Speaker 4: I'm feeling so poor, Like, it's just not accurate.
• 29:19
  Speaker 3: I think we should be using terminology around like, oh,
• 29:21
  Speaker 3: I just don't have.
• 29:21
  Speaker 4: Budget for that anymore.
• 29:23
  Speaker 3: Yeah, I've run out of my budget for that this week,
• 29:25
  Speaker 3: or I just don't have the cash in the bank
• 29:27
  Speaker 3: for that, Like you don't have to justify it to anybody,
• 29:31
  Speaker 3: But the word broke is not accurate, and I think
• 29:34
  Speaker 3: it should be reserved when people genuinely don't have any
• 29:37
  Speaker 3: money at all and are genuinely scraping the boar all Like,
• 29:40
  Speaker 3: that's what broke is.
• 29:41
  Speaker 4: Let's be quite accurate about that.
• 29:44
  Speaker 3: We asked the community, though, and we said, is it
• 29:46
  Speaker 3: right to say you're broke if you have savings?
• 29:49
  Speaker 4: Sixty nine percent of you said no, savings do.
• 29:52
  Speaker 3: Not equal broke, and thirty one percent of you said yes,
• 29:55
  Speaker 3: because my savings are off limits.
• 29:57
  Speaker 5: Which is I guess kind of the perspective that I've
• 30:00
  Speaker 5: await You mean when I would say, oh, I'm so bro,
• 30:02
  Speaker 5: you would mean that I've spent all of my budgeted
• 30:04
  Speaker 5: income and I do have my emergency funder my house deposit,
• 30:08
  Speaker 5: but theoretically I shouldn't be touching that.
• 30:11
  Speaker 4: Sure.
• 30:11
  Speaker 3: Yeah, yeah, yeah, And I think it's like we need
• 30:14
  Speaker 3: to change that narrative to oh, I've run out of
• 30:17
  Speaker 3: budget this month, because I think if Beck you said
• 30:20
  Speaker 3: I've run out of budget this month, I think to
• 30:22
  Speaker 3: me that means that you just don't have allocated funds
• 30:25
  Speaker 3: for dining out, or you don't have budget.
• 30:27
  Speaker 4: For a specific thing.
• 30:28
  Speaker 3: Yeah, you might have budget for something else, you know,
• 30:31
  Speaker 3: late you might have budget, said to the side, for
• 30:33
  Speaker 3: your electricity bill.
• 30:34
  Speaker 2: Yeah.
• 30:35
  Speaker 3: The next question we asked was was the friend wrong
• 30:37
  Speaker 3: for taking the thirty dollars? I feel like there's so
• 30:40
  Speaker 3: much context here, but eighty percent of you said yes,
• 30:42
  Speaker 3: her friend was asking for help, and twenty percent said no,
• 30:45
  Speaker 3: she was owed the money. We then obviously said, girl,
• 30:49
  Speaker 3: what's your two cents?
• 30:51
  Speaker 4: First person said this is a sticky one.
• 30:53
  Speaker 3: Sounds like they need to separate money from their relationship completely.
• 30:57
  Speaker 3: Someone said, my savings aren't for fun. It's not to
• 31:00
  Speaker 3: be touched. But I would never cry poor either. Someone
• 31:04
  Speaker 3: else said my in quotation marks b Boke friend bought
• 31:07
  Speaker 3: a house after I covered her for more than a
• 31:10
  Speaker 3: year that ended the fire.
• 31:13
  Speaker 4: Again is an additional layer of.
• 31:16
  Speaker 3: I mean context again, I run a mortgage broken business.
• 31:20
  Speaker 3: I can get you a house for absolutely no deposit
• 31:23
  Speaker 3: if your parents guarantee your loan, so you could technically
• 31:25
  Speaker 3: be broken, have no money, no savings, no nothing, And
• 31:28
  Speaker 3: then your parents could turn around and not justifying this
• 31:30
  Speaker 3: at all, your parents could turn around and go, oh, Jess,
• 31:33
  Speaker 3: I really want to guarantee your home deposit. And then
• 31:35
  Speaker 3: when maam, thank you, ma'am you've got a mortgage. Wow,
• 31:39
  Speaker 3: that's nice, isn't it. That's very nice.
• 31:41
  Speaker 4: In saone's covering you all the time. You probably shouldn't
• 31:44
  Speaker 4: or wouldn't.
• 31:45
  Speaker 3: I would expect the financially responsible enough place to have
• 31:49
  Speaker 3: a mortgage, which is another question. And like I'm always
• 31:52
  Speaker 3: talking to our clients about making sure that you're like
• 31:55
  Speaker 3: proving even to yourself that you can pay back that mortgage,
• 31:58
  Speaker 3: Like you know, have you got genuine savings?
• 32:00
  Speaker 4: Yeah, you might not have the deposits.
• 32:01
  Speaker 3: So fantastic that your parents are willing to guarantee it,
• 32:03
  Speaker 3: but like, how are you planning on paying off this mortgage?
• 32:06
  Speaker 4: What does that look like?
• 32:07
  Speaker 5: Like?
• 32:08
  Speaker 4: Yeah, so I think there's a bigger conversation.
• 32:10
  Speaker 3: The next person said, the friend might assume that the
• 32:12
  Speaker 3: OPI had savings too, Like maybe they both are on
• 32:14
  Speaker 3: the same page about what broke means in her mind. Yeah,
• 32:18
  Speaker 3: because like if you say you're broke back, that means
• 32:19
  Speaker 3: something too different than what Jess said. And if you'd
• 32:22
  Speaker 3: never conversed about it, maybe you both just assumed you're
• 32:24
  Speaker 3: on the same page. Totally thought that Jess had nothing
• 32:26
  Speaker 3: and just thought that you had savings. Yeah. Someone else said,
• 32:29
  Speaker 3: I use the bucket method, but then I also genuinely
• 32:32
  Speaker 3: feel broke often, but I.
• 32:33
  Speaker 4: Don't think that's the correct term to use.
• 32:36
  Speaker 3: Someone said, I just can't afford it this week equals
• 32:39
  Speaker 3: I have savings, but I'm out of fun money, and
• 32:41
  Speaker 3: broke means you have no money.
• 32:43
  Speaker 4: I'll be true.
• 32:44
  Speaker 1: More.
• 32:45
  Speaker 3: Next person said, I asked my friend to stop using
• 32:48
  Speaker 3: the word broke because it really does have different meanings
• 32:50
  Speaker 3: for all of us. And then the last person said, girl,
• 32:54
  Speaker 3: that's not your friend, she's using you run. I just
• 32:58
  Speaker 3: think there's just so much content next to me, seeing like,
• 33:01
  Speaker 3: can we just talk about what broke means? And I
• 33:03
  Speaker 3: think that this is where open honest money conversations. They're
• 33:07
  Speaker 3: hard to have genuinely, but they are going to put
• 33:09
  Speaker 3: you in a more empowered position to have conversation that
• 33:13
  Speaker 3: is impactful. It's like, I don't know if you're genuinely friends.
• 33:16
  Speaker 3: I maybe just like to see the best in everyone.
• 33:19
  Speaker 3: I just think your friend didn't know what was your
• 33:20
  Speaker 3: last thirty dollars? Ye, Like she just thought, oh, I'm
• 33:23
  Speaker 3: paying you back, and like maybe they were both on
• 33:26
  Speaker 3: the same page of brokemant you both have savings you
• 33:28
  Speaker 3: didn't want to access and she was like, nah, girl,
• 33:31
  Speaker 3: like use your emergency fund.
• 33:32
  Speaker 4: I want my cash back. You know sure she didn't
• 33:35
  Speaker 4: have that. She just didn't say. I just like to
• 33:38
  Speaker 4: assume the best in other Absolutely anyway, just wait to
• 33:41
  Speaker 4: end this episode.
• 33:42
  Speaker 3: Yeah, well, unfortunately, guys, that is all we have time
• 33:44
  Speaker 3: for today.
• 33:45
  Speaker 4: So it's been a week.
• 33:46
  Speaker 3: I've loved hanging out with you, but we'll see you
• 33:48
  Speaker 3: right early on Monday morning.
• 33:49
  Speaker 4: For our money Diary by Guys, Bye.
• 33:58
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• 34:13
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