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MONEY DIARIES: Sharing Money With Family · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:23
  Speaker 2: Hello, and welcome to She's on the Money, the podcast
• 0:26
  Speaker 2: for millennials who want financial freedom. My name is Tony Lodge,
• 0:30
  Speaker 2: and joining me for another shot back Money Diary is
• 0:33
  Speaker 2: Miss Victoria Divine.
• 0:35
  Speaker 3: Good morning friends, Thank you so much.
• 0:38
  Speaker 2: For joining me.
• 0:39
  Speaker 3: We really have a choice.
• 0:40
  Speaker 2: Did not have a choice. I dragged you in here
• 0:42
  Speaker 2: by your hair and when.
• 0:43
  Speaker 3: We're yeah, that's exactly what happened.
• 0:46
  Speaker 2: I sound like a demon as well. About how do
• 0:48
  Speaker 2: you actually usually do? So that is not true. Don't
• 0:51
  Speaker 2: tell people I sound like a demon.
• 0:53
  Speaker 3: No, no, no, And I'm always actually really excited to
• 0:55
  Speaker 3: do Money Diary, so it's usually meeting. Are you ready
• 0:57
  Speaker 3: to record? Are we doing this? Yeah?
• 0:59
  Speaker 2: Yeah, yeah, A bit of a different one today, which
• 1:02
  Speaker 2: I think you're gonna love, which I say every single week,
• 1:04
  Speaker 2: but it's absolutely true. Every single time, you're gonna have.
• 1:07
  Speaker 3: To find a new intro. Tony I am, I waste
• 1:09
  Speaker 3: the same.
• 1:10
  Speaker 2: Maybe I'm just going to copy and paste this one
• 1:12
  Speaker 2: into all of them from now.
• 1:13
  Speaker 3: Yeah. Maybe it's actually the same audio you hear at
• 1:15
  Speaker 3: the start of every single podcast.
• 1:18
  Speaker 2: I promise it's not. I promise it's not. We take
• 1:20
  Speaker 2: the time lovingly to curate every single thing.
• 1:23
  Speaker 3: Except it just is so exciting.
• 1:25
  Speaker 2: Tru Yeah, because every single money diary is different, and
• 1:28
  Speaker 2: I think they're all going to.
• 1:29
  Speaker 3: Be great special. So Tony, can you read me this
• 1:32
  Speaker 3: week's email? Here we go.
• 1:34
  Speaker 2: Hi, She's on the Money Team. I've been a longtime fan,
• 1:37
  Speaker 2: been listening to the podcast since the beginning and absolutely
• 1:40
  Speaker 2: love it. I'm a twenty five year old gal trying
• 1:42
  Speaker 2: to figure this money saving lifestyle out. I was born
• 1:45
  Speaker 2: in Korea and came to Australia when I was nine.
• 1:48
  Speaker 2: My mom, my sister, and I have known the struggles
• 1:50
  Speaker 2: as my mum had left everything she knew and had
• 1:52
  Speaker 2: to start her life over again. I've worked ever since
• 1:55
  Speaker 2: I could legally work to help support my mum and
• 1:57
  Speaker 2: take the burden off her as much as I could,
• 1:59
  Speaker 2: since my first paycheck from when I was fifteen until
• 2:02
  Speaker 2: right now, I still give my mom a portion of
• 2:04
  Speaker 2: my pace so I can support her. Despite my mum
• 2:06
  Speaker 2: being financially stable.
• 2:08
  Speaker 3: Oh that's so sweet.
• 2:09
  Speaker 2: Due to my past, I do have a lot of
• 2:11
  Speaker 2: anxiety with money and it's something that I'm trying to fix.
• 2:14
  Speaker 2: I am now trying to be in the journey of
• 2:16
  Speaker 2: learning that success doesn't always mean having lots of money,
• 2:19
  Speaker 2: and it is that you're truly happy where you are
• 2:21
  Speaker 2: in life. I know I'm not the only She's on
• 2:23
  Speaker 2: the Money listener who consistently gives a portion of their
• 2:26
  Speaker 2: pay to their parents, especially those in the Asian background.
• 2:29
  Speaker 2: It's quite common for children to give their parents money.
• 2:32
  Speaker 2: I'm now moved out, married and own a house with
• 2:34
  Speaker 2: my husband that was gifted to us by my mother
• 2:36
  Speaker 2: in law.
• 2:36
  Speaker 3: Oh my gosh, how lucky we.
• 2:38
  Speaker 2: Are now trying to save enough money to start a family.
• 2:41
  Speaker 2: I'm a nurse at an emergency department and also have
• 2:43
  Speaker 2: a side gig of IV vitamins like those hangover trips.
• 2:46
  Speaker 3: Oh so, she's just like an actual special human yeah
• 2:49
  Speaker 3: versus is so cool.
• 2:50
  Speaker 2: I hope I can at least reach out to the
• 2:52
  Speaker 2: Asian community if she's on the money, to let them
• 2:54
  Speaker 2: know it's okay, I understand where they've been, and hopefully
• 2:57
  Speaker 2: let them know there is lad at the end of
• 2:58
  Speaker 2: the tunnel. Your number one fan.
• 3:01
  Speaker 3: Oh so sweet. Let's have a chat with her as always,
• 3:04
  Speaker 3: We've got her on the line already. Hello money Diarist, Hello,
• 3:09
  Speaker 3: Oh my gosh, how special? I am so excited to
• 3:13
  Speaker 3: learn more about your money story and what you get
• 3:16
  Speaker 3: up to. I think this is the first time that
• 3:18
  Speaker 3: we've had a money diarist that gives money to their
• 3:20
  Speaker 3: parents on a regular basis. I've got so many questions,
• 3:23
  Speaker 3: but as always, let's start the podcasting exactly the same
• 3:27
  Speaker 3: way we always do, and that is with the first
• 3:29
  Speaker 3: question of what is your attitude towards money?
• 3:35
  Speaker 4: So, yeah, my I gause. My attitude towards money is
• 3:40
  Speaker 4: more like it used to be more anxiety based or
• 3:44
  Speaker 4: just kind of kind of get everything and like safe
• 3:48
  Speaker 4: but like try to spend money, but like you know,
• 3:50
  Speaker 4: you're trying to figure all this out. But now I
• 3:52
  Speaker 4: feel like I have some kind of routine, so a
• 3:56
  Speaker 4: little bit, it's a bit happier now, I.
• 3:59
  Speaker 2: Guess, like having a stable job being a nurse, so
• 4:03
  Speaker 2: even during COVID you would have still been able to work,
• 4:06
  Speaker 2: which is something that we've seen recently has impacted so
• 4:09
  Speaker 2: many people. Did you feel like going into such a
• 4:12
  Speaker 2: stable job has helped with your anxiety around money a
• 4:15
  Speaker 2: little bit as well?
• 4:17
  Speaker 4: Absolutely, especially the cod times, because yeah, because obviously a
• 4:22
  Speaker 4: lot of Facebook posts about people losing their job or
• 4:26
  Speaker 4: like new supports and things like that. And I've been very,
• 4:29
  Speaker 4: very lucky. I have a very permanent, stable job, especially emergency.
• 4:35
  Speaker 4: It just never shuts down of it I do.
• 4:37
  Speaker 3: Yeah, no, and that's really special, Like that's such a
• 4:40
  Speaker 3: special job to do as well. Let's emergency nurses blow
• 4:44
  Speaker 3: my mind. I've got a couple of girlfriends who work
• 4:46
  Speaker 3: in emergency and always just like the stuff you see
• 4:49
  Speaker 3: and deal with and then seem to move to the
• 4:52
  Speaker 3: next patient and have exactly the same empathy even though
• 4:55
  Speaker 3: you've just experienced something arguably really traumatic. It's wild, like
• 4:58
  Speaker 3: you're really cool it all right, So we already know
• 5:02
  Speaker 3: that you're a nurse, but the next question is what
• 5:05
  Speaker 3: do you do for work and how much money do
• 5:07
  Speaker 3: you earn?
• 5:08
  Speaker 4: So yeah, I've been in for the last five years.
• 5:12
  Speaker 4: Oh wow, Yeah, and obviously through my little side giog,
• 5:20
  Speaker 4: I think last like last financially attacked the turn I
• 5:23
  Speaker 4: had a little look regual was about ninety thousand pre pats.
• 5:29
  Speaker 2: Is that both jobs combined?
• 5:32
  Speaker 4: Yeah, that's the both jobs combined?
• 5:33
  Speaker 2: Wow? So do you work full time as a nurse
• 5:36
  Speaker 2: and then just do the hangover ivy groups like when
• 5:39
  Speaker 2: you have time or do you every Saturday morning, you
• 5:42
  Speaker 2: go out and do that.
• 5:44
  Speaker 4: No, I do so, yeah, I do part time at
• 5:48
  Speaker 4: the hospital and stop of my days off or after work.
• 5:52
  Speaker 4: I kind of pick that up. It's not just hangover,
• 5:56
  Speaker 4: it's like different sets of vitamins. So yeah, we get
• 5:59
  Speaker 4: different all different kinds of patients.
• 6:01
  Speaker 3: I've thought so many questions about that affair later.
• 6:03
  Speaker 2: Uh huh, Like I.
• 6:04
  Speaker 3: Just haven't comprehended. I've seen it before, Like it's been
• 6:08
  Speaker 3: all over my Instagram. I feel like there's been like
• 6:10
  Speaker 3: one company that's been doing some kind of influence a push,
• 6:12
  Speaker 3: so it's all over my Instagram feed. Oh yeah, I
• 6:16
  Speaker 3: have so many questions for you. Next question is what
• 6:19
  Speaker 3: is your big money goal.
• 6:23
  Speaker 4: Well, I don't know my big money goal yet, so obviously,
• 6:28
  Speaker 4: as I said in my email, I'm trying to you know,
• 6:31
  Speaker 4: that enough money to kind of have a family now.
• 6:34
  Speaker 4: But I think where my husband and I are kind
• 6:37
  Speaker 4: of deciding whether we want to invest in a house
• 6:40
  Speaker 4: or investments. Yep, h so maybe that's my money goal.
• 6:48
  Speaker 2: Well, I think that's yeah. I mean, if you guys
• 6:50
  Speaker 2: have got your own home, and yeah, you're saving up
• 6:54
  Speaker 2: to have a family, which is obviously like the most
• 6:57
  Speaker 2: expensive thing. I think people don't realize how expensive having
• 7:00
  Speaker 2: kids and stuff is. I definitely, well, I don't have
• 7:04
  Speaker 2: kids and don't plan on it, but buying toys for
• 7:06
  Speaker 2: my nieces and nephews is apparently actually just the tip
• 7:09
  Speaker 2: of the iceberg when it comes to having kids are.
• 7:13
  Speaker 4: I think it was a big reality check when I
• 7:17
  Speaker 4: listen to the podcast about No about how much like
• 7:24
  Speaker 4: having a baby cost, and so I've been like researching
• 7:28
  Speaker 4: how many how much everything costs, and like putting it
• 7:30
  Speaker 4: done and kind of estimating how much I might need.
• 7:34
  Speaker 2: Oh, you're such a planner.
• 7:35
  Speaker 3: It's so much more than I initially thought about it
• 7:37
  Speaker 3: as well. And it was one of those things where
• 7:40
  Speaker 3: I don't know if you guys know, but I recently
• 7:42
  Speaker 3: wrote a book I feel like saying that. But in
• 7:46
  Speaker 3: the book, I really wanted to deep dive into how
• 7:49
  Speaker 3: much does it actually cost to have a baby? How
• 7:51
  Speaker 3: much does it cost to have a child? What can
• 7:53
  Speaker 3: I be expected to spend and all of that. So
• 7:55
  Speaker 3: I started doing research and talking to moms and talking
• 7:57
  Speaker 3: to people. I was shook, Like, obviously it's a varying scale,
• 8:01
  Speaker 3: Like if you're in a situation where you have, you know,
• 8:03
  Speaker 3: a family that has a whole heap of you know,
• 8:05
  Speaker 3: hand me downs and stuff. It obviously really helps in
• 8:08
  Speaker 3: that initial phase. But if you've got to buy everything outright,
• 8:12
  Speaker 3: it's so expensive, Like I didn't. I was like baby
• 8:15
  Speaker 3: cast eight hundred bucks, right, maybe, oh, no, five or
• 8:19
  Speaker 3: six hundred dollars if you want the bougie baby one
• 8:21
  Speaker 3: and it could be more prams, I'm thinking, what five
• 8:24
  Speaker 3: hundred dollars Maybe no, no.
• 8:29
  Speaker 2: Especially if you go for the bugaboo.
• 8:32
  Speaker 3: Is like the crem de la cram apparently two grand.
• 8:36
  Speaker 2: What And that's without the attachments. You got the bass net,
• 8:39
  Speaker 2: you've got the forward facing pram, the rear face. I
• 8:42
  Speaker 2: don't know all this, Okay, that's you don't even want
• 8:44
  Speaker 2: to be out I don't know. But but even something
• 8:48
  Speaker 2: as simple as not everybody chooses to or can breastfeed.
• 8:52
  Speaker 2: So if then you need to buy formula, you know
• 8:55
  Speaker 2: about something that they potentially don't plan on needing to purchase,
• 9:00
  Speaker 2: that's like, you know, a big potential.
• 9:03
  Speaker 3: I've got in the budget just in case. And like,
• 9:06
  Speaker 3: at the end of the day, there's no shame in either.
• 9:09
  Speaker 3: Like at the end of the day, fair it is
• 9:10
  Speaker 3: best feed your baby. But no one wants to be
• 9:12
  Speaker 3: in a position where they can't afford to feed their
• 9:14
  Speaker 3: baby exactly significantly impacts their budget to a point where
• 9:17
  Speaker 3: they're like, oh, we're really struggling.
• 9:20
  Speaker 4: Now.
• 9:20
  Speaker 3: We didn't think that.
• 9:21
  Speaker 2: So we weren't planning on needing to buy this. But yeah,
• 9:24
  Speaker 2: so I think that you definitely. I mean, you haven't
• 9:26
  Speaker 2: told us what your best and worst money have any
• 9:29
  Speaker 2: dire and it sounds like you're a really good planer,
• 9:33
  Speaker 2: so I'm interested to hear about that, all right. So yeah, yeah,
• 9:38
  Speaker 2: well that writing it down.
• 9:40
  Speaker 3: Is the best first step, absolutely, all right. So next
• 9:44
  Speaker 3: question is do you have any investments?
• 9:48
  Speaker 4: So from listening to the podcast, I obviously have my
• 9:53
  Speaker 4: separ but I also love.
• 9:57
  Speaker 2: After our own.
• 9:58
  Speaker 3: Yeah, so obviously we know that my sofa is an investment,
• 10:01
  Speaker 3: and I'm.
• 10:01
  Speaker 4: Like, yes, and I also have race, but yeah, I
• 10:09
  Speaker 4: don't really it's race is just kind of there in
• 10:11
  Speaker 4: the back of my mind. I'm just kind of keeping
• 10:13
  Speaker 4: an eye on it. And yeah, it's exciting.
• 10:18
  Speaker 2: And you also said that you're planning on buying an
• 10:20
  Speaker 2: investment property. Is that kind of coming up soon or
• 10:23
  Speaker 2: is that like a far away dream.
• 10:26
  Speaker 4: It's just it's just like a conversation that I've been having.
• 10:30
  Speaker 4: It's something I do want to do, but we're kind
• 10:32
  Speaker 4: of cut between whether we want to buy or have
• 10:36
  Speaker 4: investment or actually has like a going to do stop
• 10:41
  Speaker 4: for ets or things like that. So I do really
• 10:44
  Speaker 4: want to see a financial advisor, but you know, it's
• 10:46
  Speaker 4: just kind of going from there.
• 10:49
  Speaker 3: Yeah, I find I find it really interesting. Can I
• 10:53
  Speaker 3: be really pervy? Is that all right? So you're saying, yeah,
• 10:58
  Speaker 3: we're thinking about investment, property and stuff like that. You
• 11:00
  Speaker 3: obviously earn good money. Tell me what's your partner do
• 11:03
  Speaker 3: for work? How much do they earn? And how much
• 11:05
  Speaker 3: have you got in savings?
• 11:07
  Speaker 4: So he's graduated as a dietrist.
• 11:12
  Speaker 3: But you fancy girl, that's the that feet cash, that's
• 11:19
  Speaker 3: what a podiatrist is. Yeah, like the way you looked
• 11:23
  Speaker 3: at me and fet cash, Yes, too much. We were
• 11:26
  Speaker 3: going down only fans territory, not down.
• 11:32
  Speaker 4: Whatever makes you know the good money exactly.
• 11:37
  Speaker 3: Honestly, if we could get a money diarist, just low
• 11:40
  Speaker 3: key shout out. If you've gotten only fans for your
• 11:42
  Speaker 3: feet and it's making bank. Yeah, I feel like that's
• 11:45
  Speaker 3: a story I just perfctly want to hear.
• 11:47
  Speaker 2: Yeah, my best friend Jane has an only fans for
• 11:50
  Speaker 2: her feet.
• 11:51
  Speaker 3: Oh, you're just going to out Jane or it's.
• 11:54
  Speaker 2: Called only Jane's feet. She's not doing well though, Oh
• 11:58
  Speaker 2: we will.
• 11:58
  Speaker 3: Give her a little shout out, a little bit of
• 12:00
  Speaker 3: a boost. I love that.
• 12:02
  Speaker 2: Hope you met her as a diarist anyway, money diress. Sorry,
• 12:05
  Speaker 2: back to your husband and how much he earns and
• 12:07
  Speaker 2: how much you guys have in savings.
• 12:10
  Speaker 4: So currently, I think because the only works part time,
• 12:17
  Speaker 4: he lived together, Like I don't know how much exactly
• 12:21
  Speaker 4: here is that's all right, it's so bad. No, but
• 12:28
  Speaker 4: we both think together we have about forty thousand.
• 12:34
  Speaker 3: Awesome, doing well, so well on the way to buying
• 12:37
  Speaker 3: an investment property hopefully in the nearish future.
• 12:41
  Speaker 4: Yes, but but yeah, but obviously been listening to the podcast,
• 12:45
  Speaker 4: I've been trying to figure out what's aligns with me
• 12:49
  Speaker 4: and my husband because I obviously know there's probe and
• 12:52
  Speaker 4: cons to both just investment property versus yeah kind of
• 12:57
  Speaker 4: thing so differently a different course.
• 13:00
  Speaker 2: And also you are twenty five. You are so young,
• 13:03
  Speaker 2: you know, like this is all pretty far along stuff
• 13:07
  Speaker 2: for someone that's only twenty five, Like you definitely got
• 13:09
  Speaker 2: your together.
• 13:11
  Speaker 3: Yeah, true, very true.
• 13:12
  Speaker 4: True. I tried to take it till you make it
• 13:15
  Speaker 4: kind of yeah.
• 13:15
  Speaker 3: Okay, next is, do you currently have any debts?
• 13:22
  Speaker 4: No, I don't have any debts because I wasn't a
• 13:27
  Speaker 4: citizen an Australian serison while I was at UNI, I
• 13:31
  Speaker 4: actually paid for my yunis.
• 13:35
  Speaker 3: Oh my gosh, all right, I want to be paid.
• 13:38
  Speaker 3: How did you pay for that? And how much was that?
• 13:41
  Speaker 4: So it was about I want to say, thirty five thousand.
• 13:45
  Speaker 3: Oh my gosh, that's so much money.
• 13:48
  Speaker 4: Yea, so I had three jobs paying it off.
• 13:52
  Speaker 2: Oh my god, money diaries.
• 13:54
  Speaker 3: Most people don't give international students the credit that they deserve.
• 13:58
  Speaker 2: That's hot, that's crazy to make because who's got thirty
• 14:01
  Speaker 2: five dollars while you're you're full time, you're studying full time,
• 14:06
  Speaker 2: and also as a nurse, you have to go and
• 14:08
  Speaker 2: do a lot of prack and unpaid work, so you're
• 14:11
  Speaker 2: doing that is mental.
• 14:14
  Speaker 4: Yeah, so it was because I was still a permanent residence,
• 14:19
  Speaker 4: so it'd be the same fees as a like an
• 14:22
  Speaker 4: Australian kind of not international fee.
• 14:25
  Speaker 3: Yeah.
• 14:25
  Speaker 2: But you don't no, you don't like fee help or
• 14:29
  Speaker 2: center link or anything like that.
• 14:31
  Speaker 4: Right way upfront, now you get center Link, because that's
• 14:34
  Speaker 4: just one thing that really so.
• 14:37
  Speaker 2: I'm so glad to hear that.
• 14:39
  Speaker 4: Yeah.
• 14:40
  Speaker 2: Wow, that would have made it a little bit easier.
• 14:42
  Speaker 2: I mean, and how good is that?
• 14:43
  Speaker 3: Like I think that people, I think that we have
• 14:46
  Speaker 3: this negative connotation of center Link for some unknown reason,
• 14:50
  Speaker 3: like the stigma attacked. But look what center Link did
• 14:52
  Speaker 3: for us, got us another nurse. Yeah, money win yes week.
• 14:56
  Speaker 4: Honestly, how goodlink was so good A very appreciated of
• 15:01
  Speaker 4: Like obviously that little bit of money helped a lot.
• 15:04
  Speaker 2: It does.
• 15:06
  Speaker 4: Difference, it was, Yeah, and the thing because I think
• 15:11
  Speaker 4: not anymore, I don't think. But when I was at UNI,
• 15:14
  Speaker 4: they gave that thousand dollars every six like every semester
• 15:19
  Speaker 4: that helps them things like that, and that contributed to
• 15:23
  Speaker 4: my unique things, which was so helpful.
• 15:27
  Speaker 3: It was so good.
• 15:28
  Speaker 2: I'm so proudic you paid all that off though yourself,
• 15:32
  Speaker 2: Like that's really really impressive and also whilst giving money
• 15:36
  Speaker 2: to your family, which we'll get to get.
• 15:38
  Speaker 3: To next question that we've recently started asking, do you
• 15:42
  Speaker 3: currently use shop back?
• 15:44
  Speaker 4: No, I've never used shop back before, but I have
• 15:47
  Speaker 4: heard good things about it and I do want to
• 15:50
  Speaker 4: use it.
• 15:50
  Speaker 3: Eventually awesome. Next question is what is your best money habit.
• 15:56
  Speaker 4: I think my first money habit is every time I
• 16:00
  Speaker 4: get paid, I put a set amount of side consistently.
• 16:06
  Speaker 2: That's smart.
• 16:07
  Speaker 4: Yeah, because I know it it's in my spending bank account.
• 16:13
  Speaker 4: I'm going to spend it because I think it's just
• 16:15
  Speaker 4: my spending money. Yeah, but if I put it aside,
• 16:18
  Speaker 4: I know that I shouldn't touch it. That's that's fair
• 16:22
  Speaker 4: for savings, and this is for spending. Trying to allocate
• 16:25
  Speaker 4: my money in that sense.
• 16:28
  Speaker 2: And on the flip side of that, what do you
• 16:29
  Speaker 2: think is your worst money habit?
• 16:32
  Speaker 4: Oh, I feel like it's like all money does, but
• 16:36
  Speaker 4: food and and I have I don't know why, but
• 16:41
  Speaker 4: I have a tendency to I love giving my friends gift,
• 16:44
  Speaker 4: so I have no money limits.
• 16:47
  Speaker 3: I was so sweet.
• 16:49
  Speaker 2: We had someone say that recently. It was actually the
• 16:52
  Speaker 2: Money dis where we spoke to our priesting trainee and
• 16:56
  Speaker 2: she said the saying that her worst money habit was
• 16:58
  Speaker 2: that she didn't know how to budget to spoil the
• 17:01
  Speaker 2: people in her life.
• 17:02
  Speaker 3: Yeah, I love Yeah.
• 17:05
  Speaker 4: I love seeing their face and seeing the reaction and
• 17:08
  Speaker 4: like I always write down like when someone says like, oh,
• 17:11
  Speaker 4: I really want this, I write it down, and then
• 17:13
  Speaker 4: when I get get it for them, like like three
• 17:16
  Speaker 4: four months down the line, and.
• 17:19
  Speaker 2: I do that, and I'm glad we're friends now. Money
• 17:22
  Speaker 2: direct actually really special, Like I feel so excited.
• 17:27
  Speaker 3: My notes section on my phone is filled with just ideas,
• 17:30
  Speaker 3: Like if someone says something, I'll be like, yep, write
• 17:32
  Speaker 3: that down. I want to remember that. Or like if
• 17:34
  Speaker 3: Tony said, oh, like there's this thing I really want,
• 17:37
  Speaker 3: like I take note of it because I'll be like, okay, cool.
• 17:40
  Speaker 3: Like if it comes to her birthday and I can
• 17:42
  Speaker 3: afford that, I'll do that, or like maybe I'll go
• 17:44
  Speaker 3: in with a couple of people and buy it. And
• 17:46
  Speaker 3: I just would prefer to get people presents that they go,
• 17:49
  Speaker 3: oh my gosh.
• 17:49
  Speaker 2: I can't believe you remember. How did you know?
• 17:52
  Speaker 3: And like maybe they've completely forgotten the conversation. You'd be like, oh,
• 17:55
  Speaker 3: I just knew. Like it's it's so exciting. I feel
• 17:59
  Speaker 3: like there's Yeah, giving gifts is one of my favorite things.
• 18:02
  Speaker 2: But it's almost not a worst money habit because it's
• 18:05
  Speaker 2: such a generous thing to do, but it does strain
• 18:08
  Speaker 2: the bank account if you haven't planned, so frustrating and sometimes.
• 18:11
  Speaker 3: You see the perfect gift and you're like, oh, that's
• 18:13
  Speaker 3: out of my budget, but a perfect And then you
• 18:15
  Speaker 3: convince yourself and you're like, oh, I'll just get it,
• 18:17
  Speaker 3: like it's worth it because I don't want to. Yeah,
• 18:20
  Speaker 3: And then yeah, I'm so naughty with that too. I
• 18:22
  Speaker 3: get it.
• 18:23
  Speaker 4: I get it, like I want I won't have this week.
• 18:27
  Speaker 4: It's fine, it's fine.
• 18:28
  Speaker 3: Oh so sweet. I love that. Just before we go
• 18:34
  Speaker 3: to a really quick break, what grade would you give
• 18:37
  Speaker 3: your money habits if I forced you to give yourself
• 18:39
  Speaker 3: a grade?
• 18:41
  Speaker 4: I say, I don't know, maybe a B minus?
• 18:46
  Speaker 3: What an?
• 18:53
  Speaker 2: So we should have seen our faces.
• 18:55
  Speaker 3: We just looked at each other like this woman, no, no, right,
• 18:59
  Speaker 3: not a cheery no.
• 19:00
  Speaker 2: I love that.
• 19:01
  Speaker 3: I think that. That's good. You're on the way, you
• 19:03
  Speaker 3: are planning to invest. You know you've got some good savings.
• 19:07
  Speaker 3: I'm not gonna argue with you, and.
• 19:08
  Speaker 2: No doubt I reckon you could go B plus if
• 19:10
  Speaker 2: you're pushing it. But that's fine. We'll take that.
• 19:14
  Speaker 3: We're not going to argue with our diarists that doesn't
• 19:17
  Speaker 3: get a stuff on a good footing to them be
• 19:18
  Speaker 3: real pervy in the next section. So let's get pervy
• 19:21
  Speaker 3: right after this break, all right, we are back and
• 19:29
  Speaker 3: you mentioned in your email that you had an Asian
• 19:32
  Speaker 3: background and therefore it was pretty normal to gift money
• 19:35
  Speaker 3: to parents. Now, as someone who is Australian and you know,
• 19:39
  Speaker 3: doesn't have as much diversity in a family tree as
• 19:43
  Speaker 3: a lot of people here in Australia, that is not
• 19:46
  Speaker 3: something that I ever would have thought was a thing like,
• 19:48
  Speaker 3: of course I'll support my parents and all of that,
• 19:50
  Speaker 3: but I think it's actually a given that children in
• 19:54
  Speaker 3: Asian families actually support their family financially locally and you know,
• 19:59
  Speaker 3: in the whole in a way that the Australian culture
• 20:02
  Speaker 3: just the same way. Right, So money diarist, I'd love
• 20:05
  Speaker 3: to hear a little bit more about. You know, is
• 20:08
  Speaker 3: this something that's really common? Is it something that happens
• 20:11
  Speaker 3: all the time, Like how does it eventuate? Is it
• 20:13
  Speaker 3: your parents being like hey, can I have your income?
• 20:15
  Speaker 3: Or are you going no? Cool? Please have please have it?
• 20:18
  Speaker 3: Like yeah, what's the situation? How does that work?
• 20:21
  Speaker 4: Amongst my Asian friends? It is quite common, but I
• 20:26
  Speaker 4: think it's becoming less common. Whether I'm not talking to
• 20:30
  Speaker 4: a lot of people about it, but for me and
• 20:33
  Speaker 4: my situation is that because obviously my mom's been a
• 20:38
  Speaker 4: single mom, and it's kind of like a thank you
• 20:44
  Speaker 4: and that sounds like really I love that. Like the
• 20:48
  Speaker 4: reason why I sent in the money diary was because
• 20:52
  Speaker 4: when when I tell people that I give my mom
• 20:56
  Speaker 4: like a portion of my pay, they get quite judgmental.
• 21:00
  Speaker 3: Yeah, yuck, No, that's yeah.
• 21:02
  Speaker 4: So yeah, so I just kind of want to like
• 21:05
  Speaker 4: put it out there, you know, manifested that people put
• 21:09
  Speaker 4: But how lucky.
• 21:11
  Speaker 3: Is that you're in a position where you can support
• 21:13
  Speaker 3: your mum in that way and you can share that
• 21:16
  Speaker 3: And I love that You're like it's kind of like
• 21:17
  Speaker 3: a thank you. I'm like, how nice is that? Like
• 21:20
  Speaker 3: thanks for growing me into the human that I am today.
• 21:22
  Speaker 4: Mom. It's basically, yes, if I help my mom, like
• 21:28
  Speaker 4: you know a little bit like that bit of payment,
• 21:30
  Speaker 4: it's not something like bad. Yeah. I think a lot
• 21:34
  Speaker 4: of people do think it is like, oh, like your
• 21:37
  Speaker 4: parents are trying to take money from you or things
• 21:39
  Speaker 4: like that, But it's absolutely not. It's something that you know,
• 21:43
  Speaker 4: I'm very happy to do. It's something I'm willing to do,
• 21:47
  Speaker 4: and it's not like my parents are telling me to like, oh,
• 21:49
  Speaker 4: give me money. Give me. It's not nothing like that.
• 21:52
  Speaker 4: It's quite the opposite.
• 21:55
  Speaker 3: Yeah, that's actually really sweet. I'm glad we get to
• 21:57
  Speaker 3: share this story. I have a question about your partner,
• 22:01
  Speaker 3: So does he have a similar background to you? And
• 22:04
  Speaker 3: how do you broach that kind of conversation in a relationship,
• 22:07
  Speaker 3: Like it might be easy to do while you're young
• 22:09
  Speaker 3: and like single and you just get to do what
• 22:12
  Speaker 3: you want with your salary, but I'm sure that that
• 22:14
  Speaker 3: could become a tension point for a lot of families.
• 22:16
  Speaker 3: If you know, Tony and I moved in together and
• 22:18
  Speaker 3: then Tony's like yep, so I give.
• 22:22
  Speaker 4: Yeah.
• 22:22
  Speaker 3: I'm like, well, but we're trying to say for a house, Tony, like,
• 22:24
  Speaker 3: what's going on? So how have you broached that with
• 22:27
  Speaker 3: your husband? And how does that work?
• 22:30
  Speaker 4: So me and my husband been together for about eleven
• 22:34
  Speaker 4: years now.
• 22:36
  Speaker 2: Also, I got it.
• 22:40
  Speaker 4: Yeah, so he's known from the get go and I
• 22:44
  Speaker 4: basically we've had this conversation for the longest time. It
• 22:48
  Speaker 4: wasn't a seat where that called him everything, and it
• 22:53
  Speaker 4: was kind of more like, this is what I deal
• 22:55
  Speaker 4: and he's like, okay, great.
• 22:57
  Speaker 2: Oh, and he obviously has quite a porty family. If
• 23:01
  Speaker 2: his parents you know, literally your house.
• 23:05
  Speaker 4: He has love obviously, they're just my family now yeah, yeah.
• 23:12
  Speaker 3: So okay, all right, let's get pervy. Not everybody gets
• 23:15
  Speaker 3: gifted a house.
• 23:17
  Speaker 4: How do you know they don't?
• 23:18
  Speaker 3: Because like I would put my hand up to be
• 23:20
  Speaker 3: gifted a house.
• 23:21
  Speaker 2: Yeah, I'm interested. He's got any brothers.
• 23:24
  Speaker 3: That's a lot of privilege. How do you come to
• 23:26
  Speaker 3: acquire that privilege?
• 23:30
  Speaker 4: I don't know?
• 23:32
  Speaker 3: But is that something that they saved for and they
• 23:34
  Speaker 3: had planned to give to their son. Is it something
• 23:37
  Speaker 3: that they gave it to you guys because you were struggling.
• 23:39
  Speaker 3: Is it something that you know they had not you know,
• 23:41
  Speaker 3: done just because it was a wedding present? Like, how
• 23:43
  Speaker 3: do you come to be gifted a house? Like? And
• 23:45
  Speaker 3: how does that conversation happen?
• 23:48
  Speaker 4: I think because I haven't had this conversation with my
• 23:52
  Speaker 4: mother and I'm not too sure, but I don't know.
• 23:55
  Speaker 4: It was always kind.
• 23:56
  Speaker 3: Of like.
• 23:58
  Speaker 4: Yeah, like it was like we never asked for or
• 24:01
  Speaker 4: anything like that. It was you know, this is yeah,
• 24:06
  Speaker 4: this is kind of very easy living. And I'd be like, yeah,
• 24:09
  Speaker 4: that sounds great.
• 24:10
  Speaker 3: So was your husband from an Asian background as well?
• 24:14
  Speaker 4: No, No, he isn't, so he's more of a European
• 24:17
  Speaker 4: background but obviously born in Australia.
• 24:20
  Speaker 3: So yeah, okay, okay, So it's not similar in that
• 24:23
  Speaker 3: they're looking after them if they can, because I think
• 24:26
  Speaker 3: national culture it's very family orientated. So how does that
• 24:30
  Speaker 3: work when it comes to just different cultures and your
• 24:33
  Speaker 3: partner not having had the same culture as you.
• 24:37
  Speaker 4: I think I've been very lucky in the sense that
• 24:41
  Speaker 4: so my mother in law looked after her mum in
• 24:46
  Speaker 4: the house as well. Yeah, okay, so they all live together,
• 24:49
  Speaker 4: so I've kind of already had that conversation the sense that,
• 24:53
  Speaker 4: you know, I would like to look after my mom
• 24:56
  Speaker 4: when she's obviously older and can't look after herself, because
• 24:59
  Speaker 4: I've yeah, it's can't there to send her in a
• 25:03
  Speaker 4: nursing home.
• 25:04
  Speaker 3: Absolutely absolutely, I get it. It's just so interesting learning
• 25:08
  Speaker 3: about the way different family dynamics work given your background. Yeah,
• 25:12
  Speaker 3: and you know, some people, and I obviously as a
• 25:15
  Speaker 3: financial advisor, have experienced this before where couples come to
• 25:19
  Speaker 3: me and their money stories are really different and one
• 25:21
  Speaker 3: of them is supporting a parent, but the other can't
• 25:23
  Speaker 3: seem to comprehend why they want to do that. And
• 25:25
  Speaker 3: you know, you work through that. But having different money
• 25:28
  Speaker 3: stories isn't actually our choice. It's just a background and
• 25:31
  Speaker 3: a history. And the way you're approaching things is very
• 25:33
  Speaker 3: much like no, like it's a thank you, but you
• 25:36
  Speaker 3: would have learnt that as you were growing up. It's
• 25:38
  Speaker 3: not just you going okay, cool, like it's a thanks
• 25:41
  Speaker 3: to my mum, Like I've just personally decided to do this.
• 25:43
  Speaker 3: It's very ingrained in an Asian culture to think that way.
• 25:47
  Speaker 2: Rather than a personal value, it's like a family value
• 25:50
  Speaker 2: that everyone takes off.
• 25:52
  Speaker 3: Yeah, and everyone just goes, well, that's the way it is. Yeah,
• 25:54
  Speaker 3: that's what we do for our family. And you go,
• 25:57
  Speaker 3: do you know what, that's so nice? Like that makes
• 25:59
  Speaker 3: so much sense.
• 26:01
  Speaker 4: Yeah, And I think it really does help that I've
• 26:03
  Speaker 4: been with obviously my husband, since we're in high school,
• 26:07
  Speaker 4: that it was just kind of a part of the conversation,
• 26:10
  Speaker 4: because I feel like as an adult, like going into
• 26:14
  Speaker 4: a new relationship, it is harder to bring this conversation up.
• 26:17
  Speaker 4: But because of them together for such a long time,
• 26:20
  Speaker 4: it was a kind of yeah, as it happened, he
• 26:23
  Speaker 4: was kind of there.
• 26:24
  Speaker 2: And because you were so young when you got together,
• 26:27
  Speaker 2: it was probably that like you just said he was
• 26:30
  Speaker 2: just kind of there. But when you were learning about
• 26:32
  Speaker 2: money and trying to gain your own financial independence, you
• 26:36
  Speaker 2: were just both there together when most people to get together,
• 26:39
  Speaker 2: you know, when you're twenty five, you've kind of done
• 26:42
  Speaker 2: all that growing already, and it's like, Okay, how do
• 26:44
  Speaker 2: we come together now? Whereas you guys were kind of
• 26:47
  Speaker 2: just always like alongside each other, which is I mean,
• 26:50
  Speaker 2: really special but also not a very common relationship type
• 26:54
  Speaker 2: of like how your money comes together.
• 26:56
  Speaker 3: Yeah.
• 26:56
  Speaker 4: Absolutely, Yeah, And I just feel like I've just been
• 27:01
  Speaker 4: very lucky in the sense that like things happened the
• 27:05
  Speaker 4: way it happens.
• 27:06
  Speaker 2: But you've also worked incredibly hard. You know, you paid
• 27:10
  Speaker 2: your own way through UNI.
• 27:12
  Speaker 3: That's so special. You know that's so smart.
• 27:15
  Speaker 4: Yeap, oh yeah, yeah, I don't know, give yourself.
• 27:19
  Speaker 2: More credit, definitely.
• 27:21
  Speaker 3: Yeah. I still have questions, all right, So I've got
• 27:23
  Speaker 3: questions about money, surprise.
• 27:25
  Speaker 4: Yes, So when.
• 27:27
  Speaker 3: We talk about giving money to parents, obviously that could
• 27:30
  Speaker 3: mean like fifty dollars a month, or it could mean
• 27:33
  Speaker 3: five thousand dollars a month. How much of your salary
• 27:36
  Speaker 3: do you gift away?
• 27:38
  Speaker 4: So initially I actually gave about a quarter of my
• 27:44
  Speaker 4: pay yeap.
• 27:45
  Speaker 3: Wow.
• 27:46
  Speaker 4: Yeah, but then moving out it has kind of gone
• 27:51
  Speaker 4: a little bit less obviously I have to own Yeah,
• 27:59
  Speaker 4: moving out so expensive?
• 28:00
  Speaker 5: It is.
• 28:01
  Speaker 3: Yeah, it is so expensive. And I guess I knew
• 28:03
  Speaker 3: you were going to say something to that effect. Yeah,
• 28:06
  Speaker 3: question is like what if you can't afford it? How
• 28:09
  Speaker 3: does that conversation go? Like obviously, like you're being incredibly
• 28:12
  Speaker 3: generous and it's very ingrained, but like what happens if
• 28:15
  Speaker 3: you lost your job? What happens if you took a
• 28:18
  Speaker 3: part time job and only earned half the salary? Like
• 28:21
  Speaker 3: how does that conversation go?
• 28:24
  Speaker 4: So I've actually had this conversation with my mom and like, yeah,
• 28:28
  Speaker 4: as I said, because it's not like a vorceful thing.
• 28:32
  Speaker 4: If I can't afford it, I can't afford it, and
• 28:35
  Speaker 4: it's fine. So until I am able to afford it
• 28:38
  Speaker 4: and I'm am able to have that kind of extra
• 28:40
  Speaker 4: money to give my mom, yeah, it's absolutely fine. And
• 28:45
  Speaker 4: I think that's Yeah, a lot of people we don't
• 28:47
  Speaker 4: know about this kind of gets worried about like, oh,
• 28:50
  Speaker 4: like you know, if you can't afford it, like what
• 28:53
  Speaker 4: do you do? And it's like, well, then I don't
• 28:55
  Speaker 4: give my mom Money's not.
• 28:57
  Speaker 2: Bringing a debt collector after you got Yeah, my daughter
• 29:00
  Speaker 2: hasn't sent me the money. This money, you know, like
• 29:02
  Speaker 2: it's it's obviously they view it well in your certain situation.
• 29:07
  Speaker 2: Your mother views it in a way that she appreciates
• 29:10
  Speaker 2: the gift and takes it where she where she can.
• 29:13
  Speaker 2: But it's not Yeah, she's not going to come after
• 29:15
  Speaker 2: you and say.
• 29:19
  Speaker 4: Yeah, and like my mum's obviously very very grateful as well,
• 29:22
  Speaker 4: Like yeah, it's like again and I think, yeah, what
• 29:26
  Speaker 4: people do think is like it's a kind of collective thing,
• 29:28
  Speaker 4: be like, you know, the first week of every Monday
• 29:32
  Speaker 4: of the gift and it's absolutely not that.
• 29:37
  Speaker 2: Does your sister give your mam a gift of money
• 29:39
  Speaker 2: every month as well?
• 29:41
  Speaker 4: Yes she does as well.
• 29:43
  Speaker 3: I love that.
• 29:44
  Speaker 2: That's really really special and just so different to what
• 29:48
  Speaker 2: my family is like and what I've ever experienced.
• 29:50
  Speaker 3: So so interesting learning about different cultures and what you
• 29:54
  Speaker 3: guys do with money and how you treat it, and
• 29:56
  Speaker 3: that it's you know, seen as a gift, not necessary,
• 30:00
  Speaker 3: as a given.
• 30:01
  Speaker 2: And to be shared as well, which most people don't
• 30:04
  Speaker 2: have that open relationship about money at all. And it's
• 30:09
  Speaker 2: it's not learned because it's like money is to be
• 30:11
  Speaker 2: made and to be saved and to be spent on
• 30:14
  Speaker 2: a house. And yeah, and you know, you don't talk
• 30:16
  Speaker 2: about how much you get paid. You don't talk about,
• 30:18
  Speaker 2: you know, how much money your parents have, because that's
• 30:21
  Speaker 2: their business. I think it's a really and I know
• 30:26
  Speaker 2: that you're saying it's like quite an old tradition, but
• 30:28
  Speaker 2: it seems to be such a forward thinking way of
• 30:32
  Speaker 2: treating money inside your family.
• 30:35
  Speaker 3: Yeah, it's really sweet.
• 30:36
  Speaker 5: Yeah, Yeah, it's obviously then obviously the the money that
• 30:43
  Speaker 5: we do give that kind of helps pay with the
• 30:45
  Speaker 5: mortgage and things like that and kind of takes that
• 30:47
  Speaker 5: burden off as well.
• 30:49
  Speaker 4: And yeah, it just kind of works out either way.
• 30:52
  Speaker 4: And I don't know, I'm happy, Like I get really
• 30:56
  Speaker 4: happy giving it to my mom because they kind of
• 30:59
  Speaker 4: make we feel like, you know, I am able to
• 31:02
  Speaker 4: kind of help and contribute. And you know, obviously, as
• 31:05
  Speaker 4: and as people get all that, it's harder for them
• 31:07
  Speaker 4: to work full time hours and things like that, and
• 31:11
  Speaker 4: you're not owning as much money as you used to,
• 31:13
  Speaker 4: and it kind of takes that threaten off. And I
• 31:17
  Speaker 4: think a lot of people, I think I kind of
• 31:19
  Speaker 4: compared it to like giving your parents bored I think too. Yeah,
• 31:24
  Speaker 4: it's kind of like an equivalent to that, but you know,
• 31:28
  Speaker 4: you kind of keep going even that home.
• 31:31
  Speaker 2: Yeah, I think.
• 31:32
  Speaker 3: I think it's really special. And with the changing nature
• 31:34
  Speaker 3: of like retirement and how unaccessible it's becoming for so
• 31:38
  Speaker 3: many people, it's such a great way to give your
• 31:40
  Speaker 3: parents that freedom to live the lives that you know,
• 31:44
  Speaker 3: I believe they deserve in a way that makes it
• 31:47
  Speaker 3: sustainable as well. Like, and if every child was always
• 31:51
  Speaker 3: supporting their parents, like retirement for everybody would be that
• 31:54
  Speaker 3: much easier. Yeah, like, so much easier.
• 31:57
  Speaker 2: Because when you reach preservation age, it wouldn't just be
• 32:00
  Speaker 2: what you'd contributed to your super you know, it would
• 32:03
  Speaker 2: be what over time you'd been gifted and looked at
• 32:06
  Speaker 2: and how you've been looked after it. I think it
• 32:08
  Speaker 2: just leads to a much more open conversation around money
• 32:13
  Speaker 2: in your family. And obviously this isn't going to be
• 32:15
  Speaker 2: the situation for everybody, but money, Horst. Do you sound
• 32:18
  Speaker 2: like you've got a very loving and close family and
• 32:21
  Speaker 2: relationship with your mother and your sister, And yeah, it
• 32:24
  Speaker 2: has made you so open to chat about money, which
• 32:28
  Speaker 2: is so special and not that common. You know that
• 32:30
  Speaker 2: wasn't that that's not the going rate for most people's
• 32:34
  Speaker 2: family that you can just chat about money. It's just
• 32:37
  Speaker 2: normally to.
• 32:38
  Speaker 3: Hear these stories and I hope we can get similar ones,
• 32:41
  Speaker 3: you know, on the pod in the future. But again,
• 32:43
  Speaker 3: it's always about who puts their hand up to share
• 32:46
  Speaker 3: his story around with us, and that's all we can do.
• 32:48
  Speaker 3: But I am so grateful for this story. Thank you
• 32:51
  Speaker 3: so so much for sharing it, I thinks.
• 32:57
  Speaker 2: But thank you for listening course, thank you for sharing
• 33:01
  Speaker 2: it with us, because, like we always say, we literally
• 33:05
  Speaker 2: can't do this without people sending in their stories and
• 33:08
  Speaker 2: being generous with their time, so we really really appreciate it.
• 33:11
  Speaker 2: Thank you so much.
• 33:13
  Speaker 3: Well.
• 33:13
  Speaker 4: I also want to thank you guys because you know,
• 33:15
  Speaker 4: you guys have made me kind of more financial literary,
• 33:19
  Speaker 4: I want to say, and you know, my little entertainment
• 33:22
  Speaker 4: in my car.
• 33:24
  Speaker 3: We want to keep hanging out in your car. Oh
• 33:26
  Speaker 3: yeah for having us. But just before we head off,
• 33:29
  Speaker 3: we'd like to acknowledge and pay respect to Australia's Aboriginal
• 33:33
  Speaker 3: and Tory Street Island of People's they're the traditional custodians
• 33:36
  Speaker 3: of the lands, the waterways and the skies all across Australia.
• 33:40
  Speaker 3: We thank you for sharing. As a caring for the
• 33:42
  Speaker 3: land on which we are able to learn, we pay
• 33:44
  Speaker 3: a respect to elders past and present, and we share
• 33:47
  Speaker 3: our friendship and our kindness.
• 33:49
  Speaker 2: The advice shared on She's on the Money is generally
• 33:51
  Speaker 2: nature and does not consider your individual circumstances. She's on
• 33:55
  Speaker 2: the Money exists purely for educational purposes and should not
• 33:58
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• 34:01
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