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FRIDAY DRINKS: Life's About To Get Even More Expensive! · She's On The Money

0:00
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud your
0:04
Speaker 1: the Order, Kernie Whoalbury and a waddery woman. And before
0:08
Speaker 1: we get started on She's on the Money podcast, I
0:11
Speaker 1: would like to acknowledge the traditional custodians of the land
0:14
Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
0:23
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
0:27
Speaker 1: the storytelling of you to make a difference for today
0:31
Speaker 1: and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it. She's on the Money.
0:36
Speaker 3: She's on the Money, Hello, and welcome to She's on
0:59
Speaker 3: the Money, the podcast for millennials who want financial free.
1:03
Speaker 4: Them My friends, it is Friday, but also let's celebrate
1:07
Speaker 4: the fact that I'm back on my own show again finally.
1:10
Speaker 4: But that means that it is time that we all
1:13
Speaker 4: sit back with a bev in hand to unpack our
1:15
Speaker 4: favorite moments of the week and of course to celebrate
1:18
Speaker 4: you guys, the incredibly supportive She's on.
1:21
Speaker 2: The Money community.
1:22
Speaker 4: As always, we are going to be sharing Georgia King's
1:24
Speaker 4: favorite money. It's We're going to be discussing what's making
1:27
Speaker 4: news in the finance, and she's on the money World,
1:29
Speaker 4: and we are going to be helping to answer a juicy,
1:31
Speaker 4: juicy money question, which is all about how to pay
1:34
Speaker 4: tax if you're going to go and work overseas. But
1:37
Speaker 4: first it is time to recap the week that was,
1:40
Speaker 4: miss Jessicaci.
1:41
Speaker 2: I feel like I'm imposing on your show.
1:44
Speaker 5: Yeah, just behave yourself today, Yeah, just.
1:46
Speaker 2: Saying be careful.
1:47
Speaker 4: It's very strange, like I'm not even sitting in my
1:50
Speaker 4: own recording chair. So I genuinely feel like this isn't
1:53
Speaker 4: my show. But that is okay. But chess, what happened
1:56
Speaker 4: on Monday? What was our money dirost up to?
1:59
Speaker 6: So Monday, George and I spoke to a beautiful lady
2:02
Speaker 6: who came from kind of a lower income household, but
2:06
Speaker 6: her parents worked really hard. Center to private school and
2:09
Speaker 6: she dealt with a lot of bullying because of her background.
2:11
Speaker 6: There was a lack of diversity people, so awful.
2:15
Speaker 4: Yeah, it was really hard to hear.
2:16
Speaker 6: And she was saying, you know, because she was from
2:18
Speaker 6: a lower income family, she was working on school holidays,
2:21
Speaker 6: you know, forty hours a week to be able to
2:23
Speaker 6: pay for things.
2:23
Speaker 2: During the school.
2:24
Speaker 6: Term, all of her friends were going on holiday to Europe,
2:27
Speaker 6: so that really shaped her relationship with money and her
2:30
Speaker 6: money story, so it was super interesting to talk to
2:31
Speaker 6: her about that. And then she also has four kids,
2:34
Speaker 6: two of hers and two which she has joint kinship with,
2:38
Speaker 6: so they were fostered who then kind of became permanent
2:41
Speaker 6: parts of the family.
2:42
Speaker 2: And this woman sounds so special.
2:44
Speaker 6: She really was a good money diary, yeah, and talking
2:46
Speaker 6: all about how she juggles that and the responsibilities of
2:49
Speaker 6: working and studying and being a mum and doing all
2:50
Speaker 6: of these crazy things, and it was a really good one.
2:53
Speaker 6: Really interesting to hear her take on co parenting and
2:57
Speaker 6: also just how her experiences in childhood shaped how she
3:01
Speaker 6: was handling things with her whole family now going for it.
3:04
Speaker 4: Which is kind of cool as well to just learn
3:06
Speaker 4: from her experience, because that's one that I clearly like,
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Speaker 4: I haven't had. I've never fostered kids. I don't even
3:12
Speaker 4: have kids. I don't know what that looks like. But
3:14
Speaker 4: it just leans into how many incredible people are now
3:17
Speaker 4: she's on the money community and what they do and
3:19
Speaker 4: how they do it, and it just it baffles me.
3:22
Speaker 2: That people can be.
3:23
Speaker 4: So unkind growing up, whereas if you look at it now, you're.
3:26
Speaker 2: Like far out.
3:27
Speaker 4: She's the type of person I want to be mates with. Yeah,
3:30
Speaker 4: Like I don't want to be mates with someone just
3:31
Speaker 4: because they went to Europe. Like I want friends who
3:33
Speaker 4: are hustlers, who have, like you know, done cool things
3:36
Speaker 4: and are really tenacious. Like they're the types of people
3:38
Speaker 4: we want to be friends with.
3:39
Speaker 2: Why can't we just be kinder one hundred percent?
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Speaker 5: She was also only twenty eight years old, the same
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Speaker 5: as us.
3:45
Speaker 2: Yeah, yeah, it was like.
3:46
Speaker 4: A big what a queen? Yeah, wake cup cool a queen.
3:49
Speaker 4: You're like, yes, get it together? Gee nah, don't get
3:53
Speaker 4: it together? We like rogue G. Speaking of rogue G,
3:55
Speaker 4: what did Rogg think of this Wednesday's episode?
3:58
Speaker 2: It was a corker, ladies.
4:00
Speaker 5: It was all about reporting season from companies. So that's
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Speaker 5: the season.
4:04
Speaker 4: When you say corker, then like we needed to uncorker
4:09
Speaker 4: a bottle of wine to deal with that and make
4:11
Speaker 4: it kind of interesting, But no, it was.
4:13
Speaker 1: It was.
4:13
Speaker 5: It was interesting. We spoke about what reporting season is,
4:17
Speaker 5: where we should be looking in a company's financials and
4:19
Speaker 5: what that can tell us about a company. How to
4:21
Speaker 5: read a dividend statement what a dividend is because I
4:24
Speaker 5: can never remember divds income.
4:26
Speaker 4: We want dividends, We love dividends. We love events, very
4:29
Speaker 4: very sexy.
4:30
Speaker 5: We also learned that it turns out you have to
4:32
Speaker 5: pay tax on your investment income, so.
4:35
Speaker 4: You do have to pay tax on any income you derive,
4:38
Speaker 4: that is, you know income.
4:40
Speaker 5: And this episode is actually one of many in the
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Speaker 5: tax world. So strap yourselves in, ladies.
4:45
Speaker 2: It's going to be a dryer Oh wait, no, it
4:48
Speaker 2: gets better.
4:49
Speaker 5: We make it fun. She's on the Money fashion. Do
4:52
Speaker 5: you make boring topics a good time?
4:55
Speaker 6: We get tax questions all the time and people get
4:57
Speaker 6: really stressed about it and they think that they to
5:00
Speaker 6: go to someone else. But bestie is you don't. You
5:03
Speaker 6: can you can do it. We're going to teach you how.
5:05
Speaker 2: We've got tax and it's in Peach. Are you ready?
5:08
Speaker 2: Sit down? My friends? Sit down?
5:10
Speaker 4: Speaking of Peach that She's on the Money community Facebook
5:13
Speaker 4: Greek images.
5:13
Speaker 2: Peach a very good segue.
5:17
Speaker 4: Yes, it was rough, but you're out of practice. Well
5:20
Speaker 4: I thought that was one of my better segues. I
5:23
Speaker 4: would like you to just say sorry, Jessica. In saying that,
5:27
Speaker 4: look out on brand. She is today LSKD peach puffer jacket.
5:33
Speaker 4: She's I think she's like a little peach flushed in
5:35
Speaker 4: the cheeks. Now we've said that, and she's sitting in
5:38
Speaker 4: front of the she's on the money screen, so you
5:40
Speaker 4: look very on brand.
5:41
Speaker 6: Like a human marshmallow.
5:42
Speaker 2: I love it.
5:43
Speaker 4: All right, Gee, let's get into it and stop talking
5:45
Speaker 4: about how cute j Rick is, which she absolutely is,
5:48
Speaker 4: and we could go on and on about that, but
5:50
Speaker 4: it is time to start celebrating some of our budget
5:52
Speaker 4: direct money wins.
5:53
Speaker 2: What have you got for us this week?
5:54
Speaker 5: Let's get into it.
5:55
Speaker 2: Okay.
5:55
Speaker 5: The first win of the week comes from Morgan. We've
5:58
Speaker 5: got a bub on the way at you early September.
6:01
Speaker 5: That's seed.
6:02
Speaker 2: It's with me.
6:03
Speaker 4: We bought a cold What do you mean news Eves.
6:05
Speaker 5: When they conceived I've made that.
6:08
Speaker 2: Is some quick math in.
6:11
Speaker 4: She had a lot of times she had to find earlier.
6:15
Speaker 4: I think I genuinely was like, what do you mean,
6:18
Speaker 4: Georgia King? The end of year is actually the end
6:20
Speaker 4: of December, not the end of September. I don't know
6:22
Speaker 4: where we're going. You're way too quick. So I had
6:25
Speaker 4: a good news Eve. It's what you're trying to say.
6:27
Speaker 5: So Morgan bought, Morgan had a good news she did,
6:29
Speaker 5: she did. Indeed, we bought a cot on Marketplace for
6:32
Speaker 5: fifty dollars. It was barely used and it would have
6:34
Speaker 5: been two hundred and fifty dollars brand new. We also
6:37
Speaker 5: got a car seat for two hundred and eighty nine dollars,
6:39
Speaker 5: down from five hundred and ninety nine dollars.
6:41
Speaker 2: Gosh, that's cool.
6:42
Speaker 5: She just stid with the winds.
6:43
Speaker 4: I need to have expensive We always forget. My best
6:46
Speaker 4: friend's Steph is pregnant and it's like the best thing
6:48
Speaker 4: to ever happen to me ever. And yeah, we've been
6:50
Speaker 4: having some money wins, like she got a free pram
6:52
Speaker 4: the other day. I should get her on the show.
6:54
Speaker 4: She's arguably the biggest she's on the money stand you've
6:57
Speaker 4: ever met.
6:57
Speaker 5: Love it when she had a free pram from Oh Oh.
7:00
Speaker 2: Her sister in law found it as someone was unloading
7:02
Speaker 2: it to put into a charity bin.
7:04
Speaker 5: So she found it in a parking lot.
7:06
Speaker 2: What's the begin dodgy?
7:08
Speaker 4: The more I explain it, her sister in law found
7:10
Speaker 4: it as somebody was unloading it to put it into
7:12
Speaker 4: a charity bin and she was like, oh hey, like
7:15
Speaker 4: can I buy that off you? And that she got
7:17
Speaker 4: it for steps, So Losington wasn't dodgy. It was a
7:20
Speaker 4: very good tale and it's a very cute looking Pram.
7:22
Speaker 4: I'm just fainly excited to talk about my future niece
7:24
Speaker 4: or nephew.
7:25
Speaker 5: I hear you, girl. Let's move on to a money
7:27
Speaker 5: loss to bring the mood back to this. One's from
7:29
Speaker 5: Alie's going so well, money loss. We're moving house.
7:32
Speaker 4: That is all that, okay, I get it as someone
7:35
Speaker 4: who's just moved house.
7:36
Speaker 2: That is expensive.
7:37
Speaker 5: The next win is from Courtney Money Wins. Number one.
7:40
Speaker 5: I negotiated zero point six percent off my mortgage. Number two.
7:44
Speaker 5: I got one kill of limes for free from Coals.
7:47
Speaker 5: Number three, thanks girls hell. She didn't explain, but I
7:53
Speaker 5: wish I knew because lines are expensive. They'll set you
7:55
Speaker 5: back a pretty penny.
7:56
Speaker 4: It's like five dollars for two or something ridiculous at
7:59
Speaker 4: the moment, so she got a kilo of them.
8:02
Speaker 5: Number three. I spent twelve dollars getting my brows and
8:05
Speaker 5: lashes done twelve rather than my usual forty eight dollars.
8:10
Speaker 5: Good Moneyfore she did di y s and s nails,
8:13
Speaker 5: saving her fifty dollars. It's pretty good, jes tonight, we're
8:17
Speaker 5: pretty good at doing our own nails.
8:18
Speaker 2: I'd say, look at that.
8:20
Speaker 4: You can come over for a manicure any day, Ja King.
8:22
Speaker 5: Thank you?
8:22
Speaker 3: All right.
8:23
Speaker 5: The next wind comes from Katie. I needed to fill
8:25
Speaker 5: up petrol and was treading it because we all know
8:27
Speaker 5: how expensive petrol.
8:29
Speaker 6: I paid over two dollars this week. I wanted to cry,
8:33
Speaker 6: bawling at the bowser.
8:35
Speaker 2: Well, you need definitely.
8:40
Speaker 5: You need a father in law like Katie's. So instead
8:43
Speaker 5: of filling up, I got a call from my father
8:45
Speaker 5: in law saying he had some fuel in his boat
8:48
Speaker 5: that he needed to get rid of as it's heading
8:50
Speaker 5: into winter and he won't be using the boat again
8:52
Speaker 5: until summer. So I got a full tank of petrol
8:54
Speaker 5: from my father in law for free.
8:56
Speaker 2: I'm not money.
8:57
Speaker 5: I didn't know you could put boat petrol in your car.
8:59
Speaker 4: I didn't know that. I also, I just don't have
9:01
Speaker 4: a rich family, so that's just not going to I
9:04
Speaker 4: wouldn't know what's if you're like.
9:06
Speaker 5: Guys, we've had a clarification from our producer because we
9:08
Speaker 5: were thank you boat petrol. We were worried for Katie
9:14
Speaker 5: and Katie's safety. Turns out it's just diesel. It's all
9:17
Speaker 5: above board.
9:19
Speaker 2: In my carreer? Can I even if I did have a.
9:23
Speaker 4: Hold on?
9:23
Speaker 2: Hold on?
9:23
Speaker 4: So do people just go through the bowser, like when
9:26
Speaker 4: they're driving and they're like, oh, hey, I'm at the bowser.
9:28
Speaker 4: There's yes, she's balling, and they fill their boats up.
9:32
Speaker 6: I've seen people pull through with like boats on the
9:34
Speaker 6: back of their car on the trailer. Actually, I don't
9:36
Speaker 6: think I've ever seen anyone put the pump into the boat.
9:38
Speaker 2: But you guys are really.
9:44
Speaker 5: Spectral chats all right. Let's move on to Dana money
9:47
Speaker 5: win but also a money loss. I've been eyeing off
9:50
Speaker 5: a Dison hair dryer for quite a while and finally
9:53
Speaker 5: it was a sale at DJs and I got a
9:55
Speaker 5: fifty dollars David Jones voucher for buying on sale.
9:59
Speaker 2: With a fifty bucks I have questions.
10:01
Speaker 5: It's about you. So she can't she can't pop it
10:03
Speaker 5: into an investment.
10:04
Speaker 4: That's okay, but I want to know what she's doing.
10:06
Speaker 4: I wasn't going to bully someone into investing.
10:09
Speaker 7: Really.
10:11
Speaker 2: Message.
10:11
Speaker 5: Let's move on to Hayley. I cleaned out my wardrobe
10:14
Speaker 5: and made one hundred and thirty dollars in one night
10:16
Speaker 5: from selling clothes I don't wear.
10:18
Speaker 2: That is time well spent.
10:20
Speaker 5: My final win of the day, Ladies, comes from Simone.
10:23
Speaker 5: I was looking at an armchair for four hundred and
10:24
Speaker 5: fifty dollars and found one similar at the local op
10:27
Speaker 5: shop for fifty dollars.
10:28
Speaker 4: Hey, that's a funny win, not bad. It's so very
10:31
Speaker 4: relatable because I was doing radio stuff the other day
10:34
Speaker 4: and we had a caller, Richard, if you're listening, hey,
10:36
Speaker 4: or what's up? He said he got an eight thousand
10:39
Speaker 4: dollar recliner for like eight hundred bucks on Facebook Marketplace.
10:43
Speaker 4: But my real question is who's spending.
10:45
Speaker 2: Eight grand on a recliner?
10:47
Speaker 4: Can you imagine just being like, hey, you want to
10:49
Speaker 4: get me a lazy boy?
10:50
Speaker 2: Eight grand? That's very expense, so expensive. I don't rate
10:54
Speaker 2: it anyway.
10:54
Speaker 4: We should move on because I feel like this could
10:56
Speaker 4: go real downhill, or it could recline. But it's been
11:01
Speaker 4: so great celebrating some of your budget Direct money wins
11:04
Speaker 4: for award winning insurance search budget Direct, Budget Direct Insurance Solved.
11:09
Speaker 4: And with that, do you know what I'm going to
11:10
Speaker 4: do we're going to go to a break, and then
11:11
Speaker 4: straight after the break, we're going to talk about whatever
11:13
Speaker 4: it just brings to the table when it comes to news,
11:15
Speaker 4: and we're also going to talk about tax if you
11:17
Speaker 4: are working overseas, so don't go anywhere.
11:24
Speaker 6: All righty, So we're going to pretend that we're in
11:26
Speaker 6: news podcast for hot second, because breaking news, the RBA
11:30
Speaker 6: has lifted the cash rate again, And if you're wondering
11:34
Speaker 6: what that means, head back a couple of episodes, because
11:36
Speaker 6: we actually spoke about it on Friday Drinks a few
11:38
Speaker 6: weeks back. But essentially, life's about to get more expensive
11:41
Speaker 6: for all of us, as if.
11:42
Speaker 4: It wasn't already expensive enough.
11:44
Speaker 6: So it has lifted point five of a percentage point,
11:48
Speaker 6: so it's now sitting at point eighty five percent, which
11:51
Speaker 6: is actually higher than what they were predicting. And when
11:54
Speaker 6: we spoke about this a few weeks ago, we did
11:55
Speaker 6: say the economists and people in the finance space in
11:59
Speaker 6: general were considering that there definitely would be more increases
12:03
Speaker 6: to be seen. But it feels like we only had
12:05
Speaker 6: this conversation a couple of weeks ago. I did not
12:07
Speaker 6: expect it to be so soon.
12:09
Speaker 2: We did.
12:09
Speaker 4: It's been pushed off because of the pandemic as well.
12:11
Speaker 4: I think Australia has really tried to shield us from
12:14
Speaker 4: any changes. And as much as it sounds incredibly dramatic,
12:18
Speaker 4: it definitely was a long time coming. Everyone in the
12:20
Speaker 4: finance industry is very much like, yeah, okay, like this
12:23
Speaker 4: makes sense. Obviously there's implications, but to us, it's not
12:27
Speaker 4: this Dyer, Oh my gosh, what is going to happen
12:29
Speaker 4: and how does this work? Because we're kind of like, well,
12:31
Speaker 4: this was coming. In fact, we kind of expected it
12:34
Speaker 4: two and a half years ago and it's only happening
12:36
Speaker 4: now if you haven't been keeping up with it. It
12:38
Speaker 4: has gone from a record low of zero point one
12:41
Speaker 4: percent and then it went to zero point three five
12:44
Speaker 4: percent in the lead up to the federal election, and
12:47
Speaker 4: we knew once the federal election was all done they
12:49
Speaker 4: would increase it. And today, as in today when we're
12:52
Speaker 4: recording this, which spoiler guys, this week it was Tuesday.
12:56
Speaker 4: Jess was very excited because we had another content piece planned,
12:59
Speaker 4: but you whipped on in because she said, guess what's
13:01
Speaker 4: just been announced? It is two forty five and it
13:04
Speaker 4: is the RBA increase. So we want to talk about this,
13:08
Speaker 4: get it on the pod asap. So obviously this will
13:11
Speaker 4: be in your ears on Friday. So hi from Tuesday guys. Yes, yes, yes,
13:15
Speaker 4: people are going to be listening to this, will be
13:17
Speaker 4: on a plane. Oh my gosh, yes, Georgia King when
13:20
Speaker 4: people are listening to this, because this podcast is going
13:22
Speaker 4: to drop five am on Friday mornings and we are
13:26
Speaker 4: playing killing me now literally, so we are pre planning this,
13:30
Speaker 4: which is why we're recording it on a Tuesday. And
13:33
Speaker 4: oh my gosh, we're going to be on a plane, guys,
13:35
Speaker 4: so think about us.
13:36
Speaker 2: Send your well wishes and comfortable sleep.
13:38
Speaker 4: Remedies so we will be in the air while you
13:40
Speaker 4: guys are listening to this podcast.
13:42
Speaker 2: That kind of cool. Hi from the.
13:44
Speaker 6: Past, taking guesses at how many times I fall asleep
13:47
Speaker 6: on VD at this point?
13:49
Speaker 4: How many times have I put my feet on Jess?
13:51
Speaker 4: Are going to be fun anyway, We're going on a
13:53
Speaker 4: holiday together. But that's exciting. What's not so exciting is
13:57
Speaker 4: the RBA interest rise increase. And as you said before, yes,
14:00
Speaker 4: we did a whole segment on this and I think
14:02
Speaker 4: it's really important to talk through and understand because it
14:05
Speaker 4: can feel really overwhelming because this is the second increase
14:08
Speaker 4: in official interest rates since November twenty ten, and it
14:12
Speaker 4: does feel really overwhelming, Jess, like, I'm glad you brought
14:14
Speaker 4: it up and really wanted to make this the priority
14:17
Speaker 4: because so many of us are wondering, like what does
14:19
Speaker 4: it mean for our home loans? What does it mean
14:21
Speaker 4: for our bank interest rates? Like how's this going to
14:23
Speaker 4: impact me?
14:24
Speaker 2: More deeply?
14:25
Speaker 4: And we will be doing posts on social media to
14:27
Speaker 4: make sure that you guys are all across it. But
14:29
Speaker 4: if you are concerned and you are worried about the
14:32
Speaker 4: impact of a rate rise on an average mortgage, let's
14:34
Speaker 4: say of three hundred and thirty thousand dollars quarter for
14:37
Speaker 4: percent is about forty three dollars just to put that
14:41
Speaker 4: in a little bit more context for you. So, yes,
14:43
Speaker 4: it is a lot, but the moment, I feel like
14:44
Speaker 4: it's an extra a lot as well because cost of
14:46
Speaker 4: living has increased as well. So I feel like we're
14:48
Speaker 4: just being hit from all angles at the moment.
14:51
Speaker 6: It's really expensive to be alive. I've really personally been
14:54
Speaker 6: feeling it. In my budget.
14:55
Speaker 4: The cost of.
14:56
Speaker 6: Grocery is the cost of like gas and electricity. It's
15:00
Speaker 6: what hectic to think about, and unfortunately it looks like
15:02
Speaker 6: it's going to stay that way because the RBA Governor,
15:04
Speaker 6: Philip Blaut said, while inflation is lower than in most
15:08
Speaker 6: other advanced economies, it is higher than earlier expected and
15:11
Speaker 6: the Board expects to take further steps in the process
15:14
Speaker 6: of normalizing monetary conditions in Australia over the months ahead,
15:18
Speaker 6: because obviously that really low interest rate of point one
15:21
Speaker 6: percent that we have been seeing for many, many years
15:24
Speaker 6: is not the standard, and I guess sooner or later
15:27
Speaker 6: the shoe had to come off the other foot and
15:28
Speaker 6: they had to go, well, we've got to try and
15:30
Speaker 6: normalize the economy somehow because it wasn't I guess sustainable
15:34
Speaker 6: the way we were going on. But it is really
15:36
Speaker 6: hard for the everyday person like us because you then
15:39
Speaker 6: have to wear an additional cost when it already feels
15:41
Speaker 6: like things are costing you so much.
15:43
Speaker 5: So is the reason for the rise like, is that
15:46
Speaker 5: to help with inflation? Is it ultimately going to be
15:49
Speaker 5: a good thing for more people or not?
15:51
Speaker 7: Really?
15:52
Speaker 4: Yeh, Look at the end of the day, this is
15:54
Speaker 4: actually going to benefit a few people. Yes, it's going
15:56
Speaker 4: to increase mortgages, but people who are aspiring home loans,
15:59
Speaker 4: like you're going to have higher interest rates on your
16:01
Speaker 4: savings accounts at some point, hopefully relatively soon. Self funded
16:05
Speaker 4: retirees who have big savings accounts are going to benefit.
16:09
Speaker 4: Investors are going to benefit. Banks also might feel the
16:11
Speaker 4: perks of this rate rise, Like there are a lot
16:14
Speaker 4: of people who are going to benefit. I think it's
16:16
Speaker 4: quite depressing when you think about it, because it's like
16:18
Speaker 4: the people who were already financially secure, you're.
16:20
Speaker 2: Going to benefit a little bit more.
16:22
Speaker 4: Like you're not in a bad position if you already
16:24
Speaker 4: have a home deposit in a savings account, but you
16:26
Speaker 4: will be a little bit more strapped for cash if
16:29
Speaker 4: you're going week to week and you're really trying to
16:31
Speaker 4: get the budget done because you've got two small kids
16:33
Speaker 4: in a mortgage, and like your partner's not working and
16:36
Speaker 4: hasn't done since COVID. So I think there's a fair
16:38
Speaker 4: few people who will be a bit apprehensive and a
16:40
Speaker 4: bit worried about it. But if you are in a
16:42
Speaker 4: situation where you're thinking, oh my gosh, what am I
16:44
Speaker 4: going to do about this rate rise, speak to a
16:46
Speaker 4: mortgage broker literally a shameless plug here of the mortgage
16:49
Speaker 4: breaking matching tool on the shees on the Money website,
16:51
Speaker 4: like it's going to put you in a better position.
16:53
Speaker 4: And at the end of the day, the best thing
16:55
Speaker 4: we can do when we get news that might not
16:57
Speaker 4: benefit us is take action. And that's a very good
17:00
Speaker 4: action to take if you're worried about what a mortgage
17:02
Speaker 4: could look like for you, or what that increase would
17:04
Speaker 4: look like. And I just think that we should be
17:06
Speaker 4: doing a bit more. Also, there's a free budget template
17:09
Speaker 4: on our website. Go and download that, Go fill it
17:11
Speaker 4: in and make sure that you are in the best
17:13
Speaker 4: possible position, Like so many of us, just need to
17:16
Speaker 4: do a little bit more budgeting and it will be
17:18
Speaker 4: completely fine. But it can feel really overwhelming right now.
17:21
Speaker 6: And if you are seeing all of the media attention
17:24
Speaker 6: and you missed that episode, head back to the thirteenth
17:26
Speaker 6: of May, we discuss the impacts of the RBA rates
17:29
Speaker 6: much more in depth. It doesn't really make sense for
17:31
Speaker 6: us to rehash the same thing a few weeks later
17:33
Speaker 6: right now, but we covered it across mortgages and all
17:35
Speaker 6: the different things and changes that you kind of can
17:37
Speaker 6: expect to see for yourself as a result of an
17:40
Speaker 6: increase and that's still applicable now even though the rate
17:43
Speaker 6: is a little bit higher epic.
17:44
Speaker 4: So that was thirteenth of May. Yeah, perfection. All right, well, George,
17:48
Speaker 4: we've got a money dilemma.
17:49
Speaker 5: We certainly do. Let's have a little listen. Hi, there,
17:54
Speaker 5: have you got a money dilemma you just can't solve?
17:56
Speaker 5: The Shees on the Money Team is here to help.
17:59
Speaker 5: Every week we call your dilemmas, both big and small,
18:01
Speaker 5: to answer your most burning money, career and life questions.
18:05
Speaker 5: To get involved, simply head to our website and leave
18:08
Speaker 5: us a quick voice recording and you may just find
18:10
Speaker 5: yourself on the show. Now, let's take a listen to
18:12
Speaker 5: today's money dilemma.
18:15
Speaker 7: Hi, girls or team, thank you for your podcast and
18:18
Speaker 7: all of the work you do. I think you're great.
18:22
Speaker 7: I had a question around self employed and come when
18:24
Speaker 7: you're traveling. So, if you have a source of income
18:28
Speaker 7: that allows you to work from anywhere, how does that
18:31
Speaker 7: work in terms of text? Like if you're on the
18:33
Speaker 7: in a country for sort of three to six months,
18:36
Speaker 7: do you need a pay text to those countries that
18:38
Speaker 7: you're in or do you just make your primary place
18:42
Speaker 7: of residence Like maybe where you came from where you
18:45
Speaker 7: pay your text A little bit confused.
18:47
Speaker 5: Thank you, Hi, this is a question that I have myself,
18:50
Speaker 5: so thank you dear listener for asking it. Also, she
18:56
Speaker 5: loves us.
18:56
Speaker 2: Oh I love her too. Ya I'm a goodbye used
18:59
Speaker 2: Did you hear that?
19:00
Speaker 7: Just?
19:00
Speaker 5: Oh one day in the future.
19:02
Speaker 2: Are you leaving question that I want to.
19:05
Speaker 5: Live in London one day?
19:06
Speaker 3: Yeah?
19:06
Speaker 6: I thought that was your sutle way of saying you.
19:11
Speaker 2: Well, who is this?
19:13
Speaker 4: So it's complex and the best answer you can get
19:16
Speaker 4: is from your craton. Thank you for coming to my
19:18
Speaker 4: ted talk goodbye. But literally, if you are planning on
19:21
Speaker 4: working overseas, I would touch base with your accountant before
19:24
Speaker 4: going to make sure everything is hunky Dori and you're
19:26
Speaker 4: in the best possible position. But the important thing here
19:30
Speaker 4: is that you are declaring income you made from Australian sources.
19:34
Speaker 4: From my understanding and from what the ATO website says,
19:38
Speaker 4: you only need to declare it in one tax region.
19:41
Speaker 4: Like if you are working and living in London, but
19:43
Speaker 4: you're working for an Australian company and driving money in
19:46
Speaker 4: Australia and paying tax on it in Australia, you don't
19:49
Speaker 4: need to double handle it, so I would absolutely approach
19:52
Speaker 4: it that way, but I would also make sure that
19:54
Speaker 4: you are double checking with an accountant, because I'm sure
19:56
Speaker 4: it's different everywhere in the world, Like who knows what
19:59
Speaker 4: countries expect what like. There are so many different laws
20:02
Speaker 4: and I am obviously not able to be across all
20:05
Speaker 4: of them. But from my understanding, freelancers can work from
20:08
Speaker 4: anywhere in the world. The important thing is paying tax
20:11
Speaker 4: on the income you receive in the country that you
20:13
Speaker 4: technically received it in. So if you were working with
20:16
Speaker 4: Australian companies Georgia, let's say she goes overseas and does
20:19
Speaker 4: all of her freelancing from London, I'm still paying you
20:22
Speaker 4: in Australian dollars and you'll still do an Australian tax
20:25
Speaker 4: return because it's still going into your Australian bank account.
20:28
Speaker 5: Right And also I guess beyond that, like you're an
20:31
Speaker 5: Australian business, so it flows on.
20:33
Speaker 6: That's way I was going to s Yeah, I was
20:35
Speaker 6: going to say, like I think and correct me if
20:37
Speaker 6: I'm wrong, But I would assume it would depend vastly
20:39
Speaker 6: on where your business is registered. So Georgia, you're registered
20:43
Speaker 6: for an ABM because you work here, you to go
20:45
Speaker 6: tax here, et cetera. So if an Australian business is
20:49
Speaker 6: invoicing outwardly, that money is still coming back to a
20:52
Speaker 6: business that is Australian. It doesn't really matter where you're
20:55
Speaker 6: working from. Generally speaking, obviously speaks for an account.
20:59
Speaker 2: Yeah, you're speaking to an accountant.
21:01
Speaker 4: It's the number one thing here because obviously laws around
21:04
Speaker 4: the world are very different. I do know a number
21:06
Speaker 4: of freelancers. I do have a number of clients who
21:08
Speaker 4: are freelancers who work from anywhere in the world, and
21:10
Speaker 4: they're paying tax on it in the country that they
21:13
Speaker 4: derive that income from, right, But it would get a
21:16
Speaker 4: little bit complex. Say George, if you move overseas, you
21:19
Speaker 4: are still working for Shees on the money I'm still
21:21
Speaker 4: paying you in Australian dollars, and then you pick up
21:22
Speaker 4: a client over there and then they start paying you
21:25
Speaker 4: in pounds and you're driving income there. You would need
21:28
Speaker 4: to adhere to their tax laws and declare it there.
21:31
Speaker 4: You would also then need to declare to the Australian
21:34
Speaker 4: government that you have made money overseas. Doesn't mean that
21:37
Speaker 4: you'll be double tax. They just need to know what's
21:40
Speaker 4: going on and how you're generating an income. So it's
21:42
Speaker 4: all crisp and clean and clear.
21:44
Speaker 2: Please don't leave me.
21:46
Speaker 5: I'm not going anywhere anytime soon. But no, that does
21:48
Speaker 5: make sense just toructuring accountant.
21:50
Speaker 4: I would talk to your accountant because obviously that's the
21:52
Speaker 4: number one rule when it comes to answering tax questions.
21:55
Speaker 4: I'm not a tax accountant, but I think it's important
21:57
Speaker 4: to talk about and definitely something to fore plan for.
22:00
Speaker 2: Like if you're planning to move overseas, that's so.
22:02
Speaker 4: Exciting, but it's really important to work out if you
22:05
Speaker 4: are doing that, how does that impact you with currency
22:08
Speaker 4: changes as well? Think about it. Jess and I, Ha,
22:10
Speaker 4: we're on a plane. High from the plane.
22:12
Speaker 2: But Jess and I we're on our way to London
22:14
Speaker 2: right now.
22:15
Speaker 5: Turns out the exchange rate is shit.
22:17
Speaker 4: It turns out the exchange rate has been doing us
22:20
Speaker 4: a dirty So what does that mean for your everyday
22:22
Speaker 4: living if you're living in another country, is it actually
22:25
Speaker 4: the smartest decision for you to be driving an income
22:28
Speaker 4: in another currency or would it be better to pick
22:30
Speaker 4: up clients in the UK and just earn pounds and
22:34
Speaker 4: not have any currency conversion issues? So it's really different
22:37
Speaker 4: for everybody's personal circumstances. But I would be really thinking
22:40
Speaker 4: about that again. Georgia King, please don't leave us.
22:42
Speaker 5: We love you, not anytime soon, my friends. We also
22:45
Speaker 5: did do a big episode on moving overseas and how
22:48
Speaker 5: to manage your finances, investments, all of that kind of thing.
22:51
Speaker 4: A this theme, You'll just just be like slowly swindling
22:55
Speaker 4: in this idea to everybody that one day she's going
22:58
Speaker 4: to leave that She's on the Money podcast to go
23:00
Speaker 4: live in London and do something spar.
23:04
Speaker 3: Anything.
23:05
Speaker 6: Anything that Georgia does will be full par I'm sure that.
23:10
Speaker 2: I wasn't talking about her energy or effort. I was
23:13
Speaker 2: talking about how no.
23:14
Speaker 4: Job would be better than working for She's on the Money,
23:17
Speaker 4: and not that. I think we're done.
23:20
Speaker 2: How about we wrap the boring but important stuff.
23:22
Speaker 5: Alrighty guys, please remember that the advice shared on She's
23:25
Speaker 5: on the Money is general in nature and does not
23:28
Speaker 5: consider your individual circumstances. She's on the Money exists purely
23:32
Speaker 5: for educational purposes and should not be relied upon to
23:34
Speaker 5: make an investment or a financial decision. And we promise
23:38
Speaker 5: Victoria divine and She's on the Money are authorized representatives
23:41
Speaker 5: in Focus Securities Australia Proprietary Limited ABN four seven zero
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Speaker 5: nine seven seven nine seven zero four nine AS two
23:49
Speaker 5: three six five two three. See you on Monday, guys,
23:52
Speaker 5: See you Monday, guys,