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MONEY DIARIES NZ: Learning Through Loss · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
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Speaker 1: acknowledging the elders, the ancestors and the next generation coming
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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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Speaker 1: and the storytelling of you to make a difference for
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Speaker 1: today and lasting impact for tomorrow.
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Speaker 2: Let's get into it.
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Speaker 3: She's on the Money, She's on the Money.
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Speaker 4: Hello, and welcome On the Money the Podcast Millennials who
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Speaker 4: want financial freedom. Welcome back to another one of our
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Speaker 4: Money Diaries episodes where I get the absolute privilege of
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Speaker 4: sitting down with one of our beautiful She's on the
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Speaker 4: Money community members and talk to them all about their journey.
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Speaker 4: Let's jump straight into it, because this week I got
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Speaker 4: a message and it sounded exactly like this Kiura SotM Ladies.
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Speaker 4: Last year my mom died suddenly and it's been a
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Speaker 4: massive shock to the system. I've had to help my
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Speaker 4: dad understand and manage his household finances, navigate grief, plan
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Speaker 4: a wedding and a six month overseas honeymoon, which was
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Speaker 4: in the pipeline before my mom died. It made my
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Speaker 4: fiance and I realized how important it is to communicate
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Speaker 4: openly about joint accounts and bill payments. And we'll get
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Speaker 4: cracking on a whill. I'd love to share my story
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Speaker 4: with the community. If you'll have me, of course, I'll
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Speaker 4: have you. Money diarist, Welcome to the show cure.
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Speaker 5: Thanks for having me.
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Speaker 2: Of course, let's jump straight in.
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Speaker 4: If I asked you to give your money habits a grade,
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Speaker 4: what grade would you give them?
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Speaker 2: From A three to F.
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Speaker 6: I think i'd probably grade myself between a B plus
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Speaker 6: and an ans a.
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Speaker 2: B plus and an A minus. That's a pretty good position.
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Speaker 4: Now, my favorite question, tell me a little bit more
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Speaker 4: about your money story.
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Speaker 6: I guess my money story is pretty grounded in the
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Speaker 6: kind of like money habits of my parents. I grew
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Speaker 6: up in a household where savings was really prioritized. Dad
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Speaker 6: worked full time and Mum was a stay at home mum,
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Speaker 6: so their focus was really on like paying down the
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Speaker 6: mortgage when I was young and I think, well, they
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Speaker 6: were probably quite tight on money at some points. We
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Speaker 6: never went without as kids, so yeah, we always got
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Speaker 6: to kind of do after school activities, et cetera, et cetera.
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Speaker 5: Yeah, and mum.
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Speaker 6: Really instill the importance of being across your finance is
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Speaker 6: from quite a young age.
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Speaker 2: A queen, yeah, a real queen.
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Speaker 6: So she helped us sit up banking counsel when we
3:00
Speaker 6: were quite young. She made sure we signed up to
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Speaker 6: QUI say there, and she made us really like understand
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Speaker 6: the importance of QI saber contributions, putting your KI save
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Speaker 6: and a growth fund and just compound interest and term
3:15
Speaker 6: deposits and how you can make money off your money.
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Speaker 2: Where did she learn all of this?
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Speaker 4: You said she was a stay at home mum, Like
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Speaker 4: she sounds like she might have been an investment banker.
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Speaker 6: She was just super organized. She was just like meticulous.
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Speaker 6: She used to be an office manager before she was
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Speaker 6: a stay at home mum, so she was just like
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Speaker 6: very onto it.
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Speaker 4: Yeah, that takes some serious level of organization to be
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Speaker 4: an office manager. So she probably was definitely across everybody's
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Speaker 4: business at which I love.
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Speaker 2: Tell me more, what was growing up like?
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Speaker 6: I guess because she was so organized and onto it.
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Speaker 6: Mum kind of ran like all of our household finances,
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Speaker 6: and my dad pretty much like wasn't really across any
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Speaker 6: of it.
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Speaker 5: He was just really focused.
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Speaker 2: On making the money, bringing it home. Mum will manage it.
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Speaker 5: Yeah, exactly, Mum will look up after it.
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Speaker 6: And so he trusted her completely, And I feel like
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Speaker 6: it's often the way around. Like I talked to friends
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Speaker 6: who's like Dad's handled all the finances, but in my family,
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Speaker 6: it was like my mum, which was kind of great
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Speaker 6: that she was across it all. But when she passed
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Speaker 6: away suddenly last year, it meant that Dad had a
4:17
Speaker 6: bit of a rude awakening. He had access to some
4:20
Speaker 6: of their accounts, or Mum thought she'd see everything up
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Speaker 6: in a joint account structure, but after she died, we
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Speaker 6: realized that Dad had access to about three of the
4:31
Speaker 6: like ten accounts.
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Speaker 4: Yeah, okay, and then that's a really big process of
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Speaker 4: like applying for it to be released.
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Speaker 2: And like that's not what you need when you're buried
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Speaker 2: in grief.
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Speaker 6: No, it was quite a lot, and I think like
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Speaker 6: because the amount of money and those accounts was substantially
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Speaker 6: less than the other accounts I mean like we were
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Speaker 6: fine because Dad was still earning that it just put
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Speaker 6: like unnecessary pressure on him, particularly around funeral expen and
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Speaker 6: everything else.
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Speaker 4: Oh yeah, and especially being really unexpected. You don't get
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Speaker 4: that grace period of going, let's get.
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Speaker 2: Our ducks in a row.
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Speaker 4: We know this, you know awful thing is coming. We
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Speaker 4: can you know, line everything up, Like when it's really sudden.
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Speaker 4: You go from being absolutely fine one day to being
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Speaker 4: not around and you can't even ask questions like, oh hey, Mum,
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Speaker 4: is there anything like that we need to know, Like,
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Speaker 4: you just don't get that grace.
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Speaker 6: Probably not a good practice to follow. She was quite
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Speaker 6: good in the sense that she had this little red
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Speaker 6: book of passwords.
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Speaker 2: Oh my gosh, geniuses don't recommend that. I feel like.
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Speaker 4: That's the generation though I can almost guarantee my mum
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Speaker 4: has one.
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Speaker 6: Yes, thank God for Mum's right. With little passoak books.
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Speaker 2: You're like safety first, yeah, exactly.
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Speaker 6: So that was definitely quite helpful because it meant temporarily
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Speaker 6: we could kind of see what was going on, but
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Speaker 6: then we went into probate, so all those extra accounts
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Speaker 6: that Dad doesn't have, it's all been locked up. It's
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Speaker 6: a bit of a rollercoaster of like dad having to
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Speaker 6: learn how to Internet bank and understanding how directive its work,
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Speaker 6: and just like he kind of knew roughly what was
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Speaker 6: coming in and going out, but he just felt like
6:13
Speaker 6: in a few months after mum died had been really
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Speaker 6: like slammed with payments that he wasn't anticipating, so like, yeah,
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Speaker 6: funeral costs and everything else, and then other big regular
6:23
Speaker 6: payments he didn't kind of know they were coming. So yeah,
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Speaker 6: I think that's been like a massive learning curve for him,
6:29
Speaker 6: but also like a big eye opener for me as like, yeah,
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Speaker 6: his daughter just I don't know. I think it's so
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Speaker 6: important that I don't know, if you have a parent
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Speaker 6: who doesn't know how to Internet bank, like make sure
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Speaker 6: they know what they're doing. It's so important not to
6:43
Speaker 6: have all the control with one party because you just
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Speaker 6: don't know what life's going to throw at you.
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Speaker 4: I feel like lots of people are in the opposite
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Speaker 4: situation as we're saying before to your parents, where the
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Speaker 4: dad runs the finances. And this is going to sound
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Speaker 4: really morbid, but women on average live longer than men.
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Speaker 4: So if you've got like a mum or you are
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Speaker 4: a female in a relationship and you just go no,
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Speaker 4: my husband sorts it out like it's absolutely fine, Like
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Speaker 4: it's actually not, because statistically, at some point you're gonna
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Speaker 4: have to manage the finances on your own. And that
7:17
Speaker 4: sounds again morbid, but the reality of the situation is
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Speaker 4: you're gonna have to manage it on your own, regardless
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Speaker 4: of gender. Your story literally is that where dad just
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Speaker 4: trusted mum, And that's great, and we want trust, we
7:31
Speaker 4: want inherent trust in a relationship. But it's not really
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Speaker 4: about trust. It's actually about knowing the process. Like if
7:37
Speaker 4: your dad had just known how to do it, he.
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Speaker 2: Didn't have to do it.
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Speaker 4: Mum was clearly a clrosset, but like just knowing where
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Speaker 4: the logins are, how that works, what that looks like, Oh,
7:46
Speaker 4: here's how we pay bills nowadays, Like just being up
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Speaker 4: with it would have given him such a sense of
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Speaker 4: freedom during that time where he was probably feeling overwhelmed
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Speaker 4: from every aspect in his life.
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Speaker 6: Yeah, oh for sure, And it would have just been
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Speaker 6: like I think, one less burden, Yeah, obviously on him,
8:03
Speaker 6: and then I think also on like me and my siblings,
8:07
Speaker 6: because now when he gets a bill and he like
8:10
Speaker 6: understandably he's getting a lot better, but when it first
8:13
Speaker 6: started happening, he'd get quite like flustered and stressed about
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Speaker 6: the whole situation, not really know how to manage it.
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Speaker 6: Just even when it came to filling out like a
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Speaker 6: bank transfer and you have to put in like the
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Speaker 6: reference and the code and all that kind of stuff,
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Speaker 6: he just didn't know.
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Speaker 5: What it meant. Yeah, I just think it's so important.
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Speaker 2: And did your mom leave behind a will? Like was
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Speaker 2: there a plan?
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Speaker 6: Yeah, So I'm not super across this so much, but
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Speaker 6: I think she and dad made a will together, and
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Speaker 6: because they did it together, I think it'd set it
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Speaker 6: up in a way that everything passed to Dad. Well,
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Speaker 6: I didn't realize was just even if you've set up
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Speaker 6: a will and it's all straightforward, the process around actually
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Speaker 6: obtaining like the property and the money and the accounts
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Speaker 6: is just so long. Like I'm not sure what it's
8:59
Speaker 6: like In.
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Speaker 4: Australia, it's a very similar system, which is very frustrating.
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Speaker 2: I was about to point that out.
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Speaker 4: I was like, if you're listening our money, Darrist is
9:06
Speaker 4: in New Zealand, so there is a bit of a
9:08
Speaker 4: different process, but they are very very similar.
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Speaker 6: Yeah, so I think it's just like for him learning
9:15
Speaker 6: how to kind of manage everything on a slightly reduced capacity.
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Speaker 2: That's wild.
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Speaker 4: And in your money diar, you wrote in now we're
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Speaker 4: getting married, dude, you're very exciting and you're going to
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Speaker 4: go on an overseas six month long honeymoon, you lucky ducks.
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Speaker 4: How's all of that gonna happen? Tell me about that
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Speaker 4: part of your money story.
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Speaker 5: Yes, so that's super exciting.
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Speaker 6: So we had kind of started thinking about this in
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Speaker 6: like twenty nineteen. My partner and I were just so
9:45
Speaker 6: ready to get out of New Zealand, like feel so
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Speaker 6: far away from everything, and we just wanted to explore
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Speaker 6: the world. And when you had a bit of saving
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Speaker 6: to do before we could do that. But being COVID
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Speaker 6: hit and everything you know, got put on ice. We
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Speaker 6: kind of kept saving quite diligently through that time, so
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Speaker 6: we managed to accrue quite a decent savings plan. Yeah,
10:08
Speaker 6: we had a bit of a goal in mind of
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Speaker 6: how much we wanted to save, and we reached that
10:12
Speaker 6: point over would there be like nearly five years to
10:16
Speaker 6: get there?
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Speaker 4: Gosh, you have to tell us, like, this is an
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Speaker 4: anonymous money you can't be like, yeah we had a
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Speaker 4: saving skull.
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Speaker 2: No, no, no, how much you budgeted for a six
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Speaker 2: month overseas honeymoon? Like what does that cost?
10:28
Speaker 5: Yeah?
10:28
Speaker 6: So I did a lot of research into how much
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Speaker 6: other people had saved, but a lot of it was
10:33
Speaker 6: like Americans, so I didn't really know. So yeah, it's
10:36
Speaker 6: a bit frustrating, but we have budgeted sixty thousand New
10:40
Speaker 6: Zealand dollars.
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Speaker 2: Hey that's pretty good for six months, like ten thousand
10:44
Speaker 2: dollars a month, all right.
10:45
Speaker 6: Yeah, fingers crossed. That will get us a wee way.
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Speaker 6: I think Europe's become a lot more expensive since twenty nineteen,
10:53
Speaker 6: so yeah, yeah.
10:55
Speaker 2: It definitely has.
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Speaker 4: Is there something where you're kind of going over and
10:58
Speaker 4: yellowing it? I have a sneaky suspicion that you just
11:02
Speaker 4: come across as a planner. I think you might have
11:04
Speaker 4: a very attractive spreadsheet. Tell me about how you've manished this.
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Speaker 6: Yeah, so we kind of tried to figure out, like, okay, well,
11:11
Speaker 6: where realistically do we want to go? When knew we
11:13
Speaker 6: always wanted to go to Europe, we wanted to be
11:15
Speaker 6: a little bit more intripid when we first started planning
11:18
Speaker 6: in twenty nineteen before the pandemic, and we were looking
11:20
Speaker 6: into like slightly more remote places or like around like
11:24
Speaker 6: the Starns. But we decided, like, I'm just like a
11:27
Speaker 6: little bit of a anxious person, so I didn't want.
11:30
Speaker 5: To girl friend, yeah, go without a.
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Speaker 6: Plan, and also like go somewhere maybe like if another
11:34
Speaker 6: pandemic broke out it would be a little bit more
11:37
Speaker 6: difficult to get home. So we have kind of stuck
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Speaker 6: to the bidden track a little bit more. Yeah, so
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Speaker 6: we'll be going through a little bit of Central Europe
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Speaker 6: and in mainly trying to hang out around the Balkans.
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Speaker 4: So yeah, cool, I love this all right, wedding, how
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Speaker 4: much is that going to cost? What's a plan? Tell
11:54
Speaker 4: me all of the story? Sorry, we need the pervy details.
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Speaker 6: No, that's all good. So we planned the trip before
12:00
Speaker 6: we thought about getting married. And then we thought, okay,
12:02
Speaker 6: well we're going on this epic trope, like, why don't
12:04
Speaker 6: we just get married before we go and we can
12:06
Speaker 6: treat it like a bit of a honeymoon, because who
12:08
Speaker 6: wants to go straight?
12:08
Speaker 2: YEA beautiful when they're married.
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Speaker 5: Well that was my opinion anyway.
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Speaker 4: No, no, no, as someone who got married and then
12:14
Speaker 4: went back to work for two weeks before going on
12:16
Speaker 4: her honeymoon because I just had too much to do.
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Speaker 4: I was like, I've just got stuff to plan, stuff
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Speaker 4: to get done. Yeah, I didn't want to go back
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Speaker 4: to work. I wanted to be in my love bubble.
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Speaker 4: So yeah, good idea.
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Speaker 6: Yeah, I appreciate it's a very privileged position to be
12:29
Speaker 6: able to just like say, oh, well, you know we're
12:31
Speaker 6: going to up and leave.
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Speaker 5: I know not everyone can do that.
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Speaker 2: With this amount of planning.
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Speaker 4: You can like I'm sorry, I've been planning it since
12:38
Speaker 4: twenty nineteen. Like, yes, acknowledging privilege around money is very important.
12:42
Speaker 4: But I also think being like, oh, it's really lucky
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Speaker 4: that we can it's like, no, you also worked really
12:47
Speaker 4: hard so you could do this.
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Speaker 6: Yeah, it should be really exciting.
12:51
Speaker 5: Yeah.
12:51
Speaker 6: So on the wedding, we quickly realized that a lot
12:55
Speaker 6: of venues have like a minimum spin, So if we
12:58
Speaker 6: wanted to use a particular venue, we're going to have
13:00
Speaker 6: to have quite a significant number of people in order
13:03
Speaker 6: to meet the minimum spin. And so we found ourselves
13:05
Speaker 6: kind of going down this road. We were like, Okay,
13:07
Speaker 6: well we have to meet minimum spin, so we have
13:09
Speaker 6: to have like you know, seventy five plus people when
13:12
Speaker 6: we've kind of started the process thinking, actually, we want
13:14
Speaker 6: to do something really small because we wanted the focus
13:16
Speaker 6: to be the honeymoon.
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Speaker 5: So when we realized how much that was going to cost,
13:21
Speaker 5: we ended.
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Speaker 6: Up pulling right back and we are now only going
13:24
Speaker 6: to have about thirty people.
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Speaker 2: Oh that's so sweet.
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Speaker 6: Yeah, it'll be really intimate. So we've budgeted about thirty grand.
13:32
Speaker 6: Hopefully it will be a little bit less than that.
13:35
Speaker 6: We're just kind of like trying to be a little
13:37
Speaker 6: bit conservative around estimates, so we're not like, yeah, with
13:41
Speaker 6: any kind of bill right before we go overseas.
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Speaker 2: And what kind of wedding you're planning now?
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Speaker 4: Like obviously New Zealand venues are very expensive because they're
13:51
Speaker 4: very beautiful at the same time, but like what kind
13:54
Speaker 4: of venue are you now looking at?
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Speaker 2: And like where will you get married?
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Speaker 6: Yeah, so we live and one of the biggest cities
14:01
Speaker 6: in New Zealand, so we're probably not going to do
14:04
Speaker 6: something outdoors. We've found this little event space that's relatively
14:09
Speaker 6: urban that's kind of like.
14:10
Speaker 5: Lofty, cool viby.
14:12
Speaker 6: Yeah, so it'll be quite cute, and that was a
14:14
Speaker 6: lot more affordable than going to like vineyards or something
14:17
Speaker 6: like that, which would have been like absolutely stunning and
14:19
Speaker 6: a head friends do there and it's always been epic,
14:21
Speaker 6: But we just knew that for us, we wanted to
14:24
Speaker 6: get married in the city that we met and it's
14:26
Speaker 6: where our family is based.
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Speaker 2: Oh that's so wholesome. Yes, I love it.
14:31
Speaker 6: Yeah, a little bit more urban than probably like what
14:34
Speaker 6: people would consider a New Zealand wading to be.
14:36
Speaker 2: No love love.
14:38
Speaker 4: So now tell me, obviously you're good at saving, we're
14:40
Speaker 4: going to need to know where the money's coming from.
14:42
Speaker 2: What do you do for work? And how much money
14:44
Speaker 2: do you earn?
14:45
Speaker 6: So I work for the government in communications and I
14:49
Speaker 6: earn one hundred and five k year before.
14:51
Speaker 4: Tex in New Zealand dollars obviously, And Pervy, what does
14:56
Speaker 4: your partner do and how much does he earn?
14:59
Speaker 6: So he's government two and he earns I think around
15:03
Speaker 6: one hundred and fifteen k New Zealand before tex So.
15:07
Speaker 4: And you guys don't do supranuation, you do Keywi saver.
15:10
Speaker 4: How much do you contribute to your Kiwi Saver?
15:13
Speaker 6: I contribute ten percent, which is the maximum amount, just
15:16
Speaker 6: because yeah it's not so great, is Australia and yeah,
15:22
Speaker 6: so I put in ten percent myself and then my
15:24
Speaker 6: employer contributes three percent, which isn't amazing.
15:28
Speaker 5: I'd love it to be higher, but yeah.
15:29
Speaker 4: Thirteen percent in total is higher than what our current
15:32
Speaker 4: eleven percent supranuation rate is at, so not too bad.
15:36
Speaker 4: And does that money come out of your one hundred
15:38
Speaker 4: and five?
15:39
Speaker 6: Yeah, so the ten percent is out of my one
15:42
Speaker 6: hundred and five and the three percent is yeah, from
15:44
Speaker 6: my employer separately, and to.
15:46
Speaker 4: Be pervy, I know how this works, but I feel
15:48
Speaker 4: like it's fun to dive in when you've got someone
15:50
Speaker 4: from overseas. So does that money then go into your
15:53
Speaker 4: account and then you transfer it out or is there
15:55
Speaker 4: something that you get to set up through your employer
15:57
Speaker 4: and it just gets direct debited straight into your key.
16:00
Speaker 2: We say the like, what was the process?
16:02
Speaker 6: Yeah, it's the latter, So it all gets taken out
16:05
Speaker 6: and goes directually to my key. We saber provider, so
16:08
Speaker 6: I can't see.
16:09
Speaker 2: It or touch it. Yeah, yeah, bet it's.
16:12
Speaker 5: Probably for the best.
16:13
Speaker 4: Yes, Now we've spoken about your wedding and we've spoken
16:17
Speaker 4: about your big honeymoon. Are there any other big money
16:21
Speaker 4: goals on the horizon that I should know about.
16:23
Speaker 6: We're continuing to save for the wedding, so we've got
16:26
Speaker 6: about five k more that we need to make between
16:29
Speaker 6: now and then. And the other thing is because, as
16:32
Speaker 6: you've correctly pointed out, I am quite a planner. I
16:35
Speaker 6: wanted to build that a little bit of a like
16:37
Speaker 6: post travel fund for what we want to do when
16:40
Speaker 6: we get back from the six months of travels. So
16:42
Speaker 6: my partner's quite keen to move across to oz Actually.
16:44
Speaker 2: Yeah, calm live over here. We really nice.
16:47
Speaker 6: Yeah, the wead always looks nice too, So don't move
16:50
Speaker 6: to Melbourne then. Yeah, So that's definitely something that we're
16:54
Speaker 6: kind of trying to work towards that. We definitely have
16:58
Speaker 6: a couple of other that go fish to fry in
17:01
Speaker 6: terms of money goals, so that's not quite as high
17:04
Speaker 6: a priority just at the moment.
17:06
Speaker 4: Now you mentioned a post travel fund, tell me a
17:08
Speaker 4: bit more about that, because what are you doing with work?
17:11
Speaker 2: Like have you just said you're okay, I'm.
17:13
Speaker 4: Going on there eve and they were like, no worries, money, diarist,
17:15
Speaker 4: we'll see when you return, Like.
17:17
Speaker 2: What's the plan with your jobs? Because six months is
17:19
Speaker 2: a lot to ask from an employer.
17:21
Speaker 6: Yeah, so we've planned to resign. We haven't handed in
17:25
Speaker 6: our notices yet. That will probably happen soon. But yeah,
17:28
Speaker 6: so the post travel fund is really, I guess, like
17:31
Speaker 6: giving us a bit of a buffer for when we
17:34
Speaker 6: either come back or decide to move across the ditch
17:36
Speaker 6: and just kind of sit up, whether that's rent food,
17:40
Speaker 6: just so we're not having to stress too much about
17:42
Speaker 6: dipping into other savings. I quite like having just like
17:46
Speaker 6: a little fund there that I can pull from.
17:49
Speaker 2: That makes a lot of sense. How do you feel
17:50
Speaker 2: about resigning?
17:51
Speaker 4: Like, I don't know, I'm an anxious girlie that gives
17:53
Speaker 4: me anxiety.
17:55
Speaker 6: Yeah, I'm definitely a little bit nervous, but I have
17:57
Speaker 6: quite a good relationship with my manager, so I forget.
17:59
Speaker 6: If I just give her as much notice as possible
18:03
Speaker 6: and leave everything like super tidy, hopefully it will go okay.
18:07
Speaker 6: But yeah, I can't say I'm like looking forward to
18:09
Speaker 6: the conversation.
18:11
Speaker 4: No, I can totally understand that. And is there any
18:14
Speaker 4: opportunity do you think that your employers would turn around
18:17
Speaker 4: and go all right, well, you're a really good employee.
18:20
Speaker 4: We can give you six months of unpaid leave and
18:23
Speaker 4: then come back. Is that an option on the table.
18:25
Speaker 2: Do you think?
18:26
Speaker 5: I mean maybe, I mean.
18:28
Speaker 4: You might not want to come back if you want
18:29
Speaker 4: to move to Australia, so who knows.
18:31
Speaker 5: Who knows.
18:32
Speaker 6: I think maybe there would be an option, but I
18:35
Speaker 6: think I probably haven't been at the company long enough.
18:38
Speaker 2: Yeah that's fair, But I mean if.
18:40
Speaker 5: They did offer it, I would probably seriously consider it.
18:43
Speaker 4: Yeah, it's nice having the idea of financial security when
18:46
Speaker 4: you're returning your head. Yes, definitely totally understand. All right,
18:51
Speaker 4: let's go to a really quick break on the flip side.
18:53
Speaker 4: I have so many questions for you about investing and
18:56
Speaker 4: debt and good and bad money habits, So guys don't
18:58
Speaker 4: go anywhere, all right, money diarist, I feel like you're
19:06
Speaker 4: probably going to say yes to this because you just
19:08
Speaker 4: seem like a savvy planner. You already told me about
19:10
Speaker 4: how your mum operated the finances. You told me about
19:14
Speaker 4: your KEYW saver and how she pushed you into that.
19:16
Speaker 4: So the next question is do you have any investments?
19:18
Speaker 4: If so, what are they, how do they work?
19:20
Speaker 5: I do, obviously, key, we stay with it. Mum. Mum
19:24
Speaker 5: helped me sit up. I've got about fifty K and
19:27
Speaker 5: there what I'm pretty happy with.
19:30
Speaker 6: And then I've got about thirty eight k and ETFs.
19:35
Speaker 2: Oh, how did you get into that? That's a lot?
19:39
Speaker 2: You're just a baby.
19:41
Speaker 6: So I was unemployed over COVID and I had a
19:44
Speaker 6: lot of time on my hands, and I started looking
19:48
Speaker 6: into I guess like your podcast and other kind of
19:52
Speaker 6: like money education podcasts, and I was like, oh my god,
19:56
Speaker 6: this looks like mean why haven't I thought about this?
20:00
Speaker 6: And my brother works in finance, and so he was
20:03
Speaker 6: like quite encouraging and he'd done it himself and he was.
20:06
Speaker 2: Like, yeah, you should do it, definitely do it.
20:08
Speaker 5: Yeah.
20:09
Speaker 6: So I knew that I, like, am not a huge
20:12
Speaker 6: risk taker and I wanted something that I'm not a
20:14
Speaker 6: maths girl. So I was like, I want to do
20:17
Speaker 6: something that's not too hard and it's quite like passive.
20:20
Speaker 4: Biggest misconception in investing is that you have to be
20:22
Speaker 4: good at maths. You do not have to be good
20:24
Speaker 4: at maths to do investing and do it well. I
20:27
Speaker 4: think obviously like I'm a bit of a maths girl,
20:30
Speaker 4: but I'm low key a little bit disappointed with how
20:33
Speaker 4: little maths is involved in investing.
20:35
Speaker 6: I was stoked when I started doing it, and I
20:37
Speaker 6: was like, ah, this is actually like quite passive.
20:39
Speaker 5: I don't really have to do much.
20:41
Speaker 6: Like I can understand how people find the like pros
20:44
Speaker 6: is a little bit daunting. But yeah, So the thirty
20:46
Speaker 6: eight k is kind of sprewed between the os top
20:50
Speaker 6: fifty companies in zi AU, so it's pretty standard stuff.
20:54
Speaker 5: And I just have like a.
20:55
Speaker 6: Monthly or a quarterly payment that goes through and it
20:58
Speaker 6: just does its thing.
21:01
Speaker 5: Very lazy about it, to be.
21:02
Speaker 4: Honest, but that's the best, right, Like good investing actually
21:07
Speaker 4: should be really boring, Like and I don't mean to
21:10
Speaker 4: throw investing platforms that try.
21:11
Speaker 2: And make it really engaging under the bus.
21:14
Speaker 4: But at the same time, you go, well, actually it
21:16
Speaker 4: should be boring because it should be quite passive, especially
21:19
Speaker 4: with the strategy you've gone with. You're like, I'm really conservative.
21:22
Speaker 4: I've gone with an ETF. There shouldn't actually be a
21:25
Speaker 4: lot of ongoing maintenance with this except for contributing regularly
21:28
Speaker 4: full stop. End of story, Like it actually can be
21:32
Speaker 4: that easy. So obviously your brother worked in finance. What
21:35
Speaker 4: platform did you choose to invest with.
21:37
Speaker 5: I've used in this now, which I think is the
21:40
Speaker 5: New Zealand platform.
21:41
Speaker 2: It is.
21:42
Speaker 5: I did look into shares ees, but I had slightly
21:44
Speaker 5: lower fees.
21:45
Speaker 4: Sorry, you know what, there's something different for everybody. Like
21:49
Speaker 4: I could not care less who you use as long
21:52
Speaker 4: as you are investing, my friend, Like, I get such
21:56
Speaker 4: gratification out of knowing that there are so many people
21:59
Speaker 4: in our community who are putting themselves first.
22:01
Speaker 2: Like thirty eight K. How old were you again?
22:04
Speaker 6: Ah, when I first started, I would have been twenty four, twenty.
22:09
Speaker 4: Five, So a baby babies are investing and they are
22:13
Speaker 4: putting themselves first, and they are going to be wealthy,
22:15
Speaker 4: wealthy people in the future. I love it. It makes
22:17
Speaker 4: me so so happy. So is that the extent for
22:20
Speaker 4: your investments?
22:21
Speaker 5: There is one more, but I can't claim I.
22:23
Speaker 2: Did this myself, So that's okay.
22:25
Speaker 6: We have a inheritance that we receive from his family.
22:28
Speaker 6: So that's one hundred and sixty k invested in managed funds,
22:32
Speaker 6: I think. And the managed fund thing was his decision.
22:36
Speaker 6: He didn't really fully understand. I think he just wanted
22:38
Speaker 6: that kind of security of a managed fund and he
22:41
Speaker 6: wanted quite hands off approach, so that's what for him.
22:44
Speaker 5: So yeah, that's the extent of it all.
22:46
Speaker 4: Can I be really pervy about this. You said your
22:49
Speaker 4: partner's inheritance. Obviously you're not married yet, but the way
22:53
Speaker 4: that you're talking about it is very like it's kind
22:55
Speaker 4: of like ours, this is adjoint asset.
22:58
Speaker 2: How do you guys view that? Obvious?
23:00
Speaker 4: So you're about to get married, so like, yes, it
23:02
Speaker 4: is basically a joint asset. But these conversations can be
23:05
Speaker 4: quite confronting, and often we have them, you know, hypothetically
23:10
Speaker 4: in the community. We'll be like, oh, what if you
23:12
Speaker 4: got an inheritance and is it your partners or not?
23:15
Speaker 4: How did that conversation actually play out in reality? Like
23:18
Speaker 4: when this happened, Like was this a like we're joint
23:22
Speaker 4: decision making?
23:23
Speaker 2: Like how did that work?
23:25
Speaker 6: So when it first happened, we weren't quite defect or yet,
23:30
Speaker 6: so we hadn't been living together for three years, so
23:32
Speaker 6: it was very much his obviously, Like with getting married
23:35
Speaker 6: and with everything that's happened to mum, we've decided we
23:38
Speaker 6: really want to be a real unit when it comes
23:39
Speaker 6: to our finances. So we've had quite a lot of
23:41
Speaker 6: chance about like, you know, sharing, Like I know completely
23:46
Speaker 6: sharing isn't for everyone, but I think for us, we've
23:49
Speaker 6: decided that's the approach we want to take, just because
23:52
Speaker 6: we've seen what happens where like, I guess we'll think
23:55
Speaker 6: Mum and dad they thought they were sharing and then
23:56
Speaker 6: turned out they weren't and it became really stressful and
23:59
Speaker 6: like a kind of traumatic situation. So for us, we
24:02
Speaker 6: kind of sat down and quite recently at the start
24:05
Speaker 6: of this year, we sort of talked through like our
24:08
Speaker 6: various investments and how we want to go about. Yeah,
24:12
Speaker 6: I guess making them shared. So I think we'll make
24:14
Speaker 6: an appointment with the fund and try and get the
24:17
Speaker 6: names you added.
24:19
Speaker 5: Yeah, yeah, me edded, Yeah, that's one.
24:21
Speaker 4: It's always just interesting asking about that stuff because it
24:24
Speaker 4: is pervy, and I appreciate that it's a very pervy
24:26
Speaker 4: topic that you probably won't like.
24:28
Speaker 2: Oh he's going to ask me about this, But I just.
24:30
Speaker 4: Know that people listening are going to go, oh, that's
24:33
Speaker 4: really interesting. Actually how it actually came to fruition And
24:36
Speaker 4: when your mom passed away, is there an inheritance there
24:40
Speaker 4: or is that there will basically passed everything to dad
24:43
Speaker 4: and that will be a conversation for hopefully fifty sixty
24:46
Speaker 4: years in the future.
24:48
Speaker 6: Yeah, so everything has been passed to dad, but partially
24:50
Speaker 6: because he hasn't been super aware of his own finance
24:53
Speaker 6: and he's had to rely on us for a bit
24:54
Speaker 6: of support, we kind of know what's there.
24:56
Speaker 5: Yeah, And he's been very open.
24:58
Speaker 6: About like talking about what the options would look like
25:00
Speaker 6: for receiving an inheritance later.
25:04
Speaker 5: On once he's passed away.
25:06
Speaker 6: But also he's kind of said he's open to like
25:08
Speaker 6: a portion of it earlier if we needed.
25:10
Speaker 5: Support with like a house or something.
25:12
Speaker 6: So yeah, I feel quite lucky that he's been really
25:15
Speaker 6: honest and upfront about that kind of stuff.
25:17
Speaker 4: So yeah, that's very cool. And I think that, you know,
25:20
Speaker 4: having worked in this space quick refresher, I used to
25:23
Speaker 4: work as a financial advisor, which I think everybody knows,
25:26
Speaker 4: but I either worked with ultra high net wealth people
25:28
Speaker 4: or people who were dealing with an inheritance. And I
25:31
Speaker 4: feel like when that conversation comes up in a situation
25:35
Speaker 4: like yours, getting an inheritance in advance would probably have
25:39
Speaker 4: been a really awkward conversation even if it ever came up,
25:42
Speaker 4: but wouldn't have been really an option. They would be like,
25:44
Speaker 4: what the hell? And now something really traumatic has happened.
25:47
Speaker 4: You've lost your mum, I think your dad is probably
25:50
Speaker 4: Do you think his mindset on it has shifted to actually,
25:53
Speaker 4: life is really fragile. I'd love to see my kids
25:55
Speaker 4: thrive while I'm around. Do you think that there has
25:59
Speaker 4: been like a big mindset shift around the way I
26:02
Speaker 4: guess life is approached now.
26:03
Speaker 5: Too, Yeah, for sure.
26:05
Speaker 6: Like I think that's a massive reason why we are
26:09
Speaker 6: obviously going traveling, Like we know that, Like Mum was
26:13
Speaker 6: one year off retiring.
26:15
Speaker 2: No, what a stitch up.
26:18
Speaker 5: I know, So it was really shitty.
26:21
Speaker 6: She and Dan had all these plans for seeing the
26:23
Speaker 6: world and traveling together because they never really got to
26:26
Speaker 6: do that. And I think like for my partner and
26:28
Speaker 6: I were like, okay, well we need to do that
26:32
Speaker 6: because you know, it's not a given that you're going
26:34
Speaker 6: to make it to retirement. So like there needs to
26:36
Speaker 6: be a balance between making reasonable contributions to your KI,
26:40
Speaker 6: we say, but also having a life and enjoying life
26:43
Speaker 6: while it's here. And I think same said for Dan,
26:46
Speaker 6: like we've been really encouraging him to, you know, grab
26:49
Speaker 6: life by the horns and make sure he lives his
26:51
Speaker 6: life his retirement, like for Mum as well, Like yeah,
26:55
Speaker 6: that he goes to the places that they wanted to
26:56
Speaker 6: go to, even if it's a little bit different, and
26:59
Speaker 6: just enjoy everything while it's here.
27:02
Speaker 1: Yeah.
27:03
Speaker 4: And I know it's not even been a year yet,
27:05
Speaker 4: because you said, last year my mom passed away.
27:08
Speaker 2: How's your dad doing.
27:09
Speaker 6: I'm like really proud of him, to be honest. He's
27:11
Speaker 6: been a real trooper. Like it was such a shock.
27:16
Speaker 6: We just weren't anticipating it at all. Happened when they
27:19
Speaker 6: were on holiday. Oh no. And it's just such a
27:23
Speaker 6: massive mindset shift, Like he and Mum had such a
27:26
Speaker 6: plan for retirement. They were gonna, like, you know, probably
27:30
Speaker 6: move out of the family home and find someone to
27:33
Speaker 6: live and do all this travel. And now he's like, well,
27:36
Speaker 6: where am I going to go? It feels like such
27:38
Speaker 6: a massive decision. Who am I going to travel with?
27:41
Speaker 6: Who am I just like, you know, talking to about
27:44
Speaker 6: silly things like how your day's been.
27:46
Speaker 4: It's so true though, you just take all of it
27:48
Speaker 4: for granted, even though you don't mean to until something
27:51
Speaker 4: like this happens.
27:52
Speaker 6: Yeah, definitely. So it's been huge. Like I said earlier,
27:56
Speaker 6: mom she was kind of running the household. So he's
27:58
Speaker 6: been like learning how to kind of cook again and
28:01
Speaker 6: you know, all that kind of stuff too, So he's
28:04
Speaker 6: really taking it in his stride, like I know he'll
28:07
Speaker 6: be fine, but I think it's been a rocky road
28:09
Speaker 6: and I think there's probably still quite a lot to
28:12
Speaker 6: cross before things are kind of like it's some kind
28:15
Speaker 6: of semblance of normal.
28:17
Speaker 4: Ah, well, sending you and your family lots and lots
28:21
Speaker 4: of love, Thank you. I do want to ask, now, though,
28:24
Speaker 4: what do you think your best money habit is?
28:26
Speaker 2: Do you think it came from your mum?
28:28
Speaker 5: I think so.
28:29
Speaker 2: I have a sneaker suspicion that might be the case.
28:33
Speaker 6: Yeah, I think she was so organized. I think I
28:36
Speaker 6: can't say that I'm nearly as organized as she was,
28:38
Speaker 6: but I think getting there strike yeah, baby steps. The
28:41
Speaker 6: planning streak is there. I'm quite good at delayed gratifications,
28:45
Speaker 6: so I don't impulse spin very often. But that probably
28:48
Speaker 6: leads into my worst money habit as well. But she's
28:52
Speaker 6: like getting quite stressed about spending money or like feeling
28:56
Speaker 6: guilty if I spend money, because I think, on the
28:58
Speaker 6: flip side of all this, I think that life is
29:03
Speaker 6: short and I should spend And then on the other
29:04
Speaker 6: side of things, I'm like, well, something could happen, and
29:06
Speaker 6: I might need it really quickly.
29:08
Speaker 5: So I'm sort of like navigating that.
29:10
Speaker 4: Finding a balance is important and really hard, and maybe
29:13
Speaker 4: I will do a podcast on finding balance, but like
29:15
Speaker 4: the whole podcast would be like.
29:17
Speaker 2: There's actually no right or wrong.
29:19
Speaker 4: Balance for you looks different to me, and even looks
29:22
Speaker 4: different to my partner, even though we live in the
29:24
Speaker 4: same house and just like you and your partner share
29:27
Speaker 4: finances completely connected. So I find it, yeah, really really interesting.
29:32
Speaker 4: But it's one of those things that I think you're
29:34
Speaker 4: consistently working on is what does it look like? And
29:37
Speaker 4: right now, obviously there's a lot that you're going through,
29:40
Speaker 4: but then you're also planning some really big things. So
29:42
Speaker 4: balance right now is probably going to look a lot
29:44
Speaker 4: different to you know, in five or ten years time,
29:47
Speaker 4: when you're like, oh, we really want to settle down,
29:49
Speaker 4: we want to do this, we want to do that,
29:51
Speaker 4: and balance will look differently again. Like even me right now,
29:54
Speaker 4: going through this whole process of having a baby, I'm like, well,
29:58
Speaker 4: my priorities is shifting. Told me this would happen, and
30:01
Speaker 4: I didn't believe them. I was like, no, I'm a
30:04
Speaker 4: money queen, Like I'm all over the story, guys, I've
30:08
Speaker 4: changed everything, Like it's really obnoxious. It's really important to
30:13
Speaker 4: kind of like always readdress it. But it's nice to
30:16
Speaker 4: be open and honest about like, oh that does make
30:18
Speaker 4: me anxious. Maybe having a think about why could help you.
30:22
Speaker 4: I guess guide forward money, Darrest. I feel like we
30:26
Speaker 4: have talked a lot. This has been a beautiful, eye
30:29
Speaker 4: opening chat. Thank you so much for sharing. I guess
30:31
Speaker 4: so much about your mama. Like it's so nice to
30:33
Speaker 4: talk about people who are no longer here because you
30:36
Speaker 4: know their spirit lives on. But I also just feel
30:39
Speaker 4: like sometimes in hindsight we get to learn so much
30:42
Speaker 4: through them still.
30:43
Speaker 2: As well, for sure.
30:45
Speaker 4: But at the start of the episode, you said, oh,
30:48
Speaker 4: I think I'm a B plus to an AS, and
30:50
Speaker 4: I was like, okay, no worries, and like I couldn't
30:52
Speaker 4: agree more, But like, what would it take to get
30:55
Speaker 4: to an A plus?
30:56
Speaker 2: Like what would that look like in your eyes?
30:58
Speaker 6: I think it would be like being more confident in
31:02
Speaker 6: the way that I am choosing to spend, and like,
31:06
Speaker 6: I guess, structure my money. I think that's probably what
31:09
Speaker 6: it would be. I think knowing that it's probably all
31:13
Speaker 6: going to be fine and not trying to kind of
31:15
Speaker 6: sick and guess all my decision making and just be like, no,
31:17
Speaker 6: this is what is working for me, and I'm happy
31:21
Speaker 6: with that, and I'm not sick and kissing myself. I
31:23
Speaker 6: think that would be for me what it would take
31:25
Speaker 6: to get to an.
31:25
Speaker 2: A plus love.
31:27
Speaker 4: Unfortunately, that is all we have time for today. Money dirist,
31:30
Speaker 4: it has been beautiful chatting to one of our friends
31:32
Speaker 4: across the ditch. I wouldn't be mad if you came
31:35
Speaker 4: and lived in Australia, like we would be better off
31:37
Speaker 4: for it.
31:38
Speaker 2: But it has been so nice chatting to you.
31:40
Speaker 4: I feel like I've got a lot out of this
31:41
Speaker 4: diary at a note that a lot of people in
31:43
Speaker 4: our community have as well, So thank you.
31:46
Speaker 2: It's really appreciated.
31:48
Speaker 5: Thank you so much.
31:56
Speaker 2: They'd buy shared on cheese.
31:57
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