Latest / She's On The Money / Do You Pay For Your Parents?

Transcript

Do You Pay For Your Parents? · She's On The Money

• 0:00
  Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
• 0:04
  Speaker 1: the Order Kerni 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
• 0:22
  Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
• 0:27
  Speaker 1: and the storytelling of you to make a difference for
• 0:30
  Speaker 1: today and lasting impact for tomorrow.
• 0:33
  Speaker 2: Let's get into it.
• 0:34
  Speaker 3: She's on the Money, She's on the Money.
• 0:57
  Speaker 4: Hello, and welcome to She's on the Money, the podcast
• 1:00
  Speaker 4: of people who want financial freedom. Today, my friend's surprise,
• 1:04
  Speaker 4: it is Friday, and it means that it is time
• 1:07
  Speaker 4: to get our little team together and celebrate you.
• 1:10
  Speaker 2: How incredible.
• 1:11
  Speaker 4: She's on the Money community today, Miss Jess Gricci, She's
• 1:14
  Speaker 4: on the Money.
• 1:14
  Speaker 2: Wins from our community.
• 1:16
  Speaker 4: BECKSI Ede, She's got some broke tips and we're helping
• 1:20
  Speaker 4: to answer a juicy money dilemma, which this week is
• 1:23
  Speaker 4: all about.
• 1:23
  Speaker 2: Sorting your super out. At thirty.
• 1:26
  Speaker 4: We're also going to be unpacking something that you slid
• 1:28
  Speaker 4: into our dams out which this week is about parents
• 1:31
  Speaker 4: who borrow money and don't pay it back.
• 1:34
  Speaker 2: But before we get there, my loves, how have your
• 1:37
  Speaker 2: weeks been? What have you been up to? Anything exciting
• 1:39
  Speaker 2: to report?
• 1:41
  Speaker 1: You?
• 1:43
  Speaker 5: Good?
• 1:43
  Speaker 6: Good? Good luck?
• 1:45
  Speaker 2: Chuck over here, how is your streak going? Good? Good?
• 1:49
  Speaker 5: You're going well. We had our little team retreat this week,
• 1:51
  Speaker 5: which was very fun, very fun.
• 1:54
  Speaker 4: We had a pool, a whole house and I'm just
• 1:56
  Speaker 4: surprised we got any work done.
• 1:58
  Speaker 5: I I loved being down by the beach, enjoyed some
• 2:00
  Speaker 5: beautiful sunsets stunning for.
• 2:02
  Speaker 4: Those of you following along and maybe haven't seen our socials.
• 2:05
  Speaker 2: We stayed at Sagres Sagres.
• 2:07
  Speaker 5: Is that how you say, Jess Sagres Sagres, Yeah, sag r.
• 2:13
  Speaker 4: E s Segars in Queenscliff, most beautiful home, like legit,
• 2:20
  Speaker 4: it felt like we had like our little Shees on
• 2:21
  Speaker 4: the money sorority, Like we all had our fancy bedrooms,
• 2:24
  Speaker 4: we had our communal dining room, we had a cool
• 2:26
  Speaker 4: like it was very el Woods vibes for us to
• 2:29
  Speaker 4: do work and get motivated, but amazing. I thought that
• 2:32
  Speaker 4: was really important to get the shees on the Money
• 2:34
  Speaker 4: team together to like make sure that we've got content
• 2:36
  Speaker 4: coming out because I'm having a baby. So I figured
• 2:42
  Speaker 4: probably should take the team away, lock them in a
• 2:44
  Speaker 4: room together, basically, and go, how.
• 2:47
  Speaker 2: Are we dealing with my matt leave? Is there anything
• 2:49
  Speaker 2: you need from me?
• 2:50
  Speaker 4: What can we do so that there's no bumps in
• 2:51
  Speaker 4: the road, because otherwise I will be like peeping over
• 2:54
  Speaker 4: their shoulders and be like hey, yes, what do and
• 2:56
  Speaker 4: you will go back to maternity leave and I'll be
• 2:58
  Speaker 4: like lord, yeah, yeah.
• 3:01
  Speaker 5: Yeah, sound really fun. How has your week being?
• 3:03
  Speaker 6: Yeah, very nice. I saw all of us strangers. Oh,
• 3:07
  Speaker 6: it was good, it was good. I just want to
• 3:10
  Speaker 6: say to a musical movie, I'm not a big musical girl.
• 3:14
  Speaker 2: I was so.
• 3:15
  Speaker 4: Excited when I heard that The Mean Girl's movie was
• 3:17
  Speaker 4: coming out, and then someone was like, by the way,
• 3:19
  Speaker 4: it's musical, and I was like, I'm out.
• 3:20
  Speaker 5: The Mean Girls musical that is fabulous?
• 3:23
  Speaker 2: Is actual?
• 3:24
  Speaker 6: Actually yeah it is.
• 3:25
  Speaker 5: So it was a movie that was adapted to a
• 3:27
  Speaker 5: musical that has now been adapted to a movie.
• 3:29
  Speaker 6: So a movie that is a musical, Yes, No, I'm
• 3:33
  Speaker 6: out any musical movies.
• 3:35
  Speaker 2: Like, it's just not me.
• 3:35
  Speaker 4: Unless it's high school musical, in which case they were
• 3:38
  Speaker 4: very clear about what it was going to be with
• 3:40
  Speaker 4: the titles.
• 3:41
  Speaker 2: Yes, except that.
• 3:42
  Speaker 5: I do you feel like the Mean Girls trailer doesn't
• 3:44
  Speaker 5: showcase strongly that it is a musical, so I can
• 3:47
  Speaker 5: understand why some people were taking to surprise.
• 3:49
  Speaker 6: They really Trojan horsed us. But other than that, Yeah,
• 3:54
  Speaker 6: it's just being real chill, living, loving and laughing at
• 3:58
  Speaker 6: the moment.
• 3:58
  Speaker 2: Oh, you're in the right conditions to love last Yeah,
• 4:01
  Speaker 2: I love that for you. And what about UV just
• 4:03
  Speaker 2: feeling really heavy? That's it.
• 4:05
  Speaker 4: We had a really good time at the retreat and
• 4:07
  Speaker 4: now I'm just feeling like a bit of a heaflump
• 4:09
  Speaker 4: to be honest, like I got to blow.
• 4:11
  Speaker 2: Yeah.
• 4:12
  Speaker 4: Cool, that's my update, because you don't actually want to
• 4:14
  Speaker 4: know what's been going on with my buddy. Anyway, let's
• 4:17
  Speaker 4: jump straight in, Miss Jesse Gricci.
• 4:20
  Speaker 2: Community money Wins. What are you bringing to the table
• 4:22
  Speaker 2: this week?
• 4:22
  Speaker 5: Firstly, this week I have a money win from April,
• 4:25
  Speaker 5: who said, went through my old boxes from my early
• 4:28
  Speaker 5: twenties in my parents shed over the holiday break. I
• 4:31
  Speaker 5: found a bunch of notes from when I traveled to
• 4:33
  Speaker 5: Europe that I kept as a souvenir. This is financial money,
• 4:37
  Speaker 5: dollar dollar bills, she said. I decided to keep some
• 4:40
  Speaker 5: of the other more meaningful bits and bobs I picked
• 4:42
  Speaker 5: up during my trip as souvenirs instead, and I cashed
• 4:45
  Speaker 5: in the notes over the weekend, which was an extrae
• 4:47
  Speaker 5: hundred and fifty bucks.
• 4:48
  Speaker 2: Oh my gosh, that's so much money. That's an expensive souvenir.
• 4:50
  Speaker 5: Well, how often do you come home from a trip
• 4:53
  Speaker 5: and you have just random coins? And I have a
• 4:56
  Speaker 5: jar of like foreign money, which I use is like decorps,
• 4:58
  Speaker 5: but which I'm like, oh, this is kind of fun
• 5:01
  Speaker 5: expensive if you if you took it to an exchange
• 5:04
  Speaker 5: place and they did all the coins and stuff, it
• 5:06
  Speaker 5: probably adds up.
• 5:07
  Speaker 6: It true does fun little.
• 5:09
  Speaker 5: Idea from April. Next, I've got a money win from Ambray,
• 5:12
  Speaker 5: who said, I actually stuck to my budget this week.
• 5:17
  Speaker 2: So much harder done. Then said, so I love this for.
• 5:20
  Speaker 5: You, completely agree. Then I've got one from Sea who
• 5:23
  Speaker 5: said I found an unopened copy of the board game
• 5:26
  Speaker 5: Telestrations at the shop. They Illustrations Tallestrations. If you have
• 5:30
  Speaker 5: not played it is my favorite game. It is what.
• 5:37
  Speaker 5: Let me give you a real quick right now. Okay,
• 5:38
  Speaker 5: it's good for small and big groups because you can
• 5:41
  Speaker 5: buy like an upsized one that has up to twelve players.
• 5:44
  Speaker 5: So everyone, well players, Everyone gets a little pad like
• 5:47
  Speaker 5: that's got whiteboard pages and a pen and an eraser
• 5:49
  Speaker 5: and so on the very front page, you draw a
• 5:51
  Speaker 5: card and it gives you something. Let's say you get
• 5:54
  Speaker 5: the Man in the moon, right, So the first person
• 5:56
  Speaker 5: text like this, Yes, so your thing is a text
• 5:59
  Speaker 5: on your card. So you write on the first page
• 6:00
  Speaker 5: the man in the moon. You flip the page and
• 6:02
  Speaker 5: you pass it to the person on your level, so
• 6:04
  Speaker 5: everyone has the thing. Everyone gets the one from next
• 6:07
  Speaker 5: to them. You look at the text and you draw
• 6:09
  Speaker 5: it right then you pass it along. The person looks
• 6:12
  Speaker 5: at your drawing and has to write what they think
• 6:14
  Speaker 5: that you drew, and it passes along. The next person
• 6:17
  Speaker 5: draws what the So you're you're effectively drawing or writing
• 6:20
  Speaker 5: from the page in front of you.
• 6:22
  Speaker 6: Right.
• 6:22
  Speaker 5: So then you get back to the start and you
• 6:24
  Speaker 5: start at the end and you go, okay, I've ended
• 6:26
  Speaker 5: up with catdog cheese, and you go, this is what
• 6:29
  Speaker 5: the person drew. And then you see the progression of
• 6:31
  Speaker 5: how it's changed this game. You don't.
• 6:35
  Speaker 6: It's just so funny. Literally play this on the weekend.
• 6:39
  Speaker 5: It's such a good game.
• 6:40
  Speaker 6: It's such a good game at the end, I don't
• 6:42
  Speaker 6: hope like everyone does.
• 6:43
  Speaker 2: Is but competitive, guys, I need to win.
• 6:45
  Speaker 6: Well, you can actually win. The way that we do
• 6:47
  Speaker 6: it is at the end, when we're doing our slideshow
• 6:49
  Speaker 6: of like progression and things like that, we auction off
• 6:51
  Speaker 6: the artwork for a few cents.
• 6:56
  Speaker 5: This is worth or like if your clues worked, I
• 7:00
  Speaker 5: guess you could track how many if you really want
• 7:02
  Speaker 5: to run it. It's so fun anyway, Oh.
• 7:03
  Speaker 2: I love that. That sounds really fun.
• 7:05
  Speaker 4: But I more of a like gets to win the
• 7:07
  Speaker 4: game Katan kind of girl. I've played so much of it,
• 7:13
  Speaker 4: like every weekend. I think for the last month, I've
• 7:15
  Speaker 4: played at least two games of Katan.
• 7:17
  Speaker 2: That shows you how cool I am. Wow, Just what
• 7:20
  Speaker 2: else have you got?
• 7:21
  Speaker 5: Let's not talk about well, let me finish's win.
• 7:23
  Speaker 6: She said.
• 7:24
  Speaker 5: The game normally goes for twenty nine dollars at the shop,
• 7:26
  Speaker 5: it was marked to thirteen, and at that particular day
• 7:28
  Speaker 5: it was fifty percent off toys, so she paid six
• 7:30
  Speaker 5: dollars fifteen for brand new telestrations by illustration.
• 7:35
  Speaker 2: I highly recommend it, even though I can't win, because.
• 7:37
  Speaker 6: Just think of your own sentence is you know it's
• 7:41
  Speaker 6: a zerio dollar game anyway.
• 7:42
  Speaker 5: Oh, you totally could do it without the actual thing
• 7:45
  Speaker 5: for sure.
• 7:45
  Speaker 2: Next to my need, I need the structure.
• 7:47
  Speaker 5: Sure, next I've got to win from Carli, who said,
• 7:49
  Speaker 5: I really drilled into my health insurance coverage my needs,
• 7:52
  Speaker 5: and I balanced it with having my own emergency fund.
• 7:55
  Speaker 5: So I've kept my insurance at a lower level and
• 7:57
  Speaker 5: started my own emergency fund coverage for what I felt
• 8:01
  Speaker 5: like I needed.
• 8:02
  Speaker 2: Oh that's really smart, very smart.
• 8:04
  Speaker 5: Review health insurances. You're probably paying for something you don't need.
• 8:06
  Speaker 7: Yeah.
• 8:07
  Speaker 4: I think I've shared on the podcast before that I
• 8:09
  Speaker 4: have private health insurance. But something I did a couple
• 8:11
  Speaker 4: of years ago, which made a lot of sense at
• 8:13
  Speaker 4: the time, was drill through it then call them and
• 8:15
  Speaker 4: be like, hey, can I please have this this and
• 8:17
  Speaker 4: this removed from my policy because like I'm not going
• 8:20
  Speaker 4: to use it right Yeah, And like sometimes there are
• 8:22
  Speaker 4: blanket policies like I did not need to be covered
• 8:25
  Speaker 4: for testicular can suggests. Yes, Like that didn't make sense,
• 8:29
  Speaker 4: And at the time I was like, I'm a boss lady,
• 8:32
  Speaker 4: I don't need no child, I don't need maternity cover.
• 8:36
  Speaker 2: Yes, how'd that work out for me? Jess?
• 8:38
  Speaker 5: You did forget to put it back on?
• 8:39
  Speaker 4: I did, and so I'm very lucky that the date
• 8:44
  Speaker 4: I did re implement it once I learned that that was,
• 8:47
  Speaker 4: you know, missing from my cover. But thankfully I learned
• 8:52
  Speaker 4: before this pregnancy started. But it means that my cover
• 8:57
  Speaker 4: only kicks in literally like three weeks before the babies do,
• 9:00
  Speaker 4: so I've had to pay out of pocket for literally
• 9:02
  Speaker 4: everything except my hospital stay.
• 9:05
  Speaker 2: She burns.
• 9:06
  Speaker 4: Yeah, so you know, if you've removed something from your cover,
• 9:09
  Speaker 4: which is great because you're not using it, maybe put
• 9:11
  Speaker 4: a calendar reminder in.
• 9:13
  Speaker 2: For every year and be like, do you want.
• 9:15
  Speaker 4: To check now? Have you changed your mind? Do you
• 9:19
  Speaker 4: now want children?
• 9:20
  Speaker 2: Victoria? Like it sounds trivial, but like that would have
• 9:23
  Speaker 2: saved you thousands of dollars.
• 9:25
  Speaker 5: The great tips are review but don't forget to come back.
• 9:27
  Speaker 5: And yes, then I've got money in from a net
• 9:30
  Speaker 5: who said I enrolled in Tafe to study a diploma
• 9:32
  Speaker 5: last year and I got it for free money. And
• 9:35
  Speaker 5: then I've applied for another course this year, which is
• 9:37
  Speaker 5: also free as well.
• 9:38
  Speaker 2: How goods that love that?
• 9:39
  Speaker 5: And then lastly, I've got a good one from Lauren
• 9:42
  Speaker 5: who said I got into the OS Open with a
• 9:43
  Speaker 5: ten dollar kids ticket because I'm five foot tall and
• 9:46
  Speaker 5: can pass as a child despite the fact that I'm
• 9:48
  Speaker 5: twenty six years old.
• 9:51
  Speaker 2: That's so cheeky.
• 9:51
  Speaker 4: We definitely shouldn't be promoting it, but I do have
• 9:54
  Speaker 4: a friend that also does that.
• 9:55
  Speaker 2: And yeah, very nice, very nice.
• 9:57
  Speaker 4: Carry on questions, no answers, moving on, Beck, please don't
• 10:03
  Speaker 4: use that as your broke tips.
• 10:04
  Speaker 6: What if you got if you look younger than you are?
• 10:10
  Speaker 1: No?
• 10:11
  Speaker 6: Okay, So, as usual, we do have two from the community,
• 10:13
  Speaker 6: one for myself. So the first one comes from Mikayla
• 10:16
  Speaker 6: who said that if you have any old veggies just
• 10:18
  Speaker 6: lying around in your fridge instead of just throwing them out,
• 10:21
  Speaker 6: chop them up and make some frozen dumplings or eat
• 10:23
  Speaker 6: day of if you have done, which is great idea
• 10:27
  Speaker 6: because otherwise we just chuck them out. You can also
• 10:28
  Speaker 6: say with curries and things like that, you can't really
• 10:30
  Speaker 6: freeze it as well as a dumpling. Also, you can't
• 10:34
  Speaker 6: you can still get the texture of the vegetable in
• 10:37
  Speaker 6: a curry. You can't in a dumpling. It's almost wasteful
• 10:40
  Speaker 6: to use a fresh vegetable in a dumpling.
• 10:42
  Speaker 2: It's true. Use your little limp carrots and put them in.
• 10:45
  Speaker 6: Dumpling, those soft carrots. The next one comes from my
• 10:48
  Speaker 6: housemate Alison, who is currently just I'm so impressed by her.
• 10:55
  Speaker 6: I know I've mentioned this before, but propagating, you know,
• 10:58
  Speaker 6: plants and things like that, but.
• 11:00
  Speaker 2: Woman after my own heart.
• 11:02
  Speaker 4: Yes, you sneapy, snippy totally and even just like a
• 11:07
  Speaker 4: liberated plant, don't we just cut so.
• 11:10
  Speaker 6: In particular, using the seeds from your tomatoes and things
• 11:15
  Speaker 6: you get from the actual grocery store. It just literally,
• 11:18
  Speaker 6: I mean she probably does more than this, but in
• 11:20
  Speaker 6: my mind, she just chucks them in the garden and
• 11:23
  Speaker 6: they grow into the Absolutely, I think we've got potatoes growing,
• 11:29
  Speaker 6: got carrots, we've got tomatoes, we've got everything, and just
• 11:33
  Speaker 6: we've got like a whole garden. And she's doing an
• 11:36
  Speaker 6: amazing Job's particularly, she's just using the things that she
• 11:40
  Speaker 6: would have already bought from the grocery store anyway, but
• 11:42
  Speaker 6: now we just have to that's really wholesome too, So
• 11:45
  Speaker 6: nice little weekend activity it is, and it is a
• 11:48
  Speaker 6: nice little reminder. I know we've mentioned similar things on
• 11:51
  Speaker 6: the show before, but it's just a nice reminder to
• 11:53
  Speaker 6: just chuck everything in the garden and hope for the best.
• 11:56
  Speaker 2: What else have you got? What's your breake tip?
• 11:59
  Speaker 6: Okay, So, because I see Valentine's Day is coming up,
• 12:01
  Speaker 6: some people don't celebrate. Obviously I am single, so but
• 12:05
  Speaker 6: I just wanted to give the love shout out to
• 12:09
  Speaker 6: go Beck single.
• 12:11
  Speaker 2: She's like getting this on the pod early.
• 12:12
  Speaker 6: If you would like to like to change that exactly.
• 12:16
  Speaker 4: Or this is like dating for because she's on the
• 12:19
  Speaker 4: date is what this podcast is now. So if you
• 12:21
  Speaker 4: would like to date Beck, don't slide into her DMS
• 12:23
  Speaker 4: because I would like to take credit as matchmaker.
• 12:25
  Speaker 2: I'll slide into mine and I'll hook a gal up.
• 12:29
  Speaker 5: Please.
• 12:29
  Speaker 2: Also would be very cute, so tip let.
• 12:33
  Speaker 6: Me payer dinner.
• 12:35
  Speaker 5: I'm free on Valentine's Day.
• 12:37
  Speaker 2: No, I'm not Valentine's Day.
• 12:40
  Speaker 6: Everyone in the room is free. No, but I was
• 12:43
  Speaker 6: going to just share some cheap and cute Valentine's Day
• 12:47
  Speaker 6: ideas you don't have to use. You don't have to
• 12:50
  Speaker 6: use for Valentine's Day. You can use it for any
• 12:52
  Speaker 6: kind of date. But also you can use it with
• 12:53
  Speaker 6: your friends and things like that.
• 12:54
  Speaker 5: So what have you got?
• 12:55
  Speaker 6: Okay, So one of my favorite things to do is
• 12:58
  Speaker 6: to just take a couple of board games and go
• 12:59
  Speaker 6: sit in the park with a five dollar bottle of wine.
• 13:02
  Speaker 6: I always mentioned this five dollar bottle of wine. It's
• 13:04
  Speaker 6: so cheap. I just can't get around cheapens, like take
• 13:07
  Speaker 6: a game of chess and things like that. But what
• 13:10
  Speaker 6: I did once with my best friend, who I mentioned
• 13:12
  Speaker 6: all the time as well highly live, what I did
• 13:16
  Speaker 6: was I got her to leave the house for a
• 13:18
  Speaker 6: little while and I turned our house into a pub,
• 13:21
  Speaker 6: so instead of going out for seriously, I did this
• 13:26
  Speaker 6: through COVID, though I probably have like photos and videos
• 13:29
  Speaker 6: somewhere that I'll show. Please, But did you.
• 13:32
  Speaker 2: Like pour beer all over the carpet so it's got sticky?
• 13:34
  Speaker 6: I did? I did. I made the carpet sticky. I
• 13:38
  Speaker 6: even put my head on the wall. I did. I
• 13:43
  Speaker 6: just grossing to make it as authentic experiences possible exactly,
• 13:48
  Speaker 6: And you know, we go north side pubs, so I
• 13:50
  Speaker 6: tried to make it airy exactly, very grungy. But I
• 13:54
  Speaker 6: just got some paper, which is obviously you know, it
• 13:56
  Speaker 6: doesn't have to be too expensive, and I wrote up menus.
• 13:59
  Speaker 6: I got frozen pizzas and put those. I made them
• 14:01
  Speaker 6: sound really good, like, you know, like ham and pineapple.
• 14:04
  Speaker 6: I put it on there as a twenty four hours
• 14:06
  Speaker 6: slow roasted pork.
• 14:09
  Speaker 2: It was really just like a.
• 14:12
  Speaker 6: Pineapple throats and pizza. So and I play.
• 14:16
  Speaker 2: I love this.
• 14:16
  Speaker 6: I put like signs in our bathroom if anyone's making
• 14:19
  Speaker 6: you feel uncomfortable. And you know, I got like a
• 14:23
  Speaker 6: case of beers, which is cheaper. You know, twenty beers
• 14:27
  Speaker 6: at a pub is like, I don't know, several thousand dollars.
• 14:29
  Speaker 6: I don't know bad math, but you know it's probably
• 14:32
  Speaker 6: sixty bucks from the liquor store.
• 14:34
  Speaker 2: Of Yeah, I know, that's genius.
• 14:36
  Speaker 6: I thought, you know, and you put on a movie
• 14:38
  Speaker 6: on Netflix. It's all, it's all. It doesn't have to
• 14:39
  Speaker 6: be that expensive at all.
• 14:40
  Speaker 2: It's actually so cute. I want to do that.
• 14:42
  Speaker 6: That's really cute.
• 14:43
  Speaker 2: It was really four on our carpet, though there's a line.
• 14:47
  Speaker 2: That's where it is for me.
• 14:48
  Speaker 6: That's fair. You still have to weigh on the on
• 14:50
  Speaker 6: the floor somewhere.
• 14:51
  Speaker 2: No bathrooms, no never.
• 14:56
  Speaker 6: If you have a male female bathroom in your home,
• 14:58
  Speaker 6: I will be very pressed where all sitles or gender bathroom.
• 15:03
  Speaker 4: Just put an old gender sign on your own actual
• 15:06
  Speaker 4: toy if you do.
• 15:06
  Speaker 6: That as well, yeah from memory, so funny. But anyway,
• 15:10
  Speaker 6: so that's my ROAK tip is to turn your home
• 15:13
  Speaker 6: into a pub.
• 15:13
  Speaker 2: I love it, I like it, I love it.
• 15:15
  Speaker 6: All right, let's go to a really quick break. I
• 15:18
  Speaker 6: need to see these photos of this pub.
• 15:21
  Speaker 4: And on the flip side, we're going to be talking
• 15:22
  Speaker 4: about sorting out your super ed of thirty and we're
• 15:25
  Speaker 4: also going to be answering and unpacking something that you
• 15:27
  Speaker 4: slid into our DMS about.
• 15:28
  Speaker 2: So don't go anywhere.
• 15:34
  Speaker 5: Welcome back, everybody. Let's take a listen to the money dilemma.
• 15:40
  Speaker 6: Hi.
• 15:40
  Speaker 4: There, have you got a money dilemma you just can't solve?
• 15:43
  Speaker 4: The Sheese on the Money team is here to help.
• 15:46
  Speaker 4: Every week, we tackle your dilemmas, both big and small,
• 15:49
  Speaker 4: to answer your most burning money.
• 15:50
  Speaker 2: Career and life questions.
• 15:52
  Speaker 6: To get involved, simply head to our website and leave
• 15:55
  Speaker 6: us a short voice recording and you might just find
• 15:57
  Speaker 6: yourself on the show. Now, let's take a listen to
• 16:00
  Speaker 6: this week's money dilemma.
• 16:04
  Speaker 7: Hey, I need your help. I'm twenty eight years old,
• 16:07
  Speaker 7: and I have no SUPER, like zero dollars. I work
• 16:10
  Speaker 7: full time as a nanny, and I'm earning just shy
• 16:12
  Speaker 7: of ninety k. However, because I work for two families
• 16:16
  Speaker 7: and less than thirty hours at each of them, I
• 16:18
  Speaker 7: fall into a weird category of domestic employee that doesn't
• 16:22
  Speaker 7: qualify for SUPER from their employers. I adore my job,
• 16:27
  Speaker 7: and I love the families I work for, but I
• 16:30
  Speaker 7: just think that in this industry, it's just really hard
• 16:32
  Speaker 7: to earn SUPER from your employers. It's hard to qualify.
• 16:36
  Speaker 7: So I know I need to start on my own somehow.
• 16:41
  Speaker 7: And the closer I get to thirty and the more
• 16:42
  Speaker 7: I listen to the podcast, the more worried I am
• 16:45
  Speaker 7: for my future. But I just don't know where to start.
• 16:48
  Speaker 1: Help.
• 16:48
  Speaker 4: I love this question because I feel like there are
• 16:50
  Speaker 4: lots of people in this situation, but also it applies
• 16:53
  Speaker 4: to people who are self employed, Like they have income
• 16:56
  Speaker 4: and they're like, but I'm not being paid SUPER. In
• 16:58
  Speaker 4: these circumstances, it is your responsibility to build eleven percent
• 17:03
  Speaker 4: into the amount that you are being paid. So if
• 17:05
  Speaker 4: you want to earn twenty dollars an hour, you need
• 17:08
  Speaker 4: to add your supranuation to cost to that, and that
• 17:12
  Speaker 4: is why more often than not, those hourly rates when
• 17:15
  Speaker 4: you know you're not paying SUPER and you are paying
• 17:17
  Speaker 4: a quote casual employee, do not consist of superanuation, but
• 17:22
  Speaker 4: they are higher so that you know a freelancer is
• 17:25
  Speaker 4: meant to pay themselves, right, Like we've worked with so
• 17:28
  Speaker 4: many freelancers and we never pay them super. Not because
• 17:31
  Speaker 4: we're dodgy, but that's how the world works. Like a
• 17:34
  Speaker 4: freelancer might cost me one hundred dollars an hour, right,
• 17:37
  Speaker 4: but I know of that when that gets to them,
• 17:39
  Speaker 4: they're paying their tax, they're paying their superranuation, or they
• 17:42
  Speaker 4: should be paying their superannuation and their business overhead. So
• 17:45
  Speaker 4: the true cost of it obviously comes down after their
• 17:48
  Speaker 4: business expenses. But this is the way you should be
• 17:51
  Speaker 4: seeing it as well. If you know from the start,
• 17:54
  Speaker 4: all right, well I'm not going to get SUPER. Instead
• 17:57
  Speaker 4: of saying I earn ninety thousand dollars is year, well
• 18:01
  Speaker 4: actually you earn ninety thousand dollars including SUPER, and you
• 18:05
  Speaker 4: need to work out what that amount is and take
• 18:07
  Speaker 4: that out and put it into your superannuation for your future.
• 18:10
  Speaker 2: It is so important to be putting.
• 18:13
  Speaker 4: To you first, and it could also be about renegotiating
• 18:16
  Speaker 4: a rate.
• 18:17
  Speaker 2: But to me, in those.
• 18:18
  Speaker 4: Roles, it's not actually about even approaching your employer and
• 18:21
  Speaker 4: saying you need to pay me SUPER. Because of the
• 18:23
  Speaker 4: way you're employed, you're basically a freelancer, so it's actually
• 18:27
  Speaker 4: your responsibility to be paying you SUPER.
• 18:30
  Speaker 2: And if you ask for a.
• 18:31
  Speaker 4: Pay rise, it's not oh, yes, I need to up
• 18:33
  Speaker 4: my rates because I need to pay myself SUPER.
• 18:35
  Speaker 2: It's oh, Jess, my rates are going up year.
• 18:38
  Speaker 4: You may also just like cost of living has increased
• 18:41
  Speaker 4: full stop, end of story, but some of that income
• 18:44
  Speaker 4: that you already earned needs to be allocated towards SUPER
• 18:47
  Speaker 4: like end of story. And I feel like I have
• 18:50
  Speaker 4: danced around it for a long time. And I am
• 18:53
  Speaker 4: also very aware that I sound hypocritical in this conversation,
• 18:56
  Speaker 4: because if you know me personally, you know that I
• 19:00
  Speaker 4: did compromise my SUPER to start my business. Lots of
• 19:03
  Speaker 4: small business owners do that. Is it the right thing?
• 19:06
  Speaker 4: Absolutely not, Like this is definitely a do as I say,
• 19:08
  Speaker 4: not as.
• 19:08
  Speaker 2: I do thing.
• 19:09
  Speaker 4: But I also want to let you know if you're
• 19:10
  Speaker 4: a freelancer and you don't pay self SUPER yet, bybe
• 19:13
  Speaker 4: I get it.
• 19:13
  Speaker 2: We've all been there.
• 19:15
  Speaker 4: Like sometimes I didn't have enough money coming in the
• 19:17
  Speaker 4: door to even pay myself a wage, let alone superannuation,
• 19:20
  Speaker 4: and I just was trying to hustle to get my business.
• 19:23
  Speaker 2: Where I wanted it to be.
• 19:24
  Speaker 4: Now I do and have sorted it all out and
• 19:26
  Speaker 4: I've definitely back paid it and we're all good.
• 19:28
  Speaker 2: But one, I get it, but two, prioritize it. It's
• 19:33
  Speaker 2: future you that's missing out.
• 19:34
  Speaker 4: And you're not working in these jobs to put yourself behind.
• 19:38
  Speaker 4: So many times you talk to freelancers who are just
• 19:41
  Speaker 4: like the biggest hustlers, and you're just like, you work
• 19:44
  Speaker 4: so hard to put yourself ahead.
• 19:46
  Speaker 2: No one works that hard and doesn't want.
• 19:48
  Speaker 4: To be in a better position after to find out
• 19:51
  Speaker 4: they're shooting themselves in the foot because they will retire
• 19:53
  Speaker 4: with much less SUPER than the average PAYG employee just
• 19:57
  Speaker 4: because they haven't prioritized it.
• 20:00
  Speaker 5: Yeah, in ninety K inclusive of super is of like,
• 20:04
  Speaker 5: that's a package that a lot of people earn in there.
• 20:06
  Speaker 5: So like, even if you're not up in your rates,
• 20:07
  Speaker 5: there is, from my perspective, no reason to not be
• 20:10
  Speaker 5: going through.
• 20:11
  Speaker 2: I agree.
• 20:11
  Speaker 5: The other thing I would suggest is you said, you're
• 20:13
  Speaker 5: twenty eight, you have zero SUPER. You need to be
• 20:17
  Speaker 5: working on building that up, whether that's within SUPER or
• 20:20
  Speaker 5: whether that's in investments outside of SUPER. Obviously SUPER has
• 20:22
  Speaker 5: a lot of really fantastic tax benefits, so look into
• 20:25
  Speaker 5: what works for you. But if you genuinely have zero
• 20:28
  Speaker 5: dollars in SUPER, and particularly if you didn't have an investment,
• 20:32
  Speaker 5: either if you've just kind of been spending the money
• 20:33
  Speaker 5: or saving the money or living your best life, definitely
• 20:37
  Speaker 5: I would say sit down and look at a plan.
• 20:39
  Speaker 5: As you said, ved to prioritize that and start contributing.
• 20:42
  Speaker 5: Because at thirty, I think you're the suggested amount to
• 20:47
  Speaker 5: retire with a liverabol wage is around thirty five forty
• 20:50
  Speaker 5: thousand dollars.
• 20:51
  Speaker 2: Yes, that's correct.
• 20:52
  Speaker 5: So whether that's in SUPER or whether that's in an
• 20:54
  Speaker 5: independent investment, you know your call as a business owner.
• 20:57
  Speaker 5: But if you're not kind of sitting around there, I
• 20:59
  Speaker 5: would be looking at a strategy. You're a plan to
• 21:01
  Speaker 5: help get you on your way. And I don't mean
• 21:03
  Speaker 5: that to sound overwhelming, but like that's.
• 21:05
  Speaker 2: No, that's the reality of the situation. Like you need
• 21:08
  Speaker 2: to put future you first.
• 21:10
  Speaker 4: One website that could be really helpful for you is
• 21:12
  Speaker 4: paycalculator dot com dot au. So what you do is
• 21:15
  Speaker 4: pop in your annual salary. So I've just done this
• 21:18
  Speaker 4: ninety thousand dollars and right now, not including super, your
• 21:22
  Speaker 4: annual pays sixty eight thousand, four hundred and eighty three dollars.
• 21:26
  Speaker 4: Because you have a taxable income of ninety thousand dollars
• 21:29
  Speaker 4: in the twenty twenty three twenty twenty four tax year,
• 21:32
  Speaker 4: you're going to pay a total of twenty one thousand,
• 21:34
  Speaker 4: five hundred and seventeen dollars tax, not taking into consideration
• 21:38
  Speaker 4: if you have any like student loans.
• 21:40
  Speaker 2: But if we click the.
• 21:42
  Speaker 4: Option that says include superannuation, that flip set and it says, well,
• 21:46
  Speaker 4: actually your annual is now sixty two thousand, six hundred
• 21:50
  Speaker 4: and forty one dollars with a taxable income of eighty.
• 21:53
  Speaker 2: One thousand and eighty one dollars.
• 21:55
  Speaker 4: Superannuation that you would be paying out of that ninety
• 21:58
  Speaker 4: thousand dollars package would be eight thousand, nine one hundred
• 22:00
  Speaker 4: and eighteen dollars a year, which means you're paying eighteen thousand,
• 22:04
  Speaker 4: four hundred and thirty nine dollars in tax a year
• 22:07
  Speaker 4: instead of the twenty one thousand, so there are some
• 22:10
  Speaker 4: tax benefits as well to putting money in SUPER. Obviously,
• 22:14
  Speaker 4: this is an advice. It's more like, go and work
• 22:16
  Speaker 4: out what works for you. But at the end of
• 22:19
  Speaker 4: the day, if your structure is that you don't get
• 22:22
  Speaker 4: paid SUPER, you need to build it in. So not
• 22:24
  Speaker 4: I earn ninety thousand dollars a year, I earn ninety
• 22:27
  Speaker 4: thousand dollars as a package each year, which means I
• 22:30
  Speaker 4: actually earn eighty one thousand and I pay eight thousand,
• 22:33
  Speaker 4: nine hundred in SUPER.
• 22:34
  Speaker 2: Does that make sense?
• 22:35
  Speaker 4: That totally makes sense, And that's still a great wage,
• 22:38
  Speaker 4: like a fantastic wage, and you're putting future you first. Totally.
• 22:41
  Speaker 6: My only advice is to be harming yourself.
• 22:44
  Speaker 5: She sounded very stressful for the MDBEA.
• 22:45
  Speaker 6: And I totally did You've been doing the less that
• 22:47
  Speaker 6: you can. Yes, exactly, You're doing great, and it's never
• 22:50
  Speaker 6: too late and you're fine.
• 22:51
  Speaker 5: It's good that you're thinking about it. That's awesome.
• 22:53
  Speaker 4: I think it's really smart to think about it, and
• 22:55
  Speaker 4: you are absolutely correct, Beck Like, there is no better
• 22:57
  Speaker 4: time than today to start. And I'm so glad that
• 23:00
  Speaker 4: you're in our community because You're going to be in
• 23:01
  Speaker 4: the best possible position that you can be. Mm hmm
• 23:04
  Speaker 4: oh when you get to be along for the ride,
• 23:05
  Speaker 4: How good is that?
• 23:06
  Speaker 6: Yes, all right, let's move on, my friends, We once
• 23:10
  Speaker 6: again have a juicy money dilemma that you slid into
• 23:13
  Speaker 6: our dms about.
• 23:15
  Speaker 2: So here is our DM of the week. Are you ready, ready, ready? High?
• 23:18
  Speaker 4: She's on the money. My boyfriend and I have been
• 23:21
  Speaker 4: together for six years now. His parents always.
• 23:24
  Speaker 2: Ask him for money.
• 23:25
  Speaker 4: I'm talking like four hundred dollars every couple of weeks,
• 23:28
  Speaker 4: but they never pay him back. We don't share finances,
• 23:32
  Speaker 4: but we are trying really hard to save for our
• 23:34
  Speaker 4: shared goals, like buying a house together in the future.
• 23:37
  Speaker 4: This is getting really difficult to save when he continually
• 23:41
  Speaker 4: gives them money, and now I'm contributing more towards our
• 23:44
  Speaker 4: shared goals as he has less savings due to this.
• 23:48
  Speaker 2: Also, his parents have all paying jobs.
• 23:50
  Speaker 4: They just have bad, expensive habits and rely on their
• 23:54
  Speaker 4: son as backup, which is even more frustrating. We've been
• 23:57
  Speaker 4: fighting about this and I told him this is negatively
• 24:00
  Speaker 4: impacting our ability to reach our goals. He said, I'm
• 24:03
  Speaker 4: being controlling, trying to convince him not to help his parents,
• 24:07
  Speaker 4: but really I'm trying to do what's best for him
• 24:09
  Speaker 4: and our future together. I'm not sure what to do
• 24:12
  Speaker 4: now as it really doesn't sit well with me what
• 24:15
  Speaker 4: he's doing.
• 24:16
  Speaker 2: Please help.
• 24:18
  Speaker 6: Uncomfortable, very yeah, awkward, and just what do you do?
• 24:24
  Speaker 5: I feel like it's hard because to me, this is
• 24:27
  Speaker 5: one of the very few things I feel like nobody
• 24:31
  Speaker 5: else really has input over. Like I think that I
• 24:36
  Speaker 5: know that you know, when your parents have raised you,
• 24:39
  Speaker 5: they have obviously put a lot of money into raising
• 24:41
  Speaker 5: you as a child, not to make you sound like
• 24:42
  Speaker 5: a prized cow to fair or something. They've looked after
• 24:46
  Speaker 5: you for so long that a lot of children, I think,
• 24:49
  Speaker 5: want to repay that when the roles are reversed, and
• 24:51
  Speaker 5: you know, I think there's I've seen a lot of
• 24:53
  Speaker 5: quotes and discussion around how people kind of age up
• 24:56
  Speaker 5: and then age down, like you hit your peak and
• 24:57
  Speaker 5: then you kind of regress, and then sometimes you know,
• 25:00
  Speaker 5: for some people, they then want to step in and
• 25:02
  Speaker 5: support their parents in the way that their parents supported them.
• 25:06
  Speaker 5: In certain cultures, it's also very common for children to
• 25:09
  Speaker 5: support their parents completely once they reach a certain age.
• 25:13
  Speaker 5: So I you know, that's another lot of aspects we.
• 25:15
  Speaker 4: Don't have insight into is a central thing and you
• 25:19
  Speaker 4: just haven't tapped into that being a cultural thing. And
• 25:23
  Speaker 4: you know who knows, yeah, or are you just like
• 25:26
  Speaker 4: me and you're straight stray in and that's not really
• 25:30
  Speaker 4: a part.
• 25:30
  Speaker 2: Of your culture.
• 25:31
  Speaker 4: And that's why you find it really frustrating because you know,
• 25:34
  Speaker 4: just to extrapolate it out, you're saying, and you said
• 25:37
  Speaker 4: in this that you know they have some bad expensive habits.
• 25:43
  Speaker 2: What are those bad expensive habits?
• 25:45
  Speaker 4: So why is your partner funding them if they're not
• 25:48
  Speaker 4: good for their parents as well?
• 25:50
  Speaker 2: Like, I just feel like there's a lot more to
• 25:51
  Speaker 2: the story totally.
• 25:53
  Speaker 5: I feel like my suggestion for a solution would simply
• 25:56
  Speaker 5: be that if you are feeling uncomfortable with the fact
• 25:59
  Speaker 5: that you now I feel like you're contributing more financially,
• 26:01
  Speaker 5: you feel like it's a bit uneven. If he wants
• 26:05
  Speaker 5: to continue to support his parents, I think that should
• 26:06
  Speaker 5: be his decision. But I suppose to equalize the playing field,
• 26:10
  Speaker 5: maybe the conversation is okay, well, if you're taking four
• 26:12
  Speaker 5: hundred dollars out a month or a fortnight or whatever,
• 26:16
  Speaker 5: I'm going to contribute four hundred dollars less, and I'm
• 26:18
  Speaker 5: going to put that towards something for me. So maybe
• 26:20
  Speaker 5: you put it in an investment portfolio, or maybe you
• 26:23
  Speaker 5: put it towards something you want to treat yourself with,
• 26:25
  Speaker 5: and you kind of equalize those contributions in a way
• 26:28
  Speaker 5: that you want. Like I know we've discussed before, there's
• 26:30
  Speaker 5: many different ways to approach your money, and not everyone
• 26:32
  Speaker 5: wants it to be exactly tit for tat, But if
• 26:35
  Speaker 5: it's a point of contention, maybe that is that that's
• 26:38
  Speaker 5: the best way I can kind of think of.
• 26:39
  Speaker 2: To solve it.
• 26:40
  Speaker 5: And I totally agree to kind of pull that back
• 26:42
  Speaker 5: he continues to do what is important to him and
• 26:44
  Speaker 5: important to his family, because I do think that that's
• 26:46
  Speaker 5: maybe not necessarily something that anyone else can tell you
• 26:49
  Speaker 5: how to manage, Like your relationship with your family, I
• 26:52
  Speaker 5: think is deeply personal. And if our listener is worried
• 26:55
  Speaker 5: about the impact on their financial goals, you know, strip
• 26:58
  Speaker 5: it back, kind of even out the playing field and
• 27:01
  Speaker 5: maybe read the timeline for the goals that you have.
• 27:04
  Speaker 6: I totally agree my advice is going to be similar
• 27:06
  Speaker 6: to that, almost exactly the same, but obviously.
• 27:09
  Speaker 2: Communication say what she says what she said.
• 27:14
  Speaker 6: No, but yeah, communication is key, and also yeah, I
• 27:16
  Speaker 6: would say I guess it would be really frustrating if
• 27:19
  Speaker 6: you have already mapped out when you're going to reach
• 27:22
  Speaker 6: your goal by and it's like, you know your second half,
• 27:26
  Speaker 6: you know, the person who's meant to be contributing the
• 27:29
  Speaker 6: same amount or not that much less. Is kind of
• 27:33
  Speaker 6: like not really pulling the weight in that regard. But yeah,
• 27:35
  Speaker 6: it is one of those things. It's like you currently
• 27:37
  Speaker 6: say anything. You can't talk to the parents. Obviously they're
• 27:39
  Speaker 6: not yours. It depends on your dynamic with them. Maybe
• 27:41
  Speaker 6: you're super comfortable.
• 27:42
  Speaker 1: I don't know.
• 27:42
  Speaker 2: I agree with you on the communication piece.
• 27:45
  Speaker 4: It feels like there's a lack of understanding from both sides,
• 27:49
  Speaker 4: like you're clearly not on the same page about it.
• 27:50
  Speaker 4: I think we need to step back and then go, oh, hey, Jess,
• 27:54
  Speaker 4: can we sit down and like properly talk about this,
• 27:56
  Speaker 4: Like obviously that's important to you.
• 27:58
  Speaker 2: We need to factor it in.
• 28:00
  Speaker 4: It's like, let's be honest, it's happening so often, happening
• 28:02
  Speaker 4: every week or whatever it is, we now need to
• 28:05
  Speaker 4: build this into our budget. If you're going to continue it,
• 28:07
  Speaker 4: that's fine, but like, we need to be talking about
• 28:09
  Speaker 4: our goals and what that looks like.
• 28:10
  Speaker 2: And you know, I think that if you don't go,
• 28:13
  Speaker 2: I don't want you doing it.
• 28:14
  Speaker 4: Let's talk about that, that's going to create some bruffage.
• 28:17
  Speaker 4: But if you say, look, we actually just need to
• 28:19
  Speaker 4: revisit our budget because obviously we're not able to do this.
• 28:22
  Speaker 4: We quote we need to be contributing to this, and
• 28:26
  Speaker 4: then once you sit down, you go, well, I don't
• 28:28
  Speaker 4: want to contribute to that. I want to be doing this.
• 28:31
  Speaker 4: But what does it look like like if your parents
• 28:33
  Speaker 4: are asking you for this?
• 28:34
  Speaker 2: Let's have a look.
• 28:34
  Speaker 4: How much have we given them over the last few months? Okay,
• 28:37
  Speaker 4: X thousand dollars? Okay, no worries. How do we make
• 28:40
  Speaker 4: sure that you are in a position to do that
• 28:43
  Speaker 4: and achieve your goals?
• 28:44
  Speaker 2: Does that mean?
• 28:45
  Speaker 4: And I think that the reality of the circumstances might
• 28:48
  Speaker 4: come tumbling down then, because if you're doing it ad hoc,
• 28:50
  Speaker 4: you go whatever whatever every time, right. But if then
• 28:53
  Speaker 4: I go, oh, beck, like that means that you know,
• 28:56
  Speaker 4: how we wanted to buy a house next year, it's not.
• 28:58
  Speaker 2: Going to happen. That's okay.
• 29:00
  Speaker 4: What will happen though, is we could probably buy a
• 29:02
  Speaker 4: house in three or four years. You're right with that,
• 29:05
  Speaker 4: and I'm almost certain that your partner will be like,
• 29:07
  Speaker 4: wait wait, I no, no, no, that's not what we wanted.
• 29:09
  Speaker 2: But that's how money works. It's not endless.
• 29:12
  Speaker 4: Like I think, having a really good, non judgmental conversation
• 29:17
  Speaker 4: about it, because you might think it's the worst thing ever.
• 29:19
  Speaker 2: But then I look at it and go if my parents.
• 29:21
  Speaker 4: Reached out to me and said they need a cash,
• 29:23
  Speaker 4: which they don't, I would give it to them in heartbeat.
• 29:26
  Speaker 2: I don't think i'd even question it.
• 29:28
  Speaker 4: No, like sister sibling, honestly, jes asked me for cash tomorrow,
• 29:32
  Speaker 4: I'd be like, oh, of course, I'll look after you, like,
• 29:34
  Speaker 4: don't worry. Yeah, I'm that type of person. And that's
• 29:37
  Speaker 4: not that sounds terrible. It's not a flex thing. It's
• 29:40
  Speaker 4: more that's what I would want to do in that
• 29:42
  Speaker 4: circumstance if I have the means. So your partner might
• 29:45
  Speaker 4: be very similar and they're like, yeah, but like I
• 29:47
  Speaker 4: know what compromises my goals, but my family's more important.
• 29:51
  Speaker 4: So like we need to have that conversation and get
• 29:53
  Speaker 4: on the same page because you might not have grown
• 29:55
  Speaker 4: up in a similar situation, you might go, oh, my
• 29:58
  Speaker 4: parents I left when I was six, want nothing to
• 30:01
  Speaker 4: do with them, would never give them a dollar, And
• 30:04
  Speaker 4: then that mindset is overlaying what they're doing, and you're going, well, that.
• 30:07
  Speaker 2: Makes no sense. I'd never do that. Why would you
• 30:09
  Speaker 2: do that?
• 30:09
  Speaker 4: So I think we need to kind of like step
• 30:11
  Speaker 4: back and just have some open, honest communication about this,
• 30:14
  Speaker 4: because you both deserve that clarity, because then at least
• 30:18
  Speaker 4: you can feel at peace with the decision they're making.
• 30:21
  Speaker 2: And going back to what you said, Yes, if there's
• 30:23
  Speaker 2: spare cash, because you're.
• 30:24
  Speaker 4: Like, well, I'm not going to be buying this house
• 30:26
  Speaker 4: on my own, you can allocate it towards another investment
• 30:29
  Speaker 4: goal to make sure that you're still working towards a
• 30:31
  Speaker 4: safe financial future.
• 30:32
  Speaker 5: Yeah.
• 30:33
  Speaker 6: Love that.
• 30:33
  Speaker 5: What did everyone else say?
• 30:34
  Speaker 2: Oh, God, spicy, you're ready.
• 30:36
  Speaker 4: And we asked, obviously for your two cents. First question
• 30:38
  Speaker 4: we asked was would you be frustrated if your partner
• 30:41
  Speaker 4: was giving significant dollars.
• 30:42
  Speaker 2: To their parents. Ninety percent of you said yes.
• 30:45
  Speaker 4: Well, he said, if your parents continued to ask for
• 30:47
  Speaker 4: your help with money, would you give it?
• 30:50
  Speaker 2: Forty percent of you said yes. Sixty percent said no, I.
• 30:53
  Speaker 5: Guess it does depend on what it's like. If they're
• 30:55
  Speaker 5: using it for drugs, then you go, okay, probably not exactly.
• 30:57
  Speaker 5: And that's where I'm like, we need some context.
• 30:59
  Speaker 4: You said it was a bad habit, but like, what
• 31:01
  Speaker 4: is a bad habit that you just keep overspending and
• 31:04
  Speaker 4: you didn't allocate money for the bills this month?
• 31:07
  Speaker 2: Or like is that crystal meth? Like there's a different delineation,
• 31:11
  Speaker 2: you know.
• 31:11
  Speaker 4: We then asked you if yes, so as if you
• 31:15
  Speaker 4: would continue to give your parents money why, And we
• 31:18
  Speaker 4: have a number of different answers. So they've always helped
• 31:21
  Speaker 4: me whenever i'd need it.
• 31:22
  Speaker 2: It's reciprocal.
• 31:23
  Speaker 4: Someone said, if I was in a position to help
• 31:25
  Speaker 4: my parents, I would, similarly to how they've always helped
• 31:28
  Speaker 4: me get as far as I have.
• 31:30
  Speaker 2: Some people said mine.
• 31:31
  Speaker 4: Wouldn't ask if they were desperate, so if they asked,
• 31:33
  Speaker 4: I'd sell everything I own for them. I was like,
• 31:36
  Speaker 4: you're Someone said, look, I trust them to always return
• 31:40
  Speaker 4: it with some interest, of course. Someone said, my mum
• 31:44
  Speaker 4: sacrificed everything for me, and she wouldn't ask unless she
• 31:48
  Speaker 4: really really needed it.
• 31:50
  Speaker 2: Someone said the bank of mom and Dad's actually supported me.
• 31:52
  Speaker 4: Thus far in my hard times, I would want to
• 31:55
  Speaker 4: return that favor. So it was very much if you said, yes,
• 31:59
  Speaker 4: that's absolutely it. But then the tables turned and someone
• 32:02
  Speaker 4: said I'd do it. I don't want to. I'd just
• 32:04
  Speaker 4: feel guilty, Like I can see where that comes from.
• 32:08
  Speaker 4: Someone said, I grew up in a Chinese household. It's
• 32:11
  Speaker 4: actually expected that I fund my parents' lifestyle, right. Someone
• 32:15
  Speaker 4: said they're not going to ask for it for bad habits,
• 32:18
  Speaker 4: but if it was for good things, I'm sure I
• 32:20
  Speaker 4: would be happy to give it to them. And then
• 32:22
  Speaker 4: a lot of other people said, if it's a cultural thing,
• 32:25
  Speaker 4: maybe your partner could give Cole's gift cards so they
• 32:29
  Speaker 4: don't have access to cash for whatever bad habit that is.
• 32:33
  Speaker 5: That's an interesting idea.
• 32:35
  Speaker 2: Yeah, well I don't know because I don't know what
• 32:37
  Speaker 2: the cash is.
• 32:38
  Speaker 5: Being correct, Yeah, it depends on I suppose.
• 32:41
  Speaker 2: I mean you could extrapolate that out and be like, oh,
• 32:43
  Speaker 2: what's it for? And if it's for a.
• 32:44
  Speaker 4: Bill'll be like, oh, send me a copy of it,
• 32:46
  Speaker 4: and I'll just be paying myself, like I'll organize it.
• 32:48
  Speaker 4: We did then say, well, if you wouldn't give your
• 32:51
  Speaker 4: parents cash, how would you go about telling them that
• 32:54
  Speaker 4: you can't help. Someone said sharing with them that as
• 32:58
  Speaker 4: an adult, their finances are not my respect.
• 33:01
  Speaker 6: Also technically true.
• 33:03
  Speaker 5: It's such a hard thing because I completely agree and
• 33:06
  Speaker 5: understand what everyone's said around like wanting to support their
• 33:08
  Speaker 5: parents who have supported them and helped them, but at
• 33:11
  Speaker 5: the end of the day, like you didn't ask to
• 33:13
  Speaker 5: be born, and which it's very aggressive, but do you
• 33:16
  Speaker 5: know what I mean? If again, depending on what that
• 33:18
  Speaker 5: bad habit is, if you're not in the position or
• 33:21
  Speaker 5: you don't want to, I think that's also fair and valid.
• 33:24
  Speaker 6: Yes.
• 33:25
  Speaker 2: Yeah.
• 33:25
  Speaker 4: Someone said I'd discuss boundaries with my parents about my
• 33:29
  Speaker 4: parent child relationship and my future goals and how that's
• 33:32
  Speaker 4: impacting them. Someone else said, in my situation, I'd express
• 33:36
  Speaker 4: that I have my own goals and I'm trying.
• 33:38
  Speaker 2: To meet them. Someone said, I'm really not in a position.
• 33:42
  Speaker 4: I'm so sorry. I can't do this anymore. I would
• 33:44
  Speaker 4: have loved to help, it's just not a possibility. You
• 33:46
  Speaker 4: feel like it's a bit more gentle. Someone said, I'd
• 33:48
  Speaker 4: be really blunt. I'd give them all the information for Centerlink,
• 33:52
  Speaker 4: financial counseling, etc.
• 33:54
  Speaker 2: And leave it at that.
• 33:55
  Speaker 5: Resources are really helpful for people totally.
• 33:57
  Speaker 4: Someone said I'd just be straight up if I can't
• 33:59
  Speaker 4: afford it, I can't thought it, And then someone else said,
• 34:02
  Speaker 4: sitting them down for a calm and honest conversation about
• 34:05
  Speaker 4: their habits and how they are not helping themselves. I
• 34:09
  Speaker 4: feel like I would probably be a little bit more
• 34:11
  Speaker 4: gentle than that, Like, I just can't imagine doing it.
• 34:13
  Speaker 2: But that's my relationship with my parents.
• 34:16
  Speaker 4: But I guess this idea of just saying, look, I'm
• 34:19
  Speaker 4: really not in the position to support that, so sorry.
• 34:22
  Speaker 4: Even if you've been doing it for a little while,
• 34:24
  Speaker 4: I think you can go back and be like, look,
• 34:25
  Speaker 4: I can't continue to do this. It's now impacting my
• 34:28
  Speaker 4: bigger goals and stuff.
• 34:30
  Speaker 5: Cost of living is getting worse.
• 34:32
  Speaker 4: Yeah, so I think that that is absolutely fine and
• 34:34
  Speaker 4: obviously the your boundaries draw them, yeah, enforce them.
• 34:39
  Speaker 2: We then said have you been in a similar situation.
• 34:41
  Speaker 2: If so, what happened? And someone said, I regularly help
• 34:44
  Speaker 2: support my mum and my partner and I have open
• 34:46
  Speaker 2: communication about this. Heat doesn't mind at all. Someone said, yep,
• 34:51
  Speaker 2: I send money to support my family who's in Ethiopia.
• 34:54
  Speaker 2: It's an obligation.
• 34:55
  Speaker 4: I can't ever shed sure seek cultural again, Like, I
• 34:59
  Speaker 4: just think that there's so much, many layers to this
• 35:01
  Speaker 4: conversation that we don't understand. Someone said, yeap, very similar
• 35:05
  Speaker 4: where my mum ended up taking out a personal loan
• 35:08
  Speaker 4: at to start a business. It went south and I
• 35:10
  Speaker 4: had to clean up the pieces. Someone said, I'm in
• 35:13
  Speaker 4: a really similar situation and it's a real shot feeling
• 35:16
  Speaker 4: for all those reasons. Someone said, I'm Asian. Most Asian
• 35:21
  Speaker 4: parents expect money from their kids. Mine asked for thirty
• 35:24
  Speaker 4: percent of my pay.
• 35:26
  Speaker 5: Wow.
• 35:27
  Speaker 4: I refused to give it, and then I was being
• 35:29
  Speaker 4: compared to my cousins who actually did it. And I
• 35:32
  Speaker 4: have to pay rent and mortgage, so this is very
• 35:35
  Speaker 4: hard on me.
• 35:36
  Speaker 6: It's a lot lot.
• 35:37
  Speaker 5: Yeah, it's hard, I think as well.
• 35:39
  Speaker 4: A lot of thirty percent is like less than what
• 35:43
  Speaker 4: a lot of people are paying on their mortgage. But
• 35:45
  Speaker 4: like on average, if I could put everyone in a
• 35:46
  Speaker 4: perfect position, he'd be only spending about thirty percent on
• 35:49
  Speaker 4: your mortgage. So that's a mortgage or a payment guys, huge.
• 35:52
  Speaker 2: Amount of money.
• 35:53
  Speaker 5: And it's hard for a lot of people who maybe
• 35:55
  Speaker 5: are balancing their parents' culture and their own cultural identity,
• 35:59
  Speaker 5: especially immigrants. I have a few friends who have either
• 36:02
  Speaker 5: them or their parents, and.
• 36:04
  Speaker 4: They're like first generation, so it's not really something that
• 36:07
  Speaker 4: they've tackled before.
• 36:09
  Speaker 5: Yeah, and it's it's almost like navigating, you know, the
• 36:11
  Speaker 5: set of rules and the way that it could realistic
• 36:13
  Speaker 5: work in one country versus here, and the norms that
• 36:17
  Speaker 5: they observe in other family dynamics. And it can see
• 36:19
  Speaker 5: how it also would be really hard to save your parents. Hey, like, like,
• 36:22
  Speaker 5: I know you've spent your whole life thinking that I
• 36:24
  Speaker 5: would pay for you, but there's only so much that
• 36:27
  Speaker 5: is within my means.
• 36:28
  Speaker 2: Like they're exactly huge COSI livy crisis.
• 36:31
  Speaker 5: Yeah.
• 36:32
  Speaker 4: So a couple more, someone said, how long's a piece
• 36:34
  Speaker 4: of string? Someone said, you should set up a binding
• 36:37
  Speaker 4: financial agreement, second last one, because I don't want to
• 36:40
  Speaker 4: end on a trainer. But someone said, I ended up
• 36:42
  Speaker 4: having to have an intervention with my parents and they're
• 36:45
  Speaker 4: overspending after a few health issues arised from what they
• 36:48
  Speaker 4: were spending money on. And then someone said, look, I
• 36:51
  Speaker 4: used to support my parents and now had to reset
• 36:54
  Speaker 4: some boundaries. But we are both on the same page
• 36:56
  Speaker 4: because we had open, honest communication, and I think.
• 36:58
  Speaker 2: That that's where we will leave it.
• 37:01
  Speaker 4: But yeah, I think again open hoes communication exactly what
• 37:04
  Speaker 4: you were saying, Beck, Like you just can't leave it
• 37:07
  Speaker 4: in that situation. And I feel like there's such a
• 37:10
  Speaker 4: lack of clarity from both parties about like what they
• 37:12
  Speaker 4: can do, what you can do, and like how are
• 37:14
  Speaker 4: we sharing finances in the future, Like we.
• 37:16
  Speaker 2: Need lots of chats.
• 37:17
  Speaker 4: Yes, agreed, Right, that is all we have time for today,
• 37:21
  Speaker 4: My loves, I hope you have the best weekend.
• 37:24
  Speaker 2: And we'll see you bright nearly from Money Dari's on Monday.
• 37:27
  Speaker 6: Bye, guys, love you Bye.
• 37:34
  Speaker 4: The advice shared on She's on the Money is generally
• 37:37
  Speaker 4: nature and does not consider your individual circumstances. She's on
• 37:41
  Speaker 4: the Money exists purely for educational purposes and should not
• 37:44
  Speaker 4: be relied upon to make an investment or financial decision.
• 37:48
  Speaker 4: If you do choose to buy a financial product, read
• 37:50
  Speaker 4: the PDS TMD and obtain appropriate financial.
• 37:53
  Speaker 2: Advice tailored towards your needs.
• 37:55
  Speaker 4: Victoria Divine and She's on the Money are authorized representatives
• 37:59
  Speaker 4: of Money, NI sherper P, T y L t D
• 38:01
  Speaker 4: A B N three two one six four nine two
• 38:04
  Speaker 4: seven seven zero eight A F s L four five
• 38:07
  Speaker 4: one two eight nine,