Latest / She's On The Money / Split Bills or Splitsville?

Transcript

Split Bills or Splitsville? · 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. She's on the Money, She's on
0:37
Speaker 2: the Money. Hello, and welcome to She's on the Money,
1:00
Speaker 2: the podcast for millennials who want financial freedom. My friends,
1:03
Speaker 2: today is Friday, which means it is time to get
1:06
Speaker 2: the team together and celebrate you our incredible Shees on
1:09
Speaker 2: the Money community. Today we'll be sharing our favorite money wins.
1:12
Speaker 2: We're going to be helping to answer a juicy money dilemma,
1:14
Speaker 2: which this week is all about the best way to
1:16
Speaker 2: pay yourself when you run your own business, and we
1:19
Speaker 2: unpacked something that has slid into our dms this week
1:22
Speaker 2: about friends who never pay you back team. Hello, and
1:26
Speaker 2: welcome to the show again this week.
1:28
Speaker 3: Hello, Hello, Happy Friday.
1:30
Speaker 2: Are we excited to be here? Have we had good weeks? Yeah?
1:33
Speaker 3: Yeah, you sound really convinced on that.
1:36
Speaker 2: I can't remember anything that happened. We talked about the oils.
1:39
Speaker 2: You threw a sandwich, a sandwich? Yeah yeah, yeah, has
1:42
Speaker 2: been a good week.
1:43
Speaker 3: What about you? Just yeah, nothing exciting. I went to
1:45
Speaker 3: the dentist. I a house. I didn't throw a sandwich
1:48
Speaker 3: the house. You're move going slowly because this is the
1:51
Speaker 3: first time I've ever moved a whole house. Painful, Like
1:53
Speaker 3: I've always had housemates up until when I moved in
1:56
Speaker 3: with my partner, and obviously then we had all the stuff,
1:59
Speaker 3: so when we moved out, had to move all the
2:00
Speaker 3: stuff from that. It sucks.
2:02
Speaker 1: Yeah.
2:03
Speaker 2: I saw on TikTok you're doing your medicine covered, and
2:05
Speaker 2: I was like, relatable content. She has an entire washing
2:07
Speaker 2: basket full of medicine cupboard stuff, and I was like, yeah,
2:10
Speaker 2: same girl, same. It's painful. And then for worse, when
2:13
Speaker 2: you're packing up the house, because I've just done the
2:15
Speaker 2: same thing. When you're packing up the house and you're like,
2:17
Speaker 2: this requires an entire box. What the hell Like, I
2:20
Speaker 2: went to Bunnings and bought boxes and I was like,
2:22
Speaker 2: well need ten ten boxes? Yeah, no, Victoria, you needed
2:26
Speaker 2: fifty boxes. Adam in a mem like what are you doing?
2:29
Speaker 2: And then just how much room stuff takes up. It's
2:32
Speaker 2: making me want to throw everything I've ever owned out
2:35
Speaker 2: because I don't need this. I don't want to. Well,
2:37
Speaker 2: you know when you go through a miscellaneous draw and
2:39
Speaker 2: all these things you haven't used in years, I feel
2:41
Speaker 2: like you need so I need to do right now.
2:43
Speaker 2: It's the bottom drawer in my kitchen and I took
2:46
Speaker 2: that bottom drawer off the hinges and I tipped it
2:49
Speaker 2: into a box. And then when I moved to the
2:51
Speaker 2: new house, this is how organized am. Jess is going
2:53
Speaker 2: to be horrified because she's like the organization queen. I
2:56
Speaker 2: tipped the box into the bottom drawer in the new house.
2:58
Speaker 2: That's very cool, thank you, Thank you. Here all week
3:02
Speaker 2: if you would like some extra hair ties, some birthday sparklers,
3:05
Speaker 2: or some zip ties, or I'd probably used batteries, that's
3:08
Speaker 2: what's in there. But it just made me feel a
3:10
Speaker 2: little bit more at home having all my junk in
3:12
Speaker 2: the rightful junk draw I love that saving time, saving money,
3:16
Speaker 2: saving space. I need to organize that stuff. I'm gonna
3:18
Speaker 2: just pick up and drop off. Love it. Just as
3:21
Speaker 2: like I'm judging you hardcore majority, all right, well not
3:27
Speaker 2: over your dead body is community money wins we love those.
3:30
Speaker 2: That is something just can get around. So jess what
3:33
Speaker 2: have you got this week for us?
3:34
Speaker 3: Some really really good ones this week? My first money
3:37
Speaker 3: win comes from Hayley, who said money win. My kids
3:40
Speaker 3: started preschool, so my daycare fees have harved money loss.
3:44
Speaker 3: I now have to pack her lunch box and she
3:46
Speaker 3: eats like a grown man, and my grown crow bill
3:48
Speaker 3: will probably double and she.
3:50
Speaker 2: Eats like a grown man. This just like little preschooler
3:53
Speaker 2: with the oversized You know those dumb man meals do
3:56
Speaker 2: you get in the frozen food section.
4:01
Speaker 3: Or green for men?
4:03
Speaker 2: It kills me. I'm like, what about that is man's size?
4:06
Speaker 2: That is now just a regular size, like regular size
4:09
Speaker 2: frozen meals. I swear a diet size. And then those
4:12
Speaker 2: quote man meal. You're like, that's a normal pasta serving.
4:15
Speaker 2: What are you guys talking about? I don't understand almost
4:17
Speaker 2: not enough exactly. You've got to get the garlic bread
4:20
Speaker 2: as well, but you got it. Yeah, Okay, it's rude
4:22
Speaker 2: not to.
4:22
Speaker 3: We all love garlic bread. My next time comes from Amy,
4:24
Speaker 3: who said money in It. Started my own copy and
4:26
Speaker 3: content writing business after absolutely demolishing every episode of the
4:30
Speaker 3: Business Bible in a space of a week. I work
4:33
Speaker 3: in local governments, so I'm just waiting for approval for
4:35
Speaker 3: this secondary employment. But I'm so excited for this journey.
4:39
Speaker 2: God, do you know how many messages I've had this
4:41
Speaker 2: week about the Business Bible. People love the Business Bible,
4:44
Speaker 2: I know, but like I've let it sleep. I haven't
4:46
Speaker 2: brought it back. But I feel like twenty twenty three
4:49
Speaker 2: has been everybody's year. Like I'm hearing from everybody, They're like,
4:52
Speaker 2: you know what, this is my year. I think we're
4:54
Speaker 2: far enough out of COVID that people are you know what.
4:57
Speaker 2: I think I do want to change something about my circumstances,
4:59
Speaker 2: or do want to start a side hustle, or I
5:01
Speaker 2: want to know how to you know, run x y Z.
5:03
Speaker 2: So I've probably had like four or five messages this week,
5:06
Speaker 2: which I think is a lot of messages. I know,
5:08
Speaker 2: you guys probably like Victoria when my mum texts me
5:10
Speaker 2: more than that, But five messages. I reckon being like Victoria,
5:13
Speaker 2: bring back the business Bible. It's making me think about it.
5:16
Speaker 3: It's got to be what they want. I said, trying.
5:18
Speaker 2: I'm trying, but I'm a busy goal It's true.
5:21
Speaker 1: All right.
5:21
Speaker 3: Well, my next one you win this week comes from Laura,
5:23
Speaker 3: who said money. When I took my car for a
5:25
Speaker 3: service and they tried to charge me an extra fifty
5:28
Speaker 3: dollars for special oil getting the Oh my god, she said.
5:32
Speaker 3: I questioned it, and they said, probably should have told
5:34
Speaker 3: you first, and they wrote it off straight away.
5:36
Speaker 2: Yeah, no, you guys weren't gonna tell me first.
5:40
Speaker 1: Were you.
5:41
Speaker 3: I don't think the oil specially, No, don't.
5:44
Speaker 2: It's like I was at the petrol station the other day.
5:46
Speaker 2: I think it was like a cowtext or something, and
5:48
Speaker 2: I was just like, you know, when you're feeling your
5:50
Speaker 2: fuel tank, you mindlessly stare off at something because you're
5:52
Speaker 2: not meant to use your phone, and I find that
5:54
Speaker 2: quite challenging, which is probably a personality defect on my behalf.
5:58
Speaker 2: But I was looking at the sign where it's like
6:01
Speaker 2: we've recently rebranded, and I was like, oh, cute, so
6:03
Speaker 2: they've like renamed their petrols and it goes from like
6:06
Speaker 2: petrol to special petrol and diesel to special diesel. And
6:11
Speaker 2: I'm like, but it didn't change the product, and you
6:14
Speaker 2: only have one diesel? Why is it now special diesel?
6:17
Speaker 2: I don't get it. I don't get it. There are
6:19
Speaker 2: special diesel now, I wonder what that looks like. Is
6:21
Speaker 2: it just more expensive? Now? Why is it called special diesel?
6:24
Speaker 2: If anyone could tell me, I'm actually genuinely excited to
6:27
Speaker 2: learn about it because they don't understand why they've rebranded
6:30
Speaker 2: the name to special may me feel good putting in
6:34
Speaker 2: my car that. I'm like, this is clearly better than
6:35
Speaker 2: the you know, the cow takes down the road special diesel.
6:39
Speaker 2: I do, that's very impressive. Is that actually impressive? I
6:42
Speaker 2: thought I was just going to get crucified for not
6:43
Speaker 2: having a hybrid. Oh. I mean, I don't know enough,
6:46
Speaker 2: but I would maybe one day crucify if I know more. Yeah, okay,
6:49
Speaker 2: well do you get educated? I will run.
6:52
Speaker 3: Perfect back on track. We have another money in here
6:55
Speaker 3: from Grace who said win slash loss. I finally hit
6:58
Speaker 3: my sixty K savings got but got notified on the
7:01
Speaker 3: same day that I had to pay three thousand dollars
7:03
Speaker 3: to get my visa granted. At least I'm officially a
7:06
Speaker 3: permanent resident. Now, yeah, welcome. I'm going to say that
7:09
Speaker 3: one's a little bit wholesome, and then I want to
7:11
Speaker 3: round it out today, ladies with a money loss and
7:13
Speaker 3: a little bit of an update for people who've maybe
7:15
Speaker 3: heard our previous episodes. It comes from our friend TJ
7:17
Speaker 3: and she said, hey, guys, I just found out something
7:19
Speaker 3: that might be worth mentioning on the pod. It turns
7:22
Speaker 3: out the federal government has recently abolished the ten percent
7:25
Speaker 3: HEX discount roof if you've paid for your course fees
7:27
Speaker 3: up front. I just paid ninety percent of my fees
7:30
Speaker 3: last week to now find out I still own the
7:32
Speaker 3: remaining ten percent.
7:33
Speaker 2: That's insane.
7:34
Speaker 3: That's been for money loss, isn't it.
7:36
Speaker 2: That is not acceptable. And just when you said it,
7:39
Speaker 2: I was like, I didn't think that was a thing,
7:41
Speaker 2: Like I haven't seen any updates, And we did some
7:44
Speaker 2: little googling and I'm currently on Study Assist dot gov
7:47
Speaker 2: dot AU and it says the Hex help upfront discounts
7:50
Speaker 2: ceased on the thirty first of December twenty twenty two.
7:53
Speaker 2: So I feel like that is a little bit sneaky
7:56
Speaker 2: of their behalf to have not said anything. Yeah, I
7:58
Speaker 2: also think that that is quite rude, given we know
8:02
Speaker 2: that CBI impacts the indexation of our hex rates. Yeah,
8:06
Speaker 2: and the fact that they know we're struggling, So it
8:08
Speaker 2: would have been nice to keep that kind of discount
8:11
Speaker 2: of like, oh, Beck, if you paid off early, like
8:12
Speaker 2: you'll get a discount and all. It sucks, but like
8:14
Speaker 2: it's the best we can do. So now, if you're
8:17
Speaker 2: eligible to make a hex slash help loan repayment, there's
8:20
Speaker 2: actually not a lot of black carrot on a stick
8:22
Speaker 2: to paid off early. Yeah, why would you really because
8:24
Speaker 2: you're not getting that ten percent off, which is essentially
8:26
Speaker 2: a ten percent return on you paying off the debt,
8:28
Speaker 2: So yeah, just is going to index. So yeah, frustrating,
8:33
Speaker 2: but keeping in mind if you're keeping in mind, especially
8:36
Speaker 2: if you're going to go pay off your hex debt,
8:38
Speaker 2: that's one thing I would say, I guess on the
8:39
Speaker 2: flip side, Jess is as much as TJ that sucks.
8:43
Speaker 2: I also would really recommend before paying off any type
8:46
Speaker 2: of debt, calling up that person or calling up that
8:49
Speaker 2: company and saying, well, can you please calculate it? If
8:52
Speaker 2: I pay it today, because I remember when I was
8:54
Speaker 2: paying off my debt. And this works in every other
8:56
Speaker 2: circumstance as well. If you pay off your debt today,
9:00
Speaker 2: maybe the interest hasn't been calculated for that week or
9:02
Speaker 2: that month yet, and you paid off, and then you
9:04
Speaker 2: still have outstanding amounts, so you actually need to get
9:07
Speaker 2: the final figure on the day that you're planning on
9:09
Speaker 2: paying it. And I would do that as well for
9:12
Speaker 2: your hex help debt to make sure. Okay, well I
9:15
Speaker 2: know that. You know when I listened to Sheese on
9:17
Speaker 2: the Money last year, they said I could get a
9:18
Speaker 2: ten percent discount. Make sure before you actually act on anything,
9:22
Speaker 2: you triple check it because things like this happen. They
9:24
Speaker 2: can abolish things, they can change it. The government is fluid,
9:27
Speaker 2: and it sucks. It really sucks. I really wish we
9:30
Speaker 2: could help, but unfortunately that's just not the case.
9:33
Speaker 3: Yeah, sorry, TJ.
9:35
Speaker 2: But like Chris, it's paying off ninety percent of your
9:37
Speaker 2: health debt. That's right, that is very impressive.
9:40
Speaker 3: It must feel good. Mustn't have that's it this week?
9:42
Speaker 2: Lady, Oh my gosh. All right, well let's go to
9:44
Speaker 2: a break, because when we get back from the break,
9:46
Speaker 2: I'm going to dive into the best way to pay
9:47
Speaker 2: yourself when you run your own business. And then we're
9:50
Speaker 2: also talking about DM we got this week, which is
9:52
Speaker 2: all about friends who never pay you back. And I
9:54
Speaker 2: feel like that's a spicy topic, So don't go anywhere, guys.
10:02
Speaker 3: Alrighty back from the break and ready to jump into
10:05
Speaker 3: a juicy, juicy money dilemma this week? What have we
10:07
Speaker 3: got you? Guys?
10:10
Speaker 1: Hi?
10:11
Speaker 2: There, have you got a money dilemma you just can't solve?
10:14
Speaker 2: The Sheese on the Money Team is here to help.
10:16
Speaker 2: Every week, we tackle your dilemmas, both big and small,
10:19
Speaker 2: to answer your most burning money, career and life questions.
10:22
Speaker 2: To get involved, simply head to our website and leave
10:25
Speaker 2: us a short voice recording and you might just find
10:27
Speaker 2: yourself on the show. Now, let's take a listen to
10:30
Speaker 2: this week's money dilemma.
10:33
Speaker 4: He So, my question for you, guys is regarding small businesses.
10:37
Speaker 4: I've worked from home since twenty nineteen as a home hairdresser,
10:41
Speaker 4: and then last year I made the move to rent
10:43
Speaker 4: a chair and work from a salon. Since moving into
10:46
Speaker 4: the salon, I've felt a lot of pressure around what
10:49
Speaker 4: I'm doing with my money because I guess I don't
10:51
Speaker 4: have the knowledge on that. So my question is what's
10:54
Speaker 4: the best way to pay myself being a small business
10:57
Speaker 4: and how much should I be putting away for super
11:00
Speaker 4: tax the business savings? And I guess it's different each week.
11:04
Speaker 4: So I guess if you could give me a percentage
11:07
Speaker 4: of how much I should be putting away, that would
11:09
Speaker 4: be amazing. And any other information.
11:12
Speaker 2: Thank you, Becker. I do think your best place to
11:15
Speaker 2: handle this? How would you suggest she moves forward? I
11:18
Speaker 2: would say blow it all on things that.
11:21
Speaker 3: You don't need.
11:22
Speaker 2: Oh that's a good suggestion. TVs, mobile phones, TV's and
11:26
Speaker 2: mobile phone.
11:27
Speaker 3: That's the first thing that you thought of the people
11:29
Speaker 3: you have TVs not just one.
11:31
Speaker 2: Multiples several TVs, several mobile phones, and lots of takeout meals.
11:38
Speaker 2: Oh yeah, it would be the best, but mainly on
11:40
Speaker 2: new breats. So you have to pay the fees and
11:42
Speaker 2: stuff too, right, yes, yeah, so the small business doesn't
11:46
Speaker 2: get all the money either, would be ideal. Yeah, yeah, yeah,
11:49
Speaker 2: that's you are an inspiration. I guess that's all we
11:52
Speaker 2: have time for. But I would like to chime in
11:56
Speaker 2: because it turns out I really like talking. I feel
11:58
Speaker 2: like this is a really good position to be in.
12:00
Speaker 2: It sounds like you're absolutely killing it. But what you
12:02
Speaker 2: want to do is set up a good business cash
12:04
Speaker 2: flow system. Now I will go into it at surface
12:08
Speaker 2: level here, but on the Business Bible podcast, I did
12:12
Speaker 2: a cash flow Q and A with Moyob and I
12:15
Speaker 2: have also talked about exactly how I structure myself, so
12:20
Speaker 2: how I pay myself, how I pay my tax, how
12:22
Speaker 2: I pay my bills, how I make sure that I've
12:24
Speaker 2: got money for payroll, etc. And that I think will
12:27
Speaker 2: be really helpful, But it's thirty eight minutes long, so
12:30
Speaker 2: I just don't think we have time to answer it
12:32
Speaker 2: in that depth. Most small business owners that I've worked
12:35
Speaker 2: with historically put aside about thirty percent for tax. So
12:39
Speaker 2: business tax is less than thirty percent, but it gives
12:43
Speaker 2: you that buffer and makes you feel really confident that
12:45
Speaker 2: if anything pops up, you've got a little bit of
12:47
Speaker 2: money to the side. And there's nothing better. Honestly, as
12:50
Speaker 2: a business owner at tax time, when you have to
12:52
Speaker 2: pay your tax and your tax account is not empty
12:56
Speaker 2: like that is wild to me. I'm always like, oh,
12:58
Speaker 2: I did so well. Then when it comes to GST,
13:01
Speaker 2: it can be really helpful having a separate account for
13:04
Speaker 2: GST because GST is goods and services tax here in Australia.
13:08
Speaker 2: It's kind of like left pocket right pocket. If you're
13:10
Speaker 2: charging your clients or your customers GST of ten percent.
13:14
Speaker 2: The company doesn't actually get that, they just pass it
13:16
Speaker 2: straight onto the government, but it does come into your account,
13:20
Speaker 2: so you need to separate it out to make sure
13:21
Speaker 2: that if you get paid GST, it does get paid.
13:24
Speaker 2: And all of that can usually be automated through an
13:27
Speaker 2: accounting software, so like moob or zero or something whatever
13:30
Speaker 2: aligns to your values and your budget. But I would
13:33
Speaker 2: recommend an accounting software just to keep on top of things.
13:37
Speaker 2: Then when it comes to personal finances as a business owner,
13:40
Speaker 2: I feel like most people really fall behind on that.
13:44
Speaker 2: So they might have nailed their tax, they might have
13:46
Speaker 2: nailed their GST. They pay their staff, you know, they
13:48
Speaker 2: do their super. But a really important I guess delineation
13:53
Speaker 2: is actually treating yourself as a staff member. So what
13:56
Speaker 2: are you getting paid, what is your super? How often
13:59
Speaker 2: are you going to commit to paying that? Maybe you
14:01
Speaker 2: just pay your own super quarterly and once a quarter.
14:04
Speaker 2: You go in four times each year and you pay
14:06
Speaker 2: your superannuation, but it is really important to pay that.
14:10
Speaker 2: There is a book recommendation that we will put in
14:12
Speaker 2: these show notes today called profit First, which is a
14:16
Speaker 2: bit of a backwards model that I find works really
14:18
Speaker 2: well for small businesses who need to change their mindset
14:22
Speaker 2: around paying themselves, because if you're not flourishing, how on
14:25
Speaker 2: earth is the business flourishing. So as much as we
14:28
Speaker 2: are told you should never take profit out for the
14:31
Speaker 2: first ten years to build your business, like that's how
14:33
Speaker 2: it works, I feel like in twenty twenty three that's
14:36
Speaker 2: actually really backwards and making sure that you and your
14:39
Speaker 2: family are thriving and surviving and doing well is actually
14:42
Speaker 2: going to create long term and more sustainable business. So
14:45
Speaker 2: that is where I would go, and I would make
14:47
Speaker 2: sure that I check out the Business Bible podcast because
14:50
Speaker 2: I feel like that can be really helpful because I
14:52
Speaker 2: literally tell you what bank accounts I have, how the
14:55
Speaker 2: money goes in, where it goes, what that looks like,
14:57
Speaker 2: and I feel like that could be really helpful. I mean,
14:59
Speaker 2: it's not advice, because obviously you do you run it
15:02
Speaker 2: how it works for you. It's just me explaining how
15:05
Speaker 2: I've worked it out over the years to make sure
15:07
Speaker 2: it's as functional as possible for me, because if it's
15:10
Speaker 2: in front of me, I will spend it, so we
15:13
Speaker 2: need to remove it. Any other tips, just you're a freelancer,
15:15
Speaker 2: how do you deal with it?
15:16
Speaker 3: I don't know if it's a little bit different from
15:17
Speaker 3: me because I obviously don't have employees or anything like that,
15:20
Speaker 3: Like it's just me.
15:21
Speaker 2: I'm a soft true But you still have money coming
15:22
Speaker 2: in that you need to like pay tax on.
15:24
Speaker 3: And yeah, I kind of am a fan of the
15:27
Speaker 3: overestimate rather than underestimate, so I put I think between
15:30
Speaker 3: thirty five and forty percent aside for tax, and that
15:33
Speaker 3: to me just means that there's a buffer like if
15:35
Speaker 3: my numbers are wrong or something like that. And then
15:37
Speaker 3: at tax time it's kind of like, oh, I get
15:39
Speaker 3: some tax refunded, even though it's technically like I had
15:42
Speaker 3: it sitting there already.
15:43
Speaker 2: So which shit makes you feel good?
15:45
Speaker 3: Exactly? It makes me feel like I'm getting a refund,
15:46
Speaker 3: so that's like bonus money, which is great. And then
15:49
Speaker 3: I do not pay myself superannuation because I work a
15:53
Speaker 3: normal job that does pay me superannuation, so I, you know,
15:56
Speaker 3: would potentially be investing some of those funds. But that's
16:00
Speaker 3: not within my super that's outside of it.
16:01
Speaker 2: Yeah. No, it's interesting to see how people who freelance
16:04
Speaker 2: on the side of a full time job deal with
16:06
Speaker 2: their finances versus someone who their freelances their full time.
16:10
Speaker 2: But as we've said, every financial circumstance is going to
16:13
Speaker 2: be different, and the way just manages her money versus
16:15
Speaker 2: I manage my money versus any other business owner might
16:17
Speaker 2: be different. You actually just have to find a cash
16:19
Speaker 2: flow system that works. But there are a few foundational blocks,
16:23
Speaker 2: like having a cash hub and then having a tax
16:25
Speaker 2: account and having a GST account and making sure that
16:27
Speaker 2: you know, even in your business, you have a level
16:30
Speaker 2: of an emergency fund to make sure that you're okay.
16:32
Speaker 2: I think all of that needs to be the foundations,
16:36
Speaker 2: and then after that we can start, you know, tailoring
16:38
Speaker 2: it to make it work the best for you. But honestly,
16:42
Speaker 2: having an accountant in your back pocket is one of
16:44
Speaker 2: the best things in the entire world. Like my account
16:46
Speaker 2: Luis shout out he never listens to my podcast because
16:48
Speaker 2: he's not my target demographic, and it turns out he's
16:50
Speaker 2: actually really financially literate. Yeah hope, so, but like he's
16:54
Speaker 2: a good egg doing good things and I know his
16:55
Speaker 2: ea Gran. She listens to the pod, so hello, Hi.
17:00
Speaker 3: Having someone do your tax as well life changing. I think,
17:02
Speaker 3: yea one did mine for the first time last year,
17:05
Speaker 3: and turns out I can claim part of my rent
17:07
Speaker 3: because I have a dedicated to talk to someone because
17:09
Speaker 3: there's a lot of stuff. I would have never known that.
17:12
Speaker 3: If someone hadn't said to me, hey, did you know
17:14
Speaker 3: you can? Never would have thought of it.
17:16
Speaker 2: So I want to be real pervy. How much did
17:18
Speaker 2: you spend on an accountant? Was it a lot? No?
17:20
Speaker 3: It was I want to say, like one hundred and
17:23
Speaker 3: fifty ish, But then I can claim it.
17:24
Speaker 2: Untas next year, so it's actually not as bad as
17:28
Speaker 2: people seem to think. It is.
17:30
Speaker 3: Money like the amount of money that she's for that referral,
17:33
Speaker 3: by the way, thank you so much, well brilliant me.
17:36
Speaker 2: Oh what's her name again?
17:37
Speaker 1: No?
17:37
Speaker 2: No, no, I'll tell you offline because I don't want to
17:39
Speaker 2: bombard it. I don't want to bombard it. I already
17:42
Speaker 2: send all my friends to it. But it's one of
17:44
Speaker 2: those things that I think people assume seeing an accountant
17:47
Speaker 2: might be, you know, blowing money out of the water.
17:49
Speaker 2: But you know it's not actually the worst, and being
17:52
Speaker 2: able to claim it on tax the year after it
17:53
Speaker 2: feels good. So you're like, I'm getting a little bit
17:55
Speaker 2: more back even though I already spent it. But it's nice.
17:58
Speaker 2: Plus I imagine the amount that you're the extra amount
18:00
Speaker 2: that you're making through the accountant makes up for spending,
18:05
Speaker 2: and they often think about it. An accountant works with
18:08
Speaker 2: businesses every day, so you know, they might sit down
18:11
Speaker 2: with Jess and be like, oh, I've got another person
18:13
Speaker 2: who does freelance work similar to you, and they've actually
18:15
Speaker 2: structured it like this. Have you thought about that? And
18:17
Speaker 2: Jess might go, oh, fire out and you didn't even
18:19
Speaker 2: know that was an option. So I think having the
18:21
Speaker 2: right people in your team or in your court or
18:23
Speaker 2: in your corner or whatever we're going to call it
18:25
Speaker 2: is actually really constructive because the more people you have
18:29
Speaker 2: that help you leverage your business the better. And it
18:32
Speaker 2: doesn't have to cost thousands. It could just be you know,
18:35
Speaker 2: getting someone to do your tax once a year because
18:37
Speaker 2: you're running the financials for the rest of the year,
18:40
Speaker 2: and that can actually be really powerful. But this is
18:42
Speaker 2: cheese on the money. Let's not go on and on
18:44
Speaker 2: about business stuff. As I said, we will consider bringing
18:48
Speaker 2: back the Business Bible if people want it enough.
18:51
Speaker 3: Excellent advice for you, not that i'd expect anything less
18:53
Speaker 3: from you. If you do want to submit your money
18:55
Speaker 3: dilima to us, though, make sure you're head to our
18:56
Speaker 3: website because we have this fancy little thing in there
18:59
Speaker 3: called Telby. You can automatically record it. It's so quick
19:02
Speaker 3: and easy. We'll have it linked in the show notes,
19:03
Speaker 3: so if you've got something you want to share with us,
19:05
Speaker 3: click the link. We'd love to hear from you. All right, now,
19:08
Speaker 3: let's get into a juicy, juicy DM that's slid in
19:11
Speaker 3: this week because I feel like it was very controversial
19:15
Speaker 3: when we put it up on Instagram, And if you're
19:16
Speaker 3: not following us on Instagram, you should be because we're
19:18
Speaker 3: talking about all the spicy things whereat she's on the
19:21
Speaker 3: money a us as.
19:22
Speaker 2: A twenty twenty three News resolution for me to just
19:24
Speaker 2: be spicier in general as a human. So this is
19:26
Speaker 2: where it started.
19:27
Speaker 3: I feel like you're really succeeding, especially with this one.
19:29
Speaker 3: Do you want me to read it out?
19:30
Speaker 1: I do.
19:31
Speaker 2: Let's go.
19:31
Speaker 3: Our friend said, hey, V loving these dms. Hopefully you
19:34
Speaker 3: can help me out this week. I have a group
19:36
Speaker 3: of girlfriends and we go and have quite a few
19:38
Speaker 3: social outings together. There is one friend in my group
19:41
Speaker 3: who just never transfers us if we can't split a bill.
19:44
Speaker 3: She never offers to pay, and for some reason, never transfers.
19:48
Speaker 3: She never offers to order the uber, and her split
19:50
Speaker 3: fair never works. I don't know how to approach this
19:53
Speaker 3: with her, but we are all getting quite fed up
19:55
Speaker 3: with it, thoughts.
19:56
Speaker 2: Understandably fed up with it.
19:58
Speaker 3: I feel so frust I know. And it's the use
20:01
Speaker 3: of the word never, like I feel like I just
20:03
Speaker 3: never never, never, never, never, And that just makes you
20:05
Speaker 3: feel her frustration through this.
20:07
Speaker 2: She never does it, and then she never does this,
20:09
Speaker 2: and then she never Do you really want this friend
20:11
Speaker 2: as a friend, because friends don't do that to friends. No.
20:15
Speaker 3: I get the not maybe putting everybody's dinner bill on
20:19
Speaker 3: your card, because not everyone can necessarily afford to foot
20:22
Speaker 3: a bill for eight people.
20:24
Speaker 2: But that's not even what we're talking about. She doesn't
20:26
Speaker 2: transfer the friends that coughed up the dinner bill that's
20:29
Speaker 2: to pay back.
20:30
Speaker 3: Because then like they're doing you a favor by putting
20:33
Speaker 3: let's say a couple of hundred dollars on their card
20:35
Speaker 3: and then if you don't pay, they're like they've just
20:37
Speaker 3: brought your dinner for.
20:40
Speaker 4: Yeah, it's a paying.
20:42
Speaker 2: For everyone is let's say five people only three paid,
20:45
Speaker 2: that's a huge chunk. That's three times whatever that's out
20:49
Speaker 2: of your account that you're down. You know, so everyone
20:51
Speaker 2: when it comes to those situations, if not everyone's paying,
20:55
Speaker 2: it's just such a huge amount to be paying for you.
20:57
Speaker 3: The system doesn't work. It doesn't mean if you don't work,
21:00
Speaker 3: this doesn't work.
21:01
Speaker 2: It's disrespectful. I genuinely think it's disrespectful of the friendship
21:05
Speaker 2: because Jesse, if you were like, oh, I pop it
21:07
Speaker 2: on my card and I'll transfer, You'll be like okay, cool,
21:09
Speaker 2: no worries. Can I do it right now? Like yeah,
21:11
Speaker 2: And I'm that person who has worked out pay ID
21:14
Speaker 2: and even if you haven't given me your bank details,
21:16
Speaker 2: I just know that I can pay ID you the
21:18
Speaker 2: money because I just don't want to owe you anything
21:19
Speaker 2: because I just feel like that's awful. It gives me
21:22
Speaker 2: the ick. Beck have you ever had this? I have
21:24
Speaker 2: had this. It's so you have awkward I have I have.
21:27
Speaker 2: It's just so awkward because how do you, like, how
21:29
Speaker 2: do you bring it up with your friend?
21:31
Speaker 4: Like, it's just you know.
21:33
Speaker 2: That when they usually have the intention, is what they
21:36
Speaker 2: It seems like they seem like they have the intention
21:38
Speaker 2: to pay back, but unfortunately it never comes and then
21:41
Speaker 2: like chasing that up becomes very very uncomfortable, and so
21:45
Speaker 2: you end up just letting it go. But how many
21:46
Speaker 2: times can you just let it go before you like
21:48
Speaker 2: owed so much money? But yes, it has happened to me.
21:51
Speaker 2: I've had a friend like that and they how many
21:53
Speaker 2: times do you send like a follow up of like, hey, beck,
21:56
Speaker 2: I haven't seen it in my account yet, and they
21:58
Speaker 2: always reply like yeah, it's oh maybe I'm with a
22:01
Speaker 2: different bank and it hasn't gone through. Like I feel
22:03
Speaker 2: like I don't know how to navigate that. I should,
22:06
Speaker 2: you know, usually is like oh, I've really genuinely forgotten
22:09
Speaker 2: to pay you back and they are really bad at remembering.
22:12
Speaker 2: So my cutoff is about two reminders and then I'm done.
22:15
Speaker 2: And then I'm like I'm never gonna see this money
22:17
Speaker 2: again and I just have to deal with that. But yeah,
22:20
Speaker 2: it's unfair when people do that, It's really unfair. I'm like, UV,
22:24
Speaker 2: I feel so uncomfortable when someone buys me something. If
22:27
Speaker 2: they don't give me their bank account details, I'm going
22:29
Speaker 2: to look up their mobile. I'll find them somehow. That
22:32
Speaker 2: money's coming back. And I wish everyone was like that. Yeah,
22:36
Speaker 2: I would pay back dinner if you paid for it.
22:38
Speaker 2: It's so nice, thank you. Yeah, or maybe I wouldn't.
22:40
Speaker 2: I don't know you're getting paid heaps now a big dog.
22:43
Speaker 2: That's true, but it is worth mentioning because we did
22:45
Speaker 2: talk about scarcity mindset earlier this week. We did maybe
22:49
Speaker 2: the people out there that are really hesitant to pay
22:53
Speaker 2: people back or to split a bill or to share
22:56
Speaker 2: a bill are those who are really scared and genuinely
23:00
Speaker 2: anxious about spending money, but they still want to be
23:02
Speaker 2: included in social outings. So that's something I can understand. Yeah, look,
23:06
Speaker 2: I can see where that's coming from. But I think
23:08
Speaker 2: that there's a line being crossed there. So like obviously going, oh,
23:12
Speaker 2: I don't want to go out like sorry, Jess, if
23:14
Speaker 2: you invited me out for dinner, like I can't come
23:16
Speaker 2: because oh, like spending too much or whatever. It is
23:20
Speaker 2: Like I feel like scarcity mindset in that aspect, it's
23:22
Speaker 2: impacting only you, but the second that I go out
23:26
Speaker 2: for dinner with Jess and then I don't pay Jess back.
23:28
Speaker 2: That's financially detrimental to her. And I feel like that's
23:31
Speaker 2: really rude. That's crossing a line that shouldn't be crossed,
23:34
Speaker 2: and your boundaries are yours. But like she has done
23:38
Speaker 2: something really nice for me and paid for it because
23:40
Speaker 2: it's just easier, and I think it just is a
23:43
Speaker 2: massive test of the relationship that shouldn't have had to happen. Yeah,
23:46
Speaker 2: Like I just yeah, if you can't afford to go out,
23:49
Speaker 2: don't if you have no intention of paying back your friends,
23:51
Speaker 2: take cash, like give it to them in the moment,
23:54
Speaker 2: Like I can't think of And I've had to say
23:56
Speaker 2: this before.
23:57
Speaker 1: Do you know what.
23:57
Speaker 2: I haven't had to say it in the recent years.
23:59
Speaker 2: I think it's like ten plus years ago, very university
24:02
Speaker 2: student thing. I feel like, thankfully I haven't got friends
24:05
Speaker 2: like that nowadays, maybe because I ditched them because I
24:07
Speaker 2: don't want friends like that. Go figure. But I remember
24:11
Speaker 2: being like, oh, yep, So we'd go out for dinner
24:13
Speaker 2: and then I'd have like a separate group chat with
24:15
Speaker 2: a couple of people, and then I'd say, oh, oh,
24:16
Speaker 2: posting group chat that we all bring cash because there
24:19
Speaker 2: was always that one person. So I'd be like, oh hey, guys, like,
24:22
Speaker 2: everyone bring cash, We'll pay for dinner this way. Like
24:25
Speaker 2: how frustrating? Yeah, but frustrating because then we'd have to
24:29
Speaker 2: all get cash out because we knew if we didn't
24:31
Speaker 2: do that, this particular person wouldn't pay us back. Jess,
24:35
Speaker 2: have you been through this? How would you deal with it?
24:37
Speaker 3: Not like our friend here on a consistent basis, Like
24:41
Speaker 3: we did a big Christmas dinner my group of friends
24:43
Speaker 3: and I paid. There was twelve of us, Oh my goodness,
24:46
Speaker 3: big bill, which was fine. Like I volunteered. I was
24:48
Speaker 3: one who organize it, no stress.
24:49
Speaker 2: Why, I have no doubt you were the one that
24:51
Speaker 2: organized it better, No doubt you would have sent them
24:54
Speaker 2: a spreadsheet guaranteed and been like this is the menu,
24:56
Speaker 2: this is how much it's going to cost for a head.
24:58
Speaker 2: You just tell me you transfer and then I will
25:00
Speaker 2: pay for the whole thing. Is that what happened?
25:02
Speaker 3: It was very democratic. We voted on them. It was great,
25:05
Speaker 3: but there was we paid in couples. One couple hadn't
25:07
Speaker 3: paid me and I left it. I reckon like three
25:10
Speaker 3: or four weeks because I was kind of like, no stress,
25:13
Speaker 3: like it's not the end of the world and it's
25:15
Speaker 3: not like they've ever not paid me before. I was like,
25:17
Speaker 3: you know what, Christmas people are so busy, like it
25:19
Speaker 3: really doesn't matter. And then I did end up shooting
25:21
Speaker 3: my friend a message and just like, hey, so sorry,
25:24
Speaker 3: I don't know if you've maybe transferred it and missed
25:25
Speaker 3: a number, because I've done that before, like got a
25:27
Speaker 3: number wrong and sent it to the wrong person. And
25:29
Speaker 3: I felt so guilty having that conversation. I felt, but
25:33
Speaker 3: it was like a good chunk of money. I was like, no,
25:35
Speaker 3: I do want to follow it up, but I felt
25:36
Speaker 3: so terrible. And then she also felt terrible because she
25:39
Speaker 3: had just forgotten and she's okay, so but it was
25:42
Speaker 3: like that thing I said to her. We were both
25:43
Speaker 3: just like apologizing back and forth. I was like, you
25:45
Speaker 3: know what, neither of us don't an apology. Yeah, you
25:48
Speaker 3: made a mistake. I did, like I'm just following something up,
25:51
Speaker 3: like there's no bad life, but that's.
25:53
Speaker 2: A different story and that's so fine. Correct.
25:56
Speaker 3: I feel like if I was in this circumstance where
25:58
Speaker 3: someone owed me for five dinners or something like that
26:02
Speaker 3: I actually would just have the conversation. Say, hey, just
26:06
Speaker 3: totaled out how much I've spent over the last five
26:08
Speaker 3: or six dinners. You owe me three hundred dollars. Oh God,
26:11
Speaker 3: just wanted to let you know I'm not financially in
26:14
Speaker 3: the position to pay for dinner anymore without that money.
26:16
Speaker 3: I feel like the way I would absorb or like
26:20
Speaker 3: soften the blow is by trying to point out what
26:22
Speaker 3: an impact that was having on me is to say,
26:25
Speaker 3: I can't afford to pay for your dinner because you
26:27
Speaker 3: owe me so much money, Like I'm now financially stressed
26:30
Speaker 3: because of you, And I would hope, like if you're
26:33
Speaker 3: friends with them, surely that would hit home right, And.
26:35
Speaker 2: I would hope because you actually owe no explanation for
26:38
Speaker 2: following up something that is rightfully yours, not at all.
26:41
Speaker 3: But if that's you know, it sounds like she wants
26:43
Speaker 3: to have the conversation gently and kindly, And then if
26:47
Speaker 3: that didn't work, I personally would be cutting the cord
26:50
Speaker 3: if I'm honest. Yeah, Like, I know that might sound
26:53
Speaker 3: a bit harsh, but that it shows such a lack
26:55
Speaker 3: of respect, a lack of consideration, there's just no reason
27:00
Speaker 3: to treat a friend that way.
27:01
Speaker 2: Absolutely not.
27:02
Speaker 3: So if they're doing it, I'd be going, well, you don't.
27:04
Speaker 3: You clearly don't respect me. Yeah, there goes your invitation
27:07
Speaker 3: to dinner, Like I'm not footing your bill, You're not invited.
27:10
Speaker 2: Yeah, and that would really really frustrate Meah, it would
27:14
Speaker 2: be the natural next step. And I wonder if it's
27:15
Speaker 2: just the one person consistently paying, or if everyone in
27:18
Speaker 2: the group has to take a bit of a hit
27:20
Speaker 2: every single time they go out.
27:21
Speaker 3: That's actually a great point. Like if you owe five
27:23
Speaker 3: different people fifty bucks running up of talent, you're running
27:28
Speaker 3: up a tab and then it's like, how do you
27:30
Speaker 3: all have the conversation? Because if you say it in
27:32
Speaker 3: a group chat, it feels a bit like a pylon almost,
27:34
Speaker 3: like if you owe me money and then Beck, you
27:37
Speaker 3: jump in and go you owe me money, and then
27:39
Speaker 3: all of a sudden sit like you don't.
27:40
Speaker 2: Just need to get split wise, Yeah, you need to
27:42
Speaker 2: get split wise added all up, and then there's one
27:44
Speaker 2: sum that you need to pay to one direct person
27:46
Speaker 2: and it will make sense. I mean, you could also
27:48
Speaker 2: just invoice them formal route and be like, hey, Beck,
27:52
Speaker 2: here's the invoice for the dinner that we had. Also,
27:55
Speaker 2: there's a late fee, and the late fee compounds on
27:57
Speaker 2: a daily basis. It's fifty percent of the fee. I
28:00
Speaker 2: would listen to that. I think the invoice is far
28:02
Speaker 2: more intimidating and be like, hey, but then you're the
28:05
Speaker 2: rude friend that's sent you invoice for the dinner. I
28:10
Speaker 2: would like to do it one time. It would be funny,
28:13
Speaker 2: like in voicing something for something really petty, like yes,
28:16
Speaker 2: five dollars because I bought your fruit tingles at the
28:18
Speaker 2: supermarket because I'm obsessed with fruit tingles at the moment.
28:23
Speaker 2: Oh so good. But also we had some responses from
28:26
Speaker 2: our community, and I thought we could read some of
28:29
Speaker 2: them out because they're kind of funny and they agree
28:32
Speaker 2: with us when I like it. So one person said,
28:35
Speaker 2: never lend money you're not willing to lose, but poor
28:37
Speaker 2: form from them. A conversation needs to be had or
28:40
Speaker 2: just let her go. Someone else said, make sure you
28:43
Speaker 2: go to a place where they're split billing, which I
28:45
Speaker 2: think is smart honestly. But even with split billing, sometimes
28:49
Speaker 2: like there's that kerfuffle at exit and maybe there's like
28:52
Speaker 2: five of you and it's just too hard and You're like,
28:54
Speaker 2: I'll pop it on my cart, Like that is your
28:56
Speaker 2: friend doing you a service? That makes sense, Like, don't
29:00
Speaker 2: respect it because you could have just paid for it
29:02
Speaker 2: then and there and it would have been a bill
29:04
Speaker 2: that you had to foot. Someone said, one of my
29:06
Speaker 2: sisters does this. We now just don't include her in
29:09
Speaker 2: group presence or any type of group expenses.
29:12
Speaker 3: That's like that there goes into the invitation thing like.
29:14
Speaker 2: Very little sister thing to do. Yeah, oh aboute Yeah,
29:19
Speaker 2: the oldest sister. You know what, Kudos to Alex. She
29:25
Speaker 2: always pays me back. And I'm always surprised because I'm like,
29:27
Speaker 2: if I was a little sister, I wouldn't do that.
29:29
Speaker 2: You don't have to. No, I feel like that's the
29:32
Speaker 2: one rule that gets to jump over this. Someone said,
29:36
Speaker 2: it's a lack of respect and it means that it
29:38
Speaker 2: was never a real friendship in the first place. I
29:40
Speaker 2: think that's fair. Someone else said, honestly, I'd just stop
29:44
Speaker 2: inviting them and then drift apart and not tell them
29:46
Speaker 2: why that's fair nor worries. Someone said, I just sneakily
29:51
Speaker 2: get them to quote pay back by doing errands or
29:54
Speaker 2: chores for me.
29:57
Speaker 3: Come over, become my slave exically, but.
30:02
Speaker 2: I don't think that's the way it should go, Like no, like,
30:05
Speaker 2: oh yes, I'll behave you donate hu moow my lawn,
30:08
Speaker 2: Like it's just not gonna work.
30:10
Speaker 3: Bartering system, babe.
30:11
Speaker 2: So I feel like the summary of all of this
30:13
Speaker 2: is basically everyone says, stop inviting them, stop allowing situations
30:18
Speaker 2: like this where they owe you. Obviously they can't be
30:20
Speaker 2: trusted with that. A lot of you have said cut
30:23
Speaker 2: the friendship because you think it is disrespectful, but I
30:25
Speaker 2: feel like, from my perspective, there needs to be a
30:28
Speaker 2: conversation that's had. And I think that you know you
30:31
Speaker 2: mentioned it before, Jess, you're the same as me. Like
30:34
Speaker 2: if I had to ask someone for something, I pit
30:36
Speaker 2: a potter around it and go, oh my gosh, like
30:38
Speaker 2: I don't mean to, you know, upset you, but I
30:40
Speaker 2: also need X y Z and like, I know, as
30:43
Speaker 2: financially impowered women, we probably should just be more direct.
30:46
Speaker 2: But that's what makes me feel more comfortable to have
30:49
Speaker 2: that conversation. And I think it's actually okay to have
30:51
Speaker 2: conversations around money that just make you feel comfortable. Pat
30:54
Speaker 2: it out however you like. But at the same time,
30:57
Speaker 2: the conversation needs to be had, like if someone is
31:00
Speaker 2: disrespecting a boundary, like I think a conversation around, well,
31:04
Speaker 2: what's going on. This isn't the first time, not a
31:07
Speaker 2: you haven't paid me back please do? I think I
31:09
Speaker 2: would then take it to the next step and be like, look,
31:10
Speaker 2: I just feel like this is really disrespectful, like why
31:13
Speaker 2: is it happening? And then maybe that scarcity mindset conversation
31:15
Speaker 2: could open up and maybe that's what's going on. But
31:18
Speaker 2: if it's consistent, yeah, I don't think i'd cut them
31:22
Speaker 2: without a conversation if they meant something to.
31:24
Speaker 3: Me, Yeah, that's big of you.
31:26
Speaker 2: Like some people, I've got all I've got.
31:28
Speaker 3: It's all i've got. I feel like that's a perfect
31:31
Speaker 3: place to leave it.
31:32
Speaker 2: Yeah. I was about to say the same, We've got
31:34
Speaker 2: to go. It's frayay, let's get out of here. Let's
31:37
Speaker 2: get out of here, and we will see you guys
31:38
Speaker 2: on Monday.
31:39
Speaker 3: Fine by.
31:47
Speaker 2: The advice shared on She's on the Money is generally
31:50
Speaker 2: nature and does not consider your individual circumstances. She's on
31:54
Speaker 2: the Money exists purely for educational purposes and should not
31:57
Speaker 2: be relied upon to make an investment or financial decision.
32:01
Speaker 2: If you do choose to buy a financial product, read
32:03
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards
32:07
Speaker 2: your needs. Victoria Divine and She's on the Money are
32:11
Speaker 2: authorized representatives of Money sheerper P t y lt D
32:14
Speaker 2: A b N three two one six four nine two
32:17
Speaker 2: seven seven zero eight AFS L four five one two
32:21
Speaker 2: eight nine