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The price of comparison · She's On The Money

• 0:00
  Speaker 1: She's on the Money.
• 0:02
  Speaker 2: She's on the Money.
• 0:20
  Speaker 1: Hello, and welcome to She's on the Money, the podcast
• 0:22
  Speaker 1: for millennials who want to financial freedom. I'm one of
• 0:25
  Speaker 1: your co hosts, Annabel Lee. As you know, I'm a
• 0:27
  Speaker 1: law student and a millennial and a bit of a rookie
• 0:30
  Speaker 1: when it comes to money. But to change that, every week,
• 0:33
  Speaker 1: I picked the brains of my friend and money expert
• 0:35
  Speaker 1: Victoria Devine. Hi, Victoria, Hi, friends, Now how She's on
• 0:39
  Speaker 1: the Money. Facebook group has been super active this week
• 0:41
  Speaker 1: as always, And you and I have seen so many
• 0:44
  Speaker 1: impressive money wins, haven't we We have so many, so
• 0:47
  Speaker 1: I think we should share our favorites from the week.
• 0:49
  Speaker 1: What have you got for me? Victoria?
• 0:50
  Speaker 3: All right, so this one I really like because it's
• 0:53
  Speaker 3: about a little bit of hustle. So we have one
• 0:56
  Speaker 3: from me again, And she posted that nine years ago,
• 1:00
  Speaker 3: I reported my then employer to the ATO for not
• 1:03
  Speaker 3: paying my super. At the time, my employer didn't understand
• 1:06
  Speaker 3: while I was making such a fuss, as I was
• 1:08
  Speaker 3: eighteen and wouldn't be able to access the funds until
• 1:10
  Speaker 3: I was.
• 1:10
  Speaker 4: Over the age of sixty five.
• 1:12
  Speaker 3: Today, I received a message from the ATO letting me
• 1:15
  Speaker 3: know that I had won my case and the money
• 1:16
  Speaker 3: should arrive soon into my super account. I'd totally forgotten
• 1:19
  Speaker 3: about the case as it had taken so long.
• 1:21
  Speaker 4: How good is that?
• 1:22
  Speaker 1: That also is very dodgy on the employee's behalf.
• 1:24
  Speaker 3: Right, But it's so common. It is so common, especially
• 1:28
  Speaker 3: for people who are working in part time slash casual
• 1:30
  Speaker 3: roles companies who maybe don't pay their super or don't
• 1:34
  Speaker 3: keep up with what they're meant to be paying. So
• 1:37
  Speaker 3: it really pays to check your pay slips.
• 1:39
  Speaker 5: Yeah.
• 1:39
  Speaker 1: Actually, I'm pretty sure that might have happened to me
• 1:40
  Speaker 1: in the past.
• 1:41
  Speaker 4: Double chick, My.
• 1:42
  Speaker 1: Super is looking really grim right now.
• 1:43
  Speaker 4: Double check.
• 1:45
  Speaker 1: I've got one from Maddie. She said, money Win. Got
• 1:47
  Speaker 1: my hair done at my local tape yesterday for a
• 1:49
  Speaker 1: sweet forty dollars. She's looking fresh for her holiday next
• 1:52
  Speaker 1: week at less than a quarter of the price she
• 1:54
  Speaker 1: would have paid at most salons in her area.
• 1:56
  Speaker 4: How good is that?
• 1:57
  Speaker 1: But it finds me a lot of group on. Yeah,
• 2:00
  Speaker 1: not sponsor BA group On by the way, I mentioned
• 2:01
  Speaker 1: them way too much.
• 2:02
  Speaker 3: Yeah, I feel like they should like backtrack our sponsorship.
• 2:05
  Speaker 3: But I think that was really impressive, because she said
• 2:07
  Speaker 3: she got a half head of foils and from my experience,
• 2:10
  Speaker 3: not personal experience, but talking to friends, blonde is really expensive.
• 2:14
  Speaker 1: Yes, a lot of upkeep.
• 2:16
  Speaker 3: So forty dollars is impressive, very very nice money go
• 2:18
  Speaker 3: you now, Victoria.
• 2:20
  Speaker 1: Today on the show, we're talking about hidden money. Why
• 2:22
  Speaker 1: does it feel like our friends and the people we
• 2:24
  Speaker 1: follow on Instagram have more money than we do and
• 2:27
  Speaker 1: in the chance we inherit some money in our teens
• 2:29
  Speaker 1: or twenties, how should we approach that? But before we
• 2:32
  Speaker 1: get there, as always, it's time to share a money
• 2:34
  Speaker 1: win or a money confession from the week. How did
• 2:36
  Speaker 1: you go this week? Victoria?
• 2:37
  Speaker 3: I went really well. Actually I had a pretty quiet week.
• 2:41
  Speaker 3: I spent the week last week at a conference, which
• 2:43
  Speaker 3: was fun, but that means not much spending from my
• 2:46
  Speaker 3: end because everything's so internal. But my money win this
• 2:50
  Speaker 3: week is actually that I went out for dinner with
• 2:52
  Speaker 3: a girlfriend and she paid Yay winnings friend, Definitely a win.
• 2:58
  Speaker 1: I think I've got one confession.
• 3:00
  Speaker 4: Oh no, come on, Annabelle.
• 3:02
  Speaker 1: So I went shopping and I always gravitate towards like
• 3:05
  Speaker 1: the discount racks, so I went to like the below
• 3:07
  Speaker 1: twenty dollars rack. And I picked up this shirt that
• 3:09
  Speaker 1: I really liked. I went and tried it on, loved it.
• 3:11
  Speaker 1: I'm very picky, like when I try a shirt on,
• 3:13
  Speaker 1: it needs to look like I need to be really
• 3:15
  Speaker 1: really confident in it. Otherwise I'm like no, and I
• 3:17
  Speaker 1: weigh like the price, and if it's a good price
• 3:19
  Speaker 1: and I look, I think I look good, I'm like, Okay,
• 3:21
  Speaker 1: I'll get it. So I felt all of those things.
• 3:23
  Speaker 1: I went to the cash register and it was actually
• 3:26
  Speaker 1: a full price.
• 3:27
  Speaker 4: At me, it was like, no, I hate when that happened,
• 3:30
  Speaker 4: and I didn't.
• 3:30
  Speaker 1: Want to seem like a stinge. So I was just
• 3:31
  Speaker 1: like yep, okay, and I bought it, and now.
• 3:34
  Speaker 4: Did you return it?
• 3:35
  Speaker 1: No? I was because I was like, I like the top,
• 3:38
  Speaker 1: and I need to treat myself sometimes.
• 3:41
  Speaker 4: Yeah, I think that that's a good treat. But also
• 3:44
  Speaker 4: if it's.
• 3:44
  Speaker 3: Not in line with what you wanted to buy, perhaps
• 3:47
  Speaker 3: it's worth a reconsider.
• 3:48
  Speaker 1: I know, and I totally should have been like why
• 3:50
  Speaker 1: was this in the discount rack? But I just bought
• 3:51
  Speaker 1: it anyway because I didn't want to seem like cheapskate.
• 3:54
  Speaker 4: I think we've all been there, Yeah, totally.
• 3:56
  Speaker 1: Now, no matter what your bank account looks like. We
• 3:58
  Speaker 1: bet you've had a relationship with money before. How do
• 4:01
  Speaker 1: all your friends afford their luxurious lifestyles, and how on
• 4:04
  Speaker 1: earth are they affording to buy houses so young? Today?
• 4:07
  Speaker 1: We're covering it all, Victoria. The first place I want
• 4:10
  Speaker 1: to start is here. Do you think there's an inverse
• 4:13
  Speaker 1: correlation between looking like you have money on Instagram and
• 4:15
  Speaker 1: actually having money?
• 4:16
  Speaker 4: Absolutely?
• 4:17
  Speaker 3: I think it's a really interesting concept actually, because there's
• 4:20
  Speaker 3: a number of articles flying around the Internet at the
• 4:22
  Speaker 3: moment about Instagram influencers going into debt to keep up
• 4:26
  Speaker 3: with the lifestyle they think their followers expect of them.
• 4:30
  Speaker 1: And it's actually more popular these days to be more
• 4:31
  Speaker 1: transparent on Instagram, like you were saying last week with
• 4:35
  Speaker 1: travel how Olivi Molly Rodgers was talking about, like how
• 4:37
  Speaker 1: much work it took for her to save for that
• 4:39
  Speaker 1: trip she went on.
• 4:41
  Speaker 3: I would agree, but also disagree with that because they
• 4:43
  Speaker 3: think while some influences and some people in that sphere
• 4:46
  Speaker 3: are being transparent and we're really celebrating that, I think
• 4:50
  Speaker 3: there is a massive lack of transparency in that area
• 4:53
  Speaker 3: as well, and I can see it from the way
• 4:55
  Speaker 3: that people are just presenting themselves. Instagram is such a
• 4:59
  Speaker 3: platform where it's about putting your best life forward. You're
• 5:01
  Speaker 3: not going to post the bad times, and that's actually
• 5:04
  Speaker 3: not what the platform is for. But it means that
• 5:06
  Speaker 3: we only ever see the best part of other people's lives.
• 5:09
  Speaker 3: And I don't think everybody has caught up to being
• 5:12
  Speaker 3: transparent about their financial situations.
• 5:14
  Speaker 1: Yeah, definitely. Do you think we confuse money with materialism then,
• 5:17
  Speaker 1: because in most cases, the people who are financially secure
• 5:20
  Speaker 1: are probably not spending all their money on fancy bags
• 5:23
  Speaker 1: and shoes, right.
• 5:24
  Speaker 4: I think we do.
• 5:25
  Speaker 3: I think it goes back to that quote I said
• 5:27
  Speaker 3: a couple of podcasts ago.
• 5:28
  Speaker 4: If you live fake rich now, you'll live real poor later.
• 5:33
  Speaker 3: Now, I know, And I've seen it pop up aheave
• 5:35
  Speaker 3: of times on Instagram.
• 5:36
  Speaker 4: We keep getting tagged in it. I love it.
• 5:38
  Speaker 3: But I think that we keep seeing people purchase things
• 5:42
  Speaker 3: so that they look wealthy, and real wealth doesn't actually
• 5:45
  Speaker 3: look like that.
• 5:46
  Speaker 1: Yeah.
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  Speaker 3: So I think, you know, even if you have designer bags,
• 5:49
  Speaker 3: designer shoes, and you look all decked out in the
• 5:51
  Speaker 3: latest gear, that actually could mean that you are in
• 5:54
  Speaker 3: a massive amount of debt and not potentially actually investing
• 5:59
  Speaker 3: and saving. Like you and I are both in a
• 6:01
  Speaker 3: situation where you know, we go into a shop and
• 6:03
  Speaker 3: we gravitate towards the discount rack because we know that
• 6:06
  Speaker 3: we'd prefer our money sitting in a bank account, whereas
• 6:08
  Speaker 3: not everybody is like that. I have friends and I
• 6:11
  Speaker 3: have people that I know that will save up incredibly
• 6:14
  Speaker 3: aggressively to afford a designer item that is actually outside
• 6:18
  Speaker 3: their salary bracket.
• 6:19
  Speaker 4: But that comes back to their values.
• 6:21
  Speaker 1: Okay, So what does real wealth look like to you? Then?
• 6:24
  Speaker 1: If you had to paint a picture.
• 6:25
  Speaker 3: For us, So, real wealth is actually hidden. So you know,
• 6:28
  Speaker 3: this episode is on hidden money, but real wealth is hidden.
• 6:31
  Speaker 4: You don't see it.
• 6:32
  Speaker 3: You don't buy glittery things. You don't buy things that
• 6:34
  Speaker 3: all show Offye you could be still driving a camera
• 6:37
  Speaker 3: that you bought as your first car when you turn seventeen.
• 6:40
  Speaker 3: I think that real wealth is something that people don't flaunt.
• 6:44
  Speaker 3: And I think that's the difference to me between being
• 6:47
  Speaker 3: rich and being wealthy. She's on the money sets out
• 6:50
  Speaker 3: to hopefully help people create wealth, and that wealth is
• 6:53
  Speaker 3: actually financial stability. Rich is something different. Rich is being
• 6:58
  Speaker 3: really obvious about your wealth. Rich is putting it out
• 7:01
  Speaker 3: there that you have a whole heap of materialistic items
• 7:04
  Speaker 3: that reflect your financial income or the way that you
• 7:07
  Speaker 3: spend money. So I think that it's really important to
• 7:10
  Speaker 3: realize that there's a massive difference and these things aren't
• 7:12
  Speaker 3: as transparent as we would like them to be.
• 7:15
  Speaker 1: So rich is kind of like not long term, it's
• 7:17
  Speaker 1: in the now. It's a bit frivolous.
• 7:19
  Speaker 3: Yeah, it's that friend who's always spending heaps of money
• 7:22
  Speaker 3: on espresso martinis and always has a new dress every
• 7:24
  Speaker 3: single weekend, whereas wealthy and creating wealth is a friend
• 7:28
  Speaker 3: who is going out budgeting their money and wearing the
• 7:30
  Speaker 3: same dress often because one they love that dress, but
• 7:33
  Speaker 3: two they know that their money is better spent or
• 7:36
  Speaker 3: saved in a different place.
• 7:38
  Speaker 1: Money company Credit Karma has found nearly forty percent of
• 7:41
  Speaker 1: young adults said they've spent money they didn't have to
• 7:43
  Speaker 1: keep up with their friends' lifestyles. Are you surprised by that?
• 7:46
  Speaker 3: I wish I was surprised by that. Unfortunately I'm not.
• 7:49
  Speaker 3: I see it all the time. I see it in
• 7:51
  Speaker 3: our Facebook group, people saying that they've gotten into debt
• 7:54
  Speaker 3: buying materialistic things. You see it in the reflection of
• 7:57
  Speaker 3: how much Australians spend on credit it. Having a credit
• 8:01
  Speaker 3: card is spending money that you do not have, and
• 8:04
  Speaker 3: most people can't turn around and say, hey, Vic Terrrea
• 8:06
  Speaker 3: got a credit card and I bought things that were
• 8:09
  Speaker 3: really good for creating wealth.
• 8:10
  Speaker 4: I've never heard that.
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  Speaker 3: I've also never heard someone tell me that they've gotten
• 8:13
  Speaker 3: rich of credit card points, so interesting.
• 8:16
  Speaker 1: Yeah, no, but I definitely think I experienced that a
• 8:19
  Speaker 1: bit in high school, going to a private school when
• 8:21
  Speaker 1: everyone else I think their parents were a bit wealthy
• 8:23
  Speaker 1: than mine, feeling like I needed to keep up with
• 8:25
  Speaker 1: the things that my friends were doing. It's really common
• 8:28
  Speaker 1: with kids especially.
• 8:29
  Speaker 3: Yeah, I felt exactly the same thing. So I went
• 8:31
  Speaker 3: to a school that had a number of people who
• 8:33
  Speaker 3: were far more affluent than the family I grew up in.
• 8:36
  Speaker 4: Whilst that's not a negative thing.
• 8:37
  Speaker 3: It does taint the way you view the world when
• 8:40
  Speaker 3: for your seventeenth birthday you're asking for something that's relatively
• 8:43
  Speaker 3: small and then you see your friends getting beam double
• 8:46
  Speaker 3: users gifts. Yeah, I think that paints the world in
• 8:48
  Speaker 3: a little bit of a different light, or it definitely
• 8:51
  Speaker 3: did for me.
• 8:52
  Speaker 1: It's tricky because maybe your friends really are just more
• 8:54
  Speaker 1: wealthy than you. Maybe they can afford experiences in a
• 8:56
  Speaker 1: lifestyle beyond your own. Have you ever felt a sense
• 8:59
  Speaker 1: of money tension in your own life and relationship? Well,
• 9:02
  Speaker 1: have you seen it with your clients? Maybe?
• 9:03
  Speaker 3: I think this is a really interesting question, and money
• 9:06
  Speaker 3: tension is something that I have not struggled with. But
• 9:09
  Speaker 3: I've been in a situation where I've had a personal
• 9:11
  Speaker 3: loan before. I wouldn't say that I was silly or
• 9:14
  Speaker 3: frivolous by getting it. The personal loan that I took
• 9:16
  Speaker 3: out was so I could study overseas at a point
• 9:19
  Speaker 3: in time where I definitely couldn't have afforded that option.
• 9:22
  Speaker 3: So as much as I don't agree with personal debt,
• 9:25
  Speaker 3: I have been in that situation. And that's why I'm
• 9:27
  Speaker 3: so passionate about advocating to not be in that personal debt,
• 9:31
  Speaker 3: because I know how long it took me to get
• 9:33
  Speaker 3: out of that position. But it was also a little
• 9:36
  Speaker 3: bit about trying to keep up with a lifestyle, Like
• 9:38
  Speaker 3: I had my friends going on that trip and I
• 9:40
  Speaker 3: didn't want to miss out, and it felt like something
• 9:42
  Speaker 3: that could potentially, you know, be a life changing event.
• 9:45
  Speaker 3: And whilst it was a really great experience. It was
• 9:49
  Speaker 3: something that I didn't regret when I came home, but
• 9:52
  Speaker 3: the debt set me back into a place where I
• 9:54
  Speaker 3: wasn't able to achieve the goals that I wanted to
• 9:56
  Speaker 3: achieve once I got back because my priority was paying
• 9:59
  Speaker 3: off that debt.
• 10:00
  Speaker 1: So you would have done it a little bit differently
• 10:02
  Speaker 1: now in hindsight.
• 10:03
  Speaker 3: Oh absolutely, If I had the financial education and literacy
• 10:06
  Speaker 3: that I had now, I would have been in such
• 10:08
  Speaker 3: a better position now.
• 10:09
  Speaker 4: Whilst I'm not saying I'm in a negative.
• 10:11
  Speaker 3: One at all, I just now look back on things,
• 10:14
  Speaker 3: probably with a different view, purely because I know I
• 10:17
  Speaker 3: should never have been in that position, and I wish
• 10:19
  Speaker 3: that someone had told me, Victoria, don't do that, Just
• 10:21
  Speaker 3: wait a year.
• 10:22
  Speaker 4: You can do it later, just save for it.
• 10:24
  Speaker 1: We also had in our Facebook group someone with a
• 10:26
  Speaker 1: similar situation. Listener Michelle wrote, I don't want to come
• 10:29
  Speaker 1: across as though I'm not happy with other people's money wins. However,
• 10:32
  Speaker 1: due to my current circumstances, I have no income. I
• 10:35
  Speaker 1: just feel really down reading about how great other people
• 10:37
  Speaker 1: are doing because I feel so far behind and so stuck.
• 10:40
  Speaker 1: I'm thinking of temporarily leaving the group. Oh no, hope,
• 10:42
  Speaker 1: she's still here. She is still here for the record,
• 10:46
  Speaker 1: But I love the supportive atmosphere, and it's inspiring to
• 10:48
  Speaker 1: read people's money stories of how they pull themselves or
• 10:51
  Speaker 1: are pulling themselves out of debt and financial difficulty. I
• 10:54
  Speaker 1: just don't really know a way forward, Victoria. Do you
• 10:57
  Speaker 1: think that's a common feeling? How can people move passed
• 11:00
  Speaker 1: that aspect of competitiveness that comes with money.
• 11:03
  Speaker 3: When I saw that pop up, it actually really upset me.
• 11:05
  Speaker 3: It was something that I pondered on before letting it
• 11:07
  Speaker 3: go through to the group because I felt like I'd
• 11:10
  Speaker 3: potentially let some people down by having people in the
• 11:13
  Speaker 3: group that felt like that. And then on further reflection,
• 11:16
  Speaker 3: I realized it was probably a really common feeling. Comparison
• 11:19
  Speaker 3: is the worst thing we can do to each other
• 11:21
  Speaker 3: and do to ourselves, and I think that to have
• 11:24
  Speaker 3: a group where Michelle has felt comfortable enough to post
• 11:28
  Speaker 3: and share that with us is such a powerful thing.
• 11:31
  Speaker 3: So one, I'm super proud of our community, super proud
• 11:34
  Speaker 3: of all of the comments that were on that. They
• 11:36
  Speaker 3: were so supportive and everyone was so welcoming. But our
• 11:39
  Speaker 3: brains are programmed in a pattern that actually compares us
• 11:43
  Speaker 3: all the time, and it's a super hard cycle to break,
• 11:46
  Speaker 3: especially if you're constantly feeling like the people that are
• 11:48
  Speaker 3: surrounding you are always better off, It often can feel
• 11:52
  Speaker 3: like it's a little bit unfair. So I think it's
• 11:55
  Speaker 3: really important to go back to maybe our first episode
• 11:57
  Speaker 3: of the podcast and talk about our money stories and
• 12:00
  Speaker 3: realize we are all on different journeys. There is actually
• 12:03
  Speaker 3: no right and no wrong way to go through these things.
• 12:06
  Speaker 3: It's something that is incredibly unconstructive. So if we are
• 12:09
  Speaker 3: holding ourselves back by comparing our journey to the journey
• 12:12
  Speaker 3: of others, we aren't able to move forward on our own.
• 12:15
  Speaker 3: So I think it's something that we actually need to acknowledge,
• 12:18
  Speaker 3: pick up, and put to the side so that we
• 12:20
  Speaker 3: can move forward positively and actually create progress in our
• 12:23
  Speaker 3: own situation, whatever that looks like.
• 12:25
  Speaker 1: And I think having conversations like this and by Michelle
• 12:28
  Speaker 1: posting in the Facebook group is super productive. If we
• 12:31
  Speaker 1: talk about it, people will feel less competitive and will
• 12:33
  Speaker 1: feel more like we can share our own money stories.
• 12:36
  Speaker 3: Absolutely, and the journey of someone else's shouldn't impact your
• 12:39
  Speaker 3: journey at all. As much as we like to look
• 12:41
  Speaker 3: at other people's journeys. I think it's really important to
• 12:44
  Speaker 3: also look at it and go, all right, that's their journey.
• 12:46
  Speaker 4: I don't actually see all the negatives in their lives.
• 12:49
  Speaker 4: Like I know that that happens in.
• 12:51
  Speaker 3: The Facebook group a lot where people are posting their
• 12:53
  Speaker 3: money wins. People aren't posting their money wins and their
• 12:56
  Speaker 3: money confessions or the journey that they've been on. We
• 12:59
  Speaker 3: get to see such a small window of their experience,
• 13:02
  Speaker 3: and for that I'm incredibly grateful. But I also think
• 13:05
  Speaker 3: we need to reflect on that and remember that everybody
• 13:08
  Speaker 3: has been through so much that we are unaware of,
• 13:11
  Speaker 3: and it's not our place to judge them based on
• 13:14
  Speaker 3: one comment or one post.
• 13:16
  Speaker 1: Definitely, so do you think we could all be a
• 13:18
  Speaker 1: little more transparent with each other about our privilege? For example,
• 13:21
  Speaker 1: if your rent of a really nice apartment is being
• 13:23
  Speaker 1: paid for you by your parents, do you owe your
• 13:26
  Speaker 1: friends to tell them.
• 13:26
  Speaker 3: That you don't owe anybody anything? And I believe that
• 13:30
  Speaker 3: quite passionately. If that is something you're uncomfortable sharing, I
• 13:34
  Speaker 3: don't think you should have to. I think we actually
• 13:36
  Speaker 3: need to be a little bit kinder on ourselves and
• 13:38
  Speaker 3: realize that sometimes we don't know every part of someone
• 13:41
  Speaker 3: else's story. But if you're in a situation where sharing
• 13:44
  Speaker 3: that is going to be productive for the community around you,
• 13:47
  Speaker 3: or your friends or your family, and you're comfortable enough
• 13:50
  Speaker 3: sharing that, why not.
• 13:52
  Speaker 1: So while I totally think you're right, there's a part
• 13:55
  Speaker 1: of me that kind of still wants to know, as
• 13:58
  Speaker 1: like a self awareness thing. I want to know where
• 14:00
  Speaker 1: everyone started and how everyone's traveling, how they're getting there.
• 14:03
  Speaker 1: Even though I know I'm doing fun and I'm paying
• 14:05
  Speaker 1: my rent and paying my bills and whatever, it would
• 14:07
  Speaker 1: be nice to know.
• 14:09
  Speaker 3: I agree, and I think it's something that we all
• 14:11
  Speaker 3: go through right, Like Yeah, even as a financial advisor,
• 14:14
  Speaker 3: sometimes I see women posting in the group and I go, oh,
• 14:17
  Speaker 3: I wonder how they did that, Especially when people are
• 14:20
  Speaker 3: saying they saved really large lumps of money in short
• 14:23
  Speaker 3: periods of time.
• 14:24
  Speaker 4: I go, I couldn't do that.
• 14:25
  Speaker 1: How have you done that?
• 14:26
  Speaker 6: Like?
• 14:26
  Speaker 4: What have you compromised? What have you sacrificed?
• 14:29
  Speaker 3: So I get that nobody owes us anything, But at
• 14:32
  Speaker 3: the same time, I think the conversation around money should
• 14:35
  Speaker 3: open up and we should feel comfortable. But I think
• 14:38
  Speaker 3: there's a barrier currently because if people admit that they've
• 14:42
  Speaker 3: had help, they might feel judged, and I think that
• 14:45
  Speaker 3: that's then on us, and that's then on the people
• 14:47
  Speaker 3: who are asking those questions, Like if we knew that
• 14:50
  Speaker 3: someone had got a home deposit from their family, or
• 14:54
  Speaker 3: their mom pays their rent, or you know, they're getting
• 14:56
  Speaker 3: financial help in somewhere else, what's our answer to that
• 15:00
  Speaker 3: responding with or we responding with, oh, that's great, I'm
• 15:03
  Speaker 3: on my own journey, or are you responding with a
• 15:05
  Speaker 3: little bit more envy.
• 15:06
  Speaker 4: Than you had before?
• 15:07
  Speaker 3: So I think it's about checking ourselves as well and
• 15:10
  Speaker 3: realizing that, yes, people have privilege, but how do we
• 15:14
  Speaker 3: get through that.
• 15:15
  Speaker 4: On our own and how do we constructively.
• 15:17
  Speaker 3: Take that on board while not impacting our own journey
• 15:20
  Speaker 3: or our own egos.
• 15:21
  Speaker 1: Yeah, you're definitely right now. According to The Guardian, if
• 15:24
  Speaker 1: Australian parents were a bank, they would be the ninth
• 15:27
  Speaker 1: largest home loan lender in the country, bigger than the
• 15:30
  Speaker 1: Bank of Queensland and knocking on the door of Macquarie.
• 15:32
  Speaker 1: The truth is, the bank of Mom and Dad are
• 15:34
  Speaker 1: funding lots of our lifestyles. Do you think enough people
• 15:37
  Speaker 1: are talking about that? No, they are not the bank
• 15:40
  Speaker 1: of mom and dad. The bank of mom and dad
• 15:42
  Speaker 1: is something I talk about all the time.
• 15:45
  Speaker 3: As you guys know, I also have as a part
• 15:47
  Speaker 3: of my business and mortgage broking sector, so we talk
• 15:51
  Speaker 3: about home loans all the time, how to get them,
• 15:53
  Speaker 3: where to go, how to get them, and what your
• 15:56
  Speaker 3: journey looks like in that space. So I often see
• 15:59
  Speaker 3: people coming along with parents who are saying, yeah, we'll
• 16:01
  Speaker 3: guarantee your loan, or here we're going to give you
• 16:04
  Speaker 3: a lump sum so that you can use that as
• 16:06
  Speaker 3: your deposit, and a lot of these people don't actually
• 16:09
  Speaker 3: want to share that journey with their friends. I think
• 16:11
  Speaker 3: the same is for weddings, for lifestyle, for things that
• 16:15
  Speaker 3: are really big financial expenses in life. I think often
• 16:19
  Speaker 3: parents are chipping in. It does not mean in any way,
• 16:22
  Speaker 3: shape or form that parents should be chipping in. I
• 16:25
  Speaker 3: think it's incredibly lucky if you're in a position where
• 16:28
  Speaker 3: that's true for you. But I think that we should
• 16:30
  Speaker 3: be also acknowledging, Yeah, it's happening, but what does that
• 16:34
  Speaker 3: mean for me?
• 16:35
  Speaker 1: And you don't have to feel ashamed about it. If
• 16:36
  Speaker 1: you're given the opportunity to have help from your parents,
• 16:39
  Speaker 1: why not take it?
• 16:41
  Speaker 3: Absolutely and I'm incredibly lucky that my parents helped me
• 16:44
  Speaker 3: while I was going through university. There's absolutely no way
• 16:48
  Speaker 3: that I could have afforded the start of my journey
• 16:51
  Speaker 3: had they not, you know, helped me organize an apartment
• 16:54
  Speaker 3: in the city and set me up with some basics.
• 16:57
  Speaker 3: As much as I then went on to have three
• 16:59
  Speaker 3: jobs and work for time hour as well at Uni,
• 17:01
  Speaker 3: I also did have that kick start, and I would
• 17:04
  Speaker 3: not be where I was had they.
• 17:06
  Speaker 4: Not helped me.
• 17:07
  Speaker 1: Yeah, I'm just a part of your journey.
• 17:08
  Speaker 3: Exactly, and I'm quite transparent and thankful for that. But
• 17:12
  Speaker 3: I also think not a lot of people talk about that,
• 17:14
  Speaker 3: because I remember being quite open about that at university, like, oh,
• 17:18
  Speaker 3: mom and dad helped me do XYZ and I had
• 17:21
  Speaker 3: a couple of friends that I knew their parents were
• 17:23
  Speaker 3: paying their rent while they were it's your term, Yeah,
• 17:26
  Speaker 3: but they were. They were low key not joining in
• 17:28
  Speaker 3: on the conversation.
• 17:30
  Speaker 1: Let's talk about inheritance for a second. Do you think
• 17:32
  Speaker 1: we feel as a generation entitled to an inheritance. Do
• 17:35
  Speaker 1: you think we expect to fall into money that isn't
• 17:37
  Speaker 1: ours as we get older or is that an unfair assessment?
• 17:40
  Speaker 3: I think that's a pretty unfair statement on millennials because
• 17:43
  Speaker 3: I don't actually know anyone and haven't had any experience
• 17:47
  Speaker 3: where people are relying on an inheritance. But we also
• 17:51
  Speaker 3: need to be aware that millennials are actually going to
• 17:55
  Speaker 3: be inheriting thirty trillion dollars from.
• 17:59
  Speaker 4: Our previous ar generations.
• 18:01
  Speaker 3: That's that's massive, right, So thirty trillion dollars is going
• 18:05
  Speaker 3: to be inherited from the baby boomer generation into millennial
• 18:09
  Speaker 3: and Gen Z.
• 18:10
  Speaker 4: So it's not as though it's not there.
• 18:13
  Speaker 3: But I'm not sure if the statement that we are
• 18:15
  Speaker 3: entitled about it is true.
• 18:22
  Speaker 1: Hi, there, you've called the shoes on the Money Hotline.
• 18:25
  Speaker 1: Do you have a money problem you want help solving.
• 18:27
  Speaker 1: Do you have a money dilemma you just want to
• 18:29
  Speaker 1: chat about. Victoria is here to help. Each week, we'll
• 18:32
  Speaker 1: be playing your hotline questions to help make sense of
• 18:34
  Speaker 1: the money mess you may have found yourself in. Give
• 18:36
  Speaker 1: us a call on oh four three five two nine
• 18:38
  Speaker 1: three double eighty six and you might find yourself on
• 18:41
  Speaker 1: the show.
• 18:51
  Speaker 5: So I'm sitting on some inheritance in the form of
• 18:54
  Speaker 5: mainly property and some other things, and I know that
• 18:57
  Speaker 5: the privilege of Inheriting property can provide a lot of
• 19:00
  Speaker 5: financial freedom is responsibly dealt with. However, I've taging with
• 19:04
  Speaker 5: some advice on how best to handle it, as well
• 19:06
  Speaker 5: as a little information on what inheriting property can actually
• 19:10
  Speaker 5: help with financially.
• 19:12
  Speaker 1: Thanks interesting, Victoriously, what do you think she should do?
• 19:15
  Speaker 1: Should she do something with it right away?
• 19:17
  Speaker 3: I think it's a really interesting concept because when people
• 19:20
  Speaker 3: inherit money, it's often the largest asset they'll ever have
• 19:23
  Speaker 3: in their lives. So I think it's really important to
• 19:25
  Speaker 3: actually take your time and have a think about something
• 19:28
  Speaker 3: like this. If you've inherited property, fantastic property is an
• 19:31
  Speaker 3: asset that is going to hopefully help you create wealth
• 19:34
  Speaker 3: and generate an income.
• 19:35
  Speaker 4: But what you need to do right now is nothing
• 19:37
  Speaker 4: at all.
• 19:38
  Speaker 3: I think it's sit back, work out what you really want,
• 19:41
  Speaker 3: have a think about your goals for your life, put
• 19:43
  Speaker 3: the property to the side, and have a think about,
• 19:45
  Speaker 3: you know, what do you actually want out of life,
• 19:47
  Speaker 3: what do you want out.
• 19:48
  Speaker 4: Of your career, where are you going? How are you going?
• 19:50
  Speaker 3: And then have a think about how that property or
• 19:52
  Speaker 3: how that asset that you've inherited potentially plays into that.
• 19:56
  Speaker 3: I think one of the best things you can do
• 19:57
  Speaker 3: is have a chat to a financial advisor and see,
• 20:01
  Speaker 3: you know what you should be doing in that situation.
• 20:03
  Speaker 3: Maybe you want to keep owning that property and you
• 20:06
  Speaker 3: just want to rent it out and take the rental
• 20:07
  Speaker 3: income and invest that or spend that or do whatever
• 20:10
  Speaker 3: you would like. Or potentially you don't want to own
• 20:13
  Speaker 3: a property and that might be a responsibility that you
• 20:16
  Speaker 3: don't want right now or that you don't want on
• 20:18
  Speaker 3: your plate, so selling it could be on the cards
• 20:21
  Speaker 3: for you. I think the most important thing about getting
• 20:24
  Speaker 3: an inheritance or coming into any large sum of money
• 20:27
  Speaker 3: is not making a decision in the moment. I think
• 20:29
  Speaker 3: it's sitting back, having a think about how that impacts
• 20:32
  Speaker 3: you and getting some advice, but making sure that you're
• 20:34
  Speaker 3: getting advice from someone who cares about you and cares
• 20:38
  Speaker 3: about your situation. Because I know that there are a
• 20:41
  Speaker 3: lot of financial advisors that if you say, hey, I've
• 20:43
  Speaker 3: come into a house not sure if I really want
• 20:45
  Speaker 3: to sell it, that financial advisor might jump on the
• 20:47
  Speaker 3: idea that you want to sell it so that you
• 20:49
  Speaker 3: can invest with them and hurry you up through the process.
• 20:52
  Speaker 3: So I think if anyone at any point during this
• 20:55
  Speaker 3: journey of yours is speeding you up. Let them notice
• 20:58
  Speaker 3: low down, because there will always be another opportunity where
• 21:02
  Speaker 3: the one's being put on your plate today that you
• 21:05
  Speaker 3: know you can't miss. That's not actually the case. There
• 21:08
  Speaker 3: will always be another opportunity for you to invest in,
• 21:11
  Speaker 3: or save in, or you know, share in in the future.
• 21:14
  Speaker 3: We just need to make sure that that's the right
• 21:16
  Speaker 3: one for you.
• 21:17
  Speaker 1: So do you think when people inherit things then they
• 21:19
  Speaker 1: feel like a rush to do something with it right away?
• 21:22
  Speaker 3: Yes, I think that that's the case. There are a
• 21:24
  Speaker 3: heap of articles you guys can look up on what
• 21:26
  Speaker 3: people do with money when they inherit it and when
• 21:29
  Speaker 3: they win it. So there are whole heap of stats
• 21:32
  Speaker 3: that say people who win money are usually broke or
• 21:36
  Speaker 3: bankrupt five years into their journey because they haven't managed
• 21:40
  Speaker 3: it effectively. And the same thing often happens with inheritance.
• 21:45
  Speaker 3: People are very likely to go and blow it on
• 21:48
  Speaker 3: things that they think that they deserve. So if you
• 21:51
  Speaker 3: inherit a large sum of money, and I know we're
• 21:53
  Speaker 3: talking about property here, but it's often easier to talk
• 21:55
  Speaker 3: about cash because it's easier to blow people will inherit
• 21:58
  Speaker 3: the money and go all right, well, that's awesome. I
• 22:00
  Speaker 3: need a new car, my daughter needs a new car.
• 22:03
  Speaker 3: Or I want to buy a house.
• 22:05
  Speaker 4: And I'm going to use that for a deposit.
• 22:07
  Speaker 3: What people don't think is how much debt am I
• 22:10
  Speaker 3: taking on when I am getting this house.
• 22:12
  Speaker 4: So as much as you've got.
• 22:13
  Speaker 3: The deposit, can you actually afford the rest of the loan?
• 22:16
  Speaker 3: Are you actually ready to commit to a thirty year
• 22:18
  Speaker 3: repayment scheme? Is that something that you're well placed for?
• 22:22
  Speaker 3: Are you even ready for it?
• 22:23
  Speaker 1: So?
• 22:23
  Speaker 3: I think that people do definitely run into it. They
• 22:26
  Speaker 3: go on holidays, they buy cars, they buy shoes. I
• 22:29
  Speaker 3: see it all the time. I think we need to
• 22:31
  Speaker 3: just slow down and look at it with a little
• 22:33
  Speaker 3: bit more logic than hey, I've come into this large
• 22:36
  Speaker 3: sum of money.
• 22:37
  Speaker 4: That's wonderful.
• 22:43
  Speaker 1: And now for my favorite segment, our money diaries, let's
• 22:46
  Speaker 1: do this. Today's money diary is from twenty two and Proud,
• 22:54
  Speaker 1: a woman whose money story might make you feel more
• 22:57
  Speaker 1: than just a little envious.
• 22:59
  Speaker 6: Well, at the age of twenty one, my partner and
• 23:01
  Speaker 6: I we bought our first house together and it was
• 23:04
  Speaker 6: many years of saving and sacrificing and just working really
• 23:09
  Speaker 6: hard in order to do that and save up that deposit,
• 23:12
  Speaker 6: and it's something that people don't think is very achievable
• 23:15
  Speaker 6: for young people now, so we kind of feel like
• 23:19
  Speaker 6: we've kind of proven that wrong, that you can actually
• 23:21
  Speaker 6: buy a house at a young age, and that not
• 23:23
  Speaker 6: all young people are very frivolous with their money and
• 23:25
  Speaker 6: just throwing it away and buying smashed avo. My parents
• 23:29
  Speaker 6: are on a decent wage and they're very comfortable, but
• 23:32
  Speaker 6: they taught me that just because you have money, you
• 23:33
  Speaker 6: shouldn't just spend it however you like. You should put
• 23:37
  Speaker 6: it towards things you really want, and that money is freedom.
• 23:41
  Speaker 6: So when you have money, you're able to do things
• 23:44
  Speaker 6: you want, but that doesn't necessarily mean just going out
• 23:47
  Speaker 6: and spending it on things that you'll take for granted
• 23:50
  Speaker 6: and won't even appreciate. I think a lot of people
• 23:52
  Speaker 6: thought we were crazy buying a house so young and
• 23:55
  Speaker 6: choosing to save all our money rather than spend it
• 23:59
  Speaker 6: on like a holiday, all that kind of thing. But
• 24:01
  Speaker 6: for us it felt like the right decision because we
• 24:03
  Speaker 6: wanted to set ourselves up.
• 24:05
  Speaker 1: Okay, so how much does twenty two and Proud earn
• 24:07
  Speaker 1: and how much has she got saved?
• 24:09
  Speaker 6: I earn around forty five thousand. Well, my savings account
• 24:13
  Speaker 6: is a joint savings account with my partner and we
• 24:15
  Speaker 6: have about fifteen grand in there now. To be honest,
• 24:18
  Speaker 6: we had our settlement was four months, so we had
• 24:22
  Speaker 6: all this time to save up, and we've just we
• 24:24
  Speaker 6: could be putting it towards the mortgage, but we just kind.
• 24:26
  Speaker 4: Of like it to have it there.
• 24:28
  Speaker 1: So yeah, so we know what twenty two and Proud
• 24:30
  Speaker 1: gets paid, but what exactly happens to that money after
• 24:32
  Speaker 1: it's deposited into her account?
• 24:34
  Speaker 6: Well, when I get paid every week, I put majority
• 24:37
  Speaker 6: towards the joint savings account. So I get about seven
• 24:41
  Speaker 6: hundred and forty dollars a week. I save about two
• 24:44
  Speaker 6: hundred dollars of that in my own personal account and
• 24:47
  Speaker 6: I use that things like petrol, buying things for just myself,
• 24:51
  Speaker 6: and the rest gets transferred to a joint account, which
• 24:54
  Speaker 6: my partner does pretty much the exact same, keeps a
• 24:56
  Speaker 6: little bit for himself and then the rest goes into
• 24:59
  Speaker 6: our joint account.
• 25:00
  Speaker 1: How does twenty two and Proud go with investing?
• 25:01
  Speaker 6: Though, No, I don't invest to be honest. After listening
• 25:05
  Speaker 6: to this podcast, I really wanted to get into it,
• 25:07
  Speaker 6: but I've kind of weighed up whether I would rather
• 25:11
  Speaker 6: put that extra money into investments or put that extra
• 25:13
  Speaker 6: money towards mortgage repayments.
• 25:16
  Speaker 4: And I think at this.
• 25:17
  Speaker 6: Stage I would rather put the extra money towards the
• 25:20
  Speaker 6: mortgage so I could pay that off quicker.
• 25:22
  Speaker 1: And what about her debts?
• 25:23
  Speaker 6: So although I did a university degree, I don't have
• 25:26
  Speaker 6: a hex debt because I paid it upfront as the semester,
• 25:31
  Speaker 6: like every semester, I'd pay the UNI fees. And my
• 25:34
  Speaker 6: mortgage is four hundred and twenty thousand.
• 25:36
  Speaker 1: What are the good money habits that twenty two and
• 25:38
  Speaker 1: recommends other women take on board?
• 25:40
  Speaker 6: My best money habit would be being able to refrain
• 25:43
  Speaker 6: from making purchases on a whim, really asking myself do
• 25:47
  Speaker 6: I actually want this? And do I actually need this,
• 25:51
  Speaker 6: and just choosing to spend my money on things that
• 25:53
  Speaker 6: will help me out and will make me happy, not
• 25:56
  Speaker 6: just things yeah at random?
• 25:58
  Speaker 1: What about her worst money my worst money habit?
• 26:01
  Speaker 6: To be honest, since moving out, I feel like I'm
• 26:03
  Speaker 6: probably spending a little bit more because of things around
• 26:06
  Speaker 6: the house. I find myself at Bunnings every single weekend,
• 26:10
  Speaker 6: wanting to get more plants or wanting to do things
• 26:12
  Speaker 6: around the house. So that's probably my worst money habit
• 26:14
  Speaker 6: at the moment, but that's probably as far as it goes.
• 26:17
  Speaker 6: I don't really buy out much. I pack my lunches
• 26:21
  Speaker 6: for work, and I bought a coffee machine, which means
• 26:24
  Speaker 6: I save money on coffees don't have to buy anything
• 26:27
  Speaker 6: like that, so I think that definitely helps as well.
• 26:30
  Speaker 6: If I was to spend my money on things, I
• 26:31
  Speaker 6: would probably rather spend it going to brunch with my
• 26:34
  Speaker 6: partner or doing something nice on the weekend or a
• 26:38
  Speaker 6: weekend away.
• 26:39
  Speaker 1: So what's twenty two and proud actually saving for? What's
• 26:43
  Speaker 1: her big money goal?
• 26:44
  Speaker 6: My big savings goal is to go on a big
• 26:46
  Speaker 6: holiday next year, because we were saving so hard for
• 26:49
  Speaker 6: a deposit. In all the time that my partner and
• 26:51
  Speaker 6: I have been together, we haven't actually done any overseas
• 26:54
  Speaker 6: trips or like real long holidays. So next year we
• 26:58
  Speaker 6: plan to go to Canada and America next year, and yeah,
• 27:01
  Speaker 6: that should be quite expensive but fun.
• 27:04
  Speaker 1: So howard Today's money diarist rate her own relationship with
• 27:07
  Speaker 1: money if we forced her to give herself a grade.
• 27:09
  Speaker 6: I would probably give myself an age just because of
• 27:12
  Speaker 6: the position I'm in, and for my age especially, I
• 27:16
  Speaker 6: feel like not many people are at this age and
• 27:19
  Speaker 6: have their own house and are paying off a mortgage
• 27:21
  Speaker 6: and doing.
• 27:22
  Speaker 4: Quite well for themselves. There's always room for improvements, all.
• 27:26
  Speaker 1: Right, Victoria twenty two and proud. She's got a lot
• 27:28
  Speaker 1: to be proud about, doesn't she.
• 27:30
  Speaker 4: She absolutely does.
• 27:31
  Speaker 3: Imagine being that young and having saved nearly one hundred
• 27:34
  Speaker 3: thousand dollars from home.
• 27:36
  Speaker 1: To po my age makes feel very guilty for what
• 27:38
  Speaker 1: I'm doing. But honestly, Victoria, we have been crunching the
• 27:42
  Speaker 1: numbers these past few minutes because we were like, surely
• 27:44
  Speaker 1: that's impossible, and no, it's quite possible.
• 27:47
  Speaker 3: It is so I think that it's important to be
• 27:49
  Speaker 3: transparent when speaking about money. So we crunched the numbers,
• 27:52
  Speaker 3: and by saving five hundred dollars a week, that's saving
• 27:55
  Speaker 3: about twenty six thousand dollars a year. Times that by four,
• 27:58
  Speaker 3: which is the timeframe she saved for the house in
• 28:02
  Speaker 3: and she could have saved or should have saved one
• 28:04
  Speaker 3: hundred and four thousand dollars in that period of time,
• 28:06
  Speaker 3: which is so incredible. So for her to be able
• 28:09
  Speaker 3: to do that, I think that that's incredible, and it
• 28:11
  Speaker 3: obviously is something that she compromised a lot of other
• 28:14
  Speaker 3: things to achieve, so I think we need to recognize
• 28:17
  Speaker 3: that as well. She also was incredibly lucky to be
• 28:20
  Speaker 3: able to live at home and probably have a lot
• 28:22
  Speaker 3: less fixed costs than a lot of us who are
• 28:24
  Speaker 3: not living at home. So as much as this story
• 28:26
  Speaker 3: is absolutely fantastic, I'd hate for other people to listen
• 28:30
  Speaker 3: to this and feel a little bit flat that they're
• 28:32
  Speaker 3: the same age and haven't achieved the same things. Because
• 28:35
  Speaker 3: as much as this is an absolutely fantastic thing and honestly,
• 28:38
  Speaker 3: congratulations to her, I'm so impressed. It does take sacrifice
• 28:43
  Speaker 3: and planning to save money like this, and it also
• 28:47
  Speaker 3: takes a lot of diligence over the long period of time,
• 28:50
  Speaker 3: so it's not something that we are all able to
• 28:53
  Speaker 3: actually achieve. It's incredible, and for her to have already
• 28:56
  Speaker 3: paid off her hex as well, like that's a lot
• 28:58
  Speaker 3: of head down, bum up, But I think that it's
• 29:02
  Speaker 3: also really really great that, you know, we are able
• 29:04
  Speaker 3: to share stories like this and go, Wow, great for her,
• 29:08
  Speaker 3: I'm so impressed.
• 29:09
  Speaker 4: I can't do it, but that's okay.
• 29:11
  Speaker 1: Yeah, if you're not willing to sacrifice, that's totally okay.
• 29:14
  Speaker 1: It just might take a little longer, and that's fine too.
• 29:16
  Speaker 3: Yeah, And I don't even know if it's just about
• 29:18
  Speaker 3: being willing to sacrifice. Some of us are just not
• 29:20
  Speaker 3: in positions where that's not a thing we can do.
• 29:23
  Speaker 4: But it also might not be a.
• 29:25
  Speaker 3: Priority to us, like buying a house young fantastic, it
• 29:28
  Speaker 3: sounds really great, But I would never have been in
• 29:31
  Speaker 3: that position. And to be honest, if you'd said to
• 29:33
  Speaker 3: me whilst I was still at UNI, like do you
• 29:35
  Speaker 3: want to be saving this amount of money? It would
• 29:37
  Speaker 3: mean forgoing all of your social interactions, all of the
• 29:41
  Speaker 3: things that you want to do, I probably would have
• 29:43
  Speaker 3: said no. So I think it's worth having a look
• 29:45
  Speaker 3: at and going all right, that's fantastic for her, what
• 29:48
  Speaker 3: a gal. But also that's probably not in line with
• 29:51
  Speaker 3: my values. And that's the most important thing to take
• 29:54
  Speaker 3: away from this, people spending money in relation to their
• 29:57
  Speaker 3: values and beliefs.
• 29:58
  Speaker 1: But well done to her.
• 30:00
  Speaker 4: A plus, I reckon, I reckon A plus. That's a
• 30:02
  Speaker 4: plus plus for sure.
• 30:04
  Speaker 1: That's all we have time for today, Victoria, just before
• 30:06
  Speaker 1: we head off, though, as always, let's quickly wrap the
• 30:08
  Speaker 1: boring butt important stuff. The advice shared on Shees on
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• 30:13
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• 30:33
  Speaker 4: Woo. You did air heavy all right?
• 30:36
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