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FRIDAY DRINKS: (Pay) Secrets Be Gone! · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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Speaker 1: the Order KERNI Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
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Speaker 1: acknowledging the elders, the ancestors and the next generation coming
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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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Speaker 1: and the storytelling of you to make a difference for
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Speaker 1: today and lasting impact for tomorrow.
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Speaker 2: Let's get into it.
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Speaker 3: She's on the Money, She's on the Money.
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Speaker 2: Hello, and welcome to She's on the Money. Need the
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Speaker 2: podcast for millennials who want financial freedom. Today, my friends,
1:04
Speaker 2: is Friday, which means it is time to sit back
1:06
Speaker 2: with the girls, I Ate, Jess and I with a
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Speaker 2: bev in hand, to unpack our favorite moments from the week,
1:12
Speaker 2: and of course, to celebrate you, our incredible She's on
1:15
Speaker 2: the Money community. As always, we're going to be sharing
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Speaker 2: our favorite money weeds. We're going to be discussing what's
1:20
Speaker 2: making news in the finance world, and we'll be helping
1:23
Speaker 2: to answer a juicy money Question, which this week is
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Speaker 2: all about prenups, but first it is time to recap
1:29
Speaker 2: the week that was. I'm going to start with Monday's
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Speaker 2: money Dry episode, which this week was all about someone
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Speaker 2: who'd moved out of home and interstate at the age
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Speaker 2: of seventeen and was now twenty five a registered nurse.
1:41
Speaker 2: But the spicy part was she worked in a jail,
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Speaker 2: and I thought that that was so interesting and we
1:47
Speaker 2: had some conversations. I obviously took it down my own
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Speaker 2: root of questioning, because Jess, you're not there to keep
1:52
Speaker 2: me on track an so I just go rogue And
1:55
Speaker 2: I was like, what about the ethics of it? Like
1:57
Speaker 2: what about providing care to people that you no might
2:00
Speaker 2: have killed someone else? Like how does that work? So
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Speaker 2: I found it really interesting, and to be honest, I
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Speaker 2: found her really compassionate and kind because she was like, well,
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Speaker 2: I'm not there to judge their circumstances. I'm there to
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Speaker 2: make sure that they're healthy, and I was just like,
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Speaker 2: you're a very very kind human. She was actually really
2:15
Speaker 2: really interesting as well. She lived with her partner and
2:17
Speaker 2: she had two dogs, which obviously I was really interested in,
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Speaker 2: but she also decided to get on board the first
2:22
Speaker 2: time Super Savis game, which is an absolute mouthful, and
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Speaker 2: she's contributing an extra six hundred dollars each and every
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Speaker 2: single fortnight to Super because they want to buy their
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Speaker 2: first time in three years. And I just thought it
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Speaker 2: was really cool to see a twenty five year old
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Speaker 2: at that stage where she's like, I'm just saving, I'm
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Speaker 2: trying to get there. This is my plan, this is
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Speaker 2: my strategy. And it's really nice to talk to people
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Speaker 2: who have strategies that are a little bit longer, because
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Speaker 2: I think so many times we talk to people and
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Speaker 2: they're like, yeah, I'm going to buy property, and it's
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Speaker 2: always I'm going to buy property this year or next year,
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Speaker 2: or I already have fifty thousand dollars savings, and for
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Speaker 2: some people that's just not relatable. But this money drest
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Speaker 2: was like, all right, this is a three year game plan.
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Speaker 2: I'm still to it. And I was like, yes, Quinn,
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Speaker 2: get it. Oh my gosh, that's awesome.
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Speaker 4: But having a plan and sticking to it takes the
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Speaker 4: pressure off a bit and setting up that habit. She's
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Speaker 4: basically paying a mortgage here. I mean like she's getting
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Speaker 4: herself in that habit now, which is only going to
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Speaker 4: make her life a whole lot easier when she finally
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Speaker 4: does get to buy her home.
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Speaker 2: Literally, And I just think that too many times we
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Speaker 2: only see the shiny side of property purchasing, And I mean,
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Speaker 2: you're on that journey at the moment, which is not shiny,
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Speaker 2: not shiny. But it did take you a while to
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Speaker 2: save your deposit and you were really diligent at it.
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Speaker 2: But I don't think people understand the compromise that comes
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Speaker 2: along with making a big, long term financial decision because
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Speaker 2: it's going into your savings account. It's not going somewhere else.
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Speaker 2: Like every single day you're challenged as to weather, Oh
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Speaker 2: do you want to go on another holiday with friends,
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Speaker 2: or do you want to go out for brunch? Or
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Speaker 2: do you want to make these decisions. It's not something
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Speaker 2: that you just go, yeah, we've been planning this for
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Speaker 2: ages and it was no biggie. Y's a biggie. It's
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Speaker 2: a massive So it was really nice to have a
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Speaker 2: chat with her. She was full of bubbles and I
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Speaker 2: really loved her. Oh my gosh, she sounds incredible. What
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Speaker 2: did we talk about a Wednesday though, Jessica?
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Speaker 4: So on Wednesday we recapped the top five performing ETFs
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Speaker 4: of twenty twenty two, which was a really fun episode
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Speaker 4: to do for a couple of reasons. Firstly, did you
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Speaker 4: know that this year our very best fine you're going
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Speaker 4: to say, was recapping the best ETFs of twenty.
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Speaker 2: Twenty one one? Yes, we did our Spotify rapped rapped,
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Speaker 2: not rewrapped rap, Spotify wrapped, And it came out that
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Speaker 2: that was our most popular episode by like heaps. It
4:23
Speaker 2: wasn't like, you know, a thousand listence, it was like
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Speaker 2: what was It was like fifty six percent or something ridiculous,
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Speaker 2: And I was like, ah, you guys were more investing content.
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Speaker 2: I see you, I hear you. So watch out twenty
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Speaker 2: twenty three.
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Speaker 4: Yeah, lots more investing content coming your way. But the
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Speaker 4: reason I really enjoyed this episode was because it's obviously
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Speaker 4: the second year now that we've done it. It was
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Speaker 4: really cool to be able to compare and look back
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Speaker 4: at the industries that performed really well last year, because
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Speaker 4: we spoke a lot in that episode about how it
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Speaker 4: was a real anomaly in the industries that performed well
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Speaker 4: and more specifically the percentage of growth that they saw
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Speaker 4: because last year there were companies that had growth of
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Speaker 4: you know, sixty seventy Yeah, like crazy, and you, at
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Speaker 4: the time, as an advisor, said this is not normal,
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Speaker 4: And as someone who was new to investing, I was like, oh, yeah,
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Speaker 4: like I sho.
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Speaker 2: But what I was going to be companies that performed
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Speaker 2: that way? Yeah.
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Speaker 4: I mean when we looked at this year's top five,
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Speaker 4: the growth was so much done in comparison. And I
5:19
Speaker 4: don't want to give it away. You're gonna have to
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Speaker 4: go listen to the episode if you want to know. No,
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Speaker 4: they've got to go listen to the episode if they
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Speaker 4: want to know all the juicy ds. But it was
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Speaker 4: completely different industries, completely different ETFs, and also completely different percentages,
5:31
Speaker 4: which is just cool to look at as someone who's
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Speaker 4: kind of interested in the data and also as a
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Speaker 4: newer investor to see just how much of a difference
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Speaker 4: twelve months can make.
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Speaker 2: Yeah, and I mean I'm boring, so I love this content,
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Speaker 2: but turns out you guys do too. I think it
5:45
Speaker 2: would be interesting as well if you hadn't listened to
5:48
Speaker 2: that episode or you're newer to the podcast, because we
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Speaker 2: learn also from our Spotify wrapped that our community has
5:53
Speaker 2: grown by what thirty seven percent, So thirty seven percent
5:57
Speaker 2: of our listeners are new this year, which is very,
5:59
Speaker 2: very cool. So if you're one of them, I would
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Speaker 2: actually go back and listen to that twenty twenty one
6:04
Speaker 2: rap and then the twenty twenty two just so you
6:06
Speaker 2: can understand what we're talking about when it comes to
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Speaker 2: changes in the economy and changes in the market and
6:11
Speaker 2: the different industries that were showcased, because both of those
6:14
Speaker 2: episodes are not going to be able to guide you
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Speaker 2: on what to invest in in the future because past
6:18
Speaker 2: performance is not a reliable predictor of future performance. We
6:21
Speaker 2: know that it's just reflecting on the year that was.
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Speaker 2: But I think you guys will actually find it really
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Speaker 2: interesting now that there's two episodes that kind of have
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Speaker 2: the same format to go, Wow, in twenty twenty one,
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Speaker 2: it did this, and then in twenty twenty two it
6:33
Speaker 2: did this. We can't predict what twenty twenty three is
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Speaker 2: going to do, and that's why we have to always
6:39
Speaker 2: be switched on making sure that we have really well
6:41
Speaker 2: diversified portfolios, and then we're not jumping the gun on
6:44
Speaker 2: things and not trying to just follow trends because Jess,
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Speaker 2: if you had listened to that twenty twenty one episode
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Speaker 2: we did, and you're like, oh my gosh, zoom and
6:52
Speaker 2: stuff like this is really performing because of COVID. I'm
6:54
Speaker 2: going to jump on that bandwagon. You weren't even going
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Speaker 2: to be in the top twenty this year. That would
7:00
Speaker 2: have put you behind. So I think that we need
7:02
Speaker 2: to talk about how important it is to not take
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Speaker 2: these episodes as advice but rather education. You know, we
7:07
Speaker 2: harp on about it all the time, but that's a
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Speaker 2: really solid example of Hey, our twenty twenty one wrap,
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Speaker 2: if you had decided to take that as advice, you
7:16
Speaker 2: weren't even going to make it the next year. We
7:18
Speaker 2: really need to be more diversified than that. Yeah.
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Speaker 4: Absolutely, And for twenty twenty one, we also did an
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Speaker 4: episode reviewing the top five performing individual shares.
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Speaker 2: Well do that again? Should we do that again?
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Speaker 4: Yeah? If you want to see that, let us know,
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Speaker 4: slide into our dms because we can always.
7:32
Speaker 2: Just changing the name of the podcast is not She's
7:34
Speaker 2: on the Money, it's She's on the investing. I think
7:36
Speaker 2: that's a great idea. Victoria's so stoked. I'm like, yes,
7:40
Speaker 2: these queens have caught up.
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Speaker 4: All right, enough talking investing vas. I know you could
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Speaker 4: do that literally all day, but instead, let's get into
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Speaker 4: today's budget direct money wins some confession, let's still it already.
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Speaker 4: So my first win this week comes from Shan, who
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Speaker 4: said a colleague told me I could claim my master's
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Speaker 4: degree on tax as work related self education, amended tax
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Speaker 4: return and got another ten thousand dollars back.
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Speaker 2: What money, ween? I love that. That's a lot of money.
8:07
Speaker 2: I always want to know what people are going to
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Speaker 2: do with it when they say I got an extra
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Speaker 2: ten grand, Like, where did it go? I know I'll
8:11
Speaker 2: get I'll come out back to Shan and be like,
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Speaker 2: where's it going? What are you doing? Victory wants to know. Yeah,
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Speaker 2: I'm perviey, Please tell me your financial circumstances.
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Speaker 4: Our next wind comes from Kira, who said, money win.
8:21
Speaker 4: I made eighteen little gifts for my daycare and school
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Speaker 4: teachers from my kids, using things I already had at home.
8:27
Speaker 4: I've only spent twelve dollars on seedlings. And she put
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Speaker 4: in a photo of nine that are going to school tomorrow,
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Speaker 4: and they're these really cute little pots with flowers that
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Speaker 4: she's grown from the seedlings.
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Speaker 2: Oh, and I feel like that's so cute.
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Speaker 4: Week she can say, oh, like me and my child groovy.
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Speaker 2: You Yeah, that's really cute. I feel like my mum
8:45
Speaker 2: used to put so much energy and effort into the
8:47
Speaker 2: teacher gifts for my teachers growing up, and I look
8:51
Speaker 2: at it now and I'm like, what is that an
8:53
Speaker 2: expectation of parenting? Because I don't know.
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Speaker 4: It's also a big expense because kids that are in
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Speaker 4: primary school particularly have a host of what like five
9:01
Speaker 4: or six different teachers that they would see across the week,
9:04
Speaker 4: Like they would have their homeroom or their core teacher
9:06
Speaker 4: and their art teacher and their sport teacher.
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Speaker 2: Yeah, like where do you draw.
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Speaker 4: The line because that's gone to get expensive.
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Speaker 1: Yeah.
9:12
Speaker 2: But also, if you're a teacher at Christmas time, do
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Speaker 2: you just end up with sixty million seedlings on your desk?
9:18
Speaker 2: Or chocolate? My sister in law is a teacher. Would
9:21
Speaker 2: you are right with chocolates? I feel like chocolates is
9:23
Speaker 2: a good compromise. I always feel like presents for people
9:26
Speaker 2: that you're not that close to should be somewhat disposable.
9:31
Speaker 2: Is that a bad thing? I don't know, Like it
9:33
Speaker 2: feels less thoughtful, But like if I didn't know you. Well, Jess, like,
9:36
Speaker 2: I'm not going to go buy you some kind of
9:38
Speaker 2: decor for your home that you then put in the
9:41
Speaker 2: corner of your house and you're like, oh, that's sick,
9:43
Speaker 2: like wine, food, chocolates, biscuits, something that can be consumed,
9:48
Speaker 2: appreciated and then not have an impact on your decor
9:51
Speaker 2: at home.
9:52
Speaker 4: Well, yeah, my sister in law always says there's only
9:54
Speaker 4: so many World's Best Teacher bugs that you can have,
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Speaker 4: because that's that's a really thoughtful, kind sweet gift. But
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Speaker 4: it's also I think one that a lot of people
10:02
Speaker 4: go for when you go to our house.
10:03
Speaker 2: Is it just like those are the only mugs truly
10:06
Speaker 2: from turned out where all the.
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Speaker 4: My next win comes from Evelyn, who said money Win.
10:14
Speaker 4: I won a Vinnie's gift card this week. I love
10:16
Speaker 4: op shopping. I'm patiently waiting for it to come in
10:19
Speaker 4: the mail, which I didn't even know that you didn't get.
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Speaker 2: No cards for the option. Yeah exactly.
10:24
Speaker 4: I thought that was really fun because obviously we're all
10:26
Speaker 4: kind of thinking about Christmas and gifting, and if you
10:28
Speaker 4: know someone who loves op shopping, I feel like that's
10:30
Speaker 4: a really.
10:31
Speaker 2: Nice it's thoughtful it's really cool for.
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Speaker 4: Gift because if you give them even like a ten
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Speaker 4: or twenty dollars gift card, it's going to go quite
10:38
Speaker 4: far at somewhere like an op shop compared to if
10:40
Speaker 4: you just bought them one for glassons or something, which.
10:44
Speaker 2: I thought was really really sweet.
10:45
Speaker 4: My next win comes from Jess, who says, I'm engaged,
10:48
Speaker 4: can grat.
10:49
Speaker 2: I need like that a most fun time ever?
10:52
Speaker 4: Well, she said she found a gorgeous modern wedding dress
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Speaker 4: in my size add an op shop for twenty dollars.
10:58
Speaker 4: What twenty dollars is she missing a zero? Because that
11:02
Speaker 4: is a money win if it's twenty bucks.
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Speaker 2: That's what I thought. We impressed.
11:07
Speaker 4: We'd love to see a photo dress. Add a photo
11:09
Speaker 4: to the throat so we can all have a little
11:10
Speaker 4: bit of a sticky bit.
11:11
Speaker 2: Now I've had my wedding, I absolutely am going to
11:13
Speaker 2: be using an abusing wedding content like I want to
11:15
Speaker 2: see all your dresses, I want to see all you styling.
11:17
Speaker 2: I want to see everything, and it's really self serving,
11:19
Speaker 2: but I'm not sorry.
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Speaker 4: Oh my gosh, we're all for it. It is wedding
11:22
Speaker 4: season and I am loving it. And then my second
11:25
Speaker 4: to last win I have comes from Caroline. She says
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Speaker 4: I saved nineteen dollars a month by switching my mobile
11:31
Speaker 4: phone account to another provider. Plus I get more data
11:33
Speaker 4: and my unused data rolls over each month. It might
11:37
Speaker 4: not be much, but I'm on my own now and
11:38
Speaker 4: have bought She's on the money, and set up my budget,
11:41
Speaker 4: got a planner, and am ready to move forward in
11:43
Speaker 4: the New Yark. Hi you queen, Yes, Caroline, you are
11:46
Speaker 4: getting on top of it. You are taking control. And
11:48
Speaker 4: you've also reminded me that I actually need to call
11:51
Speaker 4: my insurance provider to see if they will do me
11:53
Speaker 4: a better deal because I got my insurance renal and
11:55
Speaker 4: it is expensive.
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Speaker 2: Yeah, always ask for a better deal. But also it's
11:59
Speaker 2: coming up to the stiff season and a lot of
12:01
Speaker 2: us have some time off. Now is the time to
12:03
Speaker 2: review your phone plan because there are so many cheap
12:06
Speaker 2: ones out there, like I basically have. I think it's
12:08
Speaker 2: like one hundred and fifty gig of data for forty
12:10
Speaker 2: five bucks a month, and I think that's a money win.
12:12
Speaker 2: But I also know I could get it cheaper. Do
12:14
Speaker 2: I need to? I don't know. Forty five bucks a
12:16
Speaker 2: month is pretty good, but like, if yours is more
12:19
Speaker 2: than that, I absolutely would be reviewing it because I
12:21
Speaker 2: feel like, especially at Christmas time, there are heaps of
12:24
Speaker 2: deals flying around to save some money on your phone plan.
12:28
Speaker 2: I fully agree.
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Speaker 4: And if you've got the extra time off, what better
12:31
Speaker 4: way to spend it than by saving yourself some money.
12:32
Speaker 4: You're gonna feel good and future you is one thousand
12:35
Speaker 4: percent going to thank you. The very last money win
12:39
Speaker 4: that I have today is from Rihanna, and she said
12:41
Speaker 4: money win. I caught up with a friend last week
12:43
Speaker 4: and he shouted me a coffee. It's the little things
12:45
Speaker 4: that make.
12:46
Speaker 2: Your day money. When I got a free coffee this
12:49
Speaker 2: week too, that's absolutely money win.
12:50
Speaker 3: Yeah.
12:51
Speaker 2: I found one of those ticket you know, like the
12:52
Speaker 2: coffee cards down the side of the car, which fools. Yeah,
12:55
Speaker 2: next one free money win. Oh my gosh, makes your day?
12:58
Speaker 2: All right, Jess, it is time to wrap it. As always,
13:01
Speaker 2: it has been great celebrating some of your budget Direct
13:03
Speaker 2: money wins. Budget Direct winner of can Star's Insurer of
13:06
Speaker 2: the Year Award twenty twenty two. Budget Direct Insurance solved.
13:14
Speaker 4: All right, everybody, today, I have a kind of really
13:18
Speaker 4: exciting it's really exciting.
13:19
Speaker 2: What do you mean kind of super exciting? I cannot wait.
13:22
Speaker 2: I feel like I have been jumping up and down
13:24
Speaker 2: about this for years. I had a video go viral
13:26
Speaker 2: on TikTok about this. Yeah, and by viral, I mean
13:29
Speaker 2: like not as viral as everybody else's videos, but like
13:31
Speaker 2: I mean a million views. That was pretty good. But
13:34
Speaker 2: what is it, Jess? What are we talking about today?
13:36
Speaker 4: So some new industrial relation laws have passed through Parliament
13:40
Speaker 4: this week, which there's a whole bunch of different things
13:42
Speaker 4: that are kind of covered off in these reforms, But
13:45
Speaker 4: the big two that I want to talk about today
13:47
Speaker 4: are pay secrecy and flexibility. Pay secrecies banded in Australia.
13:52
Speaker 4: Spoiler alert. It's so exciting. This is something we've spoken
13:56
Speaker 4: about heats on this show. If you're not familiar. Pay
13:58
Speaker 4: secrecy is essentially just a laws that is included in
14:01
Speaker 4: some people's contracts that expressly prohibits people from discussing their
14:04
Speaker 4: salary with other employees or people external to the company.
14:08
Speaker 4: And if you're going, gee, Jess, why why would they
14:10
Speaker 4: put that in there to protect themselves, to stop people
14:13
Speaker 4: from saying, hey, I'm earning fifty five thousand dollars and
14:17
Speaker 4: this other person being like, oh my god, I'm doing
14:19
Speaker 4: the exact same job as you, and I'm earning eighty
14:21
Speaker 4: thousand dollars. That is a joke if that happened, because
14:23
Speaker 4: in that so trio, the person on the fifty five
14:26
Speaker 4: thousand dollars is going to be like, well, that's not fair.
14:28
Speaker 2: I'm doing the same job time.
14:30
Speaker 4: It is so eg It is really exploitative, and you
14:34
Speaker 4: know that law. I think when we've spoken about in
14:36
Speaker 4: the past, we've said it really only exists to protect companies.
14:39
Speaker 4: It doesn't do anything to protect employees. All it does
14:42
Speaker 4: is gag you essentially and stop you from being able
14:45
Speaker 4: to figure out what you're worth, but also what other
14:47
Speaker 4: people are worth as well, and it stops things from
14:50
Speaker 4: people unionizing and banding together and kind of, you know,
14:54
Speaker 4: working as a team to increase everybody's position.
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Speaker 2: The I want to be in a better position exactly.
15:00
Speaker 2: It's insane to me that this hasn't happened earlier. But
15:03
Speaker 2: I'm really excited about it because I was reading something
15:05
Speaker 2: last weekend about how you remember ages ago, Jess. We
15:08
Speaker 2: talked on the podcast. I don't know if it was
15:09
Speaker 2: pre you or it was with you, because I live
15:12
Speaker 2: in a bubble. But we're talking about how it's going
15:15
Speaker 2: to take one hundred and fifty years to close the
15:17
Speaker 2: gender pay gap. So we're talking about that, and it
15:19
Speaker 2: has now been increased to two hundred years because during
15:21
Speaker 2: COVID we went significantly backwards and that really sucks. But
15:27
Speaker 2: something that plays into that genuinely is pay secrecy. And
15:30
Speaker 2: if you're listening to this thinking, oh, that's not a
15:32
Speaker 2: thing like I've always been open about it, lucky you,
15:36
Speaker 2: because so many people are in that position. If you're
15:39
Speaker 2: a nurse or you are a teacher, often your salary
15:41
Speaker 2: is really transparent because you're on an award and that's
15:45
Speaker 2: great and you can talk about that and you know
15:47
Speaker 2: how to predict, well, if I go up this level
15:49
Speaker 2: or I'm in this band, this is what this will mean.
15:52
Speaker 2: But there are so many things in so many industries
15:55
Speaker 2: that stop people talking about their incomes or talking about
15:58
Speaker 2: their remuneration. And think that is wildly unfair, because today
16:03
Speaker 2: the gender pay gap in Australia is still twenty two
16:05
Speaker 2: point eight percent, which is way too many percent for me.
16:09
Speaker 2: But the exciting thing about banning pay secrecy is hopefully
16:13
Speaker 2: we can follow suit with Canada who found that once
16:15
Speaker 2: they banned pay secrecy, they found that the gender pay
16:19
Speaker 2: gap between men and women was reduced by twenty to
16:21
Speaker 2: forty percent. Wow, how easy is that? Like, just talking
16:25
Speaker 2: about your salary puts us in a twenty to forty
16:29
Speaker 2: percent better off position.
16:30
Speaker 4: That crazy, And the gender pay gap is really central
16:33
Speaker 4: to this updated bill, which is the Secure Job's Better
16:36
Speaker 4: Pay Bill if you would like to look up the reforms.
16:39
Speaker 4: And another really significant factor I guess that we talk
16:41
Speaker 4: about in terms of that gender pay gap is caring
16:44
Speaker 4: and how a lot of the time women have to
16:46
Speaker 4: take time out of the workplace because statistically we know
16:48
Speaker 4: that more often than not they're the primary cares. You
16:50
Speaker 4: have to take time off at a minimum if you're
16:52
Speaker 4: giving birth, let alone, if you're the person who's going
16:55
Speaker 4: to be staying at home with the kids. And so
16:57
Speaker 4: another element of this reform that I'm really excited about
16:59
Speaker 4: Percon is they've now made it so that it is
17:02
Speaker 4: illegal for an employer to unreasonably refuse flexible working options.
17:06
Speaker 4: So for our working parents who can't afford to put
17:09
Speaker 4: their kids in daycare every day, I think is a
17:11
Speaker 4: common example we see in the group because daycare is
17:14
Speaker 4: so expensive, well after school care, if you've got a kid,
17:16
Speaker 4: I believe.
17:17
Speaker 2: How expensive it is. And you know, not to throw
17:20
Speaker 2: my business partner Cage under the bus, but I was
17:22
Speaker 2: having a chat with her the other day, and she
17:24
Speaker 2: has two beautiful little boys who both go to day
17:27
Speaker 2: care full time because they have working parents. I could
17:31
Speaker 2: not believe how expensive it was. It's basically a mortgage
17:34
Speaker 2: repayment for them. And I'm so grateful and very happy
17:37
Speaker 2: that they're in a position where, you know, that's affordable
17:40
Speaker 2: and it makes sense and she can go to work
17:42
Speaker 2: and you know, earn an income. But for so many people,
17:45
Speaker 2: the finances just don't stack up. Now. Having your kid
17:48
Speaker 2: in daycare is just redundant because you're like, well, at
17:51
Speaker 2: the end of the day, I might be taking home
17:53
Speaker 2: less than I was before just to have them in care.
17:57
Speaker 2: And to me, that seems honestly insane, you know. So
18:00
Speaker 2: there's so many questions I have around that as well,
18:02
Speaker 2: because we know already just that daycare employees do not
18:06
Speaker 2: get paid well enough, any type of childcare doesn't get
18:09
Speaker 2: paid enough. But then where's all this money going the
18:12
Speaker 2: childcare center? Or yeah, do you know what I mean?
18:14
Speaker 2: Like you just look at it and you're like, how
18:15
Speaker 2: many kids would you have at you know, one hundred
18:18
Speaker 2: and thirty one hundred and forty bucks a day, Like
18:20
Speaker 2: what the heck?
18:21
Speaker 4: Yeah, it's huge amounts of money. And for a lot
18:23
Speaker 4: of people, that's why it is really hard for women
18:25
Speaker 4: or primary cares to get back into the workforce. And
18:28
Speaker 4: so by making it unlawful for employers to unreasonably refuse flexibility,
18:32
Speaker 4: I think it's going to make a huge difference because
18:35
Speaker 4: not every industry, unfortunately, is going to be able to
18:37
Speaker 4: work flexibly. It's one of those hard catch twenty twos,
18:40
Speaker 4: I guess when you talk about things like this, But
18:42
Speaker 4: for a lot of parents who work corporately, or a
18:45
Speaker 4: lot of people who work in maybe industries that aren't
18:49
Speaker 4: directly service based, it's going to make a world of
18:52
Speaker 4: difference by allowing them to hopefully work from home or
18:55
Speaker 4: leave to pick up the kids and then work the
18:57
Speaker 4: remainder of the day from home. There are so many options,
18:59
Speaker 4: and we've spoken lot on the podcast about the fact
19:01
Speaker 4: that flexibility really should be a standard. You know, if
19:05
Speaker 4: you trust your employees and if they're doing well, it
19:07
Speaker 4: shouldn't be an issue for them to be able to
19:09
Speaker 4: go pick their kids up, or to be able to
19:11
Speaker 4: go to a doctor's appointment if they're pregnant, or to
19:13
Speaker 4: be able to go and see somebody if they're like
19:15
Speaker 4: really stressed about their mental health. Like making time for
19:19
Speaker 4: those things in their day to day life is important,
19:22
Speaker 4: and I'm really excited to see laws and reforms being
19:25
Speaker 4: brought in to support those people in a way that
19:28
Speaker 4: previously they weren't.
19:29
Speaker 2: It's interesting because obviously conversations like these weren't happening pre COVID,
19:35
Speaker 2: and I remember having conversations with people and I'd say, oh,
19:39
Speaker 2: we should let people work from homeland or two days
19:41
Speaker 2: a week, and I was shut down so quickly. I
19:44
Speaker 2: was absolutely not. People are not productive at home, absolutely not.
19:48
Speaker 2: They'll take an into run a mile like it's insane,
19:51
Speaker 2: and I just remember being like, oh, I really don't
19:53
Speaker 2: think so. Like I remember when I would work from
19:55
Speaker 2: home back then, they were my most productive days because
19:58
Speaker 2: no one was pestering me or you're asking questions, and
20:01
Speaker 2: I could just smash through a whole day's worth of
20:04
Speaker 2: work and I'd feel super caught up. And now post COVID,
20:07
Speaker 2: I'm having conversations with friends and just I had a
20:10
Speaker 2: conversation with someone last weekend and they were like, yeah,
20:13
Speaker 2: like an email went out in our team this week
20:16
Speaker 2: that said all managers and this person was a manager,
20:19
Speaker 2: have to be in at work five days a week
20:21
Speaker 2: next week. You know, They've finally renovated the offices and
20:25
Speaker 2: they want to make use of them. And I'm just like, oh,
20:27
Speaker 2: this is going to go so backwards for them if
20:29
Speaker 2: they are demanding that people who were performing their jobs
20:33
Speaker 2: perfectly well from home. You know, I'm not expecting that
20:36
Speaker 2: every single company says, oh, we don't need to have
20:38
Speaker 2: an office at all, Like yeah, cool, expect people to
20:41
Speaker 2: come in one or two days a week or three
20:43
Speaker 2: or four or whatever it is. But to remove all
20:45
Speaker 2: flexibility once people have crafted their lives around having some
20:49
Speaker 2: level of flexibility just seems a bit cruel to me.
20:51
Speaker 2: Like it just doesn't make sense unless there's an issue
20:54
Speaker 2: where I have to sit someone down and say, oh,
20:56
Speaker 2: my gosh, you are being not productive at home. Actually
21:00
Speaker 2: need an office? Yes, Like why is there an issue?
21:04
Speaker 2: I agree?
21:04
Speaker 4: And so I'm really stoked about these changes and to
21:07
Speaker 4: see how they kind of roll out and how they
21:09
Speaker 4: impact people, because I think We're going to see some
21:11
Speaker 4: really positive outcomes and steps in the right direction, which
21:14
Speaker 4: is so exciting.
21:15
Speaker 2: All right, Jess, We could go on and on about
21:17
Speaker 2: this literally forever, and I feel like we still will
21:20
Speaker 2: because we're still two hundred years away from our gender
21:22
Speaker 2: equality when it comes to pay. So we've got a
21:25
Speaker 2: little bit of time, but we don't have much time
21:27
Speaker 2: left on the show, so let's jump into our listener question. Hi, there,
21:32
Speaker 2: have you got a money dilemma you just can't solve?
21:35
Speaker 2: The She's on the Money team is here to help.
21:37
Speaker 2: Every week, we tackle your dilemmas, both big and small,
21:40
Speaker 2: to answer your most burning money, career and life questions.
21:44
Speaker 2: To get involved, simply head to our website and leave
21:46
Speaker 2: us a short voice recording and you might just find
21:48
Speaker 2: yourself on the show. Now, let's take a listen to
21:51
Speaker 2: this week's money dilemma.
21:54
Speaker 5: Hi, ladies, I'm hoping for some practical advice on prenows.
21:57
Speaker 5: I'm thirty years old and I've been in a relationship
21:59
Speaker 5: for four years of my amazing fiance. I was lucky
22:02
Speaker 5: enough to receive inheritance from my grandparents of one million dollars,
22:05
Speaker 5: which I bought a house with six years ago. My
22:07
Speaker 5: partner now lives with me and we currently own the
22:09
Speaker 5: same amount. We both agreed that a prenup would be
22:11
Speaker 5: a good idea to protect the inheritance, particularly as our
22:14
Speaker 5: next step is to sell the house I own and
22:16
Speaker 5: use that money to buy one together. We recently went
22:18
Speaker 5: through the process of trying to get a prenup and
22:20
Speaker 5: found it impossible. We both had lawyers, However, we had
22:22
Speaker 5: to specify every possible situation in our future relationship, from
22:26
Speaker 5: divorce to custody of children to what happens if one
22:28
Speaker 5: of us passes away. We weren't able to write up
22:30
Speaker 5: a simple agreement to carve out the one million dollars
22:32
Speaker 5: and split everything else equally, How are we able to
22:35
Speaker 5: make a prenup practically work for us?
22:37
Speaker 2: Thanks, I'm interested to hear that it was a hard
22:40
Speaker 2: process even though you both had lawyers. Yeah, that feels
22:43
Speaker 2: overwhelming and maybe makes me feel like you didn't have
22:46
Speaker 2: the right team.
22:47
Speaker 4: Potentially because you kind of think you bring in those
22:50
Speaker 4: kind of people to take it off of your plate.
22:52
Speaker 2: Really well, Yeah, so I can understand where they're coming from,
22:55
Speaker 2: because historically I've worked with a lot of estate planning
22:57
Speaker 2: lawyers who maybe aren't the fit for people, but have
23:02
Speaker 2: been really technically gifted, so really good at writing prenups,
23:06
Speaker 2: really good at doing the estate planning process, but actually
23:09
Speaker 2: need to be spoon fed. And there's times where as
23:11
Speaker 2: a finance when I was working as a financial advisor,
23:14
Speaker 2: I would actually sit down with my clients and do
23:16
Speaker 2: a lot of the prep so that it could then
23:18
Speaker 2: go to an estate planning lawyer to write up the prenup. However,
23:21
Speaker 2: I do think it's really important the areas you said, oh,
23:25
Speaker 2: we had to think about every possible outcome. Yeah, that's
23:27
Speaker 2: what a prenup is. It's thinking about every possible outcome
23:30
Speaker 2: and being on the same page about that, so you
23:33
Speaker 2: come to a reasonable conclusion when you're both in the
23:35
Speaker 2: same headspace as to what an outcome will look like.
23:38
Speaker 2: Because God forbids something happened to you yesterday and you
23:42
Speaker 2: did pass away, and your partner's making decisions about you
23:45
Speaker 2: and your future children. How good is it that your
23:48
Speaker 2: wishes and your thoughts are now documented in this document
23:51
Speaker 2: of what you would have wanted to happen. So I
23:53
Speaker 2: do think it's really important to take that into consideration.
23:56
Speaker 2: And I do have a sneaky little feeling that maybe
23:59
Speaker 2: you went along and just hoped for a prenup that said,
24:01
Speaker 2: if we get divorced or if our relationship doesn't work out,
24:05
Speaker 2: I get my more one million dollars back, which is
24:08
Speaker 2: just not how estate planning works because there are so
24:10
Speaker 2: many factors to be taken into consideration. So, for example,
24:14
Speaker 2: if you broke up a year from now and your
24:16
Speaker 2: relationship hadn't changed yet, it could be quite cut and
24:19
Speaker 2: dry and you probably would get your money back if
24:21
Speaker 2: you had signed a prenup. However, if down the track,
24:24
Speaker 2: you have dependence that's not going to be split equally,
24:27
Speaker 2: and you get it all back because there are people
24:29
Speaker 2: who are dependent on your care and your future husband's care.
24:33
Speaker 2: So it's really interesting, and I think that the best
24:37
Speaker 2: way to organize a prenup is actually to sit down
24:39
Speaker 2: with your partner and go through all of those segments. Well,
24:42
Speaker 2: what happens if one of us cheats on one another?
24:44
Speaker 2: Does that change the outcome of this prenup? What happens
24:47
Speaker 2: if we have an amicable divorce, what happens if one
24:50
Speaker 2: of us passes away prematurely? Because in estate planning, it's
24:54
Speaker 2: not just what you currently have, but now we also
24:56
Speaker 2: need to be thinking about life insurance and well what
24:58
Speaker 2: happens if you're totally impermanent disabled, like who's going to
25:01
Speaker 2: look after you? How do your decisions and your wishes
25:05
Speaker 2: play into this. So it is actually quite a comprehensive
25:08
Speaker 2: process to go through, so I'm not surprised it can
25:11
Speaker 2: be a little bit overwhelming. But one thing I would
25:13
Speaker 2: say is your professionals that are helping you should be
25:17
Speaker 2: on your team. So we've spoken to and if you
25:20
Speaker 2: haven't heard from Lucy from Head and Heart's Estate Planning before,
25:24
Speaker 2: obviously we recommend her. I used to work with her
25:26
Speaker 2: when I was a professional financial advisor and she would
25:29
Speaker 2: do my clients wills. She's done mine, so like I
25:32
Speaker 2: do trust her, But she does work in a bit
25:35
Speaker 2: of a different way. So maybe you're looking for someone
25:37
Speaker 2: with a different personality. Maybe you don't actually need two
25:41
Speaker 2: separate lawyers to pull together a prenup when you are
25:44
Speaker 2: actually on the same page. You just need a prenup
25:47
Speaker 2: to sit down and go, Okay, one lawyer can put
25:49
Speaker 2: this together. These are our wishes, let's sign it and
25:52
Speaker 2: put it on file. So from my perspective, it really
25:55
Speaker 2: just depends on what outcome you're looking for, and if
25:58
Speaker 2: your partner's really agreeable on having the prenup, you're ninety
26:01
Speaker 2: nine percent of the way there. Because most people have
26:03
Speaker 2: an issue where they're trying to sit down and go, Jess,
26:05
Speaker 2: I want a prenup and Jess is like, that's offensive.
26:07
Speaker 2: I can't believe you'd want that. So it can be
26:10
Speaker 2: a fickle process. But if your partner's already on the
26:12
Speaker 2: same page, to be honest, don't mean to be rude,
26:16
Speaker 2: but I'd be looking for some new planners.
26:18
Speaker 4: Yeah, no, one hundred percent. You want to be comfy
26:20
Speaker 4: because you're talking about really hard things. But I actually
26:24
Speaker 4: feel like that was very well said. I'm sorry, anything
26:26
Speaker 4: to add to that.
26:27
Speaker 2: Sorry, sorry, sorry, Yeah, I mean a state not anymore,
26:31
Speaker 2: not anymore, she's not registered, but she still has opinions.
26:34
Speaker 2: Oh there you go.
26:35
Speaker 4: I feel like it's just about time that we skid
26:37
Speaker 4: out aloud of here. But before we go, I know
26:39
Speaker 4: that it's Christmas time. I know a lot of us
26:41
Speaker 4: are feeling stressed because I'm seeing the posts and the
26:43
Speaker 4: comments in the Facebook group.
26:44
Speaker 2: So I just wanted to give your little heads up.
26:46
Speaker 4: Next week we're going to be tackling all of the
26:48
Speaker 4: social and financial anxieties that you might be feeling about
26:50
Speaker 4: Christmas and kind of give you a little helping hand
26:53
Speaker 4: to get through it.
26:53
Speaker 2: Genius. I love it.
26:55
Speaker 1: Al.
26:55
Speaker 2: Have a good weekend, my angels, and we'll see you
26:57
Speaker 2: next week. See then. The advice shared on She's on
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Speaker 2: the Money is general in nature and does not consider
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Speaker 2: your individual circumstances. She's on the Money exists purely for
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