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Debt Deception Dilemma · She's On The Money

0:00
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
0:14
Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
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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
0:30
Speaker 1: today and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it.
0:34
Speaker 3: She's on the Money, She's on the Money.
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Speaker 4: Hello, and welcome to She's on the Money, the podcast
1:00
Speaker 4: for millennials who want financial freedom. Today my loves it
1:04
Speaker 4: is Friday, which means Jess and I are here together
1:07
Speaker 4: to celebrate you ow incredible. She's on the Money community. Today,
1:11
Speaker 4: we're going to be sharing our favorite money wins. We're
1:12
Speaker 4: going to be helping to answer juice money dilemma, which
1:15
Speaker 4: this week is all about cheating on or breaking up
1:17
Speaker 4: with your mortgage. Broke it in pursuit of a better deal.
1:21
Speaker 2: You bitch didn't see it coming.
1:22
Speaker 4: No, And we unpacked something that is slid into our DMS.
1:26
Speaker 4: About this week, we're talking about a fiance having a
1:28
Speaker 4: secret credit card which has been completely maxed out. So
1:34
Speaker 4: to kick us off this week again, we are sans
1:37
Speaker 4: Beck because she is not well.
1:40
Speaker 2: And also where are we New Orleans?
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Speaker 4: That's what I thought, so like, it's not actually that
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Speaker 4: practical because Beck's in Australia.
1:48
Speaker 2: We're in New Orleans.
1:49
Speaker 4: So we figured we'd just like whip this one out.
1:52
Speaker 5: Jessica, how was New York?
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Speaker 2: Oh my god, New York was amazing. We had the
1:57
Speaker 2: best time to stay bagels, We ate bag we ate pizza,
2:00
Speaker 2: We went to Broadway, we lived the dream. We recorded
2:04
Speaker 2: some fun podcasts which we did.
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Speaker 4: We have so many guests International baby so fancy.
2:10
Speaker 2: We got to have a look at Square Space, have
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Speaker 2: a chat to there.
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Speaker 4: We went to the head office and I did a
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Speaker 4: whole like financial literacy workshop with them, which I am
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Speaker 4: genuinely so passionate about. But also, jess I did a
2:21
Speaker 4: financial literacy workshop.
2:23
Speaker 2: In New York.
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Speaker 5: How cool?
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Speaker 2: So big dog. And anyway, now this week we've been
2:28
Speaker 2: in New Orleans. We've been at fin Corn, which has
2:30
Speaker 2: been super fun.
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Speaker 4: We came last year and I feel like you and
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Speaker 4: I left last year feeling so motivated. Yeah, to like smash.
2:37
Speaker 4: She's on the money out of the water for the
2:39
Speaker 4: next twelve months, and I feel like this year was
2:42
Speaker 4: just like a no brainer for us.
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Speaker 2: Yeah, we're really excited. You're doing a keynote. I'm on
2:46
Speaker 2: a panel, which is really fun, and we just get
2:48
Speaker 2: to hang out with some of our friends from home.
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Speaker 4: My keynote is tomorrow, which is a little bit scary
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Speaker 4: because I've never done an international keynote.
2:54
Speaker 2: She's going up in the world.
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Speaker 5: I'm loving this. This is so wild.
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Speaker 2: If you want us to fly to your country and
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Speaker 2: get talk hit us up would be very expensive though,
3:03
Speaker 2: it would be very expensive, but also very fun.
3:04
Speaker 4: I'll do it anyway. We'll do it on zoom on
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Speaker 4: zoom totally.
3:08
Speaker 2: Alright.
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Speaker 4: So we have had honestly pretty good weeks. Like when
3:11
Speaker 4: it comes to a work week, Jess, has there been better?
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Speaker 2: I don't think so. No, neither. Oh.
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Speaker 5: Actually, remember the time we went to.
3:18
Speaker 2: Disneyland, of you know what? That was pretty good.
3:20
Speaker 4: Yeah, Like, we don't really do work it. She's on
3:22
Speaker 4: money too. All right, let's get into it. I know
3:25
Speaker 4: you have a number of community money wins. Even though
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Speaker 4: we are international guys, we are still creeping on what
3:31
Speaker 4: is going on back home. So Jess, what are your
3:33
Speaker 4: favorite community money wins of.
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Speaker 2: The week this week? First money win this week I
3:37
Speaker 2: have comes from Tara who said I was the first
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Speaker 2: caller to read the radio station when they hear the
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Speaker 2: cuter call, I want one hundred dollars cash money win.
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Speaker 2: Love that money win. That never happens. I feel like
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Speaker 2: I never hear about people winning those things, so that
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Speaker 2: was just really exciting for me.
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Speaker 4: I mean I hear all the time because, like Jess,
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Speaker 4: our studio back in Melbourne is literally in a radio station.
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Speaker 2: True, but the phones go off the hook.
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Speaker 4: Like sometimes if you're walking past the studio you can
4:00
Speaker 4: kind of see the switchboards light up. Remember when they
4:03
Speaker 4: were giving away Taylor Swift tickets or they broke the phones.
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Speaker 2: Yeah, like it literally just stopped functioning, which I don't
4:09
Speaker 2: blame you.
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Speaker 4: And all of them were like calling reception and reception.
4:12
Speaker 4: Josh a reception was literally like can you not, Like
4:15
Speaker 4: I can't get you tickets.
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Speaker 2: I can't help you. If I could get tickets, I
4:19
Speaker 2: would be getting the ticket.
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Speaker 4: And Josh like I didn't even get tickets go away
4:23
Speaker 4: next time.
4:24
Speaker 2: I'm on even in from Tigan, who said the tire
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Speaker 2: repair shop didn't charge me for my puncture repair.
4:28
Speaker 5: Oh that's really kind.
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Speaker 2: Small and really sweet. Tina said, I decided to look
4:33
Speaker 2: into solar panels for our home. Who knew, not only
4:35
Speaker 2: can you put them on a payment pan with no
4:37
Speaker 2: interest fees, I didn't know, there's also government rebates from
4:41
Speaker 2: one to three thousand dollars off the panels.
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Speaker 5: Oh, money win.
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Speaker 2: We saved twenty eight hundred dollars with our government rebate,
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Speaker 2: and it will reduce our power bill from seven hundred
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Speaker 2: dollars to around three hundred, maybe even less, which is
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Speaker 2: potentially saving US eighteen hundred dollars over the year. Money win.
4:56
Speaker 2: I love this. Love that she did the mask stunning.
5:00
Speaker 2: I've got a money win from Samantha, who said I've
5:02
Speaker 2: been listening to She's on the Money for a little
5:03
Speaker 2: while now, and this week I finally downloaded my first
5:06
Speaker 2: investing app and then in brackets She's got chares Is obviously,
5:10
Speaker 2: and I invested for my very first time.
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Speaker 4: Congratulations, my angel, you're an investor now. Yeah.
5:16
Speaker 2: I'm in my late thirties, so I feel a bit
5:18
Speaker 2: late to the potting. Better to start now than not
5:21
Speaker 2: at all.
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Speaker 4: Also, did you use the code SotM to get a
5:25
Speaker 4: free ten dollars when you signed up?
5:27
Speaker 2: I hope so. How exciting, Samantha West, that's amazing, proud
5:30
Speaker 2: of you. I love this. Next, Laurence said, I picked
5:33
Speaker 2: this up free from the curb and I've got a
5:35
Speaker 2: happy little man. And it's a picture that she put
5:37
Speaker 2: in of this really cute little like wooden theater, like
5:41
Speaker 2: puppet theater. Oh my gosh, what adorable She's popped in
5:44
Speaker 2: so sweet a photo. I don't know if she's maybe
5:47
Speaker 2: done it up a little bit, but it is. It
5:48
Speaker 2: looks so cute and it was free. How toddler looks
5:52
Speaker 2: like they are definitely enjoying that. He's having a lot
5:54
Speaker 2: of fun. And then lastly, I've got a money win
5:56
Speaker 2: from Imagen who said I made my first sale on Deepop.
5:59
Speaker 2: Enjoy your hoodies, Jackie.
6:02
Speaker 4: I love this so much. You're a deep Hop girlie.
6:04
Speaker 2: I love a Deep Pops.
6:06
Speaker 4: I know I have been checking there when I'm looking
6:08
Speaker 4: for like dresses that I wished I got last season
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Speaker 4: but didn't purchase, and then I find them there for
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Speaker 4: like fifty bucks and I'm like, money win huge. My
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Speaker 4: favorite is, actually this is very self centered, so I
6:18
Speaker 4: do apologize. My favorite is when like I message someone,
6:20
Speaker 4: I'm like, hey, is this dress available and they're like yep,
6:22
Speaker 4: no worries, and then I like ask a few questions
6:24
Speaker 4: and then I'm like, yep, oh buy it, nories, thank you,
6:26
Speaker 4: I just processed it, and they're like, also love your podcast.
6:32
Speaker 4: Sorry I do, and then I forego there, I do
6:34
Speaker 4: love money when like, yeah, I am living and breathing
6:36
Speaker 4: that she's on the money way of life.
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Speaker 2: Like, don't worry. I believe in those values.
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Speaker 5: Yeah, wholeheartedly.
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Speaker 4: And they're like this is actually so funny, and I'm like,
6:43
Speaker 4: thanks for the dress, Gabe.
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Speaker 2: Oh my gosh, that's so hold.
6:45
Speaker 4: So all right, Beck not here because she's not in
6:48
Speaker 4: the country, but I am going to do the broke
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Speaker 4: tips from the community this week. She's provided them, and
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Speaker 4: I also have a tip from Beck because I was like,
6:55
Speaker 4: we didn't do one last week. You're not getting on
6:57
Speaker 4: this week. Send me once she's here and Spirits is
7:01
Speaker 4: here in Spirits, So the first broake tip comes from Rachel,
7:04
Speaker 4: and Rachel said, try one month of just buying everything
7:08
Speaker 4: with no brand name on them. So like at the supermarket,
7:11
Speaker 4: includes food, clothing, if you need to buy it, et cetera, drinks.
7:16
Speaker 4: You are going to be so surprised at how much
7:18
Speaker 4: the savings add up, and you'll finally try all the
7:20
Speaker 4: home brand things.
7:21
Speaker 2: You've been questioning. And everyone always says the home brand
7:24
Speaker 2: things are made in the same factory. They just have.
7:26
Speaker 4: They're not label they have to be because do you
7:28
Speaker 4: really think, like down the road there's going to be
7:30
Speaker 4: like no name pasta factory, Like it just makes no
7:33
Speaker 4: sense to have an entire factory that.
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Speaker 2: Pumps out no name pasta. Yeah, so there you go.
7:39
Speaker 2: Maybe you'll find something to be like this is literally
7:40
Speaker 2: exactly the same exactly.
7:42
Speaker 4: And can you please tell us what your favorite home
7:44
Speaker 4: brand items are because I want to know, like what
7:47
Speaker 4: are the winds because a few times right I have
7:49
Speaker 4: been pleasantly surprised. My favorite is Pringles, So the sour
7:54
Speaker 4: cream and onion pringles are my favorite type of Pringles.
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Speaker 4: Don't come for me. I'm not having a fight green one.
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Speaker 4: So the only ones that I will let you have red,
8:02
Speaker 4: no go away purple?
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Speaker 2: Are you joking?
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Speaker 4: Save that for smiths like Crinkle cut chips.
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Speaker 6: Huh.
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Speaker 4: Anyway, we could fight, but we're not going to because
8:10
Speaker 4: you're all going to agree that the green ones are
8:11
Speaker 4: the best. But they have shrunk in size, so Pringles
8:14
Speaker 4: are no longer as great a value as they used
8:16
Speaker 4: to be. Cole's home brand pringles though are They are
8:19
Speaker 4: the exact same size as the old pringles and they
8:22
Speaker 4: taste exactly the same and they're like one ninety nine
8:25
Speaker 4: for a tube.
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Speaker 2: You know what. They did that with the red Rock
8:27
Speaker 2: deli chips as well, that are now like eight dollars
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Speaker 2: bag or something. A bit know. Coles do like a
8:32
Speaker 2: deli chip that tastes literally exactly the same, and it's
8:34
Speaker 2: just better.
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Speaker 4: It's trees, it's cheaper, and you're like, I can taste
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Speaker 4: the savings, taste.
8:38
Speaker 2: The saving, I can taste them.
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Speaker 4: Osh, So definitely try those. The next one is from Tory,
8:44
Speaker 4: and Tory says, recycle as much as possible if you
8:47
Speaker 4: find yourself with recyclable waste before you put it into
8:50
Speaker 4: the recycling bin, so if you can try and get
8:52
Speaker 4: a few more uses out of it, For example, a
8:54
Speaker 4: box from a parcel that came in the mail. They
8:56
Speaker 4: could be used as a moving box, or for packing
8:58
Speaker 4: something else up that you've interesting you need to ship out.
9:01
Speaker 4: You could also use things for gift wrapping or like
9:04
Speaker 4: a glory box or something like that. I'm not sure
9:07
Speaker 4: what a glory box is. A glory box is, Oh
9:10
Speaker 4: you do? Yeah, it sounded really questionable. No, you'd open
9:14
Speaker 4: it and be really surprised. I feel like pizza, right,
9:18
Speaker 4: I don't.
9:18
Speaker 2: Know I had one. It's like an older fashioned concept
9:21
Speaker 2: you would have it. I feel like it's from our
9:24
Speaker 2: mum's generation. But you would collect things for your future
9:27
Speaker 2: home while you still lived with your parents, and it
9:29
Speaker 2: would go in your glory box. So maybe yeah, so
9:31
Speaker 2: maybe for like Christmas or birthdays, or if you saw
9:33
Speaker 2: something on sale, you would buy tea appointing pizza. No,
9:36
Speaker 2: it's not a disappointing pizza at all.
9:38
Speaker 4: So you'd like buy tea tails and put them in your.
9:40
Speaker 2: Glove yeah, or pants, like your pans went on sale,
9:43
Speaker 2: Like if there was a super clearance somewhere and you
9:45
Speaker 2: were like, oh my god, well one day I'll have
9:46
Speaker 2: a house. On any pans, you'd buy the pants and
9:48
Speaker 2: they'd go in your glory box. And then the idea
9:50
Speaker 2: was when you moved out, you didn't get hit with
9:52
Speaker 2: all of the expenses the bus stop laughing.
9:55
Speaker 5: I can't keep a straight face.
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Speaker 2: Why is it called a glory box? Glory to God?
10:00
Speaker 2: Maybe I don't know. That's not my Let me google
10:03
Speaker 2: it for you one time. No, I don't even want
10:04
Speaker 2: to know. Am I going to get some questions?
10:05
Speaker 4: I think you're going to get some questionable pictures and videos, Jessica.
10:08
Speaker 2: I've googled it. It says the origin of the expression
10:12
Speaker 2: of glory box is unclear.
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Speaker 4: Well, that makes sense, gloryby I'm mon clear of what
10:16
Speaker 4: a glory box is? Have you found any other definition?
10:19
Speaker 2: According to the Australian National Dictionary Center, glory box is
10:23
Speaker 2: probably related to the British dialect expression glory whole. No,
10:27
Speaker 2: it's not. Did you just make that up? Denoting a
10:30
Speaker 2: place for storing odds and ends? Oh okay, do you
10:34
Speaker 2: know what?
10:34
Speaker 4: I think we might move on because this is a
10:36
Speaker 4: very g rated podcast.
10:38
Speaker 2: Was I right, jess in thinking what I was thinking? Cool?
10:41
Speaker 2: I was? Thank you.
10:42
Speaker 4: Tory also suggests that we say that our pasta sauce jars,
10:45
Speaker 4: because she said it could actually become a really cool
10:47
Speaker 4: drinking glass, a small vase, a candle, et cetera. And
10:50
Speaker 4: we really should be trying to recycle first anyway before
10:53
Speaker 4: it actually goes in the recycling bin, which I really liked.
10:58
Speaker 4: I have one from Beck and we've I've been in
11:00
Speaker 4: America and the exchange rate is absolutely abysmal. So we
11:04
Speaker 4: have no broke tips for this week except for how
11:06
Speaker 4: we feel really broke this week.
11:08
Speaker 2: I need bex help lay it on me.
11:09
Speaker 4: Yep, all right, So Beck says, check out the free
11:12
Speaker 4: section of Marketplace first. I feel like this is channeling
11:15
Speaker 4: from your money win section. Lauren, who said she got
11:17
Speaker 4: that place enter thing from the curb, but she said,
11:20
Speaker 4: check out the free section of Marketplace. You could find
11:22
Speaker 4: a money win and also you could find something that's
11:25
Speaker 4: not well marketed, take home, clean it up, flip it
11:28
Speaker 4: for a profit.
11:30
Speaker 2: I've seen people do that on TikTok I. It's a genius,
11:32
Speaker 2: really smart and recycling.
11:34
Speaker 4: Beck also said when I messaged her, she said, I
11:36
Speaker 4: furnished my house over the years with heaps of free
11:39
Speaker 4: things from Facebook, Marketplace and gum Tree. You'll be super
11:42
Speaker 4: surprised if the qualities. Sometimes people just want to get
11:45
Speaker 4: rid of their things and they don't actually want money.
11:47
Speaker 4: They just want it gone and moved, and they don't
11:48
Speaker 4: want to have to like negotiate delivery fees or pickups
11:51
Speaker 4: or whatever, and like they're just like take it, yess,
11:53
Speaker 4: I don't want this anymore.
11:55
Speaker 2: If you're willing to put in the work, and if
11:57
Speaker 2: you or someone you know is strong, very something to
12:00
Speaker 2: be said in that, because I remember when my friend moved.
12:02
Speaker 2: She lived in an apartment and it was a really
12:04
Speaker 2: narrow staircase and she was on like the third floor,
12:06
Speaker 2: and she was like, over my dead body, am I
12:09
Speaker 2: carrying this couch down? And so she literally put a
12:12
Speaker 2: whole nice couch on Facebook marketplace for free. She's like,
12:14
Speaker 2: the only catch is you have to get it down
12:16
Speaker 2: the stairs.
12:16
Speaker 5: Yeah, that's fair. That's a good game.
12:18
Speaker 2: Imagine how many people would do the same thing. They
12:20
Speaker 2: like that. I just can't be bothered moving it, but
12:22
Speaker 2: it's yours because then I don't have to pay for
12:24
Speaker 2: like a junk removal. So yeah, no, that's true.
12:26
Speaker 4: Also another hack that Beck threw in, she said, your
12:30
Speaker 4: location to the wealthier suburbs. Ah, it's so smart, genius.
12:34
Speaker 2: Find out when they have their hard rubbish collection.
12:36
Speaker 5: Well that's a good one as well. How do we
12:38
Speaker 5: find that out.
12:39
Speaker 2: Be trawling those rich suburbs.
12:41
Speaker 4: Maybe yeah, go on their council websites, see what's up.
12:44
Speaker 2: Literally, be like, I'm.
12:45
Speaker 4: Not paying your rates, but I definitely will look at
12:47
Speaker 4: when you're hard rubbish collection days.
12:49
Speaker 2: One rich person's trash is definitely treasure for the rest
12:52
Speaker 2: of us one hundred percent.
12:53
Speaker 4: Alright, let's go to a really quick break on the
12:55
Speaker 4: flip side. We're going to be talking about cheating on
12:57
Speaker 4: or breaking up with your mortgage broker. And we're also
13:00
Speaker 4: going to be discussing a like spicy little DM that
13:03
Speaker 4: someone slid into our messages about and said, I have
13:05
Speaker 4: a fiance and they have a secret credit card and
13:07
Speaker 4: it's been maxed out.
13:08
Speaker 5: What do I do?
13:09
Speaker 4: Or don't go anywhere?
13:10
Speaker 2: Guys, Welcome back, everybody. Should we take a listen to
13:18
Speaker 2: this week's money dilemma?
13:22
Speaker 4: Hi? There, have you got a money dilemma you just
13:24
Speaker 4: can't solve? The She's on the Money team is here
13:27
Speaker 4: to help. Every week we tackle your dilemmas, both big
13:30
Speaker 4: and small, to answer your most burning money.
13:32
Speaker 2: Career and life questions.
13:34
Speaker 4: To get involved, simply head to our website and leave
13:36
Speaker 4: us a short voice recording and you might just find
13:38
Speaker 4: yourself on the show. Now, let's take a listen to
13:41
Speaker 4: this week's money dilemma.
13:46
Speaker 6: Hi, she's solemn money. So I plan on breaking up
13:49
Speaker 6: with my mortgage broker or potentially it's cheat. To give
13:52
Speaker 6: you some background, I've bought my home with my first
13:54
Speaker 6: mortgage broker already and they were great. However, I'm now
13:57
Speaker 6: looking into an investment home and they said there's absolutely
13:59
Speaker 6: not thing I can.
14:01
Speaker 2: Do because of cash flow.
14:03
Speaker 6: I've asked whether there's anything else we can do and
14:05
Speaker 6: they said it's a hard no. Hence I want to
14:08
Speaker 6: get a second opinion, but I still want to stick
14:10
Speaker 6: to this mortgage broker to refinance our first home. So
14:13
Speaker 6: my questions are, can they see on their system if
14:15
Speaker 6: I engage in a second mortgage broker for our investment home,
14:18
Speaker 6: and so are there any negatives with engaging in two
14:20
Speaker 6: mortgage brokers at the same time?
14:22
Speaker 2: Thank you, This is giving me.
14:23
Speaker 4: If you're at Flags, Jessica, red Flags, yea more so,
14:28
Speaker 4: you either, from my perspective, trust your mortgage broker inherently
14:32
Speaker 4: or you do not. If you do not trust your
14:34
Speaker 4: mortgage broker inherently, you go find a second opinion and
14:38
Speaker 4: you don't want to refinance with them, So I would
14:41
Speaker 4: be interested to know why you want to leave your
14:43
Speaker 4: first loan with your mortgage broker that honestly, you're telling
14:47
Speaker 4: me you don't trust because you're saying I want a
14:49
Speaker 4: second opinion. I did trust them, they're now telling me
14:51
Speaker 4: that cash flow is an issue. I would be asking
14:54
Speaker 4: more questions about, like why is cash flow an issue?
14:57
Speaker 2: How does that work? To me?
14:58
Speaker 4: That makes perfect sense. I own a mortgage broking company.
15:01
Speaker 4: I fully understand that. You know, let's say, Jess, you
15:04
Speaker 4: bought your first home. You might have a whole heap
15:06
Speaker 4: of deposit, or you might have a whole heap of
15:08
Speaker 4: equity for your next home. But I look at your
15:10
Speaker 4: cash flow and I go, I'm really sorry. With the
15:12
Speaker 4: income that you make, you can't service two loans and
15:14
Speaker 4: the bank's not going to accept it. So for me,
15:17
Speaker 4: it's a massive red flag that you're feeling a bit like, oh,
15:20
Speaker 4: I really want to get a second opinion. I think
15:23
Speaker 4: a second opinion is blame them. I don't blame them, Like,
15:25
Speaker 4: I totally get that if you're not feeling your first broker,
15:29
Speaker 4: then leaving them is a good idea. But you either
15:31
Speaker 4: trust them or you do not, so go engage a
15:34
Speaker 4: mortgage broker. I would one thousand percent recommend my own
15:37
Speaker 4: business is Zella Money, because the girls.
15:39
Speaker 2: There are not just going to do what you're.
15:41
Speaker 4: Asking of them. They're going to deeply explain to you why.
15:45
Speaker 4: So I think to me, the other red flag is
15:47
Speaker 4: that you're kind of like, oh, the broker said it
15:49
Speaker 4: was cash flow and there's nothing more we could do,
15:51
Speaker 4: full stop, end of story. Yeah, Like, whereas with my team,
15:54
Speaker 4: I know they would have gone above and beyond to
15:56
Speaker 4: explain the intricacies of why that works and at what
15:59
Speaker 4: point we could reconsider it and maybe you need more equity,
16:01
Speaker 4: maybe you need more income, but you would know deeply
16:04
Speaker 4: why they can't do it and why no other broker
16:07
Speaker 4: could do it. So I think that communication piece is
16:09
Speaker 4: missing with your current broker because you're questioning them right
16:13
Speaker 4: when you go to another broker, No, they don't have
16:15
Speaker 4: to refinance your next loan.
16:16
Speaker 2: You could absolutely leave it with your first broker.
16:18
Speaker 4: Your first broker is potentially going to know if they
16:21
Speaker 4: looked into your file, because next time they go to
16:23
Speaker 4: look into your credit, they're going to see other credit
16:26
Speaker 4: inquiries from other banks and the broken company and what
16:29
Speaker 4: that looks like. So no, you can't entirely hide it.
16:32
Speaker 4: But I think also we need to have some conviction
16:34
Speaker 4: in ourselves that if you're saying you wanted to seek
16:36
Speaker 4: a second opinion, you should have conviction that you wanted
16:39
Speaker 4: to seek.
16:39
Speaker 2: A second opinion. Yeah.
16:40
Speaker 4: If they go, oh, I see some more credit inquiries,
16:42
Speaker 4: you go yeah, yeah. I was really frustrated with the
16:44
Speaker 4: outcome because I really really wanted to buy an investment
16:46
Speaker 4: property and you say cash flow was an issue, So
16:48
Speaker 4: I got a second opinion. You're right, Greg, Like, you know,
16:52
Speaker 4: cashlow was an issue. Every other broker couldn't do it.
16:54
Speaker 4: So I'm back here, like, I don't think that's a
16:56
Speaker 4: bad thing, but I definitely wouldn't be trying to be sneaky.
17:00
Speaker 2: Yeah, particularly if there's a clawback.
17:02
Speaker 4: Yes, so that's also a really good point if you
17:05
Speaker 4: and it depends on the term of your loan. So
17:08
Speaker 4: clawback is where so you don't pay your broker jest,
17:11
Speaker 4: So your broker works for you individually for free. They
17:14
Speaker 4: get paid by the bank, but the bank says, in
17:16
Speaker 4: order to get paid by us, your client has to
17:20
Speaker 4: stay with us for a minimum of twelve months. It
17:22
Speaker 4: could be eighteen months, it could be two years. Just
17:24
Speaker 4: that means if you leave your broker and go to
17:26
Speaker 4: another broker and they refinance it during that what we
17:28
Speaker 4: call a clawback period, the broker you originally worked with,
17:31
Speaker 4: is going to get a letter from the bank saying, hey,
17:34
Speaker 4: by the way, we're taking the money that you earned
17:36
Speaker 4: away from you. And to me, that's not that ethical
17:39
Speaker 4: because people should get paid for what they deserve. Also,
17:42
Speaker 4: if you're not happy with that loan, you should be
17:44
Speaker 4: talking to the broker first about fixing it. But also,
17:46
Speaker 4: I don't mean to be rude. If you have a
17:49
Speaker 4: loan that can be refinanced within the first twelve months
17:52
Speaker 4: to another broker for a better deal, like your broker's
17:55
Speaker 4: not looking after you in the first place. So I'd
17:57
Speaker 4: just be like, we don't really see it in our
17:59
Speaker 4: business because I think that our team and our clients
18:02
Speaker 4: trust us, and also we're always trying to get the
18:04
Speaker 4: best deal, Like we have reminders in our calendar every
18:07
Speaker 4: twelve months to check on certain clients and make sure
18:10
Speaker 4: that they're up to date with it and they're getting the
18:11
Speaker 4: best interest rates. In all of that, like, your broker
18:15
Speaker 4: is not a set and forget kind of relationship. From
18:18
Speaker 4: my perspective, legally they can be set and forget. But
18:21
Speaker 4: I think that the best type of brokers are the
18:23
Speaker 4: ones that are like putting reminders in their calendar, going,
18:26
Speaker 4: oh my gosh, jess is loan it'll expire on this date,
18:28
Speaker 4: and the you know, set periods or do ABC, let
18:31
Speaker 4: me do some research before then, So she's always in
18:33
Speaker 4: the best possible position, Like your broker should be working hard.
18:36
Speaker 2: Yeah, from my perspective, So yeah.
18:38
Speaker 4: Like there are a few elements, elements that I go, oh,
18:42
Speaker 4: that doesn't sit right with me. But ultimately, if you
18:44
Speaker 4: want a second opinion, go and get one, but really
18:46
Speaker 4: have conviction in why you want a second opinion and
18:48
Speaker 4: maybe come to the realization that it's you not trusting
18:51
Speaker 4: your broker to begin with.
18:52
Speaker 2: Yeah, interesting rude for me. Maybe. Speaking of keeping secrets though,
18:57
Speaker 2: this week's community DM has a little bit of it
19:00
Speaker 2: secret plot in it doesn't that.
19:01
Speaker 4: You are correct, Jessica, it's a little bit spicy.
19:03
Speaker 5: Are you ready?
19:04
Speaker 2: I strap yourselves in?
19:07
Speaker 4: My fiance has a secret credit card. Crying face. It's
19:12
Speaker 4: crying face emoji, hi ladies. On top of trying to
19:15
Speaker 4: budget for a wedding, dealing with the cost of living,
19:17
Speaker 4: and trying to get in a better financial position for
19:20
Speaker 4: our future. My fiance's credit card statement came in the
19:23
Speaker 4: mail and it showed us that we are in five
19:25
Speaker 4: thousand dollars worth of personal debt, which he has maxed out.
19:28
Speaker 2: And I didn't know about.
19:30
Speaker 4: I went through the statement and it's many Apple subscriptions
19:33
Speaker 4: and really silly little things we could have covered, but
19:37
Speaker 4: it's just snowballed. And to add insult to injury, he
19:40
Speaker 4: makes his fifty dollars minimum repayment, but that doesn't make
19:42
Speaker 4: a dint in it. Do you have any advice on
19:45
Speaker 4: how to navigate this. I feel defeated. I've got two
19:48
Speaker 4: thousand dollars in savings I was going to put towards
19:50
Speaker 4: essential tech upgrades, but that seems to be completely out
19:54
Speaker 4: of the picture.
19:54
Speaker 2: Now, Oh my gosh, that's awful. It's your fiance, so
19:58
Speaker 2: you're going to be married, and I feel like it
20:00
Speaker 2: is a very big secret to keep, and I don't
20:02
Speaker 2: want to shame anyone for their debt. And I understand
20:04
Speaker 2: that that we.
20:05
Speaker 4: Should be talking openly and honestly about it, especially if
20:08
Speaker 4: you've got shared big financial goals.
20:10
Speaker 2: Well, it's interesting because I noted our listener said, I
20:14
Speaker 2: found out that where in five thousand dollars a personal debt.
20:17
Speaker 4: Like I kind of like the way she framed that, though,
20:19
Speaker 4: because if Steve had that, I would immediately go, that's
20:22
Speaker 4: an US problem, not the problem, because we're a team.
20:25
Speaker 2: Yeah, so maybe it's that I do like, I do
20:27
Speaker 2: really like it, but I also am very conscious of
20:30
Speaker 2: the fact that that's what one thousand dollars is a
20:33
Speaker 2: lot of money and a lot of debt to put
20:35
Speaker 2: yourself in, and it's a bit concerning that the partner
20:37
Speaker 2: is sounds like burying his head in the sand, paying
20:40
Speaker 2: only minimum repayments, not being open about the fact that
20:44
Speaker 2: he is in that debt. If that was me, like
20:46
Speaker 2: if I found that out, bebit salty, I'd be real salty.
20:50
Speaker 2: So so salty. And it's a hard one because you go, well,
20:53
Speaker 2: how do I approach that because technically, like she has
20:55
Speaker 2: opened his mail and obviously she said, you know, I've
20:57
Speaker 2: got all these wedding things coming, and maybe she just
20:58
Speaker 2: thought it was one of those but you don't wait
21:01
Speaker 2: if I saw a statement come in for a credit card,
21:03
Speaker 2: like I'm really sorry and no, you're not meant to
21:05
Speaker 2: open other people's mail. I'd be straight in it.
21:07
Speaker 4: I'd be like, oh, whoops, I was opening mine and
21:09
Speaker 4: I accidentally opened to this one. Ha ha.
21:12
Speaker 2: It wasn't an accident, Steven. Yeah, but it's like it's
21:14
Speaker 2: a hard conversation to bring up, like, hey, by the way,
21:17
Speaker 2: I know you've been lying to you.
21:18
Speaker 5: So if you can lie to me, at.
21:19
Speaker 4: Least turn off the mail coming like I get paper,
21:23
Speaker 4: have your e statements sent to you be better at lying.
21:25
Speaker 4: We asked the community, all right, Jess, So we said,
21:27
Speaker 4: do you have a secret credit card that your partner
21:29
Speaker 4: doesn't know about? Thankfully, ninety eight percent of you said no,
21:33
Speaker 4: two percent of you said yes, two percent two percent.
21:37
Speaker 4: We said, how would you feel if your partner had
21:39
Speaker 4: a secret credit card? Sixty percent of you agreed with us,
21:43
Speaker 4: We'd feel hurt that the trust had been broken. Thirty
21:46
Speaker 4: seven percent said I'd only care if we shared our finances,
21:49
Speaker 4: and three percent said wouldn't bother me at all. I
21:53
Speaker 4: think that might change if you found out it was maxed.
21:55
Speaker 2: Out credit card. Jess.
21:56
Speaker 4: Yeah, having your credit card in general, it's fine. Fine
22:00
Speaker 4: having a maxed out credit card where you are in
22:02
Speaker 4: personal debt. Different story, especially for dumb stuff like dumb
22:06
Speaker 4: little like app purchases.
22:08
Speaker 2: But they do compound.
22:09
Speaker 4: And that's where debt is a really slippery kind of
22:12
Speaker 4: surface to be on. Right, And I've said before and
22:15
Speaker 4: I'll preach again and again. Nobody gets a credit card
22:18
Speaker 4: with the intention of going into debt. No one goes,
22:22
Speaker 4: all right, well, Jess, I really want to go into
22:23
Speaker 4: personal debt, so I think I'm going to apply for
22:25
Speaker 4: a ten thousand dollar limit credit card.
22:27
Speaker 2: Like you just don't do it. You and I have.
22:29
Speaker 4: Both been in personal debt, and when you go into debt,
22:32
Speaker 4: it feels like a necessity, like you're not going into
22:35
Speaker 4: debt because you're like.
22:36
Speaker 2: Yello, I'm just going to get a credit card and
22:37
Speaker 2: I'm going to spend my.
22:38
Speaker 4: Life away, like you're going into debt because life at
22:41
Speaker 4: that point in time is challenging and you're you know, saying,
22:43
Speaker 4: oh my gosh, like I have to move out, or
22:46
Speaker 4: I have to do this, or I have to spend this.
22:47
Speaker 4: Mine was just frivolous, like at the end of the day,
22:50
Speaker 4: like it just compounded.
22:51
Speaker 2: And it does.
22:52
Speaker 4: But no one gets a credit card with the intention
22:54
Speaker 4: to be in crippling personal debt. So I can guarantee
22:57
Speaker 4: that your partner or your fiance feels really awful about
22:59
Speaker 4: this too. So I think we need to make sure
23:01
Speaker 4: that we're approaching this situation with the kindness it deserves.
23:04
Speaker 2: And this, to me.
23:06
Speaker 4: Is a fantastic opportunity in your relationship to extend that
23:11
Speaker 4: kindness and practice set and go Okay, hey, this has
23:14
Speaker 4: come up. How are we tackling this is a problem?
23:16
Speaker 2: What does this mean?
23:17
Speaker 4: How are you going to pay it off? Have you
23:18
Speaker 4: thought about this? It's very very hard.
23:21
Speaker 2: Yeah.
23:22
Speaker 4: We also asked if you're in a relationship, do you
23:25
Speaker 4: and your partnership finances it spassy. Sixty percent of you
23:28
Speaker 4: said yes, some forty percent said no. Again, there is
23:31
Speaker 4: no right or wrong way. I just really think this
23:34
Speaker 4: is let's see it as an opportunity to grow closer
23:37
Speaker 4: and you know, foster a bit more trust. So like
23:40
Speaker 4: if you were in that situation, Jess, and we were
23:42
Speaker 4: in a relationship, which we'd be real hot couple, yes,
23:45
Speaker 4: so that would make sense. But if you came to
23:48
Speaker 4: me and said I have a credit card statement or
23:50
Speaker 4: I uncovered it, I think that's actually a really great
23:52
Speaker 4: time to go, Hey, Jess, like, I think we need
23:53
Speaker 4: to have a chat. How can we approach this with kindness,
23:55
Speaker 4: because I promise yelling and screaming about it goes nowhere.
23:58
Speaker 4: In fact, it's setting expectation that if there's anything to
24:02
Speaker 4: hide from you in the future, they need to work
24:04
Speaker 4: harder instead of being open with you.
24:05
Speaker 2: Well, yeah, I feel like the bigger red flag for
24:07
Speaker 2: me here than the credit card is the fact that
24:09
Speaker 2: it was kept a secret.
24:10
Speaker 1: Yeah.
24:10
Speaker 4: No, I agree, I absolutely agree. And there's going to
24:13
Speaker 4: be a reason they got it. They might have been like, oh,
24:14
Speaker 4: I'm really overwhelmed with their finances, or I've had it
24:17
Speaker 4: for years and it just never came up. There's going
24:19
Speaker 4: to be a reason, right, And I think that it
24:21
Speaker 4: tells you a lot about your relationship. We also asked
24:24
Speaker 4: the community Jess as always, would you like.
24:27
Speaker 2: To hear what they had to say? Absolutely so.
24:29
Speaker 4: Someone said, this is really concerning for me? Is this habitual?
24:33
Speaker 2: Yeah? Good question.
24:34
Speaker 4: Someone else said, nothing wrong with having one if it's manageable,
24:37
Speaker 4: But this seems really deliberate that he hid it from her,
24:41
Speaker 4: which is true, and that's where I see the issues,
24:43
Speaker 4: not how you want to start a marriage either. One
24:45
Speaker 4: hundred percent, Like maybe you two desired to get a
24:47
Speaker 4: credit card because you know stuff's tight.
24:50
Speaker 2: Yeah, great, I get it.
24:52
Speaker 4: But it's a joint decision, and a joint financial decision.
24:55
Speaker 4: Someone said, I watched my parents deal with this back
24:57
Speaker 4: and forth for years run it only gets worse.
25:01
Speaker 2: Oh no, No, this.
25:02
Speaker 4: Is an opportunity to set expectations in a relationship and
25:06
Speaker 4: have beautiful, open, honest money conversations and you know what,
25:09
Speaker 4: five thousand dollars to be on the right page. So
25:12
Speaker 4: that's the money win.
25:12
Speaker 2: It's an investment in your relationship done.
25:15
Speaker 4: Someone said, credit card, No, it would be impacting your
25:18
Speaker 4: borrowing if you're planning on purchasing your.
25:20
Speaker 2: Property, which is true.
25:21
Speaker 4: True would have come up at some point because you
25:23
Speaker 4: can't hide lines of credit. You need to have a
25:26
Speaker 4: secret emergency account though.
25:28
Speaker 2: Yeah, anyone, everyone should. We've said that before.
25:30
Speaker 4: A squirrel account is what I've been calling it recently,
25:32
Speaker 4: because you squirrel money away like a little squirrel, and
25:35
Speaker 4: then you forget about your nuts and then it's there, exactly,
25:38
Speaker 4: it's there for a rainy day, like the squirrels in
25:40
Speaker 4: Central Park in New York.
25:41
Speaker 5: Because we were there last week.
25:43
Speaker 2: So cute. By the way, did you know we went
25:45
Speaker 2: to New York. Oh, I'm glad that we're all on
25:47
Speaker 2: the same page. All right.
25:49
Speaker 4: Someone said, I have recently found out that my partner
25:52
Speaker 4: of four years has a secret gambling addiction and he
25:55
Speaker 4: has been lying about his savings.
25:57
Speaker 2: Oh that's so awful. It's a deal breaker for me. Fair.
26:00
Speaker 4: Also, thanks for sharing that, because that's big. Someone said,
26:03
Speaker 4: it's not the credit card, it's actually the secrecy that's
26:05
Speaker 4: the problem. It's okay to need one, but you need
26:07
Speaker 4: to be talking about it. Your debts are shared once
26:09
Speaker 4: you get married.
26:10
Speaker 2: And someone said.
26:11
Speaker 4: It's his secret love, so it's his problem to deal with,
26:14
Speaker 4: not yours. I'm raven a hard price. Yeah, I'm rocking
26:18
Speaker 4: a hard place. I just think it's an opportunity for
26:21
Speaker 4: more open, honest money conversations. Like we all go through things,
26:24
Speaker 4: we all end up in this situation where we find
26:27
Speaker 4: ourselves in a financial pickle and we feel like we
26:29
Speaker 4: might need to pick something else up. So I just, yeah,
26:33
Speaker 4: I feel like this is an opportunity for kindness. Yeah,
26:35
Speaker 4: should you be lying? No, you need to have a
26:37
Speaker 4: chat about that too. Awkward conversation. Absolutely not acceptable to lie.
26:41
Speaker 2: But I think you're right, Like, if you have the
26:43
Speaker 2: conversation and if you set those expectations, it's an opportunity
26:47
Speaker 2: potentially to really deepen your relationship with each other, to
26:51
Speaker 2: reaffirm that you do approach things as a team, to
26:54
Speaker 2: reaffirm that you do do them with kindness, and that
26:57
Speaker 2: you are there to support each other. Because maybe that's
26:59
Speaker 2: why was kept a secret, because your partner was embarrassed
27:02
Speaker 2: or unsure of how you'd react or something like that.
27:04
Speaker 2: So yeah, hopefully it's an opportunity to strengthen you, guys,
27:08
Speaker 2: rather than something that's going to pull you apart.
27:11
Speaker 4: I agree, And I also think it's important to see
27:13
Speaker 4: that there is in a relationship a different between secrets
27:16
Speaker 4: and things that might not have come up because you're
27:18
Speaker 4: not comfortable yet. So like when I got into a
27:21
Speaker 4: relationship with Steve, I was in personal debt. I had
27:23
Speaker 4: not told him yet because I was so deeply ashamed
27:26
Speaker 4: of the debt that I carried, I was so worried
27:29
Speaker 4: about his judgments on me. It actually wasn't me trying
27:32
Speaker 4: to keep secrets. Yeah, Like I wasn't out having an
27:34
Speaker 4: affair trying to you know, keep that under wraps, And
27:37
Speaker 4: like I was definitely hiding it. I was just so
27:39
Speaker 4: deeply ashamed of the death that I was carrying, and finally,
27:42
Speaker 4: when I felt comfortable, I shared it and he's like, oh,
27:44
Speaker 4: that's fine. And the way he approached it has meant
27:47
Speaker 4: that our relationship I feel very comfortable in. If I
27:50
Speaker 4: ever have anything to share, I know that day he's
27:52
Speaker 4: not going to judge me. I mean, that's why he's
27:54
Speaker 4: my husband. Now. I feel very comfortable with this human being.
27:57
Speaker 4: And I think that that's why I'm saying it's a
27:59
Speaker 4: really big learning opportunity for the two of you, because again,
28:03
Speaker 4: I think we need to remember that this could be
28:05
Speaker 4: one of the hardest things that he has carried, because
28:08
Speaker 4: for me it was too so like, don't approach it
28:11
Speaker 4: with like I can't believe you didn't tell me because
28:13
Speaker 4: they're going to be sitting on the other side of
28:14
Speaker 4: the table, being like I didn't know how to bring
28:16
Speaker 4: it up. It made me feel sick. I've lost sleep
28:18
Speaker 4: over this. I would lay awake at night next to you,
28:21
Speaker 4: going is he going to end the relationship with me
28:23
Speaker 4: because I'm in debt and I, you know, look like
28:25
Speaker 4: I have my stuff together from the outside in Yeah,
28:28
Speaker 4: so I think it's there's two sides to this coin,
28:30
Speaker 4: and you need to see both so that you can
28:32
Speaker 4: have a very honest conversation. And if it goes well,
28:35
Speaker 4: it will only put your relationship in a better position.
28:37
Speaker 2: Come back and let us know how it goes. I'm
28:39
Speaker 2: super interested. I know, all right, Jess. It is Friday.
28:42
Speaker 4: Tomorrow is Saturday, and we are going to a Halloween
28:46
Speaker 4: parade in New Orleans, so we better go get our costumes.
28:50
Speaker 4: I am so excited about this. Sorry that you're not here,
28:54
Speaker 4: my friends, but you are living vicariously through us. And
28:57
Speaker 4: if you're following, if you're following us, if you're not
29:00
Speaker 4: following us, unlucky. Follow Jess Ricky on Instagram, Victoria Underscore,
29:05
Speaker 4: Divine and She's on the Money aus So if you
29:07
Speaker 4: don't want to go type in all of those usernames,
29:09
Speaker 4: just go to She's on the money because we tag
29:11
Speaker 4: the hell out of ourselves.
29:12
Speaker 2: Anyway, have the best.
29:14
Speaker 5: Weekend, but not as good a weekend as us at.
29:16
Speaker 2: The Halloween parade.
29:17
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