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The Secret Trick to Setting Goals You’ll Stick With · She's On The Money

• 0:00
  Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud or
• 0:04
  Speaker 1: the Order Kerni Whaltbury and a waddery woman. And before
• 0:08
  Speaker 1: we get started on She's on the Money podcast, I
• 0:11
  Speaker 1: would like to acknowledge the traditional custodians of the land
• 0:14
  Speaker 1: of which this podcast is recorded on a wondery country,
• 0:18
  Speaker 1: acknowledging the elders, the ancestors and the next generation coming
• 0:22
  Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
• 0:27
  Speaker 1: and the storytelling of you to make a difference for
• 0:30
  Speaker 1: today and lasting impactful tomorrow.
• 0:33
  Speaker 2: Let's get into it. She's on the Money. She's on
• 0:36
  Speaker 2: the Money. Hello and welcome to She's on the Money
• 1:00
  Speaker 2: podcast that makes personal finance fun, especially on Fridays. It's
• 1:04
  Speaker 2: our favorite or my favorite day of the week because
• 1:07
  Speaker 2: I get to get my little team together and celebrate you,
• 1:10
  Speaker 2: our incredible She's on the Money community. This week, mister Sigricci,
• 1:14
  Speaker 2: as always, is going to be sharing some money whens
• 1:16
  Speaker 2: all confessions from the Facebook group. Miss becksayed, I believe
• 1:20
  Speaker 2: you've got a few good broke tips to share this week.
• 1:23
  Speaker 2: We've got a money dilemma. This week is all about
• 1:26
  Speaker 2: which debt you should be paying off first for maximum impact,
• 1:29
  Speaker 2: and you slid into our dms about something how do
• 1:32
  Speaker 2: you decide which financial goals are actually worth saving for? So,
• 1:37
  Speaker 2: before we get there new segment, we have been sharing
• 1:42
  Speaker 2: our favorite five star reviews from the show every single
• 1:45
  Speaker 2: week and it's been such a nice little addition. I
• 1:49
  Speaker 2: feel so if you haven't left a review and you
• 1:51
  Speaker 2: would like to hear yours on the show, you could
• 1:54
  Speaker 2: even slip in like a cheeky question into it. I reckon,
• 1:58
  Speaker 2: I'm sorry, take it care, take cantage of so, beck,
• 2:01
  Speaker 2: I want to know, have you got a five star
• 2:03
  Speaker 2: review that you would like to share with the team?
• 2:05
  Speaker 3: Yes, ma'am. Okay. So this one comes from its very official.
• 2:13
  Speaker 3: This one comes from Katie. She's on the Money podcast
• 2:15
  Speaker 3: is informative yet broken down to be easily understood and explained.
• 2:19
  Speaker 3: That girls are so passionate and keep the podcast entertaining
• 2:22
  Speaker 3: and interesting. I like that there's three different episodes a
• 2:24
  Speaker 3: week that are in different formats which keep things interesting,
• 2:27
  Speaker 3: such as the deep dives, money Diaries and Fridays with
• 2:30
  Speaker 3: the Money, Dilemmas and spicy topics. Thank you for making
• 2:32
  Speaker 3: financial education so accessible for women. And in brackets and
• 2:36
  Speaker 3: anyone else who would like to listen to this podcast
• 2:39
  Speaker 3: and breaking down the barriers to financial independence.
• 2:42
  Speaker 2: That's so kind. Can you believe that people take their
• 2:44
  Speaker 2: time to write reviews that are that long?
• 2:47
  Speaker 3: So sweet?
• 2:47
  Speaker 2: It's just it's so nice and it's very very helpful.
• 2:50
  Speaker 2: It's very nice, but also like just so kind. Yeah,
• 2:54
  Speaker 2: so kind.
• 2:55
  Speaker 3: Thank you so much, Key, I love that?
• 2:56
  Speaker 2: Thank you, Katie Jess. What have you got for us?
• 2:58
  Speaker 4: I've got one this week from Lucy who said great name.
• 3:04
  Speaker 4: Absolutely love listening to this podcast. Morning Walked with My
• 3:07
  Speaker 4: Dog have been so much better since finding the pod.
• 3:09
  Speaker 4: Coming from a girl in her early twenties who has
• 3:11
  Speaker 4: always loved finance and is currently completing a Bachelor of
• 3:14
  Speaker 4: Business majoring in finance.
• 3:16
  Speaker 3: This is so awesome. Love all the hosts. They are
• 3:18
  Speaker 3: great and so easy to listen to.
• 3:20
  Speaker 2: I love that. That's also good luck with your degree,
• 3:22
  Speaker 2: because that's not an easy one to do. Get a queen,
• 3:25
  Speaker 2: I have one? Do you want me to share it?
• 3:27
  Speaker 2: Absolutely and us from Elise and it says, this is
• 3:30
  Speaker 2: short but sweet. Are you ready obsessed with beck? Girl?
• 3:34
  Speaker 2: You are just perfect? God, it's so cute.
• 3:43
  Speaker 4: That is so nice.
• 3:45
  Speaker 3: Thank you, ladies. He is excited.
• 3:48
  Speaker 5: Thank you.
• 3:49
  Speaker 3: That is really sweet.
• 3:50
  Speaker 2: I think Alica's got a crush on you.
• 3:51
  Speaker 3: Oh my god, I've crushed on you too.
• 3:53
  Speaker 2: Oh I love it. What a good start to our
• 3:56
  Speaker 2: Friday episode. I want to get into it, though, Miss Gochy.
• 4:01
  Speaker 2: I want you to start off with laughing.
• 4:05
  Speaker 3: Laughing, because it keeps going.
• 4:06
  Speaker 4: I'm going like I'm.
• 4:08
  Speaker 2: Jessica's laughing because she got the dodgy chair today. Have
• 4:12
  Speaker 2: to change later, all right, jess So from down there
• 4:16
  Speaker 2: in your small chair, what have you got when it
• 4:19
  Speaker 2: comes to money wins or confessions from the community, I've.
• 4:22
  Speaker 4: Got some goodies this week. So firstly, I've got one
• 4:25
  Speaker 4: from Chloe, who said she's learning the art of loaning
• 4:28
  Speaker 4: and borrowing things rather than purchasing them for a once
• 4:31
  Speaker 4: off use. So she borrowed someone's dehydrated to preserve from
• 4:34
  Speaker 4: lemons from a neighbor's tree with recipes that she got
• 4:37
  Speaker 4: from a loaned library book.
• 4:39
  Speaker 3: Oh that's clever.
• 4:40
  Speaker 4: I feel like this is something I was heard about
• 4:41
  Speaker 4: this in my friend group recently, which is why I
• 4:43
  Speaker 4: really liked it is I'm often a friend that will
• 4:45
  Speaker 4: have like.
• 4:46
  Speaker 2: You've got all the stuff.
• 4:47
  Speaker 4: Yeah, we're like friends of mine own.
• 4:49
  Speaker 2: She's got it, new Christmas decorations, sixty boxes.
• 4:53
  Speaker 4: Power washer and like leaf blower and stuff friends of
• 4:57
  Speaker 4: ours borrowed and they've still got it because I'm like,
• 4:58
  Speaker 4: I use it like twice a year, and the rest
• 5:00
  Speaker 4: of you registers in my garage.
• 5:02
  Speaker 2: Me too.
• 5:03
  Speaker 4: It's so satisfying. But I'm like, why if you have
• 5:05
  Speaker 4: a group of friends and one person has it, why
• 5:07
  Speaker 4: would another you buy it?
• 5:10
  Speaker 3: You should start like a tool library, like my own
• 5:13
  Speaker 3: little person.
• 5:14
  Speaker 2: This is what I've got, and this is what beck
• 5:17
  Speaker 2: has got.
• 5:18
  Speaker 4: But if you need something, just chuck it in your
• 5:19
  Speaker 4: friends group chat like, how has anyone got a steam cleaner?
• 5:21
  Speaker 4: How has anyone got X y Z? Don't buy it
• 5:23
  Speaker 4: if you don't have.
• 5:24
  Speaker 2: To, Yes, genus, Hey can you come and do the
• 5:28
  Speaker 2: power washing.
• 5:33
  Speaker 5: For you?
• 5:33
  Speaker 2: Of course I've never.
• 5:38
  Speaker 4: Next, I've got the money win from it, Zelma, who
• 5:40
  Speaker 4: said this is probably the least impressive win ever. But
• 5:43
  Speaker 4: I'm so broke, so I'm pretty happy with this. She
• 5:46
  Speaker 4: got some moldy raspberries in her Click and Collect, so
• 5:48
  Speaker 4: she put in a refund request. Obviously, she got her
• 5:51
  Speaker 4: money back, and she got an additional voucher for the
• 5:55
  Speaker 4: value of the berries because Wilors have a fresh food guarantee.
• 5:58
  Speaker 2: Oh great, So she came out six bucks up.
• 6:01
  Speaker 3: That's funny, way I.
• 6:03
  Speaker 2: Feel your girl.
• 6:03
  Speaker 3: And then with that she can get herself a loaf
• 6:06
  Speaker 3: of bread and that last, hopefully the week exactly.
• 6:09
  Speaker 2: A loaf of bread. A loaf of bread.
• 6:11
  Speaker 4: Next, I've got a money win from Haley, who said
• 6:12
  Speaker 4: I always thought selling things on marketplace was too hard
• 6:15
  Speaker 4: for not a lot of money. But We've been decluttering
• 6:17
  Speaker 4: recently to move and I've sold enough to cover the
• 6:20
  Speaker 4: cost of out vacate cleaning. Oh my god, that's so
• 6:23
  Speaker 4: expensive too, as well as some extra to cover some
• 6:25
  Speaker 4: convenience food to get us through the stress.
• 6:27
  Speaker 2: Oh how good. That just takes the pressure off totally.
• 6:32
  Speaker 2: Get a few pizzas and have someone do the end
• 6:34
  Speaker 2: of lace clean like oh live love last. Yeah.
• 6:36
  Speaker 4: My philosophy is always the more I sell at moving time,
• 6:39
  Speaker 4: the less I have to move, Like, that's one less
• 6:42
  Speaker 4: thing I got to put an exact.
• 6:43
  Speaker 2: That's true, and I hate packing. Uving is my least
• 6:47
  Speaker 2: favorite thing in the entire world.
• 6:49
  Speaker 4: I completely agree. Next, I want money win from Annie
• 6:52
  Speaker 4: who said money win. We went to the Jurassic World
• 6:55
  Speaker 4: exhibit in Melbourne on the weekend with my dino obsessed
• 6:58
  Speaker 4: three year old cool. She got in for free despite
• 7:01
  Speaker 4: having to buy tickets for kids that were three or
• 7:03
  Speaker 4: years or older, because in the description it says three
• 7:07
  Speaker 4: and under are free, so she got them on a
• 7:09
  Speaker 4: little bit of a technicality. She obviously argued with whoever
• 7:12
  Speaker 4: was up the front and she said, I use that
• 7:14
  Speaker 4: to my advantage, got her in for free. The money
• 7:16
  Speaker 4: loss was they do make you exit through the gift shop,
• 7:19
  Speaker 4: and of course we had to buy a dinosaur toy,
• 7:21
  Speaker 4: so it kind of came out in the wash.
• 7:22
  Speaker 3: Of course, of course the money good point.
• 7:24
  Speaker 2: That's a good point. Also that dinosaur toy endless entertainment. Yes,
• 7:30
  Speaker 2: an investment. It is an investment. Everybody needs a dinosaur toy.
• 7:35
  Speaker 3: I really want to go to that exhibition anyway. That's
• 7:37
  Speaker 3: another time.
• 7:38
  Speaker 4: Sorry for lastly this week I have a money in
• 7:41
  Speaker 4: from Rachel who said last week I bought a new TV.
• 7:45
  Speaker 4: I've never owned a new TV in my life. It
• 7:47
  Speaker 4: was very exciting at the time. I price match and
• 7:49
  Speaker 4: got a good deal for one one hundred and forty
• 7:52
  Speaker 4: five dollars. One week later, though, it went on sale.
• 7:55
  Speaker 4: I walked right into JB requested a refund for the difference,
• 7:58
  Speaker 4: and as I was old at the time I purchased it,
• 8:01
  Speaker 4: this was something that I could do, no questions asked.
• 8:03
  Speaker 4: They refunded me in cash for the difference. Oh my god,
• 8:07
  Speaker 4: straight in her pocket.
• 8:08
  Speaker 2: What walking back in and being like, hello, I saw
• 8:11
  Speaker 2: you were having a little.
• 8:12
  Speaker 3: SALEH yeah, that's really good. What are the chances that
• 8:15
  Speaker 3: the exact model and everything.
• 8:17
  Speaker 4: Is completely and you'd be so annoyed as well if
• 8:20
  Speaker 4: I know, just study like, oh, I could to save
• 8:22
  Speaker 4: childred bucks by waiting. I did that on the Iconic
• 8:24
  Speaker 4: this week tell me that I bought a new pair
• 8:27
  Speaker 4: of jeans and I was like, do I get them
• 8:29
  Speaker 4: express posted or no? And then I was like, nah, you, Victoria,
• 8:32
  Speaker 4: you do not need to spend money on Express Post.
• 8:34
  Speaker 4: So I picked the normal post.
• 8:35
  Speaker 2: And then the next day, because I did this over
• 8:37
  Speaker 2: the weekend, I got the notification about Black Friday sales.
• 8:40
  Speaker 2: And I should have known, like I should have used
• 8:43
  Speaker 2: my brain and I should have known. And so these
• 8:46
  Speaker 2: jeans went from like one sixty down to I think
• 8:48
  Speaker 2: one hundred and eleven dollars.
• 8:49
  Speaker 3: That's a bit.
• 8:50
  Speaker 2: Different, and because I didn't get express posts, they hadn't
• 8:52
  Speaker 2: even arrived yet and they were cheaper. So I just
• 8:55
  Speaker 2: got on little like on their chat thing and said, hello,
• 8:58
  Speaker 2: it's me. I was just one the jeans that I
• 9:01
  Speaker 2: still haven't received yet have now gone on like sale,
• 9:04
  Speaker 2: and they said, norries a refunding you the difference easy, well,
• 9:07
  Speaker 2: and they still like they still haven't arrived, which is
• 9:09
  Speaker 2: so fine, but like I already have the discount back
• 9:12
  Speaker 2: in my pocket.
• 9:13
  Speaker 3: That's so good.
• 9:14
  Speaker 2: And also to take it to another level, I looked
• 9:16
  Speaker 2: at them online and my size is sold out, so
• 9:18
  Speaker 2: I couldn't have bought them for the sale price anyway,
• 9:24
  Speaker 2: because I think everybody else like snapped them up on
• 9:26
  Speaker 2: the sale price, but I'd paid for anyway.
• 9:28
  Speaker 4: It was very excited Friday sales.
• 9:31
  Speaker 3: They get me good.
• 9:32
  Speaker 2: I gotta tell you, Oh, it's so bad. But also
• 9:35
  Speaker 2: like I have needed new Janes for ages because like,
• 9:39
  Speaker 2: you know, not to get too deep into it, but
• 9:41
  Speaker 2: jeans are the arch nemesis of a postpartum body. I see,
• 9:45
  Speaker 2: like I just don't want to and I'm finally feeling
• 9:48
  Speaker 2: a little bit comfortable, and I was like, all right,
• 9:50
  Speaker 2: I'm just gonna buy some new white jeans for summer,
• 9:52
  Speaker 2: Like it's just it needs to happen, so to get
• 9:55
  Speaker 2: them as a bit of a money win as well,
• 9:57
  Speaker 2: like I was very happy with this out. Yeah, not bad,
• 10:01
  Speaker 2: not bad, all right, beck? If you got some broke chips?
• 10:03
  Speaker 3: Yes, yes, I do. Okay, so as always too from
• 10:06
  Speaker 3: the community for myself. The first one comes from Alex,
• 10:10
  Speaker 3: who says, how if you, Hi, Alex, if you boil
• 10:13
  Speaker 3: water instead of using weed killer, that will eradicate your weeds.
• 10:17
  Speaker 3: Apparently I've tried these.
• 10:18
  Speaker 2: It works, confirm They go, I love this. Why didn't
• 10:23
  Speaker 2: you guys tell me? I bought weed killer the other
• 10:25
  Speaker 2: week and I've been too scared to use it because
• 10:27
  Speaker 2: I'm like, oh weed killer, I have pets, like they're
• 10:29
  Speaker 2: not in the garden. It just feels a gress. So
• 10:32
  Speaker 2: you're telling me I could have just boiled some water
• 10:34
  Speaker 2: and fixed it.
• 10:36
  Speaker 4: It's weird, Like some small part of me felt a
• 10:38
  Speaker 4: little bit bad that I was boiling the plant alive,
• 10:42
  Speaker 4: but I was like, I'm so sorry, but hopefully it's
• 10:44
  Speaker 4: a quick death. Last night, as hydelion.
• 10:58
  Speaker 3: This is the off topic, but I I still have
• 11:00
  Speaker 3: no idea what a weed is. I don't know how
• 11:01
  Speaker 3: to detect a weed.
• 11:03
  Speaker 2: Babe, you do, I don't know what it is. If
• 11:05
  Speaker 2: it's growing in between the bricks, it's a weed. Okay,
• 11:08
  Speaker 2: it doesn't anything that's just not meant to be there.
• 11:11
  Speaker 2: I see come to my front garden everywhere.
• 11:14
  Speaker 3: Okay, okay, well maybe you can help me figure out
• 11:16
  Speaker 3: which I'm here for you. Thank you.
• 11:18
  Speaker 2: Everything, everything is a weed.
• 11:21
  Speaker 3: Everything's beautiful in my eyes, thank you.
• 11:24
  Speaker 2: Okay.
• 11:24
  Speaker 3: This next one comes from actually a friend of mine, Nikola.
• 11:28
  Speaker 3: We were at the pubular day. She was wearing this
• 11:29
  Speaker 3: top and I was like, oh my god, such a
• 11:30
  Speaker 3: nice top. Where you get that? And she was like,
• 11:32
  Speaker 3: I got it from Lost and Found? And I was
• 11:34
  Speaker 3: like that. I want to preface this because I know
• 11:38
  Speaker 3: that if you go into a Lost and Found, people
• 11:40
  Speaker 3: might come back for their items. But if you're going
• 11:42
  Speaker 3: into like.
• 11:42
  Speaker 2: Feel safe, it's slow, scary on she was saying hostels.
• 11:48
  Speaker 3: She was just traveling for a little bit. And also
• 11:50
  Speaker 3: you know gyms and things like that, if you like, ask.
• 11:53
  Speaker 2: The people there.
• 11:54
  Speaker 3: Like especially, I think it's safer with hostels because people
• 11:56
  Speaker 3: are coming and going, and if you're truly in a different,
• 11:59
  Speaker 3: different country, then it's a little bit safer. So maybe
• 12:01
  Speaker 3: not gyms, let's rule out gyms, but hostels, even if
• 12:03
  Speaker 3: you're not staying a hostile, even if you're not traveling,
• 12:05
  Speaker 3: you can theoretically literally if you just don't have the
• 12:09
  Speaker 3: money to buy yourself new clothes and you do want
• 12:11
  Speaker 3: to just see what's out there, and there are probably
• 12:13
  Speaker 3: this probably goes for like people who are literally homeless
• 12:15
  Speaker 3: right now as well, if they happen to be listening.
• 12:17
  Speaker 3: If you just need something something warm for the winter
• 12:20
  Speaker 3: and you just go into your hostel and say, hey,
• 12:23
  Speaker 3: how long.
• 12:23
  Speaker 2: Have these been here?
• 12:24
  Speaker 3: Are these people?
• 12:25
  Speaker 2: You know?
• 12:26
  Speaker 3: Have they left the country?
• 12:28
  Speaker 2: Can I take this has to be a no claim
• 12:29
  Speaker 2: period there?
• 12:30
  Speaker 4: Like he's there, Okay, well, I mean it depends place
• 12:33
  Speaker 4: to place. But my partner where he works, there's a
• 12:36
  Speaker 4: lot of lost and found stuff and they have like
• 12:37
  Speaker 4: a six month period. After six months they either donate it.
• 12:40
  Speaker 4: I think, like the staff are welcome to go through
• 12:43
  Speaker 4: if they want anything, and then it literally gets dropped
• 12:45
  Speaker 4: at up shop. Yeah, and you've got some really nice
• 12:47
  Speaker 4: stuff about Loston founder.
• 12:50
  Speaker 2: Really nice. Well you don't really nice watch, which.
• 12:52
  Speaker 3: Is sorry, Okay, that's sick.
• 12:54
  Speaker 2: That's sick.
• 12:55
  Speaker 3: But like you know, other than the watch. I feel
• 12:56
  Speaker 3: like people sometimes just leave sulf so like I can't.
• 13:00
  Speaker 2: Makes sense. I feel like if they have a policy
• 13:02
  Speaker 2: of donating it after three months, like fair game.
• 13:05
  Speaker 3: Absolutely, it's all yours, so that's just an option. But
• 13:08
  Speaker 3: I thought that was really really clever. Okay, the next
• 13:11
  Speaker 3: one is from me.
• 13:11
  Speaker 2: You don't want it if you haven't come back for
• 13:13
  Speaker 2: it six months exactly. You know, needs plenty of time
• 13:17
  Speaker 2: for someone to remember that. And if it was like
• 13:19
  Speaker 2: a roll Legs watch, I'm sure they would have taken
• 13:21
  Speaker 2: it to the body cops.
• 13:23
  Speaker 4: Right.
• 13:23
  Speaker 3: Absolutely, I just feel like absolutely. And then this next
• 13:28
  Speaker 3: one is from me, So this was I just want
• 13:33
  Speaker 3: to preface this also by saying that I do come
• 13:35
  Speaker 3: to the table with arts and crafts. Broke to excellence.
• 13:42
  Speaker 2: And crafts. Girls, it's okay, you're you're preaching.
• 13:45
  Speaker 3: Okay, good, not great.
• 13:47
  Speaker 2: Please don't tell us that you're going to make us
• 13:50
  Speaker 2: make our own felt from like drial into or something.
• 13:53
  Speaker 3: Absolutely, you do have to travel because they have felt field.
• 13:58
  Speaker 3: I don't think they exist, but anyway, No, So this
• 14:00
  Speaker 3: is for the people who have gift giving as like
• 14:04
  Speaker 3: their love language, you know.
• 14:05
  Speaker 2: And filling out to Christmas.
• 14:07
  Speaker 3: You guys coming up to Christmas, but you don't have
• 14:09
  Speaker 3: much money to spend anyway, I made these custom match
• 14:13
  Speaker 3: boxes and I saw the story.
• 14:17
  Speaker 2: I loved them. Thank you so much.
• 14:18
  Speaker 3: You could do like little puns if it's for like
• 14:20
  Speaker 3: a match boxes are cheap.
• 14:21
  Speaker 2: So did you just buy them at market?
• 14:23
  Speaker 3: Yes, cheap match boxes. And then I just you don't
• 14:26
  Speaker 3: have to get paint, but you can if you want.
• 14:27
  Speaker 3: I'm sure you have something lying around that you could use.
• 14:29
  Speaker 2: But I just used.
• 14:30
  Speaker 3: You know those chalk markers.
• 14:31
  Speaker 2: Oh yeah, yeah, I use those came out the other day.
• 14:34
  Speaker 2: I didn't need them, but I wanted.
• 14:36
  Speaker 3: They're so satisfying, so something so nice, like I was on.
• 14:40
  Speaker 2: A whiteboard with a chalk market though, I thought it
• 14:43
  Speaker 2: would be good for my MLM deep dives because the
• 14:45
  Speaker 2: colors were very vibrant, but not very cum coffy. Oh
• 14:49
  Speaker 2: I see a bit more permanent, you could say, which
• 14:54
  Speaker 2: is perfect because it really it similizes the permanence of
• 14:58
  Speaker 2: your love for the person you're giving these match boxes too.
• 15:00
  Speaker 3: So I recommend just get a little bit of arts
• 15:03
  Speaker 3: and craft, see make some personalized matchboxes.
• 15:07
  Speaker 2: They're really pretty and so cheap. Yeah, so cheap and
• 15:11
  Speaker 2: so thoughtful. I just love a homemade gift.
• 15:13
  Speaker 3: I know it's cute and so it's you to use
• 15:16
  Speaker 3: it like people actually use matches. So it's like win
• 15:18
  Speaker 3: win win.
• 15:19
  Speaker 2: I love this for us ten.
• 15:21
  Speaker 4: You could print it on stick of paper, yeah, and
• 15:23
  Speaker 4: then put the stick of paper around exactly.
• 15:26
  Speaker 2: Or you could just do a terrible drawing and tell
• 15:27
  Speaker 2: the person that it's the thought that count. That's my theory.
• 15:31
  Speaker 2: That's my theory. All right, let's go to a really
• 15:33
  Speaker 2: quick break on the flip side. We're going to be
• 15:35
  Speaker 2: answering a money dilemma, which this week is all about
• 15:38
  Speaker 2: which debt you should pay off first for maximum impact?
• 15:41
  Speaker 2: And you slid into our dms about something. This week
• 15:43
  Speaker 2: we're answering the question of how do you decide which
• 15:46
  Speaker 2: financial goals are actually worth saving for? So guys, don't
• 15:49
  Speaker 2: go anywhere.
• 15:54
  Speaker 4: Welcome back friends. Let's take a listen to this week's
• 15:56
  Speaker 4: money dilemma.
• 16:00
  Speaker 2: Hi, there, have you got a money dilemma you just
• 16:02
  Speaker 2: can't solve that. She's on the Money team is here
• 16:05
  Speaker 2: to help. Every week we tackle your dilemmas, both big
• 16:08
  Speaker 2: and small, to answer your most burning money, career and
• 16:11
  Speaker 2: life questions. To get involved, simply head to our website
• 16:14
  Speaker 2: and leave us a short voice recording and you might
• 16:16
  Speaker 2: just find yourself on the show. Now, let's take a
• 16:19
  Speaker 2: listen to this week's money dilemma.
• 16:23
  Speaker 5: High She's on the money. I just have a question
• 16:25
  Speaker 5: regarding investment property. So me and my sister share an
• 16:28
  Speaker 5: investment property together. We are fifty to fifty in it,
• 16:30
  Speaker 5: and that mortgage currently sits at around two hundred thousand. Unfortunately,
• 16:35
  Speaker 5: we recently lost our dad and got an inheritance each
• 16:38
  Speaker 5: of about two hundred and fifty thousand. My sister is
• 16:41
  Speaker 5: really eager to pay off the investment property. She does
• 16:44
  Speaker 5: not have a mortgage herself. She rents, whereas me and
• 16:46
  Speaker 5: my partner have a mortgage of around four hundred and
• 16:49
  Speaker 5: fifty thousand for the house that we live in. We've
• 16:51
  Speaker 5: discussed it and think it would be wiser to put
• 16:54
  Speaker 5: the inheritance on the offset of our own home rather
• 16:56
  Speaker 5: than pay off the investment property, but my sister has
• 16:59
  Speaker 5: very You get a paid off and not have to
• 17:01
  Speaker 5: worry about it. I know two hundred thousand isn't a
• 17:04
  Speaker 5: very big mortgage at the moment, and there's a lot
• 17:07
  Speaker 5: of things to consider. Just wanting to know what your
• 17:09
  Speaker 5: thoughts are and what some of the tax implications can be.
• 17:11
  Speaker 2: Thanks, guys, Oh, I feel like this is a really
• 17:14
  Speaker 2: good one and one of those things I guess first
• 17:17
  Speaker 2: things first, Actually, let's rewind. I'm really sorry about your
• 17:20
  Speaker 2: duck because that sucks. But first things first, this is
• 17:24
  Speaker 2: a really good, I guess example of how different competing
• 17:30
  Speaker 2: financial goals are going to take shape once you purchase
• 17:35
  Speaker 2: a property with someone who's not your partner. And that
• 17:38
  Speaker 2: doesn't mean it's a negative thing. It just means that
• 17:40
  Speaker 2: we need to discuss it. Because if you have two
• 17:43
  Speaker 2: hundred thousand dollars left on a property, that's one hundred
• 17:45
  Speaker 2: thousand dollars each, and your sister's probably like, cool, I've
• 17:48
  Speaker 2: got two hundred and fifty thousand dollars. I'll have one
• 17:50
  Speaker 2: hundred and fifty grand leftover and no mortgage money win
• 17:53
  Speaker 2: for her. That makes sense. For you, you might have
• 17:55
  Speaker 2: done the maths and been like, actually, our family home mortgage,
• 17:58
  Speaker 2: it would be much better in an offset. That's what
• 18:01
  Speaker 2: we want to do. And I'd prefer to pay this
• 18:03
  Speaker 2: one hundred thousand dollars that I owe on this investment
• 18:05
  Speaker 2: property off over time. I think, guess what I'm going
• 18:09
  Speaker 2: to say when in dow zoom out. So let's look
• 18:12
  Speaker 2: at the bigger picture, Like, if you paid off this
• 18:15
  Speaker 2: in its entirety right now, is that actually the best
• 18:18
  Speaker 2: decision for you and your sister? Like if it's an
• 18:20
  Speaker 2: investment property, I don't have enough information, like is it
• 18:23
  Speaker 2: a positively good is it negatively gared? Like maybe there
• 18:27
  Speaker 2: could be some type of compromise and you pay off
• 18:29
  Speaker 2: a little bit so that the property does become completely
• 18:32
  Speaker 2: positively geared, so that there's no additions that are necessary
• 18:35
  Speaker 2: for you guys, and over time it just ticks along.
• 18:38
  Speaker 2: Maybe you could talk to your sister about what that
• 18:41
  Speaker 2: lumpsum could mean for her outside, Like what's the interest
• 18:44
  Speaker 2: rate on that mortgage? Let's pretend you went to Zella
• 18:47
  Speaker 2: and you've got a good interest rate on your mortgage.
• 18:50
  Speaker 2: The Australian share market is returning more than the interest
• 18:53
  Speaker 2: rates rewriting right now on mortgages, so it would actually
• 18:57
  Speaker 2: long term make more sense to not just pay that
• 19:00
  Speaker 2: off even though would feel good, but invest. So I
• 19:03
  Speaker 2: think it's a bigger conversation around Okay, what does that mean?
• 19:07
  Speaker 2: But also what does happen if your sister pays off
• 19:11
  Speaker 2: her entire portion. Is that a bad thing? Does that
• 19:14
  Speaker 2: mean that your sister's expecting to pay her one hundred
• 19:17
  Speaker 2: thousand dollars off and you have to do the same thing?
• 19:20
  Speaker 2: Or are you happy to take on the one hundred
• 19:22
  Speaker 2: thousand dollars left on the mortgage and be like, yes, sister,
• 19:24
  Speaker 2: you're completely paid off. That's all good, But I still
• 19:27
  Speaker 2: want to have that financial burden because it's still going
• 19:31
  Speaker 2: to be the same amount that you're paying every single month.
• 19:33
  Speaker 2: If your sister extinguishes her portion, Does that make sense.
• 19:37
  Speaker 4: Yeah, you just might want to increase in your interesting
• 19:40
  Speaker 4: they're splitting the cost of interest.
• 19:43
  Speaker 2: Yes, but it would then only be on one hundred
• 19:45
  Speaker 2: thousand dollars instead of two hundred thousand dollars, So it
• 19:48
  Speaker 2: should all come out in the wash technically. And I
• 19:51
  Speaker 2: mean that's up to you to decide whether you put
• 19:54
  Speaker 2: another twenty five thousand dollars into that, so then your
• 19:57
  Speaker 2: mortgage on that investment property is only seventy five or
• 20:00
  Speaker 2: something like that. But for me, it would be about
• 20:02
  Speaker 2: looking at what the rental yield on that investment property is, like,
• 20:06
  Speaker 2: what it looks like over time, what's the plan for it, like,
• 20:09
  Speaker 2: are you planning on selling it? Because for me, if
• 20:12
  Speaker 2: the plan is to sell a property, you don't necessarily
• 20:15
  Speaker 2: need to extinguish the mortgage first, especially with post tax dollars,
• 20:20
  Speaker 2: to then sell it and get the money back out
• 20:22
  Speaker 2: that way. So what's the long term plan for this property?
• 20:26
  Speaker 2: Would you be looking at, Jess? If you and I
• 20:28
  Speaker 2: purchased a property together and one of us wanted to
• 20:30
  Speaker 2: get rid of our mortgage and the other wanted to
• 20:32
  Speaker 2: keep it.
• 20:33
  Speaker 4: I don't have a good reason for this, but my
• 20:35
  Speaker 4: instinct was, just like our listener, like I would want
• 20:38
  Speaker 4: to pay off my own mortgage first.
• 20:41
  Speaker 2: I don't really know why. I don't know if it's
• 20:43
  Speaker 2: because to me over your own head. Yeah, I don't
• 20:45
  Speaker 2: know if it's like.
• 20:46
  Speaker 4: The emotional thing or like in my mind, I guess
• 20:49
  Speaker 4: you know, I'm like that push comes to shove if you,
• 20:53
  Speaker 4: you know, God forbid something goes wrong. The first thing
• 20:55
  Speaker 4: I'd sell would be the investment property before my family home,
• 20:59
  Speaker 4: And so for me, it makes sense to secure that
• 21:01
  Speaker 4: family home as much as possible. But I can see
• 21:04
  Speaker 4: that it could potentially cause conflict, you know, with if
• 21:08
  Speaker 4: you're wanting to do one thing and your sister's wanting
• 21:09
  Speaker 4: to do another, and there's obviously then the complexities of like,
• 21:13
  Speaker 4: as you were saying, if she pays off her portion
• 21:15
  Speaker 4: and you don't pay off your portion, like, I can
• 21:16
  Speaker 4: see that that's quite messy, which is also not ideal.
• 21:19
  Speaker 4: But yeah, but honestly, no good reason. I think I
• 21:21
  Speaker 4: would go with my mortgage. I mean I would probably
• 21:23
  Speaker 4: as you were saying, run the numbers. That's probably the
• 21:25
  Speaker 4: smart practical way to do it. That My just first
• 21:28
  Speaker 4: instinct listening to the dilemma was oh, like, I think
• 21:31
  Speaker 4: I would probably put it in my off personally.
• 21:33
  Speaker 2: Yeah, I also think we need to storry to jump
• 21:36
  Speaker 2: in here talk about the difference between tenants in common
• 21:38
  Speaker 2: versus joint tenants, because I don't know how you own that.
• 21:42
  Speaker 2: And so if your sister pays off her fifty percent
• 21:45
  Speaker 2: and it depends like the liability if you are joint tenants,
• 21:50
  Speaker 2: would actually mean that she still has that over her head, yeah,
• 21:53
  Speaker 2: which is which is technically not fair. But then you
• 21:56
  Speaker 2: could also draw up an agreement that says oh no, no, no,
• 21:59
  Speaker 2: like it's definitely my responsibility. But on the flip side,
• 22:02
  Speaker 2: if your tenants in common where you have a defined
• 22:05
  Speaker 2: share and you've paid off your defined share, like it
• 22:08
  Speaker 2: shouldn't be an issue. But anyway, just probably thinking too
• 22:12
  Speaker 2: deep about it once again, Beck, what would you do?
• 22:14
  Speaker 1: Well?
• 22:14
  Speaker 3: I actually just have a question about So offset account
• 22:16
  Speaker 3: is like, say, like you've you or you're paying for
• 22:19
  Speaker 3: your mortgage, and then you have an account that's linked
• 22:21
  Speaker 3: to your MORTGAGEE the offset account is like let's say,
• 22:24
  Speaker 3: for example, you have one hundred dollars in your mortgage
• 22:26
  Speaker 3: and then fifty dollars in your offset. You're only paying
• 22:28
  Speaker 3: interest on the remaining fifty Is that right? I'm retiring,
• 22:32
  Speaker 3: I'm retired. I don't even I don't even need to
• 22:34
  Speaker 3: be here. You've got this What if like, and I'm
• 22:37
  Speaker 3: not suggesting that our listener do this, but if they
• 22:40
  Speaker 3: put one hundred thousand dollars in the offset and then
• 22:43
  Speaker 3: the system pays one hundred thousand, does it just like
• 22:46
  Speaker 3: is that like does that mean that they're paying zero interest?
• 22:49
  Speaker 2: Yeah? Yeah, So there are people out there who still
• 22:52
  Speaker 2: have their entire mortgage facility, and if their house is
• 22:56
  Speaker 2: worth five hundred thousand dollars, they might have five hundred
• 22:58
  Speaker 2: thousand dollars in their sure in their offset and they
• 23:01
  Speaker 2: just don't pay anything each month and it offsets it.
• 23:04
  Speaker 2: But for some reason they might decide that still having
• 23:06
  Speaker 2: access to the mortgage facility makes sense. Now you might
• 23:10
  Speaker 2: go VI, that makes absolutely no sense, like, wouldn't you
• 23:13
  Speaker 2: just want to be nil all. Well, firstly, this is
• 23:16
  Speaker 2: actually quite common for people coming up to retirement, where
• 23:19
  Speaker 2: you know, they might be in their sixties and they
• 23:22
  Speaker 2: know if they went to a bank because one of
• 23:24
  Speaker 2: them is just retired, they would never get that mortgage again.
• 23:27
  Speaker 2: And they like the idea that they could have access
• 23:30
  Speaker 2: to the capital and the money in their offset to
• 23:33
  Speaker 2: play with. Maybe they're like, oh, it's a part of
• 23:35
  Speaker 2: our retirement plan. I don't want to be niil all
• 23:37
  Speaker 2: and just have a mortgage that's a zero and like
• 23:40
  Speaker 2: mortgage is gone, Like I don't mind if I go
• 23:42
  Speaker 2: back into debt a little bit because I took out
• 23:45
  Speaker 2: eighty thousand dollars to buy a caravan, because they probably
• 23:48
  Speaker 2: wouldn't get that on personal finance. So sometimes people keep
• 23:51
  Speaker 2: their mortgage facility around, so there's a lot of to
• 23:55
  Speaker 2: and fro. But yes, you could technically put the money
• 23:58
  Speaker 2: in there and offset it. But what this money direst
• 24:01
  Speaker 2: or this listener has written in and said, is she
• 24:03
  Speaker 2: wants that money in her current family homes offset And
• 24:08
  Speaker 2: I'm assuming it's because it's probably a higher interest rate.
• 24:11
  Speaker 2: And even if it's not a higher interest rate, it's
• 24:13
  Speaker 2: clearly making her feel more secure. Yes, and that's really
• 24:17
  Speaker 2: important to take infoferent generation too.
• 24:18
  Speaker 3: That's so fair. I think I probably do the same
• 24:21
  Speaker 3: thing in that case. Yes, simply feel like security. And yeah,
• 24:26
  Speaker 3: I guess if you do, like you don't really have
• 24:28
  Speaker 3: the emotional attachment to the investment property. So yeah, I mean, yeah,
• 24:32
  Speaker 3: I can see it.
• 24:33
  Speaker 2: I'm like thinking about this as much as I can now.
• 24:36
  Speaker 2: And I think that if this was my sister and
• 24:38
  Speaker 2: I and my sister was like, vey, I want to
• 24:40
  Speaker 2: put my one hundred grand in and paid off, I
• 24:42
  Speaker 2: think I would ask her if she could just put
• 24:44
  Speaker 2: it into the offset account and I continue to pay
• 24:46
  Speaker 2: the remainder of the mortgage because it would drop the
• 24:49
  Speaker 2: interest payments down to looking like it was only quote
• 24:54
  Speaker 2: one hundred thousand dollars, and that can then be my
• 24:56
  Speaker 2: portion and I can slowly pay it off over time.
• 24:58
  Speaker 2: But then I could like sell it to my sister
• 25:01
  Speaker 2: that if that situation ever changes, you can take the
• 25:04
  Speaker 2: money back out, like we don't need to sell the
• 25:06
  Speaker 2: property to get your money back out, and then if
• 25:09
  Speaker 2: you needed it for like another home deposit in the future,
• 25:12
  Speaker 2: or like building wealth in a different way, like you
• 25:15
  Speaker 2: could access it. So maybe that's a good way of
• 25:17
  Speaker 2: going about it. So like your sister can pay her
• 25:19
  Speaker 2: a portion, you pay yours, you do the mortgage, your payments,
• 25:22
  Speaker 2: but I would talk to your bank about that first
• 25:24
  Speaker 2: as well, talk to your broker actually about how that works,
• 25:28
  Speaker 2: because there might be you know, some loans. You might
• 25:33
  Speaker 2: not know this, but some loans have contribution caps, so
• 25:36
  Speaker 2: they might say you can only contribute up to, you know,
• 25:39
  Speaker 2: twenty four thousand dollars a year on your mortgage, which
• 25:42
  Speaker 2: obviously you need to dot all the i's and cross
• 25:44
  Speaker 2: all the teeth if you're concerned, shameless plug. But Xella
• 25:47
  Speaker 2: Money could literally do that for you, and it might
• 25:50
  Speaker 2: be a good idea. Now, if you're in a situation
• 25:52
  Speaker 2: where you're like, oh, like, we could pay it off,
• 25:54
  Speaker 2: it's only two hundred grand, maybe refinance it as well,
• 25:57
  Speaker 2: get a better rate, pay off you one hundred grand
• 25:59
  Speaker 2: of your sister's things, or put that in the offset
• 26:01
  Speaker 2: and then you're paying even less as well. That's a
• 26:05
  Speaker 2: great everyone can come out in the wash very comfortably.
• 26:08
  Speaker 2: But again, it's such a personal decision because, like money
• 26:12
  Speaker 2: isn't inherently right or wrong, Like there's no right answer here.
• 26:16
  Speaker 2: It's like, well, what do you feel most comfortable with? Sure,
• 26:18
  Speaker 2: it's an interesting dilemma, but above all, we're really.
• 26:20
  Speaker 3: Sorry too for your loss.
• 26:22
  Speaker 2: Yeah, sending you lot. Yeah, everybody who gets an inheritance,
• 26:26
  Speaker 2: I feel like there's this idea that, oh my god,
• 26:29
  Speaker 2: you got an inheritance, that's so lucky. It set you up.
• 26:31
  Speaker 2: Like I don't know one person who got an inheritance
• 26:34
  Speaker 2: who wouldn't immediately give it back for even like five
• 26:37
  Speaker 2: minutes more with the person that they lost. Yeah, Like, oh,
• 26:41
  Speaker 2: it's a shitty position to be in. So I am sorry.
• 26:44
  Speaker 2: But moving onwards, we have a DM that we're received
• 26:48
  Speaker 2: this week. Would you guys like to hear it?
• 26:49
  Speaker 4: Yeah?
• 26:50
  Speaker 2: Yeah, all right, So here's our DM. Hey, she's on
• 26:53
  Speaker 2: the money. How do you figure out what you actually
• 26:56
  Speaker 2: want to say? For I feel like I'm at an
• 26:58
  Speaker 2: age they're twenty three. I should be saving for the
• 27:01
  Speaker 2: big things in life, like a car, a house, or retirement.
• 27:05
  Speaker 2: But I also have a really pessimistic view towards that.
• 27:09
  Speaker 2: I have a car that runs. It's not flashy or new,
• 27:11
  Speaker 2: but it's nice enough. I don't feel like buying a
• 27:14
  Speaker 2: house is in reach right now due to the market.
• 27:17
  Speaker 2: For example, I live on the Gold Coast, so that
• 27:20
  Speaker 2: feels like it's too big of a goal to even
• 27:22
  Speaker 2: think about. And I'm slowly chipping away at my investment portfolio.
• 27:26
  Speaker 2: But to be honest, saving for retirement doesn't light me up.
• 27:30
  Speaker 2: So my head goes, oh, you should save for a trip,
• 27:33
  Speaker 2: But that feels irresponsible and silly. Does that make sense.
• 27:36
  Speaker 2: I want to be able to save my money and
• 27:38
  Speaker 2: I have a goal of five thousand dollars at the moment,
• 27:40
  Speaker 2: but I don't know why, so it's making the goal
• 27:42
  Speaker 2: feel much harder to reach. Is this relatable?
• 27:45
  Speaker 3: Oh my god, I feel so seen.
• 27:48
  Speaker 2: I don't know why we're doing this.
• 27:50
  Speaker 3: Yeah, that's why I feel like I've never saved. But also,
• 27:52
  Speaker 3: you know, I'm also really really bad as money, as
• 27:55
  Speaker 3: everyone knows, but I've never just really had a save
• 27:58
  Speaker 3: it back with money fueinantially illiterate.
• 28:07
  Speaker 2: Eyes. We're learning, we're growing, You're getting some new tools
• 28:13
  Speaker 2: and resources that you didn't have before. I think we're
• 28:16
  Speaker 2: all just out here doing the best that we can. Yes,
• 28:18
  Speaker 2: that's living the life that we want to leave.
• 28:19
  Speaker 3: Thank you so much.
• 28:20
  Speaker 2: That's actually is a bad Like there's a decision if
• 28:22
  Speaker 2: you go V would you have spent X on X?
• 28:25
  Speaker 2: Well maybe not, but then I would go, hey, back,
• 28:28
  Speaker 2: I spent this amount of money on this other thing,
• 28:30
  Speaker 2: and you'd be like, what the hell are you doing?
• 28:31
  Speaker 3: Like, yeah, that's true. I know you're just doing you that.
• 28:35
  Speaker 2: Thank you. It's important.
• 28:36
  Speaker 3: Thank you. Yeah, I feel like saving for something. I've
• 28:42
  Speaker 3: also been saved. It's kind of like I just can't
• 28:44
  Speaker 3: see beyond, Like I don't actually know what I'm saving for.
• 28:47
  Speaker 3: I'm just like, I guess I'm saving. If I can,
• 28:50
  Speaker 3: I'll save, but I'm like, what the hell for? Like,
• 28:52
  Speaker 3: I actually don't think I'll be able to buy an
• 28:54
  Speaker 3: apartment anytime soon. I don't really.
• 28:58
  Speaker 2: If we work at it, you will buy an apartment.
• 29:00
  Speaker 3: That's true, But I don't even have like the passion
• 29:02
  Speaker 3: for that to feel, you know, oh my god, Like
• 29:05
  Speaker 3: I want to put a thousand dollars away every month
• 29:07
  Speaker 3: to get so it's like it's a big goal. So
• 29:09
  Speaker 3: I totally understand what this person is saying, But I
• 29:11
  Speaker 3: think that even if you just are saving so that
• 29:14
  Speaker 3: you are not I guess it's really screwed if something
• 29:18
  Speaker 3: goes wrong. So like, as you say, like just having
• 29:20
  Speaker 3: an emergency emergency fund, but if you live like me,
• 29:23
  Speaker 3: that emergency fund could also be everyone's going to Japan
• 29:27
  Speaker 3: next year and I actually really want to go with them,
• 29:30
  Speaker 3: and I emergency. It depends on who you are as
• 29:33
  Speaker 3: you categorize. Emergency is sometimes just desperately not feeling fomo
• 29:39
  Speaker 3: and that is an emergency, or just like seeing something
• 29:42
  Speaker 3: that you really like and be like, oh, I can
• 29:43
  Speaker 3: actually afford that, Like I really want to buy this
• 29:46
  Speaker 3: brand new Fitbit and I can afford that now.
• 29:48
  Speaker 2: So it's like, I just see that brand new Fitbit,
• 29:50
  Speaker 2: is it? It looks really nice?
• 29:52
  Speaker 3: Thank you so much? No new color?
• 29:55
  Speaker 2: Yeah, I like it.
• 29:56
  Speaker 3: But yes, I think just like even if you have
• 29:59
  Speaker 3: no goals, if you don't know what you're saving, four
• 30:01
  Speaker 3: just honestly save for the joys of life, and that
• 30:04
  Speaker 3: could be don't feel bad about going on a trip.
• 30:06
  Speaker 3: That's when you're on your deathbed in a touchwood, You're
• 30:10
  Speaker 3: not gonna be like, wow, I'm so glad that I
• 30:12
  Speaker 3: didn't buy that late that one time so I could
• 30:14
  Speaker 3: buy a house.
• 30:15
  Speaker 2: You know you're going to be like as also, if
• 30:17
  Speaker 2: the compromise is not buying a latte and I get
• 30:19
  Speaker 2: a house, take my latte.
• 30:23
  Speaker 3: That's a very boom thing to no.
• 30:24
  Speaker 2: No, no, no. But I get it because I think that
• 30:26
  Speaker 2: so many times we feel the pressure to make compromises
• 30:29
  Speaker 2: that are compromising our lifestyle but don't actually ultimately help
• 30:32
  Speaker 2: with the long term.
• 30:33
  Speaker 3: Exactly exactly, But I'm just saying that the experiences and
• 30:38
  Speaker 3: having fun and doing things that make you feel happy
• 30:41
  Speaker 3: and joyful and spending time with your friends and all
• 30:43
  Speaker 3: this stuff, and those things are so important. So if
• 30:45
  Speaker 3: it's travel, i'd say that's an investment. I like that.
• 30:48
  Speaker 2: I like that. I'm going to flip to the savior. Yes,
• 30:52
  Speaker 2: yes we should miss I can save even when I'm broke.
• 30:57
  Speaker 2: Talk to me. I agree on some level.
• 30:59
  Speaker 4: I think that you're right, like you do need to
• 31:02
  Speaker 4: find joy in the things that you're doing. I think
• 31:05
  Speaker 4: I'm not entirely sure. If our listener is saying five thousand,
• 31:08
  Speaker 4: the five thousand that she's saving towards will be like
• 31:11
  Speaker 4: all the money that she has, Like currently she has
• 31:13
  Speaker 4: no money and she's saving. If that's the case, I
• 31:15
  Speaker 4: completely agree, like emergency fund should be your first priority
• 31:17
  Speaker 4: because you need to have something there in case of whatever.
• 31:19
  Speaker 3: It may be.
• 31:21
  Speaker 4: I think you need to figure out what does bring
• 31:23
  Speaker 4: you joy. So if it is the travel and that's
• 31:26
  Speaker 4: what you're choosing to prioritize, it's okay to prioritize that
• 31:28
  Speaker 4: over more traditional quote unquote goals like purchasing a house
• 31:33
  Speaker 4: or a wedding.
• 31:34
  Speaker 2: Or traditional goals are literally bullshit, Like you don't have
• 31:39
  Speaker 2: to do anything in this life that doesn't align with
• 31:41
  Speaker 2: your values.
• 31:42
  Speaker 4: Absolutely, So if travel is what really lights you up,
• 31:44
  Speaker 4: I think definitely prioritize that. The one thing that I
• 31:46
  Speaker 4: would say is, and I mean, I don't know anything
• 31:49
  Speaker 4: about where our listeners sitting in terms of like their
• 31:51
  Speaker 4: own journey for financial literacy and stuff. But I was
• 31:54
  Speaker 4: never excited by the idea of saving for retirement until
• 31:57
  Speaker 4: I understood the fact that like investing, for example, is
• 32:02
  Speaker 4: free money.
• 32:03
  Speaker 2: Free money.
• 32:04
  Speaker 4: Yeah, it was like a switch in my head. It
• 32:06
  Speaker 4: was like, oh my god, once I understood that by
• 32:08
  Speaker 4: doing this, I get all this money for free, you know,
• 32:12
  Speaker 4: pending marketing.
• 32:13
  Speaker 2: And so far it's been going well, it.
• 32:15
  Speaker 4: Has been going on earan, like in my investment portfolio,
• 32:17
  Speaker 4: which is not particularly big. I think currently if I
• 32:20
  Speaker 4: were to sell, I'd be up like three grand, Like
• 32:23
  Speaker 4: that's three grand you didn't have before correct, three grand
• 32:26
  Speaker 4: effectively free money. And so you know, even if you're
• 32:29
  Speaker 4: looking at lot a high interest savings account or something
• 32:32
  Speaker 4: like that. For me, that was a really good switch
• 32:35
  Speaker 4: and a motivator. That's not going to be the case
• 32:37
  Speaker 4: for everybody. Like you know, my money might not be
• 32:39
  Speaker 4: something that's a priority to you, But I would say,
• 32:42
  Speaker 4: maybe explore all the different options and make sure you
• 32:45
  Speaker 4: really understand what that looks like for your potential future.
• 32:49
  Speaker 4: You said you kind of want to buy a house,
• 32:51
  Speaker 4: but you don't think it's achievable. Talk to a broker,
• 32:53
  Speaker 4: see where you would need to be, because you would
• 32:56
  Speaker 4: be amazed at how many schemes there are that can
• 32:59
  Speaker 4: help you get in with the much lower deposit than
• 33:01
  Speaker 4: you would maybe think. And you know, there are all
• 33:03
  Speaker 4: of these different avenues and options. So I would say,
• 33:06
  Speaker 4: and again maybe this is coming back to the type
• 33:08
  Speaker 4: of person I am. I like to have all of
• 33:10
  Speaker 4: the information before I make a choice, but like, really
• 33:12
  Speaker 4: look into all of these different things and what that
• 33:14
  Speaker 4: could look like and what input that would take from you,
• 33:17
  Speaker 4: and if at the end of that year, go no,
• 33:19
  Speaker 4: I just want to spend the next five years traveling.
• 33:22
  Speaker 4: Travel like that is okay, and do that and enjoy
• 33:25
  Speaker 4: that and don't feel guilty about that. But I would
• 33:27
  Speaker 4: just say, make sure you have all the information, because
• 33:29
  Speaker 4: I would hate for you to make a choice, because
• 33:31
  Speaker 4: you know, I can't afford to buy a house, so
• 33:33
  Speaker 4: I'm just going to spend the money because can't take
• 33:34
  Speaker 4: it with me when I die, like you were saying back,
• 33:36
  Speaker 4: and then you know, a couple of years later, you go, oh,
• 33:39
  Speaker 4: if I had known X y Z, I actually could
• 33:42
  Speaker 4: have bought a house a couple of years ago. And
• 33:44
  Speaker 4: that's something that I would have wanted. But you shouldn't
• 33:47
  Speaker 4: feel bad about your priorities.
• 33:48
  Speaker 2: Yes, yeah, I think that you said something, or our
• 33:53
  Speaker 2: listener wrote in and said, like, I think I'm just pessimistic,
• 33:57
  Speaker 2: And I think that's important to dress because human beings
• 34:01
  Speaker 2: are inherently pessimistic, because if we go back in time,
• 34:04
  Speaker 2: none of us could live in a cave. But back then,
• 34:07
  Speaker 2: being pessimistic was a survival instinct and expecting the worst
• 34:11
  Speaker 2: and getting the best was a literal survival tool to
• 34:15
  Speaker 2: go like, oh, if I go out, there might be
• 34:17
  Speaker 2: a threat. Like and I think that that is a
• 34:19
  Speaker 2: protective measure that we still implement today, whether that is
• 34:25
  Speaker 2: us protecting our emotions because we're like, oh, I don't
• 34:28
  Speaker 2: even like them kind of vibes, or oh, I don't
• 34:31
  Speaker 2: even want to buy a property, when maybe deep down
• 34:33
  Speaker 2: you do because you just don't want to put yourself
• 34:37
  Speaker 2: in a situation where you feel at risk. Right, So,
• 34:40
  Speaker 2: I think that having conversations and learning more about financial
• 34:44
  Speaker 2: literacy and what it could mean, and just exploring opportunities,
• 34:47
  Speaker 2: you don't have to do these things. Like my job,
• 34:50
  Speaker 2: or the job I've given myself, is to give you
• 34:53
  Speaker 2: all of the tools and resources that I believe you
• 34:56
  Speaker 2: deserve to make decisions that are in line with your values.
• 34:59
  Speaker 2: And that does not mean that everybody should be investing
• 35:02
  Speaker 2: in the share market. It doesn't mean that everybody should be,
• 35:04
  Speaker 2: you know, buying property. Like, I want you to have
• 35:07
  Speaker 2: the financial freedom to live the life that you are crafting,
• 35:10
  Speaker 2: but I can't tell you what your values are. That's
• 35:12
  Speaker 2: why I'm so like, oh, think about your money story,
• 35:15
  Speaker 2: think about these things because I can push you so far,
• 35:17
  Speaker 2: but you can't lead a horse to water and then
• 35:20
  Speaker 2: expect them that they will immediately drink. Right, So I
• 35:23
  Speaker 2: think you need to do some internal work about, well,
• 35:26
  Speaker 2: what are your value systems? Like, let's talk about this pessimism.
• 35:29
  Speaker 2: Where is it coming from? Is it because your money
• 35:32
  Speaker 2: story is telling you that it never happened for your
• 35:34
  Speaker 2: parents and every family member that you've got has never
• 35:37
  Speaker 2: owned property, and therefore this blueprint has been set for you,
• 35:41
  Speaker 2: so you just expect you will follow suit. That doesn't
• 35:44
  Speaker 2: have to be the reality of your future. Like just
• 35:46
  Speaker 2: because you've seen it portrayed that way doesn't mean that
• 35:50
  Speaker 2: you aren't completely in control of your money journey. Like
• 35:54
  Speaker 2: anybody at any stage can go Nope, that's not for
• 35:57
  Speaker 2: me anymore. It's really hard. It's not like a easy
• 35:59
  Speaker 2: like I just wake up today and decided to be rich,
• 36:02
  Speaker 2: like if only, if only right? But like, if you
• 36:05
  Speaker 2: want something bad enough, you can make it happen. And
• 36:09
  Speaker 2: the She's on the Money community has taught us that.
• 36:11
  Speaker 2: Like we've had people who have gone from being dead
• 36:14
  Speaker 2: broke in hundreds of thousands of dollars worth of debt
• 36:17
  Speaker 2: to starting businesses to you know, investing hundreds of thousands
• 36:21
  Speaker 2: of dollars to becoming financially free. So I think it's
• 36:24
  Speaker 2: important to kind of like go, okay, cool. Why why
• 36:27
  Speaker 2: am I not even engaged in this? Is it because
• 36:30
  Speaker 2: it is overwhelming? Is it because I don't know what
• 36:32
  Speaker 2: I even want to do with my degree or even
• 36:35
  Speaker 2: want to do for work or whatever that is? Jess,
• 36:37
  Speaker 2: you touched on something that I think is really disengaging,
• 36:40
  Speaker 2: and that's this concept of retirement. Like in my head.
• 36:44
  Speaker 2: In my head, people who retire they have like a
• 36:46
  Speaker 2: work chrisma, like a work party, and they get a
• 36:49
  Speaker 2: col's cake and they stand around in their tea room
• 36:52
  Speaker 2: and they go yay friends retiring, and they have little flags.
• 36:55
  Speaker 2: And there's nothing sexy about retirement to me. But there's
• 36:59
  Speaker 2: a lot that sexy about financial freedom, Like the idea
• 37:03
  Speaker 2: that I'm going to get to a point in my
• 37:05
  Speaker 2: life and I'm going to have enough income from passive investments,
• 37:09
  Speaker 2: meaning I could not go to work and still afford brunch,
• 37:13
  Speaker 2: still afford coffee, still be able to travel. Like to me,
• 37:16
  Speaker 2: that excites me. So I think it's about I get
• 37:19
  Speaker 2: that you're not engaged with this concept of retirement because neither.
• 37:23
  Speaker 2: And I know that Jess. That was something where I
• 37:25
  Speaker 2: was like, do you want to talk about retirement and
• 37:26
  Speaker 2: you were like absolutely not. But then I was like, well,
• 37:29
  Speaker 2: so did you know you can get free money? And
• 37:30
  Speaker 2: you're like, sorry, what was that? I wasn't listening? Can
• 37:33
  Speaker 2: you start again? And I think it's really important to
• 37:37
  Speaker 2: kind of educate yourself on what that can provide, because
• 37:40
  Speaker 2: if you love travel, imagine having an investment portfolio that
• 37:43
  Speaker 2: paid you a passive income that meant you could travel
• 37:46
  Speaker 2: every single year without question, without having to be like, oh,
• 37:50
  Speaker 2: I wonder if I'll be able to afford it. No, no, no,
• 37:52
  Speaker 2: You set yourself up so you could afford it, and
• 37:55
  Speaker 2: a lot of these systems, once you've decided on your values,
• 37:58
  Speaker 2: we can set up in the background, whether that's contributing
• 38:01
  Speaker 2: more to your superannuation and asking your employer to do
• 38:04
  Speaker 2: that on your behalf so you don't have to think
• 38:05
  Speaker 2: about it again, or whether that is you know, automating
• 38:08
  Speaker 2: your cash flow so when money comes into your account,
• 38:10
  Speaker 2: you have a direct debit that goes straight out into
• 38:13
  Speaker 2: an investment or straight out into your savings account, so
• 38:16
  Speaker 2: that you don't have to think about money all the time.
• 38:19
  Speaker 2: I think there's this massive misconception that to be good
• 38:22
  Speaker 2: at money you need to be consistently like counting your
• 38:24
  Speaker 2: pennies and checking your bank account and doing all these things.
• 38:26
  Speaker 2: Like no, implementing good systems is the key to success. Ye, Like,
• 38:31
  Speaker 2: it's not something like I don't check my bank account
• 38:34
  Speaker 2: every day. I don't look at these things and that's
• 38:36
  Speaker 2: a privilege. But the privilege has come from implementing clean
• 38:39
  Speaker 2: systems because I don't really want to do that every day. Yeah.
• 38:43
  Speaker 4: Yeah, And it's a really tough economic time right now.
• 38:46
  Speaker 4: You have a point about, like, you know, feeling pessimistic,
• 38:50
  Speaker 4: and to be honest, I can totally agree with that.
• 38:52
  Speaker 4: I think that it's just overwhelming and scary, not even
• 38:55
  Speaker 4: just in the financial world, but the political world and
• 38:58
  Speaker 4: you know, all of the things that are happening in
• 38:59
  Speaker 4: other right now. I feel like it feels heavy to
• 39:02
  Speaker 4: just be alive, right and it's right, Yeah, sometimes it
• 39:06
  Speaker 4: just feels hard, and that is really normal, I think,
• 39:10
  Speaker 4: and that it makes sense that that would then bleed
• 39:12
  Speaker 4: into something as significant as your finances because you're trying
• 39:15
  Speaker 4: to think about your future, you know, well, oh my god,
• 39:17
  Speaker 4: the future feels very scary and very unsure and very unstable,
• 39:21
  Speaker 4: and I feel like that could maybe plain into it
• 39:22
  Speaker 4: as well. But I just want to say that you're.
• 39:24
  Speaker 2: Not alone in that, because I feel like that a
• 39:25
  Speaker 2: lot too, And you don't want to hear this, But
• 39:27
  Speaker 2: the best way to protect yourself and your future is
• 39:30
  Speaker 2: to care about your financial literacy. The best way to
• 39:33
  Speaker 2: put yourself in in the best position, whether you are
• 39:36
  Speaker 2: in significant debt or have a massive income, is to
• 39:40
  Speaker 2: care about your cash flow. Is to do a budget,
• 39:42
  Speaker 2: is to do all the things that you are probably
• 39:44
  Speaker 2: avoiding because it is going to mean that you have clarity. Yeah,
• 39:48
  Speaker 2: and even if the clarity shows you that things looking
• 39:53
  Speaker 2: a bit bleak, you would prefer to know now and
• 39:56
  Speaker 2: be able to address it. Then get another ten years
• 39:59
  Speaker 2: down the track and like, oh, that's even worse. Like
• 40:03
  Speaker 2: we can do so much today. That puts you in
• 40:05
  Speaker 2: the best possible position, like let's do it, let's do it. Whatever,
• 40:09
  Speaker 2: will say. So lots of opinions, and I feel like
• 40:11
  Speaker 2: it was a really relatable one. Right, So we went
• 40:14
  Speaker 2: to the community and we said, do you find it
• 40:16
  Speaker 2: hard to set goals because of what you think you
• 40:18
  Speaker 2: should be doing? And forty percent of our community said
• 40:22
  Speaker 2: oh my god, yes, twenty seven percent said sometimes I
• 40:26
  Speaker 2: try hard to tune that out, and thirty three percent
• 40:28
  Speaker 2: of you said no, I'm just doing what works for me.
• 40:31
  Speaker 2: Teach us your way.
• 40:32
  Speaker 3: Yeah.
• 40:33
  Speaker 2: We also asked do you think clear goals help you
• 40:36
  Speaker 2: keep control of your finances? Seventy eight percent of you
• 40:40
  Speaker 2: said yes, or my money is a mess, and twenty
• 40:43
  Speaker 2: two percent of you said nope, I'm fine without them.
• 40:46
  Speaker 4: Whatever works for you when I need to judge.
• 40:48
  Speaker 2: Eye But also like I could never.
• 40:51
  Speaker 4: I know when my type, I asked, could simply not.
• 40:54
  Speaker 2: But I absolutely not. We obviously then said can we
• 40:56
  Speaker 2: please have your two cents? Some and I have a
• 41:00
  Speaker 2: lot of comments, so I'm going to go through them.
• 41:02
  Speaker 2: One person said, I think it's okay for people to
• 41:04
  Speaker 2: have different goals at different ages and stages. Absolutely agree,
• 41:08
  Speaker 2: So many of you replied, I relate so hard to this.
• 41:12
  Speaker 2: Someone else said, struggling with goals, think of money as
• 41:15
  Speaker 2: a journey, not a destination, because it's about process.
• 41:18
  Speaker 3: So true.
• 41:19
  Speaker 2: I love this. I feel like all of you guys
• 41:20
  Speaker 2: should actually host the show. Someone else said, I think
• 41:24
  Speaker 2: you should think of investments as something different rather than
• 41:27
  Speaker 2: your retirement, same page as me. Another person said, you
• 41:30
  Speaker 2: can save for a holiday and a house. The house
• 41:33
  Speaker 2: doesn't need to be clear in order to save towards it.
• 41:36
  Speaker 3: That's true. Yeah, you can do multiple things at once.
• 41:38
  Speaker 2: Someone else said, I'm a little bit in the same
• 41:41
  Speaker 2: boat of not knowing what to save for. So I
• 41:43
  Speaker 2: have just a big savings account and then a general
• 41:46
  Speaker 2: savings account. The big one is for life things, whether
• 41:49
  Speaker 2: it's a house or something big that I decide on
• 41:52
  Speaker 2: in the future, and then general savings can be for holidays.
• 41:55
  Speaker 3: I like that cool.
• 41:56
  Speaker 2: Someone else said, I'm not very goal oriented. I save
• 41:59
  Speaker 2: because I can, and then it's there if I need something.
• 42:02
  Speaker 4: Totally a good point. Not everyone does work that I particularly.
• 42:05
  Speaker 4: I feel like a lot of neurodivergin people probably approach
• 42:08
  Speaker 4: you and we don't know what we want you always
• 42:10
  Speaker 4: you either hyper fixate and you're like, this is all
• 42:12
  Speaker 4: I'm doing, or it can maybe feel a little bit
• 42:15
  Speaker 4: intangible and therefore more challenging, which is also normal.
• 42:18
  Speaker 5: Yeah.
• 42:18
  Speaker 2: Yeah, encrusted right now, Yeah, but very valid. Like, you
• 42:23
  Speaker 2: don't need to have goals, but you do need to
• 42:25
  Speaker 2: care about future you. Yes, So I think that you
• 42:27
  Speaker 2: don't need to be clear on it. But we do
• 42:29
  Speaker 2: need to be clear that future you deserves the best,
• 42:31
  Speaker 2: and we're going to treat them that way. Someone said,
• 42:34
  Speaker 2: this is one hundred percent me. I'm saving, but what for?
• 42:37
  Speaker 2: I think about spending it, but then I don't because
• 42:39
  Speaker 2: I fear it's a waste. It's hard. Yeah, someone else said,
• 42:44
  Speaker 2: life is short but also long. I try to balance
• 42:47
  Speaker 2: goals for both.
• 42:48
  Speaker 3: You never know, you never know.
• 42:50
  Speaker 2: And then someone else said, maybe just start with one
• 42:53
  Speaker 2: goal and that goal is an emergency fund.
• 42:55
  Speaker 3: That's a great idea.
• 42:56
  Speaker 2: I really love. For me.
• 42:57
  Speaker 3: It's like, what are you saving for? Financial freedom?
• 43:01
  Speaker 2: I just want to reach, Like do you want me
• 43:04
  Speaker 2: free money?
• 43:05
  Speaker 4: Yeah?
• 43:05
  Speaker 2: Don't free money? What I want exactly? And I feel
• 43:07
  Speaker 2: like you are a do what you want kind of person,
• 43:10
  Speaker 2: Like you don't need to buy a house, you don't
• 43:11
  Speaker 2: need to organize like a plan for an apartment. But
• 43:13
  Speaker 2: like Beck, you imagine how much do what you want?
• 43:17
  Speaker 2: You could do if you didn't have to come to
• 43:18
  Speaker 2: work today. I know you could sleep in you could
• 43:21
  Speaker 2: lay in the grass, you could get six billion vapes
• 43:24
  Speaker 2: like you could do you but you need cash to
• 43:26
  Speaker 2: fund that lifestyle.
• 43:27
  Speaker 4: But I'd still be here lots of people don't have
• 43:30
  Speaker 4: houses and stuff too, like, yeah for every.
• 43:33
  Speaker 2: Oh my god, I just actually finished it's coming out soon.
• 43:36
  Speaker 2: I just finished recording a money diary. Was someone who said, basically,
• 43:39
  Speaker 2: I have six figures in my investment portfolio, six figures
• 43:42
  Speaker 2: in my super six figure income, and I don't think
• 43:46
  Speaker 2: I want to buy property, not for me. And I
• 43:48
  Speaker 2: looked at their savings they are saving. They have one
• 43:51
  Speaker 2: hundred and ten thousand dollars in an investment platform right now,
• 43:54
  Speaker 2: saving two and a half or two two hundred dollars
• 43:57
  Speaker 2: each and every single month, which is so much money, right,
• 44:02
  Speaker 2: But I worked out that when they retire, they're going
• 44:05
  Speaker 2: to have about five million dollars in investments. Crazy and
• 44:08
  Speaker 2: no plans for property. But do you know what five
• 44:10
  Speaker 2: million dollars in their investment is going to mean when
• 44:12
  Speaker 2: they retire? What an income of two hundred and seventy
• 44:16
  Speaker 2: five thousand dollars a year.
• 44:17
  Speaker 4: That is very feeling.
• 44:19
  Speaker 2: But do you know how much whatever you want that means? Yeah,
• 44:22
  Speaker 2: that's so true. And they were like, oh, I don't know,
• 44:25
  Speaker 2: I'll have to work it out because I have to
• 44:26
  Speaker 2: pay rent. And I was like, babe, with only seventy
• 44:28
  Speaker 2: five thousand dollars has an income, you'll always be able
• 44:30
  Speaker 2: to pay rent. You are fine. Anyway. This is probably
• 44:35
  Speaker 2: also a really good time to do a little bit
• 44:37
  Speaker 2: of a shameless plug Jess and Beck, because we have
• 44:40
  Speaker 2: just launched our first ever Black Friday sale, and it's
• 44:43
  Speaker 2: like kind of a way to divert you from actual
• 44:45
  Speaker 2: shopping and into investing in yourself. And we're just talking
• 44:49
  Speaker 2: about goal setting and investing and cash flow and how
• 44:52
  Speaker 2: that's really important. So we have just launched our bundles
• 44:55
  Speaker 2: with Sheese on the Money, so you could get your
• 44:57
  Speaker 2: wealth built a bundle and it's like thirty percent off
• 45:00
  Speaker 2: all of our courses or are like a future Investor
• 45:02
  Speaker 2: bundle where you have the goal setting course as well
• 45:05
  Speaker 2: as the investing course. Anyway, there's whole heap of discounts
• 45:08
  Speaker 2: to be had. It launches in January next year, like
• 45:10
  Speaker 2: the actual course intakes, but we wanted to give some
• 45:13
  Speaker 2: people some savings now so that they can focus on
• 45:15
  Speaker 2: investing in themselves instead of in close and shoes and
• 45:18
  Speaker 2: things that seem to be all we care about during
• 45:21
  Speaker 2: Black Friday. Anyway, all of the for that is going
• 45:25
  Speaker 2: to be in the show notes, and it's all over
• 45:27
  Speaker 2: social media because that's just who we are as people. Anyway,
• 45:31
  Speaker 2: I feel like this has been a really good Friday
• 45:33
  Speaker 2: Chat Friday Rat. Have a good weekend, guys, and we'll
• 45:37
  Speaker 2: see you right early on Monday for a money.
• 45:39
  Speaker 3: Jarry Bye guys.
• 45:40
  Speaker 2: By The advice shared on She's on the Money is
• 45:49
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