Latest / She's On The Money / Coughing Up For Contraception!

Transcript

Coughing Up For Contraception! · She's On The Money

0:00
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
0:04
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
0:08
Speaker 1: we get started on She's on the Money podcast, I
0:11
Speaker 1: would like to acknowledge the traditional custodians of the land
0:14
Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
0:22
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
0:27
Speaker 1: and the storytelling of you to make a difference for
0:30
Speaker 1: today and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it. She's on the Money.
0:36
Speaker 3: She's on the Money.
0:57
Speaker 2: Hello, and welcome to She's on the mo the podcast
1:00
Speaker 2: for millennials who want financial freedom. Today is Friday, my friends,
1:04
Speaker 2: which means it is time to get our little team
1:07
Speaker 2: together and celebrate you the incredible She's on the Money community. Today,
1:11
Speaker 2: we're going to be sharing our favorite money wins. We're
1:13
Speaker 2: going to be helping to answer a juicy money dilemma,
1:16
Speaker 2: which this week is all about how to put money
1:18
Speaker 2: aside for your children. And we're going to be unpacking
1:21
Speaker 2: something that you guys slid into our DMS about, which
1:24
Speaker 2: is who should be paying for contraception? Beck, how's your
1:28
Speaker 2: week been so far?
1:30
Speaker 4: So good?
1:31
Speaker 2: It's because we've been talking about the spicy topic of
1:33
Speaker 2: contraception and who should pay for it? Right, Yeah, it's
1:35
Speaker 2: going to get real heated. I think I'm kind of scared.
1:37
Speaker 2: Actually are you? Actually no, you're not, absolutely not.
1:41
Speaker 4: Its goad of us, the ones.
1:43
Speaker 2: Yeah, yeah, yes, you're terrifying. We're all got to get canceled.
1:49
Speaker 2: We're be heroes. You know what Beck's going to say.
1:53
Speaker 2: Beck's going to be like, be a same sex relationship.
1:55
Speaker 2: You don't have to have contraception, that's the question.
2:00
Speaker 5: I'm not even gay, you know, not even I don't
2:01
Speaker 5: want to pay for contraception, does anybody?
2:03
Speaker 2: Okay, so you just date women for that?
2:05
Speaker 1: Yeah?
2:05
Speaker 2: I love that.
2:06
Speaker 4: And you know much money I've saved dollars so far? Zero?
2:10
Speaker 5: You saved nothing, saved nothing. But you know, we'll go
2:13
Speaker 5: back in time. I would have probably saved all of
2:15
Speaker 5: that money.
2:15
Speaker 2: You should have just started younger. Honestly, I want to
2:17
Speaker 2: say to all the kids these days, because it is
2:19
Speaker 2: a choice, and I should have chosen to do that earlier. Yeah, absolutely, absolutely,
2:24
Speaker 2: All right, let's move on because I feel like that
2:26
Speaker 2: is a very very steep, very slippery slow. That's true, Jess.
2:31
Speaker 2: Let's move over to your side of the table. How
2:33
Speaker 2: has your week been. It's been good.
2:35
Speaker 4: It's been warm and sunny, which I love. Been enjoying it.
2:38
Speaker 4: A little hot in the studio today.
2:40
Speaker 2: But maybe she had The air condition is broken in
2:43
Speaker 2: the studio today, So if we get a little bit delirious, guys,
2:45
Speaker 2: it's because it's thirty degrees outside and the air con
2:48
Speaker 2: is broken and Lucy keeps making farts.
2:52
Speaker 4: Yeah, I didn't want to say.
2:53
Speaker 2: No, no, not Jess. We've been really excited this week
2:57
Speaker 2: because what did we do this week?
2:59
Speaker 4: We announced that two of our four international women's events
3:02
Speaker 4: have sold out.
3:03
Speaker 2: I cannot believe it, Like that's literally hundreds of people
3:07
Speaker 2: coming to hang out with us. And we announced late
3:10
Speaker 2: last week. I believe it was the gift bags.
3:13
Speaker 4: Yes, worth over three hundred dollars.
3:15
Speaker 2: It's wild and there are so many good things in it.
3:17
Speaker 2: I know we name dropped it last week, but I'm
3:19
Speaker 2: actually just so excited, and I keeped this is so bad.
3:21
Speaker 2: You guys are going to be so mad at me,
3:23
Speaker 2: or Rashee in particular is going to be mad at
3:25
Speaker 2: me who's in charge of our events. I keep promising
3:27
Speaker 2: gift bags to my friends that aren't tumming me, so yeah,
3:30
Speaker 2: sorry about that.
3:32
Speaker 4: So we've sold out Melbourne and Perth. There are still
3:35
Speaker 4: very very few tickets left I believe in Brisbane and
3:38
Speaker 4: Sydney at time of recording. At the time of recording,
3:41
Speaker 4: so if you want to grab your tickets, head to
3:42
Speaker 4: the Shoes on the myny website. I don't know by
3:44
Speaker 4: the time this goes live if they even will be.
3:45
Speaker 2: Any left, because I really will link in the show
3:47
Speaker 2: notes anyway, and you can either buy tickets or you
3:50
Speaker 2: can see what you missed out on because you won't
3:51
Speaker 2: quick enough.
3:51
Speaker 4: Yeah sorry, but we're so pummed. We can't wait to
3:54
Speaker 4: see you guys. It's only two weeks away. I am
3:57
Speaker 4: literally so excited. Let's move on, though, Let's talk about
4:00
Speaker 4: our community money wins. Jesse, you've round up the best
4:03
Speaker 4: ones of the week. What have you got for us?
4:05
Speaker 4: Let's start with one I have from sus who said
4:07
Speaker 4: money Win. Someone just down the road for me owns
4:10
Speaker 4: a coffee cut and was giving away arm and milk
4:12
Speaker 4: as he was changing brands. And I got a whole
4:14
Speaker 4: box for free.
4:15
Speaker 2: I'm a milk spano.
4:17
Speaker 4: Yeah, alternative milk shall set you back.
4:19
Speaker 2: Also, I'm a milk taste like dirt, so it should
4:22
Speaker 2: be it's gonna have a milk almond milk specifically, or
4:29
Speaker 2: as I like to call it, dirt water.
4:31
Speaker 4: Oh my goodness, people are gonna come for us, my
4:34
Speaker 4: dirty nut water. My next win. It comes from Indiana
4:38
Speaker 4: who said money win. Shopping for groceries online this week
4:42
Speaker 4: really helped me to stay within my budget and having
4:44
Speaker 4: my flat eyes app open to track things that I
4:46
Speaker 4: could get money off or gain extra points for while
4:48
Speaker 4: I was shopping insured that I made the most of it.
4:50
Speaker 4: I feel like that's really smart because you are not
4:52
Speaker 4: getting sucked into that thing of like shopping when you're hungry.
4:54
Speaker 2: I do that all the time too, and I always
4:56
Speaker 2: lie to myself and say it'll be fine. It's not fine, victory.
5:00
Speaker 2: You didn't need two loads of bread just in past.
5:03
Speaker 2: It's just not what you needed just in case. What
5:05
Speaker 2: I wonder you know how sometimes you run out of
5:07
Speaker 2: the loaf of bread and you're like, oh, I wish
5:08
Speaker 2: I had a back up, And then I've recently been
5:10
Speaker 2: mining two loaves and putting.
5:11
Speaker 4: One in the freezer.
5:12
Speaker 2: Actually, all right, pretty smart? I am quite intelligent. Yeah,
5:16
Speaker 2: but you know what I don't buy when I'm grocery shopping.
5:18
Speaker 2: I'm in milk. That's fair, Yeah, because it's dirty nut water.
5:24
Speaker 5: I don't eve want to say everything I needed, which
5:26
Speaker 5: is me. I go in with a list and come
5:28
Speaker 5: out with gum and chocolate.
5:30
Speaker 2: Do you go in with a list? I feel like
5:32
Speaker 2: you'd be a planner.
5:33
Speaker 5: Oh that's nice. It's nice to know that I look
5:35
Speaker 5: like a planner, but you're not.
5:37
Speaker 1: Not.
5:37
Speaker 5: Really like I go in with a rough idea and
5:39
Speaker 5: I always come out with not what I need. You know,
5:42
Speaker 5: you let the grocery store tell you what you mean exactly.
5:46
Speaker 5: That's why I think that shopping online would be better,
5:48
Speaker 5: because you don't get trapped, you don't get sucked in
5:50
Speaker 5: by the pretty good exactly.
5:53
Speaker 4: My next money in this week comes from Jesse, who
5:55
Speaker 4: said money when I've almost completed a no spend a
5:58
Speaker 4: fortnight where I've only bought the essential food, petrol bills,
6:01
Speaker 4: et cetera, as I'm trying to not let lifestyle creep happen,
6:04
Speaker 4: and the money I've saved is going straight into my
6:06
Speaker 4: emergency fund. Oh, I love that amazing, and I feel
6:09
Speaker 4: like that's something that we could easily commit to, Like, Haybeck,
6:12
Speaker 4: can you maybe do two weeks of not spending? I
6:15
Speaker 4: feel like that's more achievable than in how people have
6:17
Speaker 4: like no spend months. Yeah, I feel like, to me,
6:20
Speaker 4: that's just a little bit too much, whereas I'd prefer
6:22
Speaker 4: to be like, all right, maybe for the next two
6:24
Speaker 4: months or three months, I'll just do like a week
6:27
Speaker 4: each month of no spend, or two weeks each month
6:29
Speaker 4: of no spend, because I don't feel like it's as
6:31
Speaker 4: restrictive and that could actually put you in a position
6:33
Speaker 4: of power and control. I feel like that's a good one,
6:35
Speaker 4: one hundred percent. My next money win is from Sky
6:37
Speaker 4: who said money when asked for a price match on
6:39
Speaker 4: dog food at the pet store and save myself forty
6:41
Speaker 4: eight dollars, happy pooch, happy bank account.
6:43
Speaker 2: Oh my gosh, Actually that's so good. Ice matching is
6:46
Speaker 2: underrated and I forget about it all the time. So
6:49
Speaker 2: this is my dog food story. Are you ready?
6:51
Speaker 4: Yes?
6:51
Speaker 2: The other day I walked into the pet store that
6:53
Speaker 2: is at the supermarket, which is like the one across
6:55
Speaker 2: which is like it's more expensive, but I was under
6:59
Speaker 2: a time crunch and I with my husband Steve, and
7:01
Speaker 2: I said to him as we went in, I was like, oh,
7:03
Speaker 2: don't bother, Like that's way more expensive than you know
7:06
Speaker 2: pep bun, which is where we usually go, and the
7:09
Speaker 2: woman across the counter heard me. I was mortified because
7:12
Speaker 2: obviously I didn't think anyone was listening to a conversation
7:14
Speaker 2: I was having with Stas. But she was like, we
7:15
Speaker 2: can just price match it. What do you usually pay?
7:17
Speaker 2: And I was like, wait what, I completely forgot, But
7:21
Speaker 2: like she stepped up and was like, oh, we can
7:22
Speaker 2: just price match it. And I just looked it up
7:24
Speaker 2: on pet bun and she price matched it. And now
7:26
Speaker 2: I love her.
7:27
Speaker 4: Yeah, saved us off the run around. How goods that?
7:29
Speaker 2: Yeah? I was very impressed. But also what a legend
7:32
Speaker 2: for like speaking, she didn't have to do that. I mean,
7:34
Speaker 2: she's still got the sales, so maybe she wins, but
7:37
Speaker 2: I feel like that was really kind. I love that
7:39
Speaker 2: for you.
7:40
Speaker 4: Next Morning in this week is from Lucy, who said
7:42
Speaker 4: I set up auto invest in Chasy's. It's a win
7:45
Speaker 4: because I don't have to think about it, and I
7:46
Speaker 4: feel like it's a great way to get started in
7:48
Speaker 4: the app and we spoke about this really recently. We
7:50
Speaker 4: were talking about it. I believe in the episode right
7:54
Speaker 4: or was in the ad roll I can't remember, but
7:56
Speaker 4: about oh, I.
7:56
Speaker 2: Feel like they mesh into one like we do these
7:58
Speaker 2: Cheersy's ads. But like I talk about Chaerzias all the time.
8:01
Speaker 2: So which was which we don't know? We don't know,
8:03
Speaker 2: but we do know. You should use the codes OTM
8:05
Speaker 2: for a free tender is when you find out.
8:06
Speaker 4: Oh god, she's good.
8:07
Speaker 2: That was smooth.
8:09
Speaker 4: But water investing is so clever because the dollar cost
8:12
Speaker 4: averaging that you can get out of that, but also
8:14
Speaker 4: just taking that mental load off, which I know via
8:16
Speaker 4: someone with ADHD you're such a big fan of.
8:19
Speaker 2: It's not automated in my life. It's not going to happen. Yeah,
8:22
Speaker 2: I'm not going to happen. I'm optimistic about it, but
8:24
Speaker 2: it won't happen.
8:25
Speaker 4: I love that. Well done, Lucy. Last money whin that
8:28
Speaker 4: I have for this week is a cute one from
8:30
Speaker 4: Jasmine who said money win. I used flowers from my
8:32
Speaker 4: garden that my future hubby planted for me from seeds
8:35
Speaker 4: instead of buying some for my bridal shower. Coincidence that
8:39
Speaker 4: they bloomed in time and save me a trip to
8:41
Speaker 4: the florist.
8:42
Speaker 2: That's actually really sade, really good. What is it like,
8:45
Speaker 2: hundreds of dollars? So ECOUSI I don't really want to
8:48
Speaker 2: talk about how much flowers cost you in my wedding
8:50
Speaker 2: because I'm actually traumatized from it, Like I do feel
8:53
Speaker 2: like I have PTSD. I don't regret any of it.
8:56
Speaker 2: I don't regret one flower that I purchased, but I
8:58
Speaker 2: will not be sharing it because I am I'm ashamed
9:00
Speaker 2: of what I did.
9:02
Speaker 4: Well for future reference anybody getting married, I was going
9:05
Speaker 4: to say, a future reference for you, and I'm like, well,
9:06
Speaker 4: you're already married. That's not helpful.
9:07
Speaker 2: Ahaha, hopefully it's my wedding.
9:10
Speaker 4: Yeah, plant the flowers yourself. I feel like that's such
9:13
Speaker 4: a cute idea.
9:13
Speaker 2: I actually think that's really wholesome. All right, let's go
9:15
Speaker 2: to a really quick break because I want to dive
9:17
Speaker 2: straight into the money dilemma that we have straight after
9:19
Speaker 2: the break about whether or not you should put money
9:21
Speaker 2: aside for your kids. And we're going to be discussing
9:23
Speaker 2: the topic of who should be paying for contraception or
9:26
Speaker 2: Jess and I are going to discuss that X's gonna
9:27
Speaker 2: laugh from the sidelines or don't go anywhere. Welcome back, everybody.
9:35
Speaker 4: This week's money dilemma is for the parents out there,
9:38
Speaker 4: or the parents to be potentially. I'm excited to hear
9:40
Speaker 4: about it.
9:42
Speaker 2: Hi, there, have you got a money dilemma you just
9:45
Speaker 2: can't solve? The Sheese on the Money Team is here
9:47
Speaker 2: to help. Every week, we tackle your dilemmas, both big
9:50
Speaker 2: and small, to answer your most burning money, career and
9:53
Speaker 2: life questions. To get involved, simply head to our website
9:56
Speaker 2: and leave us a short voice recording and you might
9:59
Speaker 2: just find yourself on the show. Now, let's take a
10:01
Speaker 2: listen to this week's money dilemma.
10:05
Speaker 6: Hi Victoria. My name's Caitlin. I'm thirty three years old
10:08
Speaker 6: and pregnant with my first baby. My husband and I
10:11
Speaker 6: would love to give babe head start in life and
10:14
Speaker 6: hand over some savings. We're looking at putting away maybe
10:18
Speaker 6: twenty dollars a week into a bank account and handing
10:21
Speaker 6: this over it when they turn eighteen. But we're not
10:24
Speaker 6: sure if this is the smartest move or if we
10:27
Speaker 6: should be investing in long term shares instead. Any advice
10:32
Speaker 6: would be greatly appreciated. Thank you.
10:35
Speaker 4: Congratulations Calen. That is so exciting.
10:37
Speaker 2: It is literally the best thing ever. I am obsessed
10:40
Speaker 2: with babies, so I'm very excited about this. But I
10:43
Speaker 2: also think it's a really relevant question because it's really
10:45
Speaker 2: about not necessarily the baby at question, but more than time,
10:49
Speaker 2: you've got to invest. So your baby's not going to
10:51
Speaker 2: be buying a car next week, Jess. They're probably going
10:54
Speaker 2: to want to wait until they're about eighteen. So let's
10:56
Speaker 2: use the timeframe of about twenty years as an example. Baitlyn,
11:00
Speaker 2: you said that you were thinking of just putting twenty
11:02
Speaker 2: dollars away each and every single week for your baby,
11:04
Speaker 2: which is really really exciting. If you do that over
11:08
Speaker 2: a period of twenty years, which is what I've just
11:10
Speaker 2: decided to work on, those regular deposits are worth thirty
11:14
Speaker 2: one thousand, two hundred dollars. That's pretty good, not too shabby.
11:18
Speaker 2: But there's a very big difference between investing and saving.
11:21
Speaker 2: And while there's a lot to take into consideration, like
11:24
Speaker 2: making sure that it adheres to your risk profile and
11:27
Speaker 2: it makes sense tax wise, we'll get into that in
11:29
Speaker 2: a hot second, I do think it's worthy of considering
11:32
Speaker 2: because if you're like, well, we're just going to save.
11:34
Speaker 2: Of course, your kid's going to be grateful to have
11:36
Speaker 2: thirty thousand dollars. But if you decided to invest instead
11:39
Speaker 2: of saving over the same period of time, instead of
11:43
Speaker 2: having thirty one thousand, two hundred dollars at an average
11:46
Speaker 2: return of about seven and a half percent, which you
11:49
Speaker 2: guys know I prefer to use. We know that the
11:51
Speaker 2: Australian share market over the last twenty years has done
11:53
Speaker 2: about nine percent, so that's quite conservative. At seven and
11:57
Speaker 2: a half percent, instead of thirty one thousand dollars, you're
11:59
Speaker 2: looking at one hundred and sixteen nine hundred and sixty
12:02
Speaker 2: seven dollars if we use swishy, if we use a
12:06
Speaker 2: really basic compound interest calculator. Now, obviously, if you're putting
12:10
Speaker 2: it in a savings account today, it's not going to
12:13
Speaker 2: look that sexy because term deposits aren't really a thing.
12:16
Speaker 2: There's no such thing at this point in time. Actually,
12:19
Speaker 2: I'll correct myself. There there is such thing as a
12:21
Speaker 2: quote high yield savings account these days, but it's really
12:25
Speaker 2: not that high yield. You're probably getting maximum of one percent,
12:28
Speaker 2: and on that one percent, you need to pay your
12:30
Speaker 2: marginal tax rate. So if your tax is at thirty
12:32
Speaker 2: seven percent or thirty seven and a half percent, you're
12:35
Speaker 2: losing thirty seven and a half cents for every dollar
12:37
Speaker 2: that you make in that because it is an income
12:40
Speaker 2: generating asset, right, and we pay tax on the money
12:43
Speaker 2: that we earn. And I think that's what people forget
12:45
Speaker 2: when they're like, oh, but it's earning one percent there. Yeah,
12:47
Speaker 2: you're paying tax on that. And in addition to that,
12:50
Speaker 2: we've got inflation, which we know is crazy right now,
12:53
Speaker 2: and so to be a really negative nelly if you
12:56
Speaker 2: saved instead of invested at this point in time, with
12:59
Speaker 2: inflation and how the world is working, you're actually going
13:03
Speaker 2: to go backwards in terms of what that dollar is worth.
13:06
Speaker 2: They always say a dollar is worth more today than
13:08
Speaker 2: it is tomorrow, which means there's a lot more power
13:10
Speaker 2: in today than just like leaving it somewhere until tomorrow
13:12
Speaker 2: to make a decision. So I think we really need
13:14
Speaker 2: to contextualize that. So investing is something I would consider
13:18
Speaker 2: because of the timeframe you have, and the longer timeframe
13:21
Speaker 2: that you have, the more power you've got when it
13:23
Speaker 2: comes to risk, right, because the more time you're investing
13:26
Speaker 2: for the less risk you're taking on. And we know
13:29
Speaker 2: that over a thirty year period in the Australian share market,
13:32
Speaker 2: if you stay invested for that long, there has not
13:35
Speaker 2: been an investor who's been exposed to the market for
13:38
Speaker 2: that period of time who has lost money. People who
13:40
Speaker 2: lose money during that period of time are the ones
13:43
Speaker 2: who get out or don't understand the share market or
13:45
Speaker 2: pull it out at a time that might not make
13:47
Speaker 2: financial sense. And I think we need to look at
13:49
Speaker 2: the bigger picture. Right, So am I suggesting investing over saving? No,
13:53
Speaker 2: because that would be really irresponsible of me. But what
13:55
Speaker 2: I am doing is kind of saying, this is what
13:57
Speaker 2: option A looks like, this is what option BE looks like.
14:01
Speaker 2: But then, guys, the question often comes up around tax, right,
14:05
Speaker 2: because let's just play Devil's advocate for a hot second.
14:07
Speaker 2: If you have the cash to be putting money away
14:10
Speaker 2: each and every single week for your child or for
14:13
Speaker 2: a future child, I'm going to take a stab in
14:15
Speaker 2: the dark and say you're not on the lowest marginal
14:17
Speaker 2: tax rate, like, you're not in that position, because if
14:20
Speaker 2: you are in that position in this current economy, I
14:23
Speaker 2: genuinely believe that you'd be pinching pennies a little bit more.
14:26
Speaker 2: So we're going to assume that you have a higher
14:28
Speaker 2: tax bracket if not well done, because that's epic it
14:31
Speaker 2: fits into your budget. But if you're paying a higher
14:34
Speaker 2: marginal tax rate, you might start thinking, well, how do
14:36
Speaker 2: I make it a tax effective vehicle? Because obviously, if
14:39
Speaker 2: you have a higher marginal tax bracket, and let's just
14:41
Speaker 2: pretend it's thirty seven and a half percent, because that's
14:43
Speaker 2: the most average at this point in time, it's a
14:45
Speaker 2: lot of money to be quote losing, right, and it's
14:48
Speaker 2: not actually lost. We're paying tax for a very good reason,
14:50
Speaker 2: and we only pay tax on money we earn. So
14:52
Speaker 2: that's kind of sexy. But a lot of people will go, oh,
14:55
Speaker 2: if I have a daughter or I have a son,
14:57
Speaker 2: I want it to be in their name, and that
15:00
Speaker 2: can sometimes be really detrimental because if your child earns
15:03
Speaker 2: more than four hundred and seventeen dollars in one financial year,
15:06
Speaker 2: they'll actually be taxed at sixty six percent, which is
15:11
Speaker 2: way higher than any marginal tax rate for an adult
15:14
Speaker 2: here in Australia. And the reason they do that is
15:17
Speaker 2: not to shoot children in the feet, but it's actually
15:19
Speaker 2: to make sure that the wealthy people aren't using their
15:22
Speaker 2: kids as tax free vehicles to distribute income to and
15:25
Speaker 2: then get it out around about the way does that
15:28
Speaker 2: make sense? Because that used to happen and this is
15:31
Speaker 2: like kind of a block to make sure that that
15:33
Speaker 2: doesn't happen. So, if your child earns between four hundred
15:36
Speaker 2: and seventeen dollars and thirteen hundred and seven dollars, they'll
15:39
Speaker 2: be taxed at sixty six percent of excess over four
15:43
Speaker 2: hundred and sixteen dollars, And if they earn over thirteen
15:46
Speaker 2: hundred and seven dollars, they then get taxed at forty
15:49
Speaker 2: five percent of the entire amount of eligible income, which
15:52
Speaker 2: is a lot of money, right, And when it comes
15:55
Speaker 2: down to doing the maths, you go, oh, well, does
15:57
Speaker 2: that actually tax wise make sense to have it in
15:59
Speaker 2: my kids name, even though it sounds really nice. And
16:02
Speaker 2: that's where a conversation around the structure that you invest
16:06
Speaker 2: in comes up, and something that we haven't spoken a
16:09
Speaker 2: lot about on the podcast, but I think we should
16:10
Speaker 2: do a whole episode on is actually an investment bond.
16:14
Speaker 2: An investment bond is actually a tax effective solution for
16:17
Speaker 2: people in similar situations, and there are lots of different
16:20
Speaker 2: companies that do this. Again, it's a financial product, so
16:23
Speaker 2: you do need to make sure that it makes sense
16:25
Speaker 2: for you and it fits into your life, and maybe
16:27
Speaker 2: even talk to a financial advisor about setting it up.
16:30
Speaker 2: But essentially, an investment bond is designed to provide tax
16:33
Speaker 2: effective investment solutions and can actually help you give financial
16:37
Speaker 2: security to your children at a lower marginal tax rate
16:40
Speaker 2: that doesn't impact you each and every single year. And
16:43
Speaker 2: often an investment bond can be seen as something that's
16:46
Speaker 2: quite set and forget because to get that tax effective structure,
16:50
Speaker 2: you actually have to lock the money in for a
16:51
Speaker 2: minimum of ten years. Usually, so instead of having your
16:54
Speaker 2: thirty seven and a half percent tax rate, a cap
16:57
Speaker 2: of thirty percent on average is a place applied to an
17:00
Speaker 2: investment bond, which is obviously lower tax and that bond
17:04
Speaker 2: can be allocated towards anything that you like for your child.
17:08
Speaker 2: So it could mean that once they turn eighteen, it
17:10
Speaker 2: goes to them, once they turn thirty, it could go
17:12
Speaker 2: to them. You could say is this for education? You
17:14
Speaker 2: could say this is for a future car or a
17:16
Speaker 2: future house. It could be literally anything. But the thing
17:19
Speaker 2: that a lot of financial advisors like with investment bonds
17:23
Speaker 2: is that they're super flexible, so obviously it can change
17:25
Speaker 2: the terms their tax effective, and they still provide a
17:29
Speaker 2: really good range of investment opportunities and investment options within that.
17:33
Speaker 2: So I think it's one of those things that a
17:35
Speaker 2: lot of people don't know about. And if you've not
17:37
Speaker 2: heard of it and you're like, oh, I'm really interested
17:39
Speaker 2: in what other options exist for kids, maybe an investment
17:42
Speaker 2: bond is something that you could do a bit more
17:44
Speaker 2: research on.
17:45
Speaker 4: Sounds incredible and if you are more info. We did
17:47
Speaker 4: also do a full episode called setting Up Investments for Kids.
17:50
Speaker 4: It was a little while ago, but it's a really
17:51
Speaker 4: solid episode where you touched on it too, touch on
17:54
Speaker 4: investment bonds and a few other structures and bits and
17:56
Speaker 4: pieces there. So if you're wanting to know more, if
17:58
Speaker 4: you're wanting to set your kids up, that one I listen.
18:00
Speaker 2: Sexy, very sexy question. But let's move on to something
18:04
Speaker 2: less sexy. Let's talk about contraception. I feel like it's
18:07
Speaker 2: a spicier topic than investing for kids and one that
18:10
Speaker 2: I think Jess and I are on the same page about.
18:12
Speaker 2: But I'd love to get your take on.
18:14
Speaker 4: It back, So you don't invest in your contraception, you're
18:17
Speaker 4: going to have to be setting up investments for your dying.
18:19
Speaker 2: It's good point. Good point. Maybe maybe if you're like,
18:21
Speaker 2: I'm not paying for contraception, you need the first part
18:23
Speaker 2: of this episode.
18:24
Speaker 4: Correct.
18:25
Speaker 2: We are people of the people. We're just here to
18:28
Speaker 2: help you. But here's the community dilemma we got on
18:30
Speaker 2: our DMS this week. So it said, hey, girls, got
18:33
Speaker 2: a little bit of a tricky one. I've been single
18:35
Speaker 2: for quite a few years now, but now I have
18:37
Speaker 2: a partner and we've been together for around seven months.
18:39
Speaker 2: The time has come up for my ROD to be
18:41
Speaker 2: changed over. So I'm assuming she means contraceptive ROD to
18:44
Speaker 2: be changed over, and I'm thinking of asking my partner
18:47
Speaker 2: to contribute to the cost, especially now since not that
18:50
Speaker 2: many clinics of bog billing. What once used to cost
18:53
Speaker 2: me thirty dollars for the implant now costs me two
18:55
Speaker 2: hundred and forty dollars including the insertion. I do get
18:59
Speaker 2: some back off media care, but it's not enough to
19:01
Speaker 2: cover the whole expense. Am I being unreasonable and expecting
19:05
Speaker 2: him to foot some of the bill? Thanks? Guys?
19:08
Speaker 4: Interesting? How long does it do they wonder how long
19:11
Speaker 4: a rod life. I've never used that three year deception,
19:13
Speaker 4: so I had over three years is not the worst.
19:16
Speaker 2: Yeah, I had one way back when. And contraception is
19:19
Speaker 2: so interesting, right, like I went crazy, like I lost
19:22
Speaker 2: my mind on the rock, lost it like I was
19:26
Speaker 2: actually probably committable, and so we had to take it out.
19:30
Speaker 2: Not for me, if it is for you, really convenient solution,
19:32
Speaker 2: but that's a lot of money, especially upfront, especially upfront,
19:36
Speaker 2: and there's lots of more permanent contraception solutions, right, and
19:39
Speaker 2: they can be more expensive. And I'm super honest and
19:42
Speaker 2: open about having these conversations because I think the best
19:45
Speaker 2: way we can sometimes learn is through conversation and actually
19:48
Speaker 2: going wow, like, oh, that's what Victoria had, or that's
19:50
Speaker 2: what Jes did, or that's what somebody else did. Because
19:53
Speaker 2: I've got so many friends who have just gone through
19:55
Speaker 2: the rods, like every three years, they just get it
19:57
Speaker 2: changed out and it really works well for them. That
20:00
Speaker 2: did not work for me at all. But I also
20:03
Speaker 2: couldn't have the pill because I was getting migraines, which
20:06
Speaker 2: was really frustrating, and I ended up with the Marina.
20:09
Speaker 2: But I was in the fortunate position where the marina
20:11
Speaker 2: that I got, I had private health insurance, so that
20:15
Speaker 2: could cover that cost because I had to be put
20:17
Speaker 2: to sleep because I hadn't had a baby before. So
20:19
Speaker 2: it's an interesting and fickle position, but I do genuinely
20:22
Speaker 2: believe contraceptions are shared cost. Like, at the end of
20:25
Speaker 2: the day, it's a cost of being in a relationship,
20:28
Speaker 2: and that should be from my perspective, split Jess, have
20:31
Speaker 2: you ever had this conversation with a partner.
20:33
Speaker 4: No, I've always paid the cost. I think the way
20:36
Speaker 4: that I felt about it was it's something that I
20:39
Speaker 4: liked being not that it wouldn't be in my hands
20:40
Speaker 4: if someone else was paying for it, but it's just
20:42
Speaker 4: been something that I've always been happy enough to pay.
20:44
Speaker 4: Using the contraceptive pill is thankfully, for me, at least,
20:47
Speaker 4: very affordable. I mean, I guess you could look at
20:49
Speaker 4: it the other way, like, if you're using a form
20:51
Speaker 4: of male contraception like condoms, would you be splitting that cost?
20:54
Speaker 4: And if so, I feel like that's a good way
20:56
Speaker 4: to open up that conversation with your partner and kind
20:57
Speaker 4: of say, well, would we just chat condoms in a
21:00
Speaker 4: grocery basket and split the cost between us. Yes, great,
21:02
Speaker 4: maybe we should be having the same kind of perspective
21:05
Speaker 4: on a female form of contraception. It just depends on
21:08
Speaker 4: your situation. I think like absolutely, if that's you know,
21:10
Speaker 4: if it's a big upfront cost and you're stressing about it,
21:13
Speaker 4: it's well worth having the conversation because I think that
21:16
Speaker 4: the contraception is for the benefit of both of you, presumably,
21:19
Speaker 4: like you're not trying to have a baby right now,
21:21
Speaker 4: so you both want that to be in place, And
21:23
Speaker 4: I think that merits are split cost. It's just not
21:25
Speaker 4: the way that I've personally done it.
21:27
Speaker 2: Yeah, I feel like, again, this is probably me just
21:30
Speaker 2: reading into it a little bit, but I feel like
21:33
Speaker 2: when I was single, contraception was my cost. It was
21:37
Speaker 2: me protecting me and making sure that I as an
21:40
Speaker 2: individual was okay. Then once I was in a serious,
21:43
Speaker 2: long term relationship, contraception was a conscious choice that my
21:47
Speaker 2: partner and I made. And when that changed from me
21:51
Speaker 2: protecting me and making decisions only for me because I
21:54
Speaker 2: was single and I had chosen to be on contraception,
21:57
Speaker 2: I did not want to have a child at that
21:59
Speaker 2: point point. Once there's another person in the mix and
22:02
Speaker 2: they're a part of the decision making process. I genuinely
22:04
Speaker 2: believe that's their cost. Like you can't just say, oh,
22:07
Speaker 2: my boyfriend of one month or i've been sleeping with
22:09
Speaker 2: this guy, he should pay for my pill. I feel
22:12
Speaker 2: like once it's a joint decision that you stay on contraception,
22:17
Speaker 2: then absolutely it's a joint cost. But it's a fickle
22:20
Speaker 2: one as well. And I think a lot of financial
22:22
Speaker 2: privilege plays into this, because you know, Jess, I know
22:25
Speaker 2: that you're similar to me in that paying for the pill.
22:28
Speaker 2: Historically I was like, oh, it's thirty bucks a month.
22:30
Speaker 2: I can afford that on my salary. You didn't really
22:32
Speaker 2: think about it, and to be honest, it was just
22:34
Speaker 2: easier to pay for it because you had to go
22:36
Speaker 2: to the doctor. You just had to go past the
22:38
Speaker 2: chemist and pick it up, like your partner wasn't there
22:39
Speaker 2: to split the bill, like you didn't even let's just
22:41
Speaker 2: not have the conversation. I'll pay for it. Whereas if
22:44
Speaker 2: you're in more of a financially constrictive situation, you might
22:48
Speaker 2: go far out. That's a lot of money and we
22:50
Speaker 2: really need to think about this and split the cost.
22:52
Speaker 2: And I think that that becomes a far harder conversation
22:55
Speaker 2: to have because you're already carrying a bit of the
22:57
Speaker 2: burden of like, oh, I want to be paying for this,
23:00
Speaker 2: but it's a lot, right, especially as you get further
23:03
Speaker 2: down the track and you know, again financially privileged, I
23:06
Speaker 2: could afford this and it was okay. But after I
23:09
Speaker 2: got told no, sorry, Victory, you can't be on the pill.
23:11
Speaker 2: You're going to have to find an alternative contraceptive method
23:14
Speaker 2: that got really expensive really quickly, like the idea of
23:17
Speaker 2: a marina. I was like, oh, far out, that's like
23:19
Speaker 2: one of the only options I have left. I was like, oh,
23:22
Speaker 2: that's got five years on it. There was like a
23:24
Speaker 2: copper coil option and that was ten years. But I
23:27
Speaker 2: was like, these are really long term solutions. And I
23:29
Speaker 2: was in my mid twenties. I was like, oh, I
23:31
Speaker 2: don't know, all really expensive and a privilege to access.
23:36
Speaker 2: But I also think that you know, at that point
23:38
Speaker 2: in time, I remember having the conversation and my partner
23:41
Speaker 2: actually offered to pay for it. He was like, oh,
23:43
Speaker 2: I can pay for that, Like that shouldn't be on you.
23:46
Speaker 2: But I also am basically in a relationship with a
23:48
Speaker 2: staunch feminist and I love that so it.
23:50
Speaker 6: Was so good.
23:51
Speaker 5: Yeah, as you guys know, I don't have heaps of
23:53
Speaker 5: experience or any experience with any contraception.
23:57
Speaker 2: Ever, your body must be thanking you seriously, lucky lady.
24:01
Speaker 4: You know, like I just.
24:02
Speaker 5: Feel like, and I know this isn't a question of
24:05
Speaker 5: should women have to have contraception, that's.
24:07
Speaker 2: Not that's not the conversation. No, if you have chosen
24:11
Speaker 2: to be on it.
24:11
Speaker 5: Yeah, if you've chosen to be on it. God, it
24:13
Speaker 5: sounds like it does like hectic things to a woman's body.
24:16
Speaker 4: It is crazy the way that, like the perception is
24:20
Speaker 4: that one thing will work for everyone. Because I had
24:21
Speaker 4: a similar experience to you, I mean through four different
24:23
Speaker 4: types of pill before one that didn't make me feel
24:26
Speaker 4: like I was going insane.
24:28
Speaker 5: And like the surgery to get something in plant like
24:32
Speaker 5: you like, that just seems so hectic, And yeah, that
24:34
Speaker 5: absolutely should be if you're in a long term relationship
24:37
Speaker 5: a shared cost. But I also just think that so
24:40
Speaker 5: like bulk billing now is not a thing really and
24:42
Speaker 5: you have to spend spence just.
24:43
Speaker 2: Getting a lot more sparse. I think post COVID doctors
24:47
Speaker 2: are you know, back to seeing people in person, and
24:50
Speaker 2: it's just more expensive now. And I was talking to
24:53
Speaker 2: a friend literally the other day about her rod and
24:56
Speaker 2: she was saying, oh, and exactly the same situation as
24:59
Speaker 2: our our listener has said, Oh, used to be like
25:02
Speaker 2: thirty bucks. And I remember when I got my rod.
25:04
Speaker 2: I just went to a bog billing doctor. They give
25:06
Speaker 2: you a prescription, You go down to the chemist, you
25:08
Speaker 2: pick up the rod under your prescription, go back for
25:10
Speaker 2: another bulk billing session and they'll insert it. And I
25:12
Speaker 2: was basically out of pocket. I think like twenty eight bucks. Wow,
25:15
Speaker 2: And that's for three years of contraception, So like that's
25:17
Speaker 2: a good deal if it works out for you.
25:19
Speaker 4: Yeah.
25:19
Speaker 2: And then I remember the same thing happened with my
25:21
Speaker 2: first Marina. I went to a fertility clinic in East Melbourne, actually,
25:25
Speaker 2: which I really recommend, really liked them. They were some
25:28
Speaker 2: of the kindest humans. They gave me a prescription, I
25:30
Speaker 2: went down, I picked it up, I came back and
25:33
Speaker 2: we literally went into like a surgery to get it done.
25:36
Speaker 2: And I think I was out like one hundred and
25:37
Speaker 2: fifty seven dollars for the first one. Then skip five
25:40
Speaker 2: years later and I was getting it changed. It was
25:42
Speaker 2: up near seven hundred dollars to get it changed, because
25:45
Speaker 2: obviously it wasn't both built in the same way and
25:47
Speaker 2: things change, and like that's okay, but that's a very
25:49
Speaker 2: big difference from you know, one hundred and fifty eight dollars.
25:52
Speaker 2: I think that's what it was. And I can probably
25:54
Speaker 2: get the we'll put it on Instagram at some point
25:56
Speaker 2: when I can find it. But for five years of contraception,
25:59
Speaker 2: that's pretty good. Yeah, yeah, but again, another privilege to
26:02
Speaker 2: be able to pay that.
26:03
Speaker 5: Out right, I guess, like back to my point, like
26:05
Speaker 5: I'm I think that if both parties want the same thing,
26:09
Speaker 5: then both parties share that cost. But obviously it's not
26:12
Speaker 5: purely for you know, avoiding pregnancy. It's like, you know,
26:17
Speaker 5: making sure you don't get an STI or a sexually
26:19
Speaker 5: transmitted infection disease, you know, that kind of thing. So
26:23
Speaker 5: that's also a thing that both parties should be concerned about.
26:25
Speaker 5: And I guess we started this thinking we'd all have
26:28
Speaker 5: different views, but I think it's the same. I think
26:30
Speaker 5: they should be split if both parties want the same thing,
26:32
Speaker 5: if it's both.
26:33
Speaker 2: There, yeah, and I feel like that's true. I feel
26:35
Speaker 2: like Jess and I are probably falling down the root
26:37
Speaker 2: of contraception literally when it comes to fertility, because as
26:42
Speaker 2: females in long term relationships, you kind of go, all right, well,
26:46
Speaker 2: the pill is quote the easy option, right, you just
26:48
Speaker 2: take the pill. You don't have to worry so much. Yes,
26:50
Speaker 2: condoms exist, Yes, that is something that we could do.
26:53
Speaker 2: There's lots of different methods that people rely on, but
26:56
Speaker 2: I think that we fall into that because that's the
26:58
Speaker 2: one that is, from my perspective, is usually one hundred
27:01
Speaker 2: percent in the female's control, if that makes sense. Like
27:04
Speaker 2: I have to go to the doctor and I have
27:06
Speaker 2: to get a script for me, Like my husband can't
27:08
Speaker 2: go to the doctor and be like, oh, like you know,
27:09
Speaker 2: I'm just trying to sort out contraception. My wife and I,
27:12
Speaker 2: you know, want to be on the pill. He can't
27:14
Speaker 2: do that for me. So I feel like I default
27:16
Speaker 2: to assuming it's that because both Steve or I could
27:18
Speaker 2: go on my condoms if we wanted to or needed to.
27:21
Speaker 2: And again, I think it falls back to my original
27:24
Speaker 2: view of if I am in a situation where I
27:27
Speaker 2: am single and I was sexually active, I would see
27:31
Speaker 2: that cost as an individual cost. I would expect and
27:35
Speaker 2: I would hope that women who are you know, sexually
27:38
Speaker 2: active and single have protection with them and don't just
27:42
Speaker 2: rely on the pill, and they are looking after themselves
27:44
Speaker 2: and being smart about those things because you can't rely
27:47
Speaker 2: on somebody else to bring it to the table because
27:49
Speaker 2: you don't know them well enough yet. Yeah, but you're
27:50
Speaker 2: right further down into the situation, if the chosen contraception
27:55
Speaker 2: method is a condom, then that should be a shared
27:57
Speaker 2: cost too. I think I just lean further on stuff
28:00
Speaker 2: that comes via prescription because it's just harder to get
28:03
Speaker 2: and it really falls down to being the burden of
28:07
Speaker 2: the woman in the relationship. All the person who has
28:10
Speaker 2: ovaries right be known.
28:12
Speaker 4: I would be so thrilled to have to split the
28:15
Speaker 4: cost of a male contraceptive with my partner, Like I
28:17
Speaker 4: would love to put him on a pill. He can
28:19
Speaker 4: be crazy for a little bit.
28:20
Speaker 2: And I'll after that.
28:22
Speaker 4: Yeah, it's just not.
28:22
Speaker 2: Been I feel like it's going to be an option soon.
28:24
Speaker 2: There's been a few things in the media about it.
28:26
Speaker 4: Do you remember like a few years ago they were like, oh,
28:28
Speaker 4: we're so close, but the male contraception got put on
28:31
Speaker 4: hold because they had a lot of really severe reactions
28:33
Speaker 4: like NAU. They moods, and I was like, yes, so
28:41
Speaker 4: like regular side effects.
28:42
Speaker 2: Literally, I feel like women, no, no, we can't get
28:46
Speaker 2: into this because there's a whole conversation. There's a whole
28:49
Speaker 2: conversation to be had about women and pain and all
28:53
Speaker 2: of that. But cutting off, I think we're on the
28:55
Speaker 2: same page. If you're going to be sexually active, be
28:58
Speaker 2: smart about it, yes, full stop, end of story. Yeah,
29:00
Speaker 2: we are just smart. Do what you want, be smart about.
29:03
Speaker 5: It, and share those costs, and share those costs, save
29:06
Speaker 5: your sexual puns.
29:07
Speaker 2: And don't feel bad if you're going to bring that
29:09
Speaker 2: conversation up. Was guaranteed. If I had the confidence that
29:12
Speaker 2: I had today, when I was twenty two, twenty three
29:15
Speaker 2: and single, I'd be like, oh, yeah, can we split contraception?
29:18
Speaker 2: And they might say no. I'd be like, oh, okay,
29:20
Speaker 2: well so you're ready for a baby? Yeah, so you're ready.
29:23
Speaker 4: I feel like them saying no to splitting the.
29:25
Speaker 2: Cost red red flag, red FLA red flag, red flag.
29:28
Speaker 2: And you know what, that's a really good red flag
29:30
Speaker 2: because we'll get it done really early and I can
29:32
Speaker 2: yet you out of my life, so see you by,
29:35
Speaker 2: And you know what, that's probably a good place to
29:37
Speaker 2: wrap the episode too, because I feel like jess Beck
29:39
Speaker 2: and I are going to go get a drink and
29:41
Speaker 2: probably get a lot more heated about this on this
29:43
Speaker 2: Friday afternoon. So have a really good week, guys, have
29:46
Speaker 2: the best weekend. We love you and.
29:48
Speaker 4: We'll see you next week. Bye bye bye.
29:56
Speaker 2: The advice shared on Cheese on the Money is general
29:59
Speaker 2: in nature and does not consider your individual circumstances. She's
30:03
Speaker 2: on the Money exists purely for educational purposes and should
30:06
Speaker 2: not be relied upon to make an investment or financial decision.
30:10
Speaker 2: If you do choose to buy a financial product, read
30:12
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards
30:16
Speaker 2: your needs. Victoria Divine and She's on the Money are
30:20
Speaker 2: authorized representatives of Money SHERPA pty Ltd ABN three two
30:25
Speaker 2: one six four nine two seven seven zero eight AFSL
30:29
Speaker 2: four five one two eight nine