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She’s Financially Irresponsible. Why Should My Sister Inherit More? · She's On The Money

0:00
Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman
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Speaker 1: and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
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Speaker 1: kaka ya ya beIN ah Waka Nian our gay In Nimbina,
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Speaker 1: yak um Jar, dominyamiga Umaga, ihowaknitle Waman damon immlan, Wumba
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Speaker 1: bang Gadabomba in and now in waka ghana on yak
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Speaker 1: rum Jar Watanadaa. Hello, beautiful friends, we gather on the
0:24
Speaker 1: lands of the Aboriginal people. We thank acknowledge and respect
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Speaker 1: the Aboriginal people's land that we're gathering on today. Take
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Speaker 1: pleasure in all the land and respect all that you see.
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Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,
0:40
Speaker 1: bringing you the tools, knowledge and resources for you to thrive.
0:44
Speaker 2: She's on the Money. She's on the Money. Hello friends
0:51
Speaker 2: and will welcome to She's on the Money, the podcast
0:53
Speaker 2: that makes your personal finances feel fun, especially on a Friday.
0:58
Speaker 2: I am not Victoria Divine. I'm this week. I am
1:01
Speaker 2: joined by Becksayed for a very special edition of Friday Drinks.
1:05
Speaker 2: Victoria's Away so we get to have you all to ourselves.
1:08
Speaker 2: As always, Friday is the day where we celebrate you
1:10
Speaker 2: are beautiful shes in the money community. So I will
1:13
Speaker 2: be sharing some of your money wins for the week.
1:15
Speaker 2: Beck's going to be bringing some Trusty Broke tips just
1:17
Speaker 2: in time the end of financial year. As is the custom,
1:20
Speaker 2: we'll be chatting through some of your money dilemmas, including
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Speaker 2: what one listener might do with their earnings from their
1:26
Speaker 2: site hustle, plus a DM about gracefully navigating tricky family finances.
1:31
Speaker 2: If you've got money dilemma that you're just dying to share,
1:34
Speaker 2: please do send us voice note. We'll have a link
1:36
Speaker 2: to that in the show notes, or you can find
1:37
Speaker 2: it at She's on the money dot com where you
1:39
Speaker 2: can record your message. We'd love to answer it on
1:41
Speaker 2: the pod, and who knows, it might just help somebody
1:44
Speaker 2: who is in a similar predicament.
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Speaker 3: Gorgeous, sir.
1:46
Speaker 2: I feel that was a lot for me, A lot
1:47
Speaker 2: of words. Discombobulated word of the day.
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Speaker 3: I love a word of the day, and I think
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Speaker 3: that discombobulated is fun word, fun word.
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Speaker 2: It's a hard word. It's a fun words ballot, but
2:01
Speaker 2: I can use it very liberally.
2:04
Speaker 3: Now one of my favorite parts of the show, obviously
2:08
Speaker 3: is the five star review. Do you feel like you're
2:10
Speaker 3: ready to hear it? Honestly amazing before I get into it.
2:16
Speaker 3: If you found a particular episode helpful or want more
2:18
Speaker 3: people to know how to make their money work for them,
2:21
Speaker 3: please share a review of the pod wherever you listen.
2:23
Speaker 3: So this review comes from Kristin and it says, dear
2:26
Speaker 3: Magic Mentors.
2:28
Speaker 2: Oh, I love it already. I know after a good start,
2:31
Speaker 2: let's leave with it.
2:32
Speaker 3: It's difficult to put into words how grateful I am
2:35
Speaker 3: for the amount of knowledge and confidence gained from listening
2:37
Speaker 3: to you ladies. I cannot believe how much my money
2:40
Speaker 3: story has changed in the last few years thanks to
2:43
Speaker 3: this platform. It is so refreshing to hear conversations about
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Speaker 3: finance without the negativity of comparison. What a powerfully informed
2:51
Speaker 3: community you've created. Keep it up. That's gorgeous, Kristen, thank
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Speaker 3: you so much.
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Speaker 2: That is amazing, and it's true without the competition or
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Speaker 2: the comparison, like everyone's running their own journey and you
3:02
Speaker 2: guys are all doing so amazingly. I'm so I feel
3:05
Speaker 2: like a little mother hand. I'm so proud of you all.
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Speaker 3: Yeah, Oh my goodness, that's amazing. Thank you so much, Kristin,
3:10
Speaker 3: thank you for sharing that.
3:12
Speaker 2: Now it is time the part of Friday Drinks where
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Speaker 2: we answer your unique, left of center or straight up
3:17
Speaker 2: unhinged question of the week. You're gonna love this one, Beck.
3:20
Speaker 2: It comes from Schooner and she said, if there was
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Speaker 2: a slice of pizza and I asked you to cut
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Speaker 2: it in half and give me the bottom piece, which
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Speaker 2: part would you give me the crust or the pointy end? Well,
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Speaker 2: there is a correct answer, no pressure. I'm thinking in half.
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Speaker 2: It's like you're thinking you do it crust tip. Yes,
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Speaker 2: crust tip.
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Speaker 3: I'm thinking crust tip, And so I'm when you said bottom,
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Speaker 3: I'm like, sorry, excuse me.
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Speaker 2: I understand.
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Speaker 3: Now, what's a crazy way to cut it? If you're
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Speaker 3: cutting it in half, I imagine cutting. But if you
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Speaker 3: want the bottom, I'm giving you the tip.
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Speaker 2: You correct?
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Speaker 3: Correct?
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Speaker 2: I had to think of her. I know that is correct.
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Speaker 2: I agree, But I also do think it's absurd to
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Speaker 2: hand someone a piece of pizza without a handle. How
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Speaker 2: are you going to eat?
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Speaker 3: And how are you even giving you to them? And
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Speaker 3: how are they receiving it?
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Speaker 1: Like?
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Speaker 2: Where what are you holding, and by definition, I think
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Speaker 2: if you're holding the crust, that makes it the top.
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Speaker 2: And also if you think about the pizza's circle to
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Speaker 2: be in this, yeah, and the crust is the outside
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Speaker 2: and therefore it must be the top top.
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Speaker 3: Right, Sorry, and I'm repeating everything that's correct, though, I think.
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Speaker 2: Yeah, yeah, I love these kinds of questions. These are
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Speaker 2: so fun, I know, oh my god.
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Speaker 3: But then also you'll like, got a tire, yes, would
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Speaker 3: you say the outside of the tire is the bottom
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Speaker 3: of the tire because it's on the floor.
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Speaker 2: And so you kind of tire into a pizza shaped slice.
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Speaker 2: I think I would still say the rubber bee is
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Speaker 2: the handle. Okay, yeah, yeah, yeah, yeah, I understand what
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Speaker 2: you're saying, like it's the bottom because the tire is
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Speaker 2: touching the ground. But see, by nature of I think
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Speaker 2: that the top of the tire is the bit that's
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Speaker 2: touching the car, and the bottom is the bit on
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Speaker 2: the ground. And so the top could well be the
5:18
Speaker 2: bottom if it just spun arount because we're all just
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Speaker 2: on the hamster wheel of life.
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Speaker 3: Well that's exactly right, Well, that's exactly right. It's so profound.
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Speaker 2: Come to ask for more more insightful advice. Thank you
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Speaker 2: show to helpius see the whole pizza situation for a
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Speaker 2: new angle. I'd love to know what everybody else thinks.
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Speaker 2: If there's a single person out there, he says, the
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Speaker 2: tip is the top. I don't know what to tell you,
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Speaker 2: my friend, but yes, sorry, let us know in the
5:41
Speaker 2: comments on Spotify, if you've got a question that absolutely
5:44
Speaker 2: must be answered, send it in. We love to hear it.
5:46
Speaker 2: We love reading them, we love responding to them. The
5:48
Speaker 2: sillier the better.
5:49
Speaker 3: May I just say yes please?
5:51
Speaker 2: But before we get into your boat tips, would you
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Speaker 2: mind if I shared some money win?
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Speaker 3: Of course? Sorry, I almost completely forgot that this part exists.
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Speaker 2: We just got so sad tracked by the fun question. Really,
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Speaker 2: I don't know we really did.
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Speaker 3: Sorry, yes, please, I'd love to hear some money wins.
6:05
Speaker 2: Amazing. Firstly, this week I have a money win for
6:08
Speaker 2: Maddie who said, my favorite type of red wine is
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Speaker 2: now available in another brand that is twelve dollars cheaper
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Speaker 2: and tastes just as good.
6:15
Speaker 3: Amazing.
6:16
Speaker 2: I've heard lots of people say good things about the
6:18
Speaker 2: Aldi wines. Oh yeah, really affordable, apparently really delicious.
6:22
Speaker 3: Yes, they've won some awards too. Apparently here they Yeah,
6:25
Speaker 3: they're so good. That's very cool.
6:27
Speaker 2: Next time got money went from Rachel, who said, I
6:29
Speaker 2: claimed my three year old mattress under warranty and I'm
6:32
Speaker 2: getting it replaced. I think I just got a dud,
6:34
Speaker 2: as I had the exact same mattress before and it
6:37
Speaker 2: lasted me over eight years. Oh wow, warranties are great.
6:40
Speaker 2: This is I know. I say this every time I
6:42
Speaker 2: mentioned a warranty, but this is your reminder. Because I
6:43
Speaker 2: went to buy something at JB Hi Fire and they said,
6:45
Speaker 2: would you like to add on an extended warranty for
6:47
Speaker 2: an extra one hundred and fifty dollars and I was like, no,
6:50
Speaker 2: thank you, that'll be covered under consumer law.
6:52
Speaker 3: Oh my god, that you are.
6:55
Speaker 2: It feels mean, but like, I'm not paying you one
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Speaker 2: hundred few dollars for something that I can get for
6:59
Speaker 2: free from the gun.
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Speaker 3: That is really good to know.
7:01
Speaker 2: Don't pay Oh my god, it's really extended warranties. That's crazy.
7:05
Speaker 3: And how long you covered under consumer law? Well it depends.
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Speaker 2: So consumer law says that it's like a scale based
7:10
Speaker 2: on costs, Like if you spent five thousand dollars on something,
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Speaker 2: you would expect it to last a reasonable number of years,
7:17
Speaker 2: whereas if you spent you know, one hundred dollars on something,
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Speaker 2: I think standard consumer law covers things for two to
7:24
Speaker 2: three years, but then beyond that, like if you bought
7:26
Speaker 2: something really expensive, you absolutely can argue that you're at
7:30
Speaker 2: the price you're paying, you would expect a longer life
7:33
Speaker 2: out of it. Yeah, exactly.
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Speaker 3: Oh my god, I really want to say that next
7:36
Speaker 3: time little mic drop me. Thanks, it's covered under consumer law.
7:39
Speaker 2: Yeah, well, I just think it's Yeah, stop selling junk insurance.
7:42
Speaker 2: Nobody needs it. Next, I've got a money win from
7:45
Speaker 2: Rihanna and who said money win. I worked on Sunday,
7:47
Speaker 2: which I don't normally do. I had the longest shift
7:49
Speaker 2: of anybody in the day, and I made my whole
7:51
Speaker 2: week's wage in that one shift. Oh my god, isn't
7:55
Speaker 2: that crazy? Yes, she must given Sunday rates. Incredible vice. Next,
7:58
Speaker 2: I got one from Alice, who said, a medical practitioner
8:01
Speaker 2: I've been seeing regularly forgot to put through my Medicare
8:03
Speaker 2: rebates for a few months and I've only just noticed
8:06
Speaker 2: you can obviously claim them, you know, in back pay.
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Speaker 2: And I got over one thousand dollars coming my way.
8:11
Speaker 3: This book amazing.
8:12
Speaker 2: Next, I've got one from Kimberly, who said a small win,
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Speaker 2: I've finally got intentional with where my money is going
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Speaker 2: instead of letting it disappear during the week.
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Speaker 3: Good on you, Kimberly.
8:22
Speaker 2: And then last one for the week from Kayla another
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Speaker 2: small but mighty win. I'm with the Original, which I've
8:28
Speaker 2: never heard of. For the Internet and gas, I logged
8:30
Speaker 2: into my app the other day and saw that they
8:32
Speaker 2: had a my Rewards tab. I already use this for
8:34
Speaker 2: a petrol discount, but they also have movie tickets that
8:37
Speaker 2: you can book through the app to all of the
8:38
Speaker 2: major cinemas at a very very discounted price, not to
8:42
Speaker 2: mention things like a sneaky iconic discount as well. Okay,
8:46
Speaker 2: the original, never heard of the original. Just check the
8:49
Speaker 2: things you're using, because it was only through this show
8:52
Speaker 2: that I realized that through NAB I can get discount
8:55
Speaker 2: and petrol at seven eleven. And let me tell you,
8:57
Speaker 2: when Petro was like two dollars thirty a liter, Yeah,
9:00
Speaker 2: that was doing a lot for me.
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Speaker 3: Oh my god, how much discount It changed.
9:03
Speaker 2: Like week on week. But I think one time I
9:05
Speaker 2: got ten cents.
9:06
Speaker 3: Yeah.
9:06
Speaker 2: I think one time I might have got fifteen cents, Okay,
9:09
Speaker 2: enough to be well worth it. Yes, I feel like
9:12
Speaker 2: more and more platforms are doing rewards programs, gifts programs, whatever,
9:16
Speaker 2: so I feel like it helps to have the apps.
9:18
Speaker 2: Then all wound the apps and thank you. Yeah, look
9:20
Speaker 2: into it, well worth it.
9:21
Speaker 3: It is a good lesson because I also see these
9:23
Speaker 3: notifications in any app that i've that's ever existed, and
9:26
Speaker 3: I just ignore them because I'm like, oh, it's not
9:28
Speaker 3: for me, don't ignorebe it is for us. I do
9:31
Speaker 3: have some broke tips. So this first one comes from Nadia,
9:36
Speaker 3: who sent me a post from tight Houses of Melbourne,
9:39
Speaker 3: and this one says twenty nine dollars bottomless steam pan
9:43
Speaker 3: fried and deep fried dumplings for nineteen minutes at Welcome
9:46
Speaker 3: to Brunswick. The whole thirty bucks for bottomless, steamed, pan
9:51
Speaker 3: fried and deep fried dumplings for ninety minutes. I'm like,
9:53
Speaker 3: that'll fill you up for the day.
9:54
Speaker 2: I do love a dumpling, although I do think you
9:56
Speaker 2: hit a threshold where there's only seventy dumplings that one
9:58
Speaker 2: person can eat.
10:00
Speaker 3: Yes, that's true, but I feel like if you are
10:03
Speaker 3: like just going through a rough patch financially and you're like,
10:06
Speaker 3: I'm going to need this to film me ut for lunch, dinner, everything.
10:11
Speaker 3: Then I'm like, you can squeeze it in. And I
10:15
Speaker 3: think because there's steamed pan fried and deep bride, it
10:17
Speaker 3: feels like different types of food you're and then in
10:21
Speaker 3: that same vein at the Howler also in Brunswick. Sorry, everyone,
10:25
Speaker 3: I feel like this is just a complete coincidence, but
10:28
Speaker 3: there would be something similar in every part of the world.
10:31
Speaker 3: For fifteen dollars you can get entire burger range with
10:33
Speaker 3: chips and free trivia from seven pm Tuesdays. So Happy
10:38
Speaker 3: Hour fifteen dollars burger and chips, free trivia, seven pm
10:41
Speaker 3: Tuesdays at Hower. And I'd say that's probably a very
10:44
Speaker 3: cheap date if you want to go on a date,
10:47
Speaker 3: and for you know, people who want to cheap or
10:50
Speaker 3: like kind of cost effective way to see their friends.
10:52
Speaker 3: I think it's really gready and I'm sure that you
10:54
Speaker 3: have something similar in your area. I'm really sorry it's
10:56
Speaker 3: only relevant to people in Melbourne and what's SPPECI people
11:00
Speaker 3: in and around Brunswick maybe, so I do apologize for
11:04
Speaker 3: the exclusivity the next one comes from Jacinta, who says
11:07
Speaker 3: he it's are giving away twelve dollars movie tickets on Sundays.
11:10
Speaker 2: Twelve dollars. Yeah, I know, that's so cheap. That is
11:13
Speaker 2: so cheap. I feel like Sunday is a great day.
11:16
Speaker 2: Expect like do a cheap Tuesday or whatever.
11:18
Speaker 3: I think it's really clever because everyone does. You know,
11:20
Speaker 3: there's like the Magic Mondays whatever cinema Nova in Melbourne,
11:23
Speaker 3: and then you've got your cheap Tuesdays like everywhere else
11:26
Speaker 3: in the world, so like no one's doing Sundays.
11:28
Speaker 2: There's a few things I love more than sitting down
11:31
Speaker 2: in a cinema with a big bucket of popcorn. Oh yeah,
11:34
Speaker 2: I'm just zerting out of three hours.
11:35
Speaker 3: Oh my god, gorgeous. So there's your Sunday plans taken
11:38
Speaker 3: care of. And then this is the last one comes
11:40
Speaker 3: for myself. And I've just been playing around with do
11:43
Speaker 3: you know Suku home beautiful sheets and don the covers
11:48
Speaker 3: and stuff like that, and one day hopefully I'm rich
11:50
Speaker 3: enough to be able to fall that. But in the meantime,
11:52
Speaker 3: this is just a reminder that if you see like
11:54
Speaker 3: prints on Douna covers or you know things like that.
11:57
Speaker 3: There's one specific one that is like a yellow polka
11:59
Speaker 3: dot kind of looking Douner cover. It looks amazing. I
12:03
Speaker 3: got some black dye and a circular car sponge and
12:08
Speaker 3: just like created that print myself on like some ten
12:12
Speaker 3: dollars douna cover kind of it's obviously not the same quality,
12:16
Speaker 3: it's not even it doesn't even really look the same.
12:19
Speaker 3: It's like, it'll do the trick. I think that if
12:22
Speaker 3: you need to do the trick until you get to
12:24
Speaker 3: a place where you're like, oh my god, I can
12:25
Speaker 3: afford suku, then just find a way to do it.
12:29
Speaker 3: There are definitely ways to do it. And so I
12:30
Speaker 3: just wanted to share what could have been maybe twenty
12:33
Speaker 3: dollars was like twelve dollars.
12:34
Speaker 2: So adri Era exactly right.
12:38
Speaker 4: I love for you.
12:40
Speaker 2: Wow, Well we do love a thrifty tip. And there
12:41
Speaker 2: is no gate keeping here. Now don't go anywhere, because
12:44
Speaker 2: after the break we'll be chatting through your money dilemma.
12:47
Speaker 2: This one's all about repurposing the profits from what sounds
12:49
Speaker 2: to be a very lucrative side hustle.
12:56
Speaker 3: Welcome back, everyone, Let's take a listen to this week's
12:58
Speaker 3: money dilemma. Hi, there, have you got a money dilemma
13:03
Speaker 3: you just can't solve?
13:04
Speaker 2: The She's on the Money team is here to help.
13:07
Speaker 4: Every week, we tackle your dilemmas, both big and small,
13:10
Speaker 4: to answer your most burning money, career and life questions.
13:13
Speaker 4: To get involved, simply head to our website and leave
13:15
Speaker 4: us a short voice recording and you might just find
13:18
Speaker 4: yourself on the show.
13:19
Speaker 3: Now, let's take a listen to this week's money dilemma.
13:24
Speaker 5: Hello, guys, I have a side hustle and I'm wondering
13:29
Speaker 5: what to do with the profit from that business. So
13:35
Speaker 5: with my personal money that I earn from my day job.
13:39
Speaker 5: The way that I structure that is that I put
13:43
Speaker 5: fifty percent towards needs, forty percent towards investments, and ten
13:48
Speaker 5: percent towards wants. So I'm wondering with my business income,
13:54
Speaker 5: with the actual profit from that when I'm putting that
13:58
Speaker 5: into my personal accounts, how do I act divvy that up?
14:01
Speaker 5: Do I then put that into fifty into those percentages
14:08
Speaker 5: or is there another way? It seems like if I
14:11
Speaker 5: do it that way, I'm not getting much fun money
14:14
Speaker 5: from my business. Thank you so much, I'd really love
14:17
Speaker 5: your advice.
14:18
Speaker 3: Well, First of all, congratulations on having a business that
14:22
Speaker 3: generates profit. I feel like that's like a site hustle
14:24
Speaker 3: that generates profit. That's really really cool. I know this
14:28
Speaker 3: is not why we're here, but party.
14:30
Speaker 2: Thinking to what end? To end? Free money?
14:34
Speaker 3: Yeah, just use it as fun money. But I know
14:38
Speaker 3: that's not probably what you want to hear and probably
14:41
Speaker 3: not your intention with it. But I think at some
14:44
Speaker 3: point we've got to have fun with our money and
14:47
Speaker 3: we can't feel guilt. It's like resting. It's like we
14:49
Speaker 3: always feel guilty about resting. It's like, to one end,
14:51
Speaker 3: let's rest, and so toward end, let's spend.
14:54
Speaker 2: And I think I'll put that on a T shirt
14:58
Speaker 2: match coming soon.
15:01
Speaker 3: I'm going to undo all your heart work. But no,
15:05
Speaker 3: I think if you have the means, if you have
15:08
Speaker 3: the capacity, I would support it if you just use
15:11
Speaker 3: that as fun money. But if you are like what
15:13
Speaker 3: should I do with it? And I don't want to
15:15
Speaker 3: use it as fun money, then I mean I don't know,
15:17
Speaker 3: but I would just use that same percentage system, I guess,
15:21
Speaker 3: because that's why percentage, that's why it's not like a
15:24
Speaker 3: figure amount, because yeah, if you have like one hundred
15:26
Speaker 3: dollars or if you have a thousand dollars, that percentage
15:28
Speaker 3: systems to work, so I would be doing that. Does
15:31
Speaker 3: that work for you?
15:32
Speaker 5: Yeah?
15:32
Speaker 2: I think administratively that is just much cleaner. You've obviously
15:36
Speaker 2: picked those percentages for a reason. I will say, make
15:39
Speaker 2: sure that you are putting the appropriate amount of money
15:41
Speaker 2: aside for tax from your side hustle, because you will
15:44
Speaker 2: owe tax on that money. I'm going to assume that
15:46
Speaker 2: you've already taken your tax money out and what you've
15:48
Speaker 2: got left is the pool of what you have. I
15:52
Speaker 2: don't know what the side hustle is like. Do you
15:53
Speaker 2: need to invest in things for the side hustle, because
15:56
Speaker 2: again I would, depending on what it is like, I
15:59
Speaker 2: would maybe you want to pay for your business from
16:01
Speaker 2: the business effectively, like in an ideal world, that's the
16:03
Speaker 2: place that you get to. So if you need to
16:05
Speaker 2: pay for postage for things, you know, any of those
16:08
Speaker 2: sorts of bits and pieces, subscriptions for your business, things
16:10
Speaker 2: like that, it's much cleaner to pay for your business
16:13
Speaker 2: from your business profits. It also makes it easier at
16:15
Speaker 2: tax time when you've got deduction than things of that nature.
16:18
Speaker 2: So I would be keeping depending on what you're doing again,
16:22
Speaker 2: We've got no idea, which makes a little bit hard
16:24
Speaker 2: to advise or suggest, but I would be keeping maybe
16:27
Speaker 2: a portion aside for those sorts of things if those
16:30
Speaker 2: are things that you need to pay for. But if
16:33
Speaker 2: you're taking everything else out from your side hustle and
16:35
Speaker 2: you're just keeping it as like earnings or money straight
16:38
Speaker 2: to yourself, I would be inclined to uphold the system
16:41
Speaker 2: because I'm assuming that you've created this structure for a reason.
16:45
Speaker 2: You're investing a huge chunk of your money. Forty percent
16:47
Speaker 2: is a lot, so I'm guessing you're maybe trying to
16:50
Speaker 2: do fire or working towards some kind of significant goal
16:53
Speaker 2: there makeup for some lost time. Maybe if you feel
16:57
Speaker 2: like you are living super frugally, like that fifty forty
17:00
Speaker 2: ten split is really, you know, pushing you a little bit,
17:04
Speaker 2: then maybe you can consider using some of it for
17:06
Speaker 2: fun money. I would maybe steer away from using all
17:09
Speaker 2: of it because I think you're working so hard. You're
17:11
Speaker 2: working a side hustle in addition to a full time job, Like,
17:14
Speaker 2: let's make sure that that money is working hard for
17:16
Speaker 2: you as well. But you know you can take a
17:18
Speaker 2: little portion out of it each week. If you wanted
17:20
Speaker 2: to say, you have your pool of money that's come
17:22
Speaker 2: out of your side hustle, and eighty percent of that
17:25
Speaker 2: goes into your system, So then you know fifty percent
17:29
Speaker 2: and twenty percent of that gets set aside as fun
17:33
Speaker 2: money savings for something that you want, Like that could work,
17:37
Speaker 2: but I think if you've gone to the effort of
17:39
Speaker 2: setting up a structure, stick to the structure. Yeah, don't
17:42
Speaker 2: make life hard for yourself.
17:44
Speaker 3: Yeah, I tend to agree. That's a really good point though.
17:46
Speaker 3: Paying for the business out of the profits of that business, yes,
17:51
Speaker 3: it could be heaps of outgoings, like you know, if
17:53
Speaker 3: it's a cafe, you go to buy the cups and
17:54
Speaker 3: the lids and yeah, yeah, I agree.
17:56
Speaker 2: Yeah, it just is so much cleaner come tast time
17:58
Speaker 2: when you want to judge that, yet a lot simpler
18:01
Speaker 2: as well. So those would be my thoughts.
18:04
Speaker 3: Are you ready for a juicy DM? Absolutely, Jess, I
18:07
Speaker 3: know this range. But do you have siblings? I do
18:09
Speaker 3: have a younger brother, yes, And do you have close
18:11
Speaker 3: cousins not super close? No? Okay, Well I only ask
18:15
Speaker 3: you because this week's dam might challenge a few family ties,
18:18
Speaker 3: and so I wanted to like ease us in from you,
18:22
Speaker 3: thank you so much. Okay, so this week' STM goes
18:25
Speaker 3: a little like this, Hi, she's on the money. I've
18:28
Speaker 3: got a money dilemma. My mum has given my older
18:30
Speaker 3: sister significant amounts of money over time. I'm talking well
18:33
Speaker 3: over one hundred k. This has been for various things
18:36
Speaker 3: like petrol, rent, general living expenses, nothing of value. My
18:40
Speaker 3: sister is not paying any of this money back. I
18:43
Speaker 3: feel she should get a smaller portion of the will,
18:45
Speaker 3: but my mom doesn't think this is fair. I'm not
18:47
Speaker 3: trying to be greedy, but would like it to be equal. Help.
18:50
Speaker 3: How do I approach this? Any advice appreciated? This is
18:53
Speaker 3: such a tough one because okay, well, I just want
18:56
Speaker 3: to say nothing of VALUEV and basic needs I would
19:03
Speaker 3: say are valuable. And I don't know who the list is. Blessed,
19:06
Speaker 3: it's blessed. Just know this all comes from a kind place.
19:09
Speaker 3: But as that sibling WO needs help all the time,
19:13
Speaker 3: and this is not I totally understand. I just I
19:16
Speaker 3: feel like I would be like if I saw my
19:18
Speaker 3: siblings getting money and money money, and I'm like, man,
19:21
Speaker 3: I'm out here working and you're getting all this money.
19:24
Speaker 3: I would be annoyed too. I just want you to know, genuinely,
19:26
Speaker 3: I would be. But we have to take things into consideration.
19:30
Speaker 3: Maybe if you were in the same situation and you
19:32
Speaker 3: were in need as well and they didn't give you money,
19:36
Speaker 3: then you would be like, that's a very clear black
19:40
Speaker 3: and white side by side comparison of like this is unfair.
19:43
Speaker 3: But and I don't want to diminish or say like
19:47
Speaker 3: when someone has the capacity to work hard that they're like, oh, well,
19:51
Speaker 3: you can do it. So it's like not a big deal.
19:53
Speaker 3: It's like it's not hard at all. It's like, no,
19:55
Speaker 3: if you work hard, then you're working hard, and that's
19:58
Speaker 3: just how it is. So if you have money to
20:00
Speaker 3: you don't need you know, handouts for like petrol and
20:02
Speaker 3: things like that, because you've worked hard for it, then
20:05
Speaker 3: I just I want to give you full credit there.
20:07
Speaker 3: But on the flip side of that, you have to
20:08
Speaker 3: like take things into consideration, like maybe like the gender
20:11
Speaker 3: of the person or the mental health of the person.
20:13
Speaker 3: Like let's say you know those days we just wake
20:15
Speaker 3: up and you're like so sad for no reason. Imagine
20:17
Speaker 3: that was your life every single day. So mental health
20:20
Speaker 3: really is like just like this invisible thing. I'm not
20:22
Speaker 3: saying that's what you're sibling is struggling with, but I
20:25
Speaker 3: just think all our brains are wired so differently, and
20:27
Speaker 3: some of us just we really cling to things like
20:31
Speaker 3: type A type B. But then when it comes down
20:34
Speaker 3: to it and it comes down to, like, well, type
20:35
Speaker 3: B people who also have this and this and this
20:38
Speaker 3: probably need more help, We're like, no, no, that's unfair.
20:42
Speaker 3: It's like when it suits what we're talking about, or
20:45
Speaker 3: it suits like a TikTok trend, then it's like amazing.
20:48
Speaker 3: When it comes down to like looking at someone's life
20:50
Speaker 3: and being like, oh, you probably need more help because
20:52
Speaker 3: the system is set up for people who are this
20:55
Speaker 3: way and you are not this way, then we're like, no, no,
20:58
Speaker 3: that's unfair. Well, then if they're getting we should all
21:00
Speaker 3: get help anyway. All that to say, if your sibling
21:04
Speaker 3: has needed help for petrol, for food, for basic needs,
21:07
Speaker 3: that in an ideal world, they would all be free.
21:10
Speaker 3: We would just get our basic needs met, let them
21:12
Speaker 3: have it, and just be like, I'm grateful that my
21:14
Speaker 3: brain is not the same and I don't need the
21:17
Speaker 3: same things. But if you ever find yourself in a
21:19
Speaker 3: position we do. I'm sure your parents will help you.
21:23
Speaker 3: That's all for me.
21:24
Speaker 2: It's hard, like I can understand, especially with such a
21:27
Speaker 2: large sum. If we're taking one hundred thousand dollars is
21:30
Speaker 2: a lot. You know, it's very different to me from
21:32
Speaker 2: someone showing you one hundred bucks to get you through
21:34
Speaker 2: to payday or whatever. I understand the feeling of inequity,
21:39
Speaker 2: but also it's that conversation that we've had before around
21:42
Speaker 2: nobody is entitled to anything, nobody owes you anything. I
21:46
Speaker 2: think you're right in that it's really positive that you're
21:49
Speaker 2: one of the siblings that doesn't need this level of support.
21:52
Speaker 2: You're independent, You've worked really hard. I can see how
21:55
Speaker 2: it would be really frustrating to say, well, I would
21:57
Speaker 2: love one hundred thousand dollars, like I'm working really hard
22:00
Speaker 2: and I'm not getting that same level of support. But
22:04
Speaker 2: I guess the flip side is, is God forbid something
22:06
Speaker 2: went wrong. I assume that your parents would offer you
22:10
Speaker 2: that same kind of assistance if you needed it. You're
22:12
Speaker 2: just fortunate to not be in the position where you do.
22:15
Speaker 2: I guess the question of the will is a little
22:19
Speaker 2: bit crazy to me, and we've touched on wills before,
22:22
Speaker 2: and we've said it's up to the person passing what
22:25
Speaker 2: they do with their assets their life's work. Then whatever,
22:29
Speaker 2: if they want to split it evenly, if they want
22:31
Speaker 2: to divvy it up percentage base, if they want to
22:33
Speaker 2: donate it all to the Lost Dogs Home, like it
22:35
Speaker 2: is totally up to them what they want to do
22:37
Speaker 2: with their money. I can understand that you feel this way.
22:41
Speaker 2: You've raised this conversation. You're entitled to raise the conversation.
22:45
Speaker 2: But if your mum has then said no, I don't
22:48
Speaker 2: want to do that, who are you to tell her otherwise?
22:52
Speaker 2: I think the unfortunate thing is is that if your
22:55
Speaker 2: needs have all been met, you know, you were raised
22:58
Speaker 2: with everything that you needed. Your parents provided you a
23:01
Speaker 2: roof over your head and food, maybe they helped with school,
23:05
Speaker 2: I don't know. Whatever, if they met all of your needs,
23:09
Speaker 2: that's kind of where their obligations end. And I guess
23:12
Speaker 2: that's a whole bigger conversation around it. When you bring
23:15
Speaker 2: a child into the world, what are your responsibilities?
23:16
Speaker 3: Da da da dah.
23:18
Speaker 2: But they've done their job, and I guess they are
23:21
Speaker 2: going above and beyond for your sibling. And I fully
23:24
Speaker 2: acknowledge that that would be really frustrating to observe. And
23:27
Speaker 2: it kind of sucks because you're like, well, I would
23:29
Speaker 2: use that money too, but you're not entitled to it,
23:33
Speaker 2: and it is it feels like kind of a jerk
23:36
Speaker 2: move to say, hey, mom, when you die, I want
23:39
Speaker 2: more of your money than my sibling because you've like
23:41
Speaker 2: it just feels yo like I don't like it. It
23:44
Speaker 2: makes me very uncomfortable.
23:46
Speaker 3: I agree.
23:47
Speaker 2: I see how your path of logic took you. Yes, yes,
23:51
Speaker 2: but also like if you raise that conversation and you
23:55
Speaker 2: know you've had it and your mamma said, well, this
23:57
Speaker 2: is how I feel, who are you to hammer it down?
24:01
Speaker 2: Is kind of how I feel about it.
24:02
Speaker 3: Yeah.
24:03
Speaker 2: Yeah, And I know that that might not be very
24:04
Speaker 2: fair or very equitable, but that is honestly, just truthfully
24:08
Speaker 2: how I feel.
24:09
Speaker 3: Yeah, I do agree with that. Yeah, I just think
24:12
Speaker 3: be grateful that you don't need it, but yeah, if
24:15
Speaker 3: you ever do, I'm sure it will be there. In
24:17
Speaker 3: saying that, in case you're listening and you're like very sad,
24:21
Speaker 3: we understand how you got there, definitely, and so, but
24:24
Speaker 3: just offering another perspective.
24:25
Speaker 2: Yeah, we did get a lot of other perspectives. From
24:28
Speaker 2: the community on Instagram as well, So we obviously popped
24:31
Speaker 2: up the dilemma, and then we said, if one sibling
24:33
Speaker 2: has received more financial help during life, should that be
24:36
Speaker 2: factored into the will. I found this very interesting. Fifty
24:39
Speaker 2: nine percent of people said yes, it should, just forty
24:42
Speaker 2: one percent of people said no.
24:44
Speaker 3: Okay, Then we hens yeah.
24:47
Speaker 2: Then we said, how would you approach this conversation with
24:49
Speaker 2: your mum without it turning into conflict. Fifty eight percent
24:52
Speaker 2: of people said I would have an honest chat and
24:54
Speaker 2: explain my feelings, thirty six percent of people said honestly,
24:58
Speaker 2: I'd avoid it altogether, and six percent of people said
25:02
Speaker 2: I would bring in a third party like a financial advisor.
25:05
Speaker 2: I don't know that a financial advisor would really be
25:07
Speaker 2: much help in this situation. No, it's more like this
25:10
Speaker 2: is a moral dilemma.
25:12
Speaker 3: Yeah.
25:12
Speaker 2: Yeah, Then, of course, as always, we said what is
25:14
Speaker 2: your two cents, and we got heaps of responses. First
25:18
Speaker 2: person said it's your parents' money, not yours, which I
25:21
Speaker 2: agree with. But then on the flip side, somebody else
25:23
Speaker 2: said help should be equitable, which I think is a
25:26
Speaker 2: really interesting concept because equity, not a quality. Equity is
25:32
Speaker 2: the concept of everybody receiving what they need to put
25:34
Speaker 2: them on an equal footing.
25:36
Speaker 3: Yes, yes, totally.
25:37
Speaker 2: And so if we both needed to buy something it
25:39
Speaker 2: was one hundred dollars and I had ninety dollars and
25:42
Speaker 2: Beck had fifty, equity would be me receiving ten dollars
25:46
Speaker 2: and Beck receiving fifty. So we both meet the needs
25:48
Speaker 2: that we have, we've got equal opportunity. I think I'm
25:52
Speaker 2: explaining I hope I'm explaining it correctally.
25:54
Speaker 3: No, totally.
25:54
Speaker 2: So the idea of making help equitable is kind of
25:57
Speaker 2: what has happened. It's the parent provider the support that
26:00
Speaker 2: has been needed to that sibling that needed the help,
26:04
Speaker 2: and then all of the siblings receiving the same amount
26:07
Speaker 2: from the will itself. Yes, yes, I agree with this,
26:11
Speaker 2: don't hey, just a little bit of clarity on the word.
26:15
Speaker 2: Somebody else said she's not owned anything from her mum's will.
26:18
Speaker 2: Somebody else, I think he's in a similar situation to
26:20
Speaker 2: our listener. They said, if I bring up my parents
26:23
Speaker 2: paying for everything for my sister and how that's harming
26:25
Speaker 2: her independence, I get called jealous, which I guess. There
26:30
Speaker 2: is a conversation to be had around why does the
26:34
Speaker 2: sibling need help. Yeah, you know, and is that financial
26:37
Speaker 2: support enabling poor behavior of poor choices? But again, that's
26:40
Speaker 2: not your choice. Ultimately, that's the mum's choice.
26:43
Speaker 3: Yeah.
26:44
Speaker 2: Somebody else has said it's not your will and therefore
26:46
Speaker 2: it's not your business. Someone said, why are you thinking
26:50
Speaker 2: about a will? It's her money and let her spend it.
26:52
Speaker 2: You shouldn't be getting any which is an aggressive take,
26:55
Speaker 2: but I can understand. Someone else has said parents have
26:58
Speaker 2: worked hard for their money and they should be able
26:59
Speaker 2: to do with it what they want.
27:00
Speaker 3: Yes, very true, which I agree with.
27:03
Speaker 2: On the flip side. Every now and then there's Peppert
27:05
Speaker 2: in an alternative perspective, someone said, keep records and lawyer
27:09
Speaker 2: up when the will gets enforced, or have an awkward
27:11
Speaker 2: conversation now Yeah, okay, So it sounds like they would
27:15
Speaker 2: be pursuing it either way, and they're saying, we'll having
27:18
Speaker 2: the conversation now is less painful, arguably than going through
27:24
Speaker 2: the drama of lawyers in court and all those sorts
27:26
Speaker 2: of things.
27:26
Speaker 3: That's true.
27:27
Speaker 2: Somebody said people need to stop thinking about the money
27:30
Speaker 2: of any inheritance is theirs. If you receive it, great,
27:33
Speaker 2: it should be a bonus which I think is very
27:35
Speaker 2: much how I feel about these type of things. This
27:38
Speaker 2: one is a three parter. Part one says parents can
27:41
Speaker 2: do with their money what they want unless they're genuinely
27:44
Speaker 2: treating each child differently than there would be an issue. Also,
27:47
Speaker 2: if you're jealous or you feel like you deserve money,
27:50
Speaker 2: then ask them to pay for your fuel or go
27:52
Speaker 2: on a holiday with your mum or something of that nature.
27:55
Speaker 2: Someone said, is everything split equally? It's a lot of
27:58
Speaker 2: pressure on the local fil Is it really fair and equal? Yes,
28:03
Speaker 2: which I think is a good point. Is that sibling
28:05
Speaker 2: doing additional things to help out? Are they providing assistance
28:07
Speaker 2: of some sort?
28:08
Speaker 3: That's very true.
28:09
Speaker 2: And the last one that I want to leave it
28:11
Speaker 2: on is that money could be life changing for the
28:14
Speaker 2: sibling that needs help and financially put her ahead so
28:17
Speaker 2: that she can be Okay.
28:19
Speaker 3: Yes, I agree, And I just think if someone offered you,
28:21
Speaker 3: I'll give you a hundred thousand dollars. But you just
28:23
Speaker 3: have to be a little bit like maybe you need
28:25
Speaker 3: to struggle with your mental health, maybe need to be
28:27
Speaker 3: a little bit more dependent on your parents, like your
28:30
Speaker 3: independence right now as you know, it is like God,
28:32
Speaker 3: It's like if you would just swap places. Maybe you
28:35
Speaker 3: would be like, oh, actually I would rather not have
28:37
Speaker 3: that help and be the person I am today.
28:40
Speaker 1: You know.
28:41
Speaker 3: So, I mean, who knows it's going on, But yeah,
28:43
Speaker 3: I can see everyone's side. Lead with kindness.
28:46
Speaker 2: Lead with kindness, I think is such a big one.
28:48
Speaker 2: You know, the feelings are understandable. I think we're both
28:51
Speaker 2: sitting here saying we can see how you got to
28:53
Speaker 2: the place you've got to. Yes, But at the same time,
28:56
Speaker 2: it's not your money, it's not your life. Yeah you think, Yeah,
29:00
Speaker 2: kindness compassion goes a long way. It really does.
29:03
Speaker 3: Absolutely the second one of the day, Yeah, second one
29:06
Speaker 3: of the day. Let us go.
29:07
Speaker 2: Well, thank you everybody for sharing your two times with us.
29:09
Speaker 2: If you would like to participate in our weekly dilemmas
29:12
Speaker 2: follows on Instagram. We share them on our Instagram stories
29:14
Speaker 2: every single week. If you're not in the Facebook group
29:17
Speaker 2: as well, join them. That's where we post the Moneymin's thread,
29:19
Speaker 2: the broke tips thread, all kinds of fun things. There's
29:22
Speaker 2: lots of shoes and the money is kicking around with
29:23
Speaker 2: great ideas. But until Monday, when Victoria will see you next,
29:28
Speaker 2: have a beautiful weekend.
29:29
Speaker 3: By guys Hi.
29:34
Speaker 4: The advice sheared on Shees on the Money is general
29:36
Speaker 4: in nature and does not consider your individual circumstances. She's
29:40
Speaker 4: on the Money exists purely for educational purposes and should
29:44
Speaker 4: not be relied upon to make an investment or financial decision.
29:47
Speaker 4: If you do choose to buy a financial product, read
29:50
Speaker 4: the PDS TMD and obtain appropriate financial advice tailored towards
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