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She Chose Europe Over a House Deposit. Now She's Questioning Everything. · She's On The Money

• 0:00
  Speaker 1: My name is Natasha Bamblett. I'm a proud First Nations woman,
• 0:03
  Speaker 1: and I'm here to acknowledge country. Hello, beautiful friends. We
• 0:08
  Speaker 1: gather on the lands of the Aboriginal people. We thank, acknowledge,
• 0:13
  Speaker 1: and respect the Aboriginal people's land that we're gathering on today.
• 0:30
  Speaker 1: take pleasure in all the land and respect all that
• 0:33
  Speaker 1: you see. She's on the Money podcast, acknowledges culture, country,
• 0:38
  Speaker 1: community and connections, bringing you the tools, knowledge and resources
• 0:43
  Speaker 1: for you to thrive.
• 0:50
  Speaker 2: Hello and welcome to She's on the Money, the podcast
• 0:53
  Speaker 2: that lets you be pervy about other people's money stories
• 0:56
  Speaker 2: for educational purposes, of course. Welcome back to another one
• 0:59
  Speaker 2: of our money diaries brought to you by our friends
• 1:02
  Speaker 2: at Sky Wealth, where I get the absolute privilege of
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  Speaker 2: sitting down with one of our incredible She's on the
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  Speaker 2: Money community members to talk to them all about their journey.
• 1:10
  Speaker 2: Let's jump straight into it because this week I got
• 1:13
  Speaker 2: a message and it sounded exactly like this. Hi, She's
• 1:16
  Speaker 2: On The Money. I only just started working full-time this
• 1:20
  Speaker 2: year after draining all my funds on exchange last year,
• 1:24
  Speaker 2: and I earn around.
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  Speaker 3: $ 75, 000.
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  Speaker 2: I have an emergency fund of $ 6, 000 and $ 3, 000 to
• 1:30
  Speaker 2: cover moving out of home in September. I'm currently saving,
• 1:34
  Speaker 2: in quote marks, rent across moving costs, new furniture, and
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  Speaker 2: bulking up long-term goals, trying to reduce the shock of
• 1:41
  Speaker 2: moving out. My big goal at the moment is a
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  Speaker 2: house deposit. I have $ 13, 500 in a savings account and
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  Speaker 2: around $ 12, 000 eligible for the first home super saver scheme. Currently,
• 1:53
  Speaker 2: I'm saving $ 300 a fortnight. I'm trying to get into
• 1:57
  Speaker 2: investing and I have around $ 3, 000 invested and I'm aiming
• 2:01
  Speaker 2: to increase it by $ 200 a fortnight. On top of rent,
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  Speaker 2: I spend around $ 750 on living expenses, which I'm trying
• 2:08
  Speaker 2: to decrease as my main expense right now is entertainment.
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  Speaker 2: Money Diarist, you're only 23. Welcome to the show.
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  Speaker 3: Hi, lovely to be here.
• 2:18
  Speaker 2: My queen. What? Like reading through that, it just gets
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  Speaker 2: better and better. And also, I just want to tell
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  Speaker 2: our listeners something and like, I hope that they pick
• 2:28
  Speaker 2: this up. But I don't ever learn about our money
• 2:32
  Speaker 2: diarist before jumping on a money diary. And I don't
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  Speaker 2: mean that in a rude way, my love. I mean
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  Speaker 2: it in a way where I get to have a
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  Speaker 2: really wholesome, authentic, organic conversation with you about what you're doing,
• 2:43
  Speaker 2: where you're at, how it works. So like I purposefully,
• 2:46
  Speaker 2: like my girls at work, so Kiara always puts in
• 2:49
  Speaker 2: my calendar an invite. So it's like an event. And
• 2:53
  Speaker 2: then in the event, description is your money diary. So
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  Speaker 2: I don't see it until I open the diary to
• 2:59
  Speaker 2: literally read it out. And for me, it even gets
• 3:02
  Speaker 2: better and better. Like I keep being like, oh my goodness, wait, what?
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  Speaker 2: She's only 23. Queen, welcome to the show and thanks
• 3:09
  Speaker 2: for wanting to share with us.
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  Speaker 3: Yeah, no, of course. I'm excited to share.
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  Speaker 2: So tell me, If I asked you to give yourself
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  Speaker 2: a money grade from A through to F, what would
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  Speaker 2: it be?
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  Speaker 3: Maybe like a B minus, C plus. Sit down.
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  Speaker 2: Okay. We're going to have a little fighty fight at
• 3:24
  Speaker 2: the end of this, I fear. Now, money, Doris, my
• 3:27
  Speaker 2: favorite part of the show. Can you tell me a
• 3:29
  Speaker 2: little bit more about your money story and the things
• 3:31
  Speaker 2: that have impacted it?
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  Speaker 3: Yeah. I think the one thing that really impacted it
• 3:35
  Speaker 3: was at my first little job at a cafe, my
• 3:38
  Speaker 3: mom gave me some really good advice. And she's like,
• 3:40
  Speaker 3: while you're at home and you don't have any bills,
• 3:42
  Speaker 3: save at least half your income. into your bank account.
• 3:46
  Speaker 3: So I did all of that throughout high school, bought
• 3:48
  Speaker 3: my first little car with some help from my parents,
• 3:51
  Speaker 3: which I still have. I'm having that car until it dies.
• 3:54
  Speaker 2: Yeah. Good girl. Good girl. That's what we like to hear.
• 3:57
  Speaker 3: And then I kept saving, didn't know what I was
• 4:00
  Speaker 3: really saving for. And then, yeah, I decided to go
• 4:05
  Speaker 3: spent all my money on three international trips.
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  Speaker 2: Okay. But that's your money values. I'm not judging.
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  Speaker 3: Don't laugh.
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  Speaker 2: Did you love them?
• 4:12
  Speaker 3: I love them. Would not take them back to the world. Okay.
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  Speaker 2: So what's the problem with this? Someone is spending their
• 4:18
  Speaker 2: money in line with their values. What?
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  Speaker 3: I know. It was very competing views where I really
• 4:24
  Speaker 3: wanted to get into the property market, but also really
• 4:27
  Speaker 3: wanted to achieve all these goals that I had to
• 4:29
  Speaker 3: go travel, live overseas. So It was hard. And I
• 4:32
  Speaker 3: still kind of struggle with that sometimes that that's what
• 4:35
  Speaker 3: I picked.
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  Speaker 2: Okay. But let me contextualize this for a hot second.
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  Speaker 2: The second you have a mortgage, there's no flexibility in that.
• 4:41
  Speaker 2: Don't get me wrong. Like a home ownership, if that
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  Speaker 2: is a goal of yours, like it's my entire career
• 4:45
  Speaker 2: to get people into their first homes. Like I run
• 4:47
  Speaker 2: a mortgage broking business. So like, I should be like
• 4:49
  Speaker 2: money diarist, come and see us yesterday, but you're not
• 4:52
  Speaker 2: going to have as much flexibility in your money as
• 4:56
  Speaker 2: when you get a mortgage. So if you're going to
• 4:57
  Speaker 2: do travel and stuff, why not get it out of
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  Speaker 2: the way first so that once you do have a mortgage,
• 5:03
  Speaker 2: you don't feel restricted or like you're missing out on
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  Speaker 2: the life that you really wanted to live.
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  Speaker 3: Yeah.
• 5:08
  Speaker 2: That's a good thing.
• 5:09
  Speaker 3: It is a good thing. But yeah. And then I've
• 5:11
  Speaker 3: come back, what, June of last year, I think I
• 5:15
  Speaker 3: had a thousand dollars in my bank account and I
• 5:18
  Speaker 3: was like, let's get back onto the savings train, as
• 5:21
  Speaker 3: I like to call it. And yeah, I wasn't working
• 5:26
  Speaker 3: as I finished up my uni degree. And then got
• 5:28
  Speaker 3: a part-time job just in a warehouse before I started
• 5:31
  Speaker 3: full-time work in February of this year. And I've just been, yeah,
• 5:35
  Speaker 3: chugging along.
• 5:36
  Speaker 2: I love this. So talk to me about why when
• 5:40
  Speaker 2: your mum said, set yourself up when you had your
• 5:42
  Speaker 2: first cafe job, why'd you take that advice? I'm not
• 5:45
  Speaker 2: saying it's bad advice. It's fantastic advice. But like my
• 5:48
  Speaker 2: dad gave me similar advice when I got my first
• 5:51
  Speaker 2: cafe job.
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  Speaker 3: And do you think I listened to him? I'm always
• 5:55
  Speaker 3: someone that likes a good plan. So from this, I
• 5:57
  Speaker 3: was like, yeah, I have wanted to always own my
• 6:01
  Speaker 3: own home from like a very young age. So I
• 6:02
  Speaker 3: was like, yeah, I want to start saving all my money,
• 6:05
  Speaker 3: making sure it was getting good interest and like going
• 6:08
  Speaker 3: with that. And then I tried some of my investments
• 6:11
  Speaker 3: are quite old. Actually, you got me into investing a
• 6:13
  Speaker 3: couple of years ago.
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  Speaker 2: Stop it.
• 6:16
  Speaker 3: But then I had my traveling took priority. I had
• 6:19
  Speaker 3: good returns. I think I was at 100% return at
• 6:21
  Speaker 3: one point.
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  Speaker 2: Excuse me? Sorry, sorry, sorry. You can't be like, oh,
• 6:26
  Speaker 2: I think I got 100% return and then just like
• 6:29
  Speaker 2: walk away from that conversation.
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  Speaker 3: Sorry, it was in NASDAQ. It's like a better shares
• 6:35
  Speaker 3: in tech.
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  Speaker 2: Oh, the NASDAQ. Yeah, yeah, yeah.
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  Speaker 3: Okay, okay.
• 6:37
  Speaker 2: I'll get into that after. We've got an investing question
• 6:40
  Speaker 2: coming out.
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  Speaker 3: Then I got really into like looking into certain schemes
• 6:45
  Speaker 3: because I was like, what else can I do with
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  Speaker 3: my money? I had a loss in cryptocurrency, so I
• 6:50
  Speaker 3: got scared of investing. And that's how I fell onto
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  Speaker 3: the first homeowner's super saver scheme and put some money
• 6:56
  Speaker 3: in there because you get the returns as well. And
• 6:59
  Speaker 3: I saw that as a very low risk way of investing.
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  Speaker 3: I was like, it's still growing. I don't have to
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  Speaker 3: make any decisions about this. And I get some tax
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  Speaker 3: benefits as well.
• 7:08
  Speaker 2: Yes. And it's like free money. Like I love free money.
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  Speaker 2: And It's funny because so many people will write into
• 7:17
  Speaker 2: the show or ask questions and I can never give advice. Like,
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  Speaker 2: I don't know if that scheme is going to work
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  Speaker 2: for you in your personal situation. So if someone messages in, hey, V,
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  Speaker 2: should I do this? Well, it's like, I don't know,
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  Speaker 2: like in the nicest possible way. But what I can
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  Speaker 2: share with you is that most first home owners coming
• 7:35
  Speaker 2: through my mortgage broking business, Zella, are using the first
• 7:38
  Speaker 2: home super saver scheme because it kind of just makes
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  Speaker 2: sense for their situation to put money into super. and
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  Speaker 2: then pull it out for their first home and get
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  Speaker 2: some tax benefits along the way. That's kind of sexy.
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  Speaker 3: Yeah, it was very, very attractive when I was looking
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  Speaker 3: into it. So I put some lump sums and now
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  Speaker 3: I save. regularly into it and keep track of it.
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  Speaker 2: Good girl. Oh my goodness. You're only 23, but you're
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  Speaker 2: setting yourself up. So why are you so aggressive at
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  Speaker 2: 23 to set yourself up for your first home? Like, sorry,
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  Speaker 2: lots of 23 year olds. They're like, no, I'm going
• 8:07
  Speaker 2: to wait until I'm in my thirties to care about
• 8:09
  Speaker 2: this stuff. Like where's this mindset coming from?
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  Speaker 3: It honestly came from my mom and my stepdad. They're
• 8:15
  Speaker 3: very open about money with me and we've talked about
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  Speaker 3: it quite often. And I see what they've done where
• 8:21
  Speaker 3: they've bought properties and and done slight renovations and then
• 8:24
  Speaker 3: sold it at a good profit. So just seeing what
• 8:27
  Speaker 3: they've done, I've been really inspired. And I was like,
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  Speaker 3: I really want to own my own property. And they've
• 8:32
  Speaker 3: also helped me along the way with like what I
• 8:34
  Speaker 3: should be doing. And like what, like my mom's the
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  Speaker 3: one that really got me into like looking for schemes
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  Speaker 3: and stuff like that.
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  Speaker 2: Icon. I love this.
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  Speaker 3: All right.
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  Speaker 2: So tell me, Money Drivers, what do you do for
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  Speaker 2: work and how much money do you earn?
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  Speaker 3: So I work as a law graduate and I earn
• 8:49
  Speaker 3: about $ 75, 000 plus super.
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  Speaker 2: Oh, that's good for a grad role at 23. Like,
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  Speaker 2: very nice. All right. So tell me, right now you've said, look, V,
• 9:01
  Speaker 2: I'm saving for a first home, but is that your
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  Speaker 2: big money goal? Is there anything else you're working towards
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  Speaker 2: at this point in time?
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  Speaker 3: Yeah, well, I'm moving out at the end of next month.
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  Speaker 3: So I've just been saving. I've kind of restricted myself
• 9:11
  Speaker 3: where the amount that I'd pay for towards rent, I'm
• 9:15
  Speaker 3: storing away so I can't touch it. So I'm kind
• 9:17
  Speaker 3: of like preparing myself because I'm going to buy some
• 9:20
  Speaker 3: new furniture. I have to pay the bonds. So I've
• 9:22
  Speaker 3: just been preparing for that. But other than that, yeah,
• 9:25
  Speaker 3: just to buy a house.
• 9:26
  Speaker 2: So tell me about moving out of home. Is this
• 9:28
  Speaker 2: your first time moving out of home?
• 9:30
  Speaker 3: Yeah. So I lived overseas temporarily while I was on exchange,
• 9:34
  Speaker 3: but yeah, this is my first time moving out of home.
• 9:36
  Speaker 3: I'm quite nervous.
• 9:38
  Speaker 2: What are you nervous about?
• 9:39
  Speaker 3: I don't know. I'm moving in with some housemates and
• 9:42
  Speaker 3: I know. I think just I'm scared about like having
• 9:46
  Speaker 3: so many fixed costs that I've never had before. Yeah.
• 9:49
  Speaker 2: And that's why I said it's good that you traveled
• 9:50
  Speaker 2: before you like even thinking about a mortgage. Can I
• 9:53
  Speaker 2: be real pervy and ask if you're 23 and you're
• 9:55
  Speaker 2: moving out with housemates, firstly, why are you moving out?
• 9:59
  Speaker 2: And second, how did you find your housemates? Like, is
• 10:02
  Speaker 2: this like a group of friends going out on their
• 10:04
  Speaker 2: own or like?
• 10:05
  Speaker 3: So I moved out mainly just because my, where I
• 10:08
  Speaker 3: live is a little bit far from my work. It
• 10:10
  Speaker 3: takes me about an hour to get in. So, and
• 10:12
  Speaker 3: I just want to be closer to like where all
• 10:14
  Speaker 3: my friends are living and work. I just feel like
• 10:17
  Speaker 3: I spend a lot of my time commuting. and also
• 10:19
  Speaker 3: like spending money on fuel. And then I met them
• 10:22
  Speaker 3: on Housemates. Flatmates, sorry. Just like a website. Yeah, cool.
• 10:26
  Speaker 2: And do you just, I've never done that. So I've
• 10:28
  Speaker 2: always had the privilege of moving in with like a
• 10:30
  Speaker 2: girlfriend and for a very long time, I lived with
• 10:32
  Speaker 2: my best friend and you know what? Big flex didn't
• 10:35
  Speaker 2: ruin our relationship. We still are best friends. So how
• 10:40
  Speaker 2: did you decide, all right, I'm going to move out
• 10:42
  Speaker 2: with some housemates that I've never met before? Cause that
• 10:46
  Speaker 2: low key gives me so much anxiety.
• 10:48
  Speaker 3: Um, it was a bit of like, I didn't really
• 10:51
  Speaker 3: have any friends that were looking to move out at
• 10:54
  Speaker 3: the same time. They were all quite comfortable in their leases.
• 10:57
  Speaker 3: And I was just a bit like, I really want
• 10:59
  Speaker 3: to move out right now. And I live by the
• 11:02
  Speaker 3: motto that I just need to make myself happy. So
• 11:04
  Speaker 3: I just do whatever I want. Cool. Oh, I love that.
• 11:08
  Speaker 2: And so you found these housemates and is it a
• 11:10
  Speaker 2: pre-existing house and you're just moving into like a room?
• 11:12
  Speaker 3: Moving into just like the room, which is good. Made
• 11:14
  Speaker 3: sure I protected myself like proper, like lease agreement onto
• 11:18
  Speaker 3: the RTA. So I kind of set myself.
• 11:20
  Speaker 2: Yeah, legit. But tell me, what do you pay per
• 11:22
  Speaker 2: week in rent?
• 11:23
  Speaker 3: What's that going to look like? $ 320 a week plus bills,
• 11:29
  Speaker 3: mostly because I have the master bedroom.
• 11:30
  Speaker 2: Oh, you got the nice room. Did you get a
• 11:32
  Speaker 2: little en suite?
• 11:33
  Speaker 1: Yeah.
• 11:34
  Speaker 2: Oh, she's living.
• 11:35
  Speaker 3: Walking robe. I was like, if I'm paying all this
• 11:38
  Speaker 3: money to live out of home, I'm going to enjoy it.
• 11:40
  Speaker 2: A hundred percent. I'm surprised that if you're moving into
• 11:42
  Speaker 2: a pre-existing house, they let you have the master bedroom.
• 11:45
  Speaker 2: Like I would gatekeep that.
• 11:47
  Speaker 3: I think because it's a bit more expensive than what
• 11:49
  Speaker 3: they're paying.
• 11:49
  Speaker 2: Yeah, they're smart. They're like, we don't want this. We've
• 11:51
  Speaker 2: lived out of home for a while and it is
• 11:53
  Speaker 2: not worth it. But you live, love, laugh. Money Diaries,
• 11:56
  Speaker 2: let's go to a quick break. On the flip side,
• 11:58
  Speaker 2: I want to ask you more about your investments, about
• 12:01
  Speaker 2: your thoughts on debt, personal insurances at 23 and what
• 12:04
  Speaker 2: your best and worst money habits are. So guys, don't
• 12:06
  Speaker 2: go anywhere.
• 12:07
  Speaker 3: Hey, hey.
• 12:12
  Speaker 2: All right, Money Diarist, we are back. And you're like
• 12:15
  Speaker 2: a young little pocket rocket. I can just tell that
• 12:18
  Speaker 2: you're like, you obviously, our community can't see you, but
• 12:22
  Speaker 2: like you're beaming. Like you just look like sunshine. Like
• 12:25
  Speaker 2: you're the type of person that people want to know.
• 12:28
  Speaker 2: So aside from all of that and me arguably just
• 12:31
  Speaker 2: stroking your ego, can you tell me about how you
• 12:35
  Speaker 2: made your first investment and why?
• 12:37
  Speaker 3: So I made my first investment through a platform called Stake.
• 12:41
  Speaker 3: And you very much inspired me. I was listening to
• 12:44
  Speaker 3: your podcast. I read your books and I was a
• 12:46
  Speaker 3: bit like, I was very scared, but I made it.
• 12:48
  Speaker 3: I kind of just had to make a little bit
• 12:50
  Speaker 3: of a jump of faith, leap of faith. That's better.
• 12:53
  Speaker 3: I was a bit nervous because I'd lost some money,
• 12:55
  Speaker 3: not very much in cryptocurrency. And I just did a
• 12:58
  Speaker 3: lot of research into like what was going to have
• 13:01
  Speaker 3: high opportunity growth. So I went with some ETFs. So
• 13:06
  Speaker 3: I mentioned it before, but I invest in mostly better shares.
• 13:09
  Speaker 3: So like Nasdaq, And then I just invested in F100,
• 13:12
  Speaker 3: which is a relatively new ETF, which is like top,
• 13:16
  Speaker 3: I think it's in British stocks. And then I have
• 13:19
  Speaker 3: one meta stock, which is in the US market. unsure
• 13:24
  Speaker 3: as to what motivated me towards that one.
• 13:26
  Speaker 2: But you thought it was a good idea. Can I
• 13:27
  Speaker 2: be pervy and ask more about this crypto decision?
• 13:30
  Speaker 3: Yes.
• 13:31
  Speaker 2: So you're 23. I'm assuming you were much younger when
• 13:33
  Speaker 2: you bought the crypto.
• 13:34
  Speaker 3: Yeah.
• 13:35
  Speaker 2: What possesses a quite young person to make their first
• 13:39
  Speaker 2: investment into cryptocurrency? Because that's like, if we look at
• 13:44
  Speaker 2: the risk return chart, and I know that that's probably
• 13:47
  Speaker 2: not what your brain was at the moment. We look
• 13:49
  Speaker 2: at the risk return chart and it kind of goes
• 13:51
  Speaker 2: cash is down the bottom and then it kind of
• 13:53
  Speaker 2: gets a little bit further up and it might go
• 13:56
  Speaker 2: fixed interest and bonds and then it will go property
• 13:58
  Speaker 2: and then it will go Australian shares and then international shares.
• 14:02
  Speaker 2: And then off the top of the chart is cryptocurrency.
• 14:05
  Speaker 2: And a lot of people would go, Avi, I'm not
• 14:07
  Speaker 2: comfortable with a bond. I'm not comfortable with like fixed interest.
• 14:10
  Speaker 2: Do you know what? We're going to do crypto. What happened?
• 14:13
  Speaker 2: How did you, how did you make that decision?
• 14:16
  Speaker 3: Honestly, my stepdad was dabbling in it a little bit
• 14:20
  Speaker 3: and I was like, I think I can do this.
• 14:23
  Speaker 3: I didn't put a, I think I only lost like $ 300. Yeah. Okay.
• 14:27
  Speaker 2: So like an investing education costs.
• 14:31
  Speaker 3: Yeah. And I didn't do much research. I was like 18.
• 14:35
  Speaker 3: I just picked ones with fun names and for a
• 14:37
  Speaker 3: while it was doing quite well. And then I just
• 14:40
  Speaker 3: watched it plummet and I was like, oh, okay, I'll
• 14:43
  Speaker 3: just take the loss and don't do this again for
• 14:45
  Speaker 3: a while.
• 14:46
  Speaker 2: I feel like that's fair, but also like if you're
• 14:49
  Speaker 2: going to have a strategy, one with fun names when
• 14:51
  Speaker 2: it's crypto, like fine, fine. So how did you pivot
• 14:56
  Speaker 2: from crypto and feeling that sense of loss? Because you
• 15:00
  Speaker 2: would have been like, oh my goodness, like I've lost
• 15:01
  Speaker 2: money in this, like that's not good. Why was your mindset,
• 15:05
  Speaker 2: I'm going to go invest in something else as opposed
• 15:07
  Speaker 2: to investing is bad?
• 15:10
  Speaker 3: I just did a lot more research and was looking
• 15:13
  Speaker 3: at like, realizing how risky cryptocurrency was. And I was
• 15:17
  Speaker 3: really into looking at my like superannuation and I was going, well,
• 15:21
  Speaker 3: if super invests in a lot of stocks, they must
• 15:24
  Speaker 3: be a lot more stabler. So I was just doing
• 15:26
  Speaker 3: a lot of research. And from that, that's how I
• 15:28
  Speaker 3: ended on like ETFs. Cause I was like, from what
• 15:31
  Speaker 3: I'm wanting, this seems to be the most stable option.
• 15:34
  Speaker 2: Yeah. totally understand so.
• 15:36
  Speaker 3: I kind of just like rewired my brain into going
• 15:38
  Speaker 3: I kind of made a bit of a silly mistake
• 15:41
  Speaker 3: and did very high risk and that's why I got
• 15:43
  Speaker 3: burnt but if I do it this way it will
• 15:46
  Speaker 3: be better.
• 15:47
  Speaker 2: Hopefully okay so she's smarter than the average bear guys
• 15:50
  Speaker 2: like Listen to that. That is words coming out of
• 15:54
  Speaker 2: a 23 year old. Like be so for real. If
• 15:57
  Speaker 2: I was on Money Diaries at 23, firstly, I wouldn't
• 16:00
  Speaker 2: have been on Money Diaries at 23. Not because I
• 16:03
  Speaker 2: wouldn't have been invited, but because I would never have
• 16:05
  Speaker 2: ever wanted to talk about my money circumstance. Because at
• 16:07
  Speaker 2: that age, I was still lying to my housemates about
• 16:10
  Speaker 2: being in debt. Like my housemates thought I wasn't in
• 16:12
  Speaker 2: debt and I was in significant debt. So that was
• 16:15
  Speaker 2: really sexy for me. But hearing that coming out of you,
• 16:18
  Speaker 2: I'm like, you are set up for success, my queen.
• 16:21
  Speaker 2: Tell me, with that in mind, do you have any debts?
• 16:25
  Speaker 3: I only have my HECS debt. That's at about $ 74, 000.
• 16:30
  Speaker 3: And part of that was when I went on exchange,
• 16:34
  Speaker 3: I took a loan out against my HECS as well. Sorry.
• 16:37
  Speaker 3: Totally worth it. No, no, no.
• 16:39
  Speaker 2: I did the same thing because I studied in France
• 16:41
  Speaker 2: for a while there, which was like the time of
• 16:43
  Speaker 2: my life.
• 16:44
  Speaker 3: Oh, I went to France too.
• 16:45
  Speaker 2: Where in France were you? I was in Grenoble.
• 16:47
  Speaker 3: I was in Paris. Ah, so cute.
• 16:50
  Speaker 2: I loved it. I was like down south, which was
• 16:52
  Speaker 2: really cool because I'm a very big snow bunny. So
• 16:56
  Speaker 2: I got to go to the snow every weekend. I
• 16:58
  Speaker 2: will say it was probably not as like sexy as Paris.
• 17:02
  Speaker 2: It was a little bit more like study town because
• 17:05
  Speaker 2: in Grenoble it's like, there's like a lot of universities
• 17:09
  Speaker 2: and like, if you don't speak fluent French, which I'm
• 17:12
  Speaker 2: only okay at French, like they pretend they don't understand
• 17:16
  Speaker 2: you there. Whereas I think in Paris, they're a little
• 17:18
  Speaker 2: bit more like, oh, here you go. We'll help you
• 17:21
  Speaker 2: out a little bit.
• 17:23
  Speaker 3: I went over speaking no French. Oh, that's so good.
• 17:26
  Speaker 2: Did you pick it up quickly?
• 17:27
  Speaker 3: A little bit. Like I can, I could order. That
• 17:30
  Speaker 3: was a highlight of my achievements.
• 17:32
  Speaker 1: Yeah.
• 17:32
  Speaker 3: Yeah.
• 17:33
  Speaker 2: Yeah. I can order a pain au chocolat. That's all good.
• 17:35
  Speaker 2: That's all I need. And a cafe latte because I like,
• 17:39
  Speaker 2: I remember when I first got there and they'd be like, yeah,
• 17:42
  Speaker 2: like this is going to be easy. I'll just order
• 17:43
  Speaker 2: a latte. And then I got a cup of hot
• 17:45
  Speaker 2: milk and I was like, oh, you need to order
• 17:48
  Speaker 2: the cafe part, which is coffee milk.
• 17:51
  Speaker 3: Whoops.
• 17:52
  Speaker 2: Anyway, money diarist, have you got a plan to smash
• 17:55
  Speaker 2: down your hex or are you on the train of like,
• 17:58
  Speaker 2: out of sight, out of mind. I've got bigger goals.
• 18:00
  Speaker 3: At the moment, I'm kind of just letting it do
• 18:02
  Speaker 3: its thing. I think it'll be more of a decision
• 18:05
  Speaker 3: because this year will be my first year actually starting
• 18:08
  Speaker 3: to make repayments on it. So I at least want
• 18:12
  Speaker 3: to pay the indexation down each year. So I might
• 18:14
  Speaker 3: top it up if the government amount isn't enough for that,
• 18:17
  Speaker 3: if that makes sense.
• 18:18
  Speaker 2: Yeah, very fair. I feel like that makes sense. But
• 18:21
  Speaker 2: then also I'm like, even if it does grow a
• 18:23
  Speaker 2: little bit, like the cash rate is so high right now.
• 18:27
  Speaker 2: I don't know, like there's pros and cons. I've been
• 18:30
  Speaker 2: re-reviewing whether I pay mine down because everything has changed.
• 18:34
  Speaker 2: And I've been like, yeah, you know what? No, like
• 18:36
  Speaker 2: I'd prefer it to go into my mortgage offset and
• 18:38
  Speaker 2: offset that mortgage. But, you know, I feel like I'm
• 18:42
  Speaker 2: always revisiting it being like, I don't like that there's
• 18:44
  Speaker 2: debt still sitting there.
• 18:45
  Speaker 1: Ew.
• 18:46
  Speaker 2: No, thank you. All right, money diaries, tell me. You're 23.
• 18:50
  Speaker 2: Have you considered personal insurance?
• 18:52
  Speaker 3: I have personal insurances. Okay. In my superannuation as of
• 18:58
  Speaker 3: this week.
• 18:59
  Speaker 2: As of this week? Oh, you were like, I'm going
• 19:02
  Speaker 2: on money diaries. I better get my stuff together. Is
• 19:04
  Speaker 2: that what's happening here?
• 19:06
  Speaker 3: No, I just couldn't figure out how to do it
• 19:08
  Speaker 3: for ages. And then I finally figured out how to
• 19:11
  Speaker 3: do it inside my super. Just because I'm young, I
• 19:13
  Speaker 3: don't think I need And I was quite happy with
• 19:16
  Speaker 3: the coverage within my super just to go with that one,
• 19:19
  Speaker 3: especially because my work puts extra contributions higher than the 12%.
• 19:24
  Speaker 2: Okay, that's very nice. Thank you, workplace.
• 19:27
  Speaker 3: Yeah, so I'm a bit like, well, that extra percent
• 19:29
  Speaker 3: can cover my insurances. I love that. So I was
• 19:32
  Speaker 3: a bit like making my money work a little bit
• 19:34
  Speaker 3: better for me. I was like, oh, I've got a
• 19:36
  Speaker 3: bit more money in there. I'll just get them to
• 19:38
  Speaker 3: take it out of there for me. Thank you very much.
• 19:40
  Speaker 2: I love this. You're a smart cookie. All right. Now,
• 19:43
  Speaker 2: I feel like... feel like we have to have an
• 19:46
  Speaker 2: argument after this because you didn't give yourself a very
• 19:49
  Speaker 2: good money grade in comparison to where I think you
• 19:52
  Speaker 2: are for your age, but let's learn a little bit more.
• 19:55
  Speaker 2: So tell me off the top of your head, what
• 19:58
  Speaker 2: do you think is your best money habit?
• 20:00
  Speaker 3: Ooh, I think just making my money work for me.
• 20:04
  Speaker 3: I'm always changing my bank accounts to have like the
• 20:06
  Speaker 3: highest interest. and I'm at the trying to get into
• 20:10
  Speaker 3: micro investing at the moment so using like the everyday
• 20:13
  Speaker 3: roundup feature in my bank accounts and putting that into
• 20:16
  Speaker 3: some micro investing I also put all my 10 cents
• 20:19
  Speaker 3: from my cans in there as well.
• 20:20
  Speaker 2: Oh smart so it's actually like not just going to
• 20:23
  Speaker 2: waste like it's you've made money out of literally rubbish
• 20:27
  Speaker 2: and then it's made you money and that money at
• 20:29
  Speaker 2: some point will make you money oh love yeah.
• 20:32
  Speaker 3: Just try to make every couple of cents count, I guess.
• 20:35
  Speaker 2: I think that's really smart. I've been thinking recently because
• 20:38
  Speaker 2: my son is only two, right? And I'm like, how
• 20:41
  Speaker 2: am I going to teach this kid about money in
• 20:43
  Speaker 2: a way that aligns to my values and aligns to,
• 20:47
  Speaker 2: you know, him actually being able to value money. And
• 20:50
  Speaker 2: I'm thinking maybe we can do the like can collect
• 20:52
  Speaker 2: thing and then he can invest that money or like,
• 20:54
  Speaker 2: but how do you even make it sexy? Do you
• 20:57
  Speaker 2: enjoy that? I.
• 20:58
  Speaker 3: What I do is I Well, I take a can
• 21:01
  Speaker 3: of soft drink every day into work to have with
• 21:04
  Speaker 3: my lunch and I just bring it home with me.
• 21:06
  Speaker 3: And then I just have like a container in the
• 21:08
  Speaker 3: garage where I store it all. And then the place
• 21:11
  Speaker 3: where I do it, I don't even have to sort it.
• 21:13
  Speaker 3: Like I literally just drop off the bag and they
• 21:14
  Speaker 3: count it for me.
• 21:15
  Speaker 2: Excuse me? That's so good.
• 21:18
  Speaker 3: So it's really easy. And like the last time I went,
• 21:21
  Speaker 3: I think I got like $ 26. So I just store them.
• 21:24
  Speaker 3: So I got a car ride full.
• 21:26
  Speaker 2: Yeah, money, win, love. All right, money, let's flip the script.
• 21:30
  Speaker 2: What's your worst money habit?
• 21:31
  Speaker 3: I'm really bad at being able to justify purchases because
• 21:36
  Speaker 3: I go, oh, but I don't buy a lot. So
• 21:38
  Speaker 3: then I just spend money on frivolous things that are
• 21:42
  Speaker 3: quite small amounts. And that's what I was saying in
• 21:46
  Speaker 3: my little thing I sent through, that entertainment is one
• 21:50
  Speaker 3: of my worst habits. expenses because I like going out
• 21:54
  Speaker 3: with my friends and seeing shows. So I just justify
• 21:57
  Speaker 3: it because I'm like, yeah, but I need to enjoy
• 21:59
  Speaker 3: my life.
• 22:00
  Speaker 2: I mean, I think that's a really good justification, but
• 22:02
  Speaker 2: I want to know a little bit more about what
• 22:04
  Speaker 2: entertainment means to you. Cause like we were talking about
• 22:07
  Speaker 2: this in my team the other day and one of
• 22:09
  Speaker 2: the girls was like, yeah, I go to the movies
• 22:10
  Speaker 2: and then we'll tell you about how expensive the movies
• 22:12
  Speaker 2: is becoming. But then I was also like, but girl,
• 22:15
  Speaker 2: you're doing that once a month. Like who cares? Like
• 22:17
  Speaker 2: you're still catching up with your mates and you don't
• 22:18
  Speaker 2: even go out for brunch ever. what would your total
• 22:21
  Speaker 2: entertainment look like?
• 22:23
  Speaker 3: So at the moment it sits at about $ 350 for
• 22:27
  Speaker 3: things like eating out.
• 22:29
  Speaker 2: A week or a month?
• 22:30
  Speaker 3: A fortnight.
• 22:30
  Speaker 2: Okay.
• 22:31
  Speaker 3: A fortnight. Sorry.
• 22:32
  Speaker 2: Just asking for context. No, that's okay.
• 22:35
  Speaker 3: And so yeah, it covers like mostly like eating out,
• 22:38
  Speaker 3: hanging out with my friends, stuff like that. But then
• 22:40
  Speaker 3: I also spend, I think it's $ 150 a fortnight. I
• 22:45
  Speaker 3: put into like bigger things and that was like a save,
• 22:48
  Speaker 3: more like a savings account. So it's like If I
• 22:50
  Speaker 3: want to go see a $ 200 concert, that'll come out
• 22:53
  Speaker 3: of that one.
• 22:53
  Speaker 2: So you've planned for those bigger expenses.
• 22:57
  Speaker 3: Yeah. So I don't have to touch my savings accounts.
• 23:00
  Speaker 2: Hold on. So make me make this make sense. You
• 23:02
  Speaker 2: said my worst habit is entertainment. And then when we
• 23:05
  Speaker 2: dive further in, you're like, but I budget for it.
• 23:08
  Speaker 2: It goes into a separate account. It's something that's in
• 23:10
  Speaker 2: line with my values. Tell me why this is making
• 23:15
  Speaker 2: you feel so guilty when you have such a good
• 23:17
  Speaker 2: little strategy and plan around it and you're not eating
• 23:20
  Speaker 2: into any of your savings to do these things.
• 23:22
  Speaker 3: I don't know. I think just because I save for it,
• 23:24
  Speaker 3: I let myself buy things that I don't need. Very
• 23:27
  Speaker 3: short term gratification, if that makes sense. Like I'll buy
• 23:30
  Speaker 3: something for $ 7 that I don't actually want, but I'm like,
• 23:33
  Speaker 3: but I have the money there. but then I use
• 23:34
  Speaker 3: it once and then I never touch it again.
• 23:36
  Speaker 2: So what would be the perfect outcome here? Is that
• 23:40
  Speaker 2: you just don't spend money or is it you maybe
• 23:43
  Speaker 2: putting some time between you and that purchase? Because I
• 23:46
  Speaker 2: feel like you're good with money. So these little purchases,
• 23:50
  Speaker 2: I think if they're things that you go, Navi, I
• 23:53
  Speaker 2: love it. It sparks joy. But am I hearing that
• 23:55
  Speaker 2: it's not sparking any joy?
• 23:57
  Speaker 3: And you're like, it sparks short-term joy. I have the item.
• 24:00
  Speaker 3: I'm like, yes, I love it. The next day I'm like,
• 24:03
  Speaker 3: why did I do that?
• 24:04
  Speaker 2: Yeah. Okay. Okay.
• 24:05
  Speaker 3: Like I bought the other day, it was $ 7 like
• 24:08
  Speaker 3: to use this app. I have not used it since.
• 24:11
  Speaker 3: I used it for 10 minutes.
• 24:12
  Speaker 2: Go cancel it right now.
• 24:13
  Speaker 3: Right now.
• 24:14
  Speaker 2: You go cancel that ASAP.
• 24:15
  Speaker 3: But I already have. Yeah.
• 24:17
  Speaker 2: Okay, Quinn. I feel like this is really relatable as
• 24:20
  Speaker 2: well because it's like, I want to have balance. But
• 24:22
  Speaker 2: then also when I go to do it, maybe we
• 24:25
  Speaker 2: need to, even though the money's there, go, if I
• 24:28
  Speaker 2: still want it tomorrow, I can have it. Like implementing
• 24:31
  Speaker 2: like another buffer that's not stopping you from having it.
• 24:34
  Speaker 2: Because I think that if we become too restrictive, that
• 24:37
  Speaker 2: actually really weighs on our mental health. But... putting 24
• 24:41
  Speaker 2: hours between you and your spending on that account could work.
• 24:44
  Speaker 2: Be like, if I want this $ 7 item, maybe I
• 24:47
  Speaker 2: can just go and buy it tomorrow. And then most
• 24:50
  Speaker 2: of the time you won't be bothered because you'll be like, oh,
• 24:52
  Speaker 2: I'm not coming back for Kmart tomorrow. Like I was
• 24:55
  Speaker 2: here today.
• 24:55
  Speaker 3: No, I've definitely been in a situation where I've been
• 24:58
  Speaker 3: too restrictive of my money. So I think that's why
• 25:01
  Speaker 3: I get so frustrated because I used to be so
• 25:03
  Speaker 3: good at it, restricting it and try. I'm struggling to
• 25:06
  Speaker 3: find a balance between being restrictive, but also letting myself
• 25:09
  Speaker 3: have things. And that's why I call it a bad
• 25:12
  Speaker 3: habit because I'm like, I've been on both sides and
• 25:14
  Speaker 3: I'm trying to find a middle ground.
• 25:16
  Speaker 2: Oh my goodness. Oh, okay. So let's just recap. Your
• 25:21
  Speaker 2: money story is quite positive. You've had some really great
• 25:24
  Speaker 2: saving habits. You invested in crypto, but somehow learned from
• 25:28
  Speaker 2: it instead of just being scared off the share market completely.
• 25:31
  Speaker 2: You're saving for your first home whilst also planning to
• 25:36
  Speaker 2: move out. You're 23, so you've got incredible amounts to
• 25:40
  Speaker 2: fall back on if something did happen. You do invest.
• 25:44
  Speaker 2: You've got a plan around your HECS debt, but you
• 25:46
  Speaker 2: don't have any other debt at all. Again, I need
• 25:48
  Speaker 2: to remind people, 23 and has her personal insurances set up?
• 25:52
  Speaker 2: What the heck? Tell me about that grade that you
• 25:55
  Speaker 2: gave yourself at the start. I'm listening back to this person.
• 25:58
  Speaker 2: Do you think that that's a fair grade to put
• 26:00
  Speaker 2: on them?
• 26:01
  Speaker 3: Um, probably not. I'm just really critical of myself. Exactly.
• 26:05
  Speaker 2: But like, why can't we start talking to ourselves in
• 26:08
  Speaker 2: the same way we would talk to somebody else in
• 26:10
  Speaker 2: our community or talk to a friend? Like, would you
• 26:14
  Speaker 2: ever be like to your friend? Oh my goodness, you're
• 26:16
  Speaker 2: doing all of this cool stuff. Bad money grade.
• 26:21
  Speaker 3: Probably not. I'd probably be like, oh my gosh, you
• 26:23
  Speaker 3: go girl.
• 26:24
  Speaker 2: Thank you. So what type of grade would this person,
• 26:27
  Speaker 2: if it wasn't you, get?
• 26:28
  Speaker 3: I'd be like a B plus.
• 26:30
  Speaker 2: Okay. Why a B plus? What would it take to
• 26:33
  Speaker 2: get this person from a B plus all the way
• 26:36
  Speaker 2: up to an A? Not an A plus, just an A.
• 26:38
  Speaker 3: Probably be a little bit more aggressive in... investing. I'm
• 26:43
  Speaker 3: still a little bit scared. I have learned from it,
• 26:45
  Speaker 3: but I'm still am a little bit scared. Like I'll
• 26:47
  Speaker 3: let money sit in there for quite a while before
• 26:49
  Speaker 3: I invest it. Cause I get really nervous. That seems fair.
• 26:54
  Speaker 3: And yeah, trying to keep down some of the frivolous
• 26:57
  Speaker 3: things that I spend my money on.
• 26:58
  Speaker 2: I'm just so proud of you, my queen. I am
• 27:01
  Speaker 2: so excited that you're in our community. So excited that
• 27:04
  Speaker 2: you're starting so young. Like you are off to a
• 27:07
  Speaker 2: racing start and you're going to be, I don't like
• 27:12
  Speaker 2: which for you right now, you're like V, that's like
• 27:15
  Speaker 2: literally double my age. But like, do you know what's terrifying?
• 27:19
  Speaker 2: I am closer to 40 than I am 30 today.
• 27:21
  Speaker 2: And that is low-key terrifying. But also I'm not mad.
• 27:25
  Speaker 2: Age is a privilege denied to many people. So I'm
• 27:28
  Speaker 2: not mad, but also like, it just feels like life
• 27:29
  Speaker 2: is starting to get away from me so quickly. But
• 27:33
  Speaker 2: you're going to be 40 and just like set. Like,
• 27:36
  Speaker 2: my goodness, is that something that you think about that
• 27:38
  Speaker 2: you're like, I'm working towards my future? Or are you
• 27:41
  Speaker 2: just like, in the moment a bit more where you're like,
• 27:43
  Speaker 2: these are just things I want and I'm working towards them.
• 27:45
  Speaker 2: Like what's your like overarching mindset on this?
• 27:49
  Speaker 3: It's a bit of both. I'm very big on like
• 27:51
  Speaker 3: planning for the future. Like you never know what's going
• 27:53
  Speaker 3: to happen tomorrow. But I'm very big on like trying
• 27:56
  Speaker 3: to plan myself up to success. I'd really like to
• 27:59
  Speaker 3: not have to work all the way until I'm like 65.
• 28:01
  Speaker 3: I'd like to retire a little bit earlier.
• 28:03
  Speaker 2: Oh, you will with this planning. Like you absolutely are
• 28:06
  Speaker 2: going to. Like I have no doubt. I don't see
• 28:09
  Speaker 2: why that wouldn't be completely possible for you.
• 28:11
  Speaker 3: Yeah. Or even if not just, I like working. So
• 28:14
  Speaker 3: even just like working part-time after an early age would
• 28:17
  Speaker 3: be nice. But then also, yeah, I'm just big on
• 28:20
  Speaker 3: planning for my life. I don't like surprises and I'm
• 28:24
  Speaker 3: really scared of debt. Like absolutely terrified of it. So
• 28:29
  Speaker 3: I'm really big on like planning for everything that could
• 28:32
  Speaker 3: possibly happen. so I don't have to go into a debt.
• 28:34
  Speaker 2: Money Jairus, you are phenomenal. I am obsessed. Thank you
• 28:38
  Speaker 2: so much for sharing your story and being so open
• 28:41
  Speaker 2: and so cheerful, like at the same time as obviously
• 28:44
  Speaker 2: wanting to protect your anonymity. I wish people could see
• 28:48
  Speaker 2: you because like you're beaming, you just look so friendly
• 28:50
  Speaker 2: and nice. And I hope that at some point you
• 28:52
  Speaker 2: and I get to cross paths in real life, but
• 28:54
  Speaker 2: it's been a privilege spending this time with you and
• 28:56
  Speaker 2: getting your money story and just learning a bit more
• 28:59
  Speaker 2: about you so thank you so much for sharing.
• 29:02
  Speaker 3: No thank you so much for having me it's been
• 29:03
  Speaker 3: so fun.
• 29:04
  Speaker 2: I'm glad the advice shared on she's on the money
• 29:12
  Speaker 2: is general in nature and does not consider your individual
• 29:15
  Speaker 2: circumstances she's on the money exists purely for educational purposes
• 29:20
  Speaker 2: and should not be relied upon to make an investment
• 29:22
  Speaker 2: or financial decision If you do choose to buy a
• 29:25
  Speaker 2: financial product, read the PDS, TMD and obtain appropriate financial
• 29:29
  Speaker 2: advice tailored towards your needs. Victoria Devine and She's On
• 29:33
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