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FRIDAY DRINKS: What's Ownhome? · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
0:23
Speaker 2: Hello, and welcome to She's on the Money, the podcast
0:26
Speaker 2: for millennials who want financial freedom. Today is Friday, Guys,
0:30
Speaker 2: it means it is time to sit back with our
0:32
Speaker 2: friends with a bev in hand, to unpack our favorite
0:35
Speaker 2: moments of the week, and of course, to celebrate you
0:38
Speaker 2: the incredible She's on the Money community. As always, we
0:42
Speaker 2: are going to be sharing our favorite wins. We are
0:44
Speaker 2: going to be discussing what is making news in the
0:46
Speaker 2: finance world, and we'll be helping to answer a juicy
0:49
Speaker 2: money question all about managing your partner's money when maybe
0:52
Speaker 2: they're not as responsible as they'd like to be. So
0:55
Speaker 2: just before we get there, Jessica Ricci, can you please
0:59
Speaker 2: take us through what happened on Money Diaries this way?
1:02
Speaker 3: Oh my goodness, Monday's episode was quite the journey. We
1:06
Speaker 3: spoke to a beautiful.
1:07
Speaker 2: Diariss It was. It was wild. Really, I was not prepared.
1:11
Speaker 3: She had lived in many, many countries and done so
1:14
Speaker 3: many brilliant things, but she had also just dug herself
1:18
Speaker 3: into this whole of debt, and she took us through
1:21
Speaker 3: her journey that spanned literally five or six years and
1:24
Speaker 3: took us right through.
1:25
Speaker 2: Her and five contents. Five contents took.
1:28
Speaker 3: Her through her emotions, her feelings, how that played out.
1:31
Speaker 3: She had to do some things she said that at
1:33
Speaker 3: the time she you know, didn't want to or wasn't
1:35
Speaker 3: proud of, but you know, she pushed through, she persevered,
1:39
Speaker 3: she did what she had to, and her and her
1:41
Speaker 3: partner have actually just recently moved to Australia, which is
1:44
Speaker 3: really fun and exciting. And after all of that, she's
1:47
Speaker 3: now looking to buy property, which I think is just incredible.
1:50
Speaker 2: I found this story honestly a bit of a rollercoaster.
1:53
Speaker 2: I would be lying if I said it didn't give
1:55
Speaker 2: me anxiety when she was explaining it all and how
1:58
Speaker 2: different debts were in different currencies, and then she moved
2:02
Speaker 2: to Vietnam, so she was being paid in dong but
2:04
Speaker 2: then owed money in Australia. And I cannot, like I
2:06
Speaker 2: already struggle when I go overseas guys and have to
2:10
Speaker 2: remember the currency conversions, like I suck at stuff like that.
2:13
Speaker 2: In fact, I'm the one that goes overseas and goes
2:17
Speaker 2: a little bit unprepared. You know how, if you were
2:19
Speaker 2: jessic Ici, you'd already know, like whitchcard had what transfer fee,
2:22
Speaker 2: Like I'm the absolute nim wit that believes that they
2:25
Speaker 2: have no international transaction fees and then get stung with
2:28
Speaker 2: the like really high conversion rate, like I am a potato,
2:31
Speaker 2: So I cannot imagine having to deal with debt internationally
2:35
Speaker 2: Like that just sounds terrifying. But the fact that she's
2:38
Speaker 2: out of it and she's on the right path and
2:40
Speaker 2: she's literally earning six figures in her dream job, now,
2:44
Speaker 2: like just what she was incredible. I was obsessed.
2:46
Speaker 3: She was super cool. She raised some really interesting points,
2:49
Speaker 3: as you said, around like the cost of sending money
2:52
Speaker 3: back home and the conversions and the tax and things
2:55
Speaker 3: that I personally had never thought about as someone who's
2:58
Speaker 3: not half as ventress as she is. So definitely well
3:01
Speaker 3: worth the listen if you're interested.
3:02
Speaker 2: I feel like Georgie is just as adventurous. But George,
3:06
Speaker 2: you haven't been in personal debt, so you can't relate
3:08
Speaker 2: to that. But you would go and live in a
3:10
Speaker 2: million different countries on a whim.
3:11
Speaker 4: I feel, oh if I could if COVID wasn't a thing.
3:15
Speaker 2: But I feel we like COVID. We like it because
3:18
Speaker 2: we got to keep Georgia King.
3:20
Speaker 4: But no, I feel like I'm more like you Vikid.
3:22
Speaker 4: I'm more scattered when it comes to like understanding, well, actually,
3:26
Speaker 4: you totally understand the financial ramifications of tax and what
3:29
Speaker 4: you're doing. But I wouldn't be as organized as Jess.
3:32
Speaker 2: Oh yeah, No, I get that. It's currency conversion that
3:35
Speaker 2: gets me overseas, like I get tax. I get the
3:38
Speaker 2: ramifications of that, like Lord knows, I know. But it's
3:42
Speaker 2: when you go overseas and you're like, don't want to
3:44
Speaker 2: think about it too much, and you're like, whatever, I'll
3:46
Speaker 2: just pop it on my card or I'll just go
3:47
Speaker 2: to this ATM and get some money out, and like
3:49
Speaker 2: that's a very privileged thing to say, I feel, but
3:52
Speaker 2: I just had never considered it. And I remember coming
3:55
Speaker 2: home from Bali one time. I was there for a
3:57
Speaker 2: work conference and I came home and I was like,
4:00
Speaker 2: what is all of this? Like I couldn't work out
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Speaker 2: what the exchange rate charges were and why they were
4:05
Speaker 2: so much money on my debit card. It just turns
4:08
Speaker 2: out like they might not have had any fees, but
4:11
Speaker 2: they definitely had the exchange rate.
4:14
Speaker 5: Cool from me.
4:15
Speaker 2: Cool from me. But moving on from Monday's episode, George King,
4:20
Speaker 2: what did we talk about on Wednesday's Deep.
4:22
Speaker 5: Dive Victoria Devine?
4:23
Speaker 4: Look, it wasn't maybe as interesting as that money diary,
4:26
Speaker 4: because that does sound quite fascinating. We spoke about mortgage refinancing.
4:32
Speaker 2: Joy to the world. No, I feel like it's exciting.
4:36
Speaker 3: It can save you money.
4:37
Speaker 5: Yeah, exactly, well done, Jess.
4:40
Speaker 2: Look, it can save you money and it can be
4:42
Speaker 2: really sexy. And I mean we didn't say it on
4:45
Speaker 2: the episode, but we do have some very exciting news
4:48
Speaker 2: around the refinancing mortgage broking space coming up soon for Zella,
4:52
Speaker 2: So keep your eyes in ears peeled. But I find
4:55
Speaker 2: it sexy. I was joking just then. But George, what
4:58
Speaker 2: did we talk about? What would the take?
5:00
Speaker 4: Well, we spoke about what it is, and for anyone
5:02
Speaker 4: who is completely unaware, it's basically just transferring your home
5:07
Speaker 4: loan from one bank or Linda to another, or perhaps
5:10
Speaker 4: refinancing with the bank you are currently with, to essentially
5:13
Speaker 4: get a better deal, meaning your repayments are.
5:15
Speaker 5: Lower, the life of your loan may.
5:18
Speaker 4: Be shorter, and there's lots of perks, but there also
5:21
Speaker 4: are somethings to be mindful of. And we did run
5:24
Speaker 4: through the common mistakes that people make when refinancing, So
5:27
Speaker 4: if you're interested, give it a listen.
5:30
Speaker 2: I feel like everybody thinks that refinancing is like the
5:33
Speaker 2: smartest thing to do if you've got a mortgage, like
5:35
Speaker 2: you should do it every year, but you can actually
5:38
Speaker 2: end up shooting yourself in the foot. So if you
5:39
Speaker 2: are one of those people, go listen to the episode,
5:42
Speaker 2: because it turns out, guys, I have an opinion and
5:45
Speaker 2: I shared it on the podcast, so weird. But moving on, George,
5:49
Speaker 2: because I don't want to talk about me anymore jokes.
5:52
Speaker 2: I always want to talk about me, George. What happened
5:54
Speaker 2: in the Facebook group this week? What are the money
5:57
Speaker 2: wins that you are going to showcase?
5:59
Speaker 4: I've got some belts as always, they're quite long as well,
6:02
Speaker 4: so brace yourselves, my friends. The first win of the
6:06
Speaker 4: week comes from Jacqueline So. She had booked a hotel
6:09
Speaker 4: room for her besties hens party, but then realized booking
6:13
Speaker 4: dot Com was actually on shot back, so Ben she yeah,
6:16
Speaker 4: I know, So she canceled her original booking through booking
6:19
Speaker 4: dot Com and rebooked via shot back to score sixty
6:22
Speaker 4: dollars back in her pocket. Sixty dollars is better than
6:25
Speaker 4: no dollars, she wrote shot back.
6:27
Speaker 2: Also money win for them. They got to mention on
6:29
Speaker 2: two podcasts. This week She's on the Money podcast Exactly
6:33
Speaker 2: everyone wins, Yes, hit them up, let them know.
6:37
Speaker 4: The final part of that win was that she also
6:39
Speaker 4: found her pet food store on there, so you bet
6:43
Speaker 4: she now orders all her dogs needs. Fia shot back
6:46
Speaker 4: on the same website. Genius lovely, what a genius. The
6:49
Speaker 4: next win that comes from Mirn. She has been trying
6:52
Speaker 4: to cut out her sushi and uber It's orders for
6:55
Speaker 4: a while now, but she's just never quite been able
6:57
Speaker 4: to give it up for good. She decided this year
7:00
Speaker 4: that instead of going cold turkey, she teach herself how
7:03
Speaker 4: to make it at home once a week. It's been
7:05
Speaker 4: three weeks since her last uber eats, which is saving
7:08
Speaker 4: her between thirty and forty dollars each time. So what
7:12
Speaker 4: she has made is sushi. She's taught herself how to
7:15
Speaker 4: create everyone's favorite little Japanese dish so clever.
7:19
Speaker 2: Oh my gosh, I love that. I feel like that's
7:21
Speaker 2: far more complex than we actually give it credit as well,
7:24
Speaker 2: like sushi, rice is on a different level and I
7:28
Speaker 2: can't cook rice without burning the bottom of the pot,
7:31
Speaker 2: so we take sure every time. I always make sure
7:34
Speaker 2: there's extra rice in the pot so that that burnt
7:37
Speaker 2: bit still happen and I just get the good rice
7:40
Speaker 2: off the top. Yeah. That's that's how Victoria cooks. That
7:43
Speaker 2: is why I do finance.
7:45
Speaker 6: Not food.
7:47
Speaker 4: She also attached a really cute photo of the sush So,
7:51
Speaker 4: I don't know, look out sushi Sushi.
7:52
Speaker 5: There could be a new chef in town. Okay.
7:56
Speaker 4: Our next win is from Ali, so this is actually
7:58
Speaker 4: more of a PSA for the girlies rather than a
8:01
Speaker 4: win of her own. So she was discussing some frugal
8:04
Speaker 4: tips with her girlfriends over the weekend and she thought
8:06
Speaker 4: she'd share them with us, which we love. So if
8:09
Speaker 4: she is wanting to purchase a product but there isn't
8:12
Speaker 4: a readily available discount, she'll hit up the brand's Instagram
8:16
Speaker 4: and go through the tag posts until she finds a
8:19
Speaker 4: current influencer code and then she'll use that.
8:22
Speaker 5: Yeah how smart.
8:23
Speaker 2: That's actually so smart. Also, that influencer is very grateful. Yeah,
8:27
Speaker 2: and I'm sure for you using their code. Wait, why
8:30
Speaker 2: does that wear? It's because the influencer will then get
8:33
Speaker 2: like paid more or do they get more off, what's
8:36
Speaker 2: you guys are both influencers. Yeah, but most of the
8:38
Speaker 2: time when I get a code, I'm not getting paid
8:41
Speaker 2: for it. It just tells the business that I'm working
8:43
Speaker 2: with that you're in their code is working, and that
8:46
Speaker 2: like it worked. And it's very nice when you know
8:49
Speaker 2: a brand has taken their time out to maybe send
8:51
Speaker 2: me a product. Like our friends the LSKD Jess they
8:54
Speaker 2: send us active where sometimes and we both get that
8:57
Speaker 2: and so they share a code and I really like
8:59
Speaker 2: when I know my community using it because it's like, guys,
9:02
Speaker 2: they sent me free activewear, and you're like letting them
9:05
Speaker 2: know that it worked. So I don't know, I just
9:07
Speaker 2: really like it.
9:08
Speaker 4: This is unrelated guys, but they sent me stuff too.
9:11
Speaker 4: They are so actressed. I was like, oh, I'm not
9:14
Speaker 4: going to boast about it because I have two followers, but.
9:18
Speaker 2: Solid, oh my gosh, the little she's on the money
9:22
Speaker 2: LSKD group like, oh my gosh, Yess, we need to
9:25
Speaker 2: hit them up. Can you imagine wait for it, Peach
9:28
Speaker 2: active wear. They've never done it.
9:31
Speaker 3: DM them a little while ago about they showed like
9:34
Speaker 3: men's past or stuff and I was like, please tell
9:37
Speaker 3: me it's coming. In women's You know, I'm totally going
9:40
Speaker 3: to send her a dam and be like, hey, is
9:41
Speaker 3: that a thing? Because I would wear Peach activewear.
9:44
Speaker 2: I don't understand who wouldn't wear Peach active wear. It
9:46
Speaker 2: has to be the right Peach. So we'll need to
9:49
Speaker 2: work really closely with you guys to make sure it
9:51
Speaker 2: is the right Peach. But you know, Jess and I
9:53
Speaker 2: were willing. We're willing and able. Can you imagine I'll
9:56
Speaker 2: put my bees on the money activewear? It could be
9:58
Speaker 2: all brand yep, we will keep it eye hopefully coming
10:02
Speaker 2: to disguise the audacity we have in even thinking that's
10:06
Speaker 2: remotely gonna happen. Like anyway, I'll take my free leggings
10:11
Speaker 2: things I've ever worn.
10:12
Speaker 5: Just for the record, really, I haven't tried them one yet.
10:15
Speaker 2: I like George literally literally I like them so much.
10:19
Speaker 2: The base collection is literally so buttery. And just to
10:23
Speaker 2: disclaimer this, I'm only talking about them because I'm obsessed
10:25
Speaker 2: with them, not because they're paying me to talk about them.
10:29
Speaker 2: Like I could talk about Lulu Lemon in the same way,
10:31
Speaker 2: but they ain't the same.
10:32
Speaker 5: You guys, can't.
10:33
Speaker 3: I'm literally wearing a pair of the bass leggings right now.
10:36
Speaker 5: Good flexibility for you.
10:38
Speaker 3: Everyone can't see you, Pray for those of you who
10:43
Speaker 3: aren't Georgia or I who actually can't see the podcast out.
10:47
Speaker 2: Jess just did some tan trick yoga to show us
10:51
Speaker 2: her her types.
10:53
Speaker 3: On that delightful note, George, what's the next?
10:56
Speaker 1: Okay?
10:57
Speaker 4: The next twin that comes from the Lovely Olga. Her
11:00
Speaker 4: twenty twenty two resolution has been to stick to only
11:03
Speaker 4: one takeaway lunch per week when she's at work, and
11:06
Speaker 4: the rest of the time she has to bring them
11:07
Speaker 4: from home. We love that it's been working for here
11:10
Speaker 4: so far, and she says it doesn't actually feel as
11:12
Speaker 4: restrictive as she expected it to, so that's amazing. That's
11:16
Speaker 4: win number one.
11:17
Speaker 2: Okay, genius, hold on, but can someone post in the
11:20
Speaker 2: Facebook group like actual lunch ideas so you know how
11:24
Speaker 2: like sometimes people be like, oh my god, take cut
11:27
Speaker 2: up cucumber and carrot and celery to lunch, like to
11:30
Speaker 2: work for lunch, and you're like, well, that's gonna last
11:33
Speaker 2: a day before I want something else. Can we do
11:35
Speaker 2: a realistic lunch thread, like what are you actually taking
11:38
Speaker 2: to work for lunch? Because like jessic Rici She's turned
11:42
Speaker 2: up to the office with just like I wanted to
11:45
Speaker 2: bring lunch today, and I'll be like what is that?
11:47
Speaker 2: And You'll be like, oh, all I had in the
11:48
Speaker 2: house was bag or courtship sorry call it like I
11:52
Speaker 2: get it, but like it's so relatable. You like want
11:56
Speaker 2: to take lunch to work sometimes and you're like, well,
11:59
Speaker 2: I don't have all this to do, like an adult
12:01
Speaker 2: version of a Bento box, Like I get all of
12:04
Speaker 2: this like meal prep stuff, and if you guys are
12:06
Speaker 2: doing it, it can go on the realistic thread, but like,
12:08
Speaker 2: what do you have for lunch today work? Like was
12:11
Speaker 2: it a can of tuna? Like was it a packet
12:14
Speaker 2: of minute rice? Because that's what I would do, Like, Jess,
12:17
Speaker 2: you've seen what I eat. Like sometimes, Jess, I've literally
12:19
Speaker 2: been like, oh, I don't have time to make lunch.
12:21
Speaker 2: I'm just gonna eat this whole avocado and You'll be
12:23
Speaker 2: like what are you doing? But I'm like, I'm not
12:25
Speaker 2: buying lunch, it's just not happening.
12:27
Speaker 4: Sticking to the guns, my friend and I when we
12:29
Speaker 4: were traveling in Bali when we were young and poor,
12:33
Speaker 4: we came up with this philosophy or this mantra I guess,
12:37
Speaker 4: And it was called on a budget, not a diet.
12:40
Speaker 4: So we just eat oh yeah, chips for dinner. The cheaper,
12:44
Speaker 4: the better vodka cruser. That'll do bin tang. And it
12:48
Speaker 4: really has it stood the test of time. Maybe less
12:51
Speaker 4: so for my health, but.
12:53
Speaker 2: Not for your health. But I do genuinely believe that
12:55
Speaker 2: there seems to be this like connection where if your
12:58
Speaker 2: meal prepping, it has to be you meal prepping like
13:01
Speaker 2: super healthy things to take to work, Like some kind
13:04
Speaker 2: of shame exists, not in my world, but some kind
13:07
Speaker 2: of shame seems to be existing where if you made
13:09
Speaker 2: like a big dirty spag bowl and you were like,
13:12
Speaker 2: I'm going to take an epic serving of this, somehow
13:14
Speaker 2: that's not as acceptable as making a veggie platter, like
13:18
Speaker 2: I don't know.
13:18
Speaker 4: Oh on this bag bowl, guys feels so, I guess
13:21
Speaker 4: we're interested to hear what Olga is bringing into lunch.
13:24
Speaker 5: Let us know.
13:26
Speaker 4: But beyond that, there's a couple more wins in here.
13:28
Speaker 5: One of what else?
13:29
Speaker 4: Your colleagues noticed that she was being frugal and she
13:32
Speaker 4: was like, Olga, love, why don't you start giving up
13:35
Speaker 4: coffee as well? Old say a respectisty I identify that
13:40
Speaker 4: that is a money drainer. But I love my coffee.
13:42
Speaker 4: It's not going to happen.
13:43
Speaker 5: Lunch is enough. That's my limit.
13:45
Speaker 2: Olga knows her values. I really hate values. I think
13:48
Speaker 2: that's really important. Like, I think it is so important
13:51
Speaker 2: to know what you're willing to compromise on and what
13:53
Speaker 2: you're not. Because I'm with Olga, we aren't compromising on
13:56
Speaker 2: the coffee.
13:56
Speaker 4: Precisely, and it makes it more sustainable because you're not
13:58
Speaker 4: cutting everything out. But anyway, on Friday, Olga won a
14:03
Speaker 4: whole year of coffee from a new coffee shop right
14:06
Speaker 4: next door to her work. So now she's getting a
14:09
Speaker 4: free coffee every day for the rest of the year.
14:12
Speaker 2: So she deserves that so much. That is karma. That's
14:16
Speaker 2: her being like, no coffee is in line with my values,
14:19
Speaker 2: and that's like the she's on the money karma train
14:21
Speaker 2: coming around and being like.
14:22
Speaker 4: We see you, we hear you. But you're still saving
14:25
Speaker 4: we produce the goods. She said, she's putting all of
14:27
Speaker 4: the money she's saving from that coffee into her emergency
14:30
Speaker 4: fund as well.
14:31
Speaker 5: So what a woman love that?
14:33
Speaker 4: Yes, Okay, the next win is from Alana money win.
14:37
Speaker 4: I pay it down in my last personal loan payment
14:39
Speaker 4: this Thursday. Then I'll finally be debt free after racking
14:43
Speaker 4: up over twelve thousand dollars of debt, then falling too
14:46
Speaker 4: ill to work, and having taken guardianship of an at
14:49
Speaker 4: the time seven month old, and then having my own child.
14:52
Speaker 4: Money has been extremely tight of late, but I finally
14:56
Speaker 4: paid it all.
14:57
Speaker 5: How special is that?
14:58
Speaker 2: Well, that's some our house stuff over there, like, I
15:02
Speaker 2: love that. Of course money was tight for you. That
15:04
Speaker 2: sounds like a lot.
15:05
Speaker 4: And with that epic money when girls, I'll leave you
15:09
Speaker 4: with the final one here from Cassandra. She found five
15:12
Speaker 4: dollars on the ground.
15:14
Speaker 2: Yeahs money weir?
15:16
Speaker 3: That takes me back to the OG story of George
15:18
Speaker 3: finding five bucks on the street ones or was it ten?
15:21
Speaker 5: I don't remember.
15:22
Speaker 3: Alrighty, we're back and I have an interesting one for you.
15:25
Speaker 5: This week.
15:26
Speaker 3: A couple of people DMed this to us, and I
15:28
Speaker 3: just thought we had to talk about it because I
15:30
Speaker 3: found it really, really interesting. But we'll get into it.
15:33
Speaker 3: So you might have seen flirting around. There's been quite
15:36
Speaker 3: a bit of pr done for this new startup. And
15:39
Speaker 3: I'll read you the title of the AFI article that
15:42
Speaker 3: I saw which says CBA backs live now by later
15:45
Speaker 3: startup that will ditch home deposits. So of course they
15:48
Speaker 3: got me intrigued. We all know how we feel about
15:51
Speaker 3: buying our pay later.
15:52
Speaker 2: What I haven't seen this yet, Jess, please explain.
15:55
Speaker 3: So it's not as scandalous as that title kind of
15:58
Speaker 3: leads you to belieu. AFR seems to be getting a
16:00
Speaker 3: little clickbaity. But essentially, if a platform called own home,
16:04
Speaker 3: which is in the rent to own space, which we
16:07
Speaker 3: actually spoke about on the Pod a couple of weeks ago,
16:09
Speaker 3: if anyone wants to head back and listen to it,
16:11
Speaker 3: it says in this article it's much more common in
16:13
Speaker 3: the US than it is here, but it does float
16:15
Speaker 3: around and it has for a little while. But the
16:17
Speaker 3: thing that really intrigued me is that it's being backed
16:20
Speaker 3: by Commonwealth Bank, which obviously means that they're seeing a
16:23
Speaker 3: lot of value in this space. And the article does
16:26
Speaker 3: go on to say that at least initially, CBO is
16:29
Speaker 3: not going to add it to their current app that
16:31
Speaker 3: they have, but they anticipate that this kind of model
16:35
Speaker 3: of renting to own is going to become really really popular.
16:39
Speaker 3: And I know that we already spoke about this a
16:41
Speaker 3: little bit on the podcast, but I'm interested to note if,
16:43
Speaker 3: knowing that a more legitimate, I suppose option exists that's
16:48
Speaker 3: being backed by these big businesses, if that changes any
16:51
Speaker 3: of the perspectives we shared, because I know we spoke
16:54
Speaker 3: about how it can be a little sketchy sometimes.
16:57
Speaker 2: Yeah, well this is very different, Like, this is a
17:00
Speaker 2: very different product I think than the ones that we
17:03
Speaker 2: were talking about, and given it's being backed by CBA,
17:07
Speaker 2: I would assume, and this is definitely assumption, that it
17:11
Speaker 2: is a little bit more of a legitimate model that's
17:13
Speaker 2: not planning on taking advantage of first home buyers, especially
17:17
Speaker 2: because a big part of CBA's revenue is generated from
17:21
Speaker 2: mortgage owners. Like, if you're going to give mortgages to people, like,
17:25
Speaker 2: you're not going to want to screw them over, you know,
17:27
Speaker 2: Like it just makes sense that this this might be
17:30
Speaker 2: a really legitimate option for first home buyers, especially in
17:33
Speaker 2: a world where saving up for a home deposit can
17:36
Speaker 2: take literally ten fifteen years at our ages, Like it's insane.
17:41
Speaker 3: Do you give a little bit more context. The way
17:43
Speaker 3: that it works is that own home will purchase the
17:45
Speaker 3: property for you, so they will initially buy it, they'll
17:48
Speaker 3: handle the deposit, the stamp duty, and so you as
17:50
Speaker 3: the purchaser, only pay one point five percent fee up
17:54
Speaker 3: front and you can move in, so they still own it,
17:57
Speaker 3: but you've moved in. So you then go ahead and
17:59
Speaker 3: put in adational one percent to begin a purchase offset,
18:02
Speaker 3: and then make monthly repayments so you'll build up equity
18:06
Speaker 3: over time. You should be putting in about two point
18:08
Speaker 3: five percent of the dwelling per year, and then at
18:11
Speaker 3: a later date you can elect to buy the property
18:14
Speaker 3: for a pre agreed price at any time between three
18:16
Speaker 3: or seven years. So it is a little bit more complicated.
18:19
Speaker 3: It sounds like there's quite a few steps there. I mean,
18:22
Speaker 3: what if you want to purchase the property ten years out.
18:24
Speaker 3: I don't know if that's an option.
18:26
Speaker 2: I'd be really interested just in understanding and from what
18:29
Speaker 2: I can see, there's not a lot of clarity on this,
18:31
Speaker 2: but I would be interested in understanding the credit structure
18:35
Speaker 2: and exactly what that would look like for a mortgage owner.
18:38
Speaker 2: Like obviously, you know they're saying all these great things
18:41
Speaker 2: and it sounds really good. And what I like about
18:44
Speaker 2: this is also that pre agreed price because we know
18:46
Speaker 2: property over time goes up, so the fact that you
18:49
Speaker 2: could be purchasing it for a pre agreed price, is
18:52
Speaker 2: that actually going to take into consideration inflation and like
18:55
Speaker 2: property growth. Are they going to guestimate that and guess
18:58
Speaker 2: that it'll be worth this or are they going to
19:00
Speaker 2: do it at the pre agreed price? I don't know.
19:01
Speaker 2: I just feel like there's so many things that could
19:04
Speaker 2: be really beautiful about this, but also things that could
19:07
Speaker 2: be like a little bit scary, Like what if in
19:10
Speaker 2: five to seven years your financial situation has changed dramatically? Like, Jess,
19:14
Speaker 2: what if you and your partner had broken up and
19:16
Speaker 2: now you can't afford the house on your own? Like
19:18
Speaker 2: is that time wasted instead of saving for a home deposit?
19:21
Speaker 2: I don't know. I feel like there's a lot of
19:23
Speaker 2: lack of clarity around these structures and around what's going
19:27
Speaker 2: on in the credit space. Yeah, Like I don't know.
19:30
Speaker 2: Just everything's annoying me this way. Guys.
19:33
Speaker 3: I feel like I'm sure you could jump on the website,
19:35
Speaker 3: read their pds and find a little bit more information.
19:37
Speaker 3: But something that really stuck out to me in this
19:39
Speaker 3: particular article is it said a potential buyer could access
19:43
Speaker 3: a million dollar property with a twenty five thousand dollar
19:46
Speaker 3: payment upfront, which.
19:48
Speaker 5: Is not a lot.
19:49
Speaker 4: Like.
19:50
Speaker 3: I guess it's good from a consumer perspective because you're like, oh, like,
19:52
Speaker 3: how easy. But I worry as someone who, as we've said,
19:55
Speaker 3: is currently going through the process and assessing whether I
19:57
Speaker 3: can get a mortgage and don't ask me how that's gone.
20:00
Speaker 3: But you know, is it oh I miss? I wished
20:03
Speaker 3: I didn't, I know, But is it almost setting people
20:07
Speaker 3: up a little bit for failure by saying, hey, you
20:09
Speaker 3: can have this million dollar property if you only have
20:13
Speaker 3: access to twenty five thousand dollars right now. And I
20:16
Speaker 3: understand it's really hard when people get stuck in the
20:18
Speaker 3: right race of renting and doing this and doing that. Like,
20:21
Speaker 3: I fully understand the challenges. I'm living them with you.
20:24
Speaker 3: But if you can only save a twenty five thousand
20:27
Speaker 3: dollar deposit, is does that potentially mean that you just
20:30
Speaker 3: should not be purchasing a million dollar property?
20:34
Speaker 2: Well, it's interesting because obviously on this podcast, I can't
20:38
Speaker 2: give you guys financial advice, so I don't know your
20:41
Speaker 2: financial situations near deeply enough to go well, actually that
20:45
Speaker 2: means this, that or the other. But from a financial
20:48
Speaker 2: advisor who has a very diverse amount of clients. I've
20:52
Speaker 2: sat down with clients before and said, hey, client, I've
20:55
Speaker 2: done my statement of advice and we're here to present it.
20:57
Speaker 2: And I'm sitting with a client and I just say them,
21:00
Speaker 2: it's just not financially viable for you to purchase property.
21:03
Speaker 2: I mean, if you really really want to, we can
21:05
Speaker 2: make that a goal and work in your financial goals
21:08
Speaker 2: around that. But unfortunately, because of the hurdle of the
21:12
Speaker 2: deposit and the fact that they didn't have, you know,
21:15
Speaker 2: any guarantels or anything like that, they found themselves in
21:19
Speaker 2: a position where it just wasn't that financially viable to
21:21
Speaker 2: own their own property and have all the associated risk
21:24
Speaker 2: and additional costs and to create wealth. We ended up
21:28
Speaker 2: going down a different route in saying that, I guess,
21:31
Speaker 2: you know, to give you enough context that that was
21:34
Speaker 2: the right advice to give for them. They didn't mind
21:37
Speaker 2: which asset class they wanted. They essentially came to me
21:40
Speaker 2: and said, I've got X amount, this is what I
21:42
Speaker 2: want to do. I want to create wealth. They want
21:43
Speaker 2: to work towards this. They weren't a client that came
21:46
Speaker 2: to me and said Victoria desperately want to own property,
21:48
Speaker 2: and then I just burst their bubble. They literally will like,
21:51
Speaker 2: well what do I do? And in that situation the
21:55
Speaker 2: outcome was cool property ain itsis like, that's not going
21:58
Speaker 2: to work for you. And I think that we need
22:01
Speaker 2: to come to this realization that that's not a bad thing.
22:04
Speaker 2: It's just a smart thing for some people. Like we've
22:07
Speaker 2: got this pre existing like idea in our head that
22:11
Speaker 2: purchasing property means that we've made it, and it's just
22:14
Speaker 2: so far from the truth, and it's so I guess
22:18
Speaker 2: hard to comprehend when you're not in that property owning position,
22:22
Speaker 2: Like Jess, you're not there yet. You're on the journey.
22:25
Speaker 2: And I know for sure without you know, throwing you
22:27
Speaker 2: under a bus. That's not what I'm doing. But like
22:29
Speaker 2: you definitely romanticized property, like you wait, like you love it.
22:34
Speaker 2: I know you'll love it. I know because I'm also
22:36
Speaker 2: your financial advisor as well as your boss. I know
22:39
Speaker 2: that that's the right decision for you. But so often
22:42
Speaker 2: when we're not in that driver's seat of owning the property,
22:45
Speaker 2: we only see the romantic side of it, whereas just
22:48
Speaker 2: in twelve months, you're gonna have a property and you'll
22:49
Speaker 2: be like, ah, the hot what a system broke? And
22:51
Speaker 2: you'll be like me, like, my air con is out
22:53
Speaker 2: and I don't want to pay for a new one.
22:55
Speaker 2: So I'm sitting here sweltering right now and going what
22:57
Speaker 2: am I going to do to save money while getting
22:59
Speaker 2: a new aircorn? Like it's not as sexy as people
23:01
Speaker 2: make it out to be. And yes, it is gratifying,
23:04
Speaker 2: and there's a lot of privilege in being a homeowner,
23:06
Speaker 2: but I think that a lot of people think that
23:08
Speaker 2: you've quite made it once you own property, Like we
23:12
Speaker 2: talk about it on She's on the Money all the time,
23:14
Speaker 2: and we say, you know, it's definitely not an indicator
23:17
Speaker 2: of success, Like, yes, you could purchase property, but does
23:20
Speaker 2: that mean that you're more financially stable? Not necessarily. Does
23:24
Speaker 2: that mean you have free cash flow to achieve all
23:26
Speaker 2: of your goals and the things that you want to
23:28
Speaker 2: achieve in life? No, does that mean that you're going
23:31
Speaker 2: to retire with more money? Maybe not, Like, it doesn't
23:35
Speaker 2: actually mean what you think it means. And even though
23:37
Speaker 2: I think I'm being incredibly clear in what I'm saying
23:40
Speaker 2: to you guys right now, if I still said, hey, George, h.
23:43
Speaker 2: Do you know old mate from down the road she's
23:45
Speaker 2: bought a house. You'd be like, oh, good on her.
23:47
Speaker 2: What an achievement, Like as Italy, it's something that you
23:51
Speaker 2: know should be celebrated, And please don't get me wrong,
23:53
Speaker 2: it absolutely is because it's the journey, it's the savings,
23:56
Speaker 2: it's the sacrifice that goes into creating this. And just
23:59
Speaker 2: like when you purchase your home, I'm going to be
24:02
Speaker 2: over the moon because you save so hard and you
24:05
Speaker 2: compromise so many things that you know, I know you value,
24:08
Speaker 2: because you value this goal more. And like, I get
24:11
Speaker 2: to be on that journey with you and I've spoken
24:13
Speaker 2: to you about it, and I genuinely will be so
24:16
Speaker 2: excited and so proud that you've achieved that. But it
24:19
Speaker 2: won't be because I'm like, oh my god, she's made it.
24:22
Speaker 2: She's achieved it, like she's better than everybody else. Like
24:26
Speaker 2: it's crazy. But even though we're saying what we're saying
24:29
Speaker 2: right now, people are still going to be like, oh
24:31
Speaker 2: my gosh, yeah, but it is a level of achievement,
24:34
Speaker 2: Like get that out of your brain.
24:35
Speaker 4: Can I throw in a bit of a spicy take here, ladies,
24:39
Speaker 4: go for a.
24:39
Speaker 2: Love spicy takes. This week is all about spicy taps totally.
24:43
Speaker 4: It certainly is. But could someone perhaps argue that maybe
24:50
Speaker 4: this venture is kind of capitalizing on the instant gratification
24:57
Speaker 4: culture that's kind of been cultivated. I guess throughout our generation,
25:02
Speaker 4: like you know how, we're also used to having what
25:05
Speaker 4: we want now. We'll deal with the consequences later. That's
25:07
Speaker 4: what after pay allows us to do. We'll deal with
25:09
Speaker 4: the pain later. If we're entering the property market with
25:12
Speaker 4: twenty five thousand dollars and then in three to seven
25:15
Speaker 4: years we're expected to take on a full mortgage, how like,
25:21
Speaker 4: how can we be expected to afford that if in
25:23
Speaker 4: the first place we can't. How does that work?
25:26
Speaker 3: It is worth noting here that they did say that
25:29
Speaker 3: our customers are being assessed individually, like you would be
25:32
Speaker 3: at a bank and you are having to answer the
25:33
Speaker 3: same question. So as much as the example that was
25:37
Speaker 3: provided was with twenty five thousand dollars you could get
25:39
Speaker 3: a million dollar home, I don't know that they're offering
25:41
Speaker 3: that to everybody. There's obviously a level of due diligence
25:44
Speaker 3: that they're completing, and I would imagine if a bank
25:47
Speaker 3: is backing that that it would be pretty thorough more legitimate. Okay,
25:51
Speaker 3: I guess the concept is the same, and I mean
25:54
Speaker 3: you could argue back and forth on you know, there
25:56
Speaker 3: are government grants and things that assist, and it's not easy.
26:00
Speaker 3: Getting into the property market is so challenging. We all
26:02
Speaker 3: know that. And I don't want to make a sweeping
26:05
Speaker 3: statement and say that people who haven't got a deposit
26:09
Speaker 3: are just not doing the right thing, because that's obviously
26:12
Speaker 3: not the case, because it is really challenging when you
26:14
Speaker 3: have families and other commitments. But yeah, I would really
26:19
Speaker 3: recommend people go back and listen to that episode because,
26:22
Speaker 3: like I said, we've got a heap of dms regarding this,
26:25
Speaker 3: and I think a lot of the things that you
26:26
Speaker 3: spoke about are applicable. It is just a slightly different
26:30
Speaker 3: model and one that seems to be a little bit
26:32
Speaker 3: more legitimate.
26:33
Speaker 5: One more Q. J.
26:34
Speaker 2: Rick.
26:35
Speaker 4: I'm not sure if it was in that article, but
26:37
Speaker 4: the is the idea that you can go up for
26:40
Speaker 4: any home that you're looking at and just click like
26:43
Speaker 4: the own home button or is it more of that
26:46
Speaker 4: own home is buying like estates and then you're living
26:49
Speaker 4: in a designated area or is it like a viable option.
26:52
Speaker 3: That's actually that's a really good question, Thank Scott. All Right,
26:56
Speaker 3: I've just jumped on the website G two see and
26:58
Speaker 3: the first thing I see is it choose the home
27:01
Speaker 3: of your dreams and move in straight away. So I'm
27:02
Speaker 3: assuming that you can kind of pick and choose. They
27:05
Speaker 3: will purchase on your behalf and then that model comes
27:08
Speaker 3: into play. But even there again, and to be very clear,
27:11
Speaker 3: they are not associated. They are not a buy and
27:14
Speaker 3: now pay later platform. But as you said before, it
27:17
Speaker 3: is that kind of same instant gratification. It says turning
27:21
Speaker 3: renters into homeowners, choose the home of your dreams and
27:23
Speaker 3: move in straight away, and it I mean, I'm not
27:27
Speaker 3: condemning them. I haven't looked into them enough at all,
27:29
Speaker 3: but it is once again, it feels like capitalizing on
27:32
Speaker 3: that desire to have something so quickly.
27:36
Speaker 2: Yeah, yeah, it seems crazy, and I mean to absolutely pivot.
27:41
Speaker 2: We were talking before, Jess and George about the credit industry,
27:45
Speaker 2: you know, being a bit crazy at the moment. Jess,
27:47
Speaker 2: you're going through the pre approval process and that's you know,
27:50
Speaker 2: really challenging. In a couple of weeks ago, we spoke
27:53
Speaker 2: on the Friday Drinks episode about how in the US
27:57
Speaker 2: Equifax are now putting after pay on their credit report thoughts,
28:00
Speaker 2: So everything's becoming a little bit more official. But another
28:03
Speaker 2: finance news thing that happened this week was actually that
28:06
Speaker 2: a whole heap of financial experts came out at the
28:09
Speaker 2: end of last week and they quote predicted potential carnage
28:14
Speaker 2: for the buy now, pay later sector. And if you
28:17
Speaker 2: know you've been following me on socials, you know I've
28:19
Speaker 2: been going a bit ham on after Pay and money
28:21
Speaker 2: by after Pay and their potential marketing and how I
28:24
Speaker 2: just feel like it's not potentially putting their consumers in
28:27
Speaker 2: the best possible position and it makes me a little
28:30
Speaker 2: bit uncomfortable. So I've been talking a lot about that,
28:33
Speaker 2: and Glenn James from my Millennial Money and I have
28:35
Speaker 2: actually already recorded a podcast on that and that will
28:38
Speaker 2: drop on our feed in probably the next two weeks.
28:40
Speaker 2: We're just making sure it's perfect, okay, guys, because we
28:42
Speaker 2: don't need to be starting fires or lighting fires that
28:45
Speaker 2: don't need to be lit. So we're just making sure
28:48
Speaker 2: we're doing the right thing by you guys, as well
28:50
Speaker 2: as by after Pay. But it's interesting to see that
28:53
Speaker 2: the buy now, pay later segment here or sector you
28:56
Speaker 2: should say here in Australia is actually worth more than
28:59
Speaker 2: the billion dollars collectively, which that's a lot of money.
29:04
Speaker 2: And now on the AX or the Australian Stock Exchange,
29:07
Speaker 2: there are twelve different by now pay laters that are
29:11
Speaker 2: you know, on the ASEX here in Australia. But George Jess,
29:16
Speaker 2: did you know that by now pay later providers bad
29:19
Speaker 2: debts are now astronomical and not one of those twelve
29:24
Speaker 2: listed providers have ever made a profit. None of them
29:28
Speaker 2: have ever paid a dividend to their investors. And over
29:31
Speaker 2: the last week or two share prices have absolutely plummeted.
29:35
Speaker 5: Have you seen that?
29:36
Speaker 3: I had seen someone talking about it online, And I
29:39
Speaker 3: guess it's quite a shock, isn't it. Because we talk
29:41
Speaker 3: a lot about the extortionate amount of fees that these
29:44
Speaker 3: businesses collect every year. So it's wild to think that
29:47
Speaker 3: they're taking on so much debt that even with all
29:49
Speaker 3: of those late fees, they're not turning a profit. But
29:52
Speaker 3: I guess that makes it pretty clear as to why
29:54
Speaker 3: we spoke about last week or the week before. These
29:57
Speaker 3: businesses work so hard to keep your business. That's why,
29:59
Speaker 3: because they've got debt to pay.
30:02
Speaker 2: Because they've got debt to pay, because they're in debt themselves.
30:04
Speaker 2: So if anybody understands bad debt, and I was calling
30:07
Speaker 2: them out for not understanding bad debt and quoting it, guys,
30:10
Speaker 2: you should know you're in it up, dear eyeballs guys.
30:13
Speaker 2: The fact that after pay and Zip pays, share prices
30:16
Speaker 2: over the last week have gone down dramatically, Like the
30:20
Speaker 2: Zip share price dropped eighty percent, like one day it
30:23
Speaker 2: was fourteen dollars and then it went down to two
30:26
Speaker 2: dollars ninetyer share Like if you were a shareholder, what, yeah.
30:31
Speaker 3: What caused that?
30:32
Speaker 2: So the cause of that was actually its reporting season,
30:35
Speaker 2: So all the reports are coming out, they're starting to
30:38
Speaker 2: be really they have to be, because they're on the
30:40
Speaker 2: ASX transparent about their debt levels and what their predictions
30:44
Speaker 2: are for the next twelve, eighteen, twenty four months and
30:47
Speaker 2: what they're foreseeing. But it's kind of one of those
30:50
Speaker 2: things where shareholders are talking with their money, Like shareholders
30:55
Speaker 2: are mass exiting holding by now pay later companies, and
30:59
Speaker 2: the reason they do that is because they're finally saying cool,
31:01
Speaker 2: they're not turning a profit. Yeah, we might have gotten
31:04
Speaker 2: to a point where we sold for fourteen dollars and
31:07
Speaker 2: we only bought for two dollars or whatever their situation was.
31:10
Speaker 2: But no person who owns after pay shares or z
31:13
Speaker 2: it pay shares or any of the listed by now
31:15
Speaker 2: pay later shares has ever returned a dividend. And you know,
31:18
Speaker 2: when we talk about the share market, and you know, Victoria,
31:21
Speaker 2: what do you invest in? And obviously I'm not going
31:23
Speaker 2: to ever share that with you guys and exactly what
31:25
Speaker 2: makes up my portfolio because it would be, from my perspective,
31:29
Speaker 2: really irresponsible of me to do that because I just
31:32
Speaker 2: sit in this. You know, I don't want to say
31:34
Speaker 2: I'm so responsible for you guys, but I am. And
31:36
Speaker 2: I know that you guys know what I'm talking about.
31:39
Speaker 2: So you'd very likely just go out and replicate my portfolio.
31:42
Speaker 2: I get it. I would do that too. I've done
31:45
Speaker 2: that to other investors that I know when I follow them. Like,
31:48
Speaker 2: it's not that are uncommon of a concept, but that's
31:53
Speaker 2: one thing that when I'm looking at shares to put
31:55
Speaker 2: in my portfolio, They're not only going to increase in value,
31:58
Speaker 2: but they also pay a dividend, because a dividend is
32:01
Speaker 2: going to make up a very big portion, hopefully of
32:03
Speaker 2: what my retirement payment is going to be. Like capital
32:06
Speaker 2: growth is great, Like Jesse, if I gave you a
32:08
Speaker 2: share tomorrow and said, wow, it was worth ten dollars
32:11
Speaker 2: today and fourteen dollars tomorrow, it's only worth fourteen dollars
32:14
Speaker 2: if you sell it, Like I need that share to
32:17
Speaker 2: be generating me income, and income is the dividend. So
32:21
Speaker 2: no one's ever made money from any of the buy
32:23
Speaker 2: now pay laters unless they sold their shares, And that's
32:25
Speaker 2: not what we want to be forced to do when
32:27
Speaker 2: we're investing for the long term. Like we're investing for
32:29
Speaker 2: the long term so that the money that our money
32:31
Speaker 2: makes can make money and that's the money we live off.
32:34
Speaker 2: Like it just to me, not such a good investment, hey, Gus.
32:39
Speaker 5: Yeah.
32:40
Speaker 2: So I just think it's really interesting to have these
32:43
Speaker 2: conversations because you know, it's not us going, oh my god,
32:46
Speaker 2: we knew, like this is all common knowledge, but it's
32:49
Speaker 2: just so interesting that it's happening at the same time
32:51
Speaker 2: that we're talking about it, not because they're connected, just
32:53
Speaker 2: because it's like wow, like we were literally talking about
32:55
Speaker 2: the last week. Jess like, Yeah, it's crazy to think that,
32:59
Speaker 2: you know, they're not even turning a profit and they're
33:02
Speaker 2: in bad debt.
33:03
Speaker 3: Yeah, one hundred percent. And I guess I'll be really
33:04
Speaker 3: interested to take that I guess concept and apply it
33:07
Speaker 3: to businesses like own home who are again taking on
33:11
Speaker 3: extreme amounts of debt on behalf of a consumer. I mean,
33:15
Speaker 3: I'm sure there's going to be, unfortunately, situations where people
33:18
Speaker 3: can't pay you that back. So I'm interested to see
33:20
Speaker 3: how that model works and learn a little bit more
33:22
Speaker 3: about it as time goes on as well.
33:24
Speaker 2: Yeah.
33:24
Speaker 4: Absolutely, It is Friday, which means it's time to answer
33:28
Speaker 4: your most burning finance, career and life questions. If you
33:32
Speaker 4: need help untangling a naughty dilemma, no matter how big
33:35
Speaker 4: or small, send us through a voice note to podcast
33:38
Speaker 4: at She's on the money dot com dot a U
33:40
Speaker 4: and will help you find the answer you've been searching for. Now,
33:43
Speaker 4: let's press play on today's listener question.
33:46
Speaker 6: Hello that it's my lovely She's on the money gals,
33:48
Speaker 6: So I'm looking for some help in regards to my
33:50
Speaker 6: partners spending and saving habits. He spends like crazy and
33:54
Speaker 6: has no savings, basically living paycheck to paycheck. This year,
33:58
Speaker 6: I've decided enough is enough and to take control and
34:01
Speaker 6: budget his money weekly and transfer any remaining funds into
34:04
Speaker 6: an account that only I am able to access, as
34:07
Speaker 6: has gotten to the point where I see no other option.
34:10
Speaker 6: I love some advice on how to tackle this issue
34:12
Speaker 6: further to a syst him and maybe ask is this
34:15
Speaker 6: an extreme thing to do?
34:16
Speaker 2: Ooft? What a question, guys, I'm a financial advisor. It's
34:20
Speaker 2: in this one before what do you guys reckon as
34:24
Speaker 2: young gals in relationships.
34:26
Speaker 3: I feel like the important thing to touch on here,
34:29
Speaker 3: and it wasn't really clear in the question is that
34:33
Speaker 3: this model is totally fine as long as both people
34:36
Speaker 3: in the relationship are comfortable and consenting. Because I think, yes, yes, yeah,
34:41
Speaker 3: male doing this to a female, W'd be really quick
34:43
Speaker 3: to jump up and down and say, oh my god,
34:45
Speaker 3: this is sounding alarm bells just because it's a female
34:49
Speaker 3: doing it for a male. I know that we as
34:51
Speaker 3: women take on that mental load significantly more in a partnership,
34:56
Speaker 3: but just making sure everyone's comfy, you know, I'm MISSU
35:00
Speaker 3: mean that she's had this conversation with her partner and
35:02
Speaker 3: that he's happy for her to take on the responsibility.
35:05
Speaker 2: Yeah, that's a really good call out, Jess, Like we
35:07
Speaker 2: are operating under the assumption that her partner has turned
35:10
Speaker 2: around and said, just take my money off me. I
35:12
Speaker 2: can't be trusted and all parties are consented.
35:15
Speaker 5: Yeah, one hundred percent.
35:16
Speaker 2: So let's have the conversation based on that assumption.
35:18
Speaker 3: Yeah, with that in mind, my personal opinion is, I mean,
35:22
Speaker 3: if you're happy to do that to make your relationship work,
35:24
Speaker 3: by all means, I personally would find it incredibly frustrating
35:30
Speaker 3: to have to look after my partner's finances as well
35:33
Speaker 3: as my own, just in the sense of I think
35:37
Speaker 3: that you can be bad with money. And there's a
35:39
Speaker 3: whole bunch of reasons why I'm neurodiverse. Friends, there's all
35:43
Speaker 3: these different factors that might make certain aspects of financial
35:46
Speaker 3: management more challenging for you. But I think there's there's
35:49
Speaker 3: one thing to ask someone to help you or to
35:52
Speaker 3: set you up for success, and I think it's another
35:55
Speaker 3: thing to go it's too hard do it all for me,
35:59
Speaker 3: Because assuming you guys are together forever, do you really
36:02
Speaker 3: want to be doing everything for him financially, doing his
36:05
Speaker 3: budget all of that stuff for the next sixty years.
36:08
Speaker 2: Oh my gosh, No, No, that just feels overwhelming, Like
36:11
Speaker 2: that feels like too much from my perspective, George, what
36:14
Speaker 2: do you reckon?
36:15
Speaker 4: Well, it's a hard one. And in the body of
36:18
Speaker 4: the email that she sent us, she said that it
36:20
Speaker 4: has caused a lot of stress in their relationship.
36:23
Speaker 5: Which sucks. And I mean, I am in.
36:26
Speaker 4: A relationship where I am a little more responsible with
36:29
Speaker 4: my finances than my partner is, so I totally understand
36:34
Speaker 4: how hard it can be when you're kind of both
36:36
Speaker 4: working towards shared goals and one of you is definitely
36:39
Speaker 4: working harder, and you know, you see the other one
36:42
Speaker 4: being frivolous with their money, but it is their money,
36:44
Speaker 4: so you do need to give them that level of freedom.
36:47
Speaker 4: But I mean, I would probably suggest sitting down and
36:51
Speaker 4: having a really good chat, and I mean you probably
36:54
Speaker 4: have already done this, but talking through your money stories,
36:58
Speaker 4: the goals that you are working towards together, and what
37:01
Speaker 4: you do want further down the line, be that five years,
37:03
Speaker 4: ten years, if it is quite a serious relationship, and
37:06
Speaker 4: then I think, yeah, just really reassessing and helping them
37:10
Speaker 4: understand that their behaviors around money are impacting you, and
37:14
Speaker 4: a level of sacrifice does have to take place if
37:18
Speaker 4: I guess you want to continue in this relationship, because yeah,
37:21
Speaker 4: it's hard, it's really hard.
37:23
Speaker 3: That's such a good point, Gee, I think, yeah, helping
37:26
Speaker 3: them set up processes, so being like, hey, I want
37:29
Speaker 3: to help you, I want to see you succeed, Like
37:31
Speaker 3: that's what a partner does. I'm here to support you.
37:34
Speaker 3: But that does in my opinion, that doesn't necessarily mean
37:37
Speaker 3: that you should just take on all of the responsibility, but.
37:40
Speaker 4: Because that's a massive burden that you have to carry,
37:43
Speaker 4: just like, yeah, who could be bothered and it's not
37:46
Speaker 4: your responsibility.
37:47
Speaker 3: Yeah, we'll get the professional's opinion in a second.
37:49
Speaker 2: But just.
37:52
Speaker 3: I would also be careful because if you are then
37:55
Speaker 3: managing his finances and it is again applicable if the
37:58
Speaker 3: roles were reversed, I feel like you're setting yourself up
38:01
Speaker 3: for potentially a little bit of resent or a little
38:05
Speaker 3: bit of oh yeah, that's a reading or you know.
38:08
Speaker 3: I just think, as you said, g she mentioned that
38:11
Speaker 3: there's been a bit of a strain. I don't necessarily
38:14
Speaker 3: think that taking that responsibility will completely mitigate that strain.
38:18
Speaker 3: Because if anything, she's now going to have more oversight
38:21
Speaker 3: into what's happening. And of course you never want someone
38:24
Speaker 3: to feel as if they've got to turn around and
38:26
Speaker 3: be like please, can I have my pocket money? And
38:29
Speaker 3: it just it's really hard because obviously it's going to
38:32
Speaker 3: function differently with every relationship dynamic. But I foresee a
38:36
Speaker 3: lot of pitfalls personally. But what do you think You
38:39
Speaker 3: actually probably are the most qualified to speak on it,
38:42
Speaker 3: which has been running your mouths back and forth.
38:45
Speaker 5: Qualified.
38:45
Speaker 2: It's not like this question is so much beyond just
38:49
Speaker 2: like financial advice, you're asking for a relationship advice and
38:52
Speaker 2: money to the factor, and from my perspective, if it
38:56
Speaker 2: was anything else that you were taking over for them,
39:00
Speaker 2: like it's grow up in a way, like I want
39:04
Speaker 2: you to be responsible for your own wealth, for your
39:07
Speaker 2: own future. And Georgie, if I said to you, hey,
39:10
Speaker 2: well can you be responsible for making sure I get
39:12
Speaker 2: out of bed every day and go to the gym
39:13
Speaker 2: because I want to be fit, like it just feels
39:16
Speaker 2: like that's not my responsibility or my burden to carry.
39:19
Speaker 2: But I think it does really go back, like firstly,
39:22
Speaker 2: it's a very kind thing to do, like if you've
39:25
Speaker 2: got somebody struggling, and you're like, nah, I'm going to
39:27
Speaker 2: be boots in it all. I will manage this for you.
39:30
Speaker 2: I've got you Like, that's an incredibly kind thing to do.
39:33
Speaker 2: But then also it's kind of like, are we working
39:36
Speaker 2: on it while this is happening or are you just
39:37
Speaker 2: taking it over? Because if you're taking it over, I'd
39:40
Speaker 2: probably suggest that you start looking into, well, where is
39:43
Speaker 2: this coming from? Why aren't they good at money? Because
39:46
Speaker 2: I don't believe that people are good or bad with money,
39:50
Speaker 2: Like I just believe that people have their habits and
39:52
Speaker 2: if you would like to change them, you're more than
39:54
Speaker 2: welcome to and you absolutely have the power to do that.
39:57
Speaker 2: And we've seen that so many times in our community,
40:00
Speaker 2: people going from being in extreme debt and being extreme
40:03
Speaker 2: spenders to being these epic savers like we see it
40:06
Speaker 2: week in week out on our Money Diaries episode. It
40:09
Speaker 2: is not impossible to change your situation. And if you're like, oh, well,
40:13
Speaker 2: I'm always going to be bad, let's look at your
40:16
Speaker 2: money story, let's look at what you can do. But guys,
40:18
Speaker 2: you've answered this like you've done a really good job
40:22
Speaker 2: of you know, I guess prefacing it. But from my perspective,
40:26
Speaker 2: let's understand our money stories. Let's make sure that you're
40:29
Speaker 2: giving yourself enough room to breathe. And if that's something
40:32
Speaker 2: that is a really heavy burden, maybe put a time
40:34
Speaker 2: limit on it. I'm going to take it off you
40:36
Speaker 2: for six months, and then in six months like you're
40:39
Speaker 2: going to do it. But this is one of those
40:40
Speaker 2: things where a couple of people have actually asked me
40:43
Speaker 2: about this product before, and that product is my budget.
40:46
Speaker 2: And they are a company where you can go to
40:48
Speaker 2: them and they'll do your budget for you and get
40:50
Speaker 2: you out of debt and do whatever. And they do
40:53
Speaker 2: charge a fee for their services. Okay, understood. But the
40:56
Speaker 2: thing I don't like is they don't teach you financial literacy.
41:00
Speaker 2: Like the day you leave them, you're not in a better,
41:02
Speaker 2: more educated position. You've just had your budget taken off
41:06
Speaker 2: you for a period of time. And yeah, it might
41:07
Speaker 2: be squeaky clean and perfect and all your debts are
41:10
Speaker 2: paid and you're in this great position, but you're not
41:13
Speaker 2: more financially literate than the day you went in their doors.
41:17
Speaker 2: So I just think that this kind of plays into
41:20
Speaker 2: that mentality of like you feel like you're saving them,
41:23
Speaker 2: but you're not actually, in the long term giving them
41:26
Speaker 2: the tools and the resources they need to create their
41:29
Speaker 2: own success. And regardless of who you are in a relationship,
41:33
Speaker 2: what gender you are, what view you have, like, I
41:37
Speaker 2: just think every single person should be able to stand
41:39
Speaker 2: on their own two feet financially, and if you're just
41:42
Speaker 2: taking it from somebody, you're not giving them that grace
41:45
Speaker 2: to learn that. If that makes sense.
41:47
Speaker 5: What's that saying.
41:48
Speaker 3: You give a man of fish, he eats for a day,
41:51
Speaker 3: but you teach a man to fish, and he eats
41:53
Speaker 3: for the rest of his life. I feel like that's
41:55
Speaker 3: what you're saying.
41:58
Speaker 2: Yeah, you read the Bible.
41:59
Speaker 5: That's so good? Is that actually from the Bible?
42:03
Speaker 2: I believe?
42:04
Speaker 3: So I did not know that well, but yeah, I
42:07
Speaker 3: think that that's a really relevant point. And as you
42:10
Speaker 3: guys know, I like to catastrophize as an anxious really
42:14
Speaker 3: and I would just tack on to the end of that,
42:16
Speaker 3: if you guys were to ever break up, if you've
42:19
Speaker 3: been managing everything for him for however long, and where
42:22
Speaker 3: touch wood, you're going to die together, Like that's not
42:25
Speaker 3: going to be a problem. But as not at the
42:27
Speaker 3: same time, that's more you're going to grow old hand
42:31
Speaker 3: in hand like in the notebook at the ripe old age.
42:34
Speaker 2: Yes, that's the only option.
42:36
Speaker 3: Yeah, but you know, should something go wrong, as you know,
42:40
Speaker 3: that's how I think he's arguably potentially going to be
42:44
Speaker 3: in a worse situation because he's become reliant on another person.
42:48
Speaker 3: So I think you really nailed it, V And you said,
42:51
Speaker 3: it's so kind of this listener to want to help.
42:55
Speaker 3: But maybe when you have that conversation you look at
42:58
Speaker 3: approaching it around what options are there to further his
43:01
Speaker 3: education and eventually lead him to a position where he
43:05
Speaker 3: can comfortably be at least mostly independent.
43:08
Speaker 2: I agree. Is that our or we've got time for today?
43:11
Speaker 1: Guys.
43:12
Speaker 2: She's on the relationship advice she is on the advice columns.
43:17
Speaker 2: Will be Dolly Doctor next week for anybody who is
43:21
Speaker 2: going to tune in then, But till then, I do
43:23
Speaker 2: think that that is all we have time for today.
43:26
Speaker 2: So just before we head off, we'd like to acknowledge
43:28
Speaker 2: and pay respect to Australia's Aboriginal and Torres Strait islander people's.
43:32
Speaker 2: They're the traditional custodians of the lands, the waterways and
43:35
Speaker 2: the skies all across Australia. We thank you for sharing
43:39
Speaker 2: and for caring for the land in which we are
43:41
Speaker 2: able to learn. We pay respects to orders past and present,
43:44
Speaker 2: and we share our friendship and our kindness.
43:47
Speaker 4: And the advice shared on She's on the Money is
43:49
Speaker 4: general in nature and does not consider out your individual circumstances.
43:53
Speaker 4: She's on the Money exists purely for educational purposes and
43:57
Speaker 4: should not be relied upon to make an investment or
43:59
Speaker 4: a financial decision. Victoria Divine is an authorized representative of
44:04
Speaker 4: in Focused Securities Australia Proprietary Limited ABN four seven zero
44:10
Speaker 4: nine seven seven nine seven.
44:13
Speaker 2: I'm sorry, struggled so much?
44:18
Speaker 5: You are you? Okay? Three numbers?
44:22
Speaker 4: You're okay, okay, let's go again. So Victoria Divine, that's you.
44:33
Speaker 4: You're an authorized representative of Infocused Securities Australia Proprietary Limited
44:37
Speaker 4: ABN four seven zero nine seven seven nine seven zero
44:41
Speaker 4: four nine AFSL two three six five two three gosh.
44:47
Speaker 3: Like that.
44:49
Speaker 5: But you did it.
44:49
Speaker 2: We got there. I'm proud of you. Yes, for anybody
44:53
Speaker 2: who hasn't noticed, I have changed dealer groups. See you
44:58
Speaker 2: next week, guys, my guys,