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From Financially Clueless to Confident With Money: How She Turned It All Around · She's On The Money

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  Speaker 1: My name's Natasha Bamblet. I'm a proud First Nations woman
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  Speaker 1: and I'm here to acknowledge country t Glenn Young Ganya
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  Speaker 1: nianar kaka ya ya beIN Ahaka nian Our gay In Mbina,
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  Speaker 1: yakarum jar Dominyama, domaga Itawakaman, damon Imlan Bomber bang Gadabomba
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  Speaker 1: in and now in wakah ghana on yakram jar Watnadaa. Hello,
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  Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.
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  Speaker 1: We thank acknowledge and respect the Aberiginal people's land that
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  Speaker 1: we're gathering on today. Take pleasure in all the land
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  Speaker 1: and respect all that you see. She's on the Money
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  Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,
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  Speaker 1: knowledge and resources for you to thrive.
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  Speaker 2: She's on the Money.
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  Speaker 3: She's on the Money.
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  Speaker 4: Hello, and welcome to She's on the Money the podcast
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  Speaker 4: and lets you be pervy about other people's money habits
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  Speaker 4: for educational purposes, of course. Welcome back to another one
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  Speaker 4: of our money diaries, brought to you by sky Wealth,
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  Speaker 4: where we get to talk with one of our incredible
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  Speaker 4: She's on the Money community members all about their journey. Now,
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  Speaker 4: let's jump straight into it, because I got a message
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  Speaker 4: this week and it sounded identical to this. Hi, she's
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  Speaker 4: on the money team. After returning from a working holiday
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  Speaker 4: in London with just one thousand dollars to my name,
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  Speaker 4: I became fed up and started my financial literacy journey.
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  Speaker 4: Fast forward and I am now fully self employed, leading
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  Speaker 4: a team, own my home, and most thrilling of all,
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  Speaker 4: I'm about to get married money Doariest.
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  Speaker 2: Welcome to the show. I think this is so exciting.
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  Speaker 5: Thank you. I actually did get married.
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  Speaker 2: Oh you did get married.
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  Speaker 5: I get yes two months ago now in September. Stop it.
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  Speaker 2: I'm so excited for you. That is so so fun.
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  Speaker 2: I'm obsessed. Was it the best day ever?
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  Speaker 5: It was.
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  Speaker 2: We had a destination wedding and that came with its
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  Speaker 2: challenges that it was really fun. And I think you were
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  Speaker 2: Jimmy Choo's shoes right, turning you one of your engagement
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  Speaker 2: your hends.
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  Speaker 5: Yeah yeah, yeah.
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  Speaker 2: I bought those same shoes for the wedding and lasted
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  Speaker 2: a couple of hours and I had to take them off,
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  Speaker 2: the pearly ones or the bow ones, because like I
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  Speaker 2: have the bow one, I have a purchase for shoes. Yeah,
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  Speaker 2: the bow one. They were I wish you'd message me girlfriend.
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  Speaker 2: They're so uncomfortable. I know.
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  Speaker 4: I was like, yes, they are so beautiful, they are
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  Speaker 4: so uncomfortable.
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  Speaker 2: I was so mad about it.
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  Speaker 5: Never again.
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  Speaker 2: I remember being like, they're Jimmy cho They're going to
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  Speaker 2: be really comfortable like this is, and I can justify
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  Speaker 2: any shoe purchase you watch me. I'll just ask you
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  Speaker 2: next time any big purchases about shoes. You know what,
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  Speaker 2: Jimmy choos are fantastic and this is very niche, but
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  Speaker 2: they are only fantastic for eight centimeters and below. Anything
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  Speaker 2: above eight centimeters no go. Yeah, good to know in hindsight.
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  Speaker 2: But you looked really cute, so like the pain was
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  Speaker 2: worth it. Money Diarist, I am.
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  Speaker 4: So excited because you are the first Money Diary of
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  Speaker 4: twenty twenty six to drop, and I just thought, what
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  Speaker 4: a perfect story when I read this to pop you
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  Speaker 4: on the show, because where you started from is where
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  Speaker 4: so many of our community members and new listeners are
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  Speaker 4: going to be at the start of their financial journey
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  Speaker 4: in twenty twenty six. Like you said, you came back
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  Speaker 4: from London. I mean, we're not all coming back from London,
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  Speaker 4: but you were just like, I've just got a thousand
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  Speaker 4: dollars to my name?
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  Speaker 2: What the heck?
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  Speaker 4: Like, what do I do? How do I change this?
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  Speaker 4: And now we get to learn about how you did
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  Speaker 4: change that? So I reckon You're going to be pretty
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  Speaker 4: inspirational this episode, and I'm.
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  Speaker 2: Just very excited about it.
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  Speaker 5: Thank you.
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  Speaker 2: Let's dive in.
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  Speaker 4: I've probably yapped a little bit too much before even
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  Speaker 4: asking this question, but before we ask any other questions,
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  Speaker 4: I always ask my money doris or great?
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  Speaker 2: We did you give your money habits from A through
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  Speaker 2: to F. If I asked you to give yourself a grade, I.
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  Speaker 5: Would say, I'm a B plus.
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  Speaker 2: I love that.
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  Speaker 4: And when you moved back from London with one thousand
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  Speaker 4: dollars to your name, what do you reckon you were?
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  Speaker 5: I mean like a D.
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  Speaker 2: I mean I wasn't in debt, so I could maybe
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  Speaker 2: slightly better than a D because I did have something.
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  Speaker 2: And I know a lot of friends of mine who
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  Speaker 2: came back from London that came back in debt, So
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  Speaker 2: I guess that's a plus.
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  Speaker 4: Yeah, I mean that's a really great slate to start on.
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  Speaker 4: Let's dive a little bit deep on my favorite question
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  Speaker 4: in the whole world. Can you tell me a little
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  Speaker 4: bit more about your money story.
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  Speaker 2: Well, I am a family of four kids, two migrant
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  Speaker 2: parents who moved to Australia when I was six years old,
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  Speaker 2: and like any other migrant family, they kind of had
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  Speaker 2: to start from zero essentially, and my mum stayed at
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  Speaker 2: home to look after four kids. We're all very close
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  Speaker 2: in age. At some point we were four kids under five.
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  Speaker 2: I don't know how she did it, and my dad
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  Speaker 2: was the one who worked.
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  Speaker 4: Oh my god, not only just like managing five kids,
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  Speaker 4: or sorry, four kids under five, not just managing that,
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  Speaker 4: but like, sorry, what her body went through to get
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  Speaker 4: those four kids out in that short period of time.
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  Speaker 2: Icon. Honestly, I don't know how she's She asks us
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  Speaker 2: kids if we want four, We're like, no, we're good,
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  Speaker 2: We're good.
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  Speaker 5: We're good.
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  Speaker 2: I'm delusional. I love the idea of four, but four
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  Speaker 2: under five, Queen, what were you thinking?
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  Speaker 5: I have no idea.
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  Speaker 2: It's almost like a flex now to have that many
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  Speaker 2: kids and be able to support them, but on a
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  Speaker 2: single income. I feel like it's a silent marker of wealth.
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  Speaker 2: I reckon, if you've got four kids, you must be rich,
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  Speaker 2: like that's how it works in my head, I know
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  Speaker 2: that's honestly how they did it. And my dad he
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  Speaker 2: worked full time and odd jobs to send us four
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  Speaker 2: kids to private schools, four kids through private I just
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  Speaker 2: can I get your mum on the show like this
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  Speaker 2: sounds good?
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  Speaker 5: I have no idea.
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  Speaker 2: I know that some of our school fees went on
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  Speaker 2: a credit card and he worked. He hustled, like he
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  Speaker 2: worked nights, He worked any job it could, just to
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  Speaker 2: send us to school because education was.
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  Speaker 5: Very, very important.
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  Speaker 2: And I guess in their minds that was key to
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  Speaker 2: get us out of struggle in future. And it has, like,
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  Speaker 2: oh it has.
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  Speaker 4: Sorry you told us before that you are now fully
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  Speaker 4: self employed, you lead a team, own your home. What
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  Speaker 4: do your parents think of that?
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  Speaker 5: Well, they are very proud.
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  Speaker 2: They wish I didn't spend a lot of my money
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  Speaker 2: on holidays and moving to England for two years.
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  Speaker 5: But you know, here we are.
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  Speaker 2: I finally have my home it is a mortgage, and
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  Speaker 2: run my own business. So they can't be that upset,
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  Speaker 2: can they? No, No, they can't be that upset.
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  Speaker 4: But I also think it's just so funny because obviously
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  Speaker 4: they've come from a very different background to you and
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  Speaker 4: they're like holidays, moving to London, what do you doing?
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  Speaker 2: Just knuckle down, make money.
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  Speaker 4: And it's just like this freedom that their decisions afforded
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  Speaker 4: you is just something they can't comprehend.
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  Speaker 2: Like exactly like for them, any extra money on top
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  Speaker 2: of the.
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  Speaker 5: School fees was With migrants, they help people.
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  Speaker 2: Back home and send money back home, which is I guess,
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  Speaker 2: like an unspoken rule. That's just what you do, right,
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  Speaker 2: and you don't question it when you're younger, And as
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  Speaker 2: soon as we all got jobs as kids, that was
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  Speaker 2: almost like a well can you help too, And we
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  Speaker 2: just never felt like a lot of our money was
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  Speaker 2: really ours, right, it was to support everyone back home
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  Speaker 2: because we were the privileged ones who are overseas and
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  Speaker 2: have everything here to support us.
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  Speaker 4: And that's quite common, like the amount of people that
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  Speaker 4: I used to see for financial advice that would be
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  Speaker 4: sending money back home, like, irrespective of what country, it
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  Speaker 4: was always like an expectation and an added level of pressure,
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  Speaker 4: and your parents probably did it because it was an
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  Speaker 4: expectation and they never questioned it. But moving to Australia,
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  Speaker 4: I feel having spoken to lots of migrants, lots of
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  Speaker 4: people who have moved or lots of people who have
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  Speaker 4: been born here but their parents weren't. You kind of
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  Speaker 4: question it because you're like, well, that's not really the
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  Speaker 4: Australian culture. I'm not really seeing that around me when
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  Speaker 4: I go to school. I'm not really talking about that,
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  Speaker 4: Like it's not part of the culture that you look at.
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  Speaker 4: How does that make you feel? Do you go, oh, like, yes,
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  Speaker 4: I want to help them, but also like I can't
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  Speaker 4: do it at the cost of my success, Like what
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  Speaker 4: does that look like?
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  Speaker 5: Well, it's always like a conflict.
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  Speaker 2: There's a part of you like that's we are so
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  Speaker 2: privileged in so many ways. I'm like, hang on, Like
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  Speaker 2: all of my friends they have access to you know, grandparents,
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  Speaker 2: parents who are helping them with.
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  Speaker 5: Weddings and houses. And I just knew that was never
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  Speaker 5: ever going to be me.
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  Speaker 2: And I worked hard to not have any resentment because
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  Speaker 2: that's all my parents know and that is the norm
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  Speaker 2: for their background, and we I guess I've set boundaries
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  Speaker 2: and I was kind of shielded from it being the youngest.
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  Speaker 2: Like my older sister she kind of got the brunt
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  Speaker 2: of it, whereas I got shielded from it a little bit.
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  Speaker 2: So I'm a bit removed where I have set boundaries
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  Speaker 2: where I can help when I want to on my terms,
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  Speaker 2: and if it's for a reason that I think is important.
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  Speaker 5: Not just cause like no questions asked.
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  Speaker 2: I am kind of yeah, that's what I do to
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  Speaker 2: kind of make me feel better about it.
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  Speaker 4: Yeah, And like it's interesting asking from my perspective, right
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  Speaker 4: because I am as white as they come, and I
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  Speaker 4: just never have had that experience. But I go, that
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  Speaker 4: would be such a conflict. And I've seen my friends
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  Speaker 4: go through it where they're like, I'm meant to be
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  Speaker 4: like sending money back to the Philippines, but like they
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  Speaker 4: don't even spend it on anything good, and they like,
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  Speaker 4: you know, there's all of these things that go on
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  Speaker 4: that you just like it must be genuinely such a
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  Speaker 4: conflict of like, yes, but I also want to be
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  Speaker 4: able to get a mortgage or I want it like
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  Speaker 4: where does it stop?
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  Speaker 5: Yeah, exactly.
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  Speaker 2: And my sister and I I think, knowing that our
• 10:10
  Speaker 2: money could be sent overseas, we kind of became addicted
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  Speaker 2: to like shopping a little bit in our twenties and
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  Speaker 2: it was like, let's spend it before it gets sent off,
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  Speaker 2: for example, before we get asked for it, and it
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  Speaker 2: was just an unhealthy cycle that way, and it's let's
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  Speaker 2: just spend it on us. It became like the opposite,
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  Speaker 2: let's spend it on us before anything else.
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  Speaker 4: Mum and dad come and ask if we've got any cash,
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  Speaker 4: and then we can go, oh, no, sorry, I already
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  Speaker 4: spend it.
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  Speaker 5: And then you don't feel bad or guilty.
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  Speaker 4: No, but then it's not working for you or creating
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  Speaker 4: wealth or helping you save or get ahead. And like
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  Speaker 4: it kind of makes sense because that's like teenager logic.
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  Speaker 2: I fear. You're like, well, it's in my shoes. Mum.
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  Speaker 2: We used to hide it, you know, you would hide shopping.
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  Speaker 2: And then my sister and I moved out together. It's like, oh,
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  Speaker 2: we don't need to hide it. But when we moved
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  Speaker 2: the house, there's just a whole room all of these
• 11:00
  Speaker 2: clothes and shoes. I was like, this is a bit
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  Speaker 2: of a problem since there's a whole spare room full
• 11:06
  Speaker 2: of stuff we don't wear anymore, which was a bit
• 11:08
  Speaker 2: of an eye opener.
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  Speaker 4: Yeah, that's really confronting. I moved house recently and going
• 11:13
  Speaker 4: through my wardrobe, I'm like, Victoria Devir, and you do
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  Speaker 4: not need these things.
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  Speaker 2: Anymore. Also, what were you thinking? Yeah, I know, I know,
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  Speaker 2: but now like the nineties, fashions come back.
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  Speaker 4: Okay, maybe yeah, maybe we do want that. So take
• 11:25
  Speaker 4: me through to adulthood. You moved to London, which is
• 11:28
  Speaker 4: so exciting.
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  Speaker 2: Why why London? Well, I caught the travel bug as
• 11:32
  Speaker 2: soon as a Finishinie. I spent all my money essentially
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  Speaker 2: on traveling. I loved it, and I was that girl
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  Speaker 2: that would take leave without page just so I can
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  Speaker 2: travel for six weeks in Europe doing a top deck
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  Speaker 2: or a Kententi guitur. Your parents would have loved that.
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  Speaker 5: They did so.
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  Speaker 2: One of my big goals was that I wanted to
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  Speaker 2: do things on my own, like I was a bit
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  Speaker 2: sheltered from the world, live with my parents for a
• 12:01
  Speaker 2: while and then always had my oldest sister to pull
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  Speaker 2: back on and to prove.
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  Speaker 5: To myself that I could do it. I did it.
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  Speaker 2: I moved to London, took my gap year. I think
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  Speaker 2: I was twenty seven. I worked in my profession, which
• 12:15
  Speaker 2: is lucky because I wasn't working minimum wage, so I
• 12:18
  Speaker 2: got that bit of extra money to do a lot
• 12:20
  Speaker 2: of traveling, but with timing. When I moved over the
• 12:26
  Speaker 2: rules change where we had to still pay off our
• 12:28
  Speaker 2: HEX debt and we had to submit tax returns. I
• 12:31
  Speaker 2: was like, oh, I missed down a couple of years
• 12:32
  Speaker 2: with that, so I had to do that. And the
• 12:35
  Speaker 2: two years I was there, I think I paid ten
• 12:37
  Speaker 2: thousand dollars off of my hex debt in those two years.
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  Speaker 2: Oh my gosh. That's good. Though it was like five
• 12:43
  Speaker 2: grand a year or something because I was earning enough.
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  Speaker 5: To be over the threshold.
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  Speaker 2: So that was pretty much most of my savings gone
• 12:52
  Speaker 2: that I had built up to come.
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  Speaker 4: Back to, which is kind of hard because like you
• 12:57
  Speaker 4: just go, oh, I've got all these savings and now
• 13:00
  Speaker 4: they feel like they're gone. And yes, it's on quote
• 13:02
  Speaker 4: good things, but also like that's not what I wanted,
• 13:05
  Speaker 4: I know.
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  Speaker 2: And the exchange rate is pretty sad from Australia dollar
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  Speaker 2: to pounds, like.
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  Speaker 5: Oh it's now halved. There goes that.
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  Speaker 4: When I was in the UK, I would gaslight myself
• 13:17
  Speaker 4: and be like, oh, it's three pounds.
• 13:18
  Speaker 2: That's like not even bad. That's three three, it's three dollars, yeah,
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  Speaker 2: ahead is yeah, this is oh it's two dollars, it's
• 13:24
  Speaker 2: five dollars.
• 13:25
  Speaker 5: But it's not the.
• 13:26
  Speaker 4: Case, it's actually six dollars by yeah.
• 13:29
  Speaker 1: Oh no.
• 13:30
  Speaker 2: I absolutely hated that as well, because I was like,
• 13:32
  Speaker 2: oh my gosh, this exchange rate really cripples us, and
• 13:34
  Speaker 2: that's I think. Oh, it was really sad, like I
• 13:36
  Speaker 2: think I end up going over with twenty grand I
• 13:39
  Speaker 2: was like, oh, that's only ten thousand pounds and yarck. Yeah.
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  Speaker 5: Yeah, it was like in my head, this was so
• 13:45
  Speaker 5: much more.
• 13:46
  Speaker 2: Absolutely, So tell me, now, what do you do for
• 13:49
  Speaker 2: work and how much money do you earn?
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  Speaker 5: So I am an occupational therapist.
• 13:54
  Speaker 2: Earlier this year I became full time self employed. That's
• 13:58
  Speaker 2: so cool.
• 13:59
  Speaker 5: Yeah, it took a while.
• 14:00
  Speaker 2: It was a big jump, but I started two and
• 14:02
  Speaker 2: a half years ago. I still maintained my government role.
• 14:07
  Speaker 5: Two days a week because it just seemed too scary.
• 14:10
  Speaker 2: No, it's not too scary. That's being financially smart. I
• 14:14
  Speaker 2: was also trying to get a mortgage at the same
• 14:16
  Speaker 2: time when I started as soule trader, and the accountants
• 14:19
  Speaker 2: and mortgage breakers like, maybe don't disclose you want to
• 14:22
  Speaker 2: be a sole trader until.
• 14:24
  Speaker 5: Everything signed off because they could revoke it.
• 14:26
  Speaker 2: I was like, what, yeah, they can, they can, Oh
• 14:28
  Speaker 2: my gosh, yeah, I learned that, and it was like
• 14:31
  Speaker 2: within like two weeks, I was freaking out. I was like,
• 14:34
  Speaker 2: oh my god, because I already made the jump.
• 14:36
  Speaker 4: Yeah, a couple of months ago, we had an issue
• 14:39
  Speaker 4: with a client, which is like fine, like we work
• 14:42
  Speaker 4: through everything. But I don't think she understood that by
• 14:45
  Speaker 4: quitting her job, the pre approval changes, because the pre
• 14:49
  Speaker 4: approval is based on your current circumstances not changing. And
• 14:54
  Speaker 4: even though she was moving jobs and she was getting
• 14:56
  Speaker 4: a good income, she was moving industries. So like like you, yes,
• 15:01
  Speaker 4: you were an occupational therapist, but you're moving to being
• 15:03
  Speaker 4: a self employed one that actually involves a fair bit
• 15:05
  Speaker 4: of risk, like it might not work out. And this
• 15:07
  Speaker 4: girl was going from like one industry to another, and
• 15:09
  Speaker 4: yet she was very smart and had a very good
• 15:12
  Speaker 4: job and the income was fine. But they're like, well,
• 15:14
  Speaker 4: what if she's not good at this new industry, she's
• 15:16
  Speaker 4: only good at the other one.
• 15:18
  Speaker 2: There's so much risk involved.
• 15:19
  Speaker 4: So if anyone's listening and they're like I'm going to
• 15:22
  Speaker 4: do the same thing and I've got my pre approval.
• 15:24
  Speaker 4: If you're going to change jobs, please do not do
• 15:26
  Speaker 4: it during that period of time, and also talk to
• 15:30
  Speaker 4: your broker about it and we can work a.
• 15:32
  Speaker 2: Way around it.
• 15:33
  Speaker 4: But don't drop on me that you've just changed jobs
• 15:35
  Speaker 4: and you're so excited, because I promise my mind goes elsewhere.
• 15:38
  Speaker 4: I don't go, Oh my god, I'm so excited for you.
• 15:39
  Speaker 2: Money rives to go. What are we going to do
• 15:41
  Speaker 2: about that mortgage? Yes, yes, so I learnt that in time.
• 15:47
  Speaker 2: Whoops oops see, but it worked out in the end,
• 15:51
  Speaker 2: it did. Going back to your question, I pay myself
• 15:54
  Speaker 2: about one hundred and ten thousand a year and everything
• 15:58
  Speaker 2: else goes into their business and all that. Sorry sorry, sorry, backtrack.
• 16:02
  Speaker 4: One hundred and ten k a year and you've only
• 16:04
  Speaker 4: just gone out on your own, queen, how.
• 16:07
  Speaker 5: I don't know, hustling, I suppose.
• 16:11
  Speaker 2: I've also have a few contractors working for me and
• 16:15
  Speaker 2: that's helped top up I guess the business.
• 16:17
  Speaker 4: Yeah, so obviously scary going out on your own, but
• 16:20
  Speaker 4: like that's an epic income for someone who's literally been
• 16:22
  Speaker 4: out on their own.
• 16:23
  Speaker 2: What now a year I was full time?
• 16:25
  Speaker 5: Only start like February.
• 16:27
  Speaker 2: This year, not even a year. It's about to hit
• 16:29
  Speaker 2: a year. You're about to have your anniversary. Oh my goodness,
• 16:33
  Speaker 2: and you've already got contractors working for you, Queen. I
• 16:35
  Speaker 2: am so impressed because I started earlier part time, I
• 16:40
  Speaker 2: was able to build it up and grow my business
• 16:44
  Speaker 2: slowly with a little bit of risk, and yeah, made
• 16:47
  Speaker 2: the jomb this year.
• 16:48
  Speaker 5: It only felt right.
• 16:49
  Speaker 2: Well, I love that, and I think it's also a
• 16:51
  Speaker 2: really relatable story because so many people go one day,
• 16:54
  Speaker 2: I want to have my own business. But for me,
• 16:56
  Speaker 2: the reality of having your own business is there is
• 16:59
  Speaker 2: a lot of risk and there are a lot of
• 17:01
  Speaker 2: responsibilities that you have in the interim, whether that is
• 17:04
  Speaker 2: just rent and some bills or you have kids, Like
• 17:07
  Speaker 2: to start your own business, you actually have to invest
• 17:09
  Speaker 2: so much time and energy outside you'rre nine to five.
• 17:13
  Speaker 2: And that's what I like.
• 17:14
  Speaker 4: I didn't have the privilege of someone being like, here's
• 17:17
  Speaker 4: all of the money to start, Like I don't have
• 17:18
  Speaker 4: wealthy parents who were like, oh, well, we can bankroll that.
• 17:22
  Speaker 4: Do you know how much easier life would have been
• 17:23
  Speaker 4: if that was the case.
• 17:25
  Speaker 5: Ah, don't worry, you are I feel exact same.
• 17:28
  Speaker 4: Way exactly, But like, we built our businesses through the
• 17:32
  Speaker 4: work ethic that we have, and I genuinely believe that
• 17:35
  Speaker 4: when people start businesses like that and they have to
• 17:38
  Speaker 4: do the above beyond. You have to do the late
• 17:40
  Speaker 4: nights because you finished work at five point thirty, you
• 17:42
  Speaker 4: didn't get home till six. You still need to do dinner,
• 17:44
  Speaker 4: you still need to work out what's going on there.
• 17:45
  Speaker 4: And then you're back on your laptop by nine pm
• 17:48
  Speaker 4: and you're working till one am, and you have to
• 17:50
  Speaker 4: go to bed again to get up and do the
• 17:52
  Speaker 4: grind again. Like, that's why your business is going to
• 17:54
  Speaker 4: be successful long term, because you are willing to put
• 17:57
  Speaker 4: the time and the energy and the effort into it.
• 17:59
  Speaker 4: And now I'm just stabbing the dark here, but now
• 18:02
  Speaker 4: I'm assuming you're like, it's actually much easier than it
• 18:05
  Speaker 4: was when I was hustling and working full time because
• 18:08
  Speaker 4: I just have all of my time on my business.
• 18:10
  Speaker 5: Now, that's right, that's right.
• 18:12
  Speaker 2: And I was always thinking about the business when I
• 18:15
  Speaker 2: was in my other job. Was like, okay, this isn't
• 18:17
  Speaker 2: right either when I'm always thinking about the business. And
• 18:20
  Speaker 2: it took me about, yeah, almost two years to actually
• 18:25
  Speaker 2: rip off the band aids, Like I went down to
• 18:27
  Speaker 2: like one day a week, and then it's like, Okay,
• 18:30
  Speaker 2: what's the point of working one day a week because
• 18:32
  Speaker 2: we're anxious girlies. So yeah, I'm very lucky that my
• 18:37
  Speaker 2: now husband is very supportive and he's the stable one
• 18:42
  Speaker 2: and is happy being the stable one while I pursue
• 18:46
  Speaker 2: whatever I wanted.
• 18:47
  Speaker 5: Really, so that kind of gave me the security to
• 18:49
  Speaker 5: do that.
• 18:50
  Speaker 2: Yeah, no, that is so beautiful. I love that. So
• 18:53
  Speaker 2: talk to me.
• 18:54
  Speaker 4: You've achieved some pretty big money goals already. You bought
• 18:57
  Speaker 4: your home, you have started a business. What are your
• 19:00
  Speaker 4: biggest financial goals at the moment that you're currently working towards?
• 19:04
  Speaker 5: Well, because I can't help myself.
• 19:06
  Speaker 2: I actually had a side hustle wedding business on top
• 19:09
  Speaker 2: of my full time job before I started my health job.
• 19:13
  Speaker 5: I just can't help myself.
• 19:14
  Speaker 2: I actually want to start and inclusive fashion line next year.
• 19:17
  Speaker 2: Oh my god. That's so exciting but also so aligned
• 19:20
  Speaker 2: to what you do.
• 19:21
  Speaker 5: Yes, that's right. I like fashion.
• 19:23
  Speaker 2: With all the shopping that my season I did, you
• 19:26
  Speaker 2: think we'd know everything. But that is the big financial
• 19:31
  Speaker 2: goal for next year, and getting my super to where
• 19:34
  Speaker 2: I wanted to be. I didn't pay myself any super
• 19:38
  Speaker 2: when I lived overseas, and when I started the business,
• 19:40
  Speaker 2: it was also very minimal. I guess that was advice
• 19:44
  Speaker 2: from the accountant and financial advisor. That's saying who told
• 19:47
  Speaker 2: me that I didn't have to put too much into
• 19:50
  Speaker 2: my SUPER while I was building the business, And so
• 19:54
  Speaker 2: I did take that advice, but that's kind of put
• 19:57
  Speaker 2: me behind a little bit with where I want to
• 19:59
  Speaker 2: be with my.
• 20:00
  Speaker 4: But also I feel like there needs to be ebbs
• 20:02
  Speaker 4: and flows to achieve your goals as well. So yes,
• 20:06
  Speaker 4: you're like, oh, I'm behind with my SUPER, but like
• 20:09
  Speaker 4: there's a lot of reason why. It's not like, oh,
• 20:11
  Speaker 4: I've just let it lapse. I never thought about it
• 20:13
  Speaker 4: and it's not been a priority. Like my SUPER suffered
• 20:16
  Speaker 4: for years. And I've tried to talk about this before,
• 20:19
  Speaker 4: because you know, there's like the goal, and like when
• 20:22
  Speaker 4: you're building a business or when you're doing anything, there's
• 20:25
  Speaker 4: the like perfect outcome. And the perfect outcome would have
• 20:28
  Speaker 4: been that I started my own business and it was
• 20:30
  Speaker 4: so financially successful that I could pay myself super and
• 20:33
  Speaker 4: I could do all of these other things. But the
• 20:35
  Speaker 4: reality was I couldn't pay myself super and also take
• 20:38
  Speaker 4: on a new staff member and scale and.
• 20:41
  Speaker 2: Work all of that out, so it did suffer. And yes,
• 20:44
  Speaker 2: there is like the best like as you know you've
• 20:47
  Speaker 2: listened to the show.
• 20:48
  Speaker 4: You know, I'm like, pay yourself superannuation, but also there's
• 20:51
  Speaker 4: do as I say, not as I do, but also
• 20:54
  Speaker 4: give yourself a little bit of credit and go, well,
• 20:56
  Speaker 4: it's okay to have been a little bit behind because
• 20:58
  Speaker 4: I'm prioritizing it now. And is that something that you're
• 21:01
  Speaker 4: excited about. Are you like that's just a hygiene factor,
• 21:04
  Speaker 4: just get that stuff sorted or is it like a
• 21:06
  Speaker 4: I'm excited to get on top of it, because I
• 21:08
  Speaker 4: don't think anyone really is.
• 21:10
  Speaker 5: I am excited to get on top of it.
• 21:12
  Speaker 2: But then the part of me is like, I also
• 21:15
  Speaker 2: want to invest in my business, so this can also
• 21:19
  Speaker 2: help me in retirement and be a little bit of
• 21:22
  Speaker 2: a nest egg maybe down the track if I grow this,
• 21:25
  Speaker 2: so I'm not just reliant on super. So that's kind
• 21:28
  Speaker 2: of where my mind is at as well. And we're
• 21:33
  Speaker 2: also starting our investment journey as well, and that's I
• 21:36
  Speaker 2: guess will help. Yeah.
• 21:38
  Speaker 4: So one thing I will say about that is it
• 21:40
  Speaker 4: can feel like that because that's the struggle that I
• 21:43
  Speaker 4: was in. I was like, do I like because I
• 21:45
  Speaker 4: was behind it, like tens of thousands of dollars of superannuation.
• 21:49
  Speaker 4: And I was like, do I pull money out of
• 21:50
  Speaker 4: my business and top it up like as a lump sum?
• 21:52
  Speaker 4: Do I increase my contributions over a long time?
• 21:55
  Speaker 2: Do I? You know what? Do I do? Like what's
• 21:57
  Speaker 2: best for me? And then overlaying that.
• 22:00
  Speaker 4: And I'm like, but that money could go towards something
• 22:02
  Speaker 4: else in business. But you don't work as hard as
• 22:06
  Speaker 4: you do to own your business to then retire with
• 22:08
  Speaker 4: less superranuation than someone who never took that risk. So
• 22:12
  Speaker 4: you need to pay your supranuation. So even though you're
• 22:15
  Speaker 4: planning on investing and investing in the business and like
• 22:17
  Speaker 4: starting your external investment journey, I think is so important
• 22:21
  Speaker 4: to make sure that you're not in a worse off
• 22:23
  Speaker 4: position than someone who didn't take the risk when it
• 22:25
  Speaker 4: comes to super like you deserve to be thriving.
• 22:28
  Speaker 2: There as well. And it's so sad how many business
• 22:31
  Speaker 2: owners go doesn't matter because I've invested everything in my business.
• 22:35
  Speaker 2: And then please don't get me wrong, I'm not trying
• 22:37
  Speaker 2: to be cynical, but they come to retirement that I
• 22:39
  Speaker 2: can sell my business and we can't find anyone who
• 22:42
  Speaker 2: wants to buy your business or your business is so
• 22:44
  Speaker 2: tied to you personally that you're the value in the business,
• 22:47
  Speaker 2: or maybe over the last few years before you're retired,
• 22:50
  Speaker 2: you'd wound down the business and it's not worth what
• 22:52
  Speaker 2: you thought it was. Like, God, friend, I've just got
• 22:54
  Speaker 2: so much to say, pay your damn super Okay, yeah, yeah,
• 22:57
  Speaker 2: I have increased my contributions this year as well, so
• 23:01
  Speaker 2: it's definitely in the back of my mind each time
• 23:04
  Speaker 2: I pay myself that I do put in something towards
• 23:07
  Speaker 2: my super and it's finally back on track hopefully. So
• 23:11
  Speaker 2: do you have a good bookkeeper or accountant that you
• 23:13
  Speaker 2: work with for this? Yes, I pay a bookkeeper, an accountant,
• 23:17
  Speaker 2: and a financial advisor thanks to your podcast. Oh my god,
• 23:20
  Speaker 2: it's like I bullied you into it. I love this.
• 23:24
  Speaker 5: And now I bully other people into so good.
• 23:26
  Speaker 4: That's why I call this a cult. It's like a
• 23:28
  Speaker 4: multi level marketing scheme. But we actually all get rich,
• 23:33
  Speaker 4: like we actually do.
• 23:34
  Speaker 5: I pass on your book too, from one friend to another.
• 23:36
  Speaker 2: That's so cute. I love it. All. Right, let's go
• 23:39
  Speaker 2: to a really quick break.
• 23:40
  Speaker 4: Because I have a lot more questions and we'll get
• 23:42
  Speaker 4: to the MI in a hot minute.
• 23:48
  Speaker 2: Money Diarist. We are back, and I'm just so excited.
• 23:50
  Speaker 4: I went to a break, but I didn't want to
• 23:52
  Speaker 4: go to a break, so I wanted to ask you
• 23:54
  Speaker 4: about your investing journey because you dropped when we're talking
• 23:56
  Speaker 4: about superannuation.
• 23:57
  Speaker 2: Oh my husband and I have just started investing.
• 23:59
  Speaker 4: I'm like, worry, what where when? And I had to
• 24:02
  Speaker 4: hold the brakes. Now I don't have to talk to me.
• 24:05
  Speaker 4: What's your investment strategy? What's going on apart from investing
• 24:08
  Speaker 4: in your business?
• 24:10
  Speaker 2: What are you guys doing well? We had the Financial
• 24:14
  Speaker 2: Advisor set us up with CFS investment shares, so I
• 24:18
  Speaker 2: think they're ETFs, and we invest three hundred dollars a
• 24:21
  Speaker 2: month towards it, and we'll be increasing that to four
• 24:25
  Speaker 2: hundred dollars a month now that we don't have a
• 24:28
  Speaker 2: wedding to pay for. I also invest twenty five dollars
• 24:32
  Speaker 2: a week in my raise and I've been doing that
• 24:34
  Speaker 2: for a couple of years now.
• 24:35
  Speaker 5: That's just kind of a recurring thing that I do.
• 24:39
  Speaker 4: I love that, So tell me when you decided, all right,
• 24:42
  Speaker 4: we don't have a wedding to pay for anymore, because
• 24:44
  Speaker 4: I want to ask about that as well. In a
• 24:45
  Speaker 4: hot minute, but we don't have a wedding to pay
• 24:47
  Speaker 4: for anymore. We want to redirect these funds into investing.
• 24:51
  Speaker 4: How did you start making decisions around that? How did
• 24:53
  Speaker 4: you choose your platform? How did you know decide what
• 24:56
  Speaker 4: assets to purchase on that platform? What did that look like?
• 24:59
  Speaker 2: Well, oh, the financial.
• 25:02
  Speaker 5: Advisor just did it and set it up.
• 25:05
  Speaker 2: We just said cool, yes, all right, just take it
• 25:09
  Speaker 2: out monthly, set and forget. And yeah, I wish I
• 25:13
  Speaker 2: had time energy to spend on it, but I know
• 25:19
  Speaker 2: I can't do it all as much as I want to.
• 25:21
  Speaker 4: No, no, no, no, But I love that because we
• 25:24
  Speaker 4: don't often get people on the show who are like, oh,
• 25:26
  Speaker 4: I've got you know, four hundred dollars a month, and
• 25:29
  Speaker 4: I am getting a management company or a financial advisor
• 25:31
  Speaker 4: to run it, which is perfect. So I want to
• 25:33
  Speaker 4: be pervy about that. How much does your financial advisor cost?
• 25:36
  Speaker 4: So is it between you and your husband, like it's
• 25:38
  Speaker 4: a joint financial advisor, and talk me through that.
• 25:41
  Speaker 5: That's right.
• 25:42
  Speaker 2: Part of it is paid through my super and then
• 25:46
  Speaker 2: the other part it's we pay for it, and it's
• 25:51
  Speaker 2: ninety dollars a month and the rest is paid through
• 25:54
  Speaker 2: the super and then when they set up your investment portfolio,
• 25:57
  Speaker 2: how involved were you Were you like, look, we just
• 26:00
  Speaker 2: want something set and forget, and I just want to
• 26:02
  Speaker 2: contribute my contributions. Or were you, you know, pouring over
• 26:05
  Speaker 2: pieces of paper for months before making the decision. What
• 26:08
  Speaker 2: did that look like? No, I guess I just didn't
• 26:12
  Speaker 2: have the brain space for that, and I saw them
• 26:14
  Speaker 2: as like an expert based on.
• 26:16
  Speaker 5: Our risk profile.
• 26:17
  Speaker 2: It's okay, we don't want to be too risky, but
• 26:20
  Speaker 2: we do have a lot of years to work and
• 26:23
  Speaker 2: build our wealth, so we just kind of left it.
• 26:26
  Speaker 4: Tim, And do you, off the top of your head,
• 26:29
  Speaker 4: know what your portfolio looks like. Have you got ETFs?
• 26:31
  Speaker 4: Have you got direct shares?
• 26:33
  Speaker 2: I think it's very diversified as part ETFs and there's
• 26:38
  Speaker 2: bonds something like that. I love that you've just been like,
• 26:41
  Speaker 2: we've left it to them. I don't know what's in it.
• 26:43
  Speaker 2: We do four hundred bucks a month money win, Yeah.
• 26:47
  Speaker 5: That's it.
• 26:47
  Speaker 2: It's been on my to do list to actually take
• 26:49
  Speaker 2: a deep dive into it, but I just don't have
• 26:51
  Speaker 2: capacity to do it.
• 26:52
  Speaker 4: Girlfriend, It's fine, and that's what you like. That's the
• 26:55
  Speaker 4: privilege of getting a professional involved right, Like, you still
• 26:57
  Speaker 4: get to do it. You don't have to be so
• 26:59
  Speaker 4: hands on. It can actually be really easy. But it's
• 27:03
  Speaker 4: just making decisions in line with your values. Now, can
• 27:07
  Speaker 4: I backpedal? You guys mentioned that you got married recently,
• 27:10
  Speaker 4: and I love talking about weddings, Like my wedding was
• 27:13
  Speaker 4: the best day of my flip in life and if
• 27:15
  Speaker 4: I could do it again, I would. People are often like,
• 27:17
  Speaker 4: do you regret spending money? Like what was your biggest regret?
• 27:20
  Speaker 4: And like, no, no, I regret that I didn't spend
• 27:22
  Speaker 4: more like this was my favorite day of my entire life,
• 27:25
  Speaker 4: apart from where my son was born, and like that
• 27:28
  Speaker 4: was still a different best day of my life, right,
• 27:31
  Speaker 4: Like having all the people that you love in one location,
• 27:34
  Speaker 4: like it never happens, so for me, it's true so special.
• 27:39
  Speaker 4: Talk to me about wedding budgeting. Talk to me about
• 27:41
  Speaker 4: this destination wedding. How much does it cost? How do
• 27:43
  Speaker 4: we budget for a wedding?
• 27:45
  Speaker 2: Well, my husband and we know that we were going
• 27:49
  Speaker 2: to fund pretty much our whole wedding. We just didn't
• 27:52
  Speaker 2: have parents to drop that much money. We did get help,
• 27:56
  Speaker 2: but it was all going to be on us.
• 27:59
  Speaker 4: Yeah, but it wasn't an ex when you're planning your wedding,
• 28:01
  Speaker 4: you're like, oh, well, I know mum and dad will
• 28:03
  Speaker 4: probably contribute X.
• 28:04
  Speaker 5: It was like, yeah, we just never had that thought. Ever.
• 28:06
  Speaker 4: It was like a benefit when you told them we're
• 28:09
  Speaker 4: getting married and they said we'll cover X or Y.
• 28:11
  Speaker 2: Is that what happened? Not really, it was like we
• 28:15
  Speaker 2: never had that expectations. Give us a present if and yes,
• 28:20
  Speaker 2: we were lucky that we got some money beforehand, which
• 28:24
  Speaker 2: was like maybe ten thousand dollars between our parents to
• 28:28
  Speaker 2: go towards it, and the rest was us.
• 28:31
  Speaker 5: We started saving.
• 28:34
  Speaker 2: I think it was an eighteen month engagement, and we
• 28:37
  Speaker 2: started saving. I actually have your spreadsheet and that's how
• 28:42
  Speaker 2: I track my spending. And you're welcome, by the way,
• 28:44
  Speaker 2: because that was my actual wedding spreadsheet. Yeah, of course
• 28:49
  Speaker 2: it was. Why do you think there are so many
• 28:50
  Speaker 2: rogue like random things on there that you'd be like, oh,
• 28:52
  Speaker 2: I didn't think of that. That's because I had that.
• 28:56
  Speaker 5: Yeah, So I just kind of, you know, use that
• 28:59
  Speaker 5: to help budget.
• 29:00
  Speaker 2: And we just started putting money away fortnightly. I had
• 29:05
  Speaker 2: a goal in mind. My husband gave me a limit
• 29:08
  Speaker 2: on how much I was allowed to spend on the wedding,
• 29:11
  Speaker 2: and we just worked backwards, like how much money do
• 29:14
  Speaker 2: we have to put in fortnightly for this?
• 29:15
  Speaker 5: And that's how we did it.
• 29:16
  Speaker 4: For those of you playing along at home, my wedding spreadsheet,
• 29:19
  Speaker 4: like my wedding budget spreadsheet is available for you to
• 29:22
  Speaker 4: download for free on our website. So that's what she's
• 29:25
  Speaker 4: talking about. What was your budget? So what was the
• 29:29
  Speaker 4: limit for the wedding because destination sounds speno, Well.
• 29:33
  Speaker 2: We chose where my family's from, the Philippines, so it's
• 29:37
  Speaker 2: not as expensive as Europe set like Centerini. It was
• 29:40
  Speaker 2: going to be Europe or the Philippines, and the Philippines
• 29:43
  Speaker 2: it's going to be cheaper. We had a maybe forty
• 29:49
  Speaker 2: forty five thousand dollars budget and I actually did all
• 29:52
  Speaker 2: the expenses, including the flights, a little bit of holiday
• 29:56
  Speaker 2: which we spledged on a little bit to stay some
• 30:00
  Speaker 2: with Bougie afterwards, and the whole wedding day.
• 30:03
  Speaker 5: It was like fifty two thousand.
• 30:05
  Speaker 2: Oh okay, cool, so not too far over budget, but
• 30:07
  Speaker 2: like not saying it's good to go over budget, but
• 30:09
  Speaker 2: I feel like with weddings everything just ends up blowing out,
• 30:13
  Speaker 2: like you go, wait what exactly? And I got like
• 30:16
  Speaker 2: my dream dress and my shoes, Like I didn't those
• 30:20
  Speaker 2: weren't budget shoes. We already learned at the start of
• 30:22
  Speaker 2: this episode. She went Jimmy Choo. Sorry, at least twelve
• 30:24
  Speaker 2: hundred dollars for shoes. Great, so those It was actually
• 30:28
  Speaker 2: the first thing I bought.
• 30:29
  Speaker 4: Sorry, I bought my shoes before my engagement dress as well,
• 30:32
  Speaker 4: Like I'm such a shoes girlie. And I also bought
• 30:35
  Speaker 4: my shoes before I knew what my dress looked like.
• 30:38
  Speaker 4: For my wedding dress, I just knew what I wanted,
• 30:41
  Speaker 4: and in my head, I'm like, this is actually really
• 30:43
  Speaker 4: smart because I can take these shoes to the wedding
• 30:45
  Speaker 4: dress fittings and have the right length from the start.
• 30:48
  Speaker 2: And I'm a genius.
• 30:49
  Speaker 5: That's right, that's right.
• 30:50
  Speaker 2: And I knew I was like my split it has
• 30:54
  Speaker 2: to be with a front bow is yep? So I
• 30:56
  Speaker 2: got a custom made just so the split could highlighter.
• 30:59
  Speaker 2: You have to send me wedding photos.
• 31:01
  Speaker 5: You have to.
• 31:01
  Speaker 2: They're the rules. I just made them.
• 31:03
  Speaker 5: Yeah, I'll send them to you definitely.
• 31:05
  Speaker 4: Oh please do Oh I adore that. So fifty two
• 31:09
  Speaker 4: thousand dollars in budgeting, like as in total budget, what
• 31:13
  Speaker 4: expense surprised you the most, Like what expensould be?
• 31:16
  Speaker 2: Like, oh damn, I didn't realize that would come back
• 31:18
  Speaker 2: as so expensive. Well, I've had experience and weddings before,
• 31:22
  Speaker 2: so nothing really surprised me. I think for us, we
• 31:27
  Speaker 2: wanted a mini holiday and we booked the holiday like
• 31:33
  Speaker 2: a year before the wedding, and that was very expensive
• 31:36
  Speaker 2: the accommodation, and then fast forward like a month before
• 31:41
  Speaker 2: the wedding, like, oh, I didn't budget to be paying
• 31:44
  Speaker 2: five thousand dollars for three nights at hotel or whatever
• 31:47
  Speaker 2: it was.
• 31:48
  Speaker 5: Yeah, it was like, oh, okay, that wasn't in my
• 31:50
  Speaker 5: initial budget, but we'll make it work.
• 31:53
  Speaker 2: Yeah, and what do you think came out the cheapest
• 31:56
  Speaker 2: and you were like, oh, that's surprisingly a good deal.
• 31:58
  Speaker 2: I guess it's really hard with destination weddings because I
• 32:03
  Speaker 2: don't really know how much things cost and we didn't
• 32:06
  Speaker 2: go super budget. But yeah, I just kind of paid
• 32:11
  Speaker 2: whatever we did save on my husband's custom suit. I
• 32:15
  Speaker 2: think that ended up being cheaper to get a maid
• 32:18
  Speaker 2: than going to like MJ bail or something, So that
• 32:20
  Speaker 2: was surprising.
• 32:21
  Speaker 4: Yeah, we did the same for my husband's suits, and like,
• 32:24
  Speaker 4: we went to a relatively expensive tailor here in Melbourne,
• 32:27
  Speaker 4: which for those of even following along is p Johnson,
• 32:30
  Speaker 4: and I'm obsessed with them, and they are seen as
• 32:32
  Speaker 4: being like like, if you go on their website, their
• 32:34
  Speaker 4: clothes are expensive like their lux if that makes sense.
• 32:37
  Speaker 2: But I remember being like.
• 32:38
  Speaker 4: Oh, this is going to cost a bomb, like this
• 32:40
  Speaker 4: is going to be crazy because we did my hut
• 32:43
  Speaker 4: and this is just like a side conversation because I
• 32:45
  Speaker 4: love wedding chat. Apologies, but like we did my husband's
• 32:48
  Speaker 4: suit and then we paid for the groomsmen's suits as well,
• 32:51
  Speaker 4: and they were so good about it.
• 32:53
  Speaker 2: They're like, oh, we.
• 32:54
  Speaker 4: Can save heaps of money here and here if we
• 32:56
  Speaker 4: have the suits made like this instead of like this,
• 32:59
  Speaker 4: And it ended up coming out of the wash being
• 33:01
  Speaker 4: like much more affordable than we thought it was going
• 33:04
  Speaker 4: to be. So it definitely pays to inquire, even if
• 33:07
  Speaker 4: you think like customs the more boogie option. You're right,
• 33:09
  Speaker 4: MJ bail very expensive suits or very I think that
• 33:12
  Speaker 4: they're quite like would you say, like mid range like good,
• 33:15
  Speaker 4: but then yeah, yeah, then they're not like top top no,
• 33:18
  Speaker 4: but then their wedding stuff is definitely more expensive, but
• 33:21
  Speaker 4: then you've got to get them customized and changed and whatnot,
• 33:24
  Speaker 4: and that all act so.
• 33:25
  Speaker 5: The tailoring is on top.
• 33:27
  Speaker 2: I was like, oh, okay, so when you get a
• 33:30
  Speaker 2: custom made everything's kind of included.
• 33:32
  Speaker 5: So it ended up being.
• 33:35
  Speaker 2: Like cheaper, which was crazy. It just I just found
• 33:38
  Speaker 2: that crazy. Yeah, No, all right, we'll move off from
• 33:40
  Speaker 2: wedding chat. I want to know, do you have any debts?
• 33:43
  Speaker 2: Talk me through that. I know you've got a mortgage,
• 33:46
  Speaker 2: but is there anything else? No. So we were lucky
• 33:50
  Speaker 2: that when we refinance our house last year, we could
• 33:54
  Speaker 2: pay off my husband's remaining car Loan.
• 33:56
  Speaker 5: Oh cool.
• 33:57
  Speaker 2: Yeah, so we readrew twenty thousand. Ten tho was for
• 34:00
  Speaker 2: the car and ten thousand was just things around the
• 34:02
  Speaker 2: house and I think maybe some of it was for
• 34:05
  Speaker 2: the wedding.
• 34:05
  Speaker 5: Can't remember.
• 34:06
  Speaker 2: We'll sweep that under the rug. It should be right.
• 34:09
  Speaker 5: So we don't have any personal debts.
• 34:11
  Speaker 2: We do have a credit card though, that I tell
• 34:13
  Speaker 2: myself is for frequent fly points, which is our limits
• 34:18
  Speaker 2: like five thousand, seven.
• 34:19
  Speaker 5: Hundred or something.
• 34:19
  Speaker 2: And are you paying that off monthly fortnightly? Yeah, So
• 34:22
  Speaker 2: we're not like banking anything up. There's not like an
• 34:24
  Speaker 2: outstanding credit card debt sitting there. No, no, we use
• 34:27
  Speaker 2: it as an expenses everyday expenses. Instead of using our
• 34:30
  Speaker 2: savings account. We just put in the credit card and
• 34:32
  Speaker 2: then just transfer over. Yeah, totally. And now back to
• 34:36
  Speaker 2: the house. When did you purchase your home? So we
• 34:39
  Speaker 2: purchased twenty twenty three, mid twenty twenty three. And what
• 34:42
  Speaker 2: did you pay for your house? We got it for
• 34:46
  Speaker 2: six hundred and sixty nine thousand. And what do you
• 34:49
  Speaker 2: get for six hundred and sixty nine thousand? Did you
• 34:51
  Speaker 2: get a house? Did you get an apartment? We got
• 34:53
  Speaker 2: a two bedroom duplex on three eighty square meters love
• 34:59
  Speaker 2: and do you know what it worth today? Eight fifty
• 35:01
  Speaker 2: Oh okay, sorry, Yeah, covid our area just boomed like crazy.
• 35:09
  Speaker 5: So we're so lucky that so we're able to refinance.
• 35:11
  Speaker 4: And I was about to say, as someone who works
• 35:14
  Speaker 4: in mortgage breaking, my brain was like, cool, you probably
• 35:16
  Speaker 4: had some equity and you didn't mention that you were
• 35:18
  Speaker 4: like smashing down the mortgage or anything. I was like,
• 35:21
  Speaker 4: this property has definitely increased in value.
• 35:23
  Speaker 2: What value? That's so cool?
• 35:25
  Speaker 5: Yeah, it is very very cool.
• 35:27
  Speaker 2: It was we just didn't know it was gonna you know,
• 35:31
  Speaker 2: rise as much as it did, but if it allow
• 35:33
  Speaker 2: us to refinance, get a better interest rate and all
• 35:37
  Speaker 2: of that, and you know redraw which was a win. Yeah,
• 35:40
  Speaker 2: So talk to me now, how much debt have you
• 35:42
  Speaker 2: got left? So we with a redraw, we're at six
• 35:46
  Speaker 2: hundred and sixty Okay, how good's that?
• 35:48
  Speaker 4: So still like some equity sitting there, Like, it's not
• 35:51
  Speaker 4: like you used it all up money win.
• 35:53
  Speaker 2: I love that, And it's still less than what you
• 35:55
  Speaker 2: purchased it for. Technically, yes, that's right. We would have
• 35:59
  Speaker 2: loved to it down, but with a wedding this year,
• 36:02
  Speaker 2: that was just never gonna happen. No.
• 36:04
  Speaker 4: And so going back a little bit, you mentioned like
• 36:06
  Speaker 4: you're doing this four hundred dollars? Was it per month
• 36:09
  Speaker 4: into your investment? What made you choose investment there instead
• 36:14
  Speaker 4: of paying off your mortgage?
• 36:15
  Speaker 2: I guess for me, it's kind of the security, like,
• 36:20
  Speaker 2: let's diversify it all. I suppose I think that was
• 36:23
  Speaker 2: my thinking that this, I know shares have better returns
• 36:28
  Speaker 2: eventually in the long run, and why not, let's let's
• 36:32
  Speaker 2: do that.
• 36:33
  Speaker 5: So we did.
• 36:34
  Speaker 2: I love that.
• 36:34
  Speaker 4: That is very fun. So now onto the next part.
• 36:38
  Speaker 4: You clearly have worked your butts off. What do your
• 36:40
  Speaker 4: husband do? I really want to be pervy.
• 36:42
  Speaker 5: So he works in a project role.
• 36:46
  Speaker 2: It's an admin project role at a UNI, and he's
• 36:50
  Speaker 2: on ninety two thousand, oh ninety two K plus good super,
• 36:54
  Speaker 2: really good super. He's I think when we first started dating,
• 37:00
  Speaker 2: they had a mandatory not mandatory, like you can choose
• 37:05
  Speaker 2: to top it up, and it was like his super
• 37:07
  Speaker 2: is like twenty percent or something like that with the
• 37:10
  Speaker 2: extra top up.
• 37:10
  Speaker 5: It's crazy, so crazy.
• 37:12
  Speaker 2: I adore that. That is so fun.
• 37:14
  Speaker 4: Now you've obviously worked incredibly hard, you have your own business,
• 37:19
  Speaker 4: You are clearly setting up for life. You just paid
• 37:22
  Speaker 4: for your wedding. You've got a really great mortgage looking
• 37:25
  Speaker 4: very slick. What are you doing to protect it? Do
• 37:28
  Speaker 4: you have personal insurances?
• 37:29
  Speaker 2: We do the financial Advisor've set up the TPD life insurance,
• 37:34
  Speaker 2: restructured all of our soupers and everything like that, so
• 37:39
  Speaker 2: we pay for that in addition like every month for security.
• 37:44
  Speaker 2: So I know that whatever spending money we have, it's
• 37:48
  Speaker 2: not all of our money. Like you know, all of
• 37:50
  Speaker 2: our money is also being looked after, and our mortgage
• 37:53
  Speaker 2: and our everything else is looked after in the background,
• 37:56
  Speaker 2: which gives me the security knowing that I love that.
• 38:00
  Speaker 4: And when your finance I just really like talking about insurance.
• 38:03
  Speaker 4: But when your advisor put on the table, hey, here's
• 38:07
  Speaker 4: these insurances, like insurances aren't super cheap. Were you guys like, oh,
• 38:11
  Speaker 4: we don't really need those or were you like yeah, absolutely,
• 38:14
  Speaker 4: Like did you understand it, or like did you have
• 38:16
  Speaker 4: to wrap your head around what that looked like?
• 38:18
  Speaker 2: Well, I consumed a lot of your podcasts and I'm like, yep,
• 38:22
  Speaker 2: this is what we was supposed to.
• 38:24
  Speaker 5: So I had to convince him that this is the
• 38:26
  Speaker 5: way to go. It's like, why are we paying for this?
• 38:29
  Speaker 2: This is like ends up being like one hundred and
• 38:31
  Speaker 2: fifty or two hundred dollars a month extra or something
• 38:34
  Speaker 2: so much.
• 38:34
  Speaker 5: Yeah yeah, And he's like, where does this go? So
• 38:38
  Speaker 5: I had to convince him that it was for our future.
• 38:40
  Speaker 2: Yeah exactly.
• 38:41
  Speaker 4: And as I said, I was talking to my producer
• 38:43
  Speaker 4: before about this, I was like, I just want it
• 38:46
  Speaker 4: to be the biggest waste of money, Like I'd love
• 38:48
  Speaker 4: for you guys to like retire and be like we
• 38:49
  Speaker 4: wasted so much money on insurances that we never got
• 38:52
  Speaker 4: to use, and like good because it means you never.
• 38:55
  Speaker 2: Had any significant health events.
• 38:57
  Speaker 4: But then also if a significant health event happens, I
• 39:01
  Speaker 4: just love that you get to keep your house, like
• 39:03
  Speaker 4: you can still pay the mortgage, like you can support yourselves.
• 39:06
  Speaker 4: And I just don't think people think about what that
• 39:08
  Speaker 4: would actually look like because we live in Australia, Like,
• 39:12
  Speaker 4: what's the worst thing that could happen?
• 39:14
  Speaker 2: Right, Like, she'll be right well. Being in the industry
• 39:17
  Speaker 2: that I'm in, I've seen it all. I've seen accidents
• 39:20
  Speaker 2: and permanent disabilities happen, and then the ensure it gives
• 39:24
  Speaker 2: them a hard time because they could work another role.
• 39:29
  Speaker 2: But my financial advisor that was telling me that if
• 39:32
  Speaker 2: we move insurances, you'll get paid out if you can't
• 39:35
  Speaker 2: work in your profession that you work so hard for.
• 39:38
  Speaker 2: They won't force you to do just a random job
• 39:41
  Speaker 2: you don't want to do before they pay you out.
• 39:43
  Speaker 5: So that gave me security knowing that.
• 39:45
  Speaker 4: Yeah, And it's really hard because a lot of people
• 39:47
  Speaker 4: also rely on the insurances inside your superannuation, which can
• 39:51
  Speaker 4: be good and like I'm assuming that you probably still
• 39:54
  Speaker 4: hold some insurances inside super and then some outside. That's right, yeah,
• 39:57
  Speaker 4: because most advisors do that, but some of the income
• 40:01
  Speaker 4: protection policies inside your superannuation only last two years, so
• 40:05
  Speaker 4: like as you would see as an occupational therapist. Sorry,
• 40:09
  Speaker 4: most illnesses, especially if they're very significant, or most trauma incidents,
• 40:14
  Speaker 4: they last longer than two years. What do you do
• 40:15
  Speaker 4: after two years?
• 40:17
  Speaker 1: Like?
• 40:17
  Speaker 2: How are we paying for everything? Exactly? And for me,
• 40:22
  Speaker 2: I'm a planner. I've planned my whole life. I plan
• 40:24
  Speaker 2: next ten years, twenty years or whatever, and that is
• 40:28
  Speaker 2: gives me security knowing.
• 40:30
  Speaker 5: That that we're not at risk.
• 40:32
  Speaker 2: I would hate for us to lose our house or
• 40:36
  Speaker 2: anything like that.
• 40:37
  Speaker 4: You didn't work this hard for it to be all
• 40:39
  Speaker 4: wiped out, like you just didn't. Now you just dropped
• 40:43
  Speaker 4: that you've planned the next ten twenty years. What does
• 40:45
  Speaker 4: the next ten years look like for you guys?
• 40:47
  Speaker 2: Come on, well, next year, we're also planning for to
• 40:52
  Speaker 2: start a family.
• 40:53
  Speaker 5: Yay, thank you.
• 40:56
  Speaker 2: It's a bit of a scary thought and a lot
• 40:58
  Speaker 2: of planning because I have to pay for my own
• 41:00
  Speaker 2: matt leave. Right, It's like, oh, wow, here we go.
• 41:03
  Speaker 2: No one's going to pay me my'm matt leave. I
• 41:04
  Speaker 2: have to do it myself.
• 41:05
  Speaker 4: No, No, I'm in that position too. It's crazy, isn't it.
• 41:08
  Speaker 4: I'm like, oh, people are like, oh, you'll have maternity leave,
• 41:10
  Speaker 4: and I'm like will.
• 41:11
  Speaker 5: I Yeah, yeah, I know. I was like, hang on,
• 41:13
  Speaker 5: wait a minute. If I don't work, then where where
• 41:16
  Speaker 5: does the money come from?
• 41:16
  Speaker 2: And who does my team report to do? I have
• 41:18
  Speaker 2: to hire someone else to run my team?
• 41:21
  Speaker 5: That's right, So that's what I'm planning.
• 41:22
  Speaker 4: Yeah, but like you have to make a very big plan.
• 41:25
  Speaker 4: It's not like just telling someone I think I'm going
• 41:27
  Speaker 4: to have a baby and I'm going to take off
• 41:29
  Speaker 4: from you know, February next year.
• 41:31
  Speaker 2: Like, that's not how this gone works. I'm so sorry.
• 41:33
  Speaker 2: Business owners. Yes, that's right, And it's like how many
• 41:38
  Speaker 2: months you take off? Like my friends are taking a
• 41:40
  Speaker 2: year to two years. I'm like, yeah, that's just not.
• 41:43
  Speaker 6: Going to be me.
• 41:43
  Speaker 5: That just won't happen.
• 41:44
  Speaker 4: And it's funny because and like I obviously have been
• 41:48
  Speaker 4: on maternity leave before, and I hope to go on
• 41:51
  Speaker 4: and again very soon. But my entire business is my life.
• 41:56
  Speaker 4: I'm so wildly passionate about it.
• 41:57
  Speaker 2: I love it.
• 41:58
  Speaker 4: I don't actually want to leave it. It's it's not
• 42:00
  Speaker 4: like a nine to five Monday to Friday job where
• 42:02
  Speaker 4: I go I'm a Matleeve, like, please just don't email
• 42:04
  Speaker 4: me your stuff. I'm always checking in with my team
• 42:07
  Speaker 4: seeing what's going on. And it's not a flex And
• 42:09
  Speaker 4: I think a lot of people think that When business
• 42:10
  Speaker 4: owners talk about the maternity leave and how quickly quote
• 42:13
  Speaker 4: they went back, people were like, that's so toxic. And
• 42:16
  Speaker 4: I'm like, I missed it, Like I sorry newborns, and
• 42:21
  Speaker 4: I was in the very privileged position. My newborn was boring, Like,
• 42:25
  Speaker 4: I was so lucky I didn't have a colleague baby.
• 42:27
  Speaker 4: He didn't cry too much. Like what am I meant
• 42:29
  Speaker 4: to do during nap time? Girlfriend, I'm on slack on
• 42:32
  Speaker 4: my phone, I'm talking to my team. I'm like, what
• 42:34
  Speaker 4: are you guys up to? What are you working on?
• 42:35
  Speaker 4: Oh my god, I had this idea for a podcast,
• 42:37
  Speaker 4: or you know, I had this idea for this client.
• 42:39
  Speaker 4: Like I just wanted to be back in the nitty
• 42:41
  Speaker 4: gritty of it. And so I think it's it's very
• 42:44
  Speaker 4: different for business owners, and I feel like there can
• 42:47
  Speaker 4: be so much judgment because you go, well, actually, I'm
• 42:49
  Speaker 4: planning on working part time from them being like three months.
• 42:52
  Speaker 2: Definitely, I feel that. So it's definitely something that I
• 42:57
  Speaker 2: kind of I don't take a to it anymore. It's like, well,
• 43:01
  Speaker 2: you know, I'm the one who has started and chosen
• 43:05
  Speaker 2: to run a business before I started a family, and
• 43:08
  Speaker 2: this is what I really want to do and it's
• 43:10
  Speaker 2: my first baby, right it is, That's what it is.
• 43:13
  Speaker 5: And yeah, so I understand you.
• 43:16
  Speaker 2: Just never know how it's going to pan out either.
• 43:18
  Speaker 4: But yes, I feel like there's so much judgment around
• 43:21
  Speaker 4: the decisions that business owners make, but ultimately they're in
• 43:25
  Speaker 4: the best interest of us and our families. Like, sorry,
• 43:29
  Speaker 4: I'll be more financially secure if I do this, thank you.
• 43:32
  Speaker 2: That's right, more flexibility as well, where if I do
• 43:34
  Speaker 2: go back to work, it is on my terms when
• 43:38
  Speaker 2: my baby and I are when it suits us. Yeah, exactly, exactly.
• 43:42
  Speaker 5: All right.
• 43:42
  Speaker 4: Next question I have for you because I feel like
• 43:44
  Speaker 4: I'm running out of time and I'm so sorry, but
• 43:46
  Speaker 4: also I've enjoyed this chat so much.
• 43:49
  Speaker 2: What do you think is your best money habit? I
• 43:52
  Speaker 2: am a spreadsheeter again, your budgeting spreadsheet template? Love it.
• 43:59
  Speaker 5: Yes, that's is what I rely on to.
• 44:03
  Speaker 2: I guess plan financial goals for the next year and
• 44:06
  Speaker 2: we kind of stick to it.
• 44:07
  Speaker 5: So that's my responsibility.
• 44:10
  Speaker 2: In my household. I'm the more financial literate one, and
• 44:13
  Speaker 2: that's okay, but also that's a flex. Yeah, yes, I
• 44:17
  Speaker 2: know a lot of my friends like it's my husband.
• 44:19
  Speaker 5: So my part is like, no, that's me.
• 44:21
  Speaker 2: I'm obviously the same. And yeah, sticking to a budget,
• 44:27
  Speaker 2: I suppose as much as possible, and yeah, that would
• 44:30
  Speaker 2: be my best one. I reckon, what do you think
• 44:32
  Speaker 2: your worst money habit is? Fomo fomo? I didn't see
• 44:36
  Speaker 2: that coming.
• 44:37
  Speaker 4: I thought you were going to say, like nice shoes
• 44:39
  Speaker 4: or like nice because you have already learned you've got
• 44:41
  Speaker 4: nice daystes.
• 44:42
  Speaker 2: I've toned it down on the handbags and the shoes.
• 44:45
  Speaker 2: I've toned it down so it's I allow like one
• 44:48
  Speaker 2: item a year, which is pretty good, right honestly, Like
• 44:53
  Speaker 2: you're probably and it sounds flippant, but you're probably spending
• 44:57
  Speaker 2: less than the average bear because you're hoarding all of
• 44:59
  Speaker 2: that to spend in one thing on one fancy item
• 45:03
  Speaker 2: then like going on the iconic every week and like
• 45:05
  Speaker 2: getting a new dress for this that or the other.
• 45:07
  Speaker 4: Like, I find that people are often surprised when I
• 45:11
  Speaker 4: tell them how much I spend on like quote luxury items,
• 45:14
  Speaker 4: all the clothes and shoes and stuff because they're like,
• 45:15
  Speaker 4: I thought that would be way more and I'm like,
• 45:17
  Speaker 4: well no, because I'm not just buying a new dress
• 45:20
  Speaker 4: every week, or like I've got an event so I
• 45:22
  Speaker 4: need a new outfit. I'm just waiting and hoarding my
• 45:25
  Speaker 4: money and then buying something really fancy that ultimately is
• 45:29
  Speaker 4: cheaper than the annual spend that most people have.
• 45:32
  Speaker 2: Exactly, that's my way of thinking as well, I would say.
• 45:36
  Speaker 5: But going back to Foam, half of my friends have kids,
• 45:39
  Speaker 5: and then.
• 45:40
  Speaker 2: The other half of us who don't, and we are
• 45:44
  Speaker 2: the ones that I guess that go out a lot
• 45:46
  Speaker 2: and go on trips a lot, and I still budget
• 45:51
  Speaker 2: going on international holidays every year.
• 45:54
  Speaker 5: My husband has asked me to tone it down after.
• 45:56
  Speaker 2: We have a family, but it's what keeps me going
• 45:59
  Speaker 2: and what motivates me to continue working.
• 46:02
  Speaker 4: You know what, you'll have to see what life looks
• 46:04
  Speaker 4: like after you have a family, so we can't promise anything.
• 46:07
  Speaker 2: I'm sorry, sir, exactly, we don't know what that looks
• 46:10
  Speaker 2: like for us. No, I love it.
• 46:12
  Speaker 4: I love it money diarist, I feel like that's not
• 46:14
  Speaker 4: the worst habit, but I totally get it now that
• 46:17
  Speaker 4: we've talked at the start. You said, Look, when I
• 46:20
  Speaker 4: moved back from London, I was a D and like,
• 46:22
  Speaker 4: I've got myself up through financial literacy and education and
• 46:25
  Speaker 4: obviously setting up your own business and like getting married
• 46:28
  Speaker 4: and now being able to invest and do all of
• 46:29
  Speaker 4: these things.
• 46:30
  Speaker 2: You said, B plus, what would it take to get
• 46:33
  Speaker 2: to an A or an A plus? Because I'm just
• 46:35
  Speaker 2: feeling like you guys are on the right plath like, sorry,
• 46:37
  Speaker 2: you have a financial advisor, Like your business is incredible
• 46:42
  Speaker 2: for how young it is, like everything seems like it's
• 46:44
  Speaker 2: in the right places. Why B plus? Why not A?
• 46:48
  Speaker 2: I guess we could always tone down us spending. I
• 46:51
  Speaker 2: suppose like I enjoy coffees and eating out maybe a
• 46:56
  Speaker 2: little too much. And if I could get my super
• 47:00
  Speaker 2: to where I want it to be, maybe put some
• 47:02
  Speaker 2: more money into our investments, that would make me feel better.
• 47:07
  Speaker 2: Maybe that's what it would take to feel like I'm
• 47:09
  Speaker 2: in A. I love that.
• 47:10
  Speaker 4: I'm not going to argue with you because I feel
• 47:11
  Speaker 4: like you've got your stuff together very well, and I'm like, well,
• 47:14
  Speaker 4: I don't want to tell her she's something that she
• 47:16
  Speaker 4: doesn't feel like she is.
• 47:17
  Speaker 2: Yet, but I feel like you're doing a really flipping
• 47:19
  Speaker 2: good job.
• 47:20
  Speaker 4: So if you'd said I think I'm an a I
• 47:21
  Speaker 4: would have been like, yeah, Like, I think that too.
• 47:24
  Speaker 2: Money Diarist. I love this.
• 47:26
  Speaker 4: Thank you so much for having a chat with me.
• 47:28
  Speaker 4: I just know that our community is going to love
• 47:31
  Speaker 4: this literally as much as I have. You're the first
• 47:33
  Speaker 4: money Diarist of twenty twenty six, and that's.
• 47:36
  Speaker 2: Just ah, what a good episode. Like I came back
• 47:39
  Speaker 2: from London with one thousand dollars and look at all
• 47:41
  Speaker 2: this stuff we've done ourselves and we didn't have any help,
• 47:43
  Speaker 2: and it was just financial literacy, and you've dropped so
• 47:46
  Speaker 2: many good little tips and tricks along the way. Thank
• 47:49
  Speaker 2: you for that, by the way, because you've just promoted
• 47:50
  Speaker 2: my website massively, You're like, oh, I've been using your
• 47:54
  Speaker 2: free budget, I've been using your free wedding like budgets sheet,
• 47:57
  Speaker 2: I've been doing this. I've been Thank you for that.
• 48:00
  Speaker 2: Appreciate it. So thank you so much for joining us
• 48:03
  Speaker 2: on the show.
• 48:03
  Speaker 4: I genuinely really appreciate it, and just know that this
• 48:06
  Speaker 4: is like the money Dary that kicks off this year.
• 48:08
  Speaker 2: To a really good start.
• 48:09
  Speaker 5: Thank you. Thanks for having me.
• 48:10
  Speaker 4: It's been fun and also a very huge thank you
• 48:13
  Speaker 4: to skuy Wealth for making.
• 48:14
  Speaker 2: This episode possible. I've chuck a whole heap of information
• 48:17
  Speaker 2: about them, how to get in contact, what they do,
• 48:19
  Speaker 2: how they do it in the show notes for you
• 48:21
  Speaker 2: to check out.
• 48:26
  Speaker 6: The advice shared on She's on the Money is general
• 48:29
  Speaker 6: in nature and does not consider.
• 48:30
  Speaker 2: Your individual circumstances.
• 48:32
  Speaker 6: She's on the Money exists purely for educational purposes and
• 48:36
  Speaker 6: should not be relied upon to make an investment or
• 48:38
  Speaker 6: financial decision. If you do choose to buy a financial product,
• 48:42
  Speaker 6: read the PDS TMD and obtain appropriate financial.
• 48:45
  Speaker 2: Advice tailored towards your needs.
• 48:47
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• 49:10
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