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Is a Car Novated Lease a Smart Money Move? And the Passion Vs Pay Cheque Career Debate · She's On The Money

0:00
Speaker 1: My name's Sasha Bamblet. I'm a proud First Nations woman
0:03
Speaker 1: and I'm here to acknowledge country t Glenn Young Ganya, Niana,
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Speaker 1: Kaka yah y and Binahaka Nian our gay In Mbini
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Speaker 1: yakarum Jar Dominyamiga Umagahawaka Woman, Damon Imlan Bomba ban Gadabomba
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Speaker 1: in and now in wakah ghan On yak rum Jar
0:20
Speaker 1: water Nadaa. Hello, beautiful friends, we gather on the lands
0:24
Speaker 1: of the Aboriginal people. We thank acknowledge and respect the
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Speaker 1: Abiginal people's land that we're gathering on today. Take pleasure
0:31
Speaker 1: in all the land and respect all that you see.
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Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,
0:40
Speaker 1: bringing you the tools, knowledge and resources for you to thrive.
0:45
Speaker 2: She's on the Money. She's on the Money.
1:08
Speaker 3: Hello and welcome to She's on the Money, the podcast
1:11
Speaker 3: that makes personal finance fun, especially on Fridays. It is
1:15
Speaker 3: our favorite day of the week where we get to
1:17
Speaker 3: get our team together to celebrate you our incredible.
1:20
Speaker 4: She's on the Money community.
1:22
Speaker 3: Miss jessic Rici is going to be sharing her favorite
1:24
Speaker 3: money wins and Becky's back for a little cameo this
1:27
Speaker 3: week in between her little time off. Becky, You've got
1:31
Speaker 3: a number of broke tips for us, which are going
1:33
Speaker 3: to be very good. I feel like we've missed you
1:35
Speaker 3: for a few weeks. You're back for a week, then
1:38
Speaker 3: you're going to go away for another few weeks, but
1:40
Speaker 3: we will get her back.
1:41
Speaker 4: Don't worry, don't worry.
1:42
Speaker 3: And we'll be helping to answer a money dilemma, whethernovated
1:46
Speaker 3: leases are a good idea when it comes to car financing,
1:49
Speaker 3: and something usefully into our dms about this week, whether
1:53
Speaker 3: you should stick at a job because of its earning
1:55
Speaker 3: potential or leave and chase your dreams. God, how have
2:01
Speaker 3: your week's been thus far?
2:03
Speaker 4: A lovely week.
2:04
Speaker 5: I feel like I've been such a downer lately, so
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Speaker 5: I have to say I'm having a delightful week, a
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Speaker 5: lovely day. It's just been very fun and nice and
2:12
Speaker 5: I'm so happy to be here with my friends and
2:15
Speaker 5: I'm just having a great time.
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Speaker 6: Oh you well, I just want to say, really, Qually,
2:20
Speaker 6: you can have it down a week as many weeks
2:22
Speaker 6: as you like.
2:23
Speaker 4: Thank you. You know, sometimes like you feel like you're.
2:25
Speaker 6: You've been down for a certain amount of days and
2:27
Speaker 6: you don't feel not down anymore, be like, well.
2:29
Speaker 4: Peeple probably think of it.
2:30
Speaker 6: But now I'm going to try and be happy. But
2:33
Speaker 6: you can be as down as you like and be
2:35
Speaker 6: just I would like you to not feel down.
2:39
Speaker 4: No, I've had a had like.
2:41
Speaker 6: A normal week, Like it's like not been very eventful.
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Speaker 6: I'm officially unemployed, so if anyone has any jobs going,
2:48
Speaker 6: let me know. And other than that, I had to
2:52
Speaker 6: have a colonoscopy at started the week, which is.
2:55
Speaker 3: I feel like I always say it's like scary, but
2:57
Speaker 3: it's actually not a like once you're done and you're like, oh,
3:00
Speaker 3: there's free sandwiches, totally, Yeah, it's.
3:04
Speaker 4: Just being chill.
3:05
Speaker 3: I love that you love that, oh honestly, live, love laugh.
3:08
Speaker 3: I feel like what you have had a good week.
3:10
Speaker 3: I know you've got a money when coming up because
3:12
Speaker 3: we also got spoil so like that made my week
3:16
Speaker 3: very very good. And I'll leave that to you because
3:18
Speaker 3: I know you were like can I tell them? And
3:19
Speaker 3: I was like, oh, I'm a jealous, but yes of course.
3:22
Speaker 3: But what I do get to share, hopefully is a
3:25
Speaker 3: five star review. Would you guys like to hear it?
3:28
Speaker 4: Yes?
3:28
Speaker 2: Please?
3:28
Speaker 4: Okay, so this one is from Beagles. Oh cute name.
3:32
Speaker 3: I hope you have beagles use the name, and they
3:35
Speaker 3: said inspiring. I've been trying for years to get my
3:38
Speaker 3: act together with money and just listening to the money
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Speaker 3: diaries and becks broke tips. I have finally started making
3:44
Speaker 3: steps towards getting out of debt and being financially free
3:47
Speaker 3: to treat my family.
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Speaker 4: Lovelya I love you Beagles. Such a cute name.
3:54
Speaker 3: Beagles feels like an illegally cute dog name, and it
3:58
Speaker 3: sounds so close to Beagel, like I would love to
3:59
Speaker 3: meet legal the Bagel. Yeah, I know that's I would
4:04
Speaker 3: love to meet a beagle called Bagel. I feel like
4:05
Speaker 3: that is good. But I also just really love knowing
4:08
Speaker 3: people's dogs names. So the other day I saw in
4:10
Speaker 3: the Facebook group that people were leaving photos of their
4:13
Speaker 3: pets and they're like, oh pet for pet tags, and
4:15
Speaker 3: I'm like, sorry, introduce your animal.
4:19
Speaker 4: What is their name, how old are they, what are
4:21
Speaker 4: their interests?
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Speaker 3: Full bio, what are they good at? What are their
4:25
Speaker 3: hidden talents? Anyway, I need to know all of that.
4:28
Speaker 3: And also, guys, we get a massive kick out of
4:32
Speaker 3: reading your five star reviews. So if you haven't left
4:35
Speaker 3: one and you've been thinking about it. Now's the time
4:37
Speaker 3: because we would love our egos to be stroked. And honestly,
4:41
Speaker 3: every time you leave a five star review, it really
4:43
Speaker 3: helps the algorithm on the podcasting platforms pick it up
4:47
Speaker 3: and serve it to new people who might also love
4:49
Speaker 3: the podcast.
4:50
Speaker 4: Repeat you, Yeah, exactly.
4:52
Speaker 3: So, guys, would you like to get into it because,
4:55
Speaker 3: as I said before, Jess has a really fun money win.
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Speaker 3: That's like, I don't know a team money yeah, but
5:01
Speaker 3: yess what have you got from the community?
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Speaker 4: First?
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Speaker 5: Alrighty, so, first from the community, I've got a money
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Speaker 5: win from Ashley. You said she cracked six figures for
5:09
Speaker 5: the first time at this financial year. We had a
5:11
Speaker 5: couple of other girlies, Evelyn and Carly commented underneath and
5:14
Speaker 5: said they did too.
5:15
Speaker 4: That's sick.
5:16
Speaker 5: I just wanted to say, that's so exciting. Congratulations, guys, congrats. Next,
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Speaker 5: I've got a money win from and she said she
5:21
Speaker 5: modeled some nursing scrubs for a photo shoot in exchange
5:25
Speaker 5: for a pair of scrubs of her choice and a
5:26
Speaker 5: two hundred and fifty dollars ature. She said it was
5:28
Speaker 5: a really fun experience. It only took a couple of
5:30
Speaker 5: hours and it boosted her confidence. Plus now she has
5:33
Speaker 5: really fun scrubs to where at work money scrub like.
5:38
Speaker 4: I love seeing it.
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Speaker 5: Yeah, I love being at a supermarket and seeing someone
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Speaker 5: who's finished a shift or whatever and they're in there
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Speaker 5: like cute little scrub.
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Speaker 4: Yeah, totally, you have got your shit together.
5:48
Speaker 3: And I hope someone gives you a free coffeevering scrubs.
5:51
Speaker 4: You deserve, ye redeserve. Yeah.
5:53
Speaker 5: Next, I've got a money lost this week from Charlotte
5:56
Speaker 5: who said unfortunately she was having the worst day and
5:59
Speaker 5: then smashed her car side mirror onto a pole. She
6:02
Speaker 5: called the mechanic to have it fixed and it'll be
6:04
Speaker 5: fifteen hundred dollars, which I'm so sorry that happened to you.
6:08
Speaker 5: But the girlies came through because there were lots of
6:10
Speaker 5: comments under Charlotte's where people said, have you tried looking
6:14
Speaker 5: to see if you can replace the part yourself?
6:16
Speaker 4: Have you done this? Have you done that?
6:17
Speaker 5: And then Charlotte eventually said, oh, I've realized I was
6:20
Speaker 5: very stressed in the moment, but I think I can
6:22
Speaker 5: just replace a small portion of the mirror and that's
6:25
Speaker 5: going to be a lot more cost effective.
6:26
Speaker 4: Totally.
6:28
Speaker 6: I did that literally the other day. It cost me
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Speaker 6: forty bucks to get a new mirror ship. Really, and
6:33
Speaker 6: I don't, like, I don't fifteen hundred, I'm like crazy.
6:36
Speaker 5: Somebody did say that their partner is a mechanic, and
6:38
Speaker 5: that is kind of a going ray if I'm assuming
6:41
Speaker 5: maybe if you have a fancy one or something. I
6:43
Speaker 5: don't know sure, but yeah, always looking to you if
6:46
Speaker 5: you can do it yourself, because a few little comments
6:48
Speaker 5: and Charlotte's just saved herself presumably.
6:50
Speaker 4: Quite a lot of money. Yeah.
6:52
Speaker 5: And then lastly, this week, I've got no money in
6:54
Speaker 5: from Hannah who said money win. Have you found a
6:57
Speaker 5: much cheaper flight back from his trip to Brazil And
7:00
Speaker 5: as a result, he's stopping over in Greece for a
7:02
Speaker 5: few days. I just wish I was there with him
7:04
Speaker 5: to enjoy it. That would be so cool. Yeah, I like,
7:06
Speaker 5: that's such a good little travel tip, like just stop
7:08
Speaker 5: over somewhere for a couple of days if you can,
7:10
Speaker 5: you might what you would spend on the flight, you
7:12
Speaker 5: could just spend in a different country.
7:14
Speaker 4: True, you know, that's very true.
7:15
Speaker 5: And then my money in for the week, we had
7:18
Speaker 5: a little team treaty this week. I wanted to see
7:20
Speaker 5: it because I think it's so good. You guys, if
7:22
Speaker 5: you follow it on Instagram, you might have seen. We're
7:23
Speaker 5: working with Loxtan, which is delightful because we've discovered arguably
7:28
Speaker 5: the best life hack ever. You pay sixty dollars, you
7:32
Speaker 5: go in, you get a little facial forty five minutes,
7:34
Speaker 5: totally customized to you. They check your skin, they did
7:37
Speaker 5: our moisture, they did that.
7:38
Speaker 4: We all did this by the way. Oh yeah, Becky,
7:40
Speaker 4: your first facial.
7:41
Speaker 6: First, and it's not going to be my last, that
7:44
Speaker 6: is for sure.
7:45
Speaker 7: I was.
7:45
Speaker 4: It was so gorgeous, just tell us more. Sorry. It
7:48
Speaker 4: was like a little group family trip. It was a
7:51
Speaker 4: lovely outing.
7:52
Speaker 5: So you have your console and then you get a
7:53
Speaker 5: little instore facial in their beauty pod. They run you
7:56
Speaker 5: through all of their gorgeous products and.
7:58
Speaker 4: The ghost was so nice. Literally, I was like, can
8:01
Speaker 4: we be friends after this?
8:02
Speaker 5: I'm obsessed with the girls, like they may. The experience
8:05
Speaker 5: so incredible, and then you've paid for your facial. You've
8:08
Speaker 5: had you facial. When you leave, you can redeem it
8:11
Speaker 5: on face care products.
8:12
Speaker 3: Which was my favorite part because I don't know about
8:14
Speaker 3: you about halfway through the facial they were like using
8:17
Speaker 3: this product and thetel yes, absolutely, and they are like
8:21
Speaker 3: putting this all over my face and like they have
8:23
Speaker 3: magic fingers like girls who do facials like your hands
8:27
Speaker 3: are next level.
8:28
Speaker 4: I was like, what is that? What can I smell?
8:30
Speaker 4: Why is it so good? Yeah? And I got to
8:31
Speaker 4: take it home with me.
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Speaker 5: What a good money win, Like you're basically redeeming exactly
8:36
Speaker 5: what you spent on the facial for the product, which
8:39
Speaker 5: I think is such good value. You can only do
8:41
Speaker 5: it the day of will pop all the information in
8:43
Speaker 5: the description bucu it selects stores.
8:45
Speaker 3: But yet not all of them have the little facial bus,
8:47
Speaker 3: so like you can't just pop into any but like
8:49
Speaker 3: the ones that do are next level. Is so good,
8:53
Speaker 3: perfect little lunch break treat and beck you learn how
8:56
Speaker 3: to say locksit on.
8:57
Speaker 4: So that's so good money win as well.
8:59
Speaker 6: I fear because I feel like, so if for those listening,
9:02
Speaker 6: if you don't know what locks of Tan is, you
9:04
Speaker 6: do know what locks of Tan is? I was saying
9:06
Speaker 6: locatine because it's l O C C I T A
9:09
Speaker 6: N e yes, but it's pronounced locks of tan.
9:13
Speaker 4: Oh my gosh, he will Oh my goodness, it was
9:18
Speaker 4: so gorgeous. Was like the perfect amount of time.
9:21
Speaker 6: I thought I would get like really shy and like awkward,
9:23
Speaker 6: but it was like so good, like they're so good
9:26
Speaker 6: at it. And I actually ended up being like messaging
9:29
Speaker 6: everyone all my friends being like I need to give
9:31
Speaker 6: you a facial because like it was such an experience.
9:34
Speaker 6: I felt so zen after. It was just so nice.
9:37
Speaker 3: I think my favorite thing was because we were like
9:40
Speaker 3: snooping around well, Beck had her facial, like her laying
9:43
Speaker 3: in her chair with her like headband on.
9:45
Speaker 4: She looked so zen too, like it looked.
9:48
Speaker 3: I was like, sure, right, she looks like out of it,
9:52
Speaker 3: but she had a good time. Yeah, and like what
9:55
Speaker 3: a good intro facial as well, because it's not like
9:58
Speaker 3: a massive two hour thing that you have to can.
10:00
Speaker 4: To a crazy expensive sixty dollars is so cheap.
10:02
Speaker 3: I just feel like that's a really nice, like I
10:05
Speaker 3: don't know, a gateway facial.
10:07
Speaker 4: Oh yeah, because.
10:08
Speaker 3: Like now you're probably like, oh, I definitely do it again.
10:11
Speaker 3: I don't think I could have convinced you to go
10:13
Speaker 3: to a massive salon and like booked in for a
10:15
Speaker 3: big deal.
10:16
Speaker 6: No, But it was holistically like so I was just
10:19
Speaker 6: so then I'm so excited.
10:21
Speaker 4: I actually want to go back after this.
10:23
Speaker 3: And I mean, you know what was also really good
10:25
Speaker 3: while you were having your facial, just and I went
10:26
Speaker 3: and got your cheese.
10:27
Speaker 4: So that was winds around.
10:31
Speaker 3: All right, enough talking about how we got facials, because
10:33
Speaker 3: I don't know if that's a broke tip. It's definitely
10:35
Speaker 3: a money with the money win, but like maybe it's
10:37
Speaker 3: a broke tip as well.
10:38
Speaker 4: I did say get your bus to pay for your facial.
10:40
Speaker 3: Money, you also broke tip. You get the facial and
10:43
Speaker 3: then use the products as.
10:44
Speaker 4: A kid for your mum. Jees goodness, Sorry, I won't
10:49
Speaker 4: take your broke tips.
10:50
Speaker 7: Beck.
10:50
Speaker 4: What have you got this week?
10:51
Speaker 6: We've got a couple from the community as per So.
10:54
Speaker 6: The first one comes from Jenna, who says, I have
10:56
Speaker 6: a light colored hoodie I was going to throw out
10:58
Speaker 6: as it came out of the washing, she with stains
11:00
Speaker 6: on it. That happens all the time. Why does that happen?
11:02
Speaker 4: You know what I mean? Like you put something in
11:04
Speaker 4: it comes out with a state a die running probably
11:07
Speaker 4: from like something else. I see.
11:09
Speaker 6: That actually makes a lot of sense. And so what
11:12
Speaker 6: she did was she got some die I did this
11:14
Speaker 6: too with one of my old jumpers. I was like,
11:16
Speaker 6: it's so it was white, it was so stayed, and
11:18
Speaker 6: then it just brought like an eight dollar die from Woolwords.
11:21
Speaker 3: I think it's right rye or something. And then Tea
11:24
Speaker 3: rit dye. Oh Rich, sorry, Tea sorry, it started to
11:27
Speaker 3: make sense. I use that all the time. I mean,
11:29
Speaker 3: it's not like I die everything every week, but whenever
11:31
Speaker 3: I am dyeing something, I use the rit diet.
11:34
Speaker 4: It's really good.
11:35
Speaker 6: Yeah, totally, And you have a whole new jumper. And
11:38
Speaker 6: so this is what Jenna did. Just got some dye,
11:41
Speaker 6: died at a darker color and saved buying a new hoodie
11:43
Speaker 6: and it looks brand new, fantastic.
11:47
Speaker 3: It's so good. Also side note another brute tip. I
11:50
Speaker 3: think I've shared this before on the podcast, just like
11:53
Speaker 3: refreshing your blacks. Sometimes you've got like your expensive Luela
11:57
Speaker 3: Lemon leggings or like whatever leggings you've got. I feel
12:01
Speaker 3: like everyone's active where it's always black unless you're me.
12:04
Speaker 3: Being able to like pop it in the washing machine
12:07
Speaker 3: with some black die makes them look brand new.
12:09
Speaker 4: Takes that, like you know how black can be a
12:11
Speaker 4: little bit faded.
12:12
Speaker 3: Yeah, take your black clothes fourteen dollar die seven dollars
12:15
Speaker 3: on sale money when new fresh.
12:18
Speaker 4: Black's, oh my god, it's actually so smart. Yeah, and
12:21
Speaker 4: so much bet everything. And it doesn't stayin in the
12:26
Speaker 4: washing machine. No, absolutely not.
12:27
Speaker 3: And like I mean, I don't want to like give
12:29
Speaker 3: rich too much airtime because they're not paying for this.
12:31
Speaker 3: But you can actually get if you go to Spotlight,
12:34
Speaker 3: not just the supermarket, you can get die pods, so
12:38
Speaker 3: it's even easier. They are a bit more expensive than
12:40
Speaker 3: like you know, doing your mix it yourself, but you
12:43
Speaker 3: can get the die pod. You take all the plastic
12:45
Speaker 3: of it, pop it in the washing machine and it
12:47
Speaker 3: basically bursts. Well, it's in there, stains your clothes. Like
12:50
Speaker 3: have you do you remember ever doing the whites looad
12:52
Speaker 3: and then leaving a red thing in there and it
12:54
Speaker 3: ruins your washing.
12:55
Speaker 4: This doesn't ruin your washing, It does the opposite.
12:57
Speaker 3: It actually fixes your washing, washes it all out, and
13:00
Speaker 3: then you just hang it out to dry. Gorgeous money.
13:04
Speaker 3: Seriously wrong section of the broadcast. What else you got back?
13:09
Speaker 4: Sex one comes from a lease who says for any
13:10
Speaker 4: academics or people doing research and trying to like access
13:13
Speaker 4: any papers. If you have access to the author's details,
13:18
Speaker 4: try and find them. We can email them and usually
13:20
Speaker 4: they're more than happy to send it for free.
13:22
Speaker 5: Maybe that loves the idea of them sharing that because
13:24
Speaker 5: they just like love knowledge and they want people to
13:26
Speaker 5: have it. Yeah, that's really naive, but that's that seems
13:29
Speaker 5: so lovely that it totally is.
13:31
Speaker 3: It totally is, and you guys already know. But I
13:33
Speaker 3: don't know if everyone who listens to our podcast knows.
13:36
Speaker 3: But I actually have my own money callum in the
13:38
Speaker 3: Age newspaper and in the Sydney Morning Herald newspaper, which
13:41
Speaker 3: according to my parents is like actually a really big deal.
13:44
Speaker 3: And like, I think it's pretty cool because I get
13:46
Speaker 3: a thousand words a week to yap and like you
13:50
Speaker 3: can't say anything about it is my opinion column to
13:53
Speaker 3: what I want here. But I get paid to do
13:56
Speaker 3: that money win. But I don't get paid perview. I
13:59
Speaker 3: just get to write the article. And that's how most
14:02
Speaker 3: pieces of content exist. So I know lots of platforms
14:06
Speaker 3: don't pay their authors. They might say, oh, like it's
14:09
Speaker 3: for the exposure, you'll get more work from this, which
14:11
Speaker 3: I don't subscribe to. Thankfully, I do get paid, but
14:16
Speaker 3: usually you get like a set fee or did you
14:19
Speaker 3: know that you get paid per words sometimes, so some
14:21
Speaker 3: people get paid per word anyway, interesting.
14:25
Speaker 4: Adding in words.
14:26
Speaker 3: I know, I know, I don't get paid pertendancy, honestly rude,
14:31
Speaker 3: but that's okay.
14:32
Speaker 4: But they usually get paid.
14:34
Speaker 3: So once it's on the platform, there's no benefit to
14:37
Speaker 3: the author anymore. The subscription and stuff usually goes to,
14:41
Speaker 3: you know, the owner of the platform.
14:43
Speaker 4: They might just do you a solid and sneak it
14:44
Speaker 4: over to you. Yeah, yeah, my articles shot just to
14:48
Speaker 4: be clear. Yeah, no, so worth a shot anyway. And
14:52
Speaker 4: then my one my friends send me this.
14:55
Speaker 6: Thing and I thought it was just from Merrybeck Counsel.
14:57
Speaker 6: So Mary Beck is like, you know, Brunswick, all that
15:00
Speaker 6: kind of area, and they're basically doing a like parking
15:04
Speaker 6: fine refund situation, and so it's you may be eligible.
15:09
Speaker 4: I for some reason, wasn't with your five hundred five
15:13
Speaker 4: had a thousand parking.
15:15
Speaker 6: Fines, surely one of them is eligible anyway, none of
15:19
Speaker 6: them were. But and then I love a lovely producer
15:21
Speaker 6: googled it and I think there's like a few councils
15:23
Speaker 6: doing it at the moment, so maybe just have a
15:25
Speaker 6: Google and see what is available. But for Merryback in particular,
15:30
Speaker 6: all you had to do was kind of you just
15:32
Speaker 6: had to use your regro, just chuck it in and
15:35
Speaker 6: if something's eligible, then I think you have to prove
15:37
Speaker 6: that you were the I guess recipient of the infringement.
15:42
Speaker 3: But it'll be different for every accountcl it would be different.
15:44
Speaker 3: So that's why I'm saying, Like with Barry Beck, that's
15:46
Speaker 3: what the process was. Yeah, well I needed was my
15:49
Speaker 3: registration and then yeah, for some unknown reason, nothing was eligible.
15:54
Speaker 3: And I'm like, every single day it feels like I've
15:57
Speaker 3: got a new parking fine. So I'm I mean, I'm
15:59
Speaker 3: going to keep trying.
16:00
Speaker 4: Don't take me a pun for everyone. Yeah, So good
16:02
Speaker 4: to go.
16:03
Speaker 3: All right, guys, that is it for this side of
16:05
Speaker 3: the episode. We're going to go to a really quick
16:07
Speaker 3: break because and quick I say, because.
16:09
Speaker 4: I want to get into this so much.
16:11
Speaker 3: We're going to talk about whether novateed leases are a
16:13
Speaker 3: good idea when it comes to car finance. And you
16:15
Speaker 3: slid into our DMS about something this week, whether you
16:18
Speaker 3: should stick at a job because of its earning potential
16:21
Speaker 3: or leave and chase your dreams.
16:23
Speaker 4: Don't go anywhere.
16:29
Speaker 5: Welcome back everybody. Let's take a listen to this week's
16:31
Speaker 5: money dilemma.
16:34
Speaker 6: Hi.
16:35
Speaker 3: There, have you got a money dilemma you just can't solve.
16:38
Speaker 3: The She's on the Money team is here to help.
16:40
Speaker 3: Every week we tackle your dilemmas, both big and small,
16:43
Speaker 3: to answer your most burning money, career and life questions.
16:47
Speaker 3: To get involved, simply head to our website and leave
16:49
Speaker 3: us a short voice recording and you might just find
16:51
Speaker 3: yourself on the show. Now, let's take a listen to
16:54
Speaker 3: this week's money dilemma.
16:57
Speaker 4: Hi, She's on the Money.
16:59
Speaker 7: First of all, love the podcast. Thank you so much
17:02
Speaker 7: for putting it out there for all the ladies and
17:06
Speaker 7: everyone else every week. It's very entertaining, very motivating, and
17:10
Speaker 7: very educational, so really appreciate it. My question for you
17:14
Speaker 7: ladies is about norvated leases. I run a small business
17:18
Speaker 7: and I've recently had an employee ask about the potential option.
17:23
Speaker 7: I don't know much about it, quite honestly, and I
17:25
Speaker 7: was wondering if you guys could explain what anovated lease
17:29
Speaker 7: is the difference between a normal finance loan and the
17:31
Speaker 7: benefits for an employee as well as an employer that
17:35
Speaker 7: would be really appreciated. Thank you, and keep doing your thing.
17:40
Speaker 4: Ah, that's so sweet, thank you.
17:43
Speaker 6: I don't really know about how norvated leases work everywhere,
17:46
Speaker 6: but I just know that at my job they did
17:47
Speaker 6: butter it up a little bit because we have a
17:50
Speaker 6: company that is attached to our company that offer this,
17:54
Speaker 6: and it's like it kind of comes out like the
17:56
Speaker 6: repayments come out of your pre text seller, and so
18:01
Speaker 6: I was like, okay, let's have a look. And then
18:03
Speaker 6: I like kind of like inquired, and then they set
18:05
Speaker 6: me like a full breakdown, and it was just I
18:07
Speaker 6: was like, I just want like a shitty little secondhand car,
18:11
Speaker 6: no more than I don't know ten k, which I
18:13
Speaker 6: know is already a lot. And then they set me
18:15
Speaker 6: the full breakdown, and I calculated that my after tax
18:19
Speaker 6: pay would pay the exact amount off no interest. But
18:23
Speaker 6: then the pre tax pay it was like sixty thousand
18:25
Speaker 6: dollars and I was like, are you telling me that
18:27
Speaker 6: I'm paying sixty thousand It's something like that, something crazy.
18:30
Speaker 6: It's insane on the car because it's like the benefit
18:35
Speaker 6: is that you barely notice the repayments because it's coming
18:37
Speaker 6: out of your pre tax salary but yeah, it just
18:40
Speaker 6: felt really sneaky, and so I don't know that this
18:43
Speaker 6: is the situation everywhere. I just said that in this
18:45
Speaker 6: particular situation, it was very like, Yeah, it was just
18:48
Speaker 6: very sneaky, and I think they did it in a way.
18:49
Speaker 6: It was like, look, after tax, you're only paying the
18:52
Speaker 6: exact amount of the car. I was like, no, but
18:55
Speaker 6: I'm paying way more, I fear. So I don't know
18:58
Speaker 6: if that's the case everywhere. I just be really cautious.
19:01
Speaker 6: Maybe I had so many questions. If you're saying that
19:04
Speaker 6: you inquired on a ten thousand dollar car and then
19:06
Speaker 6: it was going to be sixty thousand dollars, like what
19:08
Speaker 6: the hell novated lease that are you using? Because that's
19:12
Speaker 6: not just crazy, that's like illegal, No, not illegal, it's
19:16
Speaker 6: not do you know what.
19:17
Speaker 3: Unfortunately, things like that are never illegal. If you signed
19:20
Speaker 3: a contract, like if you were given the information that said,
19:23
Speaker 3: oh you can borrow money from Bill and he'll you know,
19:27
Speaker 3: charge you ninety five percent interest, and you, you know,
19:29
Speaker 3: maybe didn't know what you're doing and signed it. Still, sorry,
19:32
Speaker 3: that doesn't make it illegal. It means that they had
19:34
Speaker 3: a really good deal and you got a really terrible deal.
19:37
Speaker 4: You did the right thing, doing the math and doing
19:38
Speaker 4: your own research. Yeah, one hundred percent. Jess, would you
19:42
Speaker 4: do an ovated lease? What are your thoughts? I mean,
19:43
Speaker 4: I'll be honest, I don't know a huge amount.
19:45
Speaker 5: We did an episode on novated leases, but that was
19:47
Speaker 5: purely from an employee perspective.
19:49
Speaker 4: Some very interesting to you from you on like the
19:51
Speaker 4: employer that like why would an employer offer it?
19:54
Speaker 5: Yeah. The other big benefit that I know of novated
19:56
Speaker 5: leases is it had it will reduce your taxable income. Man,
19:59
Speaker 5: when if you're someone who sits in a higher tax
20:01
Speaker 5: bracket or you're just teetering on the edge, then doing
20:04
Speaker 5: an ovated lease could bring you down, which is obviously
20:07
Speaker 5: often quite a big benefit, depending on what that looks
20:10
Speaker 5: like for you. I personally, this is one of those things,
20:14
Speaker 5: like my parents always said, that just has all it
20:16
Speaker 5: exists in my head and it's not even necessarily correct,
20:19
Speaker 5: but it's just so drummed into me. But like a
20:22
Speaker 5: car loan is one of the stupidest loans you can get,
20:24
Speaker 5: and I know, big fat caveat on that most people
20:27
Speaker 5: can't afford to get a car up front. That is
20:29
Speaker 5: such a privilege to say in the same breath. They
20:32
Speaker 5: would also say buying a brand new car is often
20:34
Speaker 5: stupid because it devalues when you drive it out.
20:35
Speaker 4: It's like in their minds.
20:37
Speaker 5: So those two concepts went hand in hand, and that's
20:39
Speaker 5: something that I've just kind of carried on. So like
20:41
Speaker 5: when I bought my car, it was secondhand, and I
20:44
Speaker 5: saved fruit in cash and it took me a long time. Okay,
20:47
Speaker 5: big dog, I know it was literally every dollar that
20:49
Speaker 5: I had.
20:49
Speaker 4: I really cried, but I did it. And I mean
20:51
Speaker 4: I say that it was I think twelve thousand dollars.
20:54
Speaker 4: What was that? So much money? Oh, especially of money,
20:56
Speaker 4: the money that you had at the time. And it's
20:59
Speaker 4: very privileged that I could do that.
21:00
Speaker 5: Now, it wasn't Actually it was hard work. But I
21:03
Speaker 5: recognize that not everybody. You know, there might be an emergency.
21:07
Speaker 5: People need cars to get.
21:08
Speaker 3: Like, don't get me wrong, I think we Sorry, I
21:10
Speaker 3: just really want to derail this completely. We talk about
21:14
Speaker 3: privilege a lot, and like we are so privileged, like
21:17
Speaker 3: you and I are sitting on couches in Australia. We
21:20
Speaker 3: have so much genuine privilege, Jess, you and I are white,
21:24
Speaker 3: Like that privilege is undeniable.
21:27
Speaker 4: Yeah, but I also hate.
21:29
Speaker 3: When people say I'm so privileged to be able to Sorry,
21:32
Speaker 3: you won't given anything, Jess. Your parents don't fund your lifestyle.
21:37
Speaker 3: They have never financially supported you. You have always worked
21:40
Speaker 3: as hard as you possibly can to save every single dollar,
21:44
Speaker 3: and I just I get quite frustrated when.
21:47
Speaker 4: Even you do this back.
21:48
Speaker 3: And it's so nice because I think that you know,
21:50
Speaker 3: privilege checking is really important, but like, you worked your
21:55
Speaker 3: butt off, and I don't always want to palm it
21:57
Speaker 3: off to privilege. Yes, I'm going to ignore each my
22:00
Speaker 3: privilege and talk about those things, but I don't think
22:03
Speaker 3: every time we talk about, hey, I actually achieved this thing,
22:07
Speaker 3: you have to outline the privilege associated with it.
22:11
Speaker 4: I try it very hard.
22:12
Speaker 3: To make sure, especially on social media and like content,
22:15
Speaker 3: to always contextualize it to go hey, cool, like I
22:18
Speaker 3: am really lucky to have all of this, but you
22:21
Speaker 3: worked really hard for that. And I think in friendship
22:24
Speaker 3: conversations and stuff like, you don't need to go, oh,
22:27
Speaker 3: I'm really privileged. I saved twelve rand for my first car. Sorry, Jess,
22:31
Speaker 3: tell me how you did that? How did you save
22:33
Speaker 3: twelve grand?
22:33
Speaker 4: I worked three jobs?
22:35
Speaker 6: Thank you?
22:36
Speaker 5: I just don't wannyone to think I'm shitting on people
22:38
Speaker 5: who do know You're not You're not.
22:40
Speaker 3: And do you know what, there are a lot of
22:41
Speaker 3: people in our community who work three jobs and still
22:44
Speaker 3: can't save a friggin dollar.
22:45
Speaker 4: And that's timely, friggin hard. Yeah, And we hear.
22:49
Speaker 3: You, and we know you're there, and we hope that
22:51
Speaker 3: at some point these episodes are inspiration that you too
22:55
Speaker 3: can put yourself in that position, and you too will
22:58
Speaker 3: have the freedom.
22:59
Speaker 4: But some times, do you know what? Just getting by
23:01
Speaker 4: is enough? Absolutely? And so I think, like back to
23:05
Speaker 4: the Q, would I try about it?
23:06
Speaker 7: No?
23:06
Speaker 4: Yes, so fine now, but you buy amen?
23:08
Speaker 5: But I think would I take out an ovated lease,
23:10
Speaker 5: I would look into it, I would run the numbers,
23:12
Speaker 5: I'd probably talk to you, But I my preference for
23:16
Speaker 5: me personally has always been where possible to just not
23:18
Speaker 5: take on a loan. Generally, Yeah, I think anovated least
23:21
Speaker 5: can be a good option if the tax benefits are
23:23
Speaker 5: big enough. But if you're paying sixty thousand for a
23:25
Speaker 5: ten thousand dollars car, then I just think, yeah, that's crazy.
23:28
Speaker 4: But I feel like you're much better placed.
23:30
Speaker 3: Yeah, and I'm going to stop talking about other stuff,
23:32
Speaker 3: and I'll actually tell you about an ovated lease, and
23:36
Speaker 3: the name should be something that you consider as well.
23:39
Speaker 3: We're talking about a lease, we're not talking about you
23:41
Speaker 3: purchasing a car.
23:42
Speaker 4: It's not a car loan. It's not a car loan.
23:44
Speaker 3: And my favorite way to think of an evated least
23:47
Speaker 3: is a three way. Yeah, it's a three way, and
23:50
Speaker 3: it's between your employer, it's between you, and it's between
23:54
Speaker 3: leasing company. So your employee they lease a car, and
23:58
Speaker 3: then the employer agrees to take on the lease or
24:01
Speaker 3: a payments using a mix of the employees pre tax
24:06
Speaker 3: and post tax salary. So if Jess, you came to
24:08
Speaker 3: me and you said, oh, in a novated lease and
24:09
Speaker 3: for some reason it made a lot of sense for
24:11
Speaker 3: you personally, and I was happy to do that. I
24:14
Speaker 3: would just organize for your pre tax and some of
24:16
Speaker 3: your post tax income to go.
24:18
Speaker 4: To that company.
24:19
Speaker 3: Yeah, but the company is involved to basically take care
24:22
Speaker 3: of all the admin and the finance side of things
24:25
Speaker 3: and like honestly the car maintenance and you can deal
24:28
Speaker 3: with that after that. And it's sometimes known as salary packaging.
24:32
Speaker 3: So we've talked about this before and I mean for
24:35
Speaker 3: the employee, there are a number of benefits. So say
24:37
Speaker 3: you don't have a car and you need a car,
24:39
Speaker 3: you don't have twelve grand to buy one, right, There
24:42
Speaker 3: are tax savings so kind of money when like lease
24:45
Speaker 3: payments are made.
24:46
Speaker 4: Partially from your pre tax income.
24:49
Speaker 3: Which reduces your taxable income as you were talking about before, Jess,
24:52
Speaker 3: which potentially could result in more take home pay potentially,
24:58
Speaker 3: like if you did your numbers right, to be honest,
25:00
Speaker 3: you'd have to be on the cusp of a salary
25:03
Speaker 3: band for that to make sense. And there's a very
25:06
Speaker 3: small amount of people that I think would hit that
25:09
Speaker 3: convenience salary. Packaging a car like putting it on an
25:13
Speaker 3: evated lease, it's bloody easy.
25:16
Speaker 4: Like the car.
25:17
Speaker 3: Repayments, the fuel, the maintenance, the insurance, you're regiro all
25:21
Speaker 3: into that payment and you can and if you're someone
25:24
Speaker 3: that likes those things, right, yep. And I mean it's
25:26
Speaker 3: relatively cash flow friendly, Like we would say that it
25:29
Speaker 3: reduces the upfront cost. If you're having to save twelve grand,
25:32
Speaker 3: like you don't need a deposit, that's kind of a
25:34
Speaker 3: money win you could probably then I'm not trying to
25:38
Speaker 3: pitch this to you, but like, you know, if you
25:41
Speaker 3: had five grand as a deposit, the car you could
25:43
Speaker 3: buy for five grand is very different to the car
25:45
Speaker 3: that you could potentially afford through an ovated lease.
25:47
Speaker 4: So maybe you're like, oh.
25:49
Speaker 3: I could afford to buy a newer or a better
25:51
Speaker 3: car than purchasing a five grand one out right, and there's.
25:55
Speaker 4: No GST.
25:57
Speaker 3: JST on the purchase price and running costs is often
26:00
Speaker 3: not paid by the employee because the leasing company claims
26:03
Speaker 3: that and that's where their benefits start to kick in.
26:07
Speaker 3: If you flip it, like you come to me and say, hey,
26:10
Speaker 3: own anvated lease, Like, what are the benefits for me
26:13
Speaker 3: as an employer? It's valued perk, Like you're probably going
26:16
Speaker 3: to be like, oh my god, through my.
26:17
Speaker 4: Work, I can get this novated lease.
26:19
Speaker 3: Lots of companies, bigger companies usually find an ovated lease
26:24
Speaker 3: partner so in their salary packaging they can say, and
26:27
Speaker 3: we can give you this because it sounds shiny. Yeah,
26:30
Speaker 3: I don't love it because I think that that means
26:32
Speaker 3: that talent and people that want to work for you
26:35
Speaker 3: maybe think you're attractive, when that's not. Actually the biggest
26:38
Speaker 3: perk ever doesn't cost me a cent it does cost
26:41
Speaker 3: me a little bit of admin. I mean, I've got
26:43
Speaker 3: to set it up with the leasing company. I would
26:46
Speaker 3: have to organize your pay. But once that's done, that's fine.
26:49
Speaker 3: And to be honest, just we have a bookkeeper at
26:51
Speaker 3: she's on the money that like organizes all of that.
26:53
Speaker 3: I still do the pace like I process them manually
26:56
Speaker 3: still because I'm good trolling, but like somebody else, we
27:00
Speaker 3: do the calculations for me and then each month tell me, hey,
27:02
Speaker 3: you need to pay ex here and why here, and
27:04
Speaker 3: then Jess's salary leftover would go into her bank account
27:07
Speaker 3: and I'd be like, okay, cool. And then FBT. So
27:11
Speaker 3: you might have heard of FBT before. And I was
27:14
Speaker 3: having a conversation with my friend Shelby the other day.
27:16
Speaker 3: Actually she's a business owner as well, and we pay
27:20
Speaker 3: a lot of FBT in this business and that's okay.
27:24
Speaker 3: But FBT is fringe benefits tax and it's forty seven percent,
27:30
Speaker 3: and fringe benefits tax is something that we pay on
27:35
Speaker 3: benefits to an employee that are above and beyond what
27:39
Speaker 3: the government deems to be like the minimum.
27:42
Speaker 4: And like, this is not me complaining.
27:44
Speaker 3: In fact, I'm proud of the fact that we pay
27:46
Speaker 3: FBT because we do go above and beyond it. She's
27:50
Speaker 3: on the money to like reward stuff and you know,
27:53
Speaker 3: gift them things that we think that they would really
27:55
Speaker 3: like as opposed to going, Oh, I can actually only
27:58
Speaker 3: spend a top of three hundred dollars on my staff
28:01
Speaker 3: member each year, like that wouldn't work with all of
28:04
Speaker 3: the lunches and the dinners that we go to.
28:06
Speaker 4: We do gifts, We do a lot of travel.
28:09
Speaker 3: That travel sometimes like has to be split between Okay,
28:13
Speaker 3: well that really was kind of a holiday for everybody,
28:16
Speaker 3: Like we took a few days to go to Disneyland.
28:17
Speaker 3: We can't claim that on text, but we can claim
28:20
Speaker 3: the part we were at the conference, right, So FBT
28:23
Speaker 3: kind of adds up in our business. And I'm just
28:26
Speaker 3: giving you context. I think as it's pervy interest, it's
28:29
Speaker 3: just interesting and you might go, oh, well, why would
28:31
Speaker 3: they do that? But often it's FBT neutral. So usually
28:38
Speaker 3: it's offset via the employees post tax contributions, so the
28:41
Speaker 3: employee pays, not the employer. So like, FBT not my
28:46
Speaker 3: problem yours, Jessica Ricci. I mean I feel like I've
28:50
Speaker 3: sold it. I've made you go, oh, do you want
28:53
Speaker 3: annovated lease. Now you're probably like slay like I can
28:55
Speaker 3: see begspace.
28:57
Speaker 4: It's interesting conversation.
28:59
Speaker 3: Later, let's just point out a few of the red flags. Girl,
29:03
Speaker 3: You would be locked into a lease, not a loan repayment.
29:07
Speaker 3: A lease, you're borrowing the car from them. If you
29:10
Speaker 3: leave your job, you actually have to take over the
29:13
Speaker 3: payments in full in your post tax income yourself, or
29:17
Speaker 3: find another employer who would take that over for you.
29:20
Speaker 3: So before you ever take on an ovated lease, please
29:23
Speaker 3: check if you can afford it post tax, because you
29:26
Speaker 3: don't want to be stuck in a job.
29:27
Speaker 4: And we'll get to this in our perfect question, but you.
29:30
Speaker 3: Don't want to be stuck in a job because you
29:32
Speaker 3: can't afford car repayments totally. It's also not always cheaper,
29:36
Speaker 3: so depending on your income, your car choice, how much
29:39
Speaker 3: you use it, how much fuel goes into it, it
29:42
Speaker 3: can actually be more expensive. And I mean you touched
29:45
Speaker 3: on this before, Beck than just buying it out right
29:47
Speaker 3: or going and getting a car loan.
29:49
Speaker 4: I am not recommending a.
29:50
Speaker 3: Car loan as just a you can have a new
29:53
Speaker 3: car every couple of years, Like I am very much
29:56
Speaker 3: on the what would you say I'm on the team
29:58
Speaker 3: of buy a car, thrash it, drive it into the ground,
30:02
Speaker 3: drive it into the ground. I know a lot of
30:05
Speaker 3: people go, oh, but you want to like resell it, Like,
30:07
Speaker 3: I'm not buying a car for resale value. Most of
30:10
Speaker 3: the time. I'm buying a car because I need to
30:12
Speaker 3: get from A to B. And you best believe I
30:14
Speaker 3: am getting the most out of this vehicle completely, like
30:17
Speaker 3: I would want it to last as long as possible.
30:19
Speaker 4: And Jess, you know this, But I don't think Beck knows.
30:22
Speaker 3: I drove my car that I bought way back when
30:25
Speaker 3: I have my very very first job until I had
30:28
Speaker 3: a baby because I couldn't fit a car seat in it.
30:30
Speaker 4: Yeah, and then I was like, damn it, we need
30:33
Speaker 4: your car.
30:33
Speaker 3: I was annoyed by that because I was so excited
30:36
Speaker 3: about how economic that little car was. Yeah, girl, Petro
30:40
Speaker 3: was so cheap. If you have a cheap car, that
30:43
Speaker 3: is a flex Like, I don't want to see your big,
30:46
Speaker 3: bougie expensive car. I want to see your cheap card.
30:49
Speaker 3: I want you to be like I'm a big dog
30:50
Speaker 3: with of this. Like anyway, just keep it clean, all right, Like,
30:54
Speaker 3: just keep the shit inside your car clean. We could
30:56
Speaker 3: be proud of it, irrespective of how much it is worth.
31:00
Speaker 4: So with leases, because it's a lease.
31:02
Speaker 3: Not your own vehicle, there are kilometer limits and we're
31:06
Speaker 3: in tear costs that might come into it and rules
31:09
Speaker 3: that you might not be aware of. And you actually
31:11
Speaker 3: don't own the car unless you completely pay out the lease.
31:14
Speaker 3: And sometimes you get to the end of the lease
31:16
Speaker 3: term and then they go, oh that's great, Beck, so
31:18
Speaker 3: to buy the car.
31:19
Speaker 4: Now, did you want to buy the car? And you
31:21
Speaker 4: go I thought I did.
31:23
Speaker 3: Yeah, it's actually another seventeen thousand dollars to buy that
31:25
Speaker 3: car outright from us.
31:27
Speaker 6: Oh my god.
31:28
Speaker 3: And that's where things, you know, add up. But I mean,
31:30
Speaker 3: it doesn't really matter how it really impacts the employer.
31:34
Speaker 3: As I said before, admin it can make exits complicated,
31:37
Speaker 3: like if I want someone to leave the business, or
31:40
Speaker 3: someone wants to leave the business, you need to work
31:43
Speaker 3: out least transfer and like logistics and what if they
31:46
Speaker 3: don't want the car in any way, It can be
31:48
Speaker 3: quite complicated. And then it can also be a little
31:51
Speaker 3: bit confusing. So if a company and this is not
31:55
Speaker 3: offer me personally, it can be confusing. It's a if
31:59
Speaker 3: this is not community catered properly and you have been
32:03
Speaker 3: given a salary package back or jess and it says
32:07
Speaker 3: you can get an ovated lease. Sometimes you might think
32:10
Speaker 3: that you get a car with your job. Yeah, and
32:13
Speaker 3: you don't necessarily get a car with your job. You
32:15
Speaker 3: could pay for a car and they give you this
32:17
Speaker 3: structure to buy a car. But like I have seen
32:20
Speaker 3: people in our community who have novateed leases and they're like, God,
32:23
Speaker 3: it's great, it comes with my job. Yeah, well, actually
32:26
Speaker 3: it would have been better for you to take the cash.
32:27
Speaker 3: And they didn't know that was an option. They just
32:29
Speaker 3: thought that they had to get a company car quote. Yeah,
32:32
Speaker 3: And I think that that is a bit of a
32:34
Speaker 3: red flag because it's not well communicated in your comms
32:37
Speaker 3: with whoever. Yeah, So whether or not it's a good
32:40
Speaker 3: option is completely up to you. I remember growing up,
32:43
Speaker 3: my dad always had an ovateed lease through like the
32:45
Speaker 3: business he worked for, and it just made sense for them,
32:49
Speaker 3: like because my dad was a car guy and loved it,
32:52
Speaker 3: and like it just made sense for me. Find if
32:54
Speaker 3: you just purely base it on the financials, I'd say no, no,
32:58
Speaker 3: but that's just me juicy DM Oh my god, I
33:02
Speaker 3: can't wait, all right, So the juicy DM this week
33:06
Speaker 3: has come in and like already had our community and
33:09
Speaker 3: our team talking. Hi, she's on the money. I need
33:12
Speaker 3: your help. I'm in a job where I could earn
33:14
Speaker 3: really good money, but it'll take time to climb that ladder.
33:18
Speaker 3: I've always wanted to be a teacher. I'd have more
33:20
Speaker 3: time with my kids during school holidays, the option to
33:23
Speaker 3: work anywhere, and perks like discounted school fees, which is
33:27
Speaker 3: honestly a money winning this economy. But the idea of
33:30
Speaker 3: going back to study for a few years and taking
33:32
Speaker 3: on another forty thousand dollars worth of debt is making
33:34
Speaker 3: me second guests literally everything. I keep thinking, the more
33:38
Speaker 3: I earn, the more I'll be able to give my
33:39
Speaker 3: kids the life I had growing up. But what if
33:43
Speaker 3: I chase that and ignore a job I've always dreamed of.
33:46
Speaker 3: I have three kids, and I'm so anxious I won't
33:49
Speaker 3: be able to support them financially like my parents did
33:52
Speaker 3: for me and my sister.
33:53
Speaker 4: What would you do? What would you do with your
33:56
Speaker 4: three kids?
33:56
Speaker 5: Beck?
33:57
Speaker 6: This is so when you first like tease. At the start,
34:00
Speaker 6: I was like, follow your dreams, girl, But then I'm like, like,
34:04
Speaker 6: I kind of a little detour, but like, what do
34:07
Speaker 6: you actually do if you can't afford school fees?
34:11
Speaker 5: Like does public school fee like public school option?
34:14
Speaker 6: Oh, so there's like private school and that's with but
34:17
Speaker 6: there's no fees with public school.
34:19
Speaker 5: With the public school, they're very low and then there's
34:22
Speaker 5: a support for people who are in lower socioeconomic areas
34:25
Speaker 5: or people financial hardship, whereas at a private school, I
34:30
Speaker 5: mean they could be scholarships and things, but it's generally
34:33
Speaker 5: much more expensive.
34:35
Speaker 3: Also just too but in their elbow recently announced that
34:38
Speaker 3: they are now fully funding all public schools in Australia.
34:43
Speaker 3: Is actually very exciting because for a while there were
34:47
Speaker 3: always like top ups and things that had to happen,
34:49
Speaker 3: and obviously that is not actually possible for a lot
34:51
Speaker 3: of people. So fully funded schools like not private schools,
34:55
Speaker 3: obviously that would still great. I'm team public school. I
35:01
Speaker 3: went to public school. I don't think I turned out
35:04
Speaker 3: that bad.
35:04
Speaker 4: I completely agree.
35:06
Speaker 3: It's a conversation, and I mean it's a conversation that
35:09
Speaker 3: my husband and I have been having recently because.
35:10
Speaker 4: We have RV well and we're like, well, what do
35:12
Speaker 4: we do.
35:13
Speaker 3: We meant to like you know, and we thankfully and
35:16
Speaker 3: very again privileged to be in this position where we
35:20
Speaker 3: are having a conversation where I'm like, Okay, we have
35:23
Speaker 3: this cash flow. Should we continue to invest it. Should
35:27
Speaker 3: we redirect our investments and our you know, life savings
35:31
Speaker 3: into a private school? Is that something that is of
35:34
Speaker 3: value to us? Or should we be going down the
35:36
Speaker 3: route of a public school. I mean I went to
35:39
Speaker 3: public school. My husband went to public school. He ended
35:41
Speaker 3: up going to like a private school for like year
35:43
Speaker 3: eleven and twelve, but like before that, I believe it
35:45
Speaker 3: was a public school.
35:47
Speaker 4: I don't think we turned out that bad.
35:48
Speaker 7: I don't.
35:48
Speaker 4: I actually don't know what the difference is.
35:50
Speaker 5: So a lot of people argue that private schools are
35:53
Speaker 5: better resource. So there's I would say, I believe a
35:55
Speaker 5: misconception that private schools have better education levels that they're
36:00
Speaker 5: you know, often the classes are smaller, so you know,
36:03
Speaker 5: you can have more attention on each student things like that.
36:06
Speaker 4: And yes, they are better resource because they charge a
36:08
Speaker 4: lot more for people.
36:09
Speaker 3: They've just got more cash, and I mean, more money
36:11
Speaker 3: means more resources, right.
36:13
Speaker 5: But like you know, if you look at test scores,
36:15
Speaker 5: a be things. So the public school I went to
36:17
Speaker 5: was in an area where there was I think four
36:19
Speaker 5: private schools and one public school, and so obviously the
36:22
Speaker 5: public school took everyone who couldn't afford to go to
36:24
Speaker 5: private school, which is the bucket I fell into. And
36:27
Speaker 5: the big thing for our area was the public school
36:29
Speaker 5: tested better every year by far than any of the
36:32
Speaker 5: private school.
36:33
Speaker 4: Cool, which kind of so good, that's such a flex Yeah,
36:36
Speaker 4: I think.
36:36
Speaker 5: Like private schools often have like fancy I remember one
36:40
Speaker 5: of them. We went to their theater. They had fancy
36:42
Speaker 5: atrium and they have all of these cool things.
36:44
Speaker 4: But like who cares? Yeah it does. Some people care
36:47
Speaker 4: a lot, like mean, like no mean parents would care.
36:52
Speaker 4: But like as like when I was when I just
36:54
Speaker 4: don't know, you don't I would.
36:55
Speaker 6: Never I would None of that would ever have changed
36:58
Speaker 6: how how much I gets head in school.
37:01
Speaker 4: I did not care in school and.
37:03
Speaker 3: Don't even care. If you paid more for this, I'd
37:05
Speaker 3: care less. Yeah, that's the case for probably a lot
37:08
Speaker 3: of kids anyway.
37:08
Speaker 4: Sorry, Yes, it is a whole conversation.
37:12
Speaker 3: I am going to make the assumption and put it
37:14
Speaker 3: on the table that this person clearly wants to pay
37:18
Speaker 3: for private school.
37:19
Speaker 4: Yeah, they're saying they get the discount. That would be
37:21
Speaker 4: my assumption.
37:22
Speaker 3: Person who's clearly decided that's a value to them, and
37:24
Speaker 3: pop off like that's why.
37:26
Speaker 6: Totally okay, that's good because I I didn't understand the
37:29
Speaker 6: school feast thing. I was like, like, that just seems
37:31
Speaker 6: really mean that they're anyway, But this makes more sense now,
37:34
Speaker 6: So I think in that situation, God, it's so hard
37:37
Speaker 6: with kids being involved, because usually I would be like,
37:41
Speaker 6: just follow your dreams because in like thirty years.
37:44
Speaker 4: Responsibilities, I know. I'm like, that's it.
37:46
Speaker 3: It's a challenging situation to be in because you feel
37:49
Speaker 3: this responsibility to give your kids absolutely everything and the
37:54
Speaker 3: best of the best. But if you're not your best,
37:57
Speaker 3: how are you giving your kids everything if you're unhappy?
38:00
Speaker 4: That's what I mean.
38:01
Speaker 6: And so like sorry, as I was saying, like I
38:02
Speaker 6: think that if you yeah, usually I would say follow
38:05
Speaker 6: your dreams and all this kind of stuff, and I
38:07
Speaker 6: usually my advice would be like in five years time,
38:09
Speaker 6: you could be five years closer to your dream or
38:12
Speaker 6: exactly where you are and maybe making more money, but
38:14
Speaker 6: like not very happy. And I think that really the
38:16
Speaker 6: best thing to do would just be like kind of
38:19
Speaker 6: figure out what your finances look like and really just
38:21
Speaker 6: like sounds very boring and also I don't know, but
38:27
Speaker 6: just like write down everything that you can possibly see
38:31
Speaker 6: coming up in your future financially and figure out if
38:34
Speaker 6: it's actually going to be doable, and if it isn't
38:37
Speaker 6: right now, then in the future maybe when your kids
38:39
Speaker 6: are a little bit more independent, or maybe when like
38:42
Speaker 6: all these school fees and things like that you don't
38:44
Speaker 6: have to worry about anymore, even if that means you
38:45
Speaker 6: have to wait until they're like eighteen nineteen, just so
38:49
Speaker 6: that eventually you'll be able to do that and be
38:51
Speaker 6: able to live your dream and pursue that.
38:53
Speaker 4: But if it's not feaesble right now, I think, do
38:56
Speaker 4: the financially smart thing.
38:58
Speaker 3: Crazy, Yeah, but you've got a responsor and I can
39:01
Speaker 3: see where you're coming from, Like you've got this responsibility
39:04
Speaker 3: and it's crazy because I know both of you don't
39:06
Speaker 3: have kids and I do. And I was always like,
39:08
Speaker 3: I'm just going to be me, like I'm always going
39:10
Speaker 3: to like want to do these things, but like once
39:12
Speaker 3: you have a kid, you're like, it's so crazy and
39:15
Speaker 3: I never thought i'd be this person.
39:16
Speaker 4: But your priority is shift.
39:18
Speaker 3: It's not just like, oh, I want to spend more
39:19
Speaker 3: time with my kids. It's like I would give up
39:22
Speaker 3: everything for that kid. Like, if you're telling me he
39:26
Speaker 3: can't have something, I'm telling you right now I'll bend
39:28
Speaker 3: over backwards to make sure he can.
39:30
Speaker 4: And it's not about entitlement or spoiling your kids.
39:33
Speaker 3: But if someone said this is the best option for
39:35
Speaker 3: your child, I'd be like, Okay, well we're going to
39:38
Speaker 3: have to do it.
39:38
Speaker 4: Yeah, what would you do? You've got three kids.
39:42
Speaker 5: I would say I do agree with bex perspective. I
39:45
Speaker 5: am someone the majority of my friends are teachers, interestingly,
39:48
Speaker 5: and they teach.
39:50
Speaker 4: Him teacher vibes, you'd be a great teacher.
39:54
Speaker 5: I always loved his honey growing up. I think that
39:56
Speaker 5: I would say, talk to some teachers because my friends
39:58
Speaker 5: teaching both private and public across the board. The feedback
40:01
Speaker 5: on teaching that I personally not great. It's an underappreciated, underresourced,
40:07
Speaker 5: underpaid industry based on whatever and has told me. People
40:11
Speaker 5: are exiting the teaching profession on mass at the moment,
40:15
Speaker 5: like they're putting bonuses into encourage people to be teachers
40:19
Speaker 5: because there's almost a shortage because so many people are
40:21
Speaker 5: leaving the profession, not to say that you will not
40:24
Speaker 5: enjoy teaching. Plenty of people to research, do your research.
40:28
Speaker 5: Can you volunteer in a classroom? Can you get a
40:31
Speaker 5: teacher's aid role or something that.
40:32
Speaker 4: Does Oh yeah, that's a good one. Yep, yeah, something
40:34
Speaker 4: it doesn't.
40:34
Speaker 5: Require you to have a qualification to take on the hextet,
40:37
Speaker 5: et cetera, but can give you a bit of a
40:39
Speaker 5: taste of what it's like, because I think, you know,
40:42
Speaker 5: my friends were all they went into teaching because they
40:44
Speaker 5: were really passionate about, you know, the next generation, and
40:48
Speaker 5: they have so much love to give. They want to nurture,
40:50
Speaker 5: they want to do all of these incredible things. But
40:53
Speaker 5: the reality of what that is sometimes doesn't always line up.
40:57
Speaker 5: And of course there's lots of teachers out there who
40:59
Speaker 5: love their jobs. And you know, I'm not saying that
41:01
Speaker 5: you wouldn't like it, but I'd say, before you take
41:04
Speaker 5: on this debt, particularly because something you're stressed about, can
41:07
Speaker 5: you test the waters first.
41:09
Speaker 4: Yeah, I would agree with that.
41:10
Speaker 3: I have had a friend move from a corporate role,
41:14
Speaker 3: a very corporate role, had babies and decided that teaching
41:17
Speaker 3: was for her, went into that and like she does
41:20
Speaker 3: it she was born to be a teacher. Yeah, like
41:23
Speaker 3: absolutely through and through the conversations I'm having at the moment.
41:26
Speaker 3: I caught up with her for dinner a little while ago,
41:28
Speaker 3: and she was saying, like, she's really struggling because she's
41:30
Speaker 3: quite a creative person and like likes to give a
41:33
Speaker 3: personal experience to each child because, as you would know,
41:36
Speaker 3: lots of kids need more and some kids are quite
41:38
Speaker 3: autonomous and like, you know, everything happens in a classroom
41:42
Speaker 3: and she's in a public school, so it's quite hard.
41:44
Speaker 3: But they're moving to a model where the principal was
41:48
Speaker 3: saying that you would be able to walk around all
41:50
Speaker 3: of the grade three classrooms and at the same time,
41:54
Speaker 3: every single day, every single teacher would be teaching exactly
41:57
Speaker 3: the same thing.
41:58
Speaker 4: Yeah, and she's like, I understand, And apparently that's becoming
42:01
Speaker 4: the norm.
42:02
Speaker 3: And lots of schools are structuring this because they're like, no,
42:05
Speaker 3: the curriculum is this, and like it kind of makes
42:08
Speaker 3: sense to have yes standardized and like you know, if
42:11
Speaker 3: you step back and go, yep, it would make sense
42:13
Speaker 3: that every single student gets allocated the opportunity to learn
42:17
Speaker 3: absolutely everything, Like but then you go personalized experience, like,
42:21
Speaker 3: there's just so much to it, and I can tell
42:22
Speaker 3: that's frustrating her. So I like that. I'm going to
42:25
Speaker 3: talk more. I'm going to assume you've done your research.
42:28
Speaker 3: I'm going to assume that you know you want to
42:31
Speaker 3: be a teacher. I'm not going to question your decision.
42:33
Speaker 4: There.
42:34
Speaker 3: I wouldn't worry so much about the HEX. I'd worry
42:36
Speaker 3: more about the work life balance because the hexs you
42:39
Speaker 3: know what, that's not life ruining. That is money that
42:42
Speaker 3: you're investing into your education. And I never think that's
42:45
Speaker 3: a bad thing unless you're just going into a degree
42:47
Speaker 3: and you haven't done your research and you're like, oh,
42:49
Speaker 3: I wish I didn't do that arts degree that literally
42:51
Speaker 3: got me nowhere cough victory.
42:52
Speaker 4: Divine started there. That's why I transferred into psychology after
42:56
Speaker 4: one year.
42:57
Speaker 3: Anyway, I think it's really important that you're thinking about
43:02
Speaker 3: work life balance. You've got three kids. How are you
43:04
Speaker 3: going to fit in study? Are you doing it full time?
43:07
Speaker 3: Have you talked to your partner? What does your budget
43:09
Speaker 3: look like? If that's the case, could you do part
43:12
Speaker 3: time study? I mean you could break it up. I
43:15
Speaker 3: believe you have ten years to do a teaching degree,
43:17
Speaker 3: so you could literally do it over ten years and
43:20
Speaker 3: then once your kids are in high school then you
43:21
Speaker 3: can go into that. And I mean, if this is
43:23
Speaker 3: something you're wildly passionate about, maybe doing a unit here
43:26
Speaker 3: and there, it doesn't feel like as much work as
43:29
Speaker 3: you know it would if you were doing something that
43:30
Speaker 3: you don't love. But I'm very much a believer in
43:34
Speaker 3: chasing your passion. I would hate for you to get
43:36
Speaker 3: to sixty and be like, yeah, I really wish I
43:38
Speaker 3: had a different career. I really wish that I didn't
43:40
Speaker 3: do these things. And I mean, yes, you've got to
43:43
Speaker 3: provide for your kids, like let's work out your budget
43:45
Speaker 3: and what that looks like and how that could work.
43:48
Speaker 4: But I also just think.
43:50
Speaker 3: That there are a lot more markers of success that
43:56
Speaker 3: the research basically says that if you read to your
43:58
Speaker 3: kids every single day, they will have a higher IQ
44:02
Speaker 3: than anybody.
44:02
Speaker 4: Who went through a private school.
44:05
Speaker 3: I'd believe that if you give your kids, like one
44:09
Speaker 3: of the markers of success of a happy child is
44:12
Speaker 3: a happy mum. Like, I do so much research into
44:15
Speaker 3: this space and I just look at it and go cool.
44:18
Speaker 3: So you're saying that if I give Harvey a happy mum,
44:20
Speaker 3: he is more likely to be happy. If I give
44:22
Speaker 3: Harvey a calm mom, he's more likely to thrive. Fantastic, Like,
44:26
Speaker 3: how do we achieve that for you? Is it engaging
44:29
Speaker 3: you in something that you're really passionate about?
44:31
Speaker 4: Because like I feel like the answer might be yes,
44:33
Speaker 4: whatever and else, Oh my god. We all had opinions.
44:35
Speaker 3: So we asked the community jes We said, would you
44:38
Speaker 3: take on more study and debt to chase your passion
44:40
Speaker 3: and a better lifestyle? Fifty two percent of you said
44:43
Speaker 3: only with a solid planned to make a work, forty
44:45
Speaker 3: percent said one hundred percent life is too short, and
44:48
Speaker 3: eight percent said no, wouldn't deal. We then asked what
44:51
Speaker 3: matters more to you in a career long term? Fifty
44:55
Speaker 3: eight percent of you said flexibility and lifestyle, twenty nine
44:58
Speaker 3: percent doing something you love, and thirteen percent said earning potential. Now,
45:03
Speaker 3: as always, we said to the community, and I've got
45:06
Speaker 3: a few that I'm going to read out. We said
45:08
Speaker 3: to them, what are your two cents? And we not
45:10
Speaker 3: only got your two cents, we had a lot of
45:13
Speaker 3: conversations in your DMS. And now this is going to
45:15
Speaker 3: sound very negative, and I promise. I'm just sharing anecdotally
45:19
Speaker 3: what has happened in our DMS over the last week,
45:23
Speaker 3: and that is a lot of messages from a lot
45:25
Speaker 3: of teachers, and I would say that eighty percent of
45:28
Speaker 3: them are saying don't get into teaching. People would say
45:31
Speaker 3: things like it took my passion. They would say it's
45:33
Speaker 3: not what I expected. They would say, you're under like
45:36
Speaker 3: exactly what your friends are saying, undervalued, underappreciated, underfunded. A
45:40
Speaker 3: lot of teachers were saying that, you know, especially in
45:43
Speaker 3: the public system, they are having to use their personal
45:46
Speaker 3: money to buy things like pens and texters and drawing
45:50
Speaker 3: utensils and things that haven't been provided for them in
45:54
Speaker 3: the classroom that due to their curriculum they still need.
45:57
Speaker 4: And I just that really broke my heart because I
45:59
Speaker 4: was like, what do you mean? This is because I'm.
46:01
Speaker 3: Obviously not a teacher and only have a handful of
46:04
Speaker 3: people that I know are teachers, and it's not that often.
46:06
Speaker 4: That I go, so, tell me, what are the negatives
46:08
Speaker 4: of your career? Yeah? Why would I ask that at dinner?
46:11
Speaker 1: You know?
46:12
Speaker 3: So I think that was really eye opening to me,
46:14
Speaker 3: But I don't think to you just who you've probably
46:16
Speaker 3: heard it a lot.
46:17
Speaker 4: I've heard it a lot.
46:18
Speaker 3: Yeah, so the two cents from the community. First person said,
46:22
Speaker 3: not forty grand. It's Commonwealth supported and there are lots
46:25
Speaker 3: of grants. You need to do a lot of research
46:26
Speaker 3: because more teachers are needed. Next person said, also, the
46:30
Speaker 3: reason teaching is a dream career have nothing to do
46:33
Speaker 3: with the actual job.
46:35
Speaker 4: Yeah.
46:36
Speaker 3: Next person said, discounted school fees aren't a guarantee, and
46:39
Speaker 3: they're only for very specific private schools.
46:42
Speaker 4: Yeah, so maybe check the place you want to.
46:44
Speaker 3: I didn't even know that that was a thing, But
46:46
Speaker 3: that's a money when If that's the case, someone said,
46:49
Speaker 3: your kids will remember the wholesome moments, not the money
46:52
Speaker 3: made moments.
46:53
Speaker 4: That's very true.
46:55
Speaker 3: Next person said, speak to some teachers before you jump ship.
46:58
Speaker 3: The reality is not is good as the ideal. Someone
47:02
Speaker 3: else said, I'm a teacher, and you do earn decent
47:04
Speaker 3: money in leadership within schools, and I mean you still
47:06
Speaker 3: get the holidays off, so win win. Another person said
47:10
Speaker 3: teaching has changed a lot in the past five to
47:12
Speaker 3: ten years.
47:13
Speaker 4: Maybe evolunteer. You're in a glassroom.
47:15
Speaker 3: First, Yeah, this feels so negative.
47:18
Speaker 4: And if you're a teacher who loves their job. I
47:20
Speaker 4: hear you as.
47:21
Speaker 3: Well, but I think it's so important to just boots
47:23
Speaker 3: and all share what we are seeing. Yeah, this is
47:26
Speaker 3: not our opinion. It's more just sharing the communities. Next
47:30
Speaker 3: person said, and I'm going to leave it at this. Actually,
47:33
Speaker 3: last person said, currently doing this right now, just started
47:37
Speaker 3: this term.
47:37
Speaker 4: It's been ten years in the making. I'm loving it.
47:40
Speaker 4: Just congratulations. I think I did plat too.
47:43
Speaker 5: Absolutely positives, there's negative incredible career.
47:46
Speaker 4: I'm sorry if that confused you further, Hey, good luck,
47:49
Speaker 4: let us know what you decided.
47:50
Speaker 3: Yeah, anyway, Unfortunately, that is all we have time for today.
47:53
Speaker 3: So guys, we will see you bright and early on
47:55
Speaker 3: Monday morning for our money.
47:57
Speaker 4: Darry hie By.
48:04
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48:07
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48:11
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48:14
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