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Transcript

I Saved My Money. My Siblings Spent Theirs. Now I'm Expected to Pay? · She's On The Money

0:00
Speaker 1: My name is Natasha Bamblett. I'm a proud First Nations
0:02
Speaker 1: woman and I'm here to acknowledge country. Hello, beautiful friends.
0:08
Speaker 1: We gather on the lands of the Aboriginal people. We thank,
0:13
Speaker 1: acknowledge and respect the Aboriginal people's land that we're gathering
0:17
Speaker 1: on today Take pleasure in all the land and respect
0:33
Speaker 1: all that you see. She's On The Money podcast acknowledges culture, country,
0:38
Speaker 1: community and connections, bringing you the tools, knowledge and resources
0:43
Speaker 1: for you to thrive.
0:44
Speaker 2: She's on the money. She's on the money. Hello, my friends,
0:52
Speaker 2: and welcome to She's on the Money, the podcast where
0:54
Speaker 2: we usually discuss all of the issues concerning your personal
0:58
Speaker 2: wealth goals. But on Fridays, we tend to flick the
1:01
Speaker 2: out of office on and swap official money talks for
1:04
Speaker 2: something more frivolous, our Friday drinks episode. It's time for
1:09
Speaker 2: a weekly gathering of your two favorite co-hosts for some
1:12
Speaker 2: lighthearted chats about DMs, dilemmas and tips from the She's
1:16
Speaker 2: on the Money community. Joining me today, surprise, on the
1:19
Speaker 2: Friday drinks couch is our amateur mechanic, sharehouse connoisseur and
1:25
Speaker 2: craft dabbler, Miss Bec Syed. Thank you. Hello. Thank you
1:30
Speaker 2: for having me. And it's our whimsy in-house flower picking
1:33
Speaker 2: musical theatre kid and partnerships queen, Miss Jessica Ricci. Lovely. Welcome,
1:40
Speaker 2: my two friends. Hello. Hello. Was that good? Was that good?
1:43
Speaker 2: It was very good.
1:44
Speaker 3: Very good.
1:44
Speaker 2: Good introductions. It's so funny.
1:45
Speaker 4: Sometimes we don't know, but then the mechanic thing, I
1:47
Speaker 4: was like, definitely me.
1:49
Speaker 2: You never know what I'm going to say, but we
1:51
Speaker 2: have been, people have been messaging me and they're like, V,
1:54
Speaker 2: I love how you've been introducing your team. And I'm like, oh,
1:57
Speaker 2: you hold my drink. You hold my Friday drinks. I
2:00
Speaker 2: will be trying very hard. It's very fun. I love it.
2:03
Speaker 2: I do like it. But like, she is a mechanic, right?
2:05
Speaker 1: Mm-hmm.
2:06
Speaker 2: You guys. Absolutely. Bec, Jess, you are both side hustlers.
2:10
Speaker 2: You both have stuff going on in the side and
2:12
Speaker 2: I love somebody who's just got lots going on. Have
2:16
Speaker 2: you ever considered what you could be buying through your ABN?
2:19
Speaker 3: Oh.
2:20
Speaker 2: I know Jess is going to be like, yeah, absolutely.
2:21
Speaker 2: I mean, if it's a write-off, we do love a write-off.
2:24
Speaker 2: I feel like maybe you haven't given it enough thought, Bec.
2:27
Speaker 3: No.
2:27
Speaker 2: Well, this dilemma from this week is for the business
2:30
Speaker 2: girlies and anyone who's ever considered the pros and cons
2:33
Speaker 2: of buying purchasing property under your business. We've also got
2:38
Speaker 2: a DM concerning the role of caring for your aging parents,
2:41
Speaker 2: which might hit a little bit differently for you depending
2:44
Speaker 2: on whether you're the financially savvy sibling or maybe you're
2:48
Speaker 2: an only child. But first, we are going to take
2:51
Speaker 2: a very short break. Welcome back, my lovely friends. You
2:58
Speaker 2: know what? It's Quite tiresome up here on the mic.
3:01
Speaker 2: We want to sit back and listen to what you
3:03
Speaker 2: actually have to say, which is exactly why we've created
3:06
Speaker 2: a whole segment dedicated to five-star reviews. You thought I
3:10
Speaker 2: was sick of talking. No, no, no. I just want
3:12
Speaker 2: you to create some of the content. Okay. So are
3:14
Speaker 2: you ready?
3:15
Speaker 5: Ready.
3:15
Speaker 2: This one comes from Beckata Queensland, which is like one word,
3:21
Speaker 2: but that's her username. Government name. Government name. VD, Jess,
3:25
Speaker 2: and Beck, you are all legends, including the behind-the-scenes team.
3:30
Speaker 2: Every episode delivers a new gold nugget and always makes
3:33
Speaker 2: me smile. Learning about money should be fun and you
3:36
Speaker 2: are absolutely nailing it. Eternally grateful from a fellow high
3:41
Speaker 2: school economics teacher who's sharing your wisdom and inspiring the
3:44
Speaker 2: next generation of young women. That's amazing. Also, shout out
3:48
Speaker 2: to Miss Jessica Ricci for inspiring me to return to
3:51
Speaker 2: reformer Pilates too after a four-year gym girl hiatus. Mind, body,
3:57
Speaker 2: money and soul. Oh, big snap. I'm so proud of you. Incredible.
4:03
Speaker 2: Thank you so much.
4:04
Speaker 5: There's no better feeling than finding your thing. Like I
4:07
Speaker 5: always say reform is not going to be for everybody.
4:09
Speaker 5: It's just for me as someone.
4:10
Speaker 2: Who doesn't necessarily love exercise.
4:13
Speaker 5: Like that's what's worked for me. But finding anything that
4:15
Speaker 5: feels good for you, your form of movement. It's such
4:17
Speaker 5: a nice feeling.
4:18
Speaker 2: I still haven't committed to a new form of movement
4:22
Speaker 2: after having two babies. That's okay.
4:24
Speaker 3: That's okay.
4:25
Speaker 2: Yeah, but I'm starting to feel it. So after Harvey,
4:27
Speaker 2: I was like, I'll get back into working out. It
4:29
Speaker 2: will be fine. And I never really thought about it
4:32
Speaker 2: too deeply. I was just too busy. And then I
4:34
Speaker 2: got pregnant and we had Campbell and that was really good.
4:38
Speaker 2: And now it's been like obviously more than six months.
4:41
Speaker 2: And I'm like, oh, my body's starting to feel a
4:44
Speaker 2: little bit weak. Look in the mirror. And I'm like,
4:47
Speaker 2: my booty kind of look a little bit like pancake.
4:49
Speaker 1: Yeah.
4:51
Speaker 2: What is going on? I don't remember committing to this.
4:54
Speaker 5: Maybe she tries some of the fun, crazy ones, like
4:56
Speaker 5: trampolining or the swing.
4:59
Speaker 2: I was about to say, have you seen the one
5:00
Speaker 2: on the bungee course? Yes, that looks so fun. That
5:03
Speaker 2: looks so fun. Can we do a mini, like, this
5:06
Speaker 2: is not for the She's On The Money podcast. Yeah,
5:09
Speaker 2: but like a mini content series. Maybe it's on Jess
5:11
Speaker 2: and my Instagrams. Bec, you can absolutely join in. But
5:14
Speaker 2: it's us going and trying random stuff.
5:17
Speaker 4: Oh, my God, yes.
5:17
Speaker 2: We're going bungee workout. Yes. Sign me up. I want
5:21
Speaker 2: to do the one. Have you seen the boots where
5:23
Speaker 2: they put their boots and then they jump? What kind
5:25
Speaker 2: of boots? They look like moon boots, kind of. Like
5:29
Speaker 2: the little springs?
5:29
Speaker 4: Yeah.
5:30
Speaker 2: Yeah, but like it's a big spring. That sounds like
5:32
Speaker 2: something the three of us would enjoy.
5:33
Speaker 1: Hell yeah.
5:34
Speaker 2: I think we should do it. I think we should
5:35
Speaker 2: do it. Anyway, we'll come back to that. Thank you
5:38
Speaker 2: so much for your beautiful review. We adore that our
5:41
Speaker 2: content is slowly infiltrating into the education system. And if
5:45
Speaker 2: you've ever wanted to write in, I know you have. Here,
5:48
Speaker 2: my friend, is your chance. Leave a stellar review in
5:51
Speaker 2: our DMs or wherever you get your podcasts and it
5:54
Speaker 2: might just make it on to our next episode. Now, gang,
5:57
Speaker 2: it is time for our question of the week, and
6:00
Speaker 2: this one might seem a little bit polarising for you,
6:03
Speaker 2: but ElegantPhoenixThe3rd.
6:06
Speaker 4: Government name?
6:07
Speaker 2: Has asked. Socks to bed, yes or no? Oh, no. No.
6:14
Speaker 4: I don't know about you guys, but, like, you know,
6:16
Speaker 4: you get to bed, you put your warm things on,
6:18
Speaker 4: and you wake up in the middle of the night.
6:20
Speaker 4: I get nightmares when I'm overheating, and you wake up
6:23
Speaker 4: and you're, like, drenched.
6:25
Speaker 2: So I'm like.
6:26
Speaker 4: Everything off, everything off.
6:28
Speaker 2: I've just realized I just know so much about Jess.
6:30
Speaker 5: Are you a socks in bed? Not a socks in bed.
6:33
Speaker 5: My body doesn't regulate temperature very well though. So I
6:36
Speaker 5: can understand for people who are the same that you
6:39
Speaker 5: might need a socks in a bed.
6:41
Speaker 2: No, it's the ick. I can't, I can't. I'm not
6:44
Speaker 2: socks in bed either. But like, whilst Jess doesn't wear
6:47
Speaker 2: socks in bed, she does need her perfectly strategically placed
6:51
Speaker 2: two heat packs not one heat pack one at the
6:53
Speaker 2: top one at the bottom and then you have to
6:55
Speaker 2: tuck her in.
6:55
Speaker 3: Really really tight like a burrito and she extra likes
6:59
Speaker 3: it if her arms are trapped too oh i.
7:02
Speaker 5: Have very particular sleeping habits they just don't happen to
7:05
Speaker 5: include socks.
7:07
Speaker 2: That is so sweet. See, I love the idea of
7:10
Speaker 2: wearing socks to bed because I care a lot about
7:13
Speaker 2: my feet. So I have ridiculously nice feet and I'm
7:16
Speaker 2: happy to say that on a podcast because no one
7:18
Speaker 2: can see them and nobody's getting free feet content.
7:22
Speaker 5: If you'd like to see them, $ 100 a pop, I'll
7:23
Speaker 5: sort you out.
7:26
Speaker 2: Jess and I have talked about this before. Like we
7:29
Speaker 2: could definitely start an OnlyFans of my feet. I have
7:32
Speaker 2: no shame. no absolutely you shouldn't but I care a
7:35
Speaker 2: lot about my feet and I do like a whole
7:37
Speaker 2: foot care thing at night and if you follow me
7:39
Speaker 2: on socials you know and it's a bit weird and
7:41
Speaker 2: that is fine but I have in my head like
7:43
Speaker 2: It would be so good to protect all of the, like,
7:44
Speaker 2: moisturizers and stuff I put on my feet with, like,
7:46
Speaker 2: a little pair of cotton socks, but I can't bring
7:48
Speaker 2: myself to do it. No fair. I've tried. I've put
7:50
Speaker 2: them on in point two later. I'm, like, ripping them
7:53
Speaker 2: off and throwing them across the room and being like, ugh.
7:55
Speaker 4: Yeah, so fair. Something about the texture of, also, no clothes,
7:59
Speaker 4: no socks. When you're turning around the bed and then
8:01
Speaker 4: your shirt gets stuck to the mattress.
8:03
Speaker 2: Oh, you're like a naked. Naked, fully naked. Oh, I
8:06
Speaker 2: can't sleep naked. I feel insecure.
8:08
Speaker 5: Oh.
8:09
Speaker 2: What do you wear? A full matching PJ set, obviously.
8:12
Speaker 2: Is that so? Absolutely. And my silk. There's a whole thing.
8:16
Speaker 2: And you?
8:16
Speaker 5: I'm somewhere in the middle. So if I'm with other people,
8:19
Speaker 5: I'll wear a full set. At home, I do a
8:20
Speaker 5: PJ top and my undies.
8:22
Speaker 2: Yes. Okay.
8:23
Speaker 4: So when you twist in the night, it doesn't bother you?
8:26
Speaker 2: No.
8:27
Speaker 5: And see, this is the thing again with the temperature regulation.
8:30
Speaker 5: My legs are in, so they're super toasty.
8:31
Speaker 2: But sometimes my arms are out. So it's like a...
8:34
Speaker 2: We're hot and we're cold. We're giving Katy Perry. All right.
8:37
Speaker 2: Have you guys got a zinger for us? Please share
8:41
Speaker 2: all your non-finance related questions with us to feature on
8:44
Speaker 2: the pod. We actually have a whole thread dedicated to
8:47
Speaker 2: them in our Facebook community group. And my favorite thing
8:50
Speaker 2: is that people have just started replying to those questions.
8:53
Speaker 2: I saw someone's McDonald's order the other day.
8:55
Speaker 3: Yes.
8:57
Speaker 2: We're like, oh, what questions have you got for us?
8:59
Speaker 2: And someone's like, oh, what's your McDonald's order? And like
9:01
Speaker 2: other people are like just giving their answers. And I'm like,
9:04
Speaker 2: this is the best thread. Like you cannot predict what
9:07
Speaker 2: you're going to next scroll on. Anyway, you can post
9:10
Speaker 2: them there or you can DM them straight to us
9:12
Speaker 2: if you are more of a shy guy. Now for
9:15
Speaker 2: something that you should never be shy about. Money wins.
9:18
Speaker 2: Miss Jessica Ricci, we love nothing more than to celebrate
9:22
Speaker 2: the highs with our community. What money wins have you
9:24
Speaker 2: got to treat us with this week?
9:26
Speaker 5: I have some great money wins this week that are
9:28
Speaker 5: being brought to you by our friends at Revolut. If
9:29
Speaker 5: you want more information on them, check out the show notes. Firstly,
9:32
Speaker 5: this week, Leigh said, FYI, Pet Barn price match. I
9:36
Speaker 5: found my dog food at $ 87 online. At Pet Barn,
9:38
Speaker 5: it was $ 127 on sale. They not only price match,
9:44
Speaker 5: but the guy exclaimed, wow, that's so cheap. I better
9:46
Speaker 5: double check. And he accidentally let slip how much they
9:48
Speaker 5: actually buy it for. So now Lee goes, I know
9:51
Speaker 5: what the limit is. Filed that one away for later.
9:54
Speaker 1: Good idea.
9:55
Speaker 2: Always good to price match though.
9:57
Speaker 5: Next, I've got a money win from Erica who said
9:59
Speaker 5: she was getting rid of a load of junk in
10:00
Speaker 5: the garden, put it on Marketplace before, you know, trying
10:03
Speaker 5: to take it to the tip and it all sold
10:05
Speaker 5: within three hours for $ 190.
10:06
Speaker 2: Wow. That is so good. Just try putting stuff online.
10:11
Speaker 5: I think it was last week I was saying I've
10:12
Speaker 5: been selling stuff you know pre-move trying to like have
10:15
Speaker 5: to move less.
10:16
Speaker 2: Stuff I'm so excited for this I'm so excited.
10:19
Speaker 5: That's incredible and a lot of it is stuff that
10:21
Speaker 5: I would typically donate you know I saw $ 10 and
10:24
Speaker 5: I know it seems like a hassle but all those
10:26
Speaker 5: little amounts add up so yes.
10:27
Speaker 2: True when someone comes to pick up something up from
10:29
Speaker 2: you from Facebook marketplace do you just go leave the
10:32
Speaker 2: money on the doorstep or do you do the whole
10:34
Speaker 2: exchange because I do an exchange yeah I feel awkward
10:37
Speaker 2: I also say leave it on there. Yeah, same.
10:40
Speaker 5: Because I'm like, when people come over, I go, oh,
10:41
Speaker 5: do you want to just have a look at it?
10:42
Speaker 5: Make sure you're happy with it.
10:43
Speaker 2: Oh, sure, sure, sure. You know what I mean? Oh, yeah,
10:45
Speaker 2: that's fair. So it's like, well, they'll look at it,
10:47
Speaker 2: then they'll give me the money. It's like, have a
10:48
Speaker 2: good day.
10:49
Speaker 5: People have been buying my snow stuff because I sold
10:52
Speaker 5: my old snow stuff.
10:53
Speaker 2: And I was like, oh, are you going snowing this weekend?
10:55
Speaker 5: And someone's like, yeah, my kid's going to camp. It's
10:58
Speaker 5: just nice to have a little chat.
10:59
Speaker 2: Yeah, that's true. That's cute. I love that. But Beck?
11:03
Speaker 2: It's always a reminder that she's a better person than us,
11:06
Speaker 2: you know? I know, I know. It depends, yeah.
11:09
Speaker 4: I think if they've got a look at it, then
11:10
Speaker 4: it's like, oh, absolutely, come on in.
11:12
Speaker 2: Because I would say I'm very friendly. Yeah. But there's
11:15
Speaker 2: something scary about it.
11:16
Speaker 1: Scary.
11:17
Speaker 2: I don't know. They're going to get angry for some reason.
11:19
Speaker 2: They're going to get angry. I totally get it.
11:22
Speaker 1: I get it.
11:22
Speaker 2: It's hard. knowing where the middle ground is. What else
11:25
Speaker 2: you got, Jess?
11:26
Speaker 5: I've got one this week from Zana who said she
11:28
Speaker 5: found a $ 60 event cinema voucher she didn't remember receiving.
11:31
Speaker 2: Now going to go see The Odyssey with her partner,
11:34
Speaker 2: fully covered by the voucher. Money win. Exactly.
11:36
Speaker 5: Alicia said, I've been encouraging my team to put $ 1, 000
11:39
Speaker 5: into her super fund before June 30, 2027 because the
11:43
Speaker 5: government will be adding an extra $ 500 contribution.
11:47
Speaker 2: Money win. Very incredible. Alicia said, starting her share portfolio now,
11:51
Speaker 2: the girl is on fire. Teach them young, I say,
11:54
Speaker 2: and if you can get an extra $ 500, why not?
11:58
Speaker 5: I've got one from Olivia this week who said it's
12:00
Speaker 5: a little bit twisted. My garage flooded because my builder
12:03
Speaker 5: installed a water tank that wasn't plumbed correctly. The flooding
12:06
Speaker 5: ruined my vacuum that was sitting on the garage floor.
12:08
Speaker 5: I asked them to refund the cost of the vacuum
12:10
Speaker 5: since it was issue caused by them. It took almost
12:13
Speaker 5: a month of back and forth. for them to do
12:15
Speaker 5: this so whilst she was waiting she saw the same
12:18
Speaker 5: vacuum go on sale jumped in just replaced it herself
12:21
Speaker 5: because she didn't tell them might as well the builder
12:24
Speaker 5: ended up refunding the original cost of the vacuum plus
12:27
Speaker 5: she then got to pocket the money that she saved
12:29
Speaker 5: buying the new one that's.
12:30
Speaker 2: So good but also that is their fault why did
12:33
Speaker 2: it take a month yeah.
12:35
Speaker 5: Crazy they took a month good on you for sticking
12:36
Speaker 5: to your guns and a good reminder that you know
12:39
Speaker 5: anything when things like that happen Yeah.
12:40
Speaker 2: Just follow up. And you can just be kind, but
12:43
Speaker 2: you can be consistent. Yes. Hey, thank you so much.
12:46
Speaker 2: I actually don't accept that outcome.
12:47
Speaker 1: Yeah.
12:48
Speaker 4: Buzz buzz, it's me.
12:50
Speaker 5: And then lastly this week, I've got one from Leah
12:52
Speaker 5: who said, my team at work rewrote our PD and
12:55
Speaker 5: submitted it for reclassification of our pay. Our role has
12:58
Speaker 5: never been reviewed and it has evolved as the departments
13:01
Speaker 5: have grown. 12 months in the making from initial discussion
13:04
Speaker 5: on the processes involved and lots of hurdles along the way,
13:07
Speaker 5: but we finally got a notification of the approval of
13:10
Speaker 5: our reclassification and and hence a pay increase.
13:13
Speaker 2: I love that. Big snaps. That's very exciting. That is
13:17
Speaker 2: so cool. All right, Miss Bex Syed.
13:20
Speaker 1: Yes.
13:20
Speaker 2: How are people saving their hard-earned cash this week? Give
13:23
Speaker 2: us some broke tips.
13:24
Speaker 4: The first one comes from Emerald, who says, I get
13:26
Speaker 4: my hair done at Beauty Works in Melbourne Central. You
13:29
Speaker 4: get points when you spend money that you can redeem
13:31
Speaker 4: on their products And services.
13:33
Speaker 2: Genius.
13:34
Speaker 4: I didn't know hairdressers did that.
13:35
Speaker 2: Emerald? What a beautiful name. Well, I have to be honest.
13:39
Speaker 4: It was the generated, what I assume is an anonymous name.
13:42
Speaker 4: But isn't that a beautiful name?
13:44
Speaker 2: And I do have an emerald. It's called Emerald. I
13:45
Speaker 2: really like your name.
13:46
Speaker 3: Yes.
13:47
Speaker 2: It's a very pretty name.
13:47
Speaker 4: Do you know an emerald? And that is a real
13:49
Speaker 4: name and it's beautiful.
13:50
Speaker 2: Imagine emerald and then like Emmy for short. Oh, that
13:53
Speaker 2: is quite sweet. That's so cute. Or else. Carrie.
13:57
Speaker 4: And then the next one is from Christy, who says,
13:59
Speaker 4: just opted into AGL peak event. If we use less
14:03
Speaker 4: than a certain amount of kilowatts between certain times, I
14:05
Speaker 4: think it's all different times. And she said 6 to
14:08
Speaker 4: 7 p.m.
14:09
Speaker 2: Today.
14:09
Speaker 4: So I assume it's like depends, you know, what day,
14:11
Speaker 4: what time, all this kind of stuff. They credit me $ 5.
14:14
Speaker 4: Did it three times in summer. So should be a
14:17
Speaker 4: breeze today.
14:18
Speaker 2: And so... How good. It all adds up, as you
14:20
Speaker 2: were saying. $ 5 here and there. Every little bit.
14:22
Speaker 4: And then also because you're using less kilos and your
14:25
Speaker 4: bills kind of go down.
14:26
Speaker 2: I don't know.
14:27
Speaker 4: It's just win, win, win all around. And then from me,
14:29
Speaker 4: I have one, something I saw Abby Chatfield doing. And
14:33
Speaker 4: I think she got that from someone else. But I
14:35
Speaker 4: think this is mainly for curly hair. So if you
14:38
Speaker 4: use a clothes steamer, apparently it can help reduce frizz
14:41
Speaker 4: and style it.
14:42
Speaker 2: I saw this video. Isn't that so great? Yeah. And
14:44
Speaker 2: she was like... doing it. She's like, I've heard this works.
14:47
Speaker 2: And then she like steamed her hair. It was like
14:49
Speaker 2: a real, she's like, I can't believe that worked. Refreshed
14:53
Speaker 2: her curls gorgeously. Totally.
14:55
Speaker 4: So I'm like, that's much cheaper than a Dyson Airwrap.
14:57
Speaker 4: That's for sure. There's another one I want to say
14:58
Speaker 4: that it's not illegal, but I don't think that while
15:01
Speaker 4: there's a change in some Mikey situation, I think you
15:05
Speaker 4: can tap with your phone now. If you tap with
15:06
Speaker 4: your phone, they can't read it on the thing.
15:08
Speaker 2: I did see that. But not for Samsung. And we
15:11
Speaker 2: would not ever endorse not paying for your public transport.
15:14
Speaker 4: That's all I want to say.
15:15
Speaker 2: And we definitely would not give illegal broke tips, would we,
15:18
Speaker 2: Rebecca Sayed?
15:19
Speaker 1: Definitely not.
15:19
Speaker 2: Definitely not. Definitely not.
15:21
Speaker 6: No.
15:22
Speaker 2: I just remembered that, Ed. You just wanted to share.
15:24
Speaker 2: I wanted to share that. She just slipped that one
15:25
Speaker 2: in there, didn't she, Jess? Yes.
15:28
Speaker 1: All right.
15:28
Speaker 2: Well, if you guys have liked what you've heard or
15:30
Speaker 2: maybe you've got a couple of money hacks that are
15:32
Speaker 2: worth sharing with the group, we would love to hear them.
15:35
Speaker 2: Please join the She's On The Money community on Facebook
15:37
Speaker 2: and become part of the conversation. After the break, we're
15:40
Speaker 2: going to dive into this week's Money Dilemma. See you
15:43
Speaker 2: guys soon. Welcome back, everybody. Let's take a listen to
15:50
Speaker 2: this week's Money Dilemma. Hi there. Have you got a
15:54
Speaker 2: money dilemma you just can't solve? The She's On The
15:57
Speaker 2: Money team is here to help.
15:58
Speaker 3: Every week we tackle your dilemmas, both big and small,
16:01
Speaker 3: to answer your most burning money, career and life questions.
16:05
Speaker 3: To get involved, simply head to our website and leave
16:07
Speaker 3: us a short voice recording and you might just find
16:09
Speaker 3: yourself on the show. Now let's take a listen to
16:12
Speaker 3: this week's money dilemma.
16:16
Speaker 6: Hello and yama. Yama means hello in Gamilaroi language, my language.
16:21
Speaker 6: I have a question for everyone and I appreciate your time.
16:24
Speaker 6: So I will try and be quick. A bit of
16:26
Speaker 6: backstory or background information. I'm 22. According to Victoria, she'll
16:30
Speaker 6: say I'm just a baby, but I have my own
16:33
Speaker 6: business and I work from home out of my home.
16:36
Speaker 6: I have a floristry business. So I'm making flowers in
16:38
Speaker 6: my home, all of that sort of stuff. And it
16:40
Speaker 6: is really difficult. But additionally to that, I really want
16:45
Speaker 6: to have as many properties as I can and have
16:47
Speaker 6: investments and all that sort of stuff to build up
16:49
Speaker 6: to my dream property. And to get there, obviously, I
16:53
Speaker 6: want to buy a property as soon as possible. And
16:56
Speaker 6: I'm just wondering people's opinions or pros and cons about
17:01
Speaker 6: buying a property through a company or a business or
17:05
Speaker 6: buying a property with a first home buyer scheme at
17:08
Speaker 6: a 5% deposit. I would just really appreciate everyone's opinions,
17:12
Speaker 6: especially Victoria's and maybe what is worthwhile for, I don't know,
17:17
Speaker 6: claiming and tax and all these things that I don't
17:19
Speaker 6: quite understand. I appreciate everyone. Thank you.
17:22
Speaker 2: Yum, baby. That's such a beautiful message.
17:26
Speaker 1: Oh my God.
17:26
Speaker 2: Can other people share their language with us as well?
17:29
Speaker 2: Like how cute was that? Thank you. Gorgeous, gorgeous. You
17:33
Speaker 2: are just a baby. You are. I love and I
17:37
Speaker 2: hate that people know me so well. They're like, Victoria
17:39
Speaker 2: would say, and then I'm like, I would. And I
17:41
Speaker 2: feel like the world is at a point in time
17:43
Speaker 2: where because there's so much of my nuance or my
17:47
Speaker 2: weirdness out there, AI could pick it up. I could
17:50
Speaker 2: die and the content could keep being created and no
17:54
Speaker 2: one would know I was gone. That's really concerning. It's
17:57
Speaker 2: not true. It's like, well, actually, yeah, I reckon it's
18:01
Speaker 2: pretty true. So welcome to my TED Talk. I can't
18:03
Speaker 2: wait to answer this one, but I'm going to flip
18:05
Speaker 2: to Jess first. 22-year-old you, would you have purchased a
18:10
Speaker 2: property in your business or would you have gone down
18:13
Speaker 2: the first home buyer's route?
18:14
Speaker 5: I mean, I quite frankly was not financially intelligent enough
18:18
Speaker 5: to consider either of those options at 22.
18:20
Speaker 2: Yeah, Quinn, I was in $ 40, 000 worth of debt. Yes,
18:23
Speaker 2: I was not doing great.
18:25
Speaker 5: So honestly, our community member is miles ahead of where
18:28
Speaker 5: I was, which is incredible.
18:30
Speaker 2: I truthfully don't know that much.
18:33
Speaker 5: About buying assets under your business, like a property specifically.
18:37
Speaker 5: Like all of my experience has been with assets or
18:39
Speaker 5: tools that I would use for my business directly.
18:42
Speaker 2: I don't know how that works when it comes to property.
18:44
Speaker 2: So I'm interested to learn.
18:45
Speaker 1: I do.
18:46
Speaker 2: I do. I'm excited. I do.
18:48
Speaker 5: In regards to the first home deposit scheme, I think
18:52
Speaker 5: I've said before, I'm hesitant just because of the way
18:56
Speaker 5: the scheme is structured, because it means that the government
18:59
Speaker 5: owns a portion of your house. It's obviously a relevant
19:02
Speaker 5: to the contribution that they provide you and you pay
19:04
Speaker 5: them out over time and da, da, da, da. To me,
19:08
Speaker 5: it's an added level of complexity that I don't love,
19:12
Speaker 5: but I do acknowledge that it might be, you know,
19:14
Speaker 5: the tool that somebody needs to get into their first home.
19:16
Speaker 5: It is a really tough market. I know that as
19:18
Speaker 5: well as anybody. And so I don't want to discount
19:21
Speaker 5: it completely, but I think that, you know, there are
19:24
Speaker 5: lots of other grants and schemes you might be able
19:26
Speaker 5: to use that might not be that one specifically. It
19:28
Speaker 5: depends on your situation and your business and all.
19:29
Speaker 2: Those sorts of things.
19:30
Speaker 1: Mm-hmm.
19:31
Speaker 2: But I think that it's great that you're exploring all
19:32
Speaker 2: your options more than anything. Like you're doing so much
19:35
Speaker 2: better than I was at your age. It's just incredible.
19:37
Speaker 2: It's iconic. Bec, are you buying a house at 22? Oh, no.
19:42
Speaker 4: Not at 22 or 32, maybe 42. I've never heard
19:46
Speaker 4: of this before, so I don't have any advice, but
19:48
Speaker 4: I guess like, I mean, there'd be some issues with
19:51
Speaker 4: if your business goes bad and then you have a
19:54
Speaker 4: house in the business.
19:55
Speaker 2: I don't know.
19:56
Speaker 4: I actually have no idea about this particular thing. topic,
20:00
Speaker 4: believe it or not.
20:01
Speaker 2: Well, if you hold my Friday drink, I do. And
20:05
Speaker 2: I actually have so much experience in this because I
20:08
Speaker 2: am the most recently qualified mortgage broker in the Zella
20:12
Speaker 2: Money team. I am mortgage broker number seven. Have I
20:16
Speaker 2: written any of my own loans yet?
20:18
Speaker 1: No.
20:19
Speaker 2: Are my team more competent and capable and better than
20:22
Speaker 2: me in every single way?
20:24
Speaker 1: Yes.
20:25
Speaker 2: But I really like that now on the show, I
20:27
Speaker 2: get to be like, Well, I'm a mortgage broker and
20:30
Speaker 2: I do need to disclaimer it. I have had a
20:31
Speaker 2: business that has written mortgages for the last 10 years
20:34
Speaker 2: and I'm not going to lie. I think I could
20:35
Speaker 2: get a file through to the keeper faster than a
20:39
Speaker 2: lot of people, but I now have the qualifications to match,
20:41
Speaker 2: which is very exciting. And with that, I would say
20:45
Speaker 2: go and talk to a mortgage broker as soon as
20:48
Speaker 2: you can, because I think there is a really big
20:50
Speaker 2: misconception that that you need your 20% deposit to purchase
20:53
Speaker 2: your first home or that you have to use these
20:55
Speaker 2: different schemes. And because you're a business owner, you're in
20:58
Speaker 2: a really powerful but also risky position, right? Because your
21:02
Speaker 2: income is derived solely by you. There's no paycheck coming in.
21:06
Speaker 2: You don't have sick leave. So the banks do look
21:08
Speaker 2: at you a little bit differently. But there are a
21:11
Speaker 2: number of different banks that I could get you alone
21:14
Speaker 2: with that I only require like one year or even
21:17
Speaker 2: sometimes two years of business financials. And I think there's
21:20
Speaker 2: this really big misconception that you need to have been
21:23
Speaker 2: in business for a really long time before you could
21:25
Speaker 2: purchase your first property. And that's just not the case.
21:28
Speaker 2: Like I have team members who get finance for clients
21:32
Speaker 2: who have just started their business. They've just done their
21:35
Speaker 2: first tax return and wham, bam, thank you, ma'am. We
21:37
Speaker 2: are through to the keeper and we are getting you
21:39
Speaker 2: into your first home. Now, would I recommend you use
21:42
Speaker 2: the first homeowners? I don't know because I don't know
21:45
Speaker 2: your financial circumstances. And that's why I want you to
21:48
Speaker 2: talk to a broker because they're going to go, great,
21:51
Speaker 2: you're not ready to buy, but we're going to hold
21:54
Speaker 2: your hand to get you there. Let's work out what
21:57
Speaker 2: grants and what schemes might apply to you. Are you
21:59
Speaker 2: using the first home super saver scheme? How can we
22:02
Speaker 2: like kind of Stack all these things together to put
22:04
Speaker 2: you in the best possible position. What type of deposit
22:07
Speaker 2: are we actually aiming for? And go from there. You
22:10
Speaker 2: phrased the question about buying property in a way that
22:14
Speaker 2: made me think you were going to buy the property
22:16
Speaker 2: inside your business. Yes. And I would steer away from
22:20
Speaker 2: that because you are only 22 years old. It might
22:24
Speaker 2: not be possible not only to not buy in your business,
22:27
Speaker 2: but also what if you wake up at 25? What
22:30
Speaker 2: if you wake up at 35 and don't want to
22:31
Speaker 2: be a florist anymore? And then you've got this florist
22:33
Speaker 2: business tied to your home and this personal asset that
22:37
Speaker 2: is existing to obviously put a roof over your head,
22:39
Speaker 2: but generate personal wealth. Like I don't want those two
22:42
Speaker 2: things to be attached. So personally, I have never mixed
22:46
Speaker 2: business with personal wealth. Like all of my stuff sits
22:49
Speaker 2: so far over there. It's not funny because I just
22:51
Speaker 2: don't want those two things to mix. And to me,
22:54
Speaker 2: that's really important to have some independence from your business.
22:58
Speaker 2: Even if your business is your entire personality. I get it.
23:03
Speaker 2: I don't know if you've noticed a bit. Sometimes I
23:06
Speaker 2: don't even say my name's Victoria. I say I'm she's
23:09
Speaker 2: on the money. My business is my entire personality. But
23:12
Speaker 2: I also think we need to put our smart money
23:15
Speaker 2: hat on and be like, okay, cool. But what if
23:17
Speaker 2: for some reason she's on the money doesn't work out?
23:19
Speaker 2: I don't want it to be so tied to that
23:22
Speaker 2: that I lose my house as well.
23:23
Speaker 4: Would there be financial benefits of?
23:25
Speaker 2: Not really. Not really. Because at the end of the day,
23:28
Speaker 2: you can't like, how would ownership work? Like you might
23:32
Speaker 2: be a business that purchased a commercial property, but even
23:36
Speaker 2: then there's a lot, and we do a lot of
23:38
Speaker 2: commercial finance through Zella where we purchase commercial properties. And interestingly,
23:43
Speaker 2: side note, there has been a really a sharp increase,
23:47
Speaker 2: I think, in people who are investment purchases. They're like, oh,
23:50
Speaker 2: I want to purchase an investment property, but they're looking
23:53
Speaker 2: at commercial spaces now. So they might be buying a
23:55
Speaker 2: shop that they can lease out as opposed to a
23:58
Speaker 2: family home, just because the economics of it means that
24:03
Speaker 2: for a lot of our clients, purchasing a commercial property
24:06
Speaker 2: means better rental yield, more stability than buying a house
24:10
Speaker 2: where let's be honest, mortgages are cooked, rent is cooked.
24:14
Speaker 2: Even when rent is cooked, like the 500 bucks a
24:16
Speaker 2: week they might get on that property is not enough
24:18
Speaker 2: to cover the mortgage. So like the math doesn't math
24:20
Speaker 2: anymore in the way that it used to. So my
24:23
Speaker 2: two cents is go talk to specifically a Zella Money
24:26
Speaker 2: mortgage broker. But if you already have a good mortgage broker,
24:29
Speaker 2: go and talk to them because they will help you
24:31
Speaker 2: create a strategy. They will help hold your hand through
24:33
Speaker 2: the entire process and make sure that it is the
24:36
Speaker 2: right fit for you. Thank you for holding my drink.
24:39
Speaker 2: You need to take it back. Thank you.
24:41
Speaker 1: I need to.
24:42
Speaker 2: But now I have my drink back. It's time to
24:44
Speaker 2: dive into like, I love it being a little bit gossipy,
24:47
Speaker 2: but this week it's not really gossipy. So now I
24:50
Speaker 2: know I promised levity, but this DM might get a
24:54
Speaker 2: little bit deep. So like we're not, it's not the goss,
24:57
Speaker 2: but after all, it is about our parents. And this
25:00
Speaker 2: community member wrote in and they asked, Hi, Bec, Jess
25:04
Speaker 2: and V. I would like to submit a money lemma
25:06
Speaker 2: for the pod. So here goes. My parents are getting
25:09
Speaker 2: older and lately my siblings and I have started talking
25:11
Speaker 2: about helping them financially if they ever need it. The
25:14
Speaker 2: problem is I'm the only one that has consistently saved
25:17
Speaker 2: and built up an emergency fund. My two sisters have
25:20
Speaker 2: completely different values and adopt a more live-in-the-moment-you-could-say lifestyle and
25:26
Speaker 2: put their money towards holidays, big ticket purchases and mostly shopping.
25:31
Speaker 2: I'm worried that because I'm the responsible one, it'll automatically
25:35
Speaker 2: be assumed that I'll contribute more if something happens. I
25:38
Speaker 2: want to help my parents, but I also don't want
25:41
Speaker 2: years of careful planning to become everyone else's backup plan.
25:45
Speaker 2: Has anyone had these conversations with their family? How did
25:48
Speaker 2: you make sure it felt fair without causing any tension?
25:53
Speaker 4: I had this same situation recently because my mum is
25:56
Speaker 4: not partnered or anything like that. So I think it
25:58
Speaker 4: was around COVID time when my brothers and I were like, oh,
26:01
Speaker 4: let's give money away. to just like help support her
26:05
Speaker 4: if she couldn't live where she was or whatever it was.
26:07
Speaker 4: But I just remember thinking like, like I felt sick
26:10
Speaker 4: about it because I was like, there's just not enough
26:13
Speaker 4: money to go around. Like how could this possibly work?
26:17
Speaker 4: But there is that fear of like, oh, if I
26:18
Speaker 4: don't financially support this person, there's, it's just like, if
26:23
Speaker 4: you don't financially support a stranger, sure. But it's like,
26:26
Speaker 4: there's such a deep like betrayal or something if you
26:29
Speaker 4: don't financially support your family members. It's like either you're
26:33
Speaker 4: like your siblings and you are more like live, love, laugh.
26:36
Speaker 4: And that is me, but I also didn't have and
26:39
Speaker 4: still don't really have that much money.
26:40
Speaker 2: So it's hard. But if I.
26:42
Speaker 4: Had a lot of money or I had enough money
26:44
Speaker 4: and it was because I planned and saved and I
26:47
Speaker 4: was really smart about it, then I would still feel
26:50
Speaker 4: sick about it. I'd be like, oh, I don't want
26:51
Speaker 4: to do this, but there's no good way out. I'm
26:53
Speaker 4: curious to know what your parents' situation is. Like, do
26:56
Speaker 4: they have super, do they have access to the pension? Like,
27:00
Speaker 4: why do we Do you financially support them? Obviously helping
27:04
Speaker 4: them in some ways, like completely fine. But do you
27:07
Speaker 4: need to do this like consistent support all the time?
27:10
Speaker 4: Or are you more scared of like maybe something big
27:13
Speaker 4: goes wrong, touch wood, and you might have to like
27:15
Speaker 4: fork out more? And in that case, I just think
27:19
Speaker 4: maybe it's probably not very helpful because it does not
27:22
Speaker 4: take away the situation, does not make the situation better.
27:25
Speaker 4: But setting aside tiny bit extra, for that. So it
27:29
Speaker 4: doesn't feel as like, oh, if it happens to be
27:33
Speaker 4: ripped away from you in the future, this is a
27:34
Speaker 4: little amount of money or a big amount of money.
27:37
Speaker 4: Putting money aside for that purpose might feel better, but
27:41
Speaker 4: It's a really tricky one.
27:43
Speaker 2: It's a tricky one.
27:44
Speaker 6: Yeah.
27:44
Speaker 5: I think you're right in saying that no matter which
27:46
Speaker 5: side of the fence you're sitting on, it's hard. If
27:48
Speaker 5: you're the sibling that doesn't have the money to contribute,
27:51
Speaker 5: you can't pour from an empty cup.
27:52
Speaker 2: You can't give what you don't have. But if you're
27:54
Speaker 2: the sibling that.
27:55
Speaker 5: Has always been responsible, I also don't necessarily think it's
27:59
Speaker 5: fair that the burden just automatically rests with you. Totally.
28:01
Speaker 5: Because both siblings are entitled to make their choices and
28:04
Speaker 5: live their lives in the way that they want. the
28:06
Speaker 5: fact that it's put you in different positions financially is
28:09
Speaker 5: your choices and it's your lives, but you both were entitled.
28:13
Speaker 2: To make those choices.
28:14
Speaker 5: I think exactly as you said, the system in Australia,
28:18
Speaker 5: and I know it is a flawed system, I am
28:20
Speaker 5: definitely not saying it's perfect, but super in the pension
28:22
Speaker 5: exist so that in theory, people can access support should
28:26
Speaker 5: they need it. Now, I know that the pension doesn't
28:29
Speaker 5: go far and that is what I'm assuming is maybe
28:32
Speaker 5: what we're kind of referring to is the fact that
28:33
Speaker 5: your parents are old. Maybe they don't own their own
28:36
Speaker 5: home or they don't have assets to live off of.
28:38
Speaker 5: They're living or going to have to live off the pension,
28:40
Speaker 5: which from all accounts that I've seen is very, very challenging.
28:44
Speaker 5: And so some additional support might be needed.
28:47
Speaker 2: If that's the case... There's no good way about.
28:51
Speaker 5: It because I've always said my personal feeling, and it
28:54
Speaker 5: is a very personal feeling and you can feel however
28:56
Speaker 5: you do. But if it's within my means to help somebody,
28:59
Speaker 5: of course I want to. If it's somebody I care
29:00
Speaker 5: about or even if it's somebody I don't. Like I
29:02
Speaker 5: think if it's within your means, not that you have to,
29:05
Speaker 5: but that is where my heart is drawn, I think,
29:09
Speaker 5: is to try to help if I can. But I
29:11
Speaker 5: understand that that putting you behind on your goals sucks.
29:15
Speaker 5: Like there's no two ways around that, right? Like if
29:17
Speaker 5: you've planned and strategised and you go, oh, well, now
29:19
Speaker 5: I have to supplement groceries for my parents because they
29:22
Speaker 5: can't afford to live, you know, even just a simple,
29:25
Speaker 5: comfortable life.
29:26
Speaker 2: It's such a hard position to be in.
29:28
Speaker 5: And I think maybe it's looking into all of the
29:31
Speaker 5: things that are available in terms of support for them.
29:33
Speaker 5: Can you downsize them? Can you move them in with
29:36
Speaker 5: you to reduce their expenses in that way? like there's
29:38
Speaker 5: lots of things you could look at but I'd also
29:40
Speaker 5: suggest finding some Facebook groups because I think like this
29:43
Speaker 5: is quite a common experience people having to care for
29:46
Speaker 5: parents and culturally in some cultures that's just the norm
29:49
Speaker 5: I was.
29:49
Speaker 2: About to say I feel like there's a culture and
29:51
Speaker 2: element that we haven't discussed here Yeah, for sure.
29:54
Speaker 5: And so it's like I think as well maybe seeking
29:56
Speaker 5: support from other people who are in those same situations
29:59
Speaker 5: to see what is out there because.
30:01
Speaker 2: You don't know what you don't know. Now I have
30:03
Speaker 2: a question. Is it bad if we don't tell our
30:06
Speaker 2: siblings that we have savings? I don't think so. Oh,
30:12
Speaker 2: good idea. Like you might be the more responsible one
30:15
Speaker 2: and you know that you're the more responsible one and
30:17
Speaker 2: you know what your sibling's savings habits are like. So
30:20
Speaker 2: when we're having these conversations... are you going, well, lucky
30:24
Speaker 2: I have $ 20, 000 in my savings and your siblings are like, yeah, lucky, lucky,
30:28
Speaker 2: we'll rely on that. Or are you taking the problem
30:31
Speaker 2: and putting your savings to the side and kind of
30:33
Speaker 2: like mental note, let's not talk about that because that's
30:35
Speaker 2: actually not on the table for conversation. Because there are
30:38
Speaker 2: so many different ways that you could help out your parents, right?
30:41
Speaker 2: That don't have to be financial. And don't get me wrong,
30:43
Speaker 2: it could come down to financials. We just need to
30:46
Speaker 2: get some cash. But They could need a cleaner because
30:49
Speaker 2: they can't do cleaning for themselves anymore. And you could
30:52
Speaker 2: be like, you know what? Every Friday I'm going to
30:53
Speaker 2: pop over to mum and dad's and I'm going to
30:54
Speaker 2: do that. And like there are just so many things
30:56
Speaker 2: that you could do. But also maybe we could just
30:59
Speaker 2: have the conversation. Let's take your savings off the table.
31:02
Speaker 2: What are we doing? Like I'm not going back. What's
31:04
Speaker 2: in your savings? Like how could you contribute? What are
31:06
Speaker 2: we doing? Like how much do mum and dad actually need?
31:10
Speaker 2: have we reviewed their entire financial situation and looked at it?
31:13
Speaker 2: Or are we just assuming like they're saying, oh, money's
31:15
Speaker 2: really hard. It's really tight. And all the kids get
31:18
Speaker 2: together and go, yeah, yeah, yeah. We'll just, we'll give
31:20
Speaker 2: them an extra like amount of cash each week. But
31:22
Speaker 2: rejigging their finances could unlock some serious equity and like
31:26
Speaker 2: they would be fine on their own and the problem solved.
31:29
Speaker 2: So I think understanding their situation deeply like what about
31:33
Speaker 2: the money is the issue and then we could have
31:37
Speaker 2: some of the solutions that Jess was talking about like
31:39
Speaker 2: downsizing moving them in with you but we can't have
31:42
Speaker 2: a solution conversation unless we have a map and a
31:45
Speaker 2: plan and like okay do they have super great what's
31:48
Speaker 2: in their super great are they eligible for the pension
31:52
Speaker 2: yes no maybe You know, I used to do financial
31:56
Speaker 2: planning and a lot of what I did was planning
31:59
Speaker 2: for retirement with clients. And sometimes that would mean, hey, Beck,
32:03
Speaker 2: you're not actually eligible for the pension right now because
32:05
Speaker 2: you actually have too many assets. And I know that
32:07
Speaker 2: that sounds like funny because like you go, but you're rich.
32:11
Speaker 2: You're not because sometimes you might have like an investment
32:13
Speaker 2: property and your primary residence and you go, well, that
32:17
Speaker 2: was going to be my future. But then all of
32:18
Speaker 2: a sudden you realize that investment property hasn't grown in value.
32:21
Speaker 2: It's still only worth like 300 grand. It doesn't produce
32:24
Speaker 2: enough rent to do anything. But because you have that
32:26
Speaker 2: asset outside your primary residence, you do not get any pension.
32:30
Speaker 2: So you have no real income coming in. The mortgage
32:33
Speaker 2: on that property was never paid down. You are actually
32:36
Speaker 2: rocking a hard place. So the plan would then be
32:39
Speaker 2: to dispose of that investment property, take that money, and
32:42
Speaker 2: I'm not saying that this is the answer, but take
32:43
Speaker 2: that money, put it inside super, but then sometimes depending
32:46
Speaker 2: on the type of asset you had and the disposal
32:48
Speaker 2: of that asset, you might then not be eligible for
32:52
Speaker 2: a pension for seven years. Wow. Because that money is deemed. Yeah,
32:57
Speaker 2: because of the cash that went in and like the
32:58
Speaker 2: government looks at it that way. So there are deeming rules.
33:01
Speaker 2: There are so many rules. And this is where you
33:03
Speaker 2: need to get a clear picture and maybe seeing a
33:06
Speaker 2: retirement planner could really help. But then also what are
33:09
Speaker 2: the non-financial things you could do for your family? What
33:13
Speaker 2: are the cultural expectations? Because like we don't know what
33:16
Speaker 2: your family looks like. And I think it's very fair
33:19
Speaker 2: to want to fill your own cup first, but also
33:22
Speaker 2: have a look. What does your own cup actually look like?
33:24
Speaker 2: You're like, I just have heaps and heaps of savings.
33:27
Speaker 2: Or is it like, no, I have enough. I could
33:29
Speaker 2: comfortably allocate this and be comfortable with it. Or is it,
33:32
Speaker 2: I could comfortably allocate this, but I feel like there's
33:36
Speaker 2: a discrepancy between what I'm contributing and what you're contributing.
33:39
Speaker 2: And I only want to contribute what you're contributing so
33:42
Speaker 2: that we're equal. Like maybe you want to just be
33:44
Speaker 2: on equal footing. And that's again, another question, but First
33:47
Speaker 2: thing I would say is they don't necessarily need to
33:50
Speaker 2: know about your financial position. That's actually only your business. Yeah,
33:54
Speaker 2: that's so true. Like they don't need to know that
33:56
Speaker 2: you are flush with cash and they are not. You
33:59
Speaker 2: are a family that can come together, hopefully, and have
34:02
Speaker 2: a discussion about, oh, our parents have some needs. We
34:05
Speaker 2: don't need to jump into solution modes. Let's just talk
34:07
Speaker 2: about their needs, talk about what we actually need to
34:09
Speaker 2: put on the table. Instead of saying, oh, Jess will. No, no,
34:12
Speaker 2: let's just brainstorm. All right, mum and dad need help
34:15
Speaker 2: in A, B, C, and D area. All right, well,
34:18
Speaker 2: let's put that there. What are some ideas around how
34:20
Speaker 2: we could do this? Maybe the kids need to come together.
34:24
Speaker 2: How much would that cost us each? Oh, I can't
34:27
Speaker 2: do that. Oh, Jess, would you be able to do that?
34:29
Speaker 2: And then we can have a negotiation at that point.
34:31
Speaker 2: But we don't need to come up with solutions immediately.
34:33
Speaker 2: Let's really understand the problem. I think that's where I'm
34:36
Speaker 2: coming from. Yeah, what did everybody else say? Well, we
34:38
Speaker 2: did ask the community. We said, have you ever had
34:41
Speaker 2: a conversation with your siblings about financially supporting your parents? 7%
34:45
Speaker 2: of you said you had.
34:46
Speaker 4: Mm-hmm.
34:46
Speaker 2: 37% said no, but we probably should. And 56% said no,
34:51
Speaker 2: it's never been on my radar. Next question we asked was,
34:55
Speaker 2: should the sibling in the strongest financial position be contributing more? 65%
34:59
Speaker 2: said no, it should be a shared family expense. Okay, good. 26%
35:04
Speaker 2: said you're undecided, which I think is where I sit
35:07
Speaker 2: because I'm like, I don't know what the world looks like.
35:09
Speaker 6: Depends.
35:10
Speaker 2: It's such a personal. Yeah, because like what if one's
35:12
Speaker 2: real loaded and it wouldn't take any like– Any impact.
35:16
Speaker 2: And then the others like struggling to buy their first
35:18
Speaker 2: home and like you're expecting them to cough that up
35:21
Speaker 2: and it compromises their financial. I don't know. I just
35:23
Speaker 2: have lots of thoughts. And then 9% are the people
35:26
Speaker 2: who said, yep, if they can afford it, which fine.
35:30
Speaker 2: We then asked, do you think saving diligently can sometimes
35:34
Speaker 2: lead to unfair expectations for a family? 93% of you
35:38
Speaker 2: said yes. And then we went to the comments and
35:40
Speaker 2: we said, guys, what are your two cents? Which is
35:42
Speaker 2: my favorite part, not going to lie. First person, my queen.
35:47
Speaker 2: Don't let your siblings know what your financial position is.
35:51
Speaker 2: Just split it evenly. Yes. Next person. Simple. Don't tell
35:55
Speaker 2: them you have any money. Next person. And I thought
35:59
Speaker 2: this was really interesting. They said, this is a conversation
36:02
Speaker 2: my partner and I are having at the moment. My
36:05
Speaker 2: family would never expect this, but he is Korean and
36:08
Speaker 2: there's a background and an expectation there that we are
36:10
Speaker 2: building into our financial future.
36:12
Speaker 6: Sure.
36:13
Speaker 2: Next person said, let's just be really clear on how
36:15
Speaker 2: much we can contribute, not on what's in our savings
36:18
Speaker 2: account and let them know that it's not up for negotiation.
36:22
Speaker 2: Next is have an open conversation and actually see how
36:25
Speaker 2: your parents are planning to deal with this. Maybe they
36:28
Speaker 2: have a plan and you guys are making a plan
36:30
Speaker 2: for no reason.
36:31
Speaker 1: Okay.
36:32
Speaker 3: Okay.
36:32
Speaker 2: That's a good point. Next person said they need to
36:35
Speaker 2: properly find out what financial situation their parents are in
36:37
Speaker 2: before making any decisions. Next person, and I thought this
36:41
Speaker 2: was an interesting left of field take, it should be
36:44
Speaker 2: proportionate to how much the parents have invested in each
36:47
Speaker 2: of their children. For example, if one went to private
36:50
Speaker 2: school and one didn't. For example, if someone has grandchildren
36:54
Speaker 2: that get cared for and the other doesn't.
36:56
Speaker 4: Oh, now that's okay. So it's a bit more like
36:59
Speaker 4: equity based.
37:00
Speaker 2: I was like, okay.
37:01
Speaker 5: I understand that conceptually, but I think then you're like
37:04
Speaker 5: really splitting things. Like you don't do things for others
37:08
Speaker 5: with the expectation of it coming or I wouldn't think.
37:10
Speaker 2: No, neither.
37:11
Speaker 5: Like are we keeping score of everything that every, and
37:14
Speaker 5: like that's a whole separate conversation we've had before.
37:16
Speaker 2: But yes, I'm not keeping score of what my parents
37:19
Speaker 2: give my sister versus what my parents give me, vice versa.
37:22
Speaker 2: And then when it comes to caring for them, being like, well, Alex,
37:26
Speaker 2: you actually live closer to them and go to dinner
37:28
Speaker 2: at their place all the time.
37:30
Speaker 5: Yeah.
37:30
Speaker 3: That's true.
37:31
Speaker 2: Like that's not, for me, that's not it. It might
37:33
Speaker 2: work for you. Another person said, have a sit down
37:35
Speaker 2: conversation with the siblings to understand expectations and ground rules,
37:39
Speaker 2: which I thought was really cool. Like what ground rules
37:42
Speaker 2: are around this? Because your parents are going to be
37:44
Speaker 2: here for a while, hopefully. So how do we have
37:47
Speaker 2: these conversations? Do we have a separate email chain? Do we? Yeah,
37:51
Speaker 2: I think that's smart. And then last one I will
37:54
Speaker 2: share is. Help can take many forms. If I'm doing
37:57
Speaker 2: more financially, I'd expect them to be more hands on.
38:01
Speaker 2: They can do all of the cleaning, all of the
38:03
Speaker 2: medical appointments, etc. I think that's a great take.
38:06
Speaker 5: I think if it's not within your means to contribute financially,
38:09
Speaker 5: there are definitely other things that your siblings could be
38:12
Speaker 5: doing that are just as important, just as valuable.
38:15
Speaker 2: Yeah, I thought that was really good. And I was like, oh,
38:18
Speaker 2: that's good. I didn't think of that. I could pay
38:21
Speaker 2: my way out of having to clean the house. Absolutely.
38:24
Speaker 2: Good deal. Good deal. Good point. Anyway, guys, thank you
38:27
Speaker 2: so much for joining us for another episode of Friday Drinks.
38:30
Speaker 2: We hope you were thoroughly amused by this episode and
38:33
Speaker 2: that you're subscribed, obviously, for a very regular serving of
38:36
Speaker 2: fresh finance goodies in your ears. Next week, we'll be
38:39
Speaker 2: back with another money diary on Monday, followed by a
38:42
Speaker 2: figure-laden deep dive about the public health system. So guys,
38:46
Speaker 2: Take care of yourselves and of each other and we
38:48
Speaker 2: will chat to you soon. Bye. Bye, guys. Bye. The
38:55
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