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What Would You Spend An Inheritance On? · She's On The Money

• 0:00
  Speaker 1: Hello.
• 0:01
  Speaker 2: My name is Santasha Nabananga Bamblet. I'm a proud Order
• 0:05
  Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we
• 0:08
  Speaker 2: get started on She's on the Money podcast, I would
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  Speaker 2: like to acknowledge the traditional custodians of the land of
• 0:14
  Speaker 2: which this podcast is recorded on a wondery country, acknowledging
• 0:18
  Speaker 2: the elders, the ancestors and the next generation coming through
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  Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
• 0:27
  Speaker 2: the storytelling of you to make a difference for today
• 0:31
  Speaker 2: and lasting impact for tomorrow.
• 0:33
  Speaker 3: Let's get into it.
• 0:34
  Speaker 1: She's on the Money.
• 0:36
  Speaker 4: She's on the Money.
• 0:57
  Speaker 1: Hello and welcome to She's on the Money podcast and
• 1:00
  Speaker 1: millennials who want financial freedom. Today, my friends, it is Friday,
• 1:04
  Speaker 1: which means it is time to get my little team.
• 1:07
  Speaker 1: It's actually just Jessica together to celebrate you, guys, my
• 1:11
  Speaker 1: incredible She's on the Money community today, misterss Gricci. She's
• 1:15
  Speaker 1: got a heap of money wins that we are going
• 1:17
  Speaker 1: to be sharing from our community. I get to share
• 1:19
  Speaker 1: Bex Broke tips, which I'm very excited about. We're going
• 1:22
  Speaker 1: to be helping to answer a very juicy money question,
• 1:25
  Speaker 1: which this week is all about X repayments. I promise
• 1:29
  Speaker 1: it's more exciting than just EX repayments. And we're going
• 1:32
  Speaker 1: to be unpacking something that you slid into our DMS
• 1:34
  Speaker 1: about which this week we are talking about sharing the
• 1:37
  Speaker 1: cost of visiting home when you're living overseas with a
• 1:39
  Speaker 1: partner that you moved away for. I feel like that'll
• 1:43
  Speaker 1: be really good. But before we get there, Jess, where's Beck?
• 1:47
  Speaker 3: She's enjoying sunny Queensland?
• 1:48
  Speaker 1: She got a girlfriend and bushed us. Oh my god,
• 1:52
  Speaker 1: one out of ten cannot recommend.
• 1:55
  Speaker 3: But the picks are real cue, so we can't be too.
• 1:57
  Speaker 1: She looks really cute. I mean, I recommend that everybody
• 1:59
  Speaker 1: goes on holidays, but like, does she have to leave last?
• 2:03
  Speaker 1: We miss you? Yeah, but how's your week being Jess?
• 2:05
  Speaker 1: You didn't come on holidays?
• 2:07
  Speaker 3: Sadly no, But there's been lots going on this week.
• 2:09
  Speaker 3: She's in the money HQ where shooting lots of content
• 2:12
  Speaker 3: for something very exciting, which she's coming out soon.
• 2:15
  Speaker 1: What have I been trying to kill me? Because I
• 2:17
  Speaker 1: keep trying to share it online? And she's like, stop
• 2:19
  Speaker 1: telling people what we're working on? Is she in this room?
• 2:23
  Speaker 3: No, she's not.
• 2:24
  Speaker 1: It's the investing course.
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  Speaker 3: So that's been really fun. Apart from that, just working
• 2:30
  Speaker 3: our lives away. Nothing exciting to report in my world.
• 2:33
  Speaker 3: How do the things have been in your world?
• 2:35
  Speaker 1: As shit show? So last weekend my husband was playing
• 2:40
  Speaker 1: soccer and got in a little bit of a bingal.
• 2:44
  Speaker 1: He jumped ahead the ball, which sounds real fancy. I'm like,
• 2:46
  Speaker 1: oh yeah, my husband heard of the ball. Well he didn't,
• 2:50
  Speaker 1: well did he? Because he got knocked, fell down, got
• 2:54
  Speaker 1: taken to the hospital and we thought, okay, cool, Like
• 2:57
  Speaker 1: he's got a concussion. That's a pretty standard I would
• 2:59
  Speaker 1: say injury for playing soccer. I didn't think it was
• 3:03
  Speaker 1: that much of a contact sport. Turns out it is.
• 3:05
  Speaker 1: Because the man has two broken ribs, a punctured lung,
• 3:09
  Speaker 1: a ac separation in his shoulder, a fractured scapular, and
• 3:14
  Speaker 1: is recovering from a concussion. He did a really good
• 3:17
  Speaker 1: job go hard or go home, and somehow, in addition
• 3:20
  Speaker 1: to all of that, he managed to dislocate his sternam
• 3:23
  Speaker 1: as well.
• 3:24
  Speaker 3: Just to cheirund top, just go hard or.
• 3:25
  Speaker 1: Go home, sir. So we went from our local hospital,
• 3:29
  Speaker 1: we went to Cabrini and they said this is a
• 3:31
  Speaker 1: bit too serious. So we spent a few days in
• 3:33
  Speaker 1: the Alfred where everyone was so nice. I actually met
• 3:38
  Speaker 1: a few nurses who were like, yep, so Steve, you've
• 3:41
  Speaker 1: got your medication. Yep. Also, we love your podcast. I
• 3:44
  Speaker 1: was like, oh, thank you. It was a lot, but
• 3:47
  Speaker 1: we are now at home, thank god. I'm working out
• 3:50
  Speaker 1: what next steps are. Oh, so that has taken up.
• 3:53
  Speaker 1: I would say most of the week we have been
• 3:55
  Speaker 1: doing content, but we also recorded a Business Bible episode
• 3:59
  Speaker 1: before and I was alluding to how the business doesn't
• 4:02
  Speaker 1: stop with you're the owner, and I feel like this
• 4:04
  Speaker 1: is the perfect example. I'm like, I have so much
• 4:06
  Speaker 1: going on in my personal life, but like work just
• 4:09
  Speaker 1: has to get done, doesn't it. Jess, It's crazy she
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  Speaker 1: could call in six. Sometimes we're all.
• 4:15
  Speaker 3: Sending all of our love to poor Steve. O. You
• 4:18
  Speaker 3: now has to do double the way he.
• 4:19
  Speaker 1: Is lapping it up. And I laughed before because I'm
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  Speaker 1: barthing my baby and my husband now.
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  Speaker 3: Pulling double duty.
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  Speaker 1: I love it all. Right, let's get into the episode, Jess.
• 4:31
  Speaker 1: I want to know what community money wins have you
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  Speaker 1: brought to the table this week?
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  Speaker 3: Alrighty, first thing this week I've got a money in
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  Speaker 3: from Chelsea, who said money win. My daughter paid for
• 4:40
  Speaker 3: her coffee and my coffee using her own money for
• 4:43
  Speaker 3: her money box, which is so cute, really wholesome, teaching
• 4:47
  Speaker 3: good habits. Next, I've got a money win from Robin,
• 4:50
  Speaker 3: who said it was her birthday last week.
• 4:52
  Speaker 1: Have you had a birthday?
• 4:54
  Speaker 3: Took full advantage all of the freebies she got them
• 4:56
  Speaker 3: from Sophora, from Mecca, Crispy Kream and Boost Juice as.
• 5:00
  Speaker 1: Wow, okay, genius. I always say I'm going to do
• 5:02
  Speaker 1: that and then always forget.
• 5:04
  Speaker 3: Yeah, the one I will always remember is Mecca. But
• 5:07
  Speaker 3: like there's so many out.
• 5:08
  Speaker 1: There because Mecca are really good at it.
• 5:10
  Speaker 3: You can collect it for a while.
• 5:11
  Speaker 1: Yeah. Like they also send me an email reminder and
• 5:14
  Speaker 1: say your little birthday gift is here. And I got
• 5:16
  Speaker 1: mine in June and it was like full like a
• 5:19
  Speaker 1: skin care range.
• 5:21
  Speaker 3: Be for real amazing. Yeh. Next, I've got a money
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  Speaker 3: you win from Alana, who said money win. I was
• 5:27
  Speaker 3: able to put one and twelve dollars towards the little
• 5:30
  Speaker 3: actionable steps to moving my family over to Australia. She said.
• 5:34
  Speaker 3: This is the first month she started planning to help
• 5:37
  Speaker 3: them make this move, and she feels like she's making
• 5:39
  Speaker 3: really great progress. Oh I love this, absolutely incredible. Then
• 5:44
  Speaker 3: I've got a money you win from Caitlin, a bit
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  Speaker 3: of a theme this week. She said, money win. I
• 5:48
  Speaker 3: went to collect my very humble Level one Mecca Beauty
• 5:51
  Speaker 3: loop box, but they were out of level one boxes
• 5:54
  Speaker 3: and they were out of level two boxes, so she
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  Speaker 3: got a level three box.
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  Speaker 1: Oh my gosh, money win. I feel like Mecca are
• 5:59
  Speaker 1: going to have to start paying us.
• 6:01
  Speaker 5: Joel.
• 6:02
  Speaker 1: If you're loosening, you just call me up, because not
• 6:05
  Speaker 1: only have we spoken about you on the last two episodes,
• 6:08
  Speaker 1: I did a money diary yesterday Jess with a girl
• 6:11
  Speaker 1: who works at Mecca, and all she did was like
• 6:13
  Speaker 1: rave about how I've been there for five years. It's
• 6:15
  Speaker 1: the best job I've ever had, Like it's incredible, and
• 6:18
  Speaker 1: I'm just like, what are we Like?
• 6:20
  Speaker 3: The staff discount is schmick too.
• 6:21
  Speaker 1: Yeah, you used to work at Mecca.
• 6:23
  Speaker 3: I miss that, Like I said, have to hit her
• 6:25
  Speaker 3: money to her stuff. Anyone's to share their meke a
• 6:27
  Speaker 3: discount with us, We'll make your budget for you. Lastly,
• 6:30
  Speaker 3: this week, I've got a money win from Kim, who
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  Speaker 3: said She has set up an auto investment every four
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  Speaker 3: night so that the money is going to auto debit
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  Speaker 3: into her micro investing account. Oh, I love this, and
• 6:40
  Speaker 3: I just think that that's such a good habit. If
• 6:43
  Speaker 3: you're someone who forgets turn on the auto debit, let
• 6:45
  Speaker 3: it just tick away and then you're investing without even
• 6:48
  Speaker 3: having to think about it.
• 6:49
  Speaker 1: I feel like that's genius. Jess, like, as always, I'm
• 6:51
  Speaker 1: going to definitely advocate for everybody investing, because like you
• 6:55
  Speaker 1: can literally invest with one cent nowadays, Like, where's your excuse? Yeah,
• 6:59
  Speaker 1: be for real, Well that's not even an ad I'm like,
• 7:01
  Speaker 1: just go invest. I don't even care what platform you use.
• 7:04
  Speaker 1: Just put your money where it needs to go to
• 7:07
  Speaker 1: put you in the best possible position when you're getting older.
• 7:10
  Speaker 3: Yeah, and even just the little bits. I know, cost
• 7:12
  Speaker 3: of living is really hard right now, but a lot
• 7:14
  Speaker 3: of platforms, I know shares Us does it, I know
• 7:16
  Speaker 3: quite a few others do it. You can round up
• 7:18
  Speaker 3: your purchases so if you spend a dollar, ninety five
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  Speaker 3: five cents goes into your account and you can choose
• 7:23
  Speaker 3: to invest it. And I think I know that it's
• 7:25
  Speaker 3: really hard because it seems like we all are so
• 7:27
  Speaker 3: skint right now we are. It's really really tough to
• 7:30
  Speaker 3: prioritize things like that, but those little features that can
• 7:33
  Speaker 3: get you started, even if you feel like it's small,
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  Speaker 3: it adds up. Just like some of our our listeners
• 7:38
  Speaker 3: were saying, all.
• 7:39
  Speaker 1: Right, Jess, I have the broke tips. They have actually
• 7:42
  Speaker 1: come from Beck. Beck has given me two community ones,
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  Speaker 1: and then I'm going to have to come up with
• 7:47
  Speaker 1: my own. She didn't help me with that, which I
• 7:49
  Speaker 1: feel like is quite rude. So my first broke tip
• 7:52
  Speaker 1: to share with you guys is from Jess. Jess sent
• 7:55
  Speaker 1: Beck a lovely message. It says, hey, Beck, I love
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  Speaker 1: your work. I have a broke tip for you. I
• 8:00
  Speaker 1: understand it doesn't apply to everybody, but potentially get a
• 8:04
  Speaker 1: job that provides accommodation. I have been doing this for
• 8:07
  Speaker 1: four years and it has allowed me to save so
• 8:10
  Speaker 1: much money which I'm now able to use to pursue
• 8:12
  Speaker 1: so many of my goals and save lots along the way.
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  Speaker 1: Jobs in agriculture, healthcare and mining, in home care so
• 8:20
  Speaker 1: like elderly or childcare or becoming an no pair are
• 8:23
  Speaker 1: the main industries I know of that do this, but
• 8:25
  Speaker 1: I'm sure there are so many others. I hope this helps.
• 8:28
  Speaker 3: That is actually such a good tip. I know that
• 8:31
  Speaker 3: if you do snow season a lot of the time,
• 8:33
  Speaker 3: if you work at the resource, you can stay out
• 8:35
  Speaker 3: there for free. A lot of your meals and stuff
• 8:37
  Speaker 3: are covered too.
• 8:38
  Speaker 1: Like turbo charges your savings because you'll have way less
• 8:40
  Speaker 1: bills and you won't have to pay rent.
• 8:42
  Speaker 3: Yeah, which is the biggest expense arguably for me.
• 8:45
  Speaker 1: That's a good one, So thanks, Jess. Also, great name.
• 8:47
  Speaker 1: All right, The next broke tip jests comes from Gladys.
• 8:53
  Speaker 1: And I say Gladys because this broke tip has come
• 8:55
  Speaker 1: from someone who said, can you please make up a
• 8:57
  Speaker 1: name for me instead of my actual name when you
• 8:59
  Speaker 1: read it out, so it goes, Hey, guys, I have
• 9:02
  Speaker 1: a broke tip. Because you were discussing cleaning products the
• 9:05
  Speaker 1: other day. Everyone forgets we do though. I have a
• 9:07
  Speaker 1: whole highlight section on my Instagram for me cleaning things
• 9:10
  Speaker 1: if anyone's interested. So, dishwashing powder is so good and
• 9:14
  Speaker 1: so cheap. Don't waste your money on pods. It's four
• 9:18
  Speaker 1: dollars and lasts for ages. You can also sprinkle a
• 9:21
  Speaker 1: little bit into the dishwasher directly as well. As in
• 9:24
  Speaker 1: the tablet holder, so it uses the detergent in the
• 9:26
  Speaker 1: pre wash and saves water as you don't need to
• 9:29
  Speaker 1: rinse before it goes in. I feel like that's so smart.
• 9:32
  Speaker 1: I haven't thought about dish washing powder in a really
• 9:35
  Speaker 1: long time.
• 9:36
  Speaker 3: No or where to put it either. To be honest,
• 9:38
  Speaker 3: I never would have even thought twice about that. Very smart.
• 9:41
  Speaker 1: So smart? Do you use rinse? Aid?
• 9:43
  Speaker 3: Is that the thing that you eat the liquid?
• 9:45
  Speaker 1: Yeah, it's like the liquid. It's often blue, and it
• 9:47
  Speaker 1: goes in your dishwasher where the little flashy light will be.
• 9:50
  Speaker 3: I feel like we used to. I think that's something
• 9:52
  Speaker 3: that like cozy living life like, haven't thought about that
• 9:55
  Speaker 3: in a long time.
• 9:56
  Speaker 1: Oh okay, so I've always thought about that because like rinse,
• 10:00
  Speaker 1: that sounds like a scam to me. It reads scam.
• 10:03
  Speaker 1: I'm sorry, morning fresh, like be for real. I just
• 10:06
  Speaker 1: fill it up with vinegar.
• 10:07
  Speaker 3: There you go, and it works like the really well
• 10:10
  Speaker 3: the Alan Key of the cleaning world. She does it.
• 10:14
  Speaker 1: All all right, Jess. I have a broke tip and
• 10:17
  Speaker 1: it involves washing washing machines, not dish washes. We're on
• 10:22
  Speaker 1: theme for today, and it involves making sure that you
• 10:25
  Speaker 1: are washing all of your clothes in cold water instead
• 10:28
  Speaker 1: of warm water. Okay, so quick back of the envelope
• 10:32
  Speaker 1: calculations over the period of an entire year, assuming that
• 10:36
  Speaker 1: you are doing one load every single day of the year,
• 10:39
  Speaker 1: like a lot of laundry. I'm sorry, I've got a
• 10:41
  Speaker 1: baby art fair, so this makes sense. But you're running
• 10:45
  Speaker 1: with a kilowatt average ofero point three four, So thirty
• 10:47
  Speaker 1: four cents per load of power is used. Quick back
• 10:52
  Speaker 1: of the envelope calculation means that it will cost you
• 10:55
  Speaker 1: eleven dollars for a year of cold washes versus ninety
• 10:58
  Speaker 1: nine dollars for a year of warm washes.
• 11:00
  Speaker 3: There you go.
• 11:00
  Speaker 1: You're welcome. Also, if you're using hot, it would be more,
• 11:03
  Speaker 1: but I didn't work that out.
• 11:04
  Speaker 3: You're using hot, you might shrink You're really nice, yellow jumper,
• 11:07
  Speaker 3: and then you'll be sad.
• 11:09
  Speaker 5: Washes.
• 11:09
  Speaker 1: Do you actually use your washing machine on hot Jessica?
• 11:12
  Speaker 3: Yeah, well not anymore. I think why to me in
• 11:15
  Speaker 3: my brain? It makes it cleaner, don't don't. It's like
• 11:19
  Speaker 3: when I wash the dishes, I will burn my hands
• 11:21
  Speaker 3: skelting hot because I'm like, it's cleaner than if I
• 11:24
  Speaker 3: washed it in like kind of warm water.
• 11:27
  Speaker 1: I mean, boiling water is definitely like sanitized. Yeah, but
• 11:31
  Speaker 1: like is warm water cleaner than cold water?
• 11:34
  Speaker 3: Probably not.
• 11:35
  Speaker 1: I get where the logic is kind of kind.
• 11:37
  Speaker 3: I didn't say I was an expert. I just said
• 11:39
  Speaker 3: I thought what I thought.
• 11:40
  Speaker 1: But I've always done things on cold because I'm always
• 11:43
  Speaker 1: so anxious of ruining stuff. And the other day I
• 11:46
  Speaker 1: ruined a whole load of washing by putting Harvey's baby's
• 11:50
  Speaker 1: stuff all together. And now his white baby cloths are
• 11:53
  Speaker 1: blue because I put a new pair of like those
• 11:55
  Speaker 1: dungarees in the wash that were navy blue, and so
• 11:59
  Speaker 1: now everything's blue. But lucky, here's a boy, And that
• 12:01
  Speaker 1: all makes sense.
• 12:02
  Speaker 3: Perfect. It's just new clothes.
• 12:04
  Speaker 1: It's like having a whole new wandering exactly. So don't
• 12:07
  Speaker 1: do what I do, because that's not a broke tip.
• 12:09
  Speaker 1: But cold washing machine cycles, it's not going to be
• 12:12
  Speaker 1: cleaner if it's hotter. It's a game changer, exactly. You're
• 12:15
  Speaker 1: going to save money. And we love this for us also, Jess,
• 12:18
  Speaker 1: it's better for the environment. Okay, Julian, let's go to
• 12:21
  Speaker 1: a really quick break on the flip side. We're going
• 12:23
  Speaker 1: to be talking about hex repayments, which don't sound that sexy,
• 12:26
  Speaker 1: but we're going to make them sexy. And we are
• 12:28
  Speaker 1: also going to be unpacking something that you slid into
• 12:31
  Speaker 1: our DMS about. This week, we are going to be
• 12:33
  Speaker 1: talking about sharing the costs to visit home when you've
• 12:36
  Speaker 1: moved overseas to live with a partner, So guys, don't
• 12:39
  Speaker 1: go anywhere.
• 12:44
  Speaker 3: Welcome back, everybody. Let's take a listen to this week's
• 12:46
  Speaker 3: money dilemma.
• 12:49
  Speaker 1: Hi. There, have you got a money dilemma you just
• 12:52
  Speaker 1: can't solve? The Sheese on the Money team is here
• 12:54
  Speaker 1: to help. Every week, we tackle your dilemmas, both big
• 12:58
  Speaker 1: and small, to answer your most burning life, career and
• 13:00
  Speaker 1: life questions. To get involved, simply head to our website
• 13:04
  Speaker 1: and leave us a short voice recording and you might
• 13:06
  Speaker 1: just find yourself on the show. Now, let's take a
• 13:08
  Speaker 1: listen to this week's money dilemma.
• 13:13
  Speaker 5: Hello. I'm reaching out because I'm in a bit of
• 13:15
  Speaker 5: a pickle as my hex debt is currently sitting at
• 13:18
  Speaker 5: ninety eight thousand dollars. I did two undergraduate degrees and
• 13:21
  Speaker 5: then followed by a master's, which obviously took up a
• 13:24
  Speaker 5: large chunk of that and I graduated in twenty twenty two.
• 13:27
  Speaker 5: I'm making the compulsory repayments out of my pay however,
• 13:32
  Speaker 5: saying thanks to our friend indexation, it is going up
• 13:35
  Speaker 5: and up. I've recently received a large amount of inheritance
• 13:40
  Speaker 5: at about one hundred thousand K around that, and I
• 13:44
  Speaker 5: don't necessarily feel comfortable putting my family's harder and money
• 13:47
  Speaker 5: towards my HEX. But I'm only learning now. I guess
• 13:51
  Speaker 5: the real repercussions of having such a large HEX set,
• 13:53
  Speaker 5: whether it comes to my tax return, borrowing capacity. And
• 13:58
  Speaker 5: it's just on my mind constantly how it's got so
• 14:01
  Speaker 5: so big, and yeah, my compulsory or payments aren't doing anything.
• 14:06
  Speaker 5: But I don't really know where to go from here.
• 14:08
  Speaker 5: And I'd love some advice.
• 14:09
  Speaker 1: All right, Jess, in this situation, what would you do?
• 14:12
  Speaker 3: It's hard because I totally understand the sentiment of not
• 14:16
  Speaker 3: wanting to, you know, feeling like it's not a good
• 14:19
  Speaker 3: use of the money. But at the same time, I
• 14:22
  Speaker 3: kind of think that you know, you're acknowledging it to
• 14:25
  Speaker 3: reducing your borrowing capacity, it's causing problems a tax time,
• 14:28
  Speaker 3: all of those things. I think removing that mental load
• 14:32
  Speaker 3: from you is something that your loved one would see
• 14:35
  Speaker 3: as a good thing. And if using that money to
• 14:37
  Speaker 3: pay off that debt is going to make you feel
• 14:41
  Speaker 3: a bit better, I also see value in that as well.
• 14:44
  Speaker 3: But that being said, you know we've said before you
• 14:46
  Speaker 3: don't have to diresh to pay off your HEX. Yeah.
• 14:48
  Speaker 1: I've worked in the inheritance space for a number of
• 14:51
  Speaker 1: years now, and I mean I don't now technically, but
• 14:54
  Speaker 1: I would be fiercely protecting that inheritance so that it
• 14:58
  Speaker 1: can go towards something thing that is tangible. So it
• 15:02
  Speaker 1: can go towards, you know, your first property, or it
• 15:04
  Speaker 1: can go towards shares that are going to help you
• 15:06
  Speaker 1: in your future. Your HEX debt is something that while
• 15:10
  Speaker 1: it does reduce your borrowing capacity, it's not the end
• 15:13
  Speaker 1: of the world. Like, if you lose your job tomorrow
• 15:16
  Speaker 1: right now, you have that plus hundred thousand dollars asset
• 15:19
  Speaker 1: that's going to help you. Nobody is going to come
• 15:22
  Speaker 1: for you to keep paying off your hextet if you
• 15:24
  Speaker 1: can't work tomorrow. And I think that that is the
• 15:27
  Speaker 1: difference here in making sure that you're putting future you first. Like, yes,
• 15:32
  Speaker 1: being in debt, it is not sexy it is not nice,
• 15:34
  Speaker 1: but HEX kind of sits in the middle of being
• 15:37
  Speaker 1: a good and a bad debt. It's what we often
• 15:39
  Speaker 1: refer to as an okay debt because ultimately, if you're
• 15:43
  Speaker 1: in financial distress, you're not going to be paying it back. Yes,
• 15:46
  Speaker 1: it does reduce your borrowing capacity, but if you then
• 15:49
  Speaker 1: pay off your HEX completely with that amount of money,
• 15:52
  Speaker 1: you're not going to be talking about borrowing capacity because
• 15:55
  Speaker 1: you don't have a deposit. So I think it's really
• 15:57
  Speaker 1: important to go, well, how do I actually on this
• 16:00
  Speaker 1: money in the best way possible, And that might be
• 16:03
  Speaker 1: by not paying off your HEX and putting it aside,
• 16:06
  Speaker 1: putting it into an investment for the short period of
• 16:08
  Speaker 1: time so that it can make some money, maybe a
• 16:10
  Speaker 1: high interest savings account, so that it is working while
• 16:14
  Speaker 1: you're doing life and making a decision later. Potentially paying
• 16:18
  Speaker 1: off your HEX will mean that, yeah, you kind of
• 16:20
  Speaker 1: get back to ground zero, But is that actually something
• 16:23
  Speaker 1: that is honoring the money and the life of the
• 16:25
  Speaker 1: person who gave it to you? And I think that
• 16:28
  Speaker 1: to me, that would be the more important factor here, Like, yes, pragmatically,
• 16:32
  Speaker 1: you could pay off your HEX step, but is that
• 16:34
  Speaker 1: that tangible asset that hopefully creates long term family wealth.
• 16:38
  Speaker 1: Probably not. And HEX over the long term is not
• 16:41
  Speaker 1: going to be the thing that cribbles you. Yes, it
• 16:43
  Speaker 1: takes back your taxable income, but I don't think that
• 16:47
  Speaker 1: that's the worst thing in the entire world.
• 16:49
  Speaker 3: Yeah, and if you want more info on that, we've
• 16:50
  Speaker 3: got two episodes that I think that you will find
• 16:52
  Speaker 3: really helpful, how to treat an inheritance with the respect
• 16:55
  Speaker 3: it deserves and Indexation and Hex, which will link in
• 16:57
  Speaker 3: the show notes for you.
• 16:58
  Speaker 1: All right, Jess, I feel like that it's up the
• 17:00
  Speaker 1: Hex conversation, So let's dive into our juicy DM. Are
• 17:04
  Speaker 1: you ready?
• 17:05
  Speaker 3: Oh?
• 17:05
  Speaker 1: Yes, all right, So this week we got a DM. Hi, guys,
• 17:08
  Speaker 1: I need advice. I met my partner when I was
• 17:11
  Speaker 1: living abroad in America. We did a couple of years
• 17:14
  Speaker 1: long distance before I finally decided to move there permanently.
• 17:18
  Speaker 1: It was a really hard choice because ideally I wanted
• 17:21
  Speaker 1: him to move to Australia and leaving my family, who
• 17:24
  Speaker 1: I'm very close with, was really hard. But in the
• 17:27
  Speaker 1: end it made the most sense as I didn't have
• 17:29
  Speaker 1: a job at the time and he was trying to
• 17:31
  Speaker 1: grow his career where he was, I've been here for
• 17:34
  Speaker 1: more than a year and a half now, and I've
• 17:35
  Speaker 1: flown home to see my family three times. I've asked
• 17:39
  Speaker 1: him to contribute to the cost of the flight, as
• 17:41
  Speaker 1: it's very expensive for me to fly twenty plus hours,
• 17:45
  Speaker 1: but he said it's not him flying, so it's not
• 17:47
  Speaker 1: his cost to pay. He also doesn't think I need
• 17:50
  Speaker 1: to be visiting as often as I do. I think
• 17:53
  Speaker 1: he should be contributing, seeing as I'm the one that
• 17:56
  Speaker 1: moved and the reason I'm coughing up thousands of dollars
• 17:59
  Speaker 1: on flights is due to this decision. I don't regret
• 18:02
  Speaker 1: it at all, and I love our life, but it's
• 18:04
  Speaker 1: starting to feel really unfair. What do you think, Oh,
• 18:08
  Speaker 1: it's hard.
• 18:10
  Speaker 3: I fully agree that. I think that you've picked up
• 18:12
  Speaker 3: your life, You've uprooted it's I think it's extremely reasonable
• 18:16
  Speaker 3: to expect a level of contribution to that. Like if
• 18:19
  Speaker 3: the roles were reversed and he'd moved here for you,
• 18:22
  Speaker 3: and you were saying, my partner wants me to contribute
• 18:23
  Speaker 3: to his flights home, I would say, yeah, sounds fair.
• 18:26
  Speaker 3: To be honest, three times in a year and a
• 18:28
  Speaker 3: half feels like a lot to me. I don't know,
• 18:31
  Speaker 3: like hard to saybe.
• 18:33
  Speaker 1: There's like weddings or something along the way I really
• 18:35
  Speaker 1: had to come home for. But there's also like no
• 18:38
  Speaker 1: hard and fast rule of how many times you should be.
• 18:41
  Speaker 3: Completely especially if you're really close to your family. I
• 18:43
  Speaker 3: can understand that being far away from them would be
• 18:45
  Speaker 3: really challenging, and so I think I do think it's
• 18:49
  Speaker 3: reasonable for you to ask him to contribute in some
• 18:51
  Speaker 3: way because you've literally had to start over. Like for him,
• 18:54
  Speaker 3: it's been really easy, like his partner's come to live
• 18:56
  Speaker 3: with him, and you know, he's just living his life
• 18:59
  Speaker 3: as normal. But you may've had to find a new
• 19:01
  Speaker 3: job and probably buy a heap of new stuff because
• 19:03
  Speaker 3: it would have been hard to ship everything over. And
• 19:05
  Speaker 3: you've left your family, and you've left you've got to
• 19:06
  Speaker 3: make new friends, and you have to find a new
• 19:08
  Speaker 3: favorite yoga studio area. You've really started from ground zero,
• 19:13
  Speaker 3: And I don't want to minimize that because that's such
• 19:16
  Speaker 3: a big thing to do, even if it is for
• 19:18
  Speaker 3: somebody that you love. It seems like the least he
• 19:20
  Speaker 3: could do is help you pay to fly home, because
• 19:24
  Speaker 3: he doesn't have to do that.
• 19:25
  Speaker 1: I agree, but I think we need to also zoom
• 19:27
  Speaker 1: out a bit on this conversation and ask how as
• 19:29
  Speaker 1: a couple, you guys are managing finances completely because we
• 19:32
  Speaker 1: know from the message you sent that he's focusing on
• 19:36
  Speaker 1: his career and at the time you didn't have a job.
• 19:38
  Speaker 1: So how are you splitting rent? How are you you know,
• 19:41
  Speaker 1: are you living in his house rent free? Like, there
• 19:43
  Speaker 1: are lots of conversations to have around this, but I
• 19:47
  Speaker 1: would actually zoom out and have a chat about how
• 19:50
  Speaker 1: a is a couple do we manage finances? I'm assuming
• 19:52
  Speaker 1: this is a very serious relationship. You were together for
• 19:55
  Speaker 1: a number of years before you moved overseas, and then
• 19:57
  Speaker 1: you've moved literally overseas for so I would assume this
• 20:01
  Speaker 1: is a very serious relationship when we need to talk about, well,
• 20:04
  Speaker 1: how is a couple of you managing finances? Which is
• 20:06
  Speaker 1: perfect because I recorded an episode yesterday or managing couple finances?
• 20:10
  Speaker 1: I did a little solo rant Jess like it was
• 20:12
  Speaker 1: a solo episode, so it'll come out as a bonus
• 20:15
  Speaker 1: very very soon. Fighting, which is very fun. But I
• 20:19
  Speaker 1: think it's quite interesting that you're like, I think he
• 20:22
  Speaker 1: should be paying and he thinks he shouldn't. Yeah, we
• 20:25
  Speaker 1: actually need to then step back and go well, as
• 20:27
  Speaker 1: a couple, like, these are expenses that I'm going to
• 20:30
  Speaker 1: incur for the rest of my life, Like I'm consistently
• 20:33
  Speaker 1: going to be coming back to see my family. So
• 20:35
  Speaker 1: even if right now it's not impacting you as my partner,
• 20:39
  Speaker 1: in the future, maybe we have children, maybe we have
• 20:42
  Speaker 1: you know, a family, or you know, overheads, we might
• 20:45
  Speaker 1: get a mortgage, how are we still going to fit
• 20:47
  Speaker 1: this thing in that's really important to me into our
• 20:49
  Speaker 1: budgets and into our lives. And I think that that's
• 20:52
  Speaker 1: where the conversation should ideally start, not well, I'm going
• 20:56
  Speaker 1: to mum and Dad's you know, in February next year,
• 20:59
  Speaker 1: and I think you should help pay. We actually need
• 21:01
  Speaker 1: to talk about why he might be on the same
• 21:04
  Speaker 1: page about that, or why he might go Well, actually,
• 21:08
  Speaker 1: if we're going to as a couple manage this expense together,
• 21:12
  Speaker 1: what's a reasonable amount of time, what's a budget for this?
• 21:15
  Speaker 1: How does that work? Because to be honest, you've just moved.
• 21:18
  Speaker 1: It's only been a year and a half, so I'm
• 21:20
  Speaker 1: assuming it's pretty responsive. Like I want to go home
• 21:23
  Speaker 1: and see my family. Oh, I'm free at this stage.
• 21:25
  Speaker 1: Moving forward. Is it going to be once a year?
• 21:27
  Speaker 1: Is it going to be twice a year?
• 21:28
  Speaker 5: Like?
• 21:28
  Speaker 1: What does that look like?
• 21:30
  Speaker 3: Yeah?
• 21:30
  Speaker 1: Because that's really expensive. Yeah.
• 21:32
  Speaker 3: The other thing i'd say, if you're not already and
• 21:34
  Speaker 3: we're definitely not recommending that you get a credit card,
• 21:37
  Speaker 3: but if you are using one already, is it earning points?
• 21:41
  Speaker 2: You know?
• 21:42
  Speaker 1: Are you banking the most of it?
• 21:43
  Speaker 3: Yeah, there's lots of different options out there. If you
• 21:46
  Speaker 3: are using one, can you end points when you do
• 21:48
  Speaker 3: your groceries as well as when you travel all those
• 21:49
  Speaker 3: sorts of things. Are there ways that you can minimize
• 21:52
  Speaker 3: the cost of flying overseas? Are you booking during sales?
• 21:54
  Speaker 3: Are you booking far in advance when it's cheaper? Things
• 21:58
  Speaker 3: that you can do to lessen that cost as well,
• 22:00
  Speaker 3: because we all know if you book a last minute
• 22:01
  Speaker 3: flight a meet from three grand.
• 22:05
  Speaker 1: So, like, I think the summary of my thoughts around
• 22:08
  Speaker 1: this is it's a much bigger conversation, Like you've permanently
• 22:12
  Speaker 1: moved overseas. This is going to be ongoing.
• 22:14
  Speaker 3: This is your life now.
• 22:15
  Speaker 1: Yeah, Like, is this a couple costs? Is it a
• 22:17
  Speaker 1: single cost? What does this look like? We did ask
• 22:20
  Speaker 1: the community as always, so we asked them, do you
• 22:22
  Speaker 1: think the partner should contribute some money they're on your team.
• 22:25
  Speaker 1: Just sixty seven percent of people said yes, they should
• 22:28
  Speaker 1: be splitting the cost, but thirty three percent said nope,
• 22:31
  Speaker 1: not their cost to pay.
• 22:32
  Speaker 3: Interesting.
• 22:33
  Speaker 1: We also asked if your partner had moved for you,
• 22:36
  Speaker 1: would you be happy to assist with the financial costs
• 22:39
  Speaker 1: of flights home? Would you? Jess before I answer it.
• 22:41
  Speaker 3: I think it's only fair, like in my mind, as
• 22:44
  Speaker 3: I said, I.
• 22:44
  Speaker 1: Would because I've got the good deal. Yeah, you moved
• 22:47
  Speaker 1: to me.
• 22:48
  Speaker 3: Your life hasn't changed. I think that that is a
• 22:50
  Speaker 3: cost of that convenience. Yeah, And if you don't like it,
• 22:54
  Speaker 3: flip the narrative, be like, okay, well why don't you
• 22:55
  Speaker 3: move to Australia with me for a bit and I'll
• 22:57
  Speaker 3: help you fly home. How you like that?
• 22:59
  Speaker 1: Yeah, see how you like it?
• 23:02
  Speaker 3: Put the tote for tone on it.
• 23:03
  Speaker 1: But let's see how it works for you, sir, Yeah,
• 23:06
  Speaker 1: exactly right. Fifty six percent of you said yes, of course,
• 23:09
  Speaker 1: they were the ones that moved, you will help pay,
• 23:12
  Speaker 1: Forty one percent said only if we discussed it before
• 23:15
  Speaker 1: the move, and then two percent of you said nope,
• 23:18
  Speaker 1: not part of the deal, like I feel like in
• 23:23
  Speaker 1: you know, international relationships, it kind of is part of
• 23:27
  Speaker 1: the deal. Like one of you has moved, you've decided
• 23:30
  Speaker 1: to continue a international relationship. There are going to be
• 23:34
  Speaker 1: financial ramifications. It sucks, it's not fair all of those
• 23:38
  Speaker 1: things come into play. But pragmatically, you guys have decided.
• 23:43
  Speaker 1: It's even like when you're living into state.
• 23:45
  Speaker 3: Yeah, it is how it is right.
• 23:46
  Speaker 1: We've got family in Queensland, Jess, you and I'm going
• 23:48
  Speaker 1: to have to jump on a plane at Christmas time.
• 23:50
  Speaker 1: It's a cost of choosing to live in Melbourne. Yeah,
• 23:53
  Speaker 1: and wanting to maintain those relationships exactly. So we asked
• 23:57
  Speaker 1: for your two cents. We said, do you guys have
• 23:59
  Speaker 1: any thoughts? Miss Bech say it. You couldn't be here today.
• 24:03
  Speaker 1: Actually responded five times to this and said, so you're ready.
• 24:08
  Speaker 1: So be Beck does have an opinion here. This is
• 24:11
  Speaker 1: anonymous for everybody else but Beck for those of you listening.
• 24:14
  Speaker 1: So Beck said, guys, I'm not here, so I'm chiming
• 24:18
  Speaker 1: in here. Both their emotional needs need to be met
• 24:21
  Speaker 1: and hers are currently not being met and needs to
• 24:24
  Speaker 1: be so he needs to chip in for sure. There's
• 24:26
  Speaker 1: so much to say that these boxes are so small.
• 24:31
  Speaker 4: I can cure it in our voice.
• 24:33
  Speaker 1: So Beck thinks that he does need to pay, which
• 24:36
  Speaker 1: is fair and also hilarious because where's Beck Jess in Queensland.
• 24:40
  Speaker 1: She's in Queensland seeing her partner's family. But for those
• 24:45
  Speaker 1: of you who are in the community and not on
• 24:47
  Speaker 1: the pod, a lot of you said, this is something
• 24:50
  Speaker 1: that you should have talked about before. Yes, absolutely, and
• 24:53
  Speaker 1: I think it's a good reminder if you're in a
• 24:55
  Speaker 1: long distance relationship, maybe have that conversation.
• 24:59
  Speaker 3: Say that every week should have spoken about it previously.
• 25:02
  Speaker 4: So many did it?
• 25:02
  Speaker 1: Yes, Any people jumping dms and they're like, oh, they
• 25:06
  Speaker 1: should have already talked about this, So I'm like, okay, sis,
• 25:10
  Speaker 1: but they didn't and now they're on the show.
• 25:12
  Speaker 5: Yeah.
• 25:12
  Speaker 3: Literally, but here's.
• 25:13
  Speaker 1: Your advice, don't. Someone said it's a couple's values mismatch.
• 25:19
  Speaker 1: His value for wealth is higher than hers is for family,
• 25:22
  Speaker 1: and it's going to cause friction in the future.
• 25:25
  Speaker 3: Oh that's very insightful.
• 25:26
  Speaker 1: Yeah, I wish I could tell you who that was.
• 25:29
  Speaker 1: Someone else said, I'm responsible for my own life. I
• 25:31
  Speaker 1: also want to visit home more often than he probably might,
• 25:34
  Speaker 1: So I think it's my cost. That's fair.
• 25:38
  Speaker 5: Ye.
• 25:38
  Speaker 1: Someone said this has all the traits of being a
• 25:42
  Speaker 1: really big old red flag.
• 25:44
  Speaker 3: Call it all right.
• 25:46
  Speaker 1: Someone else said, it doesn't sound like right now their
• 25:49
  Speaker 1: relationship it is equitable. We definitely need to be having
• 25:52
  Speaker 1: more conversations about money and how it's going to be divided,
• 25:56
  Speaker 1: especially before they start a family. Someone else said, it's
• 25:59
  Speaker 1: an spoken rule. I go home whenever I want. Lucky
• 26:03
  Speaker 1: for him, it's only Perth and getting there is really
• 26:05
  Speaker 1: not that expensive, but I pay for it, okay. Someone
• 26:09
  Speaker 1: else said, my partner and I live in Australia but
• 26:12
  Speaker 1: are from the US in Ireland. Early on, we realized
• 26:15
  Speaker 1: seeing our family's list was a sacrifice we'd have to
• 26:17
  Speaker 1: make for our relationship.
• 26:19
  Speaker 3: Yeah.
• 26:19
  Speaker 1: I feel like that's also a really good part because, like,
• 26:22
  Speaker 1: don't get me wrong, I'm so glad that you've been
• 26:24
  Speaker 1: able to fly home and see your family three times,
• 26:26
  Speaker 1: but there are so many people who even flying home
• 26:29
  Speaker 1: one time during that period of time would be completely unfeasible,
• 26:32
  Speaker 1: especially after an international move.
• 26:34
  Speaker 3: Like that's yeah, I think, no matter what, you've got
• 26:37
  Speaker 3: to be on the same page. It's not gonna work.
• 26:39
  Speaker 3: If one of you thinks one thing, and one of
• 26:41
  Speaker 3: you thinks the other like, you've got to find a
• 26:42
  Speaker 3: compromise somehow.
• 26:43
  Speaker 1: Yeah, a lot of people actually did say in the comments.
• 26:46
  Speaker 1: Three times in a year and a half is a lot. Yeah,
• 26:48
  Speaker 1: And I mean I don't know your relationship. I also
• 26:51
  Speaker 1: don't know your financial situation. And that's not what I'm
• 26:54
  Speaker 1: commenting on today. I'm literally just talking about how you
• 26:57
  Speaker 1: manage money with your partner. Someone saying, I'd be reassessing
• 27:01
  Speaker 1: if the person really loves me and I want to
• 27:04
  Speaker 1: be with someone like that. That's the dramatic, but okay,
• 27:09
  Speaker 1: And then someone else said, it's bizarre because she's moved
• 27:11
  Speaker 1: all the way across the world, yet he's not trying
• 27:14
  Speaker 1: to even help her get home.
• 27:16
  Speaker 3: Yeah.
• 27:16
  Speaker 1: I feel like there's a lot of nuance in this,
• 27:19
  Speaker 1: but I guess it comes down to what it comes
• 27:21
  Speaker 1: down to always, mister Scricci, and.
• 27:23
  Speaker 3: That is communication. He's key.
• 27:26
  Speaker 1: So I think there needs to just be more conversations.
• 27:29
  Speaker 1: And I say this time and time again when in doubt,
• 27:31
  Speaker 1: zoom out and look at the bigger picture, Like, yes,
• 27:34
  Speaker 1: you want him to pay for this flight, but this
• 27:36
  Speaker 1: is an ongoing issue that is going to exist for
• 27:39
  Speaker 1: the remainder of your relationship, if not life. And how
• 27:43
  Speaker 1: often are you traveling home? Is this financially viable? Because
• 27:46
  Speaker 1: if you're traveling home three times a year, that's a
• 27:48
  Speaker 1: three times a year international flight. I can almost promise
• 27:51
  Speaker 1: you that's going to get in the way of buying property.
• 27:53
  Speaker 1: I can almost promise you that's going to get in
• 27:55
  Speaker 1: the way of your wealth creation in the future. So
• 27:57
  Speaker 1: what does it look like?
• 27:59
  Speaker 3: Yeah? Thanks, about to leave it.
• 28:00
  Speaker 1: I think I agree. We'll be back next week with
• 28:02
  Speaker 1: miss beksayed. Until then, we hope you have a beautiful
• 28:06
  Speaker 1: weekend and we'll see bright nearly on Monday for a
• 28:08
  Speaker 1: money diary.
• 28:09
  Speaker 3: Bye.
• 28:15
  Speaker 1: The advice shared on She's on the Money is general
• 28:18
  Speaker 1: in nature and does not consider your individual circumstances. She's
• 28:22
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• 28:25
  Speaker 1: not be relied upon to make an investment or financial decision.
• 28:29
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