FRIDAY DRINKS: Life's About To Get Even More Expensive!

Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr the Order, Kernie Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through.

Let's get into it.

She's on the Money. She's on the Money.

Hello, and welcome to She's on the Money, the podcast for millennials who want financial free them My friends, it is Friday, but also let's celebrate the fact that I'm back on my own show again finally. But that means that it is time that we all sit back with a bev in hand to unpack our favorite moments of the week and of course to celebrate you guys, the incredibly supportive She's on the Money community. As always, we

Yeah, just behave yourself today, Yeah, just.

Saying be careful. It's very strange, like I'm not even sitting in my own recording chair. So I genuinely feel like this isn't my show. But that is okay. But chess, what happened on Monday? What was our money dirost up to?

So Monday, George and I spoke to a beautiful lady who came from kind of a lower income household, but her parents worked really hard. Center to private school and she dealt with a lot of bullying because of her background. There was a lack of diversity.

People, so awful.

Yeah, it was really hard to hear.

And she was saying, you know, because she was from a lower income family, she was working on school holidays, you know, forty hours a week to be able to pay for things.

During the school.

Term, all of her friends were going on holiday to Europe, so that really shaped her relationship with money and her money story, so it was super interesting to talk to her about that. And then she also has four kids, two of hers and two which she has joint kinship with, so they were fostered who then kind of became permanent parts of the family.

And this woman sounds so special.

She really was a good money yeah, and talking all about how she juggles that and the responsibilities of working and studying and being a mum and doing all of these crazy things, and it was a really good one. Really interesting to hear her take on co parenting and also just how her experiences in childhood shaped how she was handling things with her whole family now going for it.

Which is kind of cool as well to just learn from her experience, because that's one that I clearly like, I haven't had, I've never fostered kids. I don't even have kids. I don't know what that looks like. But it just leans into how many incredible people are now she's on the money community and what they do and how they do it, and it just it baffles me that people can be so unkind growing up, whereas if you look at it now, you're like far out. She's

Yeah, wake up?

Cool a queen? You're like, yes, get it together? Gee nah, don't get it together. We like rogue G. Speaking of rogue G, what did Rogg think of this Wednesday's episode? It was a corker, ladies.

It was all about reporting season from companies. So that's the season.

When you say corker, then like we needed to uncorker a bottle of wine.

To deal with that and make it kind of interesting, But no, it was.

It was.

It was interesting. We spoke about what reporting season is, where we should be looking in a company's financials and what that can tell us about a company, how to read a dividend statement what a dividend is because I can never remember divds income.

We want dividends. We love dividends. We love events, very very sexy.

We also learned that it turns out you have to pay tax on your investment income, so.

You do have to pay tax on any income you derive, that is, you know income.

And this episode is actually one of many in the tax world. So strap yourselves in, ladies.

It's going to be a dryer.

Oh wait, no, it gets better.

We make it fun. She's on the Money fashion. Do you make boring topics a good time?

We get tax questions all the time and people get really stressed about it and they think that they to go to someone else. But bestie is you don't. You can you can do it. We're going to teach you how.

We've got tax and it's in Peach. Are you ready sit down? My friends, sit down? Speaking of Peach that She's on the Money community Facebook Greek images Peach a very good segue.

Yes it was rough, but you're out of practice.

Well I thought that was one of my better segues. I would like you to just say sorry, Jessica. In saying that, look out on brand. She is today LSKD peach puffer jacket. She's I think she's like a little peach flushed in the cheeks. Now we've said that, and she's sitting in front of the she's on the money screen, so you look very on brand.

Like a human marshmallow.

I love it, all right, Gee, let's get into it and stop talking about how cute j Rick is, which she absolutely is, and we could go on and on about that, but it is time to start celebrating some of our budget direct money wins. What have you got for us this week?

Let's get into it.

Okay.

The first win of the week comes from Morgan. We've got a bub on the way at you early September. That's seed.

It's with me. We bought a cold. What do you mean news Eves.

When they conceived I've made that.

Is some quick math in she had a lot of times she had to find earlier. I think I genuinely was like, what do you mean, Georgia King? The end of year is actually the end of December, not the end of September. I don't know where we're going. You're way too quick. So I had a good news Eve. It's what you're trying to say, so Morgan bought. Morgan had a good news.

She did, she did. Indeed, we bought a cot on Marketplace for fifty dollars. It was barely used and it would have been two hundred and fifty dollars brand new. We also got a car seat for two hundred and eighty nine dollars, down from five hundred and ninety nine dollars.

Gosh, that's cool.

She just stoked with the winds.

I need to have expensive We always forget. My best friend's Steph is pregnant and it's like the best thing to ever happen to me ever. And yeah, we've been having some money wins, like she got a free Pram the other day. I should get her on the show. She's arguably the biggest she's on the money stand you've ever met.

Love it when she had a free pram from Oh Oh.

Her sister in law found it as someone was unloading it to put into a charity bin.

So she found it in a parking lot.

What's the begin dodgy? The more I explain it, her sister in law found it as somebody was unloading it to put it into a charity bin. And she was like, oh hey, like can I buy that off you? And that she got it for steps, so Likeington wasn't dodgy. It was a very good tale and it's a very cute looking Pram. I'm just mainly excited to talk about my future niece or nephew.

I hear you, girl. Let's move on to a money loss to bring the mood back to this. One's from Alie's going so well, money loss, we're moving house. That is all that, okay, I get it as someone who's just moved house.

That is expensive.

The next win is from Courtney Money Wins. Number one. I negotiated zero point six percent off my mortgage. Number two. I got one kill of limes for free from Coals. Number three, thanks girls hell. She didn't explain, but I wish I knew, because lines are expensive. They'll set you back a pretty penny.

It's like five dollars for two or something ridiculous at the moment, So she got a kilo of them.

Number three. I spent twelve dollars getting my brows and lashes done twelve rather than my usual forty eight dollars. Good Moneyfore she did di y S and S nails, saving her fifty dollars.

It's pretty good, Jess. Tonight, we're pretty good at doing our own nails.

I'd say, look at that.

You can come over for a manicure any day, Ja King.

Thank you all right. The next wind comes from Katie. I needed to fill up petrol and was treading it because we all know how expensive petrol.

I paid over two dollars this week. I wanted to cry, bawling at the bowser.

Well, you need definitely.

You need a father in law like Katie's. So instead of filling up, I got a call from my father in law saying he had some fuel in his boat that he needed to get rid of as it's heading into winter and he won't be using the boat again until summer. So I got a full tank of petrol from my father in law for free.

I'm not money.

I didn't know you could put boat petrol in your car.

I didn't know that. So I just don't have a rich family, so that's just not going to I wouldn't know what's if you're like.

Guys, we've had a clarification from our producer because we were thank you boat petrol. We were worried for Katie and Katie's safety. Turns out it's just diesel. It's all above board.

In my carreer? Can I even if I did have a hold on? Hold on? So do people just go through the bowser, like when they're driving and they're like, oh, hey, I'm at the bowser. There's yes, she's balling, and they fill their boats up.

I've seen people pull through with like boats on the back of their car, on the trailer. Actually, I don't think I've ever seen anyone put the pump into the boat.

But you guys are really.

Spectral chats all right. Let's move on to Dana money win but also a money loss. I've been eyeing off a Dison hair dryer for quite a while and finally it was a sale at DJs and I got a fifty dollars David Jones voucher for buying on sale.

With a fifty bucks I have questions.

It's about you. So she can't she can't pop it into an investment.

That's okay, but I want to know what she's doing. I wasn't going to bully someone into investing.

Really.

Message.

Let's move on to Hayley. I cleaned out my wardrobe and made one hundred and thirty dollars in one night from selling clothes I don't wear.

That is time well spent.

My final win of the day, Ladies, comes from Simone. I was looking at an armchair for four hundred and fifty dollars and found one similar at the local op shop for fifty dollars.

Hey, that's a funny win, not bad. It's so very relatable because I was doing radio stuff the other day and we had a caller Richard, if you're listening, hey, or what's up? He said he got an eight thousand dollar recliner for like eight hundred bucks on Facebook Marketplace. But my real question is who's spending eight grand on a recliner? Can you imagine just being like, hey, you want to get me a lazy boy? Eight grand? That's

Righty, So we're going to pretend that we're in news podcast for hot second, because breaking news, the RBA has lifted the cash rate again, And if you're wondering what that means, head back a couple of episodes, because we actually spoke about it on Friday Drinks a few weeks back. But essentially, life's about to get more expensive for all of us, as if it.

Wasn't already expensive enough.

So it has lifted point five of a percentage point, so it's now sitting at point eighty five percent, which is actually higher than what they were predicting. And when we spoke about this a few weeks ago, we did say the economists and people in the finance space in general were considering that there definitely would be more increases to be seen. But it feels like we only had this conversation a couple of weeks ago. I did not expect it to be so soon we did. It's been

Yes, yes, yes, people are going to be listening to this, will be on a plane. Oh my gosh, yes, Georgia King when people are listening to this, because this podcast is going to drop five am on Friday mornings and we are playing killing me now literally, so we are pre planning this, which is why we're recording it on a Tuesday. And oh my gosh, we're going to be

Past, taking guesses at how many times I fall asleep on VD at this point?

How many times have I put my feet on Jess? Are Is it going to be fun? Anyway? We're going on a holiday together. But that's exciting. What's not so

It's really expensive to be alive. I've really personally been feeling it. In my budget.

The cost of.

Grocery is the cost of like gas and electricity. It's hectic to think about, and unfortunately it looks like it's going to stay that way because the RBA Governor, Philip Blaut said, while inflation is lower than in most other advanced economies, it is higher than earlier expected and the Board expects to take further steps in the process of normalizing monetary conditions in Australia over the months ahead, because obviously that really low interest rate of point one percent

So is the reason for the rise like, is that to help with inflation? Is it ultimately going to be a good thing for more people or not?

Really?

Yeh, Look at the end of the day, this is actually going to benefit a few people. Yes, it's going to increase mortgages, but people who are aspiring home loans, like you're going to have higher interest rates on your savings accounts at some point, hopefully relatively soon. Self funded retirees who have big savings accounts are going to benefit. Investors are going to benefit. Banks also might feel the perks of this rate rise, Like there are a lot

And if you are seeing all of the media attention and you missed that episode, head back to the thirteenth of May, we discuss the impacts of the RBA rates much more in depth. It doesn't really make sense for us to rehash the same thing a few weeks later right now, but we covered it across mortgages and all the different things and changes that you kind of can expect to see for yourself as a result of an increase and that's still applicable now even though the rate is a little bit higher epic.

So that was thirteenth of May. Yeah, perfection. All right, well, George, we've got a money dilemma.

We certainly do. Let's have a little listen. Hi, there, have you got a money dilemma you just can't solve? The Shees on the Money Team is here to help. Every week we call your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a quick voice recording and you may just find yourself on the show. Now, let's take a listen to today's money dilemma.

Hi, girls or team, thank you for your podcast and all of the work you do. I think you're great. I had a question around self employed and come when you're traveling. So, if you have a source of income that allows you to work from anywhere, how does that work in terms of text? Like if you're on the in a country for sort of three to six months, do you need a pay text to those countries that you're in or do you just make your primary place of residence Like maybe where you came from where you

This is a question that I have myself, so thank you dear listener for asking it. Also question what she loves us?

Oh?

I love her too? Ya I'm abodeviused. Did you hear that?

Just?

Oh one day in the future. Are you leaving question that I want to live in London one day?

Yeah?

I thought that was your sutle way of saying you.

Well, who is this? So it's complex and the best answer you can get is from your craton. Thank you for coming to my ted talk goodbye. But literally, if you are planning on working overseas, I would touch base with your accountant before going to make sure everything is hunky Dori and you're in the best possible position. But the important thing here is that you are declaring income you made from Australian sources. From my understanding and from what the ATO website says, you only need to declare

Right And also I guess beyond that, like you're an Australian business, so it flows on.

That's way I was going to s Yeah, I was going to say, like I think and correct me if I'm wrong, But I would assume it would depend vastly on where your business is registered. So Georgia, you're registered for an ABM. Because you work here, you to go tax here, et cetera. So if an Australian business is invoicing outwardly, that money is still coming back to a business that is Australian. It doesn't really matter where you're working from. Generally speaking, obviously speaks for an account.

Yeah, you're speaking to an accountant. It's the number one thing here because obviously laws around the world are very different. I do know a number of freelancers. I do have a number of clients who are freelancers who work from anywhere in the world and they're paying tax on it in the country that they derive that income from, right.

I'm not going anywhere anytime soon. But no, that does make sense just toructuring accountant.

I would talk to your accountant because obviously that's the number one rule when it comes to answering tax questions. I'm not a tax accountant, but I think it's important to talk about and definitely something to fore plan for. Like if you're planning to move overseas, that's so exciting, but it's really important to work out if you are doing that, how does that impact you with currency changes as well? Think about it. Jess and I we're on

Turns out the exchange rate is shit.

It turns out the exchange rate has been doing us a dirty So what does that mean for your everyday living if you're living in another country, is it actually the smartest decision for you to be driving an income in another currency or would it be better to pick up clients in the UK and just earn pounds and not have any currency conversion issues? So it's really different for everybody's personal circumstances. But I would be really thinking about that again. Georgia King, please don't leave us.

We love you, not anytime soon, my friends. We also did do a big episode on moving overseas and how to manage your finances, investments, all of that kind of thing.

A this theme, You'll just just be like slowly swindling in this idea to everybody that one day she's going to leave that She's on the Money podcast to go live in London and do something spar.

So anything, anything that Georgia does will be full par I'm.

Sure that I wasn't talking about her energy or effort. I was talking about how no job would be better than working for She's on the Money, and not that. I think we're done. How about we wrap the boring but important stuff.

Alrighty guys, please remember that the advice shared on She's on the Money is general in nature and does not consider your individual circumstances. She's on the Money exists purely for educational purposes and should not be relied upon to make an investment or a financial decision. And we promise Victoria divine and She's on the money are authorized representatives in Focus Securities Australia Proprietary Limited ABN four seven zero nine seven seven nine seven zero four nine AS two