Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
the Order Kerni 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 as this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow.
Let's get into it. She's on the Money.
She's on the Money.
Hello, and welcome to She's on the Muney, the podcast for millennials who want financial freedom. Today, my friends, it is Friday, which means it is time to get the team back together and celebrate you our incredible She's on the Money community today. Mister Griacy, as always, is going to be back sharing her favorite money wins. Beck is going to be sharing her broke Broke tips. We're going
to be helping to answer a juicy money dilemma. Get this, which is this week all about whether you should take money out of your super to buy a property or not, and we're unpacking something very juicy that you slid into our DMS about this week. We're chatting about a partner who constantly is looking for the next get rich scheme and what that means for you. Guys. How have your
weeks been. I'm so excited for this episode because if you're telling me there is a juicy question at the end of like, oh, your partner wants to join a get rich quick scheme? I'm sorry, we'd have so many fights. How do you deal? You know, like if my husband came home with that, I'd be like.
So sit down, juicy, juicy Jess, you go first, tell us about your week.
Is good, it's been summy. We'd love a short week as well.
So good.
The weather's been lovely, and it is just nice. A four day week just feels so good. Doesn't act like especially it's.
The Tuesday, because now it feels like a three day week, but it wasn't. It was four day week.
Thrilled about that obviously, not to the Cup. I saw someone actually say that we should instead of having a public holiday for the Cup, we should do it for the f one because they're like it's still a right. You could use the same taglines, you could use the same merch. Still a race that stops the nation, it's also an event that goes on over multiple days with
like one big one. That is such a good idea. Yeah, I can't claim that someone said it, I think on TikTok or Instagram, but I just thought it was very clever, and as someone who really doesn't care either way about either kind of race, why not I say.
I like that.
I like that.
I actually wrote, so you guys know, I have a weekly money column in The Age and the Sydney Morning Herald, which is honestly my pride enjoy Like I get a whole page in two papers every single week, so cool tourant that, like I just get to go on and on about my own, like, oh, my own interests. So this week I wrote, I get this. They did change the title. When you write for a news publication, they're better at obviously understanding what the clickbak titles and stuff
are going to be better. I called this article the interest rate that stops the Nation because obviously we found out on Tuesday that the interest rates have increased, and we'll, you know, have a conversation about that later, I am sure, but I wrote this whole article about obviously the looming events of I read it on Sunday. Interest rate went up on Tuesday. Could have been really awkward because I predicted in that article that it would go up. I imagine if it hadn't then be like, oh this we
still doesn't so much. But anyway, I was writing about it and I thought, you know, I'll do a whole heap of research into the Melbourne Cup because obviously it's not something that I know, attend or support. But did you know In twenty twenty two, the Melbourne Cup carnival contributed a staggering four hundred and twenty two point one million dollars in growth economic benefit just to the state of Victoria.
Oh my god.
And a study by market research company I E R revealed that over the past decade, the Melbourne Cup Carnival has injected more than three point six billion dollars into Victoria's economy, which is much more than the Australian Open, which we would think was really really big. But over the past ten years they've only contributed one million.
Wow.
Oh did you also know? Because obviously not everyone in the she's on the money community is going to pick up the Age or the Sydney Morning Herald on their Sunday morning. I don't know, unrelatable. I do every week and you should too. But Australians on average spend nearly one hundred and eighty dollars each on the Melbourne Cup, which includes obviously like betting and their celebrations and stuff.
But this to me terrifying because let's look at the other statistic that says one in three Australians this is a Combank statistic, not my own. One in three Australians can't come up with five hundred dollars in an emergency if they needed to. Average, we're spending one hundred and eighty bucks every year on a horse race.
Silly.
Well, I agree with you it should change, But like I just think that there's too much money going through a race where horses are murdered. But I don't different.
Make the people run, get on the dress up like a horse, make around the track. I think that's how we should do do.
I saw someone can textualize it really well the other day. Because you know a lot of people, obviously, this conversation is going to get real spicy. Can't wait for my DMS later today. But someone was like, but the horses get treated so nicely during.
Me, Jessica, that's like fattening them up.
Do you know who got treated really nicely? The tributes on the Hunger Games before they were sent out.
Literally, Yeah, I'm so excited for that new movie.
By the way, move on, let's move on that.
Well, my week's been really good. Yeah, I love I love love love this weather. Also, some is a funny time for.
Me because I am not super girly and that doesn't mean anything really, but that's so super Yeah.
But like I'm always like, what do I wear in the summer? I don't know, but.
It's still like a really nice Yeah, I guess I'll pop on a pair of shorts, linen pants.
I could see being a linen pant.
Can you please get like a pair of like they called dungarees overalls. I don't know if I'll try, but that vibe is so like relaxed overalls, not getting like blue. You need like a black like denim wash pair cool clips.
Okay, it looks so cute if we if you could dress me up for the summer, that would be really nice it.
I mean, we have completely different fashion senses, but like I think I understand your vibe.
I think you, I think you think do I.
Think I do. But that with Doc Martins you look so cute.
Oh yes, you know she's sheep.
Are you going to do this?
Amazing?
Thank you so much for in a dance. But yeah, no, it's been really really good week. And yeah, short weeks. Sorry for everyone that's not in Victoria that doesn't have a short weeks.
Unlucky, unlucky.
Can't have it.
All, can't have it all, but know something about four day weeks feels right. Hopefully the norm in the future.
Oh no, sorry, no pressure on your bosses. Oh my week was beautiful. I spent the weekend in Tasmania, which is my favorite place in the entire world. I went to my girlfriend Georgia and her now husband Jack's wedding, which was stunning, lovely, just down in the south of Tasmania, which was very very cool, and then I came back and had a bit of work to do on Monday, and then on Tuesday I went to a party to celebrate one of my friends becoming an Australian citizen, which
was really cute. We sat around her pool, which is very fancy. It's not that fancy, promise, it sounds fancier than it is. And I drank fake champagne for the afternoon. It just felt like a really good day.
That's so nice.
Yes, really really really good week thus far. But let's get into the show. What do you reckon? Because this week I feel like Jess. There were so many good money wins in the thread. I don't know if you saw me this week, but I was like in their replying to everybody, being like, oh my god, this is so cool. So I want to know what have you pulled out?
All right? My first one this week comes from Shorna, who said money win kind of. I checked my credit rating for the first time ever and was pleasantly surprised. It was very good. I made some big money mistakes in my UNI days and I've been fearing the worst.
So there you go. Good for you.
If you're scared getting there, just check it. The worst that can happen is you go, Okay, we've got a little work to do.
Yeah.
I love that. That gives me hope as well. I know you've said before you're like, I can't look, but yeah, good for you. Next, I've got a money in from Laura, who said huge money loss, but a massive life win. Thanks to the amazing girls at Zella, I bought my first property and I get the keys this week.
No, that's the best.
Handing over all. The funds is terrifying, but I'm so grateful.
But they would have had you back. Obviously I'm biased. The team is Zella Money. If you want a mortgage, They're the only team you should be using.
Absolutely crass.
I mean it's my team Storry. Obviously I'm going to back him, of course.
Next we've got a money in from Madison, who said money win and slight power move. My small one's first birthday is coming up and we are having a very hungry one year old, like the very hungry caterpillar samed party. I don't want to hire an entire soft play or sensory setup for the kids, so I've been collecting things for cheap on Marketplace and using as much as I can to recycle and make a play area for the kids.
Kids parties are ridiculously expensive these days, and I feel like so much of that is due to social media pressure. He's turning one He doesn't need a catered event and a custom photo shoot area. He needs a bloody rusk stick and a half cooked sprinkler to play. Yes, that she's saved around four hundred dollars and the Power movie is now everyone thinks I'm way greener and more eco friendly and it will hopefully make up for the fact that I'm not a very put together looking mama.
Oh no you are. I just put the effort you're putting in for your little bit. Sorry, you are Mum of the Year.
Absolutely.
I just think I hate that social media pressure. I think I was at last week that I said, you know, kids' birthdays. I'm sorry, Jess rep when you come to my child's first birthday, which they'll be party love a party. There will be a Cole's mud cake and it will be being gifted presents that I found in its own room. Yes, but that's what's gonna happen. They don't know. What you don't know isn't going to hurt you. And you do
not need to spend money on a first birthday. No, it's clearly not for the good.
They're not going to remember it exactly next I've got any money went from Sophia, who said, last week, Charesy's posted a story saying they're happy to meet and shout lunch to a small group of people on the Goldie. I signed up and I got invited, and not only did I get a free lunch and some tips on investing, I also got a copy of the Chares's Guide to Investing.
Hook are real cute too, so that would have been a nice lunch.
She did say money loss. I was two minutes past the free parking threshold and had to pay eighteen dollars. Though sad, very sad.
You know what, the book's worth more than that, and they paid for lunch. Hit all evens out. But also that's so annoying.
That's killer. Next, Crystal said money win. I was looking at buying a TV cabinet from Ikea, which you can choose what doors, what color, it's try to customize it. My toys originally came to one thousand dollars, so I decided not to buy it. Six months later, I bought that exact model from Ikea today for two hundred and ninety nine dollars because it was a customer return and it was already made up from the flat pack Oh my gosh, Oh how good?
That's money?
Yeah?
So is it just me? Or does AE thousand dollars for a piece of furniture from Ikea.
Feel like a lot? It's so much money you can buy it secondhand on Facebook all the time.
Yeah, there's yeah, there's no way you'd catch Jessica paying full price.
Right.
Good?
And actually, lastly, I have a personal money. We spoke about this on the podcast I reckon maybe six months ago.
But I really a memory.
I'm pretty good. I realized that while we were in the US, Victoria has launched their Return and Earn scheme, so recycling your bottles and your.
Cams and stuff. You have been waiting for this. I've been dying.
For it, and it's launched and they have an apps you can get. On the app, you can find one knee. I highly recommend doing that because the app also tells you when they're full, because if people return them, you can only put so many in they have to be collected, so you can check it there full or not. But I went through our recycling bin when I saw the I think I saw someone in our community, little Raccoon.
I literally through our recycling and even just the amount of can and we haven't hosted a party or anything, like just from drinking like a Pepsi Max or whatever. The amount of cans and moods and addict I am that I pulled out of our recycling meant it was like a whole tub's worth. So that's a whole tub's worth of stuff that's being recycled correctly that I'm getting. I think we got back. It was a small that was like ten bucks or something.
But you didn't have before.
And that's the thing is I kind of like maybe I can make it a fun challenge where I try and pay for a holiday or.
Something, you know.
I mean, I can just stash all the money away because it's free money, like why not? And there's so many of them, like you go through spin guard your bin, a local pub, to the name rubbish off the studio dep But like if you're if money is tight and you're trying to say for something that's really good, I can talk to your friends, talk to your family. Everyone be stoked to have more room in their bin. And it's not like you're going through garbage because it's recycling,
so it's all like cardboard. It's like your to you like it.
It's great. Jess is known in our office is the like Christmas fairy, like she's the festive fairy. You're now known as the bin.
Record like bin Racer is kind of into it.
I like bin raccoons.
Yeah, I like that. So you go, if you live in Victoria, get some money back on your bottles.
I love that. I think we're all going to have to try it. Free money. We love free money community, not just for Jessica. I think that's ten out of ten. Do you know what we're going to segue into now, the non bin raccoon at the table. You're welcome. What broke tips have you got for us this week?
Actually?
I just wanted to share one money.
Okay.
So the other day I was trying to order dinner on menu log and I was just like, I was in Dremata.
Actually I've heard of that place and a wax and dumpling. Love this place. It's so good. So I was ordering.
The total came up to one hundred and ten dolls or something, so ordering for me and a friend and we were a bit excessive, and then I was like, I'm just going to call them and do the order online.
For pick up. Yeah, the total came to sixty bus No it didn't.
No, it didn't so much money the exact same order. And also I guess like they put like a little bit extra on menulogue for these they pay a huge business, pay a huge fee to be on any of them. Like maybe we'll go about all of that, just mark up to cover the difference.
It's it's worth just give them a call. It's really like, of course it's Awkwards old school to like call and have to put your ordery And.
No, it's not like it.
It's kind of wholesome, awesome, absolutely a.
Lot of things for Okay, so onto the road tips. All right, I'm ready. What have you got for us?
So our first break tip comes from Tory, who this is quite a wholesome one also could be useful for Christmas time. So Tori says that when her and her best friend want a cheap, wholesome night, they kind of you know those like you know when you have a candle and the wax kind of spills over and there's those kind of ugly sometimes beautiful bits of wax that
build up on the plate or whatever it's on. Yes, you just grab all those extra bits from those the ugly bits of the candle that just kind of like melt over, and you buy like really cheap wicks, or you can use old wicks and create new candles, either with Mason jars so smart or whatever whatever jars you got lying around, maybe pots whatever.
Put them in a candle warmer.
Put them in a candle warmer exactly, so you can really repurpose those candle those like little bits of wax that just melt over the top. Also, sometimes they're beautiful, but I'm just gonna just for the sake of this tip, I'm going to call them the ugly pieces of candle.
I like that because, to be honest, when you were like, oh, they want to have a like nice night, I was like, wait, where are we going? And are they eating wax? I literally couldn't put two and two together.
You can eat waxl so it's quite nice.
Like I wouldn't recommend this, but like dipping your fingers into the warm wax, don't do it.
I think I actually think that's really smart because do you know what else I've been doing? So I have been gifted historically some beautiful candles. Actually, Miss Jessica Ricci got me, what brand is it one? Oh yeah, like the team put in. I think it was like for my birthday, they all put in and they bought me this beautiful rose scentered dip teak candle. Lovely obviously it's empty now. Yeah, sure, five dollars that came out. I bought some soy wax candle. Looks full again.
That's so smart.
You can buy candles.
Yeah, bit of food coloring. It's also nice like arts and craft things.
It's a fun afternoon. It's a fun afternoon all round. So my next money tip comes from the moving Mama.
I loving Mama, Moving Mama. I'm so sorry, I haven't checked your name. Oh Hannah, Sorry, it is Hannah Hannah from the moving Mama, Moving Mama.
Okay, so Hannah says that she says ironng, But I think you can do this with a lot of banks. You can put something on your account where every time you make a purchase, it rounds up to the rounder. Here's five dollars, which is great for like for me, for example, I would just be doing it monthly, like every month. At the end of the month, if I've got like ten twenty bucks left in my roundups, that's going to go toward food for the rest of the literally,
sure I will run out of money. Or if you have a little bit more self control, you can use that and just use that to save for Christmas time, or for birth days, or for gifts or whatever.
Christmas thing is genius because Christmas is so expensive, but the little things they all add up. I feel like it was only a couple of years ago that even round ups became popular and they were only available with one bank. Now you're right, I think lots of banks off of them, but also our friends at shares E's this is like not a sponsored plug. I just think
it's cool. They've recently introduced that to their investing platform, which I think is just it's so good because obviously you're going to use it for groceries and that's really helpful. But like for a lot of people having roundups that then invest like it's a more passive way of investing and you're investing more money money. Exactly when is that to get rich?
I love that. I love that, and my.
Personal break tip, Oh yes please.
So this is something I really enjoy doing. It's probably not gonna be super popular, but what you do, I would say at the start of every pay cycle.
Do a full budget and passion.
I mean, that's ideal, but do a full subscription, phone plan, gym membership, everything, membership, audit, cleanse, just go through even Like there will be times where I've gone through my bank account and seen a dollar forty nine from like Apple, and I'm like, what am I paying for with Apple?
Like and you don't know, random app, some random app.
The other day it was like, You've paid twenty four ninety nine to Apple And I was like, so what for an app that I subscribed to? And it was an annual app last year or even maybe the year before,
who knows, don't even use it anymore? And then they charged me for it, and I was like, I got got exactly exactly or even if it's something that you do need you I'm sure you could you can to get like cheap, but somewhere somehow if you're like for example, with Adobe, I don't want to like be name dropping, but also like using these kind of like kind of dodgy. But if you just pretend to cancel, it'll give you options to.
Pay way less for the next six months, yeah, or year or forever more, or it will be like, take six months free, just stay with us. So do that, Try and do that with Like.
It's probably not going to be that happy that we're sharing that, but Adobe, we're recommending that you keep the product. At the end of the day with exactly, cancel Adobe because we all need it.
We all need it, we actually all need it. But yes, so do a full audit. There might be things that are coming out of your bank account you don't even know about. There might be things that you just don't need anymore. Maybe you want to go for.
Runs and do at home training if you don't want to pay for your gym membership anymore.
Just things that you could conceivably go without. Yeah, and you can always get them back to and you can always get them back to get rid of it. Go wow, I really miss that.
Yeah, and you saved a month worth the fees on that thing exactly.
So that's my broke tip.
That's a good one. I love that, Thank you being on top of it. I also love to see you being more active in your finances. Thank you. Like it's actually so cool because I know that if we went back a few years, Beck would have been like, absolutely not, We're not opening that we're not doing that. I mean true. Yeah, Like old beck is like, who is this new woman?
I know he's a changed woman? Who is she?
I thank you me? That's very n I love it. All right, Let's go to a really quick break because on the slip side, we're going to talk about a money dilemma. We're talking about taking money out of your superannuation to buy property, and we're also unpacking something a little bit spicy. I keep saying spicy. I need to find a different word. If you guys could slide into my DMS and let me know what is a better
word to use than spicy DM. But someone slid into our DMS this week and was asking for some advice about their partner who's consistently looking for the next get rich quick scheme. So guys, don't go anywhere because I can't wait to unpack that one.
Welcome back, everybody. Let's take a listen to this week's money dilemma.
Hi, there, have you got a money dilemma you just can't solve that. She's on the Money Team is here to help. Every week we tackle 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 short voice recording and you might just find yourself on the show. Now, let's take a listen to this week's money dilemma.
Hi, she's on the money. I'm thirty one and I have one hundred and sixty ish thousand dollars in super. I've seen on my TikTok advertising for being a bit to my investment properties with my super. I'm assuming because it's on TikTok it's not a good idea, but would be keen to hear your thoughts. Thanks.
This is the primary example of make sure you know where you getting your advice from. True and I'm very proud of you for clocking that and going, oh, maybe not the best advice.
Sorry. Can we also like step back? Yeah? You correct? One hundred and sixty thousand dollars in anyone. Maybe the average is forty six thousand dollars at between the age of thirty and thirty four.
Yeah, it's amazing.
You very joking me. What are you doing? Where's the magic? Yeah?
Well done, Good for you, that's amazing. Sleigh.
Jess is going to kill me for continuously saying say that I am making sligh happy.
You can have one per episode. You've used it, Slay, so you can take you from next week.
Do you know what? I get so confused about these things right, because I would have loved next time. Can you send me the link as well so that I can stalk them because I am so judgy on those things. But I think you're correct. If it's on TikTok, it's probably not a good financial decision. Have you ever seen one of the top fifty financial advisors in the country ever advertise their services via TikTok.
It's a great point.
No, you haven't, and there's probably a good reason for that. And I mean, please, don't get me wrong. TikTok's advertising is definitely increasing in the types of companies that are engaging with it, Like historically it would be like squishy toys and it would be you know, clickbait things and get this fancy like XYZ. I do see a lot
of quote legitimate companies advertising on there. But if you're being targeted with hey, you could make an investment decision ya TikTok, I can guarantee that it is probably not the right fit for you. And I say that because they haven't been able to take into consideration your risk profile or what's going on. But further to that, Jessica, how do I feel about using your super funds to buy property?
Not to be well, because you'd have to correct me if I'm wrong. You'd have to have an SMSF for right. Well, could I go hate manage managed?
So if you're with Australian super Right, you can't just call them and be like, oh, by the way, I'd really like to just buy property in my super fun. They're going to go, yeah, that's not what we do. Ah, that's not going to work, And that's fine. It's not a reflection of whether they are good or about superfund
like they are very popular super Fun. However, to buy property inside your superannuation fund, you have to establish what's called a self managed super fund, which is going to one attract a whole heap of fees, thousands of dollars of fees. True, it's going to attract ongoing admin costs. So every single year, if you have a self managed super fund here in Australia, you have to audit it annually.
It can't be done by you, by the way, you have to outsource that, so the admin fees can be anywhere between five and ten thousand dollars a year just to have that structure. Not only are you paying for that structure, but also you're more responsible. Yeah, so you're now putting your superannuation, which you know, we're just using the example of Old Super. They have a whole investment team that has created a number of well diversified portfolios
based on your risk assessment. You're putting all of your
eggs in one basket into a property. And arguably, and this is just personal opinion, I suppose, but when I have spoken to people about buying property inside superannuation, it's not often because they're like, oh, well, v I've actually sat down and I've done the calculations on rental yield, and I've worked out, you know, the capital growth in the area that I'm planning on purchasing, and I genuinely look at this and go, this is a really great
investment opportunity for me because you know, I'll get ABC and D out and here's my long term plan for the property, whether you keep it for the long term or you dispose of it, or you know, you might develop it and subdivide it whatever that might look like.
Most people that are interested and this is just obviously stereotyping, in buying property inside Super are usually interested in that because they can't buy it outside of Super and really want to be on the property market, right, And I totally get that if you are so committed to getting on the property ladder that you're looking at these options like, I'm proud of you. You're going to get there. But we need to look at how smart that financial decision
actually is. Is owning property inside Super an inherently bad thing? No, there are a lot of people that own properties inside Super who make millions, who make a lot of money, who that has been arguably the best financial decision they've ever made. Does it mean that it is the best financial decision for you, Beck? There are also people out there whose best financial decision was buying bitcoin at the right time, do you know what I mean? So it has to be relevant to the time and to your
financial situation. And if a company is on TikTok promoting that you buy property inside superannuation, I can almost guarantee that they are making money on setting it up, Like setting up the structure for you they'll probably recommend it
accountanty're getting a clip back of that amount. They're probably going to recommend what property you buy because obviously they are investment experts, and they're probably being paid at least five percent of the property purchase price by the developer, because that's usually how these schemes work, and to me,
it's just red flag scalore. To be honest, if you have one hundred and sixty thousand dollars in SUPER and you are thirty one, I can almost guarantee that one of the best things you'll ever do is go and speak to a financial advisor. Yes, it will cost you money, it will cost you thousands of dollars. You can pay for your financial advice with the money inside your superannuation, so it's not going to cost you money out of
your cash flow today. But you have one hundred and sixty thousand dollars in super, look after that money because that money over the next thirty forty years is going to compound out of control and you are going to be a very very wealthy person. But make sure that money is working as hard as you do for it. And if you're genuinely interested in buying property and maybe inside super. I'm not saying it's the best or worst decision.
I am very apprehensive of self managed super funds. I will say I don't have one and I never will have one, And any of my clients historically that had one always had more than two hundred and fifty thousand dollars cash in it to make it justifiable in today's market, I would arguably say you would need more. But go see a financial advisor and they can give you the advice to get into property and have a strategy, an ongoing plan that literally puts you in the best possible position.
And if you're telling me you have that much in super, I can tell you right now seeing an advisor is a good idea. Yeah, but not one that advertises like that on TikTok just FYI, although there are some really good financial advisors on TikTok now, which makes me so happy.
True, true, Yeah, great advice.
You got any advice there to beck? Just take these advice.
I would take these advice. I guess it is truck.
If you'll say that there's like other financial advisors on the next you like who, well, who do you trust? And that's what I mean. Like if they're advertising you could do this. No good financial advisor on TikTok is ever going to suggest a strategy. If any financial advisor is suggesting a strategy on TikTok, red flag.
Technically it's illegal.
Oh no, but even technically, like it is point blank illegal and it's actually a breach of their financial services license if they did that, which is why they'll often be like, I can't give personal advice, but let me give you a few situations here for example, never give you an exactly Like someone could write into a TikTok, you know, financial advisor and be like, oh, you know the what does it mean to buy a property? And super I can answer that question, but like the is
it a good idea for me? Be like, I don't know. I can't tell you. That's very irresponsible anyone who's telling you what to do on TikTok. One out of ten, Yeah, austraining ceiling is objectively a good idea.
Not yeah, because it's never for everyone, never for everyone.
Yeah, great advice. Speaking of never for everyone, we have a DM this week and it's all about get rich quick schemes, which I feel like it's just like really on brand with what our dilemma was, so would you like me to read it? Are you ready to break this down? Excited?
All right?
So here's the DM we got this week. Guys, hey girls, just after some advice on what you would do in my situation. My partner and I are both on six figure incomes and he's talking about getting a joint bank account. Okay. My concern is he's constantly trying new things as a side hustle, and they're not exactly successful. I try to be supportive, but I continue to see large amounts of money getting wasted before he wants to try something else.
I'm highly focused for the future, and he's more interested in a get rich quick mentality. I'm worried we won't achieve our goals, so I continue to save well. He uses his income on these ideas and says we will get the goals, but doesn't save. When an idea doesn't work for him, he'll say he's tired of these failed ideas and we'll focus on saving. Then a week or two later, he's back on these expensive ideas again, and it's a never ending cycle. My friends, what would you do?
Hmmm, that's a very tricky one, I guess it's like it's hard because you want to like support their passions.
But also this is really I suppose taking It.
Depends only because I guess you have shared financial goals and that is kind of really stunting that I would.
Say, But you also want to be passionate. You also want to help them, you also want to support them.
I don't know. I don't know.
I guess if you have a chat with your partner and say I will allow, not allow, Like it's you know, I'm not saying it's to be worked into your budget, worked into the budget, say like, let's set aside this amount of money to work on your passion projects and then save this amount of money, Like try and figure out a way where you can still save he can still feel satisfied, fulfilling or following these dreams that might
be short lasting. I think that's the only thing you really can do, Just have like a really big chat about what your financial goals are and how you're going to get there together.
But yeah, you reckon jest.
Yeah, I don't want to discount. I feel like the language used is conflicting because she started off by saying side hustle, and then she switched to get rich quick, and in my mind, those are two very different things. And I think, like, as much as your partner is trying a lot of things and they're failing, like, you need to keep in mind that most small business owners will tell you that their first idea was not their
successful idea. And you know, like some of the people who have the biggest and best ideas, like your Bill Gates's of the world, have a laundry list of failed attempts or failed businesses or failed ideas that they.
Started off with. Yes, so we love tenacity.
Yeah, Like I feel like the way that her message is phrased, it seems like she's obviously frustrated and she's not liking that he's trying lots of different things and whatever, And without being on the other side of it and not really having that insight, it's hard to comment. And I just don't want to discount or automatically assume that you know, he's not trying or he's not working towards
something just because he's changing. I think like maybe he should be sticking with them for longer, But again, without knowing what it is, and blah bla blah, it's very hard to say but yeah, I kind of agree, Like I think that if you're working towards goals and that's something that's important to both of you, then you kind of need to figure out what that looks like. If trying these things is important to him, then you need to decide whether that's a deal breaker for you, Like
are you working towards two completely different things? And if so, that's okay, But maybe that is a make it or break it for your situation, or you could you know, if you're saving for a house, like do you want to do a tendance in common agreement? And you know, if you've contributed more to this deposit than him, do you own more of the house or is there something like that that you could look at as well. It really depends on I guess how important these things are
to both of you. I agree because as someone who does side hustle, like I don't want to turn around and say don't pursue things, don't try things, don't do things, because everyone's kind of following there in path. But if you feel like it's you know, impacting your goals, then that's a conversation that you need to have about, well, what does that look like? For the both of you long term.
Yeah, I kind of absorbed it, I guess in a similar way to you, Jess, where I was like, oh, get rich quicks games versus you know, a side hustle, because a side hustle doesn't actually cost that much money in reality. I mean, it could have an expensive side hustle. But like, let's use you as an example, Jess, Like you're a side hustler, but like you get a job,
you do the work. Like I wouldn't say that there are heaps of overheads, but it's also not something that you're trying to project into making you a millionaire, right, you will become one, Like that's a slave.
I hope. So yeah, that's the point.
But also I think that that mentality I'd never apply to Jess Beck and go, oh yeah, she's always like trying to get rich, like could get rich quick scheme. So that makes me immediately think that maybe he's just getting on the next best thing he sees on social media or is pitched, and those things can be quite expensive to get involved with. Like we all know that multi level marketing companies are toxic and predatory. Like I will never not have that opinion because if you are, like,
let's be honest, we'll probably do another. I want to do a deep dive episode soon into multi level marketing companies and what people make and how it works and like, oh do we so juicy? One of my favorite podcasts side note, is called The Dream by Wondery, and it literally goes through how pyramid schemes happened and how now multi level marketing companies exist legally, because like, if you say to anybody in a multi level marketing company, oh,
isn't that a pyramid schame? Do you know? How quickly they'll be like, oh, absolutely not. That is not a multi level that is not a pyramids game. That is not how it works. And we just have a leader at the top and then like the leadership structure comes down and flares out at the bottom. It might be triangle shape, but it's not a pyramid scheme. So it's
just it's very interesting dynamic. But I feel like that's maybe more what she's talking about because of the language being used, Like I'd never go, oh, he's got a side hustle of gardening every weekend and shopping people's lawns and making some extra cash from that and I'm sick of it because it's a get rich quickschame, Like you just wouldn't use those two things together, right, Like would you ever go, oh, he started a candle company and it didn't work out, get rich quicks Like, it's just
not So I think that the language there tells me that it maybe is a little bit more you know, actual get rich quick. It might be you know, he got online and was on TikTok and saw a whole heap of videos about investing in a drop shipping course and then you know, has spent a whole heap of money setting that up and that it didn't work, and now he's like on that have you seen it recently? Just like the new like drop shipping is affiliate marketing and them going, oh, you can do a whole heap
of affiliate market Yeah. So I feel like it might be more like that, where it's actually more about luck than actually intelligence.
All the people are making money by selling you becurse, not by actually selling.
Interesting exactly, and which case I think that that is toxic. But obviously I think supporting your partner is really important because there was a really long period of time where I wasn't making money, and my husband was helping to support me in creating Cheese on the Money and Zella because I just didn't didn't pay myself an income and didn't have that to contribute, and so you know, he might have turned around and be like fire out. Victoria
is a bit of a free loader. Like, so, I think that there's thisdynamic that we need to work through. And my assumption is that maybe his you know, getting on the next best thing every single time, at which point I'd say, why can't we just make this legitimate?
Like if you're putting the time and the energy and the effort, he might not sit down and work out a business that is actually going to be sustainable and could have growth and actually benefit you over the long term, because let's be honest, none of the get rich quick schemes, if they're being marketed to you at that level, they're not going to make you rich. They're going to make the people that are selling the courses rich. And I just, yeah, it upsets me so much because to start your own
business can be quite easy. It's why we do the Business Bible, That's why we always empower people to you know, give it a crack, because do you know how much you can do for free? Yeah, Like you can go and do all of your research. You can you know, contact suppliers if it was a product, and get quotes
on how much that would cost. You can look at how much it would cost to register your business and trademarket, and you could look into, oh, what branding options would you have, Like you can do all of the research into whether this business is viable or not before you even spend a dollar. And I would recommend that everybody who's in that situation where they're like, oh, I really
want to have my own business do that. But for me, I always look at you know, having been a financial advisor historically, I look at it and I just go, do you know how many people I've seen that have bought franchises because they're so desperate to become a business owner and they're so passionate and they work the ninety the one hundred hour weeks like they are killing themselves for very little profit when someone else is making so
much profit off them because it's a franchised business. That you then go, you have the tenacity, you have the time, you're putting in so much time, energy and effort imagine if you owned this one hundred percent, how much better it would be for you. Same with like multi level marketing stuff. You go, I can see that you're selling
a health product, Like I can totally see that. Like I'm not saying that the product is terrible, but a business is going to make a lot more money if they just put that on the shelf and it was like a you know, a viral product. If it's as good as you're saying, I can almost guarantee that that business would make more money by pitching it to Coal's or Woolli's or you know, chemist warehouse and getting it
on their shelves than having you individually sell it. So talk to me about why you think they think that's a good idea. Do you know why? Because the product doesn't stand up in the way that you're saying it is in the way that it's marketed, and they're using you as a vehicle for sales. Yeah, Deya's telling you that you're a business owner. You are not a business owner because if you walk away, you've not got a business to sell, You've not got assets that you've built up.
You might have income coming in, but you do not own that business. You can't sell it to somebody else. You are a glorified sales representative. Yeah, and it sounds savage, but I've got to be savage because they want you to be in a better position. And if you're putting in that time, energy and effort, you deserve to be remunerated properly for it.
An advantage of yeah, so truvy. What everybody else have to say?
Oh, my gosh, probably nothing as spicy as me. We asked, do you or your partner have a side hustle? Twenty four percent of our community said yes, isn't that exciting?
That's an exciting lot.
I love that. If yes, do you think you need to be passionate about the idea for it to be successful? Eighty three percent of you obviously said yes. Agree. We then asked, would you support your partner's side hustle if they were throwing lots of money at it despite it not making any return? Fifty five percent of you said if they had goals and plans to make it work, then of course, and forty five percent of you said no, I just tell you to leave it. I think it
really depends. Yeah, like most businesses are not going to turn a profit in the first couple of years. That's just fact. So if you're trying to get your partner to stop doing something because it's not turning a profit in the first few years, like that's probably not that constructive. Like you've got to look at the bigger picture. But like as we've said on the pod before, Jessica went in doubt, zoom ount Yeah. We then said, if this
was you, would you also be concerned? Eighty nine percent of you said yes, he needs to have the same financial goals and be on the same page, which I think is important. And I think that that response, I suppose is really coming from the language used again they get rich quick scheme narrative I think leans into going like no red flag. We then said, do you think you should have the same savings goals if you are getting a joint account? Yeah, eighty three percent of you
said yes, absolutely. I find it really interesting actually, because jess if you have a shared savings account with your partner, do you think you have to have the same savings goals?
Well, I feel like that account has to be going towards something that's shared, like a shared goal. Like if you are going, oh, we're saving for a house and your partner's going, oh, we're saving for a holiday, Like that doesn't really make sense. Yeah, but I think you can have your own independent goals. I don't think when you're a couple you need to absorb everything. And I think the same that I'm getting is a lot of people go you have to be one hundred yeah, whereas
I don't think that's the case. In fact, I think it's healthy to have different things going on. But like I said before, I think that you have to be working together. No, I totally make sure everybody's happy and that you know, one person doesn't feel like they're carrying all of the load like maybe this liston does.
And I think that I asked that question because Steve and I are We have shared savings the house, but we both independently save inside of those because to us it's our income, like I don't see it as his income or my income, Like we have a certain amount that goes into our cash hub each and every single month, and then we distribute that based on what our life is like, like what's going on, what does Steve on
the reg you know, spend, what do I spend? We definitely don't have one of those tip for tad like, oh, well, if Jess gets you know, fifty dollars allocated for fun, me, I get it, even if I don't spend it. Right, We're not like that. We're more well, let's do our budget and cash flow and see what Jess spends and see what Steve spends. And then you know, we go through each of those lists and go, is there anything
that we could cut out? And Steve goes no, no, Like, I'm pretty good with those things, and I'm the same. But our like spending amount each week is actually different, and it's because they're just our values. That's what's going on. That's how we allocate our budget. It's never been a Steve gets X, so I get X. And the same
thing is true for our savings account. Like we do our budget, we work out what Steve needs to spend, what I need to spend, what our bills are, what our mortgages look like, how all of that works, and then we have leftover mounts to go to savings. But for example, last year, Jess and I went to Europe together. That was a savings goal that I had inside my you know, savings account with Steve. He knew that we're
working towards that. Obviously we've got a few other goals on the go as well, but he knew that was more pressing. So like I took the money from the savings account there to spend on this, But that didn't involve Steve. That involved, you know, a couple of girls and Jess and I are going to Europe to have a girl's and that was really fun. And that's not me saying that's the right way to budget. There's no
such thing as the right way to budget. That's just currently what works for my husband and I, and we implement the She's on the Money budget and cash Flow course, which obviously we will chuck a discount link in the show notes this week.
What is it?
Just is it POD fifty? Yeah, use POD fifty or turn it back all right, thank you? Turn it back on the people can get the Budgeting Cash Only Masterclass because we use that and obviously I built that based on how you know our cash flows and making the most of it and making sure that every dollar that comes in has a job, because that's really important to me. I'm also really impulsive, So, like it just said, it means that everything ticks along and I'm not being irresponsible. However,
you know, we do have shared savings goals. But like I guess, if you extrapolate that out, Steve's income comes in, my income comes in, and some of his income gets spent on the goals that I have, but vice versa. You know, he has trips with his friends, he has things that he wants to spend money on that you know, we go, well, that's not going to come out of your every day spending. How are we going to wait
achieve that together? Because we're a routine, We're we're partners, Like I want Steve to have the life that he deserves and that we're working towards, but within the breadth
of our budget. Yes, so I think you know, sometimes I might go, oh, yes, like we can't go to Europe again next year one because that's ridiculous, but because you know, we're actually working on achieving one of Steve's goals right now and getting him into XYZ or doing whatever he wants to do, and we're also you know, saving for a house or saving for a cut or
whatever it is. So to me, no, you don't have to always be on one hundred percent the same page with your joint savings, but you have to be on the same page about the fact that that joint income is joint income, if that's the way you are going to budget. Yeah, in saying that, I know a number of couples who will never have a joint account, don't want a joint account, and I've been married for fifty years and that works, so sure. Honestly, the summary of that is you do you boo?
Do you boo?
So I feel like if you're choosing to have a joint account, it's not just a do we get a joint account or not? We need this more comprehensive discussion around well what is it for? Because like I know a number of people in our community have one joint account with their partner, but it's actually so they both dump money in there each and every single month, and that just pays their rent and their bills, and it just makes things and life a little bit simpler than
they have their own savings accounts. We obviously know that there are people completely independent who are like, no, no, no, I'll transfer it directly to this and you know this tip for tat and that's fine, that works for them, and then there's people like Steve and I who don't operate independently when it comes to finances. But don't get me wrong. I still have my personal emergency fund. Steve
still has his personal emergency fund. And one thing that I was quite clear on when we, I guess joined finances because I want to be independent, is that we manually transfer our income monthly. So Steve actually has a separate bank account that his income goes into, and then he just transfers it manually to our joint account because you know, if ever anything went south and he needed to stop contributing to that or needed his own income,
he's always got direct access to his own funds. You know, I just think it's quite I won't say controlling, but it can be. And I've seen it happen historically where you might have joint income and your income's going into you know, a shared account, your partner's gate keeping it from you, and there's just like, I won't say it's a slippery slope, but it can be. And I know that that happens, and unfortunately it has happened in our community.
But I kind of like that manual process of him just transferring the cash that's in his account to the joint and me doing exactly the same thing and then working from there and then everything is the same. But each to their.
Own right, totally tweet the peach, very un brand, very brand.
I like that. Let's leave it there because to each their peach, and I like that. And also we've got the bin raccoon. Raccoon's real cute. I mean, if you're in America, you think that they're vermin. If you're Australian and see raccoon, you're like, whoa beck, that's so cute.
They very cute for us over here.
I believe they're called rash penders, little trash fan. We'll have a really good weekend, guys. We will see you bright and early on Monday for a money diary. But till then, no, we love you and we hope you have the best time. Bye, guys.
Bye.
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