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 Money, the podcast Millennials who want Financial Freedom. Today, my friends, is Friday, which means it is time to get our team back together finally to celebrate you how incredible She's on the Money community. Today, we're going to be sharing jess his favorite money wins Beck is going to be back with
her Broke Broke tips. We're also going to be helping to answer a juicy money dilemma, which this week is all about the best savings account for your future house deposit. And I'm excited for this one because it's a little bit spicy. We're going to be unpacking something that you slid into our damns about which this week we're talking about a husband who doesn't want to share his inheritance with the rest of his family. Guys, I think it's going to be a spicy one. But we haven't been
in the same room for the truly weeks. Beck, how are you?
Oh my gosh, I really missed you. Guys.
Can you believe this has been like a a few weeks, three weeks, three.
Weeks familiar month because you were sick.
I see, of course I forgot about that, and don't be scared. But I'm still a little bit unwell. But everyone is safe a couple of This is so cool. I'm so happy to be bad and I'm sure off air will talk more about your American experience.
But is all very exciting. We're all back.
Here and everything's been great. I'm wonder if there's any news for you. I've just been working my life away. There was some exciting things, obviously, been Halloween and stuff parties. I saw two fans in the wild and Live and they came up to me and said that you're back from sches and the money and this is never happy before, and it made my whole life.
Isn't it so wholesome?
I love love, love, love love this.
If you think that, I don't want to be bothered out in the street see me, because.
They're like, it's so. I don't know if this is strange, but it's like meeting friends that you just forgot the name of, if that makes sense, Like you already feel like you know them because you have to, like arguably something really deep in common.
I don't know.
It's very cool.
Yes, it's so cool.
But look, other than that, I've just been chilling. I'm really happy that you are.
You're here.
We're all weird, just so nice.
Miss Jessici. You returned from Mexico earlier this week. How's did you lack? A bit rough? But that's okay. I hadn't been really good sleep on the plane. Thankfully. I've got a little cozy mud United bed, which was a dream. Yeah, Couzbeck. She flew business class home.
Oh that's nice, fancy.
I remember a couple of weeks ago I said to her on the pod, I was like, by the way, we're flying business and it was like surprising her for a domestic flight to Queens last then you got to fly to the US with United in business and home.
We're going to teach everybody the hacks for how to do it with points. So keep your eye out because, honestly, as someone who has never done that before, I now understand why people spend. Like I don't have the money to spend on it, but you have the points.
You're like the points Queen.
I love a point and I understand why people do because I slept for eleven hours on my fifteen hour flight.
Whoa eleven hours straight?
Literally Like I woke up a little bit and I was like, I could go back to sleep. Do I really want to do I really want to stay awake and sit there and do we nothing. I was like, no, I don't, And I went back and I had another bit more of a snooze and ice cream Sunday on the plane.
They had it in Beck on the way over. Was it the same on the way back?
Yeah? Okay, So on the way over beck on the plane they had a Sunday bar. Like it wasn't like, oh can I just get you an ice cream? It was like this guy his name was Andre. He was like the best. He was our favorite flight attendant ever. I'm really sorry to every other flight attendant we've ever flown with, but he was like would you say he was like an older French guy.
Yeah, he was a slave.
He was my favorite person ever. But he came around with the Sunday bar. It was like different types of ice creams, different types of toppings. He had chocolate sauce, he had caramel sauce, he had strawberry, he had like sprinkles, he had the little Maraschino cherries. Okay, and he goes to Jessica, what do you want? Just as like, I don't know, it's so overwhelming. He's like, can I make you my special? And Jess is like absolutely, and he just makes her this massive ice cream Sunday.
I've never seen happier. It was amazing. Dream so really excited.
We're going to be making some content coming up soon sharing how you guys can do that with Points, because let's be honest, none of us want to pay.
I'm not paying full price for that, but did you do it for free?
Sign me right up there, and Jess is arguably the Points queen, right yeah, Okay, We've got her to dip her toes in the water. I think that's what she's going to be spending all of her points on in the future.
Okay, this is I want to I love her tuning.
How are you feeling VD tired?
Very pregnant? Yes, very pregnant. I'm definitely not about to pop. Please don't wish that on me just yet. But it's funny over the last few weeks, especially traveling internationally, I'm like, oh, I have a lot less lung capacity than I remember.
That's okay, you're very speedy for a pregnant woman trying to keep up with you.
Sometimes when you walk.
That's because you walk at this nails pace Jessica.
Honestly, I swear Jes just dordles. I like to look at the world. She dearly dellies. But that's what you get, right.
So we traveled with jess, We traveled with Gabby, and then myself and Brooke, and myself and Brooke both have diagnosed davy HD, And then Jess and Gabby I just neurotypical, Like they're just normal gowls working around living their life. Sure, Brook and I got a mission.
We got to go.
We're gonna go up the front, and so Brooke and I would speed off and then be like, oh where are the girls?
And that mission will change a million times.
I imagine, oh, I saw a squirrel, were going that way.
I wish that was just a good example, but that's actually what happened in Central Park.
And it was so good.
If you guys haven't seen, definitely head to our instagram because we put a heap of really fun little recap videos. We're doing a new series called The Price Is Right, which has been super fun.
This week we filmed the Prices Right video Jess, where did we film that?
From a hot air balloon over Melbourne?
Over Melbourne seven eleven took us on their maiden voyage of their hot air balloon that they have just instated, and we had some coffees in the sky. But also Jess was like, let's do the Price is Right on this Melbourne icon and I was just like, genius.
That's everybody at home, Price is right? How much do you think it costs to build the Melbourne I the big Ferris Wheelfing and then head to our instagram to learn the answer. Because we had a bunch of community members with us on the balloon, which was so fun and they all guessed and the.
Price rangers were actually hilarious. So what do you think the price is right? How much you think it costs to build the mel And I.
If I feel like I heard this somewhere ages ago and I remember it being tantable, but I don't remember the exact price.
I'm going to say two million, two million.
Okay, it's a little bit. Let's move on.
Let's move on. I want to get onto my favorite part of the show, Miss Jessic gotchi. What have you got when it comes to money wins and confessions? This week?
All right?
This week?
My first money win comes from Emma, who said I had my baby shower on the weekend, and instead of gifts that I don't need, I asked for cash and gift cards that I will contribute to our first holiday as a fair four.
Oh that's actually.
Really really smart, right, you just wouldn't think about it.
I've been on the fence about a baby shower because I'm kind of like, oh do I meet it?
Like, I don't know, maybe celebration.
Well, I was gonna ask everybody to bring a book oh that I like, build baby's first library, and then I don't want you to bring a card. I want you to write in the front of the book for Bambino.
I love that.
I think that'll be cute. But I like that idea better because I like a holiday, So maybe I'll just give it.
It's going to cost you a bit more than a book this time.
Back next, I've got a money in from Sofia, who said, I've been wanning a diceon air up for a long time, but I could not justify at nine hundred and fifty dollars.
I can't believe that I hundred.
Fifty dollars now, I'm sorry, but that was the best invention. I am obsessed with the thing, the air app. Oh, we're in a committed relationship. Bet we do love an air up in this office.
It does it blow, drives, it curls, it does it all as well for attachment anyway, Sophia said, I found it for six hundred and fifty dollars on catch of the day, and then I compacted Dyson and they were happy to.
Price match money.
We It was also my birthday and my family decided to contribute towards the air rap as a gift. So after all, it just cost me one hundred and fifty bucks money.
And Happy birthday, Sophia, Happy birthday.
Happy birthday. Enjoy your air rap. I know this isn't sponsored. I'm just obsessed.
Next, I've got money in from Innes who said I ended up not buying anything in click Frenzy.
Oh very goodly, snaps to you, queen.
Good for you.
Next one from Caitlin who said I've got five hundred dollars to spend on Christmas expenses after saving my fly Lives points all year. I am stoked with myself and she had a little screenshot of a flyby that's actually genius. She has one hundred and two thousand points. Oh, well done, queen, well done.
I have been hoarding my shop back rewards, Jess, and because we've traveled a fair bit over the last few months, I have like nearly nine hundred and fifty in shopback rewards. There this moment is going to be cashing out and buying presents with Jean.
Yes, well done you.
If anyone doesn't have shot back, don't forget. They increased our cove, they increased own I don't I think I've said this on the podcast, so I don't think you've said that to me before. Fy SotM twenty gives you twenty bucks when you sign up what it used to be ten?
Yeah, no, double double money in.
Can I unsign up and then re sign up for my twenty bucks, you might have to give up your nine hundred dollars, So I don't know if that makes sense. I will not be doing worth it, worth it whatever.
Next.
I've got two money wins that are the kind of the same. So I have one from Maddie who said I arrived at six thirty am at the new LSKD store opening in Melbourne on Saturday and scored myself some free tights. And then Gabrielle was also in that line because she said LSKD tights swap. I got three hundred dollars types at the new Melbourne Central store opening on the weekend slay. I was really sad that I was on a plane when they opened because I would have been in that line, which.
You guys LSKD tights before. We love them, They're so so good and I have them. Huh. She's literally wearing them right now. She's literally wearing them. And look what does her shirt say?
Oh you got before we move on, could we please get a clip of that Jessica throwing her leg in the air mid podcast and just share that with the rest of the pod community.
I think they need to see. Don't cut this part out of the podcast to our Instagram. I put it on there.
Oh god, last they have the money from ANALYSI he said, I cooked my daughter her first birthday cake. I saved some money. Cake can be so expensive and it turned out really great. Thanks to YouTube for the extra tips.
And you know, we love a little pitchy. That's so nice.
It's got some butter moments. Yeah, the buttercream looks stunning. That's amazing what you can learn to do on YouTube.
Yeah, seriously.
I also just don't I don't know. This is another spicy Victoria to my opinion. We all know that I love a party.
Yeah, like it is.
I would love to think that I'm Queen of the party.
Love a cake.
When I have this baby, it will be getting Cole's mud cakes. They don't know the difference, right, Like when you're one, Like you don't get a Barbie masterpiece.
No, you're not going to appreciate.
I'm not gonna appreciate it.
You are one.
He is a Cole's mud cake with a candle in it, just.
Like my favorite is parents for like the first couple of like birthdays and Christmases. When you just go, oh, that toy I gave you six months ago.
Wrapped up under the tree, You're not gonna know. That's gonna be me kitchen towel, Merry Christmas.
Yes, if they're.
Obsessed with the dog toys, I'm gonna wrap those dog toys up. And what it gives them to them, it's the experience of opening presents.
It's a joy.
And as long as they have the joy, that's a really good money tip. If you have a toddler, just wrap up the stuff that they haven't played with in a while.
They'll be stoked.
They will have no idea. It's a fresh new present for them. I think this is genius.
It's a great idea, good little brut tip for you there. Oh, I love that.
Speaking of let's segue straight into that, miss Beck, I have missed our broke tips. Something shocking. It's been a while a while, I know, so I want to know what are you bringing to the table this week. I hope they're good. You've had a lot of time to plan a lot of time. Oh no, the pressure's on. No pressure, no pressure, Just don't make them terrible, all right.
Of course?
Okay, So as per we have two from the community. First one comes from Sabrina. Sabrina suggests that instead of doing a shopping list for what you need at home, instead spend a whole day going through your pantry, your fridge and everything and do a stock list of what you already have and then keep like updating that as you go. Because I don't know, I've mentioned this before, where you like go out and you need to buy like cuman or salt or something, and you come home
and you have like twenty of the same thing. But instead to do a stop list of everything you own, things that are right at the back of the pantry, some old pasta or whatever, you might end up having so much food and not have to go to the grocery store at all.
There are three types of peanut buttery in my hayes. Exactly have you seen those vintage This is very niche, those vintage shopping lists.
I'm realizing this might not be interesting to anyway except me.
There's these I like, he's just committed though.
Story.
You can cut it out.
If you're on I like history, and they used to have these. There would be like little metal rectangles and it would have all of your staples like egg, milk, bread butter, whatever, eggs like bread butter, eggs.
You need to buy.
Just very excited anyway, And they have little little toggles, and so you would have it like if you had it, you.
Would have it togged to the left or whatever side. If you didn't have it, you would switch the toggle.
Sure like you.
Interesting, like, oh, you could just write a list. It's not quite translated. Wait, let me find a phono. You don't need the photo.
I know exactly what you're talking about.
I'm sorry, just I was trying to not laugh, but but I love this market. That's fuck this idea.
We can talk about this idea offline.
Oh I've never seen that before.
Very very but I live on TikTok.
So I see, moving right along. What's your next saciate?
That's very much okay. So this next one comes from Jade. This one is actually genius. So I hope that I'll explain this properly because it's a little bit it's a little bit hard to explain, but Basically, what.
Is it hard to explain is Jesse's shopping case.
I don't think anything is as hard to This will be very close to so.
Jade says that when ordering online from Woolly's, place your order on a Tuesday with delivery pickup for Wednesday afternoon slash Thursday, you will get Tuesday's specials when you place the order. You can then modify your order early Wednesday to remove slash ad items that have now gone on special. So you're basically getting what she's dipping. Yeah, she's a genius. You see, you keep last week's specials and you now have the next week's specials.
Does that make sense?
Could edit it? You can edit it if.
It's like, but do you lose the discount? Not?
No, you keep last week's discount and then you you remove the items that are now on special if there are any, and you put them back in. Now you've got two lots of specials, two weeks worth of specials. If that is actually glitch, so let's it's not.
If you're listening or you're not, you're.
Not give that that sounds great?
You already make.
Enough profits sit down there exactly, So I think that's genius and I never thought to do that for so.
It's really smart and you well articulated.
What's your broke? Okay, so this one as usual a bit rogue.
Really I didn't see what's coming.
Okay, so appavently, if just checking, is this legal? This is legal in Australia. It's legal in Australia. It's maybe not, depending on your situation. I might not recommend, I might not condone.
Interesting, Oh my god, why did I you?
That's probably good that you did.
If you dust baking soda on top of super glue, it hardens almost instantly. So let's so you have a chip in your wind screen or.
Oh my god, are we sure that that's legal?
It's probably it's probably not. It's not advised.
It's just like if you have like a little like plastic item, maybe shoes, maybe things like that that aren't like glass or anything.
Maybe not your windscreen. Actually forget that I said wind screen.
I'm gonna lie.
I never needed baking soda for super glue.
Not dry.
It's like a resin. It's like a resin substance.
That's what I'm science here.
It makes as it makes like a resin sort of substance. It's obviously not resin, but I can't.
Be trusted with super glue. So this is a great tip for you.
Yes, yes, yes, so you do try when you're baking soda super glue. It hardens immediately, so make sure it's all ready to go. You don't want to start pouring when it's not. But like, let's say you have chip in again, I'm gonna say, let's do let's say no. As soon as you it hardens instantly, hardens instantly, so you hold if you're in a rush, if you superglue something totally like me and my together, like that's the only memory I have super glue.
That's very true. Or if I've never done this because I've never got my nails done. But let's say your nail falls off.
If your nails, no, I've definitely done that. I can understand that maybe you haven't experienced that, but I definitely have. In fact, I have reglued this nail on this week with super glued.
Ah, did you use baking soda?
No, So maybe it's not going to work out long term for us.
Really disappointing, but that is a I guess like it's a pretty good I'm going to try.
For science because I'm totally to see what happened.
Totally, and you don't, you don't end up needing to, you know, go out and buy a new topwear or glass jars, whatever it is that you're using your friends and filling a hole and you're feeling eating something.
It's filling a hole.
No, but you could use it to bond as well.
It does not sound food safe.
I don't know how you would put the baking soda if you're bonding some.
That's what I mean.
You mix the baking soda with the super glue and then use it, or do you put the super glue in and then stuff some baking soda on like house, I'm saying if you're.
Like, let's say, like you have a plate, you put the plate together, you put your super blue in, and then you dost thing on top right instantly.
Plate. It's a good example plate.
It's a good example plate. It's a great seal example. I still don't think it's food safe. Let's leave this conversation here because after the break, which I cannot wait for, we're going to be discussing what the best savings account for your future house deposit is.
But we're also getting to the spicy topic.
Of someone's husband in our community got an inheritance and didn't want to share it with his wife, and we need to talk about it. So guys, do not go anywhere.
Welcome back, everybody. Let's take a listen to this week's money dilemma, shall we?
Hi?
There?
Have you got a money dilemma you just can't solve? The Sheese 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.
Hish is on the Money. I am such a big fan of the podcast and I'm hoping you can help. I have a question about investing. I've saved up a house deposit and I'd like to do something with around fifty thousand dollars of it. It's currently sitting in a savings account of about four and a half percent. However, I'm wondering if I should do something better with the money to make it work harder for me? Would it be best to put it in a bond or an
index fund or some high interest savings account. I wouldn't be looking at purchasing for about another year, and it feels silly just having such a large sum sitting there. Thank you so much.
I know what you're gonna say, so I might as well just let you say it.
No, what am I going to say? Make me redundant. I'm going to go on matt leave at some point I need.
To test your Yeah, this is your probation test.
No, you have said before, like, we don't invest anything for the short term because market volatility over the period of a year, there's a very high level of risk that you will experience volatility and that your money could be impacted. So if you put fity grand in out, it could be forty grand next year, you just don't know, it could be sixty not saying it will go up, not saying it will go down. But it's high risk, right, so you would want to put it if you're putting
it anywhere somewhere safe. Bonds generally are longer term, right, so you might be able. I don't know too much about bonds. We have a good episode on it.
Though we do have a good episode on bonds.
I would say maybe you could consider a bond.
Is a more conservative option. However, they usually have longer term or commitments. So bond in Australia is usually a ten year commitment. And if you went into it for twelve months and then pulled your money out, you would be foregoing any interest you had urged you already done. It actually makes no sense. You are correct. I would never recommend investing for the short term. Obviously you do, you Booth, and I'll do me. But you're right, market
latility over twelve months is way too short. If hit the nail on the head, I'm actually redundant now, Beck, So I would just honestly useless. So I would just see myself out.
But it kind of awkwardly, it's still here.
Just let me have a turn. Just let me have a turn, all right.
You can have one shot.
So we are talking at the moment a lot about like the rise and cash rate and how much that sucks for people with mortgages. Already you're in this beautiful position where this actually benefits you. So historically I have said on the podcast air high interest savings accounts, like, you know, they're not all sunshine and roses because they dropped down to like less than one percent return.
Yeah, mimus point seventy five at one point.
Yeah, and it's like not that sexy, right, But now you can get a high interest savings account for like five point six percent. That's really sexy. What we do need to remember about that, though, is that you will be paying your marginal tax rate on that five point six percent. You don't get five point six percent clean because any money that you earn in Australia will be taxable income even on your like on your savings account. Still that's a money win. You might lose, you know,
thirty two and a half cents in the dollar. I don't mind if you lose that amount when you're actually making you know, significantly more.
So.
I think at this point in time, while it's not personal advice, I would be looking at high interest savings accounts with some level of scrutiny like what are they returning? But what is also the criteria? So there are some accounts out there at this point in time that go beck will give you that five point six percent return, but you have to be spending fifteen hundred dollars a minimum from that account, and you have to be depositing
a minimum of two thousand dollars into the account. So read the terms and conditions before you sign up to something that you go, oh, that looks really sexy. Don't just sign up because you know the shiny marketing got you. Make sure that you understand what the crux of that is and how long you need to have your money in there. If there's some kind of term deposit on it, they might go, oh, well, it's a term deposit for twelve months. That's fine if you don't want to touch
it for twelve months, but don't forget. If you break a term deposit in the same way breaking a bond, you forego any of the interests that you've earned, and that can actually shoot you in the foot. So I think you're right, Jess. I could never recommend investing so like a bond or an ETF like it's just honestly not worth your time, But popping it into a high interest savings account wouldn't be the worst idea you've ever had.
Love that quick and clean.
Now let's get to the good stuff. Yay, all right, Jess is right.
We've answered our question and now it is onto the spicy stuff. One of you slid into our DMS this week? Are you ready?
M ready?
Okay, here's the message we got. Hey girls. I would love some advice because I'm feeling pretty flat. My husband recently inherited a large amount of money. It's about three hundred thousand dollars, and very much to my surprise, he said he does not want to share it with our family, which includes myself and our five year old son. We own a house together, we've been married for more than
eight years, and share all other finances. I suppose I expected him to keep a little bit for himself, but I thought he would put a majority of it towards assisting the family, or at least take a nice holiday altogether. However, he has said many many times that he feels the money is his and he wants to keep it for himself, to perhaps buy a new car or something like that. I just feel so confused. We have such a strong relationship and I would never expect this from him.
If it was in reverse, I.
Would one hundred percent view the money as both of ours, and it's really upsetting that he doesn't see it this way. Any advice would mean so much?
Are you kidding? That's crazy to me?
Like, this isn't your girlfriend expecting you to spend an inheritance on her going to Europe. This is your wife expecting you to pay some of the mortgage off with your shared finances for your actual child.
I am, I don't know.
I usually try to be really like, you know, on the fence about this, the audacity. You are married, you have a child, Like, why aren't we putting your entire wealth creation journey first?
That's three hundred thousand dollars.
That's life changing.
Yeah.
I think it's the fact that they fully share finances that gets me, Like, if you operated your finances independently while being in a relationship, I could see a bit more roomfully way there. But I would love to know what he's planning on doing with the money, because, as you said, three hundred thousand dollars is so much money. And if he goes, oh, I don't want to share it with the family. I don't want to go on a holiday. I don't want to pay off the mortgage.
I don't want to do whatever with it. Putting toward school fees, What are you are you going to invest it in which case? In which case is that income going to come back? And you know, support the family that way, Like are you spending three hundred thousand dollars on a yacht? Like where are you planning on putting it? If you don't want to share? Its kind of my question.
You know, I find it wild. I do want to caveat this before we continue the conversation. I do apologize. So I used to work in wealth creation and my I guess expertise was in inheritance, right, So I think it's really important to point out that one, I know what we're talking about when it comes to inheritance, but also to nobody wants to get an inheritance. They would much prefer to have that person back. And I think that it's so important, especially when you know I was
talking to ex clients. I'd sit them down and be like, cool, where did this money come from? And someone might go, oh, it was from my mum's estate. I'd be like, tell me about your mum. I want to learn more about this human How do we honor this human being and what they've left you to create a legacy, Like what does that actually look like because for some people, you might be inheriting, in this instance, three hundred thousand dollars. For some people, it might be ten thousand dollars. For
others it might be millions. But that is still what that person has left you in order to put you in the best possible position beck when they can't be there anymore. So I totally understand that there's always an emotional connection to an inheritance, But I don't think I've ever seen someone go, oh well, I don't want to share it with my wife on a buy car. I'd just go, oh okay. Like to me, an inheritance deserves to be honored, It deserves to have a lot of
thought put into it. It deserves to have the opportunity to grow because it's kind of like, you're never going to come into three hundred thousand dollars again, how do we put this to work so that it works so hard for you so you don't have to So I think let's just caveat a whole inheritance conversation with everyone at this table that's having this conversation understands that that's
a really big responsibility. But now we're talking about making a choice to not benefit the family and spend it frivolously when you have financial responsibilities.
Totally.
I think when I was listening to that, I kind of went it was a full emotional rollercoaster of At first I was like, Wow, that's really bad, and then I was like oh, and then I was like hmm, and now I'm still like huh, and I think like, and in my mind, I'm kind of thinking like if the not to like bring gender into this at all, Like I don't want to be that person.
But let's say it was.
Reversed, if it was the wife, I'd be like, Okay, maybe she wants that for financial like a safety blanket of security in case she needs to leave the relationship one day or whatever, which she.
Has every right.
Every single woman in the entire world should have an emergency fund that sits separate from their partner.
Totally, because I think like, historically, you know, women kind of are worse off in this situation where there's like a random, you know, a very sudden breakup or whatever. But that's not what's happening here. It does feel strange, especially because he's like I kind of want to buy a car.
I'm like, Oh, it feels like I want to say this because, oh.
Yeah, I want to put it in my super super investor.
I want to save it like.
Ad dollars, Like, you're not buying a car for three hundred That's totally That's the point that I was making before, Like what car costs three hundred thousand dollars?
Exactly?
I could name a few I can't afford them. Is he finding on a Ferrari? You know what I mean?
Like we're not talking like you know, the man's day x five. What are you going to do with the Ferrari though, Like really, it's still gonna take you from A to B.
It's still going to take you to wooll is going.
To do the same thing my caryo Exactly. It's basically for.
Us, I'm gonna drive it down Chapel Street to get a new girlfriend. Because you've decided you don't like your wife or your child. That's why you didn't spend any money on them.
I mean that's kind of what it's sounding like.
Right. An interesting little addendum is like, even if he doesn't choose to spend it on them, if he was to leave her, technically depending on like that's depending on the technicalities of their relationship, she's still entitled to it, so it can't even my assumption would.
Be it is that depends on the structure. But yes, let's just pretend this is really clean for a second.
Sure you're right, like she could still be in Yeah, sorry, it's a big word for it, but yeah, technically if he was going, oh, I don't want to give it to the family because I want it to be mine. I don't want anyone to have a chance of getting that money. I mean, technically that's not how it's gonna work.
But also, why are you married to someone if that's the case. It's like at the moment. So side note, I don't know if I've told anybody, but I'm having a baby surprise congratulations.
Yes, oh, thank you. This is a surprise to everybody.
But I'm having lots of conversations in my DMS about Victoria. What are you doing about you know, maternity leave, and what are you doing about you know, your superannuation while you're not contributing to that, And obviously my plan is to continue to contribute to it. Don't worry, I'm there. But it's this conversation around if you and your partner.
Let's just pretend it's my circumstance. If my husband and I were both PAYG employees and I was stepping out of the workforce and my boss didn't pay my super while I was out, I would fully expect my husband to be contributing financially to my super so that I'm not behind. And the reason is not selfish. It's one there's a heap of tax benefits to contributing to my super while I'm on Matt Leaf And you know that's quite sexy. But again, don't you want your family as
a whole to be financially stable? Like the entire purpose of our marriage is not to get a divorce, Like people don't get married to get divorced, Like you get married when you've made this decision to spend your entire
life together. So to me, it would be a red flag if my husband had turned around and said, well, actually, I don't really want to contribute to your stuper because what if you leave me one day and we're both equal ill So I think, to me, this reminds me of that where it's kind of like, well, our family has come into you know, this wealth, We've got this sum of money and it could actually change our lives, and you're going, I don't really want you to have it.
That's a deeper red flag to me. That goes, well, I don't know. The second I have something, I want to share it with my husband. I want him to be happy. I want him to be better off. The second I know he's having a bad date work, I'm like, well, what can I do to make sure that he's having a good day? The second he gets home? Like, is that not what other people I need?
For?
Skid as well?
I think gets extra complicated because you have a child together, Like, surely.
That is a massive financial responsibility to be.
Financial responsibility, but also like, surely, as a couple, your ultimate goal is to put your child in a position where they are healthy, they are well looked after. You're
setting them up financially for the future. And whether that looks like sending them to a more expensive school, or whether that looks like taking them traveling so they get a better world perspective, or whether that looks like putting it aside so they have a fund for when they ten eighteen if they want to go to university or whatever that's.
Paying for their education full stop end of story, Like where's that coming from? Your quote? Share all your financial costs? Is it not taking a burden off your entire family to go all right, well, let's put x amount aside for this five year old's education. What other expenses are going to come up? Okay, well let's look at our mortgage? What does that look like should we be putting You know, at the end of the day, you might be saying, you know, I don't know, I'm just clutching at straws
hoping that it's a better situation than it is. Maybe this person actually has analysis paralysis and doesn't want, you know, his wife making decisions on the money because he's not ready to make decisions on the money. In which case, can we just put it in an offset account and not make a decision about it, so at least it's offsetting our mortgage and the interest we're paying on that because interest rates at the moment are cooked, And then you can make a decision in twelve months once you
feel more comfortable with it. Because at the end of the day, inheritance can make people uncomfortable. Is this like kind of a facade of like, oh, I don't want you to have it there because I want to keep it for me. But that's because they don't know what they want to do with it yet and don't want to waste it. Yeah, in a perfect world, that's.
What's going on.
Sure, But like hypothetically, if that's I would say, obviously, like, have a chat with your husband if that's not what's going on and he just doesn't want to spend it on you guys because he red flag, Pabby, that's a red flag, and maybe reconsider what you're doing.
Yeah, Like I totally understand allocating some of it to you know, I don't know, maybe.
Treat yourself exactly. So we don't know where this inheritance has come from.
Let's pretend for a hot second it comes from his dad and they were both petrol heads. Maybe buying a car with that is something that is honoring his dad and makes him feel more connected. Fantastic, But let's have that conversation in a way that is constructive while not sacrificing the future wealth creation of your family. Yes, because right now, the opportunity is financial stability is sitting right in front of you, and you're choosing to not yes,
engage with that, which makes me frustrated. Let's look at what we ask the community. So I asked the community, if your partner received this inheritance, would you expect them to share it with you? Seventy eight percent of you said yes, absolutely, twenty two percent of you said no, sure.
If yes, what is your relationship status, So if you're expecting your partner to share this with you, thirty seven percent of you said we live together, thirty five percent of you said we're married, and twenty eight percent of you said we're married and have children together, which I'm surprised about because the highest amount of people expecting that to be shared is not married people with children. It's
actually just people who live together. Yeah, So that construct, to me is not as deep as having a massive financial commitment like a child. The next, do you think it's selfish for your husband to spend all this money on himself? Twenty one percent of you said no, he's allowed to buy himself a car and whatever else he wants. Okay, seventy nine percent said yes absolutely, one hundred percent should share this with his family, which I don't think we
are surprised by. Yeah, and those stats line up with the stats that we got prior, and then we said what's your two cents? And this is always my favorite part because people are savage because they know I'm never going to out them, like I will never out you if you have dmd US. In response to one of our spicy questions, that's not on you're safe here, someone said hundred percent divorce.
Someone said divorce, divorce, divorce.
Someone said you can buy yourself something nice with inheritance and still share a lot of that with your family. Someone else said, sure, go buy yourself in your car if you want, But if they share all other finances, it seems very odd that he's planning to keep it all. Someone said there must be a reason why he won't share. Is there an underlying issue? We're not provy too. Yeah, that's kind of my question too. Someone said, how gd route He has a child and a wife, but he
wants to keep three hundred k to himself. Why and then there's three red flag emojis.
Yeah.
Someone else said he should be able to make a big purchase like a car, but needs to use the rest to support his family. Someone else said, not fair to share all other finances except for this. You set an expectation that you need to stick to. Someone said, actually, I just inherited two hundred thousand dollars. I have a partner, but we don't have children. I plan on investing the
whole amount for myself. Okay, but that's wealth creation. Yeah, yeah, yeah, totally, so I kind of see that as Obviously, this goes back to honoring the money that comes into your hands when it is significant, and like, to me, significant is anything above a dollar, like we're not talking about you know, you have to have hundreds of thousands of dollars in
an inheritance to honor it. In fact, I feel like it can be quite freeing to people to realize what an inheritance actually means, because often we can feel overwhelmed or guilty about receiving so much wealth. Like if you've never come into that money and one day I said, hey, Beck, he's a million dollars because someone very close to you has passed away yesterday, you might go I don't deserve this, I don't want this, Like this is overwhelming. I've never
dealt with this amount of money in my life. But we really need to reframe it and go, this is that person looking after you when they can't be there in person. How do we make sure that you're in the best possible position. So I'm not mad if someone says, I'm actually going to invest the full amount, because if you stay with your partner, that ultimately is going to support them into retirement as well, whether it's in your
name or their name. Like, I don't think it necessarily has to be split, especially when it is an inheritance. In fact, I often used to push to put inheritances obviously this is not financial advice, but into a trust so that it could be protected for you because that person who passed away that sent it to you, they wanted back to have it. They didn't want, you know, somebody else to split it and it to be dispersed.
But that's if everything goes south.
In the interim. You're creating family wealth, you have joint assets, and it's you know, working towards a secure financial future. Saying well, I don't want to share with you, beck, I actually want to buy a car feels like a different story. Yeah, I'll do two or three more because I just find this so spicy. Someone said, I just don't understand why I wouldn't want to share with his people aren't they he's loved once.
Yeah.
True.
Someone said he can buy himself a car and still be able to put money aside for his family.
Why isn't he phrasing it that way?
That's my thought, Like, like you said, honor the money. I don't think you should necessarily have to give everything away. But it is crazy to me that it's not even a conversation that's been tabled from what we've been told.
Yeah, and last one I'm going to read out, which I think is you know, I think on the same page as everyone at this table is I think it really comes back to the mindset of actually being a team and a partner in finances. This doesn't feel like he's being a team player. Yeah, that's so accurate, And I feel like that just hits in a nail on the head right now. The person who's written into us is going, I don't feel like my partner's being a
team player, like we're a family. This doesn't feel like something a family would do, and I feel like that's really reasonable. To be honest, my advice is go to therapy.
Yeah.
Yeah, Like it's a bit savage, but at the end of the day, I think there are definitely deeper seated issues in this and talking it out between the two of you, I don't think is a good idea. You need a you know, non biased third party to sit and go, well, Beck, why do you feel that way about Victoria? Like, you know, don't you have financial commitments and vice versa, because we don't know a lot of
this circumstance. Let's be honest, we are missing so much context, and I feel like every time we have these DMS, I'm.
Always like context, context, context.
But imagine if the context that we're missing is she's from a multi millionaire family and has already inherited lots of money prior to meeting him. She's super financially stable, never has to work a day in her life. He is working and comes into three hundred grand and goes she doesn't need it. We can afford all our bills, we can afford everything. I want to spend this on me? Yeah, At which point would that change your answers around the table?
Absolutely?
So, yeah, exactly so. We might be missing a lot of context, but we've tried as hard as we can.
To be fair and with what you gave us, absolutely, there you go.
Which I think is a very good place to leave it, to be honest, because we could just keep making up scenarios that make no sense and see what we think about those two. But I think that is all we have time for this week. Guys, it has been a pleasure. I'm so glad the band is back together. We'll see you right in early on Monday for a money diary. Till then, have the best weekend ever. We love you, by guys. By The advice shared on She's on the Money is general in nature and does not consider your
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