Hello, my name's Santasha Nabananga Bamblet. I'm a proud Order
Order Kernie Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through 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 pod cast the mag's personal finance fun especially on Fridays. It's our favorite day of the week because this week we're getting the team together and we are celebrating you how incredible She's on the Money community. First cab off the rank. We've got Miss Grig and she's going to be sharing some money wins and confessions from the community. Miss bech Sayed has a few broke tips for us. Beck I
actually have a tip to add this week. I don't know if it's a good tip, but I sent the TikTok of it to Jess yesterday. No, no, it's not. Well, it's not a money win because I didn't buy it. It's like a tip. You can have it, you can have it, but it'll be like a coy. Thank god, thank god he was on TikTok again, like I live there. We're going to be answering a money dilemma this week. It's all about how to pay for your egg freezing. And we've also got a juicy conversation to have something
that you slid into our d MS about. We're going to be talking about buying property with a family member before I ask you about how your weeks were, My loves, do you know what today is? What? It is the last day of intake for the Investing master Class, and would you believe thousands of women have joined us now. I am so excited about it, but I wanted to mention it just right here at the top because it
is the last day. Doors are closing today. So if you've been on the fence about jumping into the Investing master Class you're not sure if it's for you, go have a look at the website. We're going to put all of the information in the show notes. Obviously, I'm going to give you a discount if you use the code podcast, you'll get a cheeky little discount at checkout. But I'm really excited because it starts on Monday. The reason we're closing doors is to make sure that everybody
gets in at the same time. They all have an epic experience and we can like go through each module live and we can drop it to make sure that you are on top of it, because I feel like sometimes you're like I've got all the best intentions in the world, and then you don't do it, so it's like kind of us holding you accountable. There are already hundreds of women in our Facebook group as well talking
about how excited they are. There's a few posts I've seen where people are looking for accountability partners, and I just think it's the sweetest thing ever because you can just see that they're making friends with one another, and I honestly cannot wait to jump in. So if you haven't dove in yet and you really want to the Code is podcast because obviously, like we're going to need a discount, but also I don't mean to put the
pressure on. I haven't before doors do close. So if you want to be in it to literally win it or like invest it, you need to do that sooner rather than later. But moving on, my loves, how are your weeks? Goohed?
Happy public holiday to everyone in Melbourne and gets a day off for the footy?
Love that for us? Wait is that this week?
Yes?
Oh so have Friday off? Yeh, you're coming to work on Friday.
No.
I love being the boss and knowing everything about my own vis will come. That's cool. Do you know what's actually quite funny? I saw Gabby who used to work at She's on the Money, who now works for the af L. She was telling me all about this yesterday. She's like, oh, they I need to borrow all address because you know I've got all these grand final things. I did not put two and two together that she borrowed a dress because it was this week. I was
just like, yeah, come raid my wardrobe. All good or good, no worries. She did tell me it was for Friday. My brain, my brain no comprehended.
No, it's shockingly not all consuming this year, Like I just feel like I haven't heard or seen but maybe I'm.
If it's your team. It depends. Yeah, and then there are no Melbourne teams and this. Yeah, maybe that's why I don't know why I am so useless. But I also did watch The Brownlow, so like, yeah, you know you were saying, oh, like I feel like it's not anywhere. I'm like, oh, it's been everywhere for me. Yeah, And I've been all over TikTok looking at all the girls dresses. Like because when I say I watched the Brown Low, I just watched the red carpet section like a normal person. Yeah, fa,
that's it. I just want to see the dresses. I want to see what's going on. I want to see who brought who, and then I want to go to bed early. But about that, Jess, You've got a public holiday, so this week is a good week. Thrilled. I have a racket racket club, so hopefully I've heard about racket clubs.
Six degrees of separation. It's like a consignments rate. It's like you sell your clothes, you rent a rack. Basically you and I've done fun to markets before where you stand there for hours on end and you're selling your stuff and you're hggling. And it was good it was fun. We had a good time.
Gillies now brought their pets. I got to drink coffee, I got to meet heaps of people. Also, I love a little bit of a circular economy really absolutely. We're just talking about my girlfriend coming over because she borrowed one of my dresses. I love that reduced free recycling.
Yeah, so it's like a similar thing, except do you render it for like a longer period. So I a girlfriend and I went halves. So we've got like this rack for two weeks. It's I think about the same price point as like a one day at like a like a Camwell market.
That's cool because racket I was like taking off. I've seen it all over social media again chronically online over here.
And it's co founded by Alice, who used to work on Jason Lauren.
Yeah that's right. Yeah, that's kind of fun.
She used to wear for iHeart and then when you know, obviously that and all the redundanties and stuff happened, she and her friends started this business and they're just opening like their third styeah.
Like they didn't do one, They've now got three. Isn't that iNeST really cool?
Yeah?
And so I said I've done my big sprinkling. I've been selling stuff, so now I've just dumped it all. I mean, I dump it all there for the weekend.
Is that Scanlin dress that I saw on deep Pop going to be there? Absolutely? Oh so you've got good stuff? Yeah, I love it? So what you you borrow a whole rap? Yeah, and reut your clothes in the shop and they really and go to the shop and like basically go and purchase your stuff and then they sell it for you. Obviously they're going to clip the ticket on the way through. But then at the end of the two weeks they'll be like, hey, Jess, come pick up the stuff that
you haven't sold, right and new money. And I'm just doing it.
Like the stuff that I have on deepop is still on deeper because you can track it online what has sold. Like if something sells at Racket Club, I'll just market is sold on deep Op. So it's like smiling and I don't have to stand there all day like it just as a shopkeeper who does it all at the lovely great How good is that?
Okay? I'm so sorry.
I know that we're probably I don't want to take up too much time but you're renting the physical rack. I'm thinking you're renting a rack of clothes and just wearing them for the week.
They're I understand, I understand. I'm so sorry. Okay, why are you sorry? Honestly, if you were thinking it's someone somewhere, we're sitting in their club being jess. You have so many clothes, why would you rent a whole rack of clothes to wear? I hope there's at least one person sitting at a club club. Slide into my DM so that I can show back, so that we can all feel better about this situation. Yes, please, no, but I love that borrow a friend's dress go to racket club,
like it's a good idea. I was thinking about that when I got dressed this morning, because I put on this skirt that I'm wearing. I love it. I've had it for ten plus years. I was putting it on this morning, and I was like, oh, this is probably not a good thing. But like Scanlon Theodore used to be, I won't say accessible, it was like a bit more expensive, but more recently they've gone insane with their prices, Like
I cannot justify it. Like I used to be like, oh, this is, you know, obviously very bougie purchased, but like two hundred and fifty three hundred dollars for a skirt, Like I could find a way to make it work in my budget because I'm a fashion girly. But now they're like eight hundred dollars. I'm out. I'm out.
Dress times are the only reason I have it is I got it at a warehouse, but it was originally I think, like seven hundred dollars.
It's insane, right, And I was just thinking, hey, I've got pretty good cosper wear out of this skirt. Like I tried to track back when I got it, and I was like, I don't know when I got it, but I remember going on dates with my husband wearing this skirt when we first met. And then I was like, oh, that was a really long time ago. And then I was like, oh, this skirt's probably ten isn't it. Can say pieces that last that long, they're good quality.
I know.
I was actually kind of low key chuffed. I was like, this is like that's cool, and it comes around, doesn't it totally? Do you know why I've pulled it back out because I was coming back, you know, I saw something similar online and I was like, I think I have something like that perfect. I never throw out your clothes anyway, Beck, Yes, enough about racket clothes and my outfits. How's your week being really good?
I was actually going to tell you guys before we started this, but I didn't want to take up too much time.
But I was diagnosed with ADHD yesterday. And I know it's so funny because offline I was like, oh my god, so my ADHD meds x y Z and don't even manage to tell me that. No, while I was like, oh, we probably should start, and I was like, I felt bad that I was taking too much time. So I was like, maybe just like dropping and then we'll we'll talk about it on the pod to talk about medical history, just straight on the post. We never do. Oh ye, god, congratulations, thank you. I do feel validated.
I know that.
Like what I was saying to my psychiatrist in like the most chaotic and ironically like yeah, back and forth kind of way was I was worried that I wouldn't be taken seriously because so many people are a kind of realizing that they may have ADHD all at the same time.
That's because we all do.
Yeah.
I think that a lot of people do. Yeah.
I was like awful in school, but not from lack of like, you know, intelligence or the capacity to learn. It was purely that, like I just yeah, I think that my brain has always worked in a certain way. I'm glad that I finally have done something about it. I'm like, what could I have been if I'm impressed? I'm actually so impressed. What was your process? Like, you know, complete side.
No, I know people listening are going to be like, oh, I've been thinking about this or you know, I'm not sure what this looks like, and I'm no help because I got diagnosed at like eighteen nineteen, like I've known for my entire career. I lied about it for a long time, if we're being honest, because I was embarrassed off it and now everyone's talking about it. I was like, oh, so it's like not the worst thing ever. Oh okay, thank you for validating me. But how long did it
take you to get diagnosed? So for me, I was really lucky. I have heard the people go.
To psychologists like twenty times and then go to a psychiatrist blah blah blah. But I went to my doctor in Brunswick, East. I love her with my whole heart. And she was like, I'll find you the cheapest psychiatrist. Didn't I didn't have to go to a psychologist.
No, psychologists can't like diagnose anyway.
And I think that I thought that they were the ones to refer to you, right, But they can, they can, they can, they will. But I went to my GP and I told her about this, and I was like, I think I want to maybe see and then she was like cool. She set me up an appointment with a psychiatrist of Telehealth in Tasmania. It's the cheapest that she could find and it was.
What g six hundred out of pocket?
Wow?
Thousands wow. And so I went to her. She referred me.
I had an appointment bing bong bang, literally one appointment yesterday. And in that same appointment he was like you you fit criteria, blah blah blah. And then so now I have to go back to my GP when it's already she's gonna give me something for that.
Oh, she's gonna manage you strategy. How good? Yeah? So I think it's yeah, it's been great. It's a journey. It's a journey. It's very validating knowing that it's not just you totally, like it's yeah, I totally get that, all right, totally. Let's jump into the episode because I would love to talk about ADHD all day because it's like super pervy but like your medical history like probably true, like she's on the money vibes like it is it is, but we won't push it. You sure you can take it. Yeah,
don't worry. I'm gonna But Jess, what have you pulled out of the community this week? I feel like there's been a lot of good money wins. I've been in that thread this week replying and asking for pet tax. So what have you pulled out?
Alrighty? My first win this week comes from Cat who said she has gotten on the train. She's made about three hundred bucks last week by selling things she no longer needed on Facebook Marketplace. Things were selling super quickly, and she said it's a win all round because now she has less clutter as well, which we love. Next, I've got money win from Katie who said it's that time of year where a cost co membership is one hundred and thirty dollars for executive, but you can get cash back on it.
To reduce the cost.
Of your annual fee, which is not something I'd ever thought about looking for. If you're someone who has a cost Co membership, apparently you can access cash back to reduce it. Really one hundred and thirty dollars that's the executive membership, which, if I'm being honest, I don't really know what that means.
That sounds bougie for somebody shopping at She's goad all that is sixty five dollars for a normal oh, with no incentives paid off.
So I'm not too sure. I'm not entirely sure. But she said she got ninety six dollars cash back.
Oh okay, I don't know, so maybe that from one thirty that's a good deal. Yeah, so of that look to know, I'm a little skimned on the details.
But all I'm saying is you have a cost Co membership, or you want to look into a cost Co membership, Now it's the time to shine. Yeah, I have a look for some cash back because that's a great deal to me. Next, I've got a money win from Mel who said she's trying to make an extra thousand dollars by Christmas. Guys, there's only ninety two days until Christmas.
I'm sure, Yeah, that's disgusting. Just for go to get about it. The Christmas decoration throughout the shops.
So do as Mal is doing, Start thinking, start saving if you haven't already. She said, She's banked two hundred and seventy three bucks this week from a combo of marketplace sales and surveys.
I'm going to railroad this completely. Should we be inspired by Meil and get a like one thousand dollars saving tracker up so that people can save one thousand dollars
before Christmas? Definitely, they even work towards it, Like we're not talking like, you know, make a savings plan and just direct debit it, like we're gonna find it, We're gonna hustle it up, we're gonna like depop it, we're gonna Facebook marketplace that, we're gonna do some surveys like but we'll all try and get to one thousand dollars
before Christmas. And even if you don't get to one thousand dollars and you're only able to find fifty bucks, like that's fifty dollars you didn't have before Christmas, and like that's gonna help too.
So true.
That's actually great. I am going to get a little sheet together. We're going to do this and it will be in our Facebook group today. There you go.
Everybody's going to have a little look sie for that because it'll be here before you know it. Next, I've got a money win from Shanade who said money win. My local fruit market had a case of jam strawberries, which is eighteen punnets for ten dollars what she picked the best punnets for fresh eating and then made a batch with the rest of homemade jam.
That's so cute. Also coming into Christmas, so that would be a really cute present. Yeah, that's quite Cutely imagine if someone gifted your homemade jam that was so sweet? Yeh literally? Also ever made jam? Maybe I should make jam?
Yeah?
I think we should be making jams because it's like it's such a sweet gesture, isn't It's like you're.
Over the stove, yeah, for hours, and the little jars are so cute. So you can make a little label strawberries. I love cheap money win, but like, do we have faced jams? I'm a raspberry kind of goal. I'm strawberry. Yeah, strawberry as well. See we always have strawberry and raspberry in my house because I always have raspberry and my husband's like el raspberry only eats strawberry. The chunks freak me out. All of it freaks me out.
Or if you had something a little left of center of BlackBerry jam, it's quite nice, okay, but that's really expecs.
Pineapple can't really find it's like favorite. But she's like one thousand years old. You leave her alone.
You can make whatever you want, buy it cheap, make the jam, you preserve it a last start now and by Christmas you'll have had plenty of time to make them all.
Yes out of ten. Love that.
That's a great one. And lastly, this week I have money win from Emma who said it's a current money loss, but a future money win. She said, thanks to she's in the money and listening to the show, she became aware of the hit that her superannuation took when she
took a year off of work for maternity leave. So she worked out what she would have added to her to be she had been working during that time, and she's working at effectively paying it back, so she's just started doing it with pre tax contributions through her work as well as chucking any extra money in like a tax return and stuff like that. And she's going to keep working await until she pays back that full year.
I'm obsessed. Yeah, what a queen. Can you imagine how far ahead she's going to be when she retires, Like, just oh, the impact of that. And I know that she probably calculated and was like, all right, so you know with twelve months off, you know, the average person you know probably contributes anywhere between six and ten thousand
dollars to Super each year. Like you go, oh, maybe that's not the biggest deal ever, but that could compound over your lifestyle, that could compound over your lifetime, and by the time you retire, it's probably worth more than one hundred grand. Like, can you imagine being like beck by making a decision today, you're gonna have like another six figures in your Super. Yeah you're so sandy, well done. I love this, I love it.
That's it for me this week.
All right, Well, the tables are turning back. It is your time to shine. What are you broke tears? What are you bringing to the table? Okay, so I notice a bit rogue, but I do have one from the car I did not see this.
For surprises, one from the community that's new, one for myself that's like semi new. And then I also thought, because a few people email me or sorry, I should say message me. Email is very I don't know it's still current. Anyway, someone messaged me about a few things that I have mentioned before, so I thought i'd just give them a shout out as a combined community broke.
You know what, it's your segment. You do whatever makes your heart happy. Thank you so much.
So this one comes from a multitude of people, so Libby. As we have mentioned, it's a audiobook subscription from your local library free audiobooks.
Great, great Great. I do want to also give another shout out to eat Club.
I know it's been a while since I mentioned it, but a club is an app where you can you'll be able to put your location in there. It will search for cheap specials around you from like you know, restaurants, take away all this stuff like really cheap food. Great great great. Those are the main two I wanted to mention, So I'm gonna there are a few others in here that have popped up a few times, but I'll save those for next week.
Now.
The new one we have comes from Maddie. Maddie says, the more air that's in your fuel tank, the fast you petrol will evaporate. So to get most out of your fuel, regularly top it up rather than letting it drop to almost empty. I did hear about this once years ago. I was like, oh, it makes sense if if there's more in there, yeah, tank, I mean, I'm happy to save money. And it's always like rogue things like that where don't get me wrong. I feel like in this economy, anyone who has a full petrol tank
is to check their privilege. Like, if you're filling up your entire tank, like you must be financially doing much better than most people.
Totally, Like that's a good position to be. But if you can build it up over time and then you know, consistently I had ten or twenty dollars worth of fuel as you go, but try and keep it up instead of letting it go all the way down to when it dings at you and you're like, I know you're not done. I know you're not done. I see that you had to put fuel in me, But I know there's at least fifty k's there. I can see you.
I was laughing when you were saying it, because I consistently will drive on zero like I have because r ACV like three times because I see the which I know is really bad for your cartlets don't company.
But like I was just having a little gigle.
I was like in my mind, I was like, I think my eyes are playing like one of them probably sometimes looks bigger than the other one I'm reading.
I was like, Jess is laughing at my looking at your No.
I was just literally imagine like remembering last week when I drove like all the way to the city of zero, living life.
On the edge.
Also, like that's from somebody who I know has a very good in cash flow. Sister. Yes, it's like shocked that this is coming from me, Like of all people I know, she's got the cash for her fuel. It's been set aside for the last six years.
I know, it's been totally You never go to the petrol station with like you know how it says like a minimum two leaders. Yeah, so many times I've done that minimum two leaders. It has been like two dollars twenty five cents and I have it in the and I have to walk up and be like, I always left my wallet at home.
Really, I just this is all I wanted. This is like, so if you need to.
Pop up your fuel one time, if you have the money one time, and then just try and keep go there with like five bucks, just try and keep it up top. So that way, it's also good for an emergency because you're like, oh, I have no money this week, You're like, cool, I actually have a full taker petrol.
So it's like it's a double twin win. One thing that I will say has been helpful for a few friends of mine who are not so good at, you know, managing their money and their budget and their cash flow. I've got a girlfriend who whenever she has some extra cash in her bank account, because she just knows that she's going to blow through it. I feel like she gives beck vibes like she just and that's not a bad thing. You just have to be aware of how
you're managing money. If she goes to the checkout, she also buys a gift card for like ten or twenty dollars and sticks it in her center console so that when the time comes and she knows she can't afford fuel or she doesn't have cash in the bank, She's like, I know, there's maybe like twenty or thirty dollars with gift cards that I can use to pay for fuel in my center console. So like that, I feel like
it's a good little hack. Yeah, it's not necessarily going to save you heaps of money, but if you're the type of person that just runs your bank account into the ground and you're always struggling to keep the fuel going, that might be a hack that works for you totally. I think that's a really really good idea. You can just hide it away and then you forget about it, and then when you're desperate, you're like, good, oh my god, there is actually ten bucks there, Like how good is
that good? When that happens? And then my one comes from myself an indie. You guys are he'll love You'll.
In producer every now and then she was talking about bi carb. I have mentioned by car before that she was talking about how she had like I don't want to shame her, but she had an odor in her laund room, so she put some bike carb on the lounge.
Indy, how's your stinky lounge, stinky lound room going.
And she put it on her carpet on the lounge and she just left overnight and then soaks everything, soaks everything up, and then she just vacuumed it off and it's completely gone.
She said.
So it works for like laundry detergent. You chuck some essential oils in with the laundry and your bi car. But that's all you need.
It's a good carpet cleaner, lounge cleaner, turns out car cleaner.
Everything like it is off walls as well. Yes, and you chuck some lemon in there, you clean your sink and all that kind of stuff.
God's great, but I know that are good for cleaning like fabrics and carpets and stuff. Yes, comes up on my TikTok for you page all the time, all the time. Speaking of TikTok. Actually this is like a it's not a segment, but it might become a segment. It's things. Victoria d m to Jessica. This week, I love that, and it's always rogue. It might be about racket club, it might be about saving some money. This week it was about tubleware. Because we've seen all over the news
that Tupleware has gone into liquidation in the US. In the US, we do you mean that's brand? Yeah, the brandy that's obviously going to filter down to Australia in some way, shape or form. And I think it is because my TikTok for You page is full of girls going to the reject shop and buying tubleware containers for like three dollars fifty four dollars fifty like reasonable prices.
And I wanted to mention it because I feel like when you're trying to save money, you're always buying the cheap things, like you might buy cheap Kmart tublewear containers that don't, get me wrong, nothing wrong with them, but we all know that they don't last. Jessica, a couple of weeks ago, A couple of weeks ago, we're telling me a lot. Yeah, it's interest in our community. Tell me about your ask cooker.
So I have a rice cooker that it's like, it's really cool. It's a tupware contraption. You put it in your microwave. It's tay you cook christ genius. I've never once know That's like, I've cooked rice on my stove once and I've burnt it. So love this thing. But I got it from my mum's friends. Mule you splong to my mum's friend's mummy.
She's rolled.
Yeah, she's been some star generation of women to own this tubeway of rice.
Wow.
Still works like a treat and it goes to the micwave at least three times a week.
But even though we don't love how expensive tupeway usually is, Like we're talking like thirty forty dollars a container, Like it's insane, Like I would never purchase at full price, but you're telling me it's like three dollars fifty or four dollars fifty or whatever. At the reject shop right now, I can buy some stuff that I'm going to have that can go through the dishwasher that's not going to
break or crack. Like money win. If you're looking to buy some tupware that is good quality and that's going to last, Yes, and I feel like that's all colors. Yeah, real cu exactly.
Had not a single clue tupperware was not universally called Tupwaar Topway is the brand.
Have you seen those posts where it runs you through like all the things that we call So it's like, Yeah, glad Rap's a good one. Yeah a revel glad Rap is not glad rap film.
Really yeah, it's a cooler.
But we call like especially Ozzie's called them Esquesski's the brand. There's a there's a post was tiktokal Instagram but it broke down a bunch of it was so interesting anyway, Yeah, your financial Yeah, let's go to a break.
Just consend you that. And on the flip side, we're going to be talking about paying for your egg freezing, how to do that, what that looks like, And we're going to talk about something a little bit spicier that you slid into our dms about this week, we're going to be answering the question about whether you should be buying property with a family member or not. So guys, don't go anywhere. Welcome back everyone. Let's take a listen
to this week's money dilemma. Hi, there, have you got a money to you just can't solve the 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 team. I'm in a little bit of a pickle and I wanted to get your thoughts. So I'm about to start doing a creezing for medical reasons, and my doctor is thinking I'm going to need at least two rounds to get the result that we're hoping for with this. Each round is about twelve thousand dollars each before I get any rebates back. My partner is paying half because we're a team and we're doing this
for our future. So what I'm trying to weigh up is do I take it out of my super and put it back in as my rebates come in and as a salary sacrifice to make it up, I do have over one hundred thousand dollars in my super. Or do I take out a twelvemonth interest free loan that I'm eligible for, but then that also pushes us back finally having a holiday next year. So I wanted to get your thoughts and the pros and cons.
Thanks.
I have like technical things to add about that. But what do you guys think?
Well, I just know that I have a friend who works in super and always says, never take your money out of super.
Did you listen to your friend who said never take your money out of super when you took your money out of Superman? I did not listen to my friend. And now, well, I'm not kicking myself yet, but I do know, you know, compound interests, all this other stuff, it will eventually be well, work it at different, thank you so much, It'll be fun.
But at the same time, I don't know. I think that I would both personally go the loan, but I thinks I'm also not very why.
Would you go the loan though, like work shopping it not because I'm like, oh, give advice back, like and it's not to make totally totally silly either, it's literally like why would you do that? Because obviously she's having this thought process as well, like why would she be weighing it up if she didn't see value in it?
Of course, I think like interest free always gets me hook line and sinker. I'm not even questioning anything, which is really bad, but I'm like cool interest free. It's like I have the money that I like, if I could save a thousand dollars, for example, in five weeks, which we're.
Going to before Christmas savings challenge, which I'm super stoked about. Anyway, I'm going to try to do that, and five weeks I saved one thousand dollars. It's like that future me that has that money in that amount of time is just I'm just getting all that now, and I'm like paying, you know what I mean? It feels like if there's no interest, it feels like it's I'm borrowing from the savings that I would have saved from myself. Do you
know what I mean? No, I totally get it. So Super does feel like more complicated.
Yeah, because like interest, it's growing interest while it's in there or something, and so I'm like, I maybe I want to leave that.
I don't know.
Agreed. Agreed, Jess, how are you feeling about it? I actually agree.
I think for me the cost benefit is, you know, obviously when you take the money out of Super, depending on how long it takes you to pay it back. Let's assume that it's on the same timeline. So taking out interest free your card for a yar versus having your money out of super free yar generally speaking, with the interest free card, assuming you are responsible enough to pay it back, because I've had an interest free card and I didn't pay any extra money when I had that.
Assuming you are responsible and you will pay it back on time, generally speaking, you just pay like an annual or monthly fee. And I don't know if the case for your card, but when I did it, it was relatively nominal, and I would imagine. I mean, the way that I would work it out is I would just compare the approximate amount of money you would lose on your super from compounding interest over the twelve months versus
the money you paid for the fee. My best guess though, is that the interest free card would be cheaper, which is why I would go for it. But it only works if you pay it back on time, because the interest on twenty four thousand dollars of IVF would be I would imagine astronomical. M tell us the actual anthiaty.
There's not an actual answer, and it goes back to what you were saying, Beck and Jess. Like Jess, you were like, well, if you can be responsible with paying back the interest free loan, Like that's a no brainer.
But for me, the interest free loan carries a little bit of risk, right, Like I can't guarantee what financial position you'll be in in twelve months, and what happens if hypothetically these rounds are not successful and you need to take out more and more money Because, like, I get it, I desperately wanted kids and I was in the very very blessed position to be able to get pregnant without intervention. So that's a money win for me.
But like I know that if I did one round of IVF and it wasn't successful, I'd be lining up for the next one, Like I knew that kids were part of my journey, So I get it. But what does that look like long term? Like if in twelve months, And I mean I'm probably reading into this, you're saying, if you take the loan, you might not go on a holiday, Like I'm a you mean you don't have a massive emergency fund. Yes, you've got one hundred thousand dollars in super Like there's a lot to weigh up.
The other thing I want to kind of like segue off and talk about is do you guys know why credit card companies or loan companies offer zero percent loans.
Because they assume that people won't pay it back and the interest. I think the interest on my interest free card if I did jump my pay money for twenty four percent, yeah, I think it was like about twenty percent.
Ye.
Wow, again if it's on twenty something thousand dollars, that's a lot of money.
Yeah. So companies or institutions that lend money offer you these interest free loans for true reasons. So Jess has hit the nail on the head. Obviously, high interest once that twelve month period ends, so it'll jump to like twenty percent, which is much more than like a personal loan or a secured loan that you might have gotten in any other way. The other reason is customer acquisition, so they want more customers. Obviously getting somebody to change
who they bank with is actually big deal. Like I can almost guarantee that most of you are currently with the bank that you set your first bank account up with, because why would you change to another bank unless you know you went to an ing or you went to an up bank who had significant customer acquisition value, So either you really liked the app or you had a really high interest rate on a savings account. There was
like a reason that you changed. It wasn't just like, oh, I probably should one day sit down and review my banking and finance and just pick the right bank for me. Like people don't often do that. So two reasons. One, they'll get new clients, but they'll also probably have you not meet that twelvemonth interest free period. There. I won't say praying on, but I just did. The fact that people are inherently not good at managing their money, and
that's why I'm scared of these things. It's not because that's not a good idea. And if I sat down and I use Jess as an example, because I know and Jess, it's not a bad thing. It's a bloody good thing. You're so good at money management. It comes in. I know her system because it's the one I built, if she did the money master class. But I know your money comes in. It's either automated or she manually goes in and transfers her cash around. I know what that looks like. I know Jess has a really good
emergency fund. I know she's always cared about her super Because I know her situation so deeply, I could say, Jess, I wouldn't actually have an issue with you getting a twelve month interest free loan for something if you knew that you wouldn't go over budget or you wouldn't keep adding to it, like okay, pretty much a non issue for someone like Jess. I don't know this diarist. I
don't know who's written in. I don't know what you're like when it comes to managing money, Like there are a few things that kind of sent a few red flags about the holiday, Like you said, if I take the interest free loan, then we won't have a holiday
next year. And I'm wondering why that might be, because if you've got a loan but you've also budgeted for a holiday, why couldn't you go on that Is it because you're paying it back or is it because you know you were planning on taking loan out to go on a holiday, Like I just there's so many things that I want to understand. But let's pretend it's all very cut and dry and you're in a very just situation.
You are correct, the interest free loan might make sense, but I want you to create a plan to pay it back, like even a savings plan from the day that you take out that loan to smash out that debt early.
Right.
But the other thing is, and I want to open this conversation up and go off here, is that so many people don't know that to pay for your fertility treatments, you actually have access to supranuation. So for egg freezing, for IVF, if you've got any type of health complication that you currently can't pay for, very likely that you could draw on your supranuation. I was saying to somebody the other day when they were asking me about a breast reduction, I was like, did you know you could
access your supranuation for that? And they said no, I had no idea. And that's another reason why we need to be having these conversations, so that you're like, uh, maybe I'm not going to use this information, but I might go to breakfast with a friend, or I might catch up with a friend for a coffee and she mentioned something and I can help her financially because I have more knowledge, Like knowledge is power, and the more we know, the more we can help each other but
also help ourselves. So, yes, you can access your super I would weigh up what that looks like for me if I wasn't that good at money, and I knew that maybe I might get in a little bit of a pickle with an interest free loan. Yes, you're losing some compounding in your super. But what you can do is go to your employer and say, hey, can you please increase my superannuation contributions so that I can get back in line with what I'm taking out. You don't
even have to tell your employer why. You just say, hey, I'd like to bump it up one percent for the next twelve months. I'd like to bump it up three percent or whatever that looks like, to make sure that if you're going to draw down on your superbalance, you don't ultimately end up behind. So there's obviously a few moving parts. There's obviously like a good argument for why you'd take an interest free loan, but also a good argument for why you might go into super and new way.
And that is a question I can't answer for you. I can just give you the information, and you need to make the decision that makes the most sense for you and your family.
Pushing lots of luck on your IVF journey and yeah, exciting and a lot to take on one.
And egg freezing is just so smart, Like, I just I love being alive in twenty twenty four, Like we can just do stuff. Yeah, it just freeze time. Can you imagine me going back and like talking to my grandma in the nineteen fifties when she was having babies and being like, by the way, one day people are going to be able to freeze their eggs and have babies later in life. She'd be like, sorry, what so cool?
Get it in all right, let's move on because we have a community DM that I think you guys are going to have some opinions about, and I love that for us. Would you like me to read it out? Absolutely right? So high? Shehag's on the money money dilemma. I'm thinking about purchasing my first home with my brother to help increase our buying power. He currently is in a de facto relationship with his really lovely girlfriend. To be eligible for first home buyers, we would be living
in this property for twelve months. I'm worried about the possibility of his relationship breaking down and what that could mean for a joint asset. It's going to be a hard conversation to have. Would you risk it?
Oh?
That's a great question. I actually shocking, have not a single clue would you buy would you buy property with your brothers?
I probably would buy property with my brother because he's very, very good financially, and so I it's always.
Like a.
Buy property with me, absolutely, But so I wouldn't get a brother on the phone.
I guess like there always is.
That risk that, like you've especially I like you've not lived with a sibling since you were children, you don't know that he might actually get sick of them. This is not even taking into consideration the de facto relationship. This is purely just like living with a sibling. So I think that risk is always there. So you have to live in a place for twelve months before you can get the The.
Reason that they would be living in it for twelve months is very likely to be because they want to access the first Home biased scheme. And to get access to the first Home Buyers scheme, you need to have it as your primary residence for twelve months after purchase. Ah,
so you don't get that immediately, that's shocking. No, no, no, you get it, but you need to meet the criteria to keep it otherwise next tax here they're going to come knocking and say, hey, so you didn't do what you said you were going to do, and we gave you this great benefit to move into a house that you own, and you took the mickey.
Okay, well that's that's a really tricky one. I think if it's purely just like you and your sibling, then just like suck it up. But I guess that there is that fear and I don't I'm sure there's like some legal thing with de facto relationship, like do they have access to.
If they're de facto? Yes they do. Yeah, that's where it gets asset, not yours. So that's used to to you know what, I'm going to back out a little bit because I want to know what Jess has to say.
Before I do to Actually, I mean, I personally would not do it, but I'm very protective of my assets. And I think that it gets complicated when you add somebody else in. I think it's more complicated when you add in the de facto element because as you are kind of alluding to that, she has a claim on some portion of that, which just makes it messier in my opinion. And I think as well, the fact that you have to live together. It's going to really depend
on your relationship. But even if you like someone a lot, it doesn't mean that you're going to live well together, which can cause friction, and if one of you needs to move out, then it kind of cooks. As VD was saying the first home oti grant, So I think it's to me, it just feels messy, and I personally wouldn't do it, But I also understand that that might be the only way that you can get a house, or the way you might feel like it's the only way that you can get into a house right now.
And I fully understand, you know, the desperation and the desire to get that done, and maybe the opportunity cost of not buying now versus buying in five years when you've had time to save your own deposit.
But I would probably say, talk to a mortgage broker and see what your options done on your own money. Mortgage brand.
Absolutely you're both to Jack this morning, Oh teen, Yeah, is there any updates?
Yeah, I want to touch you after action.
So yeah, I would absolutely attat to one of the Gillies at Zala and see what your options are on your own And I imagine it's Jack though Jack's I love it.
I mean, I love all the Gillies I know, but like Jack's been with me for the longest, and I feel like, obviously all of our brokers are insane. But I just I know that she was talking to you before hours, like I know that she was up at the crack of dawn being like, so, jes, this is what I've been thinking. You're like, do you have a sleep.
So see where options are on your own, and then what things could look like with your brother and his girlfriend. But if like my answer is if I would do it, no, personally, that doesn't mean that it's a bad option, but I would just explore all your options first, because I g as someone who is planning on buying by herself, like it is more feasible than you would think, so.
One hundred percent. I also want to touch on why you're buying with a sibling. So obviously it increases your purchasing power, but is that because you really want to get into the market sooner instead of just waiting until you've got a whole deposit or maybe you have a higher income or you know you're in a position to buy on your own, Because like as just said, you are probably going to have a lot more power than
you think you do. But I don't like the idea that people are compromising their long term financial security and their financial success long term because they are trying to rush into something Like a lot of people that I've spoken to historically that are like, I really want to purchase with a family member or a friend or whatever. It's because they just really desperate to own property. And I just go, well, let's just kind of zoom out.
Is the big picture you owning your own property? Okay, well, purchasing You know, if Jess and I purchased one tomorrow, we're on different life trajectories, Like she might want to dispose of it sooner than me and I don't. I want to hold on to it and keep that rental income coming in, Like it just creates problems down the line. So you actually have to be on exactly the same page. So you know, in the next one or two years, you might go, no, it's not going to be a
problem at all. But like, Okay, what if he and his partner get married and they have a kid, or what if they unexpectedly have a kid and they need access to finance and they need to sell the property. Are you in a position where you can purchase your brother outright of that property so that you don't lose anything financially or you know, again, I'm just making up a hypothetical situation, but you know it's one that could
literally happen. What if you're in the position where they go, we are having a baby, this wasn't planned financially, We're going to have to dispose of the house. And you go, oh, I'm going to lose a whole heap of money as well because we have to sell it a loss. Yeah. Are you then going to have some animosity in that relationship because your brother's forcing your hand? Are you going to not feel good about that? Is there a backup plan?
What does that look like. The other thing I want to talk about is joint tenancy versus tenants in common. We have covered this in the Property Playbook, so if you haven't listened to that podcast, Jess does an incredible job of hopeing it and we talk about all the nitty gritty, But essentially, in joint tenancy, there's what's called
a rite of survivorship. So essentially, if one tenant dies and I'm being a bit dramatic here, but if one tenant dies, it automatically passes to the other tenant because it is based off a de facto relationship. So like, if I pass away, obviously I want my house to go to my husband. But if I'm purchasing with a sibling or a friend, I would want a tenancy in common agreement, which means that two or more people co
own a property with defined shares. So I could go in and be like, okay, Like Jess, maybe you're purchasing seventy percent and I'm purchasing thirty percent. But the additional benefit of that is that I can sell my share without impacting Jess. We can actually get two separate loans, so she can have her own lending facility. I can
have my own. We can also, you know, pass it on to somebody else, Like if something happened between Jess and I and Jess want it out, she could sell it to somebody else if she wanted to, but I wouldn't lose out. So like, we need to look at structure as well as the relationship. And then on top of that, I'd want to binding financial agreement. If I'm going into this relationship with somebody where Now, yeah, I trust you, Beck, but like, what if something happens and
you know, back to that pregnancy situation, unforeseen happens. Now there's animosity because I don't want to lose money. I don't want to sell the property. But also we haven't pre agreed to anything when we were both wanting the best for one another. So I think that sitting down and even if and like I talk to people all the time about this, they're like, the a binding financial
agreement is so expensive. I get it, But if you can't afford to do that and you're planning on buying property, can you actually afford the loss that would be incurred if it went wrong? Like, can we talk about that? Can we also sit down and have like I don't know, if you have a date night with your brother, is that weird? That's weird, weird down which it's absolutely bad.
You're going to sit down, You're going to have a drink, and what you're going to do is go, well, let's think of all of the worst case scenarios and let's work shop what we'd do. So, like, Beck, I want you to think of the worst thing that could happen. House burns, down. Okay, what are we going to do? I want you to be on the same page about the outcomes before you get there, so that you default back to Okay, Well, when we work shopped this, this
was the outcome. This is what we agreed to. So there's no like, hey, awkward, but what are we going to do now? Like you already kind of have a plan, but that's my advice. So would you do it?
You know what?
Lots of people have done it successfully totally. Lots of people in our dms are like, don't do it. It didn't work for me. So would you like to hear the tea?
Always?
Okay? So before we get to the tea, we did ask the community, would you ever buy property with a sibling? Forty seven percent of you setting up too risky, and fifty three percent said yeah, that could work for me. We asked, would you rather own fifty percent of a property now or wait and own one hundred percent? Miss Jessica Ricci Hard yes, one hundred percent. She wants to own everything and not share a thing. I love it.
Forty five percent of you said I want to own fifty percent now, but fifty five percent of you said I'm gonna wait for one hundred percent ownership. We then said, babe, what's your two cents share? One person said I bought with my brother. It went really badly, almost ripped my family apart. Wow, that really sad. Really ooh. Someone else said, BFA all day, baby. That is is she's on the money a T shirt. BFA all day, finding financial agreements all to day. BFA all day. I want that on
a T shirt. Someone else said, get this communication communication.
Wow.
I restrained myself from saying it when you were talking about don't say it, don't say it, don't say it. Someone else said my cousins bought property together and it set them up for a super successful future. Beautiful. Someone else said, even if everyone is level headed now, things can change. Someone else said, tenants in common. That way, if it does go downhill, there's an extra layer of protection. We love that. Someone else said, I would never buy
with family. I did it, and it destroyed our relationship completely. That's really sad. It's actually really sad. Someone said, my boyfriend's brother won't sell or buy him out, which means that I am massively held back from buying our own place. Oh true, But also I don't want to defend your boyfriend's brother here because obviously I'm meant to be on your side. But I get it, like he bought a property and he doesn't want to sell it. Yeah, like
I buy property. I can almost guarantee the second jessico to each she gets her hands on property. Are you going to be able to convince that woman to sell it?
No?
Like from my cold far, to only come this far. And that's what we've got to think about when we're going into situations like this, Like you're life has significantly changed and now you want to buy with your partner so romantic. I love this for you, but your partner already has a financial commitment with somebody else and that kind of needs to be respected as well. It sucks, but like what you're going to do? Someone else said if they settle as tenants in common, the girlfriend would
only have rights to his fifty percent, which is true. Yes, and we'll leave it there. Great. How are we feeling about that? On Sunday? I can't wait to get off this podcast because Jess said that we can talk after about her meeting with Jack from Zella Money, and that means that there might be property in the works for mistress. Don't don't know, don't know, don't know, don't know, eggs no basket no, all right, So have a good week, guys.
Don't forget it is the last day that you can get into the Investing Masterclass if you haven't joined us. Doors are closing at five pm. If you want to join as well, use the Code podcast, but obviously a very cheeky discount. But we'll see you right nearly on Monday for a money diary and a little bonus episode tomorrow. So so enjoy the weekend, My loves by guys. Bye.
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