Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
the Order Kerni Whoaltbury 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 podcast that makes personal finance fun, especially on Fridays. It's our favorite or my favorite day of the week because I get to get my little team together and celebrate you, our incredible She's on the Money community. This week, mister Sigricci, as always, is going to be sharing some money whins all confessions from the Facebook group. Miss becksayed, I believe you've got a few good broke tips to share this week.
We've got a money dilemma. This week is all about which debt you should be paying off first for maximum impact, and you slid into our dms about something how do you decide which financial goals are actually worth saving for?
So before we get there new segment, we.
Have been sharing our favorite five star reviews from the show every single week and it's been such a nice little addition.
I feel so if you haven't left a review and you would like to hear yours on the show, you could even slip in like a cheeky question into it. I reckon, I'm so take it care, take a cantage of it.
So, beck I want to know, have you got a five star review that you would like to share with the team?
Yes, ma'am. Okay, So this one comes from very official.
This one come from Katie. She's on the Money podcast is informative yet broken down to be easily understood and explained. That girls are so passionate and keep the podcast entertaining and interesting. I like that there's three different episodes a week that are in different formats which keep things interesting, such as the deep Dives, money Diaries and Fridays with
the Money, Dilemmas and spicy topics. Thank you for making financial education so accessible for women and in brackets and anyone else who would like to listen to this podcast and breaking down the barriers to financial independence. That's so kind.
Can you believe that people take their time to write reviews that are that long?
So sweet? It's just it's so nice and it's very very helpful. It's very nice, but also like just so kind. Yeah, so kind.
Thank you so much?
Key, I love that? Thank you, Katie Jess. What have you got for us?
I've got one this week from Lucy who said, good night, great name. Absolutely love listening to this podcast. Morning Walked with My Dog have been so much better since finding the pod. Coming from a girl in her early twenties who has always loved finance and is currently completing a Bachelor of Business majoring in finance.
This is so awesome. Love all the hosts. They are great and so easy to listen to. Love that.
That's also good luck with your degree because that's not an easy one to do.
Get a queen, I have one? Do you want me to share it? Absolutely honest?
From Elise and it says, this is short but sweet? Are you ready obsessed with Beck?
Girl? You are just perfect? God, it's so cute. That is so nice.
Thank you, Thank you, a ladies, he is excited.
Thank you.
That is really sweet.
I think Alica's got crush on you. Oh my god, I've crushed on you too. Oh I love it. What a good start to our Friday episode. I want to get into it, though. I want you to start off with laughing, laughing, because it keeps going. I'm going like I'm Jessica's laughing because she got the dodgy chair and.
Today I have to change later, all right, jess So from down there in your small chair, what have you got when it comes to money?
Wins all confessions from the community.
I've got some goodies this week. So firstly, I've got one from Chloe, who said she's learning the art of loaning and borrowing things rather than purchasing them for a once off use. So she borrowed someone's dehydrated to preserve from lemons from a neighbor's tree, with recipes that she got from a loaned library book.
Oh that's clever.
I feel like this is something I was talking about this see my friend group recently. Which is why I really liked it is I'm often a friend that will have.
Like you've got all the stuff. Yeah, we're like friends of mine own. She's got it, new Christmas decorations, sixty boxes.
Power washer and like leaf blower and stuff friends of ours borrowed and they've still got it because I'm like, I use it like twice.
Yeah, and the rest of your just in my garage me too. It's so satisfying.
But I'm like, why if you have a group of friends and one person has it, why would another you buy it?
You should start like a tool library, like.
My own little person. And this is what I've got, and this is what beck has got.
But if you need something, just chuck it in your friends group chat like, how has anyone got a steam cleaner?
How has anyone got x y Z? Don't buy it if you don't have to.
Yes, Gus, Hey can you come and do the power washing.
For you? Of course I've never.
Next, I've got a money from it, Zelma, who said this is probably the least impressive win ever. But I'm so broke, so I'm pretty happy with this. She got some moldy raspberries in her Click and Collect, so she put in a refund request. Obviously, she got her money back, and she got an additional voucher for the value of the berries because will.
Have a fresh food guarantee. Oh great, so she came out six bucks up. That's funny, Red, I feel your girl. And then with that she can get herself a loaf of bread and that'll last, hopefully the week, exactly, a loaf of bread. A loaf of bread.
Next, I've got a money win from Haley, who said I always thought selling things on marketplace was too hard for not a lot of money. But we've been decluttering recently to move and I've sold enough to cover the cost of out vacate cleaning. Oh my god, that's so expensive too, as well as an extra to cover some convenience food to get us through the stress.
Oh how good. That just takes the pressure off. Totally.
Get a few pizzas and have someone do the end of lace clean like, oh live lovelast.
Yeah. My philosophy is always the more I sell at moving time, the less I have to move, Like that's the one least thing I got to put in exactly true.
That's true, and I hate packing. Ving is my least favorite thing in the entire world.
I completely agree.
Next, I want money win from Annie, who said money win We went to the Jurassic World exhibit in Melbourne on the weekend with my dino obsessed three year old cool. She got in for free despite having to buy tickets for kids that were three or years or older, because in the description it says three and under are free, so she got them on a little bit of a technicality. She obviously argued with whoever was up the front and she said, I use that to my advantage, got her
in for free. The money loss was they do make you exit through the gift shop, and of course we had to buy a dinosaur toy, so it kind of came out in the wash.
Of course, of course the money good point. It's a good point.
Yeah.
Also that dinosaur toy endless entertainment. Yes, an investment.
It is an investment.
Everybody needs a dinosaur toy.
I really want to go to that exhibition.
Anyway.
That's another time. Sorry for time.
Lastly, this week I have a money in from Rachel who said last week I bought a new TV. I've never owned a new TV in my life. It was very exciting at the time. I price match and got a good deal for one one hundred and forty five dollars one week later, though, it went on sale.
I walked right into JB requested a.
Refunder for the difference, and as I was old at the time I purchased it, this was something that I could do, no questions asked.
They refunded me in cash for the difference.
Oh my god, straight in her pocket.
What just walking back in and being like, hello, I saw you were having a little sale. Yeah, that's really good.
What are the chances that the exact model and everything.
Is completely and you'd be so annoyed as well if I know, study like, Oh, I could to save twtter bucks by waiting.
I did that on the Iconic this week tell me. I bought a new pair.
Of jeans and I was like, do I get them express posted or no? And then I was like, nah, you're Victoria. You do not need to spare money on express post. So I picked the normal post. And then the next day, because I did this over the weekend, I got the notification about Black Friday sales. And I should have known, like I should have used my brain and I should have known. And so these jeans went from like one sixty down to I think one hundred
and eleven dollars that's a bit different. And because I didn't get express posts, they hadn't even arrived yet and they were cheaper. So I just got on little like on their chat thing and said, hello, it's me. I was just one the jeans that I still haven't received yet have now gone on like sale and they said no worries a refunding you the difference easy. Well, and they still like they still haven't arrived, which is so fine, but like I already have the discount back in my pocket.
That's so good. And also to take it to another level, I looked at them online and my size is sold out, so I couldn't have bought them for the sale price anyway, because I think everybody else like snapped them up on the sale price, but I'd paid for anyway. It was very excited, like Friday sales. They get me good. I gotta tell y'a, oh, it's so bad.
But also like I have needed new genes for ages because like you know, not to get too deep into it, but jeans are the arch nemesis of a postpartum body. I see, like I just don't want to and I'm finally feeling a little bit comfortable and I was like, all right, I'm just going to buy some new white jeans for summer. Like it's just it needs to happen, so to get them as a bit of a money
win as well, Like I was very happy with this out. Yeah, not bad, not bad, all right, beck, if you got some broke chips?
Yes, yes, I do.
Okay, so as always too from the community to myself. The first one comes from Alex, who says, if you, hi, Alex, if you boil water instead of using weed killer, that will eradicate your weeds. Apparently I've tried these. It works. It confirm the go I love this.
Why didn't you guys tell me I bought weed killer the other week and I've been too scared to use it because I'm like, oh weed killer, I have pets, like they're not in the garden.
It just feels a gressing. So you're telling me I could have just boiled some water and fixed it.
It's weird, Like some small part of me felt a little bit bad that I was boiling the plant alive.
But I was like, I'm so sorry, but hopefully it's a quick death.
Last night, absolute hypgtdelion.
This is the off topic, but I I still have no idea what a weed is. I don't know how to detect a weed, babe, you do.
I don't know.
If it's growing in between the bricks, it's a weed. Okay, it doesn't anything that's just not meant to be there. I see, I see come to my front garden everywhere. Okay, okay, well maybe you can help me figure out which I'm here for you.
Thank you?
Everything, everything is a weed.
Everything's beautiful in my eyes, thank you.
Okay.
This next one comes.
From actually a friend of mine, Nikola. We were at the Popular day. She's wearing this top and I was like, oh my god, such a nice top.
Where you get that? And she was like, I got it from Lost and Found? And I was like that.
I want to preface this because I know that if you go into a Lost and Found people might come back for their items.
But if you're going into like.
I feel safe. He's slip pretty slow, carry on.
She was saying, hostels. She was just traveling for a little bit.
And also, you know, gyms and things like that, if you like, ask the people there, like especially, I think it's safer with hostels because people are coming and going and if you're truly in a different country, different country,
then it's a little bit safer. So maybe not gyms, let's rule out gyms, but hostels, even if you're not staying hostile, even if you're not traveling, you can theoretically literally if you just don't have the money to buy yourself new clothes and you do want to just see what's out there, and there are probably This probably goes for like people who are literally homeless right now as well,
if they happen to be listening. If you just need something something warm for the winter, and you just go into your hostel and say, hey, how long have these been here?
Are these people?
You know?
Have they left the country? Can I take this?
It has to be a no client period there, like he's there, okay, Well, I mean it depends place to place. But my partner where he works, there's a lot of Loston Found stuff and they have like a six month period and after six months they either donate it. I think, like the staff are welcome to go through if they want anything, and then it literally gets dropped at up shop. Yeah, and you got some really nice stuff about Loston Found, really nice. Well, you don't really nice watch.
Which is sorry. Okay, that's sick. That's sick. But like, you know, other than the watch, I feel like people sometimes just leave stuff so like I can't be back. That makes sense.
I feel like if they have a policy of donating it after three months, like fair game.
Absolutely it's all yours. So that's just an option. But I thought that was really really clever. Okay, the next one is from me.
You don't want it if you haven't come back for it six months exactly. You know, needs plenty of time for someone to remember that.
And if it was like a roll Legs watch, I'm sure they would have taken it to the body cops, right, Absolutely, I just feel like absolutely.
And then this next one is from me, So this was I just want to preface this also by saying that I do come to the table with arts and crafts broke.
Excellent arts and crafty girls. It's okay, you're you're preaching. Okay, great, Please don't tell us that you're going to make us make our own felt frim like drial into or something.
Absolutely, you do have to travel because they have felt field.
I don't think they exist, but anyway, No, so this is for the people who have gift giving as like their love language. You know, to Christmas, you guys coming up to Christmas, but you don't have much money to spend. Anyway, I made.
These custom match boxes and saw my story.
I loved them. Thank you so much. You could do like little puns if it's for like, match boxes are cheap, So did you just buy them at market? Yes, cheap match boxes, And then I just you don't have to get paint, but you can if you want. I'm sure you have something lying around that you could use. But I just used.
You know those chalk markers. Oh yeah, yeah, I use.
Those came up the other day. I didn't need them, but I wanted.
They're so satisfying, so something so nice.
Like I was on a whiteboard with a chalk market though, I thought it would be good for my MLM deep dives because the colors were very vibrant, but not very cum coffee. Oh I see a bit more permanent, you could.
Say, which is perfect because it really it similarizes the permanence of your love for the person you're giving these match boxes too. So I recommend just get a little bit of arts and craft seat make some personalized matchboxes really pretty and so cheap, so cheap, and so thoughtful. I just love a homemade gift. I know it's cute, and so it's you to use it like people actually use matches.
So it's like win, win win.
I love this for us.
You could print it on stick of paper, yeah, and then put the stick of paper around exactly.
Or you could just do a terrible drawing and tell the person that it's the thought that count.
That's my theory. That's my theory. All right, let's go to a really quick break on the flip side. We're going to be answering a money dilemma, which this week is all about which debt you should pay off first for maximum impact? And you slid into our dms about something. This week we're answering the question of how do you decide which financial goals are actually worth saving for?
So guys, don't go anywhere. Welcome back friends. Let's take a listen to this week's money dilemma.
Hi, there, have you got a money dilemma you just can't solve that. She's on the Money team is here to help. Every week we tackle your dilemmas, both big and small, to answer your most burning money.
Career and life questions.
To get involved, simply head to our website and leave us a short voice recording and you might just find yourself on the show. Now, let's take a listen to this week's money dilemma.
Hi, she's on the money. I just have a question regarding investment property. So me and my sister share an investment property together. We are fifty to fifty in it, and that mortgage currently sits at around two hundred thousand. Unfortunately, we recently lost our dad and got an inheritance each of about two hundred and fifty thousand. My sister is really eager to pay off the investment property. She does
not have a mortgage herself. She rents, whereas me and my partner have a mortgage of around four hundred and fifty thousand for the house that we live in.
We've discussed it and.
Think it would be wiser to put the inheritance on the offset of our own home rather than pay off the investment property, but my sister has very You get a paid off and not have to worry about it. I know two hundred thousand isn't a very big mortgage at the moment, and there's a lot of things to consider, just wanting to know what your thoughts are and what some of the tax implications can be.
Thanks, guys, Oh, I feel like this is a really good one and one of those things I guess first things first, Actually, let's rewind. I'm really sorry about your duck because that sucks.
But first things first, this is a really good, I guess example of how different competing financial goals are going to take shape once you purchase a property with someone who's not your partner. And that doesn't mean it's a negative thing. It just means that we need to discuss it. Because if you have two hundred thousand dollars left on a property, that's one hundred thousand dollars each, and your sister's probably like, cool, I've got two hundred and fifty
thousand dollars. I'll have one hundred and fifty grand leftover and no mortgage money win for her.
That makes sense.
For you, you might have done the maths and have been like, actually, our family home mortgage, it would be much better in offset. That's what we want to do, and I'd prefer to pay this one hundred thousand dollars that I owe on this investment property off over time, I think, guess what I'm going to say when in dow zoom out.
So let's look at the.
Bigger picture, Like, if you paid off this in its entirety right now, is that actually the best decision for you and your sister? Like if it's an investment property, I don't have enough information, like is it a positively GD is it negatively gared? Like maybe there could be some type of compromise and you pay off a little bit so that the property does become completely positively geared, so that there's no additions that are necessary for you guys,
and over time it just ticks along. Maybe you could talk to your sister about what that lump sum could mean for her outside, Like what's the interest rate on that mortgage. Let's pretend you went to Zella and you've
got a good interest rate on your mortgage. The Australian share market is returning more than the interest rates rewriting right now on mortgages, so it would actually long term make more sense to not just pay that off, even though it would feel good, but invest So I think it's a bigger conversation around Okay, what does that mean? But also what does happen. If your sister pays off
her entire portion, is that a bad thing? Does that mean that your sister's expecting to pay her one hundred thousand dollars off and you have to do the same thing? Or are you happy to take on the one hundred thousand dollars left on the mortgage and be like, yeah, sister, you're completely paid off. That's all good, But I still want to have that financial burden because it's still going to be the same amount that you're paying every single month.
If your sister extinguishes her portion, does that make sense?
Yeah? You just what would you do? Increase in your interest splitting the cost of interest?
Yes, but it would then only be on one hundred thousand dollars instead of two hundred thousand dollars, So it should all come out in the wash technically. And I mean that's up to you to decide whether you put another twenty five thousand dollars into that, so then your mortgage on that investment property is only seventy five or something like that. But for me, it would be about looking at what the rental yield on that investment property is, like,
what it looks like over time what's the plan for it? Like, are you planning on selling it? Because for me, if the plan is to sell a property, you don't necessarily need to extinguish the mortgage first, especially with post tax dollars, to then sell it and get the money back out that way.
So what's the long term plan for this property? What would you be looking at, Jess?
If you and I purchased a property together and one of us wanted to get rid of our mortgage and the other wanted to keep it.
I don't have a good reason for this, but my instinct was, just like our listener, like, I would want to pay off my own mortgage first. And I don't really know why. I don't know if it's because to me over your own head, yeah, I don't know, if it's like the emotional thing or like in my mind, I guess you know, I'm like that push comes to shove if you you know, God forbid something goes wrong. The first thing I'd sell would be the investment property
before my family home. And so for me, it makes sense to secure that family home as much as possible. But I can see that it could potentially cause conflict, you know, with if you're wanting to do one thing and your sister's wanting to do another, And there's obviously then the complexities of like, as you were saying, if she pays off her portion and you don't pay off your portion, like, I can see that that's quite messy, which is also not ideal. But yeah, but honestly, no
good reason. I think I would go with my mortgage. I mean I would probably as you were saying, run the numbers. That's probably the smart practical way to do it. That My just first instinct listening to the dilemma was oh, like, I think I would probably put it in my off personally.
Yeah, I also think we need to, sorry to jump in here, talk about the difference between tenants in common versus joint tenants, because I don't know how you own that. And so if your sister pays off her fifty percent and it depends like the liability if you are joint tenants, would actually mean that she still has that over her head, yeah, which is which is technically not fair. But then you could also draw up an agreement that says oh no, no, no, like it's definitely my responsibility.
But on the flip side, if.
Your tenants in common where you have a defined share and you've paid off your defined share, like it shouldn't be an issue. But anyway, just probably thinking too deep about it once again, Beck, what would you do?
Well?
I actually just have a question about so offset account is like, say, like you've you you're paying for your mortgage, and then you have an account that's linked to your mortgage. The offset account is like, let's say, for example, we have one hundred dollars in your mortgage and then fifty dollars in your offset. You're only paying interest on the remaining fifty Is that right? I'm retiring. I'm retired. I
don't even I don't even need to be here. You've got this What if like, and I'm not suggesting that our listener do this, but if they put one hundred thousand dollars in the offset and then the system pays one hundred thousand, does it just like is that like does that mean that they're paying zero interest?
Yeah?
Oh yeah.
So there are people out there who still have their entire mortgage facility, and if their house is worth five hundred thousand dollars, they might have five hundred thousand dollars in their sure in their offset and they just don't pay anything each month and it offsets it. But for some reason they might decide that still having access to the mortgage facility makes sense. Now you might go v that makes absolutely no sense, like, wouldn't you just want
to be niil All. Well, firstly, this is actually quite common for people coming up to retirement, where you know, they might be in their sixties and they know if they went to a bank because one of them is just retired, they would never get that mortgage again. And they like the idea that they could have access to the capital and the money in their offset to play with. Maybe they're like, oh, it's a part of our retirement plan.
I don't want to be niil All and just have a mortgage that's a zero and like mortgage is gone, Like I don't mind if I go back into debt a little bit because I took out eighty thousand dollars to buy a caravan, because they probably wouldn't get that on personal finance. So sometimes people keep their mortgage facility around, so there's a lot of to and fro. But yes, you could technically put the money in there and offset it.
What this money direst or this listener has written in and said, is she wants that money in her current family homes offset And I'm assuming it's because it's probably a higher interest rate, And even if it's not a higher interest rate, it's clearly making her feel more secure. Yes, and that's really important to take it into generation too.
That's so fair. I think I'd probably do the same thing in that case, yes, simply for like security. And yeah, I guess if you do, like you don't really have the emotional attachment to the investment property.
So yeah, I mean, yeah, I can see it.
I'm like thinking about this as much as I can now, and I think that if this was my sister and I and my sister was like, vey, I want to put my one hundred grand in and paid off, I think I would ask her if she could just put it into the offset account and I continue to pay the remainder of the mortgage because it would drop the interest payments down to looking like it was only quote one hundred thousand dollars, and that can then be my portion and I can slowly pay it off over time.
But then I could like sell it to my sister that if that situation ever changes, you can take the money back out, like we don't need to sell the property to get your money back out, and then if you needed it for like another home deposit in the future, or like building wealth in a different way, like you could access it. So maybe that's a good way of
going about it. So like your sister can pay her a portion, you pay yours, you do the mortgage, your payments, but I would talk to your bank about that first as well, talk to your broker actually about how that works, because there might be you know, some loans.
You might not know this, but some loans.
Have contribution caps, so they might say you can only contribute up to, you know, twenty four thousand dollars a year on your mortgage, which obviously you need to dot all the i's and cross all the teeth if you're concerned, like shameless plug, but Xella Money could literally do that
for you, and it might be a good idea. Now, if you're in a situation where you're like, oh, like, we could pay it off, it's only two hundred grand, maybe refinance it as well, get a better rate, pay off your hundred grand of your sister's things, or put that in the offset, and then you're paying even less as well.
That's a great.
Everyone can come out in the wash very comfortably. But again, it's such a personal decision because, like money isn't inherently right or wrong, Like there's no right answer here.
It's like, well, what do.
You feel most comfortable with? Sure, it's interesting dilemma, but above all, we're really sorry too for your loss.
Yeah sending.
Yeah, everybody who gets an inheritance, I feel like there's this idea that, oh, my god, you got.
An inheritance, that's so lucky. It set you up.
Like I don't know one person who got an inheritance who wouldn't immediately give it back for even like five minutes more with the person that they lost. Yeah, Like, oh, it's a shitty position to be in. So I am sorry.
But moving onwards, we have a DM that were received this week. Would you guys like to hear it?
Yeah?
Yeah, all right, So here's our DM. Hey, she's on the money. How do you figure out what you actually want to say?
For I feel like I'm at an age they're twenty three. I should be saving for the big things in life, like a car, a house, or retirement, But I also have a really pessimistic view towards that. I have a car that runs. It's not flashy or new, but it's nice enough. I don't feel like buying a house is in reach right now due to the market. For example, I live on the Gold Coast, so that feels like it's too big of a goal to even think about.
And I'm slowly chipping away at my investment portfolio. But to be honest, saving for retirement doesn't light me up. So my head goes, oh, you should save for a trip. But that feels irresponsible and silly. Does that make sense. I want to be able to save my money and I have a goal of five thousand dollars at the moment, but I don't know why, so it's making the goal feel much harder to reach.
Is this relatable?
Oh my god, I feel so seen.
I don't know why we're doing this.
Yeah, that's why I feel like I've never saved it.
Also, you know, I'm also really really bad as money, as everyone knows, but I've never just really had to save. It's bad with money, fineinantally illiterate.
We're learning, we're growing, You're getting some new tools and resources that you didn't have before. I think we're all just out here doing the best that we can. Yes, that's living the life that we want to leave.
Thank you so much.
That's actually is a bad Like there's a decision if you go V would you have spent X on X? Well maybe not, but then I would go, hey, back, I spent this amount of money on this other thing, and you'd be like, what the.
Hell are you doing?
Like, yeah, that's true, I know you. You're just doing you that. Thank you.
That's important.
Thank you.
I yeah, I feel like saving for something. I've also been saved. It's kind of like I just can't see beyond, Like I don't know actually know what I'm saving for. I'm just like, I guess I'm saving. If I can, I'll save, but I'm like, what the hell for? Like, I actually don't think I'll be able to buy an apartment anytime soon.
I don't really have anybody.
If we work at it, you will buy an apartment, that's true, But I don't even have like the passion for that to feel, you know, oh my god, Like I want to put a thousand dollars away every month to get so it's like it's not a big goal. So I totally understand what this person is saying. But I think that even if you just are saving so that you are not I guess it's really screwed if
something goes wrong. So like, as you say, like just having an emergency emergency fund, but if you live like me, that emergency fund could also be everyone's going to Japan next year and I actually really want to go with them, And.
Iency it depends on who you are as you categorize.
Emergency is sometimes just desperately not feeling fomo and that is an emergency, or just like seeing something that you really like and be like, oh, I can actually afford that, Like I really want to buy this brand new Fitbit and I can afford that now. So it's like I just have to see that brand new Fitbit? Is it? It looks really nice? Thank you so much, nice spend,
very new color. Yeah, I like it. But yes, I think just like even if you have no goals, if you don't know what you're saving, four just honestly say for the joys of life, and that could be don't feel bad about going on a trip. That's when you're on your deathbed in a touchwood, You're not gonna be like, Wow, I'm so glad that I didn't buy that late that one time so I could buy a house.
You know you're going to be like.
Also, also, if the compromise is not buying a latte and I get a house, take my latte.
That was a very boom thing to no.
No, no no.
But I get it because I think that so many times we feel the pressure to make compromises that are compromising our lifestyle but don't actually ultimately help with the long.
Term exactly exactly, but I'm just saying that the experiences and having fun and doing things that make you feel happy and joyful and spending time with your friends and all this stuff and those things are so important.
So if it's travel, i'd say that's an investment.
I like that. I like that.
I'm going to flip to the savior. Yes, yes we should miss I can save even when I'm broke.
Talk to me. I agree on some level.
I think that you're right, like you do need to find joy in the things that you're doing. I think I'm not entirely sure if our listener is saying five thousand, the five thousand that she's saving towards will be like all the money that she has, Like currently she has no money and she's saving. If that's the case, I completely agree, Like emergency fund should be your first priority because you need to have something there in case of whatever it may be. I think you need to figure
out what does bring you joy. So if it is the travel and that's what you're choosing to prioritize, it's okay to prioritize that over more traditional quote unquote goals like purchasing a house or a wedding.
Or traditional goals are literally bullshit, Like you don't have to do anything in this life that doesn't align with your values.
Absolutely, So if travel is what really lights you up, I think definitely prioritize that. The one thing that I would say is, and I mean I don't know anything about where our listeners sitting in terms of like their own journey for financial literacy and stuff. But I was never excited by the idea of saving for retirement until I understood the fact that like investing, for example, is free money.
I say free money. Yeah, it was like a switch in my head. It was like, oh my god.
Once I understood that by doing this, I get all this money for free, you know.
Pending marketingution, and so far it's been going well. It has been going on.
You mean, like in my investment portfolio, which is not particularly big. I think currently if I were to sell, I'd be up like three grand, and like.
That's three grand you didn't have before, correct, three grand effectively free money.
And so you know, even if you're looking at a high interest savings account or something like that. For me, that was a really good switch and a motivator. That's not going to be the case for everybody. Like you know, my money might not be something that's a priority to you. But I would say, maybe explore all the different options and make sure you really understand what that looks like for your potential future. You said you kind of want to buy a house, but.
You don't think it's achievable. Talk to a.
Broker, see where you would need to be, because you would be amazed at how many schemes there are that can help you get in a much lower deposit than you would maybe think. And you know, there are all of these different avenues and options. So I would say, and again maybe this is coming back to the type
of person I am. I like to have all of the information before I make a choice, but like, really look into all of these different things and what that could look like and what input that would take from you, and if at the end of that year, go no, I just want to spend the next five years traveling. Travel like that, okay, and do that and enjoy that
and don't feel guilty about that. But I would just say, make sure you have all the information because I would hate for you to make a choice, because you know, I can't afford to buy a house, so I'm just going to spend the money because can't take it with me when I die, like you were saying back, and then you know, a couple of years later, you go, oh, if I had known X y Z, I actually could have bought a house a couple of years ago. And
that's something that I would have wanted. But you shouldn't feel bad about your priorities.
Yes, yea, I think that you said something, or our listener wrote in and said, like, I think I'm just pessimistic, And I think that's important to dress because human beings are inherently pessimistic, because if we go back in time, none of us could live in a cave. But back then, being pessimistic was a survival instinct, and expecting the worst and getting the best was a literal survival tool to go like, oh, if I go out, there might be
a threat. Like And I think that that is a protective measure that we still implement today, whether that is us protecting our emotions because we're like, oh, I don't even like them kind of vibes, or oh, I don't even want to buy a property, when maybe deep down you do because you just don't want to put yourself in a situation where you feel at risk. Right, So, I think that having conversations and learning more about financial literacy and what it could mean, and just exploring opportunities,
you don't have to do these things. Like my job or the job I've given myself, is to give you all of the tools and resources that I believe you deserve to make decisions that are in line with your values. And that does not mean that everybody should be investing in the share market. It doesn't mean that everybody should be, you know, buying property. Like, I want you to have the financial freedom to live the life that you are crafting,
but I can't tell you what your values are. That's why I'm so like oh, think about your money story. Think about these things, because I can push you so far, but you can't lead a horse to water and then expect them that they will immediately drink. Right, So I think you need to do some internal work about, well, what are your value systems? Like, let's talk about this pessimism.
Where is it coming from? Is it because your money story is telling you that it never happened for your parents and every family member that you've got has never owned property, and therefore this blueprint has been set for you, so you just expect you will follow suit. That doesn't have to be the reality of your future. Like just because you've seen it portrayed that way doesn't mean that
you aren't completely in control of your money journey. Like anybody at any stage can go Nope, that's not for me anymore.
It's really hard. It's not like a easy like I just wake up today and decided to be rich, like if only, if only right?
But like, if you want something bad enough, you can make it happen. And the She's on the money community has taught us that. Like we've had people who have gone from being dead broke in hundreds of thousands of dollars worth of debt to starting businesses, to you know, investing hundreds of thousands of dollars to becoming financially free. So I think it's important to kind of like go, okay, cool. Why why am I not even engaged in this? Is
it because it is overwhelming? Is it because I don't know what I even want to do with my degree or even want to do for.
Work or whatever that is?
Jess, you touched on something that I think is really disengaging, and that's this concept of retirement.
Like in my head.
In my head, people who retire they have like a work Chris, like a work party, and they get a Cole's cake and they stand around in their tea room and they go yay friends retiring, and they have little flags.
And there's nothing sexy about retirement to me, but there's a lot it's sexy about financial freedom, Like the idea that I'm going to get to a point in my life and I'm going to have enough income from passive investments, meaning I could not go to work and still afford brunch, still afford coffee, still be able to travel.
Like to me, that excites me.
So I think it's about I get that you're not engaged with this concept of retirement, because neither and I know that Jess. That was something where I was like, do you want to talk about retirement? And you were like absolutely not. But then I was like, well, so did you know you can get free money?
And you're like, sorry, what was that? I wasn't listening? Can you start again?
And I think it's really important to kind of educate yourself on what that can provide, because if you love travel, imagine having an investment portfolio that paid you a passive income that meant you could travel every single year without question, without having to be like, oh, I wonder if I'll
be able to afford it. No, no, no, you set yourself up so you could afford it, and a lot of these systems, once you've decided on your values, we can set up in the background, whether that's contributing more to your superannuation and asking your employer to do that on your behalf so you don't have to think about it again, or whether that is you know, automating your cash flow so when money comes into your account, you have a direct debit that goes straight out into an investment or
straight out into your savings account so that you don't have to think about money all the time. I think there's this massive misconception that to be good at money you need to be consistently like counting your pennies and checking your bank account and doing all these things. Like no, implementing good systems is the key to success. Like it's not something like I don't check my bank account every day.
I don't look at these things, and that's a privilege. But the privilege has come from implementing clean systems because I don't really want to do that every day. Yeah. Yeah, And it's a really tough economic time right now. You have a.
Point about, like, you know, feeling pessimistic, and to be honest, I can totally agree with that. I think that it's just overwhelming and scary, not even just in the financial world, but the political world, and you know, all of the things that are happening in other right now. I feel like it feels heavy to just be alive, right and
it's not right. Yeah, sometimes it just feels hard, and that is really normal, I think, and that it makes sense that that would then bleed into something as significant as your finances because you're trying to think about your future. You know, well, oh my god, the future feels very scary and very unsure and very unstable, and I feel like that could maybe plain into it as well. But I just want to say that you're.
Not alone in that, because I feel that a lot too, and you don't want to hear this, But the best way to protect yourself and your future is to care about your financial literacy. The best way to put yourself in the best position, whether you are in significant debt or have a massive income, is to care about your cash flow. Is to do a budget, is to do.
All the things that you are probably avoiding because it is going to mean that you have clarity. Yeah, and even if the clarity shows you that things are looking a bit bleak, you would prefer to know now and be able to address it. Then get another ten years down the track. You're like, oh, that's even worse. Like we can do so much today. That puts you in the best possible position, Like let's do it, let's do it. Say so lots of opinions, and I feel like it
was a really relatable one. Right, So we went to the community and we said, do you find it hard to set goals? Because of what you think you should be doing, and forty percent of our community said, oh my god, yes, twenty seven percent said sometimes I try hard to tune that out, and thirty three percent of you said no, I'm just doing what works for me.
Teach us your way.
Yeah.
We also asked do you think clear goals help you keep control of your finances? Seventy eight percent of you said yes, or my money is a mess, and twenty two percent of you said nope, I'm fine without them.
Whatever works for you when I need to judge. But also like I could never I know when my type I asked, could simply not but absolutely not.
We obviously then said can we please have your two cents? Some and I have a lot of comments, so I'm going to go through them. One person said, I think it's okay for people to have different goals at different ages and stages.
Absolutely agree. So many of you.
Replied, I relate so hard to this. Someone else said, struggling with goals, think of money as a journey, not a destination, because it's about process.
So true.
I love this.
I feel like all of you guys should actually host the show. Someone else said, I think you should think of investments as something different rather than your retirement our same page as me. Another person said, you can save for a holiday and a house. The house doesn't need to be clear in order to save towards it.
It's true. Yeah, you can do multiple things at once.
Someone else said, I'm a little bit in the same boat of not knowing what to save for. So I have just a big savings account and then a general savings account. The big one is for life things, whether it's a house or something big that I decide on in the future, and then general savings can.
Be for holidays. I like that cool.
Someone else said, I'm not very goal oriented. I save because I can, and then it's there if I need something.
Totally a good point. Not everyone does work that I particularly. I feel like a lot of neurodivergin people probably approach.
You and we don't know what we want.
You don't always you either hyper fixate and you're like, this is all I'm doing, or it can maybe feel a little bit intangible and therefore more challenging, which is also normal.
Yeah.
Yeah, crusted right now, but very valid. Like, you don't need to have goals, but you do need to care about future you. Yes, so I think that you don't need to be clear on it, but we do need to be clear that future you deserves the best, and we're going to treat them that way. Someone said, this is one hundred percent me. I'm saving, but what for? I think about spending it, but then I don't because I fear it's a waste.
That's hard.
Yeah, someone else said, life is short but also long. I try to balance goals for both. You never know, you never know. And then someone else said, maybe just start with one goal and that goal is an emergency fund. That's a great ideas for me. It's like, what are you saving for financial freedom? I just wanted to rich, like do you want free money? Don't free money? What I want exactly?
And I feel like you are do what you want kind of person, Like you don't need to buy a house, you don't need to organize like a plan for an apartment. But like beck, you imagine how much do what you want? You could do if you didn't have to come to work today.
I know you.
Could sleep in you could lay in the grass, you could get six billion vapes like you could do you but you need cash to fund that lifestyle.
But I'd still be here. Lots of people don't have houses and stuff too, like ye for every Oh my god, I just actually finished it's coming out soon. I just finished recording a money diary.
Was someone who said, basically, I have six figures in my investment portfolio, six figures in my super six figur income, and I don't think I want to buy property, not for me. And I looked at their savings they are saving. They have one hundred and ten thousand dollars in an investment platform right now, saving two and a half or two two hundred dollars each and every single month, which is so much money, right, But I worked out that when they retire they're going to have about five million
dollars in investments. Crazy and no plans for property. But do you know what five million dollars in their investment is going to mean when they retire? What an income of two hundred and seventy five thousand dollars a year?
That is very appealing, But do you know how much whatever you want that means? Yeah, that's so true.
And they were like, oh, I don't know, I'll have to work it out because I have to pay rent. And I was like, babe, with seventy five thousand dollars has an income, you'll always be able to pay rent.
You are fine. Anyway. This is probably also a really good time to do a little bit of a shameless plug Jess and Beck, because we have just launched our first ever Black Friday sale, and it's like kind of a way to divert you from actual shopping and into investing in yourself. And we're just talking about goal setting and investing and cash flow and how that's really important.
So we have just launched our bundles with Sheese on the Money, so you could get your wealth built a bundle and it's like thirty percent off all of our courses or are like a future Investor bundle where you have the goal setting course as well as the investing course. Anyway, there's whole heap of discounts to be had.
It launches in January next year, like the actual course intakes, but we wanted to give some people some savings now so that they can focus on investing in themselves instead of incloses and shoes and things that seem to be all we care about during Black Friday. Anyway, all of the for that is going to be in the show notes, and it's all over social media because that's just who we are as people.
Anyway, I feel like this has been.
A really good Friday Chat Friday Rap. Have a good weekend, guys, and we'll see you right early on Monday for a money diary.
Bye, guys.
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