Hello, my name's Santasha Nabananga Bamblet. I'm a proud yor
the Order Kerni Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through as this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow.
Let's get into it.
She's on the Money, She's on the Money.
Hello, and welcome to She's on the Money, the podcast that makes personal finance fun, especially on Fridays. It's actually our favorite day of the week because we get our little team together. It's a little bit smaller than usual, but we get our little team together and celebrate you our incredible She's on the Money community today, mister Scricci. She's actually off sick, so I'm going to be sharing
her money. Wins Beck. You're here though, I am, yeah, which is very lucky because I don't want to do a solo Friday episode, it'll be so lonely, but you're going to be sharing your brogue tips and we're going to be helping to answer a money dilemma, which this week is all about whether you should uproot your life for a fifty thousand dollars bonus and your partner won't budge on it and something that you slid into our dms about this week, we're talking about a ten thousand
dollar payout that's on the table. Is that enough or should she be fighting for more?
Those sounds so both of them sound juicy.
I feel like the second one sounds really juicy because we need to know why there's ten thousand, what's going on there? But also like fifty thousand bonus hmmm, I think I would.
Honestly, I don't even know what it is.
But what if your partner was like, absolutely not. Well, we're going to get into it later. Okay, we're going to get into it later, but before we get there, Beck, this has become my favorite ego stroking session. Yes, ever, yes, we're going to read out another five star review of the show, and like we've had a few coming in and I love it. If you haven't left a review of the show. It really does help us, it does. It helps to put the podcast in people's vision. Right.
So we want to grow our community. We want more Shees on the Money friends, and this is a really good way of doing that. But be what is the five star review that you are going to read out this week?
Okay? I do have to say looking for these and trying to dodge the really mean ones, Oh my.
Gosh, why are people so nasty? Though? It is so true. I'm sorry that my voice is annoying, but it's actually something I can't change. Yes, well, let's speak like this true.
I can get you on some soosterone.
Thank you, thank you. That would be very kind, very generous, very not aligned to my values at this point in life. Sure, should they change, I'll hit you up easy? Okay, great? You what today?
I've got one from KB who says listening and putting good habits in place makes me feel so adulty as I should at thirty two years old. Love this, potty.
I love that I'm thirty three and I don't feel like an adult.
No same, I'm thirty two.
I'm just a teenage mum. Like that's me. I'm just a teenager. Really, are. I just don't know how life is happening to me like this, Like it all just happened like wild.
You know, the age just keeps on growing. But it's like I don't think mentally I've changed adult. No.
Also, at what point do we feel like adults? Do you remember when you were like young and you'd see your parents, you'd be like very serious adults?
All wow, wow?
Am I that serious adult? Now? I don't know, because like I see other adults at the supermarket and I'm like, way too missure for me.
Yeah, like those are adults exactly. I just think you either got it you don't.
I don't. We don't got it, got it? We don't got it? Physical age thirty three, mental age three Yeah yeah, yeah, Suah. I have one and I've purposely picked it because it's about Tasmania, OK, and That's where I'm from. So she said. I've loved She's on the Money since I first came across it, and I have all of the books and I'm working my way through the podcasts and masterclass. The absolute girl power that emanates from Victoria and the She's
on the Money crew is so empowering. Finance doesn't have to be something for the Wall Street bros. And I now already feel so much more empowered to take control of my future in the two issues of interacting with She's on the money, I've transformed things already. I have an emergency fund, I've been bucketing my finances, I have a clear budget, and I am learning to invest. And
then I found out V is a tazzy girl. We know, literacy, whether it's medical, educational, or financial, is sadly very poor in Tasmania. So I just love to see a tazzy girl giving back. That is Isn't that so cute.
Comprehensive, That is so good?
I love it. No, finance isn't for the Wall Strip bros.
Totally.
I visited Wall Street kind of boring TVH was it? Yeah, there was like a ball statue. I did get a picture with that because if you know, you know what statue, it's there's like a bull the wall, Like it's a big bull like bronze statue. Yeah, we did a whole series on it. Turns out it costs like hundreds of thousands of dollars. I said, of course it did. But there's literally not one thing that's interesting about being a wall streep bro I see.
Were they like papers flying and like phone ringing.
No, they were just really mediocre, middle aged white men walking around just like going to work and stuff.
I see.
It's also a pret It was like, is that Oh my gosh, Prett in the US and the UK incredible. It's like all of the good things from seven to eleven, like all of the food, all of the sandwiches, all of the drinks. But it's just a shop for snacks Prett. Yeah, and they do get these coffee subscriptions, so Beck, you could have a coffee subscription and get as many coffees as you wanted in a month. I think that's that figure. That's a good deal.
That is a good deal. It depends on much it is.
It's really reasonable. I can't remember the price, but like let's say it was like sixty bucks for the month or something. That's like it's real, hinged good.
Yeah, that's real.
Because I did the mask and I was like I would fly through that. I would fly through that anyway. Advantage anyway, let's jump in miss Jessica Ricci. She's away this week. She's under the weather, so we kind of banned her from the studio, we said, we don't want you here if you're under the weather. We want you to stay in bed. So I went ahead and picked my favorite money wins from the community instead. So first
one up is from our friend Amanda. She said, when the supermarket mislabels a product as twenty two for sixteen dollars instead of two for sixteen dollars, and you clear out their stock and make them honor the ticket price or two hundred bucks saved, Oh my god, that's hechtic. That actually makes me laugh so much because it's obviously an error. But she's like, you know what, the supermarket has made literal billions this year. I think you can take this hit.
Yeah, that's true actually, And two hundred and.
Forty five people from our community liked that post.
Amazing. And those are the.
These are there? I don't know what these are? Do you know what these are?
Yes?
Of course, Oh my god.
I'm constantly perpetually in the protein aisle. And those look like those little they're very expensive. There's little balls.
Yeah, that was very expensive. So they look like protein balls. It says four protein and probiotic field balls any two for sixteen dollars. But the spelling Mistakes has twenty two for sixteen dollars.
That is an incredible that's a good deal money.
She could have got more, but at the end of the day, she just cleared them all out. She took what she couldn't She ran, Oh, isn't that iconic?
That's great?
Okay, So next one. I don't know if you guys have been following along, but this week I have been on an epic rant about multi level marketing companies. Yes, how predatory and deceptive they are. How I want to make sure that people in our community are protected but educated about them, because I'm all about you making the right decision for you. But I get so frustrated when I see women putting themselves out in a position where Becky,
you know how hard it is to make content. You work in content, To get in front of a camera and post on Instagram about a product, about a service, about your business is hard work. These women are doing this but putting themselves behind long term, so it actually kills me. But this week Holly's money Win. She says, money Win didn't join a multi level marketing as a new mum looking for side hustles. Good you know, you know yeah, and I laughed so hard, like, Holly, you're
a real one. I have a money win from Sophie. She said, I bought my wedding alcohol from Dan Murphy's and everything that was unopened and not refrigerated can be returned, So we have eight hundred bucks back in our pockets.
Oh that is great, so smart eight hundred bucks.
I know, and like, you wouldn't have got a refund for that otherwise.
Yeah, totally.
Wedding venues aren't going to cough that up for you if you didn't drink them out of house and home.
Absolutely, that is so good. And to have that in the back of your mind, like, oh, I'm going to purposely not refrigerate these and.
Yeah, one hundred percent. But also making sure that you know that you know, you didn't get to the venue and the bar stuff just opened to every slab and put it in an ice pocket or something so small.
That is clever.
It's very clever. I have another one from Gabrielle, which is really I have another one from Gabrielle, which for me is really relevant because if you followed me on social media, you know I am meant to be renovating my front garden at the moment, Peck and my husband and I'm not paying for demo. It's not happening, SUI Like, I feel like you can't mess up demo that bad.
Like demo would be fun.
H it is fun, but also like once you've knocked down the fun things, like you then have to like weep the whole garden and pull out bricks and stuff. But it's fine because it's free. Beck, but my landscaping quote came back at a significantly higher amount. So I've actually just parked it and been like, absolutely not. I will revisit that when I have the mental capacity. So currently my front yard looks barren. You know when you like get halfway through a project and then you're.
Like, we actually don't want to do this anymore.
Yeah, But like I didn't want to do it because Beck, the quote was astronomical. It turns out Gabrielle's having the same thing. She said, we got quoted for landscaping forty one thousand dollars two our yard excavated top soil and grass. Went ahead and got another quote which was thirty eight
thousand dollars. But then I went to the local nursery and got prices for the materials to do it ourselves much cheaper, and found a local business that will excavate, supply and lay all of the top soil for only five grand. Oh great. We ordered the grass from a turf company which will be five and a half grand, which will lay ourselves. So instead of spending thirty eight to forty one thousand dollars, it's costing US ten and a half grand. Oh perfect, isn't that good?
Yeah?
I actually need to hit you up, Gabrielle, because I currently am in that situation. They're oh my gosh, the audacity.
Oh that's wild, but so expensive, Like it's exercise, it's getting on the sud.
And I'm happy to do it ourselves. But at the same time, it's this, as you know, I'm a finance girlie. It's the balance between understanding property value then not over capitalizing on a property that you've purchased, because you know, let's say that the quote that I got was fifty thousand dollars to have my front yard done, which is about what it was. Actually, Am I making a smart money decision by investing fifty thousand dollars in doing up
the front yard? Like would it actually add value to our property, or would just tidying it up and you know, painting the front of the house and planting some new plants that we do ourselves basically add the same value. Yeah, So you've got to balance it. And I feel like so many times, especially as a property owner, you get so excited about like, oh my gosh, I'm going to do this and this, that you forget to look at what the value of the property is and what value
you're adding to make sure that it stays a good investment. Yeah, because it's so easy to just spiral and go, oh my gosh, no, I really want to put in fancy kitchen or I really want a new bathroom, But you need to zoom out a little bit and look at the market and go, Okay, well if I put in a new bathroom and the intention is to lease out this house, how much additional value am I going to get from this?
Incredible?
Very hard anyway, moving on, Queen mate, it's all I think about and breathe. I actually, no, that's not true. All I think about nowadays is multi level marketing. I have another money in from Janine, she said with the CBA glitch recently, I decided to check all of my accounts that I don't use and I haven't closed yet. I found two hundred and ninety six dollars in my ing account from AHM give backs and Sentling CSS payouts that I'd paid more than I should have. I guess incredible.
It was like the equivalent of finding fifty bucks in a random pair of pants for me.
God that feels.
It also reminded me to change my bank account. It also reminded me I have to change my bank account for my health insurance and my Centralink payments. Oh perfect, I love this, But also two hundred and eighty six bucks. Yeah, girl, that's some groceries and a few nice drinks.
Like God, yeah, that'll save you.
I love that all right. I have one more. This is a fun one. This is from Ebony. She said. I've been eyeing off Devotion by Dolsha Anger Barner, but held out because of how pricey the perfume was. I looked it up again the other day because I noticed my current perfume was running out. Turns out that the one hundred mil bottle was on sale for half price at price Line and chemist Warehouse, but still full price at my own David Jones. So babies run, don't walk.
Yeah, yeah, that's great, like.
You, isn't that cute? Also, I'm not buying it full price.
No, don't buy anything for people.
Perme full price. Actually, I feel like it's illegal.
It should be illegal, Yes, it should be illegal. Yeah, I mean I feel like that kind of stuff always is on sales. Somewhere somewhere, you're find.
Somewhere somehow you're going to get a money Wally, need to look for it.
Aham actually gave me cash back. I don't know that's what you give deal. I really don't know why. I just got one hundred bucks randomly. And I'm not asking questions but.
No, no questions, only answers. Thank you for your money, Thank you for your money. On exactly, that's a good broake tip. Check your actual bank account.
Yeah, that's very true.
I should not be giving the broke tips because that was a terrible one. Bet you have some good broke tips for us.
This way I do I do good is subjective, but hopefully these are.
You know what it is. It's subjective. But at the end of the day, I just think everything you do is good, So turn out tell you.
That's so sweet to our listeners think the same. Okay, this first one comes from a Lissa who gave me really good broke tips. So this is more for like, if you want to go for like an outing, or you want to take someone out for their birthday, but you don't want to spend any money. I don't know if you remember. I mean when I say remember, this is ongoing. This has been a thing back of the day and still today. But if you go to a show with a live audience and you get someone a ticket,
yourself and your friend a ticket, it's usually free. Usually really, if you're going to like a live show, and I think it's good for both parties for free.
Is that what you mean?
You could ask? You could ask, but I'm thinking more like the project or you know what I mean.
You know how mad I am. This is niche content. But I applied to be in the audience for thank God You're Here. Oh that would be good. It was like twelve months ago. Gabby and I. So, Gabby's my old ea. She and I, well, let's go. We really want to be in the audience for thank God You're Here. Like, I can't think of a better show to get an audience for We Got It. I was on holiday at the time. Oh no, they wouldn't let Gabby transfer tickets. Oh I see, so she went by herself. She's like,
night of my life. It would be so much fun.
And God, you're here though, that would be a great one to see likely but that's a good thing.
Sign up for all of those and you can go to the show for free, for free, and.
It's such a fun night out. And if you want to, you know, get make food at home, or you want to go to seven to eleven, grab yourself a really cheap sushi. You don't have to spend that much money to have. Honestly, one of the best nights ever.
Also, it's coming into summer, so low key picnic dates are back. Picnic dates are back, exactly back. My mother's group has been doing that a lot, so that's very cute. I have a day off a week to hang out with Harvey, and it happens be on the day that Mother's group happens, which is very very lucky. But we've been just taking some picnic blankets to the park, packing a few snacks in our bags, and just hanging out in the park for a couple of hours. It is elite.
It's very cute, so wholesome. And I always say, when you're in the elements, you're a little bit sillier, and you have.
A little bit silly when you have.
A fire, when you're sitting on the grass, when you're in the wind, in the water, silly and fun.
Kids for some reason are just happier outside, absolutely mad outside who love it exactly exactly. What else have you got?
This is one that my friend told me about. And on Reddit, there is a subreddit I think that's what you call it. It's called yeah Ossie frugal and in Ossie Frugal and I can give you the link to this as a thread that it's updated fortnightly food box slash mill kit referral thread in the genius Yeah, and so you can. But I did have a little squizz. It's not just food kits, it's there was other things like coupon's and all this kind of stuff.
So being involved in the community like.
That, yeah yeah, And it's like it's pinned, so if you if you search Aussie frugal reddit, it'll be at the top of it should be at the top.
They're all close to the top and.
Yeah, just go in there and see if you can find like any kind of food box or whatever whatever you've got. Yeah, it was really fine. I almost just spent like hours on the scening night and meant to be working.
That's okay. It was research.
It was research.
It was research. It was research for your business.
It was really really cool.
Like how I've been going down rabbit holes on TikTok watching m LM videos. It's for work hours, for work exactly.
Help you're doing overtime and we appreciate you for it.
Thank you, thank you. I do go above and beyond. I can't wait to give you the next update about that. But Beck, what's your breake tip?
Okay, so my one. I'm not sure if I might have mentioned already, but it was just as my partner's birthday, just on the weekend.
I did see that. I was very cute. Your posts on Instagram were very wholesome.
Thank you much.
Very couplely.
I was like a couple of oh my god, it's really getting real. I mean, you know, it is real. We went to Dalesford and I am I just don't really say capital. It is the capital capital that makes sense, that makes sense rainbow flags everywhere, and we just felt so like we wanted to go somewherehere we could hold hands up being like yelled at or something. I don't know, I'm just really scared of that.
So is that a thing still?
Every now and then it's like someone will maybe say something under their breath, or people will just stare or something. It's just very like I think I'm more conscious of it.
Then.
I'm so angry for you.
Thank you so much. I'm just like, maybe I'm just hyper aware of it. I mean, it's not even the fact that.
You have to be hyper aware of the person that you're holding hands like.
What I know.
I know it's it is like it's probably not as big anymore, but it's like it's still every now and then you'll you'll it just feel like comfortable. But anyway, Dalesford, I'm sorry, that's real shit. Thank you so much. It's talking. Dalesford was lovely though, like, of course, I'm so so at home there. Did you go for a walk around the lake? I've been hearing about this lake. I never saw any lake.
That's like a free activity. That lake is stunning.
Okay, that's good to know.
What's your actual broak.
I need to go to leven Duela.
It's really beautiful way, it's beautiful too.
I bought Jess's birthday gifts too early in advance and have no self control, so it gave them to her before.
And so I was like, how do I do this? I thought I was genius. I bought Harvey's Christmas present here that we're.
Going to have exactly exactly. That's another broke tip by the present right before the last minute, because I just there's no way anyone has that I can't. And so I was like, Okay, how do I do this cheaply? So I just bought calistic scissors and I feel like I always talk about being crafty, but I bought some paper as well, and I think all that cost me
three dollars. I made a handmade box. Inside were little like love hearts that it turned into envelopes, and in there were just like a bunch of little letters or like all the things I love about you, and that in itself is like a perfect gift.
And it was yes, yeah, Like I have a beautiful husband that I'm very great for. He would never, oh, he would never.
I will.
Honestly straight it's not a choice. Back.
I'm starting to see this.
Yeah, it's not.
Well for if he is listening, and if he's not, well that's a shade. But tell him if you have everyone's out of money or just doesn't want to spend that much on you.
Actually would prefer a gift like that and then like a super expensive one, like to me, the idea that someone wrote all the things that they love about me on Little Love Be for real. That's so cute and wholesome.
And honestly, the reason why it's a breake tip is because it literally costs me like three dollars.
Maybe may probably do it with stuff around your house.
Absolutely, like magazines or whatever, whatever crafty stuff you've got around your house. It doesn't even have that have to cost anything.
Really, you could see a print of paper from work, printed paper from.
Work exactly they go. So that is my brain.
That's a really sweet get tifty.
I love it. Thank you so much.
All right, let's go to a really quick break because as much as I love hearing about your love life, I really want to hear about your thoughts about what you would do if offered a fifty thousand dollar bonus and your partner wasn't on board with moving because of it.
And I also want to talk about the DM that we got this week, which is about a ten thousand dollar payout that's on the table, but we don't know if it's enough or if she should be fighting for more because we don't have enough context yet, So let's talk about it on the flip side.
Okay, welcome back everyone. Here's our 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.
The money. So my money a limit is I have been with my partner for four years, we aren't married, we don't own a house, we're not financially set up, and I got offered an amazing opportunity with my job. So with that I would get paid fifty thousand dollars tax free if I relocate out rural and work there for the year. When I spoke to my partner about it, he was quite negative, said he wasn't prepared to move because he will have to find a new job. He
doesn't want to sacrifice his life here. So it puts me in a tricky situation. Yeah, what do you think I should do?
What do you reckon?
Back? It is a tricky one because I can understand not wanting to move, not wanting to give up your lifestyle and stuff. It is just for a year, but it still feels like a big amount of time, a long time to spend away from family and friends in your life. But I guess the risk is that, like, if your partner can't find a job, then that fifty k he must go towards supporting you both, you know what I mean. So I'm like, if your partner, you
know what I know, it's crazy. But if it were my situation, I would suggest long distance for the year, but every month visit each other, or do like two weeks and two weeks here, it depends on the working situation. If the partner can do work from home, then you could conceivably if it's not too expensive, just kind of go back and forth for the year until or just do like a month.
I don't know. It doesn't have to do.
Your partner doesn't have to do the whole year, is what I'm saying. But the risk is there that if your partner moved with you couldn't find a job. There goes at fifty k.
You know what I mean in percent, and I think that that's what's really important to consider. Yeah, like my advice, you're going to be surprised about this, Beck when in doubt zoom out? Yes, Sorry, what are you currently earning? What's your partner currently earning? I think this is probably a bigger question. I don't know. I feel like the way she framed the question was like, we've been together for four years, we're not married. We haven't, you know,
financially set ourselves up together. I feel like you're thinking about the bigger picture, and it's probably time to have a conversation with your partner about the bigger picture. Like, let's zoom out, what does the next ten years together look like? Are we planning on staying together? I know that that's a really big discussion, and I'm not going to turn around and be like beg so should I just move? Like are we done? Like that's not the conversation,
but like, are we planning on getting married? Fifty thousand dollars tax free is a heap of money if we put that in perspective. If you're on a thirty two and a half percent tax, right, that's a sixty six thousand dollars salary. Yes, So to be able to save one hundred percent of that and have it deposited in your account, you'd need to probably earn way more than that. That's going to take you a number of years to bank up. Like most people don't even have access to
five hundred dollars in an emergency. So to me, this could potentially be a life changing amount of money. And if you're in this situation, you're like, well, actually, I'd love to have fifty grand in my bank account and I'm going to go do this job where I'm going to earn a really good income. This could put me significantly ahead. I don't want you to say no to this opportunity. For some dude, that's not going to be
your future. If we're being brutally honest, Like I don't mean to be rude about it, but like if you've been together for four years, like are we staying together or were planning on purchasing property together? Are we planning on you know, getting married? At some point you don't have to do any of those things if they're not
in your value set, that's fine. But like if it was me and I go back to where my husband and I weren't married and didn't have a house deposit, if you'd put fifty grands on the table and said that you have to work remotely, I kind of would have been like, oh, yeah, okay, Like that is my house deposit, that is my whole wedding paid for, Like do you know what I mean? Like those are life changing amounts of money. Definitely, fifty thousand dollars invested, like
be for real, that's so much. BEG that's true. So I'm not saying do it, but I do want you to have a bigger discussion because if it is you and him against the world and you are going to be together forever and that's the plan, but then you know, let's say he earns one hundred and ten thousand dollars a year moving regionally, you lose that income, Maybe it's not worth it for both of you, and that's okay, But if the bigger picture is that you're like, oh,
we've been together four years and the additional context is we're not married because we don't really want to marry each other. Like, I think you need to have a think about the actual relationship and what that looks like and how that works, because I don't think it's about should my partner our root for fifty grand? Well, not necessarily, but how would that fit? Like, sit down and brainstorm it together. Be like you know, you and I, Beck, we sit down and go, how would fifty thousand dollars
change our financial situation? You know, if we were earning this, what would that look like? Okay, fifty grand would impact us like this? Okay, but now Beck, you might not be able to get work? Is that a good idea? Still? Maybe? Maybe?
Not?
Like you need to put your thinking caps on because I think at the moment you potentially are a little bit tunnel visioned. Yeah, because fifty grand's on the time, is working remotely a good idea? Maybe you do go maybe it is the advice that you gave back and you have a long distance relationship, that's not so that you put yourself first. Maybe you both decide, Okay, partner, you keep your job, kill it for a year. I'm
going to go work remotely for twelve months. Get this fifty grand, and when I get back, we're going to be set. We could buy a house together, Like this is a sacrifice that we are making for our relationship right now. It doesn't feel like you're on the our page. Yeah, does that make sense? Like the way she spoke about it, it was like I want to do this and my partner wants it, Like where's the Wii? If you're going to be in a relationship.
That's very true. My other thought is if work is paying for accommodation and moving fees whatever they look like, then it feels a lot bigger for me.
How much more could you save? So fifty grand as a cash payment, but how much you've saving dream?
Yeah, and if it's if they're not paying for accommodation and things like that, then I'm like, well, if you're both not moving, like, are.
They giving you this fifty grand because accommodation's few and far between it and you actually.
Have to pay a lot for it exactly, Like how much of this is just saving and you could put it toward your future, and how much of it has to go toward paying for your things to be moved and paying for accommodation and paying for food and paying for all this stuff.
I think you need to take off the emotions hat and just go pragmatic hat and go okay, cool, What would it mean financially if we both moved? What would it mean financially if I just moved? What would it mean if you know, and just like, workshop the strategies that could be in play and then pick the one that you think is right for you and your situation.
Completely agree.
Yeah, and it's hard to take the emotion's hat off, I know, because you're like, but I want my partner to want what's best.
Yeah.
I promise you'll be on the same page if you get a lot of clarity.
Yes, great advice.
All right, are you ready the juicy one we've all been waiting for? Bet? Are you ready ready? DM? We got this week. Hey, she's on the money, hoping you might be able to help me with my money dilemma.
That's, of course we can help you.
I was injured in a car accident at the beginning of twenty twenty one and as a passenger, I'm covered under CTP insurance. I broke some bones in my hand and required surgery and time off work. The insurance company has proposed a payout of ten thousand dollars to set
all the claim, but I'm lost. I don't know how to counter this, whether the amount will be enough to cover potential future costs, whether I should seek lawyer's advice as they may end up taking more in fees than the amount I was actually offered, or just accepting the amount of money that they have proposed and just take it as a win. I'm coming up to the three year deadline and it's been something I've been stewing on for a really long time. I would love the community's
input on this one. Thank you so much in advance.
Hmmm, God, that's a really tricky one. Like what I would do is probably not smart, but admin for me is my worst nightmare. So I would probably be like, oh yeah, I'll take it, or I would maybe inquire just with the insurance company and not get anyone else involved. I would inquire once be like I've done the best. I can take it and run with it. But it depends. Does this I wonder if our listener is currently working and of back in twenty twenty one. Also, I'm really
sorry this happened. By the way. Sorry, I've got to mention that first, but this does sound terrible. I'm sorry.
So clearly there are long lasting impacts.
Yeah.
Yeah, So I'm like, I'm if in twenty twenty one you lost a significant amount of work and a significant amount of money due to that, then, but you can currently work. Because I'm a little bit mentally on the let me take the easy road, I'd be like, oh, to take it, that's fine. But if it's like if it was something that was still affecting me, I'd be like, let's.
Get some people involved.
I don't know, I don't know.
This really is tough. Yeah, thoughts, of course I have thought. So first things first, CTP is compulsory third party insurance. Yes, so that is to make sure that you are protected and it in Victoria and New South Wales non negotiable. You have to it. Second to that, what's the worse it could happen? Meck, so zooming out a little bit. I love to do a little zoom out right, Yeah,
an insurance company has offered you ten thousand dollars. That means that the insurance company has admitted that you deserve a payout, so they know you deserve a payout. Asking for more is not off the table. We negotiate everything as she's on the money, Like you wouldn't be a money queen if you're not just going I know that there's probably better there, Like everything's up for negotiation. Would I get legal advice, Yes, because I don't believe that
the legal advice would outweigh the ten thousand dollars. But also you can inquire on how much legal advice would cost. I think a lot of us get a little bit of analysis paralysis and think that when we call a lawyer, that's going to cost us, you know, fifty million dollars a minute. But you can call the law firm and be like, hey, how much would it cost to get some advice on a settlement payout?
Yeah?
At the moment, I'm assuming you probably get all your documentation together pretty cleanly and get a short period of consultation where your lawyer might not speak on your behalf but might go yeah, actually, Beck, you probably could get more, or they might provide some insight where they go actually, have seen similar injuries happen, and on average they do
pay out ten grand. Okay, no aries, thank you for your time, or they might go I've seen similar injuries happen beck and they're actually settling for twenty five grand. So ask for twenty five grand and when you go back, you tell them that you know that, Like that's the power in getting advice. So I'm not saying that that's
going to be the outcome. But often we get a little bit scared seeking advice because we're scared of how much it would cost, when the reality is you can actually just ask them, well, how much would it cost to get your advice? Like the end of the day, they're a service and they need to be clear about their pricing at the start. So maybe even call a
few different law firms. I would look into injury specific law firms so that they're not a lawyer who needs to do a whole heap of research in the background because they don't know the space. But saying it's a simple injury, obviously there are ongoing impacts because otherwise you wouldn't be getting a payout. But what I would be doing is having a chat with someone going how much
would it cost me? Because I can tell you right now, even if you're only still going to get ten grand, I'd love to spend five hundred dollars to make sure that I'm covering my bike. It's kind of like an additional insurance policy. Yes, And would you like to lose five hundred bucks and get the ten grand or lose five hundred bucks? And maybe there was an opportunity that you could have turned that additional money to fifteen or
something like that. Totally get the advice, because what if you then accepted it beck five years from now you don't have the cash anymore. In the back of your mind, you're thinking, man, maybe I should have negotiated that a bit better. We don't regret things because we dot all our eyes and we cross all our te's and you did the right thing at the time.
That's actually fantastic advice. I didn't even know that was a thing because, like luckily touch Wood, I haven't had to really be no bit. At the end of the day, if they're a service provider, you get a quote, Yeah, call up, Hey, how much.
Would it be to do this? Like same thing with financial advice, Like if you want financial advice, You don't have to jump boots all in and pay a financial advisor. What you can do is called me like, Hey, I'm looking at getting a financial plan. My name's Beck. I earn about this much and I've got a few goals that i'd like. What kind of realm would my advice
be in? A financial advice is going to be able to say, oh, look, I can't give you a streak to number, but it'd be between A and B. Oh okay, no worries, thanks so much like ask questions about anything, like so many times irrespective of whether it's a payout for insurance, but like, how many times are we not picking up the phone and just asking because we're scared of how much it'll cost? Find out what it costs.
Yes, and they if they can't find you because you just called them, they're not going to charge you anything yet.
Ah, run call from a block exactly all right. So we did ask the community. We said what would you do? Sixteen percent of you said I'd take ten grand, twenty nine percent of you said I'd negotiate with the insurers myself, and fifty five percent of you said I'd get legal advice even if it costs me, s oh, I love that for us.
Yeah.
The next question, we said what would stress you out more? Forty percent of you said it would be dealing with negotiations, but sixty percent said wondering if I could have got more? Oh I know, yeah, Like imagine, I know you said the life adamans not your thing, but imagine getting the ten grand. You're stoked, but the week after you're like, could it had been?
It's other short term mental stress or long term perpetually wondering.
Don't want to perpetually wonder like and I mean I'm being pretty dramatic here, but of course the insurance company is going to want to get out of this situation for as little as possible. An insurance company's job is to mitigate risks. The reason we pay insurance is because we want to make sure that if something happens, it's covered.
But the way an insurance company makes money is essentially betting that the amount of claims that they get in a year will not be as much as the amount of remuneration that they bring in each year, because like, if all of us paying hundred bucks a year in insurance, not all of us are claiming on insurance each year. That's why I say I want insurance to be the
biggest waste of your time ever. Like I want you to, you know, do your budget at the end of the year and be like, far out, I've spent five hundred bucks on this premium and I got nothing out of good because you're safe, you're healthy, nothing happened to you. Money win. I want you to spend that money again next year. But the insurance company on the flip side's like, great, we have so many customers paying us one hundred bucks,
but then we had to pay Beck fifty grand. That's okay because it all comes out in the wash and we're still a profitable business. That is how insurance works, right. So the idea that you could have more definitely exists because the insurance company wants to make the minimum payment to make this issue go away. But can you imagine the heartbreak if you didn't get advice and then a year from now, far out, colleague, same thing happens. You're in the lunchroom at work. You're like, what happened to
your hand? They go, I was in a correct acent this happened needed so far out. That's the same thing that happened to me. They're like, oh, I'm so lucky though my dad's a lawyer, got paid out fifty grand. Yeah, sorry, well I just accepted ten What do you mean, like, get the advice to put you in the best possible position, even if it means settling for exactly what they've offered you. Yes, so that there are no regrets in the future. So true,
peace of mind, exactly, priceless. We then obviously said to the community, what are your two cents? Someone said, broken bonds in a hand is definitely worth more than ten grand. Consider all the future ailments for example arthritis.
True.
See, I don't know these things. I'm not a health professional. That's why you shouldn't be asking me. That's why I told you go to the lawyer. Someone else said, no way, they're a money making business. They are always going to low ball you.
That's very true. They wouldn't give you the top offer immediately.
Why would they? Yeah, why would they? That's why you negotiate. Someone else said, don't accept I'm a lawyer one hundred percent. Calculating damages is actually quite complex. Oh, there's a lawyer, there's a lawyer coming, there's your advice. There's your advice. Someone else said, absolutely, get legal advice. I did. I got fifty thousand dollars more than the original offer. No way, I'd spend five grand on legal advice to get an additional fIF Yeah, but you don't know. We don't know, right,
I know. Someone else said, I got twelve grand for whiplash. The original offer was four thousand dollars. I mentioned a lawyer's name, and weirdly they update immediately.
Oh actually I forgot to mention it's extra eight thousand dollars fee.
Oh yeah, do you still want to talk to your lawyer? Probably? Someone else said I was told no need to get legal advice. I did it anyway, five hundred thousand dollars payout as always get advice. Oh my god, I don't know what happened to you. Money diarist, not money dist but anonymous human being from my she's on the money community.
But I hope you're okay.
I hope you're okay, because five hundred thousand dollars is a payout. Tells me that something happened that was not great. Yes, I hope you're happiness and healthy. Someone else said, go to your union and get assistance. With this. They do this for work every day union. Yeah, that's kind of cool because obviously they're there to advocate for employees. You always see the EAP posters on the back of the toilet door here at work. Yeah, and they always like call us for advice on anything.
True, I'm gonna call you, thank you, maybe I will.
And someone else last one I'll share, said, see if you can talk to your local community legal center or law access, which I think that's really important as well.
Good call. I was going to suggest legal aid, but I don't know if they're figlate.
Yep, one hundred percent. What's the worst that can happen? You reach out and they say, sorry, we can't help you in that department. Thanks glad. I checked. Totally would have been free. Now I'm going to pay for some advice.
Yeah.
Now I want to recap though, Beck, So, now that you've heard all of this, yes, what would you do honestly saying you said, I'm gonna just take ten grand?
Yeah? No, Now that I know this, and now that I've heard from an actual lawyer and also from people saying that they're.
From the community, being like we want more for you.
Than now, absolutely I would I'd probably call all the insurance by myself first and see what I can do, and then I would get legal advice and just name drop, name drop.
Should I get another lawyer and they're always going to say, you don't need legal advice. You can just take this cash pay out. Yeah, just take this.
Doesn't this look nice?
But imagine Yeah, imagine being in the lunch room and hearing someone else got fifty exactly you exactly.
It would just not feel very good. I mean, like ten k T care.
We advocate for ourselves though, Yes, because even if at the end of the day you advocate for yourself and the situation doesn't change, you've gained a whole heap of confidence. You've learned a little bit more about negotiating and knowing your worth. Like, to me, that is so important.
Yeah, I completely agree. I think get some advice, whether it's legal aid or you have paid for legal advice or whatever that looks like, just do it.
That is Unfortunately, beg all we have time for today. We'll get miss Jess Gricchi back on the show next week. Currently she's recovering, and if you haven't before, leave our podcast a review. We have started reading them out on the show because there's nothing more that we love than and I think you should also share it with a friend that you think would also love to hang out with us. Just let them know, Just let them know, Just be like, hey, guys, I found you some new friends.
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