September 10, 2026 • 47 mins
What do you mean someone wants to jeopardise your First Home Buyers eligibility without some sort of equity in return?!
This week’s Friday Drinks is filled with diabolical dilemmas and chats concerning guarantorships, LMCT petrol stations, and *checks notes* if kids should be Airtagged?
Join Victoria, Bec and Jess for car-heavy Broke Tips, Money Wins and a bunch of solid podcast rec’s. True crime, anyone?
ASK AN EXPERT: Chat to a professional mortgage broker about your eligibility for various grants, before signing anything. The Zella team is here and ready to help at https://www.zella.com.au/book-consultation/
PETROL SPY: Make like Bec and find the cheapest fuel in your area over here https://petrolspy.com.au/map
TRUE CRIME GIRLIES, RISE UP: Seeking another pod to binge? Here are some of the pods V mentioned in this episode Morbid, Two Girls One Ghost, Serialously
https://open.spotify.com/show/1cpyLfDHP1cNnyOb478qrt?si=f844f0f9712e4467
https://open.spotify.com/show/4aFNuODLKP1NvhQb7P3Kbn?si=718e11e8703a4b19
https://open.spotify.com/show/6HdheEH8WeMTHoe5da34qU?si=2aed06b37c754689
New here? Follow us on Instagram (@shesonthemoneyaus) for Q&As, bite-sized advice, daily money inspo... and relatable money memes that just get you.
Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au)
The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 4451289
See omnystudio.com/listener for privacy information.
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Episode Transcript
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Speaker 1 (00:00):
My name is Natasha Bamblett. I'm a proud First Nations woman,
and I'm here to acknowledge country. Hello, beautiful friends. We
gather on the lands of the Aboriginal people. We thank, acknowledge,
and respect the Aboriginal people's land that we're gathering on today.
(00:30):
Take pleasure in all the land and respect all that
you see. She's On The Money podcast acknowledges culture, country,
community and connections, bringing you the tools, knowledge and resources
for you to thrive.
Speaker 2 (00:44):
She's on the money. She's on the money.
Speaker 3 (00:50):
Hello and welcome, my friends, to She's on the Money,
the podcast where we usually discuss all of the issues
concerning your wealth goals so that you can feel more
in control of your financial future. But on Friday Drinks,
we swap the serious money talk for some more casual
yaps with our nearest and dearest. And I am talking
about our beautiful co-hosts, Miss Bec Syed. She's the bringer
(01:12):
of the broke tips, someone who genuinely always stops to
appreciate the stuff that we take for granted. And asks,
to what end? Precisely when we need to hear it. And,
of course, the mystery box-obsessed, money-wins curator and baker of
quite possibly my favourite cookies in the entire world to date,
(01:33):
Miss Jessica Ricci.
Speaker 2 (01:35):
Yay.
Speaker 3 (01:36):
And I recently returned that tin to you because I
kept it for way too long.
Speaker 2 (01:40):
Mm-hmm.
Speaker 3 (01:41):
And I'm just so sad that I didn't refill it
with something because I didn't have time. But I just
think if somebody lends you a container for a snack,
you should put a snack in it to return it.
Speaker 2 (01:50):
That's really sweet. I love that idea.
Speaker 3 (01:52):
And then she's got washing to do. Well, that's on her.
Speaker 2 (01:55):
The price of a nice sweet treat is the washing.
Speaker 3 (01:59):
Also, the idea of getting Jessica Ricci a sweet treat,
I just don't think we could ever meet her level.
So I'd be kind of embarrassed.
Speaker 2 (02:07):
I'd be like.
Speaker 3 (02:08):
Take my poverty cookies. Yeah, scary. And she'd be like, thanks,
as though like a toddler's handling her like a Play-Doh
cookie or something. That's how I think that would play out.
Speaker 2 (02:18):
You can taste the love.
Speaker 3 (02:20):
You can, and it tastes a lot like Play-Doh. Anyway,
welcome to today's episode where we're going to be discussing
some good old money dilemmas played straight from the she's
on the money answering machine. Personally, this week's message stresses
me out. Like, What do you mean? Someone wants to
jeopardize your first home buyer's eligibility without some sort of
equity in return. Absolutely disgraceful. That's where we're going. Things
(02:41):
get a little bit dramatic, but we promise there's always
something light in the mix to help you end your
week on a high. When we return from the break,
we're going to be sharing a five-star review from an OG.
So guys, don't go anywhere. Welcome back. As promised, it
is time for a five-star review. If you've ever wondered, Guys,
(03:03):
where do your five-star reviews come from? Well, I am
so glad you asked, my friends. We get them from
all sorts of lovely different places. We get them from Spotify.
We get them from Apple Podcasts. We get them from
your preferred app of choice. And sometimes you guys slide
into our DMs just like this week Charlie did, and
she delivered the news. Hi, girls. I just wanted to
(03:23):
reach out and say thank you so much for changing
my life, both personally and professionally. I've been listening since 2019.
And two weeks ago, I got my first job at
a financial advice firm as an RM, which is a
relationship manager. I'm about to start my degree to become
a financial advisor myself all because of you.
Speaker 4 (03:43):
Oh, my God, it's amazing.
Speaker 3 (03:45):
Isn't that the most wholesome thing ever?
Speaker 2 (03:47):
And 319's an OG. OG, that's season one.
Speaker 3 (03:50):
That is season one. I'm so sorry that you had
to go through that, but thank you for staying and, like,
believing that we could be better. Amazing.
Speaker 2 (03:58):
And we need more women in finance, so good on you.
Speaker 3 (04:00):
We do.
Speaker 1 (04:01):
We do.
Speaker 3 (04:01):
Charlie, you're not only technically an OG, but you are
a fully-fledged advisor, and I love that. Like, sometimes I
get called an influencer, which I hate. But if I'm
influencing you to get into a career, I'll take it.
Speaker 2 (04:14):
That's a good one.
Speaker 3 (04:15):
I will take it. We are so happy that you
are in our community and I just am really grateful
that you shared that review with us. Remember, it is
never too late to share your praise for our pod
in our DMs or literally anywhere. So if you've tuned
in from the start, we want to hear from you.
Please reach out, leave a review. We would love it
so much. But also there's something extra special and like super,
(04:38):
super sweet. When people are like, I've been here the
whole time.
Speaker 2 (04:41):
I know.
Speaker 3 (04:42):
Like, I love new friends, but you can't make old friends.
And I think that that's really special.
Speaker 2 (04:48):
Yeah. Beautiful.
Speaker 3 (04:49):
All right. Now, my friends, I know what you're thinking.
What do you guys do when you're not talking about
five-star reviews and you're not writing or thinking or yapping
about money? Well, we are obviously trawling through our Facebook
group for a decent question of the week. And this
one comes from Kim, who asks... Besides She's on the Money,
what are your top three podcasts that you regularly listen to?
(05:12):
I think we need to whip out our phones for
this one.
Speaker 4 (05:15):
I know off the top of my head.
Speaker 3 (05:16):
Oh, okay. Well, you're first. You're first.
Speaker 4 (05:19):
So we've got Dane Detectives.
Speaker 3 (05:21):
We've got Betrayal. Wait. Oh, you know off the top
of your head.
Speaker 2 (05:26):
Surely the science one that you always talk about.
Speaker 3 (05:29):
I do like science verses, but you've got to be
in the mood for learning. Oh, she doesn't. Okay, she
doesn't make the cut.
Speaker 4 (05:34):
But it is like an incredible one. So definitely, definitely, definitely. Oh,
everyone has an X.
Speaker 2 (05:39):
That's right.
Speaker 4 (05:40):
Everyone has an X. Betrayal, everyone has an X. Dating detectives.
Speaker 3 (05:44):
Okay, but sell us on them. Why those? Because that's
quite eclectic, you could say. That's true.
Speaker 4 (05:48):
Well, I have just like one topic that I am
just like obsessed with and that is hearing about people's stories,
romantic or otherwise, where like someone has pretended to be
something that they're not.
Speaker 3 (05:59):
So maybe like you're dating someone.
Speaker 4 (06:00):
Yeah, like catfishing but dogfishing where it's like you're physically
who you say you are but you– And this is what.
Speaker 3 (06:06):
Oh, it's giving Hamish, like the Who's the Hell is
Hamish series. Exactly, exactly.
Speaker 2 (06:09):
Yeah, okay.
Speaker 4 (06:10):
And maybe they're secretly psycho or abusive and that's great
to be, you know what I mean?
Speaker 2 (06:15):
Yeah.
Speaker 4 (06:16):
All three of them kind of have this.
Speaker 2 (06:18):
Yeah.
Speaker 3 (06:19):
I feel like I need to get on that because
I would be totally about that.
Speaker 4 (06:22):
Oh, it's really, really, really interesting.
Speaker 3 (06:24):
I feel like we're going to end up with a
completely different answer from Miss Jessica Ricci because she's not
into what we're into, Bec. True.
Speaker 2 (06:30):
No. And in a deeply ironic twist of fate, I'm
not a huge podcast listener.
Speaker 3 (06:35):
Which I find so funny.
Speaker 2 (06:37):
Yeah, my top podcast is our podcast.
Speaker 3 (06:39):
Yeah. That's so cute.
Speaker 2 (06:41):
Yeah, it's just not my preferred way to consume media.
So if I am going to listen to a podcast,
it's normally– we have so many friends that have cool podcasts.
Like obviously you and Indie do Cheapskates. Brooke and George
do What Would We Know. We have like Glenn James
and Emma Edwards and Friends of the Show. So if
I'm going to listen to something, I'll normally try listening
to one of our friends.
Speaker 3 (06:59):
Like a friend you know.
Speaker 2 (06:59):
Yeah, because it's cool to support your friends doing cool things.
That's really cute. And the same with audiobooks. Like my
boyfriend loves an audiobook and I just– I don't know
what's wrong with my brain, but I can't.
Speaker 3 (07:09):
There's nothing wrong with your brain.
Speaker 2 (07:11):
Oh, thank you. I would rather read something. Maybe I
should try reading a podcast transcript and see how that
goes for me.
Speaker 3 (07:18):
Well, they're free. They're like Apple and Spotify. If you
want the transcript of any of our podcasts, she's right
there built in now. True. I can't think of anything worse,
to be honest, Jess. If I'm going to listen to
a podcast, I'm going to be popping it in my
ears and closing my eyes.
Speaker 2 (07:32):
That's fair play. I know, it's wild. Yeah, sorry. I
feel like that's a disappointing answer, but.
Speaker 4 (07:36):
No.
Speaker 3 (07:37):
I know Jess knows what I'm going to say.
Speaker 2 (07:39):
Yes.
Speaker 3 (07:41):
And I don't know if this makes me really unhinged,
but I only listen to true crime. Like I don't
listen to pop culture. I don't listen to like, sorry,
our friends' podcasts. I most definitely do not listen to
our podcasts in, again, a cruel twist of fate. No
one's voice is more annoying than my own. Yeah. It's
(08:02):
hard to listen to yourself for sure. It's like the
ultimate cringe and I just– I am so grateful that
this podcast took off and we could hire an editor
because I no longer have to listen to my own
voice over and over while editing content, which is, to me, ugh.
I know.
Speaker 2 (08:19):
Right?
Speaker 3 (08:19):
So anyway, we're true crime girlies in this house. My
top podcast would be Morbid and I'm obsessed with Morbid.
Two girls from the US run that and they've built
an entire empire around them, obsessed. The next podcast I
really like is called And like, I don't know if
(08:40):
it's my, you know, millennial brain, but I'm like, I
don't know why you would have picked this for a
podcast name, but you did. Two girls, one ghost. Cool.
Speaker 2 (08:48):
Okay.
Speaker 3 (08:48):
What's that about? Get this paranormal activity. Oh my God.
Speaker 2 (08:52):
Oh, that's quite fun.
Speaker 3 (08:52):
And like true crime. So it's kind of like, they're
quite funny and well nuanced. One thing I really think
is important when discussing true crime and maybe, I don't know,
For those of you playing along at home who maybe
don't know a lot about my history, I grew up
with a mother who was a coroner. And so in
grade three, I got in trouble because I went to
(09:13):
school and I told people that my mom cuts up
dead people. And it turns out you shouldn't say that
because the teacher didn't believe me, had to ask my mom.
And my mom's like, look, she's not wrong, but she's not.
You're right. She probably shouldn't be sharing this information with
a whole bunch of grade threes. It's probably not appropriate.
I will talk to her.
Speaker 2 (09:31):
Some kids went home with nightmares.
Speaker 3 (09:32):
But I think it's so important, I think, because of
that background, but also just like these true crime stories
are about genuine people.
Speaker 1 (09:39):
Yeah.
Speaker 3 (09:40):
I only like true crime content that's not like super sensationalized.
I want those people to be really human to me.
And I love how both of those podcasts really like
humanize the victim and talk about them. And like, you know,
they're really respectful. And I think that that's important. And
then the next podcast, which is in the same vein.
(10:00):
is a podcast called Seriously. And that is, again, a
true crime podcast with a person called Annie Elise. And
she was recommended to me by Jacqueline in our team.
And Jacqueline is one of our brilliant mortgage brokers, been
on the show, but she and I both binge listen
to true crime. Like you could quiz either of us
about any kind of terrible thing that went on in
(10:22):
the world and we would probably know.
Speaker 2 (10:23):
See, I would just be able to sleep at night.
Speaker 3 (10:26):
I know.
Speaker 2 (10:26):
Like Victoria will listen to it to go to sleep.
Speaker 5 (10:28):
I do.
Speaker 2 (10:28):
Whereas I'm like I'm not going to sleep for three
days if I have to hear all these scary details.
Speaker 3 (10:32):
Yes. See, I can't fall asleep without some true crime
in my ears.
Speaker 2 (10:35):
Horrifying.
Speaker 3 (10:36):
Like every single night I crawl into bed and my
husband's like, are you going to put a podcast on?
And I go, yes, King. And I turn on a
murder podcast, 30-minute timer, it will turn off and both
of us fall asleep to the dulcet tones of, I
don't know, hearing about how someone used a hacksaw.
Speaker 6 (10:53):
Yes.
Speaker 3 (10:55):
Well, that sounds very tranquil. Thank you. It's a little
bit like, oh, what's your sleep hygiene routine? I'm like,
I don't know if I want to tell you, but
I'll tell this podcast that gets millions of listens. Hell yeah.
I guess say what you want, but I reckon more podcasts,
the better. And I'm just grateful that our community are
obsessed with money podcasts. But yeah, I do refuse to
(11:17):
go to sleep without some true crime in my ear.
Speaker 2 (11:20):
Fair.
Speaker 3 (11:20):
Anyway, Miss Jessica Ricci.
Speaker 2 (11:22):
Yes.
Speaker 3 (11:23):
Money wins. I've seen some good ones pop up on
my feed, but I want to know which community money
wins have you seen that have taken the cake enough
to bring to the show?
Speaker 2 (11:31):
All right. Well, firstly, I'm starting off with one from
a Jessica. Excellent name.
Speaker 3 (11:34):
Oh, I see why we picked. Yep.
Speaker 2 (11:37):
No play favorites here. I've been very slowly building our
emergency fund. I finally hit $ 1, 000 a few days ago.
And to top off the wins, I paid off a
credit card this week as well.
Speaker 3 (11:47):
Amazing. Iconic. And that feels so good. Yeah. But at
the same time, Jess, you've been in debt. Bec, you've
been in debt. Why does it feel so disappointing when
you like pay it off? There's no like streamers or
popping of champagne or like something you pay it off
and they're like, thanks. And you're like, And?
Speaker 4 (12:05):
A stamp, a.
Speaker 2 (12:06):
Sticker, something.
Speaker 3 (12:07):
That's so true. Surely I put out the back of
my hand and you give me a smiley face stamp.
Speaker 2 (12:12):
Surely. We'll petition to implement that at the big four.
Speaker 3 (12:16):
But we will celebrate you. You don't need the stamp.
You've got us.
Speaker 2 (12:20):
100%. Next, I've got a money win from Anthea, who
said she sold the tablecloths and chair covers from her
wedding on Marketplace, which is already a win. Then when
the lady came to collect them, she saw that she
had chickens and asked if she had eggs to sell.
Anthea offered her a dozen for free, but the lady
refused to take them, so she gave her $ 10 and
asked to become a regular customer.
Speaker 3 (12:40):
Stop it. That's so gorgeous. That's so wholesome. I know,
isn't it? Also, $ 10 for some eggs. Girl, that's a
good deal. That's a good little business you're hustling there. Yeah, 100%.
Speaker 2 (12:50):
Anthea put in a photo of her eggs, and they're
very aesthetically pleasing. Oh, my God.
Speaker 3 (12:54):
They're different colors.
Speaker 2 (12:55):
And it seems like each chicken is laying a uniquely
colored egg. There's three distinct color. There's a bluey one,
a cream one, and I just think that's... Nature is beautiful,
isn't it?
Speaker 3 (13:04):
Jess, you know my friend Angela, she has a collection
of different chickens and they all lay different color eggs
and I am quite envious.
Speaker 2 (13:10):
I didn't know that was a thing.
Speaker 4 (13:11):
How do they do that?
Speaker 2 (13:12):
That's so cool.
Speaker 3 (13:12):
I think it's just the breed. So like the outside
of the egg just has a different, it's probably got
something to do with the mineral makeup and what they
eat and whatever.
Speaker 2 (13:20):
Yes, true.
Speaker 3 (13:20):
But like the different breeds have different like types of eggs.
Speaker 2 (13:25):
Wow. The more you know. It's kind of cool, huh?
Speaker 3 (13:26):
Very cool.
Speaker 4 (13:27):
It is really cool.
Speaker 2 (13:28):
Next, I've got a money win from Olivia who said,
I got paid my first dividends today from investing in ETFs.
It was only a couple of dollars, but it's still
very exciting. I love that. And overall, since April, they've
increased in value by $ 65. Stop it.
Speaker 3 (13:40):
Well done, Olivia.
Speaker 2 (13:43):
Zana said she went to the Selvos this morning and
they had a rack that said red tags were now $ 2.
Had a little dig through, found three dresses and two tops.
At the checkout, the total would have been $ 62. $ 62.
but it came down to a cool $ 10.
Speaker 1 (13:58):
Wow.
Speaker 3 (13:58):
Money win.
Speaker 2 (13:59):
We love a special rack at the op shop. Shuffle said,
money win. I wanted to upskill and I enrolled myself
into a cert for in marketing communications through open colleges
because they were running a 50% discount on courses.
Speaker 3 (14:13):
Okay, icon.
Speaker 2 (14:14):
How good. And then she said the lady she spoke with,
I'm assuming to enroll her, took an extra 500 bucks off.
So instead of paying $ 6, 150, she paid $ 2, 575. Stop it.
And she probably.
Speaker 3 (14:26):
Sweet talked the lady and the lady was like, I'm
going to give you a further discount. And that's what
you get for being nice.
Speaker 2 (14:32):
Exactly. Always, always, always be nice to the service people.
And then lastly this week, I've got a money win
from Stephanie who said, it was scary porting my number
over after being with the same phone company for 25 years,
but I finally did it for a better deal. Process
was very smooth. And so this pushed me to make
the switch for more things now.
Speaker 3 (14:51):
I love that. And I also think it's important to
remind people that if you change phone companies, you can
keep your number.
Speaker 2 (14:58):
Yes. I'm not learning a new phone number.
Speaker 3 (15:00):
No, no, neither. I have had that phone number since
like teenagehood. It's just not happening. You can't pry it
from me. Like learning new strings of numbers for me,
it's just not happening.
Speaker 6 (15:11):
No.
Speaker 3 (15:11):
Also, same reason I can't divorce my husband because I
know his mobile number off the top of my head.
And like in this economy, who knows mobile numbers off
the top of their head?
Speaker 2 (15:20):
James and I had this argument this week. He said
he knows my phone number off by heart. I don't know.
He's like, what if you get lost in the street?
I say, well, God forbid. I'm lost. I am stuck.
Speaker 3 (15:30):
I am proper lost.
Speaker 4 (15:32):
I'm sure there's, like, other ways.
Speaker 2 (15:34):
Unless maybe, oh, I just can't imagine. I'm calling my parents'
home phone that I remember from 20 years ago. Like,
that's the only phone number I know. I know.
Speaker 3 (15:40):
I think about that.
Speaker 4 (15:41):
I'm like, do you have access to someone's phone, some
sort of civilization? But I just feel like you won't
need to know that number off by heart.
Speaker 2 (15:49):
Yeah.
Speaker 3 (15:49):
You know?
Speaker 2 (15:49):
I'm going to have to start putting his number in
the back of my clothes.
Speaker 3 (15:52):
This is something that I've been thinking of recently because,
I mean, I only have a two-year-old. But, like, he
started going and staying at his grandma's house for the
day on Fridays and stuff like that. And, like, I
obviously call her. But at what point does he need
to call me? Does he have to ask someone for
a phone that has my number? Will he ever know
my phone number? Like, I know my parents' mobile numbers.
(16:14):
I know my parents', like, landline number off by heart.
But at what point do you learn your parents' mobile numbers?
Speaker 2 (16:22):
Yeah.
Speaker 3 (16:23):
And what are people doing about this? And also there's
just like a lot of layers there. I don't think
I'm comfortable with my kid having an iPhone. What are
we doing? Yeah. Like he's only two, but he handed
me my phone literally yesterday and goes, call Harriet. And
I was like, sure. But like he's already asking to
call his mates. Yeah.
Speaker 1 (16:43):
So.
Speaker 3 (16:44):
Yeah. Yeah, true.
Speaker 2 (16:46):
Hard to navigate in this day and age.
Speaker 4 (16:47):
Well, exactly right.
Speaker 3 (16:48):
I'm just going to lead him to believe that the
internet doesn't exist.
Speaker 2 (16:53):
Kids need... Leashes.
Speaker 3 (16:54):
Do you know people put that on their kids? There
had to be like a thing go out at daycare
a little while ago. Side note, because people were putting
like air tags in their kids' stuff, but then they
made all of the daycare workers' phones beep all day
because an air tag was following them. So they were like, hey, like...
What can we do about this situation?
Speaker 4 (17:12):
Right.
Speaker 2 (17:12):
Yeah, I've seen, like, shoes.
Speaker 3 (17:14):
They're like, we don't care that you've got it. But, like,
what's going on? I would like to. Freely follow my
child's location without everyone's phone going off. A hundred percent.
But what are we doing in that situation? Because it's
actually unethical to like be able to slip an air
tag in your back pocket and you don't know. And
then the air tag follows you. Like there's just so
(17:34):
many complications there. Oh, yeah, I see. Because you and
I are quite wholesome. We immediately go, well, that's a
good idea.
Speaker 6 (17:39):
Yeah.
Speaker 4 (17:40):
Yeah.
Speaker 3 (17:41):
But there are people who are not very kind. Like
what if you put it in your ex's car, you know?
Speaker 4 (17:45):
Yeah, okay.
Speaker 3 (17:47):
And obviously that would get used in not so good situations. Totally.
So like it's good that it notifies you, but like
you can't send your kid to daycare with one.
Speaker 2 (17:57):
Yes.
Speaker 3 (17:57):
Okay. No, that's true, actually.
Speaker 4 (17:59):
Yeah, I guess we didn't think about it because we
have pure intentions.
Speaker 3 (18:02):
That's because you wouldn't do it. But no, sorry, collar
with the little, what's this thing called? A name tag.
Speaker 4 (18:08):
A tag with your mum or your.
Speaker 3 (18:11):
Dad's number on it.
Speaker 2 (18:12):
That's so funny.
Speaker 3 (18:13):
Isn't that so cute? I think that's cute, but I'm
not going to put a collar on my child. Maybe
if we go somewhere, I might put like a wristband
or something. A wristband.
Speaker 2 (18:21):
There you go.
Speaker 3 (18:22):
With my number. Look, I haven't thought about this enough.
And to be honest, when I do start thinking about it,
I get scared. So, great tips. What have you got? Oh, yes,
of course. I have, as always, two from the community.
One from myself.
Speaker 4 (18:35):
This first one comes from Radi, who says, Welcome app offers...
Some petrol stations offer welcome offers when you download the app.
Five cents off per litre, for example. Other benefits as well,
but the cents off per litre make it so worth it, which.
Speaker 3 (18:49):
I think is a great idea. Ampol, I think, and yeah,
some others. BP do it. Yeah, BP. Jess and I
got free coffee the other day because of BP.
Speaker 2 (18:59):
There you go.
Speaker 4 (19:00):
I'm like, I need to get on these petrol station apps.
Speaker 3 (19:03):
Jess and I are on this.
Speaker 2 (19:04):
Mm-hmm.
Speaker 4 (19:05):
This next one comes from Jean, who says, if you're
a chat GPT user, you can tell it where you're
going and ask for it to find the cheapest or
free parking close by.
Speaker 3 (19:13):
And it generally is quite helpful. Isn't that a great idea?
That's actually quite smart. Maybe you could use that instead
of parking in 15 minutes. It finds me specks, I had.
Speaker 2 (19:24):
Totally adept.
Speaker 3 (19:25):
Did you see that coming? I actually did it and
I should have.
Speaker 4 (19:28):
It is a very car heavy brogue tip theme this week.
My one is, L-M-C-T plus petrol stations.
Speaker 3 (19:37):
Have you guys seen these? Yes. I can't get in.
It's so annoying because you need to be a member. No,
you give me the ick. This is giving multi-level marketing
more on the internet. This can't be your broke tip, Bec.
Speaker 4 (19:48):
I just thought it was because I drank past you
because I like, you know, you're on Petrel Spy. So
I like drove like 10 minutes to go find the
cheapest petrol, which happened to be this.
Speaker 3 (19:57):
Become a member.
Speaker 2 (19:58):
One.
Speaker 3 (19:58):
Get good at gambling. Well, I was going to say.
Is that right?
Speaker 2 (20:01):
I read an article recently that said it looks there's
discussions that it might be outlawed because they're basically dressing up.
gambling as a subscription model.
Speaker 3 (20:12):
It's a gambling subscription model. Like at the end of
the day, don't get me wrong. Like me as a
business person, right? Like I've got two minds. I've got
what's good for our community. And then I go, oh,
I love looking at an interesting business model and generating revenue.
So if I put that hat on, I'm like far out.
Subscription models are so smart because you're kind of locking
people in to an ongoing fee per month and People
(20:36):
are inherently lazy, very unlikely for them to unsubscribe. You're
probably going to get more money out of them. Great. Fine.
You're also like giving them a price point at which
they're usually pretty comfortable to miss out on. But you're
saying you could win X amount of dollars each and
every single month. And if you're a member, you go
into the like raffle or, you know, the lottery or
(20:56):
whatever it is, and they will justify it and compare
this lottery to other lotteries and your ability to you know,
win in other lotteries. They're like, this one's way better.
Like the chances are so high. And they really showcase
the people that do win because it's a legitimate lottery.
Speaker 2 (21:11):
Right.
Speaker 3 (21:12):
So like, you know, if Jess won, they would make
sure that in the terms and conditions of signing up,
Jess has signed away her life basically so that she
can be paraded around social media to be like, look, Jess,
this real person won all this money and all this petrol.
And oh, my God. And Jess is going to be
excited because like if Jess wins stuff, you're like, Jess
(21:34):
looks like me. This becomes really like approachable. Maybe I
do want to be in this community. And like it's
led by someone that people want to be like, so
it's quite aspirational in nature.
Speaker 2 (21:45):
Totally.
Speaker 3 (21:46):
So you see this whole thing and then he's like,
I'm going to do a petrol station because, you know what,
I'm a really good guy and I think petrol is
so expensive and I want it to be better for you.
And you go, yeah, I'm the common person. I love this.
And the reality is he's making way more than any
other petrol station would be because you have to be
(22:07):
a member. You have to subscribe. He's giving you, quote,
cheap petrol at what cost. There's so much hidden stuff.
Like he's making more money per litre on that petrol,
I promise you. than any other petrol station in the country.
Speaker 2 (22:21):
Or even if it's loss leading, it would be leading
people into, I guess, that gambling because that's the space
that he primarily plays in. So I'm not super familiar
with the model of the fuel and how it works.
Speaker 3 (22:32):
I've also been watching the TikTok drama because there's another
business that has replicated this business completely. It's stupid. So
like me talking completely different, but I think people will
find this interesting. They didn't even try. Like their marketing,
their branding. It's like they put this brand into AI
and said, do you put like 5% different?
Speaker 2 (22:52):
Yeah.
Speaker 3 (22:52):
Because there's nothing that like the colors are the same.
Speaker 2 (22:55):
The business model isn't protected legally. Like anyone could run
the same business model.
Speaker 3 (23:00):
100%. But that's not what they're copying. They're copying their marketing,
their branding. Their name is semi-similar to the point where
their consumers are getting confused between the two brands. Like
it's actually psychotic. But I'm not letting you be that.
I'm not letting you have that as a broke tip
because yes, cheap petrol is really good. But from my perspective,
(23:21):
when I then put my community hat on, that is
so predatory. It is not good for our community. And
I'm so happy for all of this conversation that I'm
having to be on the podcast because it is what
it is. It's my opinion. It's, you know, other people
might say, oh, like, but I really like it. Pop off, queen.
But at the end of the day, it is gambling.
Gambling is addictive. Gambling is negative for your financial future.
(23:44):
It doesn't put you in a better situation. And yes,
your quote odds might be better, but like we're appealing
to an audience who also don't understand investing and also
don't probably have emergency funds or have $ 500 to pull
on in an emergency. And they're lulled into this false
sense of security because petrol will be cheaper and we
(24:04):
are in the middle of a cost of living crisis
and That's good, right?
Speaker 4 (24:08):
This is actually very good and still like a broke
tip in a way because if you're anything like me
and like because you know LMCT or maybe you do,
maybe you don't.
Speaker 3 (24:15):
You've seen it all over socials. It's everywhere.
Speaker 4 (24:17):
And then if you see the petrol station, you might
be like, oh, my God, it's actually a pretty good deal.
But then so I guess the takeaway from this is
if you are anything like me and see an LMCT
plus petrol station, think twice and don't just like fall
for it like I have and would have.
Speaker 2 (24:36):
So that's really good membership no.
Speaker 4 (24:39):
But I thought it was a really good deal okay
and so I'm like.
Speaker 3 (24:42):
I totally get that and that's what their plan is
yes and you know what for some people and like
these people will exist someone listening to my show I
hope not to be honest someone listening to my show
might be sitting in their car right now going V
I do this I really like the subscription I'm I
get the cheap petrol financially. For me, this is actually
(25:02):
a good idea. And I'm not denying that those people
might exist. But inherently, this is a terrible financial decision
because it's lulling you into a false sense of financial
security when you probably don't have the rest of your
financial house sorted. Like you're being lulled into this false
sense of security that you might win a heap of
money as well, Bec. And then you're five months into
(25:26):
this subscription and you're like, not won anything and it's
not benefiting me and I really need to do my
budget but it's kind of like a lost leader you're
like but what if next month is the month I
win so you don't cancel your subscription this man from
a business perspective is a genius he's making so much money.
Speaker 2 (25:45):
Even the house lottery, like anecdotally, sorry, we're fully derailing
this conversation.
Speaker 3 (25:49):
No, no, no, but I think it's an important conversation
to have, Jess.
Speaker 2 (25:52):
Yeah, but you know they do the house lottery every year.
It's like you can win a da-da-da-da, whatever, the block
houses or whatever he's got going at the time. And
like our group of friends, someone was like, oh, do
we all want to pull in? And I was like, whatever,
if everyone puts in, sure, I'll kick whatever in. And
someone was like, do we go for the like the
$ 600 one where it's like, and I was like.
Speaker 3 (26:12):
On what planet?
Speaker 2 (26:13):
I was like, I'll kick 20 bucks in like with
the full knowledge that I'm not getting that 20 bucks back.
But like, fine, it's a little bit of fun. We
all can dream and go, well, you know, if we
win the holiday house, we get all going, whatever. And
that's what it is, right? Because it's like the more
expensive version, you get lots more entries or however it works.
And that's how they get you. And it's like I've
seen that anecdotally just in my own life. Yeah. And
(26:36):
so I can only imagine how, you know, and I
was the one who was like, guys, like we will
not be participating and I think everybody else should think
about whether or not that's worth participating in. Do what
you want with your own money, but just like have
a little think.
Speaker 1 (26:48):
Yeah.
Speaker 2 (26:48):
If it happens to me, I'm sure it would happen,
like it would happen to anybody.
Speaker 3 (26:51):
It lets you sell critical thinking hats. Like I think
a lot of people just see it and go, that
is so generous. That is so nice. When in reality, like,
It's just a very good money-making scheme. It's like if
you had a house, and I'm not saying that this
is the situation, if you had a house, Bec, and
you were like, I cannot for the life of me
sell it. Like it's been on the market for years.
(27:13):
It's worth a million dollars. I want to get my
million dollars for it. It's not selling. The buyer hasn't
turned up. You go, okay, all right, what am I
going to do? Maybe I'll run a lottery on this
house and I'm going to sell tickets. Bec, you could
buy your first home for five bucks.
Speaker 2 (27:26):
Mm-hmm.
Speaker 3 (27:28):
That's a good deal. You might chuck five bucks in
and all of a sudden a couple of thousand people
do that. You've got your million dollars for your house.
You just give it to one of the people that
spent five dollars on a ticket. You've actually made more.
This is the exact model that they're using. So like, yes,
they might be giving away million dollar houses. But I
promise the ticket sales far outweigh what they could have
(27:49):
sold the property for because otherwise they would be selling
the property, right?
Speaker 5 (27:52):
Yeah, totally.
Speaker 3 (27:53):
It's a business model. It's a business model and that
is okay and it is so fine for people to
make money. I don't mind. I'm not like, you know,
I don't like gambling. I don't think it should exist.
But right now in the economy that is a completely
legal way for someone to make money. And until, you know,
other people make decisions that it's not okay, that's not
(28:14):
my business. But it's my business when it impacts how
she's on the money, community members, financial situations and jeopardizes
their future selves. Because I just go, absolutely. And you've
met me on and off camera, like exactly the same person.
I'll be like, what are you doing? Why are we
doing this? I want you to be in a good position. Like,
please don't compromise. your financial security for this or that
(28:37):
or the other. Like, oh, it makes me grumpy.
Speaker 2 (28:40):
Let's take a little breather.
Speaker 3 (28:42):
Let's take a breather. Let's go to a break. On
the flip side, I'm probably going to get more heated
because the dilemma is a little bit juicy. So guys,
don't go anywhere.
Speaker 2 (28:55):
Welcome back, everybody. Let's take a listen to this week's
Money Dilemma.
Speaker 3 (29:00):
Hi there.
Speaker 5 (29:01):
Have you got a money dilemma you just can't solve?
The She's On The Money team is here to help.
Every week we tackle your dilemmas, both big and small,
to answer your most burning money, career and life questions.
To get involved, simply head to our website and leave
us a short voice recording and you might just find
yourself on the show. Now let's take a listen to
this week's money dilemma.
Speaker 6 (29:24):
Hi ladies. First of all, love the pod. Keep up
the great work. Second of all, I have a dilemma.
My brother really wants me to put my name on
his mortgage and I don't know how I feel about it.
First of all, it's going to be using my first
home buyer's grant and that means I'll never get to
use it again.
Speaker 3 (29:40):
Which is really scary.
Speaker 6 (29:42):
Second of all, I'm not really getting anything out of
it apart from helping my brother.
Speaker 3 (29:46):
My mom tells me to do it.
Speaker 6 (29:48):
I'm just not really sure. I'd love everyone in the
community's thoughts because at the end of the day, I'm
not getting anything out of this. He said that in
the future, he'll be able to guarantor his home to
my home, but that might take years for him to
pay off the mortgage and I'm really not sure about it.
I love the community's thoughts. Keep up the great work, girls.
Speaker 3 (30:08):
Be so for real. That seems crazy.
Speaker 4 (30:11):
It is hard though when you are like, something feels
unfair and like, but no one is, like your mom
is saying do it, your brother is saying do it
and you're like, but this is not fair to me.
So it's like your two options are go to war
with everyone and feel really anxious and shit for who
knows how long. Or just do it and know that
it is deeply unfair and like potentially changing the trajectory
(30:34):
of your life. Like that is so unfair too because
you're just probably minding your own business and all of
a sudden now you're given these two options and there's
nothing in between. It's just like you have to do
it to keep the peace or not do it and
just be anxious and fight with people.
Speaker 3 (30:47):
I don't know. It's just like, but don't do it.
Speaker 2 (30:48):
It's crazy. I don't understand why your mum is encouraging
you to do it. Are they wanting you to go
on the mortgage? Because obviously when you apply for a
mortgage with two people and two incomes, it increases your
borrowing power is what I'm guessing. But what I'm not
comprehending is like, is your mum recommending that you do that?
So you guys are co-owners of the property. So you
(31:08):
have a shared asset because the way that it's just
been explained to us, like you're being asked to put
your name down, you're saying you're not getting anything out
of it. So To me, that almost feels like a guarantor.
Like it's not quite a guarantor situation.
Speaker 3 (31:20):
Yeah, but it just feels like your name's just being used. Correct.
Your name's on the mortgage.
Speaker 2 (31:25):
So you're still liable. Like I just don't, I'm not understanding,
like I understand the benefit for your brother, but I'm
not understanding why you're being encouraged to do this because
you're right, Becca. Like it just doesn't make any sense.
Speaker 3 (31:38):
But also I want to know the benefit to your brother.
Like obviously beyond the like first home owners grants and things,
like Why does your brother require this to buy property?
And now is there going to be like some kind
of rift in your family? Because if you say no,
your brother can't get the property.
Speaker 2 (31:52):
Yeah.
Speaker 3 (31:52):
Maybe he has one already. That's what I'm thinking.
Speaker 2 (31:55):
Overwhelmingly.
Speaker 3 (31:56):
Do your own financials.
Speaker 5 (31:58):
Yeah.
Speaker 2 (31:59):
I'm just feeling like it sucks exactly as you were saying, Bec.
You don't want to be the one on the outs.
But if there truly is no benefit to you. And
if you're not, you know, co-owning this property or, you know,
and that doesn't work for you in your financial plan,
don't let anybody bully you into making a choice that
doesn't feel right for you.
Speaker 3 (32:16):
Come to Zella and I'll just write a letter to
your mum and be like, she can't do this.
Speaker 2 (32:21):
Sorry. Yeah.
Speaker 3 (32:22):
I'll write your sick note.
Speaker 2 (32:23):
Yeah.
Speaker 3 (32:24):
No worries.
Speaker 2 (32:24):
Literally.
Speaker 3 (32:25):
I'll be like, that is diabolical. Sorry, no.
Speaker 2 (32:28):
I want you on my team.
Speaker 3 (32:30):
Well, I am on your team.
Speaker 2 (32:31):
Thank you.
Speaker 3 (32:32):
I don't know how much more on your team I
could be than literally be on your team. Can you
live with me maybe? I'm not gay. I'm not gay.
I'm not on the team enough. That's not enough for me.
I'm so sorry. I just have to be only an ally.
That's fair.
Speaker 2 (32:47):
That's fair.
Speaker 3 (32:48):
I'll take it.
Speaker 2 (32:48):
I'll take it.
Speaker 3 (32:49):
I don't like it, but I'll take it.
Speaker 2 (32:50):
All right. All right.
Speaker 3 (32:52):
I'm sorry. I will work on myself for you. Thank you.
And back to this. To me, that's diabolical. Like what
do you mean there's an expectation that your name goes
on the mortgage? I just have so many like deeper questions.
But the way that you framed it was your brother said, oh,
later I could guarantee your property. So at no point
(33:12):
is he acknowledging that the property you're putting your name
down for you might co-own or part-own. Like this wasn't
a partnership situation. This was you being told I need
to use your name so that I can have this
thing that only benefits me.
Speaker 2 (33:26):
But then you're legally tied to it. Like, it just
doesn't make sense.
Speaker 3 (33:28):
And in this economy, to pass up your own first
homeowners grants and stuff like that, that makes no sense.
Speaker 2 (33:35):
No.
Speaker 3 (33:36):
It just doesn't. It genuinely doesn't seem fair. One thing
I would do is literally go and talk to a
mortgage broker about this. Don't take your family to go
see the mortgage broker. You go see a mortgage broker,
have an initial meeting and say, hey, this is what
they want to do. And a broker can kind of
run through your financials and your ability to purchase a
home and what it would look like if you didn't
(33:57):
have those first homeowner grants. But then also they might
be able to ask the right questions to get the
financial information that they need to be able to properly
explain this to you. that's a third party and not
involved with your situation. Cause like, it sounds like your
brother and your mom are on the same page and
they're saying, this is a great idea. And like, to me,
(34:19):
red flag city, like babe, that's a carnival. I just,
I'm a little bit uncomfortable with it. It sounds like
you're just being used so that they get the financial benefit.
I have seen other situations. I don't know why they
did this. It wasn't in my business just to be
very clear, but, someone's sibling wanted them to go on
(34:42):
their property so that they got the first homeowner's concessions
and then they were given some cash to weigh it up.
Speaker 4 (34:48):
Okay.
Speaker 3 (34:49):
But at the same time, just use the cash towards
your mortgage. I don't really comprehend it properly. I feel
like we need more information, but what I'm hearing sounds bad.
Speaker 2 (34:59):
Yeah.
Speaker 4 (34:59):
And just the fact that.
Speaker 2 (35:00):
You're uncomfortable is a red flag enough in itself. Like
any decision you're making regarding your financial future, like you
should have full confidence in your knowledge and And that alone,
I think is enough to say, speak to somebody who
can help you with that.
Speaker 4 (35:12):
Yeah, exactly.
Speaker 3 (35:13):
And I mean, family is important. So you don't want
to like just burn that bridge. But at the same time,
they need to respect you. And I think you need
to really weigh up your long term consequences and what
that will look like if you make that financial decision.
Because the thing that you're doing to help someone out
today might actually put you so far back in the
future that they're well off and you're struggling for the
(35:35):
rest of ever. That doesn't feel right.
Speaker 2 (35:38):
No, not at all.
Speaker 3 (35:38):
All right.
Speaker 2 (35:39):
Should we get into this week's juicy DM?
Speaker 3 (35:40):
Absolutely. Hello, ladies. I know this is a total first
world problem. I'm so ready for this. And I feel
a little bit silly even writing in because I just
know how lucky I am. But I'd love to know
if anyone else has experienced this. Over the last few years,
I've worked really hard to get my finances into a
really good place. On paper, I am doing everything I
(36:01):
set out to do, and I'm really proud of how
far I've come. The problem is I still can't seem
to enjoy spending my money And even question if I
deserve a coffee if I forgot to make one at home.
I've been wanting to book a holiday for ages, but
every single time I go to press book, I close
the tab because I can't stop thinking about how much
more that money could grow if I invested it instead.
(36:22):
What are my next steps here? What should I be doing?
Speaker 4 (36:25):
It would be a really tricky one if you're saving
for like, you just know that a hundred bucks will
grow to whatever amount if you were to not touch it.
And so it's really, I'm trying to think of analogy
or something that is similar in like regular life.
Speaker 3 (36:43):
We're like, oh, I could.
Speaker 4 (36:44):
Either not touch this thing and see where it goes
or like be using it to make beautiful memories, whatever.
Speaker 3 (36:51):
It's probably a really, really tricky thing. It sounds like
when you say like whether or not.
Speaker 4 (36:54):
You deserve a coffee if you forget to make one
at home, it feels like it's probably maybe a little
bit even deeper than feeling like, oh, I don't want
this thing that I worked so hard for to go
to waste. And this is why I say like, to
what end when people are like, you know, save, save, save,
which I do appreciate.
Speaker 3 (37:10):
And I really think, you know, it's so impressive.
Speaker 4 (37:13):
That people can save and some people save for like
a house or a car or whatever.
Speaker 3 (37:16):
And so I'm like, to what end? Because it's like, well,
that's ideally to.
Speaker 4 (37:21):
Spend, right? Whether it's on an emergency, whether it's on
a holiday, whether it's to spend. And so I guess
like probably would get to a point where you're like,
it doesn't feel like it's to spend anymore. It feels
like it's like a portfolio. What I'm trying to say
is if you have paints and a canvas and you're like, well,
I don't want to use these beautiful paints like this.
Speaker 2 (37:42):
It's the sticker analogy. Like you never want to use
your nice stickers.
Speaker 3 (37:47):
Yes, exactly.
Speaker 4 (37:48):
And it's like, do you want something that's beautiful to
look at that makes you feel like really satisfied and
happy and proud of? Or, and it shouldn't be one
or the other, or do you want to like, use
it for what its intended purpose is, which is to
make memories. But yeah, the coffee thing, I'm like, maybe
there's also a little bit of internal monologue that we
should be working on, which is you deserve everything you've
(38:10):
worked hard for, but also things that you didn't work
hard for. You deserve to live a beautiful, happy life
full of little joys and big joys. And so like,
start there, start inside that head of yours and You
deserve a coffee.
Speaker 3 (38:22):
Absolutely you deserve a coffee.
Speaker 2 (38:23):
Get that out of your head. That's so beautiful.
Speaker 3 (38:25):
I love that. I do. I love that. I also
like how I feel like I just watched you do
a heap of mental gymnastics.
Speaker 2 (38:34):
Yeah, sorry.
Speaker 3 (38:35):
To come up with an analogy. And you're like, it's
like paints on a canvas. And I was like, she's
got it.
Speaker 2 (38:40):
That's where I came from. You're so welcome. I agree.
I think we hear this from people a lot. You
kind of go from the pendulum swings one end to
the other. You're really bad with money. You're spending money
like crazy. You tidy yourself up and then all of
a sudden it's really hard to spend money because you've
worked so hard on getting out of one mindset. You
(39:00):
found yourself in another. In an ideal world, we exist
somewhere in the middle space. You know, the bottom of
the pendulum is a nice, easy spot to swing. I
think that it's hard because on one level, Who is
anyone to tell you what level of frugality is appropriate?
Like I know that I look at some people on TikTok,
for example, who live the extreme level of frugality.
Speaker 3 (39:23):
Bradley on a budget.
Speaker 2 (39:24):
That's exactly what I was thinking about. You know, reusing
toilet paper and you go ready towels.
Speaker 3 (39:30):
That's like, I just can't, I can't.
Speaker 2 (39:33):
Not the life for me, but who am I to
tell somebody else to live their life? But I agree completely.
I think we're all trying to build our dream life, right?
Like I know I'm certainly wanting to be better with
money so I can live.
Speaker 3 (39:43):
A What about money do you want to be better at?
You were like a little weapon. You just bought your
first home. You've got it together. You have six million
savings accounts.
Speaker 2 (39:52):
There's always more to learn. But I think we're all
doing this so that we can live that life because
I do. I want to buy the coffee. I want
to go on the holiday. I want to be able
to do the things. I want to have it all.
And I think that we are exactly all deserving of that.
And so to me, it's a means to an end.
If you're saying you're feeling guilt around spending on something small,
(40:13):
I would say, I've said this before, are you budgeting correctly?
Are you allocating money to things that are of value
to you? Because If you have a fund labelled coffee,
mentally that might help you go, oh, well, I'm spending
this money based on what it's intended for. Like that's
how I manage my savers. You know, I've got things
for clothes, for books, for whatever, so that it's really
clear what I've allocated my money to and I don't
(40:34):
feel bad spending that. If it is a matter of
you going, well, would I rather invest the money and
is that of more benefit to me long term? Like
we can't really tell you that. But I think if
you're experiencing severe guilt– To me, that's when it's crossing
into a territory of, well, maybe it's time to talk
to somebody about that because it can be tied up
in lots of other things and there's no shame in that.
(40:57):
But the purpose to me of this show and of
becoming good with your money is to put you in
a place of positivity. And it sounds like maybe you're
not quite there at the moment and that can be hard. Yeah.
Speaker 3 (41:10):
I think the thing that stands out to me is that,
and on this show I've said it a million times,
it's not just about the destination. It is about the
journey and you need to be enjoying the journey. And
what you told me is that you're not enjoying the journey.
Like what's the destination? Like, cause if you're saying, oh,
well V, the reason I'm worried about it not compounding
and it being a better decision to put it in
(41:31):
an investment is because down the line, I want to
retire five years earlier. At which point I go, okay, fantastic.
We've got a really clean goal of when we're going
to be spending that money. But if you've got no
goal like that and the goal was to also enjoy
the journey and go on a holiday and have your
emergency fund and have everything, like you're not enjoying the journey.
(41:53):
What you're telling me is your scarcity mindset is now
inhibiting that and you need to kind of work on that.
And as Jess said, I'd be trying to spend some
of my funds talking to somebody about that because that
can feel really restricting and it can mean that, Once
you do book the holiday, maybe you don't enjoy the
holiday because all you're doing is thinking about how much
the holiday cost. And then you come home and you're like, well,
(42:14):
that was a waste of money because I didn't even
enjoy it that much because I was stressed about money
the whole time. Yeah, I think that's something we need
to work on. And it sounds like scarcity mindset is
really holding you back, which I think is really negative again.
As we said, Jess, there are lots of people in
this world. Bradley on a budget is a great example
and I would love to have him on the show.
So if anyone knows him, you let me know because
(42:37):
that man is the most frugal man in the entire universe.
For those of you following along at home, he's like
this budgeting king who is in heaps of debt and
I can see he has a lot like from a
psychological perspective. I think that that traumatized him so much
that now he's still so frugal, but he's very, very
popular on TikTok. Meaning I know he has hundreds of
(42:59):
thousands of dollars saved, but I can never see him
spending it. But he lives in New York and, you know,
I feel like there's a lot of money trauma in
his story. But I'd love to have him on the
show because I just think there's so much we could learn.
But that's not for me. And I've said it before
about the people who follow the FIRE system and their
financial independence retire early. We've got someone on our team, Brooke,
(43:22):
who's doing that. And she's doing an incredible job of it.
But I look at her situation and I go, I
love that for you. And I love that she's enjoying
her journey. But if I did that, I wouldn't enjoy
my journey because we're all different. And I think that's
also one of the reasons why my mortgage-broking business's tagline is,
it's your journey because everybody is different and on a
(43:43):
different pathway. So like, We can't tell you what to do,
but I think reflection and understanding what scarcity mindset is
and what about your money story is making that really hard.
Because as Bec said, you do deserve to enjoy your life.
And I think that's the most important part here.
Speaker 4 (44:00):
Absolutely.
Speaker 2 (44:00):
What did everybody else say?
Speaker 3 (44:01):
So first cab off the rank, I asked the community,
have you ever felt guilty spending money you can comfortably afford? 56%
of you said yes all the time.
Speaker 2 (44:11):
I'm sorry you guys feel that way.
Speaker 3 (44:14):
Then the next question we asked was, when you receive
a pay rise, what do you usually do with it? 46%
of you said, split it between my savings and my lifestyle. 27% said,
save or invest almost all of it. 23% said, gets
absorbed into my everyday spending. You're real for admitting that.
And 4% of you said, lifestyle upgrade all the way.
(44:37):
We then said, what is your biggest money mindset challenge
at the moment? 42% of you said feeling financially behind.
I feel like we need a whole episode on that. 22%
said overthinking every single money decision. And then 18% said
feeling guilty when I spend. And the other 18% said overspending.
(44:59):
We then went to the community and said, what is
your two cents? And honestly, very similar to what we're saying.
A lot of people said, I feel really guilty when
I spend so much money. Some people said, I suffer
from scarcity mindset. This really resonates with me. Another person said,
step back, figure out your values. So when you spend,
(45:19):
you're not spending in line with somebody else's values.
Speaker 2 (45:22):
Yeah, that's good advice.
Speaker 3 (45:24):
Another person said, saving money shouldn't delay your total happiness
right now. Another person said, choose how often you want
to go on holiday and And with what budget? And
then stick to it. Perhaps it's your budget that needs
stricter guidelines.
Speaker 2 (45:40):
I agree with that.
Speaker 3 (45:41):
Another person said, this is all too relatable. I can
gaslight myself out of spending any amount of money, but
also maybe I should be trying to gaslight myself into it.
Speaker 2 (45:51):
It's all in moderation. Like nothing's inherently bad. Yes.
Speaker 3 (45:54):
Another person said, be really clear on your values. I
feel a theme here. It's almost like you guys are
actually our community members.
Speaker 2 (46:03):
You've been listening.
Speaker 3 (46:04):
And someone said, don't forget to have a good day
while trying to create a good life. And I thought
that was a really good way to explain it. I
love that. I'd never heard that before. And I just thought,
I'm going to leave it on that. Don't forget to
have a good day while you are trying to create
a good life. Oh, gorgeous. Isn't that so sweet? Anyway,
(46:25):
my friends, I wish we had more time, but that
is unfortunately over. all we have time for, for this
arguably very long edition of Friday Drinks. We hope that
this episode has maybe inspired you to look closely at
your purchases, at fuel prices, at not engaging in gambling behavior,
and maybe even talking about your podcast preferences with your
(46:46):
partner and whether they align. Maybe you're adding a new
one from our list of podcasts we listen to, to
your roster. But if you have loved this podcast and
this episode, my friend's Please rate, review, subscribe to it
wherever you get your podcasts. Otherwise, we'll catch you bright
and early next week for a Monday Money Diary. Take
care of yourselves and of each other and we will
(47:07):
see you then.
Speaker 2 (47:08):
Bye, guys. Bye.
Speaker 5 (47:13):
The advice shared on She's On The Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
If you do choose to buy a financial product, read
the PDS, TMD and obtain appropriate financial.
Speaker 3 (47:32):
Advice tailored towards your needs.
Speaker 5 (47:34):
Victoria Devine and She's on the Money are authorised representatives
of MoneySherpa PTY LTD ABN 321 649 27708 AFSL 451 289.
My name is Natasha Bamblett. I'm a proud First Nations woman,
and I'm here to acknowledge country. Hello, beautiful friends. We
gather on the lands of the Aboriginal people. We thank, acknowledge,
and respect the Aboriginal people's land that we're gathering on today.
(00:30):
Take pleasure in all the land and respect all that
you see. She's On The Money podcast acknowledges culture, country,
community and connections, bringing you the tools, knowledge and resources
for you to thrive.
Speaker 2 (00:44):
She's on the money. She's on the money.
Speaker 3 (00:50):
Hello and welcome, my friends, to She's on the Money,
the podcast where we usually discuss all of the issues
concerning your wealth goals so that you can feel more
in control of your financial future. But on Friday Drinks,
we swap the serious money talk for some more casual
yaps with our nearest and dearest. And I am talking
about our beautiful co-hosts, Miss Bec Syed. She's the bringer
(01:12):
of the broke tips, someone who genuinely always stops to
appreciate the stuff that we take for granted. And asks,
to what end? Precisely when we need to hear it. And,
of course, the mystery box-obsessed, money-wins curator and baker of
quite possibly my favourite cookies in the entire world to date,
(01:33):
Miss Jessica Ricci.
Speaker 2 (01:35):
Yay.
Speaker 3 (01:36):
And I recently returned that tin to you because I
kept it for way too long.
Speaker 2 (01:40):
Mm-hmm.
Speaker 3 (01:41):
And I'm just so sad that I didn't refill it
with something because I didn't have time. But I just
think if somebody lends you a container for a snack,
you should put a snack in it to return it.
Speaker 2 (01:50):
That's really sweet. I love that idea.
Speaker 3 (01:52):
And then she's got washing to do. Well, that's on her.
Speaker 2 (01:55):
The price of a nice sweet treat is the washing.
Speaker 3 (01:59):
Also, the idea of getting Jessica Ricci a sweet treat,
I just don't think we could ever meet her level.
So I'd be kind of embarrassed.
Speaker 2 (02:07):
I'd be like.
Speaker 3 (02:08):
Take my poverty cookies. Yeah, scary. And she'd be like, thanks,
as though like a toddler's handling her like a Play-Doh
cookie or something. That's how I think that would play out.
Speaker 2 (02:18):
You can taste the love.
Speaker 3 (02:20):
You can, and it tastes a lot like Play-Doh. Anyway,
welcome to today's episode where we're going to be discussing
some good old money dilemmas played straight from the she's
on the money answering machine. Personally, this week's message stresses
me out. Like, What do you mean? Someone wants to
jeopardize your first home buyer's eligibility without some sort of
equity in return. Absolutely disgraceful. That's where we're going. Things
(02:41):
get a little bit dramatic, but we promise there's always
something light in the mix to help you end your
week on a high. When we return from the break,
we're going to be sharing a five-star review from an OG.
So guys, don't go anywhere. Welcome back. As promised, it
is time for a five-star review. If you've ever wondered, Guys,
(03:03):
where do your five-star reviews come from? Well, I am
so glad you asked, my friends. We get them from
all sorts of lovely different places. We get them from Spotify.
We get them from Apple Podcasts. We get them from
your preferred app of choice. And sometimes you guys slide
into our DMs just like this week Charlie did, and
she delivered the news. Hi, girls. I just wanted to
(03:23):
reach out and say thank you so much for changing
my life, both personally and professionally. I've been listening since 2019.
And two weeks ago, I got my first job at
a financial advice firm as an RM, which is a
relationship manager. I'm about to start my degree to become
a financial advisor myself all because of you.
Speaker 4 (03:43):
Oh, my God, it's amazing.
Speaker 3 (03:45):
Isn't that the most wholesome thing ever?
Speaker 2 (03:47):
And 319's an OG. OG, that's season one.
Speaker 3 (03:50):
That is season one. I'm so sorry that you had
to go through that, but thank you for staying and, like,
believing that we could be better. Amazing.
Speaker 2 (03:58):
And we need more women in finance, so good on you.
Speaker 3 (04:00):
We do.
Speaker 1 (04:01):
We do.
Speaker 3 (04:01):
Charlie, you're not only technically an OG, but you are
a fully-fledged advisor, and I love that. Like, sometimes I
get called an influencer, which I hate. But if I'm
influencing you to get into a career, I'll take it.
Speaker 2 (04:14):
That's a good one.
Speaker 3 (04:15):
I will take it. We are so happy that you
are in our community and I just am really grateful
that you shared that review with us. Remember, it is
never too late to share your praise for our pod
in our DMs or literally anywhere. So if you've tuned
in from the start, we want to hear from you.
Please reach out, leave a review. We would love it
so much. But also there's something extra special and like super,
(04:38):
super sweet. When people are like, I've been here the
whole time.
Speaker 2 (04:41):
I know.
Speaker 3 (04:42):
Like, I love new friends, but you can't make old friends.
And I think that that's really special.
Speaker 2 (04:48):
Yeah. Beautiful.
Speaker 3 (04:49):
All right. Now, my friends, I know what you're thinking.
What do you guys do when you're not talking about
five-star reviews and you're not writing or thinking or yapping
about money? Well, we are obviously trawling through our Facebook
group for a decent question of the week. And this
one comes from Kim, who asks... Besides She's on the Money,
what are your top three podcasts that you regularly listen to?
(05:12):
I think we need to whip out our phones for
this one.
Speaker 4 (05:15):
I know off the top of my head.
Speaker 3 (05:16):
Oh, okay. Well, you're first. You're first.
Speaker 4 (05:19):
So we've got Dane Detectives.
Speaker 3 (05:21):
We've got Betrayal. Wait. Oh, you know off the top
of your head.
Speaker 2 (05:26):
Surely the science one that you always talk about.
Speaker 3 (05:29):
I do like science verses, but you've got to be
in the mood for learning. Oh, she doesn't. Okay, she
doesn't make the cut.
Speaker 4 (05:34):
But it is like an incredible one. So definitely, definitely, definitely. Oh,
everyone has an X.
Speaker 2 (05:39):
That's right.
Speaker 4 (05:40):
Everyone has an X. Betrayal, everyone has an X. Dating detectives.
Speaker 3 (05:44):
Okay, but sell us on them. Why those? Because that's
quite eclectic, you could say. That's true.
Speaker 4 (05:48):
Well, I have just like one topic that I am
just like obsessed with and that is hearing about people's stories,
romantic or otherwise, where like someone has pretended to be
something that they're not.
Speaker 3 (05:59):
So maybe like you're dating someone.
Speaker 4 (06:00):
Yeah, like catfishing but dogfishing where it's like you're physically
who you say you are but you– And this is what.
Speaker 3 (06:06):
Oh, it's giving Hamish, like the Who's the Hell is
Hamish series. Exactly, exactly.
Speaker 2 (06:09):
Yeah, okay.
Speaker 4 (06:10):
And maybe they're secretly psycho or abusive and that's great
to be, you know what I mean?
Speaker 2 (06:15):
Yeah.
Speaker 4 (06:16):
All three of them kind of have this.
Speaker 2 (06:18):
Yeah.
Speaker 3 (06:19):
I feel like I need to get on that because
I would be totally about that.
Speaker 4 (06:22):
Oh, it's really, really, really interesting.
Speaker 3 (06:24):
I feel like we're going to end up with a
completely different answer from Miss Jessica Ricci because she's not
into what we're into, Bec. True.
Speaker 2 (06:30):
No. And in a deeply ironic twist of fate, I'm
not a huge podcast listener.
Speaker 3 (06:35):
Which I find so funny.
Speaker 2 (06:37):
Yeah, my top podcast is our podcast.
Speaker 3 (06:39):
Yeah. That's so cute.
Speaker 2 (06:41):
Yeah, it's just not my preferred way to consume media.
So if I am going to listen to a podcast,
it's normally– we have so many friends that have cool podcasts.
Like obviously you and Indie do Cheapskates. Brooke and George
do What Would We Know. We have like Glenn James
and Emma Edwards and Friends of the Show. So if
I'm going to listen to something, I'll normally try listening
to one of our friends.
Speaker 3 (06:59):
Like a friend you know.
Speaker 2 (06:59):
Yeah, because it's cool to support your friends doing cool things.
That's really cute. And the same with audiobooks. Like my
boyfriend loves an audiobook and I just– I don't know
what's wrong with my brain, but I can't.
Speaker 3 (07:09):
There's nothing wrong with your brain.
Speaker 2 (07:11):
Oh, thank you. I would rather read something. Maybe I
should try reading a podcast transcript and see how that
goes for me.
Speaker 3 (07:18):
Well, they're free. They're like Apple and Spotify. If you
want the transcript of any of our podcasts, she's right
there built in now. True. I can't think of anything worse,
to be honest, Jess. If I'm going to listen to
a podcast, I'm going to be popping it in my
ears and closing my eyes.
Speaker 2 (07:32):
That's fair play. I know, it's wild. Yeah, sorry. I
feel like that's a disappointing answer, but.
Speaker 4 (07:36):
No.
Speaker 3 (07:37):
I know Jess knows what I'm going to say.
Speaker 2 (07:39):
Yes.
Speaker 3 (07:41):
And I don't know if this makes me really unhinged,
but I only listen to true crime. Like I don't
listen to pop culture. I don't listen to like, sorry,
our friends' podcasts. I most definitely do not listen to
our podcasts in, again, a cruel twist of fate. No
one's voice is more annoying than my own. Yeah. It's
(08:02):
hard to listen to yourself for sure. It's like the
ultimate cringe and I just– I am so grateful that
this podcast took off and we could hire an editor
because I no longer have to listen to my own
voice over and over while editing content, which is, to me, ugh.
I know.
Speaker 2 (08:19):
Right?
Speaker 3 (08:19):
So anyway, we're true crime girlies in this house. My
top podcast would be Morbid and I'm obsessed with Morbid.
Two girls from the US run that and they've built
an entire empire around them, obsessed. The next podcast I
really like is called And like, I don't know if
(08:40):
it's my, you know, millennial brain, but I'm like, I
don't know why you would have picked this for a
podcast name, but you did. Two girls, one ghost. Cool.
Speaker 2 (08:48):
Okay.
Speaker 3 (08:48):
What's that about? Get this paranormal activity. Oh my God.
Speaker 2 (08:52):
Oh, that's quite fun.
Speaker 3 (08:52):
And like true crime. So it's kind of like, they're
quite funny and well nuanced. One thing I really think
is important when discussing true crime and maybe, I don't know,
For those of you playing along at home who maybe
don't know a lot about my history, I grew up
with a mother who was a coroner. And so in
grade three, I got in trouble because I went to
(09:13):
school and I told people that my mom cuts up
dead people. And it turns out you shouldn't say that
because the teacher didn't believe me, had to ask my mom.
And my mom's like, look, she's not wrong, but she's not.
You're right. She probably shouldn't be sharing this information with
a whole bunch of grade threes. It's probably not appropriate.
I will talk to her.
Speaker 2 (09:31):
Some kids went home with nightmares.
Speaker 3 (09:32):
But I think it's so important, I think, because of
that background, but also just like these true crime stories
are about genuine people.
Speaker 1 (09:39):
Yeah.
Speaker 3 (09:40):
I only like true crime content that's not like super sensationalized.
I want those people to be really human to me.
And I love how both of those podcasts really like
humanize the victim and talk about them. And like, you know,
they're really respectful. And I think that that's important. And
then the next podcast, which is in the same vein.
(10:00):
is a podcast called Seriously. And that is, again, a
true crime podcast with a person called Annie Elise. And
she was recommended to me by Jacqueline in our team.
And Jacqueline is one of our brilliant mortgage brokers, been
on the show, but she and I both binge listen
to true crime. Like you could quiz either of us
about any kind of terrible thing that went on in
(10:22):
the world and we would probably know.
Speaker 2 (10:23):
See, I would just be able to sleep at night.
Speaker 3 (10:26):
I know.
Speaker 2 (10:26):
Like Victoria will listen to it to go to sleep.
Speaker 5 (10:28):
I do.
Speaker 2 (10:28):
Whereas I'm like I'm not going to sleep for three
days if I have to hear all these scary details.
Speaker 3 (10:32):
Yes. See, I can't fall asleep without some true crime
in my ears.
Speaker 2 (10:35):
Horrifying.
Speaker 3 (10:36):
Like every single night I crawl into bed and my
husband's like, are you going to put a podcast on?
And I go, yes, King. And I turn on a
murder podcast, 30-minute timer, it will turn off and both
of us fall asleep to the dulcet tones of, I
don't know, hearing about how someone used a hacksaw.
Speaker 6 (10:53):
Yes.
Speaker 3 (10:55):
Well, that sounds very tranquil. Thank you. It's a little
bit like, oh, what's your sleep hygiene routine? I'm like,
I don't know if I want to tell you, but
I'll tell this podcast that gets millions of listens. Hell yeah.
I guess say what you want, but I reckon more podcasts,
the better. And I'm just grateful that our community are
obsessed with money podcasts. But yeah, I do refuse to
(11:17):
go to sleep without some true crime in my ear.
Speaker 2 (11:20):
Fair.
Speaker 3 (11:20):
Anyway, Miss Jessica Ricci.
Speaker 2 (11:22):
Yes.
Speaker 3 (11:23):
Money wins. I've seen some good ones pop up on
my feed, but I want to know which community money
wins have you seen that have taken the cake enough
to bring to the show?
Speaker 2 (11:31):
All right. Well, firstly, I'm starting off with one from
a Jessica. Excellent name.
Speaker 3 (11:34):
Oh, I see why we picked. Yep.
Speaker 2 (11:37):
No play favorites here. I've been very slowly building our
emergency fund. I finally hit $ 1, 000 a few days ago.
And to top off the wins, I paid off a
credit card this week as well.
Speaker 3 (11:47):
Amazing. Iconic. And that feels so good. Yeah. But at
the same time, Jess, you've been in debt. Bec, you've
been in debt. Why does it feel so disappointing when
you like pay it off? There's no like streamers or
popping of champagne or like something you pay it off
and they're like, thanks. And you're like, And?
Speaker 4 (12:05):
A stamp, a.
Speaker 2 (12:06):
Sticker, something.
Speaker 3 (12:07):
That's so true. Surely I put out the back of
my hand and you give me a smiley face stamp.
Speaker 2 (12:12):
Surely. We'll petition to implement that at the big four.
Speaker 3 (12:16):
But we will celebrate you. You don't need the stamp.
You've got us.
Speaker 2 (12:20):
100%. Next, I've got a money win from Anthea, who
said she sold the tablecloths and chair covers from her
wedding on Marketplace, which is already a win. Then when
the lady came to collect them, she saw that she
had chickens and asked if she had eggs to sell.
Anthea offered her a dozen for free, but the lady
refused to take them, so she gave her $ 10 and
asked to become a regular customer.
Speaker 3 (12:40):
Stop it. That's so gorgeous. That's so wholesome. I know,
isn't it? Also, $ 10 for some eggs. Girl, that's a
good deal. That's a good little business you're hustling there. Yeah, 100%.
Speaker 2 (12:50):
Anthea put in a photo of her eggs, and they're
very aesthetically pleasing. Oh, my God.
Speaker 3 (12:54):
They're different colors.
Speaker 2 (12:55):
And it seems like each chicken is laying a uniquely
colored egg. There's three distinct color. There's a bluey one,
a cream one, and I just think that's... Nature is beautiful,
isn't it?
Speaker 3 (13:04):
Jess, you know my friend Angela, she has a collection
of different chickens and they all lay different color eggs
and I am quite envious.
Speaker 2 (13:10):
I didn't know that was a thing.
Speaker 4 (13:11):
How do they do that?
Speaker 2 (13:12):
That's so cool.
Speaker 3 (13:12):
I think it's just the breed. So like the outside
of the egg just has a different, it's probably got
something to do with the mineral makeup and what they
eat and whatever.
Speaker 2 (13:20):
Yes, true.
Speaker 3 (13:20):
But like the different breeds have different like types of eggs.
Speaker 2 (13:25):
Wow. The more you know. It's kind of cool, huh?
Speaker 3 (13:26):
Very cool.
Speaker 4 (13:27):
It is really cool.
Speaker 2 (13:28):
Next, I've got a money win from Olivia who said,
I got paid my first dividends today from investing in ETFs.
It was only a couple of dollars, but it's still
very exciting. I love that. And overall, since April, they've
increased in value by $ 65. Stop it.
Speaker 3 (13:40):
Well done, Olivia.
Speaker 2 (13:43):
Zana said she went to the Selvos this morning and
they had a rack that said red tags were now $ 2.
Had a little dig through, found three dresses and two tops.
At the checkout, the total would have been $ 62. $ 62.
but it came down to a cool $ 10.
Speaker 1 (13:58):
Wow.
Speaker 3 (13:58):
Money win.
Speaker 2 (13:59):
We love a special rack at the op shop. Shuffle said,
money win. I wanted to upskill and I enrolled myself
into a cert for in marketing communications through open colleges
because they were running a 50% discount on courses.
Speaker 3 (14:13):
Okay, icon.
Speaker 2 (14:14):
How good. And then she said the lady she spoke with,
I'm assuming to enroll her, took an extra 500 bucks off.
So instead of paying $ 6, 150, she paid $ 2, 575. Stop it.
And she probably.
Speaker 3 (14:26):
Sweet talked the lady and the lady was like, I'm
going to give you a further discount. And that's what
you get for being nice.
Speaker 2 (14:32):
Exactly. Always, always, always be nice to the service people.
And then lastly this week, I've got a money win
from Stephanie who said, it was scary porting my number
over after being with the same phone company for 25 years,
but I finally did it for a better deal. Process
was very smooth. And so this pushed me to make
the switch for more things now.
Speaker 3 (14:51):
I love that. And I also think it's important to
remind people that if you change phone companies, you can
keep your number.
Speaker 2 (14:58):
Yes. I'm not learning a new phone number.
Speaker 3 (15:00):
No, no, neither. I have had that phone number since
like teenagehood. It's just not happening. You can't pry it
from me. Like learning new strings of numbers for me,
it's just not happening.
Speaker 6 (15:11):
No.
Speaker 3 (15:11):
Also, same reason I can't divorce my husband because I
know his mobile number off the top of my head.
And like in this economy, who knows mobile numbers off
the top of their head?
Speaker 2 (15:20):
James and I had this argument this week. He said
he knows my phone number off by heart. I don't know.
He's like, what if you get lost in the street?
I say, well, God forbid. I'm lost. I am stuck.
Speaker 3 (15:30):
I am proper lost.
Speaker 4 (15:32):
I'm sure there's, like, other ways.
Speaker 2 (15:34):
Unless maybe, oh, I just can't imagine. I'm calling my parents'
home phone that I remember from 20 years ago. Like,
that's the only phone number I know. I know.
Speaker 3 (15:40):
I think about that.
Speaker 4 (15:41):
I'm like, do you have access to someone's phone, some
sort of civilization? But I just feel like you won't
need to know that number off by heart.
Speaker 2 (15:49):
Yeah.
Speaker 3 (15:49):
You know?
Speaker 2 (15:49):
I'm going to have to start putting his number in
the back of my clothes.
Speaker 3 (15:52):
This is something that I've been thinking of recently because,
I mean, I only have a two-year-old. But, like, he
started going and staying at his grandma's house for the
day on Fridays and stuff like that. And, like, I
obviously call her. But at what point does he need
to call me? Does he have to ask someone for
a phone that has my number? Will he ever know
my phone number? Like, I know my parents' mobile numbers.
(16:14):
I know my parents', like, landline number off by heart.
But at what point do you learn your parents' mobile numbers?
Speaker 2 (16:22):
Yeah.
Speaker 3 (16:23):
And what are people doing about this? And also there's
just like a lot of layers there. I don't think
I'm comfortable with my kid having an iPhone. What are
we doing? Yeah. Like he's only two, but he handed
me my phone literally yesterday and goes, call Harriet. And
I was like, sure. But like he's already asking to
call his mates. Yeah.
Speaker 1 (16:43):
So.
Speaker 3 (16:44):
Yeah. Yeah, true.
Speaker 2 (16:46):
Hard to navigate in this day and age.
Speaker 4 (16:47):
Well, exactly right.
Speaker 3 (16:48):
I'm just going to lead him to believe that the
internet doesn't exist.
Speaker 2 (16:53):
Kids need... Leashes.
Speaker 3 (16:54):
Do you know people put that on their kids? There
had to be like a thing go out at daycare
a little while ago. Side note, because people were putting
like air tags in their kids' stuff, but then they
made all of the daycare workers' phones beep all day
because an air tag was following them. So they were like, hey, like...
What can we do about this situation?
Speaker 4 (17:12):
Right.
Speaker 2 (17:12):
Yeah, I've seen, like, shoes.
Speaker 3 (17:14):
They're like, we don't care that you've got it. But, like,
what's going on? I would like to. Freely follow my
child's location without everyone's phone going off. A hundred percent.
But what are we doing in that situation? Because it's
actually unethical to like be able to slip an air
tag in your back pocket and you don't know. And
then the air tag follows you. Like there's just so
(17:34):
many complications there. Oh, yeah, I see. Because you and
I are quite wholesome. We immediately go, well, that's a
good idea.
Speaker 6 (17:39):
Yeah.
Speaker 4 (17:40):
Yeah.
Speaker 3 (17:41):
But there are people who are not very kind. Like
what if you put it in your ex's car, you know?
Speaker 4 (17:45):
Yeah, okay.
Speaker 3 (17:47):
And obviously that would get used in not so good situations. Totally.
So like it's good that it notifies you, but like
you can't send your kid to daycare with one.
Speaker 2 (17:57):
Yes.
Speaker 3 (17:57):
Okay. No, that's true, actually.
Speaker 4 (17:59):
Yeah, I guess we didn't think about it because we
have pure intentions.
Speaker 3 (18:02):
That's because you wouldn't do it. But no, sorry, collar
with the little, what's this thing called? A name tag.
Speaker 4 (18:08):
A tag with your mum or your.
Speaker 3 (18:11):
Dad's number on it.
Speaker 2 (18:12):
That's so funny.
Speaker 3 (18:13):
Isn't that so cute? I think that's cute, but I'm
not going to put a collar on my child. Maybe
if we go somewhere, I might put like a wristband
or something. A wristband.
Speaker 2 (18:21):
There you go.
Speaker 3 (18:22):
With my number. Look, I haven't thought about this enough.
And to be honest, when I do start thinking about it,
I get scared. So, great tips. What have you got? Oh, yes,
of course. I have, as always, two from the community.
One from myself.
Speaker 4 (18:35):
This first one comes from Radi, who says, Welcome app offers...
Some petrol stations offer welcome offers when you download the app.
Five cents off per litre, for example. Other benefits as well,
but the cents off per litre make it so worth it, which.
Speaker 3 (18:49):
I think is a great idea. Ampol, I think, and yeah,
some others. BP do it. Yeah, BP. Jess and I
got free coffee the other day because of BP.
Speaker 2 (18:59):
There you go.
Speaker 4 (19:00):
I'm like, I need to get on these petrol station apps.
Speaker 3 (19:03):
Jess and I are on this.
Speaker 2 (19:04):
Mm-hmm.
Speaker 4 (19:05):
This next one comes from Jean, who says, if you're
a chat GPT user, you can tell it where you're
going and ask for it to find the cheapest or
free parking close by.
Speaker 3 (19:13):
And it generally is quite helpful. Isn't that a great idea?
That's actually quite smart. Maybe you could use that instead
of parking in 15 minutes. It finds me specks, I had.
Speaker 2 (19:24):
Totally adept.
Speaker 3 (19:25):
Did you see that coming? I actually did it and
I should have.
Speaker 4 (19:28):
It is a very car heavy brogue tip theme this week.
My one is, L-M-C-T plus petrol stations.
Speaker 3 (19:37):
Have you guys seen these? Yes. I can't get in.
It's so annoying because you need to be a member. No,
you give me the ick. This is giving multi-level marketing
more on the internet. This can't be your broke tip, Bec.
Speaker 4 (19:48):
I just thought it was because I drank past you
because I like, you know, you're on Petrel Spy. So
I like drove like 10 minutes to go find the
cheapest petrol, which happened to be this.
Speaker 3 (19:57):
Become a member.
Speaker 2 (19:58):
One.
Speaker 3 (19:58):
Get good at gambling. Well, I was going to say.
Is that right?
Speaker 2 (20:01):
I read an article recently that said it looks there's
discussions that it might be outlawed because they're basically dressing up.
gambling as a subscription model.
Speaker 3 (20:12):
It's a gambling subscription model. Like at the end of
the day, don't get me wrong. Like me as a
business person, right? Like I've got two minds. I've got
what's good for our community. And then I go, oh,
I love looking at an interesting business model and generating revenue.
So if I put that hat on, I'm like far out.
Subscription models are so smart because you're kind of locking
people in to an ongoing fee per month and People
(20:36):
are inherently lazy, very unlikely for them to unsubscribe. You're
probably going to get more money out of them. Great. Fine.
You're also like giving them a price point at which
they're usually pretty comfortable to miss out on. But you're
saying you could win X amount of dollars each and
every single month. And if you're a member, you go
into the like raffle or, you know, the lottery or
(20:56):
whatever it is, and they will justify it and compare
this lottery to other lotteries and your ability to you know,
win in other lotteries. They're like, this one's way better.
Like the chances are so high. And they really showcase
the people that do win because it's a legitimate lottery.
Speaker 2 (21:11):
Right.
Speaker 3 (21:12):
So like, you know, if Jess won, they would make
sure that in the terms and conditions of signing up,
Jess has signed away her life basically so that she
can be paraded around social media to be like, look, Jess,
this real person won all this money and all this petrol.
And oh, my God. And Jess is going to be
excited because like if Jess wins stuff, you're like, Jess
(21:34):
looks like me. This becomes really like approachable. Maybe I
do want to be in this community. And like it's
led by someone that people want to be like, so
it's quite aspirational in nature.
Speaker 2 (21:45):
Totally.
Speaker 3 (21:46):
So you see this whole thing and then he's like,
I'm going to do a petrol station because, you know what,
I'm a really good guy and I think petrol is
so expensive and I want it to be better for you.
And you go, yeah, I'm the common person. I love this.
And the reality is he's making way more than any
other petrol station would be because you have to be
(22:07):
a member. You have to subscribe. He's giving you, quote,
cheap petrol at what cost. There's so much hidden stuff.
Like he's making more money per litre on that petrol,
I promise you. than any other petrol station in the country.
Speaker 2 (22:21):
Or even if it's loss leading, it would be leading
people into, I guess, that gambling because that's the space
that he primarily plays in. So I'm not super familiar
with the model of the fuel and how it works.
Speaker 3 (22:32):
I've also been watching the TikTok drama because there's another
business that has replicated this business completely. It's stupid. So
like me talking completely different, but I think people will
find this interesting. They didn't even try. Like their marketing,
their branding. It's like they put this brand into AI
and said, do you put like 5% different?
Speaker 2 (22:52):
Yeah.
Speaker 3 (22:52):
Because there's nothing that like the colors are the same.
Speaker 2 (22:55):
The business model isn't protected legally. Like anyone could run
the same business model.
Speaker 3 (23:00):
100%. But that's not what they're copying. They're copying their marketing,
their branding. Their name is semi-similar to the point where
their consumers are getting confused between the two brands. Like
it's actually psychotic. But I'm not letting you be that.
I'm not letting you have that as a broke tip
because yes, cheap petrol is really good. But from my perspective,
(23:21):
when I then put my community hat on, that is
so predatory. It is not good for our community. And
I'm so happy for all of this conversation that I'm
having to be on the podcast because it is what
it is. It's my opinion. It's, you know, other people
might say, oh, like, but I really like it. Pop off, queen.
But at the end of the day, it is gambling.
Gambling is addictive. Gambling is negative for your financial future.
(23:44):
It doesn't put you in a better situation. And yes,
your quote odds might be better, but like we're appealing
to an audience who also don't understand investing and also
don't probably have emergency funds or have $ 500 to pull
on in an emergency. And they're lulled into this false
sense of security because petrol will be cheaper and we
(24:04):
are in the middle of a cost of living crisis
and That's good, right?
Speaker 4 (24:08):
This is actually very good and still like a broke
tip in a way because if you're anything like me
and like because you know LMCT or maybe you do,
maybe you don't.
Speaker 3 (24:15):
You've seen it all over socials. It's everywhere.
Speaker 4 (24:17):
And then if you see the petrol station, you might
be like, oh, my God, it's actually a pretty good deal.
But then so I guess the takeaway from this is
if you are anything like me and see an LMCT
plus petrol station, think twice and don't just like fall
for it like I have and would have.
Speaker 2 (24:36):
So that's really good membership no.
Speaker 4 (24:39):
But I thought it was a really good deal okay
and so I'm like.
Speaker 3 (24:42):
I totally get that and that's what their plan is
yes and you know what for some people and like
these people will exist someone listening to my show I
hope not to be honest someone listening to my show
might be sitting in their car right now going V
I do this I really like the subscription I'm I
get the cheap petrol financially. For me, this is actually
(25:02):
a good idea. And I'm not denying that those people
might exist. But inherently, this is a terrible financial decision
because it's lulling you into a false sense of financial
security when you probably don't have the rest of your
financial house sorted. Like you're being lulled into this false
sense of security that you might win a heap of
money as well, Bec. And then you're five months into
(25:26):
this subscription and you're like, not won anything and it's
not benefiting me and I really need to do my
budget but it's kind of like a lost leader you're
like but what if next month is the month I
win so you don't cancel your subscription this man from
a business perspective is a genius he's making so much money.
Speaker 2 (25:45):
Even the house lottery, like anecdotally, sorry, we're fully derailing
this conversation.
Speaker 3 (25:49):
No, no, no, but I think it's an important conversation
to have, Jess.
Speaker 2 (25:52):
Yeah, but you know they do the house lottery every year.
It's like you can win a da-da-da-da, whatever, the block
houses or whatever he's got going at the time. And
like our group of friends, someone was like, oh, do
we all want to pull in? And I was like, whatever,
if everyone puts in, sure, I'll kick whatever in. And
someone was like, do we go for the like the
$ 600 one where it's like, and I was like.
Speaker 3 (26:12):
On what planet?
Speaker 2 (26:13):
I was like, I'll kick 20 bucks in like with
the full knowledge that I'm not getting that 20 bucks back.
But like, fine, it's a little bit of fun. We
all can dream and go, well, you know, if we
win the holiday house, we get all going, whatever. And
that's what it is, right? Because it's like the more
expensive version, you get lots more entries or however it works.
And that's how they get you. And it's like I've
seen that anecdotally just in my own life. Yeah. And
(26:36):
so I can only imagine how, you know, and I
was the one who was like, guys, like we will
not be participating and I think everybody else should think
about whether or not that's worth participating in. Do what
you want with your own money, but just like have
a little think.
Speaker 1 (26:48):
Yeah.
Speaker 2 (26:48):
If it happens to me, I'm sure it would happen,
like it would happen to anybody.
Speaker 3 (26:51):
It lets you sell critical thinking hats. Like I think
a lot of people just see it and go, that
is so generous. That is so nice. When in reality, like,
It's just a very good money-making scheme. It's like if
you had a house, and I'm not saying that this
is the situation, if you had a house, Bec, and
you were like, I cannot for the life of me
sell it. Like it's been on the market for years.
(27:13):
It's worth a million dollars. I want to get my
million dollars for it. It's not selling. The buyer hasn't
turned up. You go, okay, all right, what am I
going to do? Maybe I'll run a lottery on this
house and I'm going to sell tickets. Bec, you could
buy your first home for five bucks.
Speaker 2 (27:26):
Mm-hmm.
Speaker 3 (27:28):
That's a good deal. You might chuck five bucks in
and all of a sudden a couple of thousand people
do that. You've got your million dollars for your house.
You just give it to one of the people that
spent five dollars on a ticket. You've actually made more.
This is the exact model that they're using. So like, yes,
they might be giving away million dollar houses. But I
promise the ticket sales far outweigh what they could have
(27:49):
sold the property for because otherwise they would be selling
the property, right?
Speaker 5 (27:52):
Yeah, totally.
Speaker 3 (27:53):
It's a business model. It's a business model and that
is okay and it is so fine for people to
make money. I don't mind. I'm not like, you know,
I don't like gambling. I don't think it should exist.
But right now in the economy that is a completely
legal way for someone to make money. And until, you know,
other people make decisions that it's not okay, that's not
(28:14):
my business. But it's my business when it impacts how
she's on the money, community members, financial situations and jeopardizes
their future selves. Because I just go, absolutely. And you've
met me on and off camera, like exactly the same person.
I'll be like, what are you doing? Why are we
doing this? I want you to be in a good position. Like,
please don't compromise. your financial security for this or that
(28:37):
or the other. Like, oh, it makes me grumpy.
Speaker 2 (28:40):
Let's take a little breather.
Speaker 3 (28:42):
Let's take a breather. Let's go to a break. On
the flip side, I'm probably going to get more heated
because the dilemma is a little bit juicy. So guys,
don't go anywhere.
Speaker 2 (28:55):
Welcome back, everybody. Let's take a listen to this week's
Money Dilemma.
Speaker 3 (29:00):
Hi there.
Speaker 5 (29:01):
Have you got a money dilemma you just can't solve?
The She's On The Money team is here to help.
Every week we tackle your dilemmas, both big and small,
to answer your most burning money, career and life questions.
To get involved, simply head to our website and leave
us a short voice recording and you might just find
yourself on the show. Now let's take a listen to
this week's money dilemma.
Speaker 6 (29:24):
Hi ladies. First of all, love the pod. Keep up
the great work. Second of all, I have a dilemma.
My brother really wants me to put my name on
his mortgage and I don't know how I feel about it.
First of all, it's going to be using my first
home buyer's grant and that means I'll never get to
use it again.
Speaker 3 (29:40):
Which is really scary.
Speaker 6 (29:42):
Second of all, I'm not really getting anything out of
it apart from helping my brother.
Speaker 3 (29:46):
My mom tells me to do it.
Speaker 6 (29:48):
I'm just not really sure. I'd love everyone in the
community's thoughts because at the end of the day, I'm
not getting anything out of this. He said that in
the future, he'll be able to guarantor his home to
my home, but that might take years for him to
pay off the mortgage and I'm really not sure about it.
I love the community's thoughts. Keep up the great work, girls.
Speaker 3 (30:08):
Be so for real. That seems crazy.
Speaker 4 (30:11):
It is hard though when you are like, something feels
unfair and like, but no one is, like your mom
is saying do it, your brother is saying do it
and you're like, but this is not fair to me.
So it's like your two options are go to war
with everyone and feel really anxious and shit for who
knows how long. Or just do it and know that
it is deeply unfair and like potentially changing the trajectory
(30:34):
of your life. Like that is so unfair too because
you're just probably minding your own business and all of
a sudden now you're given these two options and there's
nothing in between. It's just like you have to do
it to keep the peace or not do it and
just be anxious and fight with people.
Speaker 3 (30:47):
I don't know. It's just like, but don't do it.
Speaker 2 (30:48):
It's crazy. I don't understand why your mum is encouraging
you to do it. Are they wanting you to go
on the mortgage? Because obviously when you apply for a
mortgage with two people and two incomes, it increases your
borrowing power is what I'm guessing. But what I'm not
comprehending is like, is your mum recommending that you do that?
So you guys are co-owners of the property. So you
(31:08):
have a shared asset because the way that it's just
been explained to us, like you're being asked to put
your name down, you're saying you're not getting anything out
of it. So To me, that almost feels like a guarantor.
Like it's not quite a guarantor situation.
Speaker 3 (31:20):
Yeah, but it just feels like your name's just being used. Correct.
Your name's on the mortgage.
Speaker 2 (31:25):
So you're still liable. Like I just don't, I'm not understanding,
like I understand the benefit for your brother, but I'm
not understanding why you're being encouraged to do this because
you're right, Becca. Like it just doesn't make any sense.
Speaker 3 (31:38):
But also I want to know the benefit to your brother.
Like obviously beyond the like first home owners grants and things,
like Why does your brother require this to buy property?
And now is there going to be like some kind
of rift in your family? Because if you say no,
your brother can't get the property.
Speaker 2 (31:52):
Yeah.
Speaker 3 (31:52):
Maybe he has one already. That's what I'm thinking.
Speaker 2 (31:55):
Overwhelmingly.
Speaker 3 (31:56):
Do your own financials.
Speaker 5 (31:58):
Yeah.
Speaker 2 (31:59):
I'm just feeling like it sucks exactly as you were saying, Bec.
You don't want to be the one on the outs.
But if there truly is no benefit to you. And
if you're not, you know, co-owning this property or, you know,
and that doesn't work for you in your financial plan,
don't let anybody bully you into making a choice that
doesn't feel right for you.
Speaker 3 (32:16):
Come to Zella and I'll just write a letter to
your mum and be like, she can't do this.
Speaker 2 (32:21):
Sorry. Yeah.
Speaker 3 (32:22):
I'll write your sick note.
Speaker 2 (32:23):
Yeah.
Speaker 3 (32:24):
No worries.
Speaker 2 (32:24):
Literally.
Speaker 3 (32:25):
I'll be like, that is diabolical. Sorry, no.
Speaker 2 (32:28):
I want you on my team.
Speaker 3 (32:30):
Well, I am on your team.
Speaker 2 (32:31):
Thank you.
Speaker 3 (32:32):
I don't know how much more on your team I
could be than literally be on your team. Can you
live with me maybe? I'm not gay. I'm not gay.
I'm not on the team enough. That's not enough for me.
I'm so sorry. I just have to be only an ally.
That's fair.
Speaker 2 (32:47):
That's fair.
Speaker 3 (32:48):
I'll take it.
Speaker 2 (32:48):
I'll take it.
Speaker 3 (32:49):
I don't like it, but I'll take it.
Speaker 2 (32:50):
All right. All right.
Speaker 3 (32:52):
I'm sorry. I will work on myself for you. Thank you.
And back to this. To me, that's diabolical. Like what
do you mean there's an expectation that your name goes
on the mortgage? I just have so many like deeper questions.
But the way that you framed it was your brother said, oh,
later I could guarantee your property. So at no point
(33:12):
is he acknowledging that the property you're putting your name
down for you might co-own or part-own. Like this wasn't
a partnership situation. This was you being told I need
to use your name so that I can have this
thing that only benefits me.
Speaker 2 (33:26):
But then you're legally tied to it. Like, it just
doesn't make sense.
Speaker 3 (33:28):
And in this economy, to pass up your own first
homeowners grants and stuff like that, that makes no sense.
Speaker 2 (33:35):
No.
Speaker 3 (33:36):
It just doesn't. It genuinely doesn't seem fair. One thing
I would do is literally go and talk to a
mortgage broker about this. Don't take your family to go
see the mortgage broker. You go see a mortgage broker,
have an initial meeting and say, hey, this is what
they want to do. And a broker can kind of
run through your financials and your ability to purchase a
home and what it would look like if you didn't
(33:57):
have those first homeowner grants. But then also they might
be able to ask the right questions to get the
financial information that they need to be able to properly
explain this to you. that's a third party and not
involved with your situation. Cause like, it sounds like your
brother and your mom are on the same page and
they're saying, this is a great idea. And like, to me,
(34:19):
red flag city, like babe, that's a carnival. I just,
I'm a little bit uncomfortable with it. It sounds like
you're just being used so that they get the financial benefit.
I have seen other situations. I don't know why they
did this. It wasn't in my business just to be
very clear, but, someone's sibling wanted them to go on
(34:42):
their property so that they got the first homeowner's concessions
and then they were given some cash to weigh it up.
Speaker 4 (34:48):
Okay.
Speaker 3 (34:49):
But at the same time, just use the cash towards
your mortgage. I don't really comprehend it properly. I feel
like we need more information, but what I'm hearing sounds bad.
Speaker 2 (34:59):
Yeah.
Speaker 4 (34:59):
And just the fact that.
Speaker 2 (35:00):
You're uncomfortable is a red flag enough in itself. Like
any decision you're making regarding your financial future, like you
should have full confidence in your knowledge and And that alone,
I think is enough to say, speak to somebody who
can help you with that.
Speaker 4 (35:12):
Yeah, exactly.
Speaker 3 (35:13):
And I mean, family is important. So you don't want
to like just burn that bridge. But at the same time,
they need to respect you. And I think you need
to really weigh up your long term consequences and what
that will look like if you make that financial decision.
Because the thing that you're doing to help someone out
today might actually put you so far back in the
future that they're well off and you're struggling for the
(35:35):
rest of ever. That doesn't feel right.
Speaker 2 (35:38):
No, not at all.
Speaker 3 (35:38):
All right.
Speaker 2 (35:39):
Should we get into this week's juicy DM?
Speaker 3 (35:40):
Absolutely. Hello, ladies. I know this is a total first
world problem. I'm so ready for this. And I feel
a little bit silly even writing in because I just
know how lucky I am. But I'd love to know
if anyone else has experienced this. Over the last few years,
I've worked really hard to get my finances into a
really good place. On paper, I am doing everything I
(36:01):
set out to do, and I'm really proud of how
far I've come. The problem is I still can't seem
to enjoy spending my money And even question if I
deserve a coffee if I forgot to make one at home.
I've been wanting to book a holiday for ages, but
every single time I go to press book, I close
the tab because I can't stop thinking about how much
more that money could grow if I invested it instead.
(36:22):
What are my next steps here? What should I be doing?
Speaker 4 (36:25):
It would be a really tricky one if you're saving
for like, you just know that a hundred bucks will
grow to whatever amount if you were to not touch it.
And so it's really, I'm trying to think of analogy
or something that is similar in like regular life.
Speaker 3 (36:43):
We're like, oh, I could.
Speaker 4 (36:44):
Either not touch this thing and see where it goes
or like be using it to make beautiful memories, whatever.
Speaker 3 (36:51):
It's probably a really, really tricky thing. It sounds like
when you say like whether or not.
Speaker 4 (36:54):
You deserve a coffee if you forget to make one
at home, it feels like it's probably maybe a little
bit even deeper than feeling like, oh, I don't want
this thing that I worked so hard for to go
to waste. And this is why I say like, to
what end when people are like, you know, save, save, save,
which I do appreciate.
Speaker 3 (37:10):
And I really think, you know, it's so impressive.
Speaker 4 (37:13):
That people can save and some people save for like
a house or a car or whatever.
Speaker 3 (37:16):
And so I'm like, to what end? Because it's like, well,
that's ideally to.
Speaker 4 (37:21):
Spend, right? Whether it's on an emergency, whether it's on
a holiday, whether it's to spend. And so I guess
like probably would get to a point where you're like,
it doesn't feel like it's to spend anymore. It feels
like it's like a portfolio. What I'm trying to say
is if you have paints and a canvas and you're like, well,
I don't want to use these beautiful paints like this.
Speaker 2 (37:42):
It's the sticker analogy. Like you never want to use
your nice stickers.
Speaker 3 (37:47):
Yes, exactly.
Speaker 4 (37:48):
And it's like, do you want something that's beautiful to
look at that makes you feel like really satisfied and
happy and proud of? Or, and it shouldn't be one
or the other, or do you want to like, use
it for what its intended purpose is, which is to
make memories. But yeah, the coffee thing, I'm like, maybe
there's also a little bit of internal monologue that we
should be working on, which is you deserve everything you've
(38:10):
worked hard for, but also things that you didn't work
hard for. You deserve to live a beautiful, happy life
full of little joys and big joys. And so like,
start there, start inside that head of yours and You
deserve a coffee.
Speaker 3 (38:22):
Absolutely you deserve a coffee.
Speaker 2 (38:23):
Get that out of your head. That's so beautiful.
Speaker 3 (38:25):
I love that. I do. I love that. I also
like how I feel like I just watched you do
a heap of mental gymnastics.
Speaker 2 (38:34):
Yeah, sorry.
Speaker 3 (38:35):
To come up with an analogy. And you're like, it's
like paints on a canvas. And I was like, she's
got it.
Speaker 2 (38:40):
That's where I came from. You're so welcome. I agree.
I think we hear this from people a lot. You
kind of go from the pendulum swings one end to
the other. You're really bad with money. You're spending money
like crazy. You tidy yourself up and then all of
a sudden it's really hard to spend money because you've
worked so hard on getting out of one mindset. You
(39:00):
found yourself in another. In an ideal world, we exist
somewhere in the middle space. You know, the bottom of
the pendulum is a nice, easy spot to swing. I
think that it's hard because on one level, Who is
anyone to tell you what level of frugality is appropriate?
Like I know that I look at some people on TikTok,
for example, who live the extreme level of frugality.
Speaker 3 (39:23):
Bradley on a budget.
Speaker 2 (39:24):
That's exactly what I was thinking about. You know, reusing
toilet paper and you go ready towels.
Speaker 3 (39:30):
That's like, I just can't, I can't.
Speaker 2 (39:33):
Not the life for me, but who am I to
tell somebody else to live their life? But I agree completely.
I think we're all trying to build our dream life, right?
Like I know I'm certainly wanting to be better with
money so I can live.
Speaker 3 (39:43):
A What about money do you want to be better at?
You were like a little weapon. You just bought your
first home. You've got it together. You have six million
savings accounts.
Speaker 2 (39:52):
There's always more to learn. But I think we're all
doing this so that we can live that life because
I do. I want to buy the coffee. I want
to go on the holiday. I want to be able
to do the things. I want to have it all.
And I think that we are exactly all deserving of that.
And so to me, it's a means to an end.
If you're saying you're feeling guilt around spending on something small,
(40:13):
I would say, I've said this before, are you budgeting correctly?
Are you allocating money to things that are of value
to you? Because If you have a fund labelled coffee,
mentally that might help you go, oh, well, I'm spending
this money based on what it's intended for. Like that's
how I manage my savers. You know, I've got things
for clothes, for books, for whatever, so that it's really
clear what I've allocated my money to and I don't
(40:34):
feel bad spending that. If it is a matter of
you going, well, would I rather invest the money and
is that of more benefit to me long term? Like
we can't really tell you that. But I think if
you're experiencing severe guilt– To me, that's when it's crossing
into a territory of, well, maybe it's time to talk
to somebody about that because it can be tied up
in lots of other things and there's no shame in that.
(40:57):
But the purpose to me of this show and of
becoming good with your money is to put you in
a place of positivity. And it sounds like maybe you're
not quite there at the moment and that can be hard. Yeah.
Speaker 3 (41:10):
I think the thing that stands out to me is that,
and on this show I've said it a million times,
it's not just about the destination. It is about the
journey and you need to be enjoying the journey. And
what you told me is that you're not enjoying the journey.
Like what's the destination? Like, cause if you're saying, oh,
well V, the reason I'm worried about it not compounding
and it being a better decision to put it in
(41:31):
an investment is because down the line, I want to
retire five years earlier. At which point I go, okay, fantastic.
We've got a really clean goal of when we're going
to be spending that money. But if you've got no
goal like that and the goal was to also enjoy
the journey and go on a holiday and have your
emergency fund and have everything, like you're not enjoying the journey.
(41:53):
What you're telling me is your scarcity mindset is now
inhibiting that and you need to kind of work on that.
And as Jess said, I'd be trying to spend some
of my funds talking to somebody about that because that
can feel really restricting and it can mean that, Once
you do book the holiday, maybe you don't enjoy the
holiday because all you're doing is thinking about how much
the holiday cost. And then you come home and you're like, well,
(42:14):
that was a waste of money because I didn't even
enjoy it that much because I was stressed about money
the whole time. Yeah, I think that's something we need
to work on. And it sounds like scarcity mindset is
really holding you back, which I think is really negative again.
As we said, Jess, there are lots of people in
this world. Bradley on a budget is a great example
and I would love to have him on the show.
So if anyone knows him, you let me know because
(42:37):
that man is the most frugal man in the entire universe.
For those of you following along at home, he's like
this budgeting king who is in heaps of debt and
I can see he has a lot like from a
psychological perspective. I think that that traumatized him so much
that now he's still so frugal, but he's very, very
popular on TikTok. Meaning I know he has hundreds of
(42:59):
thousands of dollars saved, but I can never see him
spending it. But he lives in New York and, you know,
I feel like there's a lot of money trauma in
his story. But I'd love to have him on the
show because I just think there's so much we could learn.
But that's not for me. And I've said it before
about the people who follow the FIRE system and their
financial independence retire early. We've got someone on our team, Brooke,
(43:22):
who's doing that. And she's doing an incredible job of it.
But I look at her situation and I go, I
love that for you. And I love that she's enjoying
her journey. But if I did that, I wouldn't enjoy
my journey because we're all different. And I think that's
also one of the reasons why my mortgage-broking business's tagline is,
it's your journey because everybody is different and on a
(43:43):
different pathway. So like, We can't tell you what to do,
but I think reflection and understanding what scarcity mindset is
and what about your money story is making that really hard.
Because as Bec said, you do deserve to enjoy your life.
And I think that's the most important part here.
Speaker 4 (44:00):
Absolutely.
Speaker 2 (44:00):
What did everybody else say?
Speaker 3 (44:01):
So first cab off the rank, I asked the community,
have you ever felt guilty spending money you can comfortably afford? 56%
of you said yes all the time.
Speaker 2 (44:11):
I'm sorry you guys feel that way.
Speaker 3 (44:14):
Then the next question we asked was, when you receive
a pay rise, what do you usually do with it? 46%
of you said, split it between my savings and my lifestyle. 27% said,
save or invest almost all of it. 23% said, gets
absorbed into my everyday spending. You're real for admitting that.
And 4% of you said, lifestyle upgrade all the way.
(44:37):
We then said, what is your biggest money mindset challenge
at the moment? 42% of you said feeling financially behind.
I feel like we need a whole episode on that. 22%
said overthinking every single money decision. And then 18% said
feeling guilty when I spend. And the other 18% said overspending.
(44:59):
We then went to the community and said, what is
your two cents? And honestly, very similar to what we're saying.
A lot of people said, I feel really guilty when
I spend so much money. Some people said, I suffer
from scarcity mindset. This really resonates with me. Another person said,
step back, figure out your values. So when you spend,
(45:19):
you're not spending in line with somebody else's values.
Speaker 2 (45:22):
Yeah, that's good advice.
Speaker 3 (45:24):
Another person said, saving money shouldn't delay your total happiness
right now. Another person said, choose how often you want
to go on holiday and And with what budget? And
then stick to it. Perhaps it's your budget that needs
stricter guidelines.
Speaker 2 (45:40):
I agree with that.
Speaker 3 (45:41):
Another person said, this is all too relatable. I can
gaslight myself out of spending any amount of money, but
also maybe I should be trying to gaslight myself into it.
Speaker 2 (45:51):
It's all in moderation. Like nothing's inherently bad. Yes.
Speaker 3 (45:54):
Another person said, be really clear on your values. I
feel a theme here. It's almost like you guys are
actually our community members.
Speaker 2 (46:03):
You've been listening.
Speaker 3 (46:04):
And someone said, don't forget to have a good day
while trying to create a good life. And I thought
that was a really good way to explain it. I
love that. I'd never heard that before. And I just thought,
I'm going to leave it on that. Don't forget to
have a good day while you are trying to create
a good life. Oh, gorgeous. Isn't that so sweet? Anyway,
(46:25):
my friends, I wish we had more time, but that
is unfortunately over. all we have time for, for this
arguably very long edition of Friday Drinks. We hope that
this episode has maybe inspired you to look closely at
your purchases, at fuel prices, at not engaging in gambling behavior,
and maybe even talking about your podcast preferences with your
(46:46):
partner and whether they align. Maybe you're adding a new
one from our list of podcasts we listen to, to
your roster. But if you have loved this podcast and
this episode, my friend's Please rate, review, subscribe to it
wherever you get your podcasts. Otherwise, we'll catch you bright
and early next week for a Monday Money Diary. Take
care of yourselves and of each other and we will
(47:07):
see you then.
Speaker 2 (47:08):
Bye, guys. Bye.
Speaker 5 (47:13):
The advice shared on She's On The Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
If you do choose to buy a financial product, read
the PDS, TMD and obtain appropriate financial.
Speaker 3 (47:32):
Advice tailored towards your needs.
Speaker 5 (47:34):
Victoria Devine and She's on the Money are authorised representatives
of MoneySherpa PTY LTD ABN 321 649 27708 AFSL 451 289.
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