June 5, 2025 • 50 mins
You’ve finally built up a bit of savings, so… what now? Do you keep stockpiling cash, or is it time to back yourself and start investing? This week on Friday Drinks, we’re tackling the save vs. invest debate. We’re not here for one-size-fits-all answers, we’re here to help you figure out what move actually fits your life and your goals. And then it gets juicy. We unpack a seriously tense inheritance dilemma involving family property, blurred boundaries, and a brother with big expectations. It’s full Friday Drinks energy: spicy, thoughtful, and packed with the kinds of money convos no one else is having (but we all need to hear).
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hello, my name's Santasha Nabananga Bamblet. I'm a proud your
the Order Kerni Whaltbury and a waddery woman. And before
we get started on She's on the Money podcast, I
would like to acknowledge the traditional custodians of the land
of which this podcast is recorded on a wondery country,
acknowledging the elders, the ancestors and the next generation coming
(00:22):
through as this podcast is about connecting, empowering, knowledge sharing
and the storytelling of you to make a difference for
today and lasting impact for tomorrow.
Speaker 2 (00:33):
Let's get into it.
Speaker 3 (00:34):
She's on the Money. She's on the Money.
Speaker 2 (00:57):
Hello, and welcome to She's on the Money. That makes
personal finance fun, especially on a Friday. It is our
favorite day of the week because I have my voice back.
We also get our team together and celebrate you our
incredible She's on the Money community ms just Greedchy. She's
going to be sharing her favorite money wins. Beck Syed
(01:17):
has a number of freak tips to share with us,
and we're going to be helping to answer a money dilemma,
which this week is about whether you should take some
of your current monthly savings and start investing some of
it and something you slid into our DMS about what
do you do when your sibling is pressuring you to
join them in going to your parents to ask for
your inheritance early ooh see, Cze, I could see you going, oh,
(01:41):
what are you doing with sibling? Okay, okay, okay, inheritance uncomfortable. Yeah,
I just feel like that's a lot. Yeah, that's a lot.
It's a lot, all right, So let's maybe just not
start there. How are your weeks? My loves go for it,
My week's in love.
Speaker 4 (02:00):
I haven't done anything too exciting, just been trying to
survive the cold snap, cold and freezing.
Speaker 2 (02:06):
I'm over it. You've brought a b Yo heat pack
to the studio today. You've got your little wheaty pack
you're sitting on you.
Speaker 5 (02:13):
I was wearing the jacket or the driving. It's just freezing.
Speaker 2 (02:16):
I had easy. You had the car on like blasting
hot air. Like I don't know if this like I'm comfy,
I'm happy, but I don't know if this is good
or bad?
Speaker 4 (02:24):
Like I have to get out of the car. It's
so much worse when you go from walking.
Speaker 2 (02:28):
Yeah, like, do I turn down the meter so that
the transition isn't as bad. It's no, no, I say,
I walked Harvey to daycare this morning, and my breath
in front of me was like pluming, and like the
grass was frosty. I could see where the dog had walked,
and I was like, winter has really kind of arrived.
(02:49):
Driving I can.
Speaker 4 (02:49):
See all the people go like walking to work in there,
like puffa jackets and puffer vests, and I was wearing
my pink puffa jacket.
Speaker 5 (02:55):
I was like, I'm just one of you, even.
Speaker 2 (02:58):
If I never had an originally variance. No, oh, my goodness,
Beck has your week bean? No, Bo's been really loving, Yeah,
really really cold.
Speaker 6 (03:06):
But there's something so gorgeous about like a crispy winter morning.
Speaker 2 (03:10):
Your car's frozen over for like, what part of that
is gorgeous? Sorry, it's it's usually the winter vibes.
Speaker 6 (03:17):
I think it's the thrill of like driving for a
few minutes with no.
Speaker 4 (03:23):
You're very pretty, like the ice on the grass and
the sun that's.
Speaker 6 (03:28):
Doing nothing but it's there and it's so it's really
so beautiful. But it's when I hit my hit my
housemates carlvn't told it.
Speaker 2 (03:37):
Just as I couldn't see. Excuse me.
Speaker 6 (03:39):
I was like, oh, it should be fine, like I.
Speaker 2 (03:41):
Hit my housemates car, and then I didn't tell it.
You need to get off this podcast. It was straight
into her messages. She's chill, sure, I'll tell later. But
it was just like a little love tap.
Speaker 6 (03:52):
Because like you know when you like spray your window
to get the ice off, and then there's just like
those two long little windows and see through those but
nothing else. And I was just trying to like get
out of where I was parked and I couldn't see.
But I thought, you know, I had a little.
Speaker 2 (04:08):
Love tap to oh like that, so her car is
no worries. Yeah, it was good to know.
Speaker 6 (04:12):
I was like, okay, cool, I'm gonna stop there and
then nar reverse.
Speaker 4 (04:15):
So that's pert squeegee in your car shower squeegee.
Speaker 2 (04:21):
Yeah. You just now this isn't going to make sense
to you, jess or Beck, because like you're not a mum.
But I actually keep one in the bottom of my pram.
Oh I can't, Yeah, what the hell for? Because the
slide at the park often has water at the bottom,
and Harvey really wants to go on the slide every time.
(04:41):
But I don't want to have to, Like, I'm not
going to take a towel and then take home a
wet towel. So I've gotten like two dollars came out squeegee,
and I just like flick it all off and we're
ready to go.
Speaker 5 (04:50):
Came out squeegish in the lord's work.
Speaker 7 (04:52):
I know.
Speaker 2 (04:52):
Maybe that could be my like unsolicited recommendation in this
week's newsletter. Yeah, carriage, screek, gee wherever you go? Yeah,
bench you want to sit on it, squeegey and fix
that gee gen.
Speaker 6 (05:04):
You just like literally I sit and then I what's
it like? I kind of like you do this? Yeah,
but with my jeans because no, then.
Speaker 2 (05:13):
You're sitting in wet in winter. It'solutely quick.
Speaker 6 (05:17):
She's crazy, Jess, and I would never that's so fair.
Speaker 5 (05:21):
You're definitely the type B friend.
Speaker 2 (05:23):
Type B yeah, yeah, yeah, for sure. Do we all
need to type to be? And I think I'm type C,
which is like a type A person that has chronic ADHD,
so that sometimes we're super organized, but also we haven't
cleaned out over each in the month. Qualities.
Speaker 5 (05:37):
Yeah, all the bases covered.
Speaker 2 (05:39):
Yeah, yeah, yeah, I will just type C. I reckon
that works all right, would you guys like a five
star review? Absolute? Please? All right, so this one, this
was really sweet. It's from Dashford, down to earth and
easy to listen to. She's on the Money makes complex
finance matters simple plus unsolicited recommendations to make sure you thrive.
(06:01):
Can't say off great things about Victoria divine and her
She's on the money business.
Speaker 5 (06:05):
Wow.
Speaker 2 (06:05):
Oh so cute. That's so sweet because it was about me,
as you should. I always picked beck ones because, like Jess,
you and I both know that, like we love complimenting Beck.
Like it's just it's just really funny. It's just so
fun It's like a game at this point.
Speaker 5 (06:23):
Cute, embarrassed and.
Speaker 2 (06:26):
Like Jess is really sweet about getting compliments, she really is.
But like I love embarrassing. I love embarrassing Beck.
Speaker 6 (06:32):
That's so fair And I'm happy to take the four
for it because it is such a gorgeous If somebody,
I'll take one for the team.
Speaker 2 (06:42):
All right, Well, Jess, I want to know what's going
on in the community. What are their good money wins
this week?
Speaker 4 (06:47):
Alrighty, first, so this week I've got one from Holly
who said money win and loss at the same time.
I put on a Gold Class movie night for my
little ones at home on Saturday night. I gave them
the whole Gold Class treatment. It still cost me a
little bit of money hence a loss, but it was
way cheaper than actual Gold Class so money win and
core memory made.
Speaker 2 (07:05):
And she gave us a little do we get a picture?
Speaker 5 (07:07):
We got a video tour? So she had like a
little size post Frozen love it my favorite.
Speaker 2 (07:15):
Look.
Speaker 5 (07:16):
She made them.
Speaker 2 (07:16):
Chicken movie tickets and there's like a movie theater door.
Speaker 5 (07:20):
She's got the snacks, the whole she went all out.
Speaker 2 (07:22):
It looks oh, they've got little packs of Oreos and
banana and then.
Speaker 4 (07:25):
The fold out couches with the kids look like they're
having a ball.
Speaker 2 (07:30):
I love those.
Speaker 5 (07:31):
Such a fun and such a core memory. She's totally right.
Speaker 2 (07:34):
Fold out couch is such a throwback to my childhood
and never having one like. I remember being so envious
when I went to my friend's houses when I was
little and they had like the themed Wiggles couch that
flipped out. I'll be like, wow, that's so cool.
Speaker 6 (07:48):
I know, but don't be envious. There was so uncomfortable,
but like you still like they were so exciting.
Speaker 2 (07:54):
I didn't have one of those because I had the
themed sleeping back. Oh you know one of the other
like shaped, Yeah, like.
Speaker 5 (08:02):
A Mermaid tail or something.
Speaker 2 (08:03):
I wish I can't remember. I feel like mom was red.
I think it was a Telly Dubby. Oh cute. I
think that's cute.
Speaker 5 (08:10):
Why did my mind go to lobster when.
Speaker 2 (08:13):
I'm gonna.
Speaker 4 (08:16):
Maybe next This week, I've got a money lost from
Alisha who said she bought a horse, but she only
had to pay transport her life win. She's waited three
years for her to retire from racing, so she's saved
a horse that obviously is retired and now she's brought
her home.
Speaker 2 (08:31):
That's not a money lost, that's a life win. And
we've got a.
Speaker 5 (08:33):
Photo off the horse.
Speaker 4 (08:34):
Yes, I want to know, like, what's the most absurd
if you've got a random But if you've got a
pet snail, we want a pet tax photo of this?
Speaker 2 (08:43):
Do? I mean?
Speaker 5 (08:43):
I just we've.
Speaker 2 (08:44):
Done, like I do I really do?
Speaker 5 (08:48):
Someone out that's got to have a Mexican walking fish.
Speaker 4 (08:50):
I don't know if you've got something about you with
a heavy G.
Speaker 2 (08:56):
I was trying to explain to my husband the other
day the concept of pet tax, and I was like, no, no, no, Like,
if you post about your pet in our Facebook group,
you've got to pay the pet tax. And he was like,
how do you enforce that? And he was like taking
it as a very serious pot, right, how do you
regulate that? And I was like, you don't. Everybody is
a Laura abiding sciitizen. She's on the money and we
all pay our pet tax and the.
Speaker 4 (09:17):
Community is very good at self policing, Like anytime someone
mentions a pet, you can almost guarantee someone's like a
comment underneath, where's.
Speaker 2 (09:23):
The pet tack? Yeah, I'm like you, I love it.
It's actually my favorite. And like my favorite is when
that happens, yes, and then you see the response from
the original poster and they're like, look really sorry about this,
here's my pet tax, and like some more. Yeah, so's
my favorite.
Speaker 5 (09:37):
I love we love the photos. Keep them coming, everybody.
Speaker 4 (09:40):
Next, I've had my money in from Carara, who said
I went to my local op shop for a look
and picked up a Levi's denim jacket for forty five dollars.
I was curious on what they retail force, so I
looked it up. Turns out it's a super rare vintage
jacket and it's you is passed on eBay at fifteen
hundred dollars.
Speaker 2 (09:56):
I would be selling that immediately usd as well. I
don't care how cute you are selling that.
Speaker 4 (10:00):
Yeah, she said, the optop God's were looking down on her.
What a good find. Another really good secondhand fine from
Tian She got a Herman Miller chair, which if you know,
you know, it's like the premium office chair.
Speaker 5 (10:14):
They retail for like fifteen hundred dollars, which is crazy.
Speaker 2 (10:16):
We like not buying these easily.
Speaker 4 (10:18):
No, So she picked hers up for four hundred dollars
from an ex government furniture store. She said, her friend
over some money, so she ended up only being one
hundred and fifty dollars out of pocket.
Speaker 2 (10:27):
That's such a good deal. And there now I'm in
my thirties, so ergonomic economic to you. That's such a
good feel Like if we're going to sit at our
desk for a whole day, I'm going to get up
and I'm not going to feel creaky. That's a sleigh.
Speaker 4 (10:39):
Next, I've got a money in from Alana, who said
every year the girls on her mom's side of the
family have a weekend away, everybody takes all of the
clothes that they have that they don't want anymore, and
it's a free for all. You take what you want
or whenever's leftover gets donated. So she's come home from
the trip with our bunch of new clothes.
Speaker 2 (10:54):
Actly, it's so cool. That is so cool, very very clever.
Speaker 4 (10:58):
And then lastly this week, I've got one from Die
who said she's probably a bit late to the party,
but she used churt GPT to search for the best
pizza deal and it worked. Saved her all the time
from searching on all the promo syites, and she got
way more food than she normally would, so I had
lots for leftovers. That's so good, A really good way
to use AI, Like, you don't have to use chat GDT.
You could use the Microsoft one or something instead if
(11:19):
you want to do but save your little fingers from
searching for Domino's deals.
Speaker 2 (11:23):
Although I was watching TikTok the other day and someone said,
my biggest ick is people defaulting to churt GPT as
like their search engine, and I was like, wow, I
must be out here given everybody the ick, because I
got asked yesterday. Actually one of our teams. So when
was the last time you googled something, Victoria? And I
was like, oh, like yesterday, And they were like no,
(11:43):
but did you actually google it? Like how did you
look it up? And I said, asked, chat GPT, how
you replaced Google? I think so? I think so, And
I don't know if I want to admit that because
so many people are so against AI and like how
it works and like there's obviously a lot of arguments
around like how much energy it uses, and like I'm
still doing my research into that, but like, I'm so
(12:05):
sorry if there is a concept that I'm trying to
like Google and get a clean answer on chat GPT
just runs rings around Google when it comes to like hey,
can you explain this to me really quickly? Does it perfectly?
Speaker 4 (12:20):
It just makes me nervous that like you're not verifying it,
like I just go you are.
Speaker 2 (12:24):
So my chat GPT. I'm sorry, I'm sorry I have
her primed her by the way, Apparently that's another ick
for people that you gender, like that you gendered your
or humanized. I'm sorry you're a chat GPT, but that's
where I'm I'm actually at a point where I asked
chat GPT what her name was, and my chat GPT
is called Clara, So she said she thought that was
(12:45):
a sweet and soft name and it was like the
name of somebody, very helpful, and I was like, that's perfect, Clara,
lovely to meet you. I asked her to always prove
her sources, so I like read the response and then
it sends me to the ATO website. Amazing genius. She's
a genius. But yes, apparently I give people the ick
with that, and honestly, I think when I explain it,
(13:05):
I also give me the ick. So I need to
properly re evaluate my life choices.
Speaker 6 (13:10):
It's okay, I just but also, do you have to
like log into chat gpt?
Speaker 1 (13:13):
You do?
Speaker 2 (13:14):
You do? But I'm just worried at some point, do
you remember Ashley Madison, like they're cheating sandal about like
that website anyway, So I'm worried that there's going to
be like a data leak similar for chat GPT. Your question, Like, girls,
I'm telling you right now, I would prefer my nudes
to be leaked across the internet, then my chat GPT
history to be refiled. Oh my god, that's fair.
Speaker 6 (13:40):
Well, I literally don't use it just because of that,
but also like, yeah, the energy thing and stuff, I'm like,
I haven't looked into it myself, but I just know
I just.
Speaker 2 (13:47):
Don't know enough about it, you know. I know that
people are saying that, but like I'm not educated enough
to have an opinion at this stage. That's so fair
and you're allowed.
Speaker 6 (13:55):
Well, I have never chat gpt'd broke tips, but I
might think about that next week when I inevitably run
out and panic right before recording.
Speaker 2 (14:05):
I'm gonna ask chat GPT for some broke tips. Yeah,
maybe we could add next week a chat GPT broke tip. Yeah,
we'll be like this one comes from Clara. They can
be so unhinged. Like sometimes I'm like, wow, when people
say you can really tell if people are using chat
GPT's because they're not proofreading their stuff and they're just
copying pasting this junk, I'm really scared of.
Speaker 4 (14:27):
Yeah, you definitely need a human, like, you can't just
rely on chat.
Speaker 2 (14:31):
She's not coming for my job anytime soon.
Speaker 4 (14:33):
No.
Speaker 6 (14:34):
And also like once you when someone accidentally leaves like
a little.
Speaker 2 (14:36):
Like em dash, I know, I know it's because the
m dash is in there. M dash the longer dash
in between sentences. I see, yes, if you are sending
me long emails that have the girl, I know that
you've chatted APA.
Speaker 6 (14:51):
And immediately there's a disconnect and I'm like, I'm not
reading what a person wrote.
Speaker 2 (14:56):
And you might try and argue with me and say, well,
that's chrammatically correct. You are. The M dash actually does
belong in that sentence, but ninety nine percent of people
historically haven't used it properly. So don't come at me
and say now you're completely grammatically correct in your emails,
and you're not right.
Speaker 6 (15:13):
There's so many rules, you know, like I still don't
know where an apostrophe goes and when it goes where?
Speaker 2 (15:18):
Oh do you want to because like I ast English?
Oh yeah, actually I might, I might. I just love
the rule though.
Speaker 6 (15:25):
Every single day in my group chat, I'm like, if
I'm saying this, do I put in a? And so
like I don't know and now it's an M dash.
I'm just I don't know anymore. Anyway, carry like to
I would love some brakes tips. So this first one
comes from Lexi.
Speaker 2 (15:41):
It's about tolls.
Speaker 6 (15:44):
So there's apparently like a I actually have seen this
too in my linked account. I don't know if it's
like everywhere, but it's definitely in my Linke account.
Speaker 2 (15:50):
I think Linked is everywhere. No, I don't know.
Speaker 6 (15:52):
There's this thing called video matching fee, which is only
like seventeen cents, but it's like if you drive through
the tolls and you I'm a TA tagless person, so
like match my plate to who I am in my
car and stuff like that.
Speaker 2 (16:05):
So why don't you have a tag? I don't like
the beeping. I like to stick it. I just like
couldn't be bothered like sticking a whole thing.
Speaker 6 (16:13):
I was like, I'm just gonna like go tagless and
then it will like so we'll match it and then
it will like charge my account or whatever in that
video matching fee. Yeah, it's really not that much money
if you do it once off, but maybe just check
if you're tagless like me, or if you haven't put
your tag up or you whatever it is, just check
your account and see if you're being charged with video
matching fee, because all you need to do is order
(16:34):
like a tag, and I think that they're free. Well
I got one for free. Anyway, you just like literally
chuck it on and you won't be charged at video
matching fee anymore. And it's really not much, but it
will add up over time if you do one hundred trips.
Was it a dollar seventy or something. No, it's more
than that.
Speaker 2 (16:48):
It's more than and I just feel like it's like
fifty cents. I don't think it's like I think sometimes
it is. I think it's like fifty sieves because I
ran into this issue a little while ago, and this
is probably making me sound a lot like a wanker,
And that's fine because sometimes I am. I have a
car that has like the electronic like wind shield thing,
(17:09):
so like it's got like I don't know how to
explain it. I think it's got something to do with
the like cameras that are on my car. Right, So
an E tag when you put it on my car
can't be read through the windscreen, so I have to
be tagless. Like I could. I could put it somewhere
like on the middle of the dash or whatever, but
you can't put it where it needs to go. So
you get on the chat for linked and say, hey,
(17:31):
like my car doesn't do this, and they ask a
few questions and now my fee gets wave. Oh good,
and so I don't pay that at all. And I
also don't have a tag, but it's because my car
doesn't allow it. Whoa Eric, all of.
Speaker 5 (17:44):
A sudden, you've got a push too, and just say exactly.
Speaker 2 (17:47):
Like if you apply a ridiculously expensive car absolutely do
not need you could actually save like what was it
a dollars? Even you or you can just.
Speaker 5 (17:57):
Pretend that you have that.
Speaker 2 (17:58):
Yeah, all you say your dolls like maybe maybe lives
they're gonna come for me, but like why don't you
just get on group chat and just or group chat
or whatever instant messenger with them and be like hey,
like I just I have it on my dash, but
like it never scars, Like what's up with that? Like
could they have a Porsche And they'll be like, bitch,
we have eyes video and you'll be sorry twenty box
(18:23):
it is twenty twenty five. I identify that that is a Paul, Like,
who's to say it's not, you know, sorry, we can
like cry the badge off mine with a fork and
stick it on yours.
Speaker 6 (18:34):
Oh my god, that's a good idea.
Speaker 2 (18:36):
I think it's a great idea.
Speaker 5 (18:37):
Hilarious. I didn't even cross my.
Speaker 6 (18:40):
You know what would be literally look at the card
of match thing.
Speaker 2 (18:43):
Sorry, I would love to see someone order like just
surely on eBay you can buy like car badges or
something and just like deck out their Camri totally as
a Lamborghini or all of this. Yeah, I don't have
a sticker that that is like the shape of a Ferrarie. Yeah,
but can we I thought, like, you know, like the
silver things on the cart, like the Toyota sign or whatever,
(19:03):
can we pry that off with a four and put
a lambow?
Speaker 4 (19:06):
Why not?
Speaker 1 (19:06):
It?
Speaker 2 (19:06):
I just think that would be great. Why not? I
think ferrari it's red. The story checks out. I'd believe that.
I believe that what orether Breake tips have you got,
because like those weren't very good tips from me? Great
tip from you, though, thank you. This sex one comes
from Linda. This is great.
Speaker 6 (19:23):
So Linda says, if you buy the extra large round
pimple patches and cut them into smaller pieces, you get
way more patches and you can make them as big
or as small as you need, which I think is
a gorgeous idea. I never thought of that, but it
makes sense. But I have also never seen like what's
extra large? Like is it like the size of a
palm or is it like surely not?
Speaker 2 (19:45):
Surely not?
Speaker 6 (19:46):
But I think do that I know how this sounds.
I don't want to sound like a wain cart, but
I have never had to talking.
Speaker 2 (19:52):
About me driving a Porsche, which were never actually mentioned
on the show, because I'm always like, oh, that's like
not very relatable, like people don't need know that, Like
that's not you know, if you end.
Speaker 6 (20:05):
Up getting rich because you've worked for it, the first
thing you're going to do is buy a port you
know what I mean.
Speaker 2 (20:12):
I do love the car, a car like gorgeous car.
I do like it. Ten out of ten? Was it?
Was it a financially sound decision? Absolutely?
Speaker 1 (20:22):
Not?
Speaker 6 (20:23):
Servicing petrol just like dumb, like.
Speaker 2 (20:26):
Actually dumb, Like if you ask me if that's a
good financial decision, absolutely not. Would I recommend that you
get one? Absolutely not. Is it the best thing in
the entire world? Draft? Absolutely?
Speaker 5 (20:35):
Would you like a urn?
Speaker 2 (20:36):
Do you want to come and have a turn? Like
I do want to have a turn?
Speaker 4 (20:40):
Yeah?
Speaker 2 (20:40):
Great? Out of ten, we've got video evidence of you
having a turn and then throwing my keys across a garden,
so like I mean said, that's a linked.
Speaker 5 (20:51):
My car yeat.
Speaker 2 (20:52):
Yeah.
Speaker 6 (20:53):
Yeah, for context those listening, I did we just record
a little video of me getting out of Victoria's car,
making it look like it's my car, not my car.
Speaker 2 (21:02):
MLM video. If anyone missed that, yes, and it's very good.
I feel like that didn't get enough, like airtime. We
just need to bring it back so fair and my
broke tip.
Speaker 6 (21:13):
So I went to Sydney and I had to go
to I went to the Sydney office and I'm telling Sydney,
don't get me started. First, we can't park at the
airport like a regular person just picking up a regular person,
you know what I mean. I think you have to
go into a car park, which is like you got
to pay for that, I think. I mean, I could
be wrong and someone's from Sydney and they're like, no,
there is a special spot that is hidden or like
(21:35):
not visible to the human eye. Then let me know.
Because I drove around, I couldn't find anyway. Parking in
Sydney is really annoying and everything is so expensive. So
I to go to the Sydney office. This airport thing
is completely irrelevant. I just wanted to say that and
get it off my chest.
Speaker 2 (21:50):
I'm just really mad about it. So my broke tip's
actually about bananas.
Speaker 5 (21:55):
But no.
Speaker 6 (21:56):
So I went to the Sydney office to work and
there was a day it was the day before payday,
and I was like, guys, I literally can't come into
the office. I cannot afford it because an it's hourly
parking of like seven dollars an hour, or you go
into a car park which is thirty dollars for the day,
and I was like, I don't have that kind of money,
so I'm just not going to come to the office.
Speaker 2 (22:15):
Anyway.
Speaker 6 (22:16):
It's not like that here in Melbourne. You can probably
park where you work unless you're in the city, of course,
and most.
Speaker 2 (22:22):
Public transport to the office. And then because they're opal
they have opal not my key.
Speaker 6 (22:27):
Yeah from memory, I don't know if it's still a thing,
but it's like it's like eight dollars one way peak
hour or something, and I was like I'm not gonna
I can't, you know. I was really also just like
kind of being stubborn, and I was really irritated by
the amount of money everything is. But anyway, so the
day I got paid, I went in and I was like, cool,
I'm going to pay for my parking, but usually you
(22:49):
use your phone. You do like, there's this pay day.
I think we have pays day here and you, you know,
you do your hourly thing. I tried to find the
cheapest one, but it was still more expensive for my phone.
I was like, why the hell hell is this a
dollar forty more an hour? And I went to the
meter and it was a dollar forty cheaper and I
was like, oh, okay. So I just want to let
(23:10):
everyone know that if you're a little bit broke like
me and you can't afford parking in the city, which
is ridiculous, we should all be able to afford that,
but go to the meta instead and they won't charge
you the GST all this stuff on top of that, which, yeah,
I feel like it's an app, it should be extend.
Speaker 2 (23:30):
I feel that would be easier for everybody. Two different prices.
Speaker 6 (23:32):
I don't know if it's everywhere, don know if it's
in Melbourne, but in Sydney it is two different prices.
Speaker 2 (23:37):
It is more expensive if you use that app.
Speaker 6 (23:38):
It's like it does show you the price that shows
you on the Meta, but then it adds a dollar here,
a dollar there, Like.
Speaker 2 (23:45):
It's it's crazy.
Speaker 6 (23:46):
I hate that, So pay at the met is all
I want to saying, sorry for that long the long.
Speaker 2 (23:51):
But I also that's so annoying and taking advantage of convenience.
Yeah I know. Also sorry, can we just rewind? Have
to pay thirty dollars to park at work?
Speaker 6 (24:02):
Yeah?
Speaker 2 (24:02):
Crazy? Crazy? Absolutely no sevens an hour?
Speaker 6 (24:05):
Like oh no, actually it might have even been eight
dollars from for where I had to park, and it
was like, that's what sixty bucks a day?
Speaker 2 (24:11):
Absolutely not ridiculous. Anyway, Sorry, I like that. I like that.
Let's leave that one right there. Let's go to a
quick break because on the flip side, we're going to
be talking about whether you should take some of your
current monthly savings and start investing them. And I'm kind
of excited to talk about this, but also like, I
want to see what the hell everybody else thinks. You
sleid into our DMS and you asked, what do you
(24:32):
do when your sibling is pressuring you to join them
and going to your parents to ask for your inheritance?
Only sorry, we're going to get to that after this break.
Speaker 5 (24:44):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 7 (24:50):
Hi, there, have you got a money dilemma you just
can't solve. The Sheese on the Money team is here
to help. Every week, we tackle your dilemmas, both big
and small, to answer your most burning money, career and
life questions. To get involved, simply head to our website
and leave us a short voice recording and you might
just find yourself on the show. Now, let's take a
listen to this week's money dilemma.
Speaker 8 (25:15):
So I'm able to say between let's say two fifty
a month or.
Speaker 2 (25:20):
Five hundred pounds a month.
Speaker 8 (25:22):
But I'm starting to think, actually, should I split that
and do two fifty in investment and two fifty in
savings Because the investment that I'm putting into savings, like,
for example, I'm getting about sixteen pounds a month back
from like savings interest, but I think I could do more. However,
I don't know if investing suits somebody that for example,
(25:42):
the reason why I'm wanting to save money and to
build a bit of a background and to have a
bit of a chunk of money so that we can
have a baby one day, and that we can get
married one day and we can go on holiday and
stuff like that, I'm not necessarily thinking about like retirement
just yet, which is where then I'm thinking do I
then split savings and split investment. But I'm new to investing,
(26:04):
haven't done it, and so I would appreciate any sort
of guidance.
Speaker 2 (26:09):
Thank you. That's fun. We've got an international friend.
Speaker 4 (26:12):
I love the accent. I wish I sounded like you
sound so polished. Yeah, fancy, what would you guys do?
Jess Well, I think we've said it before. It sound
like a broken record, but you obviously not financial advice.
Different strategies for different people, but you really shouldn't be
investing money that you want to access in a short term.
I think typically VD you recommend between seven and ten years,
(26:34):
do you know to ride out the waves?
Speaker 5 (26:37):
Again, obviously not advice.
Speaker 4 (26:39):
So I would say it depends on how much you
want to prioritize the different goals. So if you can
afford to put some money into your investments and you
won't need to access it within that time period, then
I would say it's great, because time in the market
is everything, and even if it's a small little amount now,
it's much better than nothing. But if you don't have
(26:59):
a lot of fla spility in your budget, which I
know a lot of us don't at the moment, particularly
with big life events like kids and weddings and holidays.
Then it might be smarter, even though it might not
maximize your returns. It may be better for you to
pop it in, say things where you know you can
access it, you know, whenever you decide you want to
start chasing after those goals.
Speaker 2 (27:21):
Yeah, I was going to say a similar thing.
Speaker 6 (27:22):
There are like, you know, other things that are you know,
like term deposits and things where you have more control over,
Like say you just want to do like one year
at I mean, I think this is generally the amount.
It's like five percent interest, So it's not nothing crazy,
but it's like at least it feels like, you know,
it's like guaranteed and then you can access that amount
(27:42):
of money after a certain time. It's just like locked away.
You are getting interest, and I feel like, I can't
say guaranteed, but it is guaranteed, right if it's a
term deposit for like four point nine.
Speaker 2 (27:54):
Five ye, yeah, for the period of time that it
would be agreed to terms and conditions. It would be
like for the next twelve months or whatever. Yeah.
Speaker 6 (28:02):
Yeah, So it's like a definite like if you put
in an investment, you put your money in like you know,
shares or or whatever it is, and you may return
five percent, you may even lose or make or whatever
it is, but it just kind of feels more like secure,
more like and then you can figure out how much
you'll have at the end of the year. I would
probably do that if I had like that kind of money.
Speaker 2 (28:22):
I think it's a really good thing that you're considering
investing because you just told me that you want to
have a baby, and you want to you know, get
married and do all these things, which fantastic. They do
require savings, but you just told me you want to
build a life with somebody. You told me that you
want to like put down your roots and like settle
with them and be financially stable and financially confident. And
(28:44):
to me, that means that you would have a good
financial backing. And yes, you might not be able to
pull all that money out, and when we say not
able to you absolutely can. And I always say invest
for a minimum of ten years ish, like seven to
ten in a perfect world, because that's when compound interests
really starts. To kick in and things get real magic.
It's not because you're not going to make money in
(29:04):
the short term, like you will. It will be more
than your usually more than your savings account will. But also,
what if the market goes down a little bit, Like
you don't want to be in a sticky situation where
you're like, yep, I'm saving for a house and I've
popped all of my money into my investment account. I'm
going to buy in the next twelve months. And then
you're so excited because you've got the right amount of money,
and then the market dips a bit and you've lost
(29:25):
like ten percent of your deposit and you're like, well,
now I've lost ten percent of my deposit. You haven't
actually lost it. It's just worthless at the moment. And
what I would say is you need to ride the
market out until it recovers. But like we do see
a lot of people because like, let's be honest, it's
twenty twenty five. It doesn't take one or two years
to save the house deposit. Most of the people in
our community it's seven to ten years saving anyway, like
(29:49):
that could become part of your strategy. It could become
part of the plan. Does that mean that you put
all the money in investing? Absolutely not. It sounds like
you've got some big life goals that are going to
require some cash. But to give you a little bit
of perspective, if you like, took and I've done this
in pounds, but the same is convertible for our dollars.
But if you took like two hundred pounds, which I
(30:10):
think makes sense given the numbers you gave us, and
you just kept saving that after twenty years, that two
hundred pounds is worth forty eight thousand pounds, right, But
if you had invested it, you actually would have one
hundred and fifty three thousand pounds. So I think the
difference there. If you're having kids and you are going
(30:31):
to be, you know, getting married, do you want that
marriage to have a solid base like in ten twenty years?
Like do you want to have kids in Like, let's
pretend like everything goes really smoothly, whack out some kids.
Everything is good in twenty years, Like, let's pretend kids
are a few years off, you've got late teenagers, Like
(30:51):
do you want that financial security when that happens? Like,
I know that these aren't sexy things to talk about.
But I just know if I've got teenagers, of course
I want a level of financial security. And yes, my
wedding is really exciting, and you know, being able to
have a baby is exciting, but like the financial security
aspect I feel like is really it makes me feel
(31:12):
very safe. So like, yes, I would be considering investing,
but like, do your risk profile work out what would
work for you? And I mean the fact that you're
listening to Sheese on the Money and you're asking that
question probably means you're ready to take the leap. And
we have a whole investing series that you could listen
to to work out like what the best investment for
you is and how to invest in like what that
(31:33):
might look like, because I've said it before on the
podcast and it can feel a bit disheartening. But if
you are not investing your money over the long term,
you're going backwards, like you are losing money because the
rate of inflation is higher than the rate you will
ever get on your savings account. So if you think, oh,
but it's okay, I'm getting a little bit that's so sexy,
(31:53):
but you're also paying tax on that sixteen pounds that
you're you're getting every single month because that's an income
coming in and all income is taxable. So it's just
it feels a little bit or I often feel like
people can feel a bit defeated when I start going, well,
actually it's not as good as you think it is,
Whereas inside an investment you're going to be a little
(32:15):
bit stronger, a little bit better off, you know, I
mean shameless plug. Our Investing Masterclass is also open, and
I would highly recommend joining that because at the end
of the day, it is the time and the energy
and the effort that I can sit down with you
and actually put you on the right track to getting
invested and teaching you the nitty gritty of absolutely everything
so you can be a confident investor, not just a
(32:37):
oh yeah, I started investing and I'm not really sure
what I'm doing. Like this is the step by step playbook.
All right, let's get into our DM. Are you guys ready?
I feel like this is going to be a little
bit spicy. Hey, she's on the money. So my parents
are selling their house to downsize. They're really financially comfortable,
(32:57):
had a planner for years, totally set themselves up. Although
we have never directly spoken about it, and I am
assuming there is going to be some sort of sizeable inheritance.
My brother has now started to push that we all
banned together and ask for our inheritance early. He's sending
group text about how it just makes sense and how
we're all struggling with mortgages and debts, so why not
(33:18):
make life easier while they're still around to see us
enjoy it. I get it logically, but every time he
brings it up, I feel sick like they haven't even
hinted at this, and asking feels like I'm fast forwarding
their lives or something. My brother won't stop pushing, and
I don't know what to do. What would you do?
Speaker 7 (33:37):
Mmm?
Speaker 6 (33:39):
I think, like I know this because I'm crazy, but
I can kind of understand a little bit because I
feel like, you know, for example, I don't think i'll
have much of an inheritance, but if I had parents
who were like really really well off, and I knew that,
like there was quite a big, you know, sum of
(34:01):
money that could be coming my way if in the
unfortunate event of their passing. But I think if I
was currently struggling and I knew that, like, oh maybe
in twenty thirty years, I'll be Okay. I'd be like, well,
that's a big chunk of my life where I'm going
to be struggling and then I'm going to thrive at sixty,
(34:21):
you know what I mean. Like and like on the
flip side, it's like, thank god, my parents will live
till I'm sixty. You know, that would be amazing. So
it's a really funny one that it has. It's I
feel you feel really insensitive saying that, because it's like
you would feel blessed to know that the longer you
don't get.
Speaker 2 (34:38):
Your inheritance, that is a blessing.
Speaker 6 (34:41):
It's like, great that everyone's happy and healthy and this
is amazing, really bad saying that, But to some extent,
I feel like, yes, well if we take the word
inheritance out of it, and it's just like you have
the capacity to help me, and like, you know, they
don't know that for sure, But if I knew that
someone had the capacity to help, my parents had the
capacity to help, and they had inten they intend to
(35:01):
help me after their natural life, I would be like, okay,
can you give me a little bit right now? I
understand that thought process. Weirdly, but I would then not
call it an inheritance. I would be like, hey, if
you look at it like this, some of us are
struggling right now. If you can help us right now, cool.
(35:23):
If you can't, that's okay, and we'll just like see
how we go, you know. But yeah, I think that's
not Honestly, the main thing for me is the terminology
around it is that, like, I just wouldn't be calling
it an inheritance anymore because that it really doesn't make
it quite morbid. I would just be calling it like
some money that you've put aside for us, like give
it to me right now, please, Like a little bit
would be nice, particularly if you're struggling and they can
(35:46):
see that. But that's honestly, so I know it's probably
really bad to say, but that's kind of I kind
of get it.
Speaker 4 (35:55):
Just I don't know if it's because I was raised,
you know, in a family where obviously we weren't wealthy
by any stretch of the imagination. There wasn't a lot
of money to go around, Like I understand it from
a logical perspective.
Speaker 5 (36:06):
I've never and I don't.
Speaker 4 (36:08):
Think I ever will operate on the assumption that I
will be receiving an inheritance or any kind of money,
like if I was to it would be a lovely surprise,
But my future planning for myself has never assumed that
I will receive anything, and obviously there's more complications you know,
for me personally in that situation. But I think that
it's an interesting concept because I understand, you know, we
(36:30):
talk about future planning for our families one day, and
of course wanting to set up so that we can
look after our families should we choose to have them.
But at the same time, I also think that for
a lot of people, you know, your retirement is what
you're saving for. So it could be that, yes, maybe
your parents do have a cash surplus or an asset surplus,
(36:50):
particularly after downsizing, but have they lived their whole lives
thinking when we retire, we're going to finally see the
world together. I feel like that's a really common thing
people want to do, is they want to travel once
they've retired and once they've got the money, or they
want to maybe knock something off their bucket list or
do whatever they might have planned for that money, and
you're not accounting for that.
Speaker 2 (37:10):
It's also none of your business. Sorry, yeah, it's not.
Speaker 4 (37:14):
I I understand the thought process of like, well, one
day when they're no longer there theoretically, but also they
might have chosen to donate their money and assets to charity.
Speaker 2 (37:24):
Yeah, don't into those dogs home, sorry, Harvey. Like if
you came to me for an inheritance early.
Speaker 5 (37:31):
Yeah, you just don't know.
Speaker 4 (37:33):
And to me, it does not feel appropriate at all.
And again I don't know if that's me putting my
own personal lens over that. I think, if anything, you
could go to them and say, hey, if you are
really struggling and it sounds like our listener perhaps isn't
in the position where they want to do this, but
maybe you could suggest it to your siblings. Talk to
your parents about an interest free loan if they have
(37:54):
the capacity to do that to assist you, or even
just talking to them about the situation that they're in
and the financial pressures that they're feeling. And then if
they have the money and that's something they want to do,
they may offer and say, you know, can we help
you out, We would like to help you out, whatever.
But I think that the expectation it goes beyond being morbid.
Speaker 5 (38:15):
I think it's just quite presumptuous.
Speaker 2 (38:18):
I think it's so disrespectful. I'm like sitting here like
bashing my tongue because I feel like it goes against
every moral code that I have. It goes against the
fact that it just doesn't feel like you're grateful. It
doesn't feel like you're respectful. It doesn't feel like you
are ordering their independence. And like I could say to you,
they have a million dollar portfolio and the house is
(38:40):
fully paid off, but like that million dollar portfolio is
probably only generating and I say only, but like generating
a sixty thousand dollar income for them each and every
single year. And the assets that they have, like having
more than four hundred and seventy thousand dollars here in
Australia means that your pension starts to get impacted. So
they probably and like with a million dollars of like
(39:02):
super and a million dollars of investments, they're not going
to be able to access a pension, right, So like
that money might be generating the money that they're leaving off,
and yeah, they might for them to go. Yet, like
even if hypothetically you knew that they were sitting on
a couple of million dollars. You don't know what that's for. Also,
it's none of your business, Like just because they have
(39:23):
a planner doesn't mean they're millionaires. Maybe they have a
planner because secretly they went bankrupt and they needed to
find a way to get around the fact that, you know,
they were never going to be able to financially recover
from something. Do you know what I mean? Like, yeah,
it's actually none of your business. It's kind of like
I don't know. It's like, Jess, if you and I
held a joint birthday party and then somebody was invited
(39:45):
to the birthday party and they come over and our
beautiful birthday cake that you and I would have decorated
so well as sitting on the table, and they go
and take a slice before we've even had a chance
to put the candles on and blow it out. Like
you wouldn't do that, would you? Like that's rude, that's
not yours for the taking. And I like the idea
about an interest free loan, like being like, oh, hey,
(40:06):
is there any way I could xyz? Like, but you
do not like the assumption that an inheritance is yours
is bullshit, Like I just hate that idea and anybody
I know, and like, I feel like this is a
good time to remind everybody that when I worked in
financial advice, a lot of my clients were dealing with
(40:26):
very big inheritances because I would get a lot of
millennial women who unfortunately had lost a parent, and that
is the shittiest situation to go through. Every single one
of my clients that are in like that was in
that situation, I'm still in contact with because I feel
like you bond in a way over that experience. Every
single one of them I can guarantee would prefer their
(40:47):
parent back or their guardian back then the money. Like
it's not like it's not even up for debate. I
just I think it just goes against everything in me.
And it feels gross because you're flipping a love and
caring relationship into something transactional, like you're seeing them as
a tool, and like I just find that gross. And
(41:09):
like Jesse you were saying before, oh, like you know,
they've spent their whole lives building this and like you know,
we talk about it all the time. I do want
to build a legacy. I do want to put myself
in a financial position that I'm able to help my
son when he wants to purchase a home, like when
I have multiple kids. Hopefully one day I would love
to be able to like financially support them so that
(41:31):
they never experience the financial stress that I did. Like
how special would that be? But I'm telling you right now,
they would get nothing from me if I didn't feel
like they were grateful. They would get nothing from me
if I didn't feel like that was you know, anything
other than care and love and support. That's where it's
coming from. So the fact that you're like, oh, well
they've got this money and they've never mentioned giving it
(41:53):
to us, I just it feels wrong. And like the
idea that inheritance is deeply tied to mortality, like how
long your parents going to live? Then, well you don't
know exactly. Are they going to live to a lady
a hundred? Are they going to live to one fifty somehow?
(42:15):
Like you don't know anything, And I just I find
it really gross because also, financial freedom is something that
if you have worked so hard to get there too,
just having it in the bank is that security blanket
that means, you know, what if one of my kids
couldn't afford their mortgage or payments that they have signed
up to. I could help them out, but I'm not
(42:36):
going to go pay off their mortgages just because I
have the cash in the bank and what operate at
like zero again, like they haven't come this far to
only come this far and then go week to week
in retirement like absolutely not absolutely, Like I just find
it quite gross. Yeah, And I'm probably a little bit
more opinionated on that than you probably expected, because I'd
(42:57):
be like, oh, yes, what a good like open conversation
about money, Like no, there's no gratitude there, there's no expectation.
So I think that the person who's asked this question
is absolutely right to not feel like that's the right
thing to do, and that your brothers maybe getting a
bit ahead of themselves. Like anytime I've ever done financial
advice for a client, especially a younger client, we don't
(43:19):
even talk about their parents, Like, yeah, never have I
written a financial plan that takes into consideration a potential
like inheritance.
Speaker 4 (43:27):
Because I think most parents would want to put their
kids in the position where they can look after them.
I totally get what you were saying back about if
it was available and you were really struggling, like it
would as the child be so much perhaps more beneficial
to receive sooner than later. But also I think like
the parents, if that's within their means and they could
see that someone was struggling, I think they probably would
(43:49):
want to step in instinctively anyway, which is where I think,
you know, it's maybe the brother can have a conversation
in we don't know the semantics of oh my god,
maybe he can't pay your we don't all need yeah,
but we don't all need to go to our parents.
Speaker 2 (44:00):
To ask for this.
Speaker 5 (44:01):
No, no, no no.
Speaker 2 (44:03):
And like I've seen situations where I've had a client
come to me and be like, oh my god, you know,
my mom has decided to gift all the kids, like
four kids and deposit amount like twenty thousand dollars each,
but she really doesn't have the financial means to do that.
She's got it in the bank, but like it's going
to stretch her, Like we absolutely shouldn't be doing this
(44:23):
with her. But my siblings are like they really want
to take it. Like my sister and I we think
that's bullshit, but the other two they want to take it.
So like in those situations, There's literally been times where
I have worked with clients to set up a separate
bank account for that money to be deposited into so
that like small amounts of savings, like returns can be
made and that money sitting there for when mum decides that,
(44:46):
oh that was a really bad idea, like I'm in
financial stress, and the other two can be like, right, well,
here's that money back. But they didn't want to not
take it, because otherwise the other siblings would have been like, oh,
well we'll have the rest yeah, which it's money.
Speaker 5 (45:00):
Yeah, And it's very complicated, especially family, and.
Speaker 2 (45:03):
Such a level of entitlement that makes me feel really gross.
Speaker 5 (45:06):
What did everybody else say? Oh?
Speaker 1 (45:08):
Girl?
Speaker 2 (45:09):
So we asked a few questions. First, we said, do
you think asking for an inheritance early crosses a line?
Eighty seven percent of you said yep, it gives me
the ick, and thirteen percent said no, it's a fair discussion.
Next question was would you join your siblings push to
ask for an inheritance early? And ninety percent of you
said no, couldn't bring myself to do it, six percent
(45:29):
said in this economy, I would, and four percent said yes,
better to enjoy it. While they're here. We then obviously said,
give us your two cents. What do you reckon? First
person said, let the brother ask alone. If it's so
important to him, I agree. Next person said, my grandma's
actually one hundred and three still needs money to live.
Good aged care ain't cheap.
Speaker 5 (45:50):
That's so true.
Speaker 2 (45:51):
You just don't know.
Speaker 4 (45:52):
Medical expenses at that age can come up suddenly and
be really high.
Speaker 2 (45:56):
Exactly. Like, also, good aged care absolutely is cheap. But
if I have worked my entire life to create this
investment fund so that I can financially support myself, you
best believe I'm choosing the nice option at the end,
like I want to go to the beautiful retirement village
if I can afford it, Like, yeah, I really, hebe.
I'm spending your inheritance if I can, Like, I'm so sorry.
(46:19):
Like whenever my parents plan a holiday, they always joke
They're like, haha, we're off to spend your inheritance, and
I'm like, yeah, get it. Queens, enjoy it. You should
be enjoying retirement like you should be enjoying your life.
Next person said, they're downsizing and adding the excess to
super so that they can live, which is so true.
Lots of people don't just downsize because they're like, oh,
(46:40):
the house is too big. They downsize to get some
cash out so that they can put it into their
investments so that they're able to live. It's a very
valid investment strategy. Like, you don't know why they're downsizing. Yes,
the house could feel cold and empty and massive, but
it also could have been all of their life going
(47:00):
into the house and now they need to sell it
to be able to retire.
Speaker 7 (47:03):
Ah.
Speaker 2 (47:04):
Someone said, my dad passed away, mum gave us inheritance
after selling the house. She's now put herself in a
shit situation. Oh really, which is so nice that she
wanted to help you. But that's what good financial planning
is about. Just because you have the cash there doesn't
mean it's for that.
Speaker 6 (47:21):
Yeah.
Speaker 2 (47:22):
Next person said he's going about it the wrong way.
Why not politely ask them for financial help, which you
know you guys came up with before. Next person said,
my husband's aunt did this for her three daughters. It
helped mortgages, private school fees, etc. That's great, but can
I assume that it was your husband's aunt who made
the choice to have that conversation and sit them down
(47:44):
and be like, hey, Harvey, we are sitting on a
number of dollars and we would love to be able
to help you, to put you in a best possible position.
Next person, and I've just got two more for you,
said her brother is stepping over the line. If he's struggling,
then he should be asking for help, not an inheritance.
And the last person said, what about their goals, their hopes,
and their dreams outside of you? Are you even having
(48:05):
that conversation? Do you even know what your parents want? Yeah?
Speaker 5 (48:09):
Totally, that's such a good take.
Speaker 2 (48:11):
Yeah, I just TLDR. I feel like that gives me
the ick because it's just like laced with entitlement to me. Yes,
you're not entitled to anybody's retirements. No, absolutely not, and
if they extend that to you, fantastic. But I also
think if you're listening to this podcast, I'm assuming you're
relatively financially literate, or you're getting there, or you're on
(48:33):
the journey, like it is actually a responsibility to make
sure that your family is And this is just from
my perspective, your family is financially okay. And I mean
if my parents turned around and said Victoria would love
to x y Z. I think one of my first
questions would be, like, well, what impact does that have
on you? Like fantastic, that's so cool? Like oh my god,
(48:53):
of course, like maybe, but like what does your retirement
look like? Then? What does your bank account look like? There?
And do you still have a mortgage? You still have this?
Like do you know what I mean? I want to
ask a million questions, and I think that the more
financially literate we are, the more we can support our community,
the more we can support our family and our friends.
And those are valid questions because even though you'd be
(49:13):
in a better position, not asking those questions is basically
taking advantage of the situation. Gorgeous words. It's a bit,
isn't it. Yeah, I see what you're saying.
Speaker 6 (49:23):
Yeah, I do see what you're saying now, yes.
Speaker 2 (49:26):
Yeah, Anyway, it has been good. I have loved this chat.
Thanks for joining us for another Friday drinks guys, and
we'll see you bright early on Monday for a Money
Diaries by Guys by The advice shared on She's on
the Money is general in nature and does not consider
(49:47):
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.
Speaker 7 (49:58):
Read the PDS TMD and obtain appropriate financial.
Speaker 2 (50:01):
Advice tailored towards your needs.
Speaker 7 (50:04):
Victoria Divine and She's on the Money are authorized representatives
of money sherper P T y L t D A
b N three two one six four nine two seven
seven zero eight a f s L four five one
two eight nine
Hello, my name's Santasha Nabananga Bamblet. I'm a proud your
the Order Kerni Whaltbury and a waddery woman. And before
we get started on She's on the Money podcast, I
would like to acknowledge the traditional custodians of the land
of which this podcast is recorded on a wondery country,
acknowledging the elders, the ancestors and the next generation coming
(00:22):
through as this podcast is about connecting, empowering, knowledge sharing
and the storytelling of you to make a difference for
today and lasting impact for tomorrow.
Speaker 2 (00:33):
Let's get into it.
Speaker 3 (00:34):
She's on the Money. She's on the Money.
Speaker 2 (00:57):
Hello, and welcome to She's on the Money. That makes
personal finance fun, especially on a Friday. It is our
favorite day of the week because I have my voice back.
We also get our team together and celebrate you our
incredible She's on the Money community ms just Greedchy. She's
going to be sharing her favorite money wins. Beck Syed
(01:17):
has a number of freak tips to share with us,
and we're going to be helping to answer a money dilemma,
which this week is about whether you should take some
of your current monthly savings and start investing some of
it and something you slid into our DMS about what
do you do when your sibling is pressuring you to
join them in going to your parents to ask for
your inheritance early ooh see, Cze, I could see you going, oh,
(01:41):
what are you doing with sibling? Okay, okay, okay, inheritance uncomfortable. Yeah,
I just feel like that's a lot. Yeah, that's a lot.
It's a lot, all right, So let's maybe just not
start there. How are your weeks? My loves go for it,
My week's in love.
Speaker 4 (02:00):
I haven't done anything too exciting, just been trying to
survive the cold snap, cold and freezing.
Speaker 2 (02:06):
I'm over it. You've brought a b Yo heat pack
to the studio today. You've got your little wheaty pack
you're sitting on you.
Speaker 5 (02:13):
I was wearing the jacket or the driving. It's just freezing.
Speaker 2 (02:16):
I had easy. You had the car on like blasting
hot air. Like I don't know if this like I'm comfy,
I'm happy, but I don't know if this is good
or bad?
Speaker 4 (02:24):
Like I have to get out of the car. It's
so much worse when you go from walking.
Speaker 2 (02:28):
Yeah, like, do I turn down the meter so that
the transition isn't as bad. It's no, no, I say,
I walked Harvey to daycare this morning, and my breath
in front of me was like pluming, and like the
grass was frosty. I could see where the dog had walked,
and I was like, winter has really kind of arrived.
(02:49):
Driving I can.
Speaker 4 (02:49):
See all the people go like walking to work in there,
like puffa jackets and puffer vests, and I was wearing
my pink puffa jacket.
Speaker 5 (02:55):
I was like, I'm just one of you, even.
Speaker 2 (02:58):
If I never had an originally variance. No, oh, my goodness,
Beck has your week bean? No, Bo's been really loving, Yeah,
really really cold.
Speaker 6 (03:06):
But there's something so gorgeous about like a crispy winter morning.
Speaker 2 (03:10):
Your car's frozen over for like, what part of that
is gorgeous? Sorry, it's it's usually the winter vibes.
Speaker 6 (03:17):
I think it's the thrill of like driving for a
few minutes with no.
Speaker 4 (03:23):
You're very pretty, like the ice on the grass and
the sun that's.
Speaker 6 (03:28):
Doing nothing but it's there and it's so it's really
so beautiful. But it's when I hit my hit my
housemates carlvn't told it.
Speaker 2 (03:37):
Just as I couldn't see. Excuse me.
Speaker 6 (03:39):
I was like, oh, it should be fine, like I.
Speaker 2 (03:41):
Hit my housemates car, and then I didn't tell it.
You need to get off this podcast. It was straight
into her messages. She's chill, sure, I'll tell later. But
it was just like a little love tap.
Speaker 6 (03:52):
Because like you know when you like spray your window
to get the ice off, and then there's just like
those two long little windows and see through those but
nothing else. And I was just trying to like get
out of where I was parked and I couldn't see.
But I thought, you know, I had a little.
Speaker 2 (04:08):
Love tap to oh like that, so her car is
no worries. Yeah, it was good to know.
Speaker 6 (04:12):
I was like, okay, cool, I'm gonna stop there and
then nar reverse.
Speaker 4 (04:15):
So that's pert squeegee in your car shower squeegee.
Speaker 2 (04:21):
Yeah. You just now this isn't going to make sense
to you, jess or Beck, because like you're not a mum.
But I actually keep one in the bottom of my pram.
Oh I can't, Yeah, what the hell for? Because the
slide at the park often has water at the bottom,
and Harvey really wants to go on the slide every time.
(04:41):
But I don't want to have to, Like, I'm not
going to take a towel and then take home a
wet towel. So I've gotten like two dollars came out squeegee,
and I just like flick it all off and we're
ready to go.
Speaker 5 (04:50):
Came out squeegish in the lord's work.
Speaker 7 (04:52):
I know.
Speaker 2 (04:52):
Maybe that could be my like unsolicited recommendation in this
week's newsletter. Yeah, carriage, screek, gee wherever you go? Yeah,
bench you want to sit on it, squeegey and fix
that gee gen.
Speaker 6 (05:04):
You just like literally I sit and then I what's
it like? I kind of like you do this? Yeah,
but with my jeans because no, then.
Speaker 2 (05:13):
You're sitting in wet in winter. It'solutely quick.
Speaker 6 (05:17):
She's crazy, Jess, and I would never that's so fair.
Speaker 5 (05:21):
You're definitely the type B friend.
Speaker 2 (05:23):
Type B yeah, yeah, yeah, for sure. Do we all
need to type to be? And I think I'm type C,
which is like a type A person that has chronic ADHD,
so that sometimes we're super organized, but also we haven't
cleaned out over each in the month. Qualities.
Speaker 5 (05:37):
Yeah, all the bases covered.
Speaker 2 (05:39):
Yeah, yeah, yeah, I will just type C. I reckon
that works all right, would you guys like a five
star review? Absolute? Please? All right, so this one, this
was really sweet. It's from Dashford, down to earth and
easy to listen to. She's on the Money makes complex
finance matters simple plus unsolicited recommendations to make sure you thrive.
(06:01):
Can't say off great things about Victoria divine and her
She's on the money business.
Speaker 5 (06:05):
Wow.
Speaker 2 (06:05):
Oh so cute. That's so sweet because it was about me,
as you should. I always picked beck ones because, like Jess,
you and I both know that, like we love complimenting Beck.
Like it's just it's just really funny. It's just so
fun It's like a game at this point.
Speaker 5 (06:23):
Cute, embarrassed and.
Speaker 2 (06:26):
Like Jess is really sweet about getting compliments, she really is.
But like I love embarrassing. I love embarrassing Beck.
Speaker 6 (06:32):
That's so fair And I'm happy to take the four
for it because it is such a gorgeous If somebody,
I'll take one for the team.
Speaker 2 (06:42):
All right, Well, Jess, I want to know what's going
on in the community. What are their good money wins
this week?
Speaker 4 (06:47):
Alrighty, first, so this week I've got one from Holly
who said money win and loss at the same time.
I put on a Gold Class movie night for my
little ones at home on Saturday night. I gave them
the whole Gold Class treatment. It still cost me a
little bit of money hence a loss, but it was
way cheaper than actual Gold Class so money win and
core memory made.
Speaker 2 (07:05):
And she gave us a little do we get a picture?
Speaker 5 (07:07):
We got a video tour? So she had like a
little size post Frozen love it my favorite.
Speaker 2 (07:15):
Look.
Speaker 5 (07:16):
She made them.
Speaker 2 (07:16):
Chicken movie tickets and there's like a movie theater door.
Speaker 5 (07:20):
She's got the snacks, the whole she went all out.
Speaker 2 (07:22):
It looks oh, they've got little packs of Oreos and
banana and then.
Speaker 4 (07:25):
The fold out couches with the kids look like they're
having a ball.
Speaker 2 (07:30):
I love those.
Speaker 5 (07:31):
Such a fun and such a core memory. She's totally right.
Speaker 2 (07:34):
Fold out couch is such a throwback to my childhood
and never having one like. I remember being so envious
when I went to my friend's houses when I was
little and they had like the themed Wiggles couch that
flipped out. I'll be like, wow, that's so cool.
Speaker 6 (07:48):
I know, but don't be envious. There was so uncomfortable,
but like you still like they were so exciting.
Speaker 2 (07:54):
I didn't have one of those because I had the
themed sleeping back. Oh you know one of the other
like shaped, Yeah, like.
Speaker 5 (08:02):
A Mermaid tail or something.
Speaker 2 (08:03):
I wish I can't remember. I feel like mom was red.
I think it was a Telly Dubby. Oh cute. I
think that's cute.
Speaker 5 (08:10):
Why did my mind go to lobster when.
Speaker 2 (08:13):
I'm gonna.
Speaker 4 (08:16):
Maybe next This week, I've got a money lost from
Alisha who said she bought a horse, but she only
had to pay transport her life win. She's waited three
years for her to retire from racing, so she's saved
a horse that obviously is retired and now she's brought
her home.
Speaker 2 (08:31):
That's not a money lost, that's a life win. And
we've got a.
Speaker 5 (08:33):
Photo off the horse.
Speaker 4 (08:34):
Yes, I want to know, like, what's the most absurd
if you've got a random But if you've got a
pet snail, we want a pet tax photo of this?
Speaker 2 (08:43):
Do? I mean?
Speaker 5 (08:43):
I just we've.
Speaker 2 (08:44):
Done, like I do I really do?
Speaker 5 (08:48):
Someone out that's got to have a Mexican walking fish.
Speaker 4 (08:50):
I don't know if you've got something about you with
a heavy G.
Speaker 2 (08:56):
I was trying to explain to my husband the other
day the concept of pet tax, and I was like, no, no, no, Like,
if you post about your pet in our Facebook group,
you've got to pay the pet tax. And he was like,
how do you enforce that? And he was like taking
it as a very serious pot, right, how do you
regulate that? And I was like, you don't. Everybody is
a Laura abiding sciitizen. She's on the money and we
all pay our pet tax and the.
Speaker 4 (09:17):
Community is very good at self policing, Like anytime someone
mentions a pet, you can almost guarantee someone's like a
comment underneath, where's.
Speaker 2 (09:23):
The pet tack? Yeah, I'm like you, I love it.
It's actually my favorite. And like my favorite is when
that happens, yes, and then you see the response from
the original poster and they're like, look really sorry about this,
here's my pet tax, and like some more. Yeah, so's
my favorite.
Speaker 5 (09:37):
I love we love the photos. Keep them coming, everybody.
Speaker 4 (09:40):
Next, I've had my money in from Carara, who said
I went to my local op shop for a look
and picked up a Levi's denim jacket for forty five dollars.
I was curious on what they retail force, so I
looked it up. Turns out it's a super rare vintage
jacket and it's you is passed on eBay at fifteen
hundred dollars.
Speaker 2 (09:56):
I would be selling that immediately usd as well. I
don't care how cute you are selling that.
Speaker 4 (10:00):
Yeah, she said, the optop God's were looking down on her.
What a good find. Another really good secondhand fine from
Tian She got a Herman Miller chair, which if you know,
you know, it's like the premium office chair.
Speaker 5 (10:14):
They retail for like fifteen hundred dollars, which is crazy.
Speaker 2 (10:16):
We like not buying these easily.
Speaker 4 (10:18):
No, So she picked hers up for four hundred dollars
from an ex government furniture store. She said, her friend
over some money, so she ended up only being one
hundred and fifty dollars out of pocket.
Speaker 2 (10:27):
That's such a good deal. And there now I'm in
my thirties, so ergonomic economic to you. That's such a
good feel Like if we're going to sit at our
desk for a whole day, I'm going to get up
and I'm not going to feel creaky. That's a sleigh.
Speaker 4 (10:39):
Next, I've got a money in from Alana, who said
every year the girls on her mom's side of the
family have a weekend away, everybody takes all of the
clothes that they have that they don't want anymore, and
it's a free for all. You take what you want
or whenever's leftover gets donated. So she's come home from
the trip with our bunch of new clothes.
Speaker 2 (10:54):
Actly, it's so cool. That is so cool, very very clever.
Speaker 4 (10:58):
And then lastly this week, I've got one from Die
who said she's probably a bit late to the party,
but she used churt GPT to search for the best
pizza deal and it worked. Saved her all the time
from searching on all the promo syites, and she got
way more food than she normally would, so I had
lots for leftovers. That's so good, A really good way
to use AI, Like, you don't have to use chat GDT.
You could use the Microsoft one or something instead if
(11:19):
you want to do but save your little fingers from
searching for Domino's deals.
Speaker 2 (11:23):
Although I was watching TikTok the other day and someone said,
my biggest ick is people defaulting to churt GPT as
like their search engine, and I was like, wow, I
must be out here given everybody the ick, because I
got asked yesterday. Actually one of our teams. So when
was the last time you googled something, Victoria? And I
was like, oh, like yesterday, And they were like no,
(11:43):
but did you actually google it? Like how did you
look it up? And I said, asked, chat GPT, how
you replaced Google? I think so? I think so, And
I don't know if I want to admit that because
so many people are so against AI and like how
it works and like there's obviously a lot of arguments
around like how much energy it uses, and like I'm
still doing my research into that, but like, I'm so
(12:05):
sorry if there is a concept that I'm trying to
like Google and get a clean answer on chat GPT
just runs rings around Google when it comes to like hey,
can you explain this to me really quickly? Does it perfectly?
Speaker 4 (12:20):
It just makes me nervous that like you're not verifying it,
like I just go you are.
Speaker 2 (12:24):
So my chat GPT. I'm sorry, I'm sorry I have
her primed her by the way, Apparently that's another ick
for people that you gender, like that you gendered your
or humanized. I'm sorry you're a chat GPT, but that's
where I'm I'm actually at a point where I asked
chat GPT what her name was, and my chat GPT
is called Clara, So she said she thought that was
(12:45):
a sweet and soft name and it was like the
name of somebody, very helpful, and I was like, that's perfect, Clara,
lovely to meet you. I asked her to always prove
her sources, so I like read the response and then
it sends me to the ATO website. Amazing genius. She's
a genius. But yes, apparently I give people the ick
with that, and honestly, I think when I explain it,
(13:05):
I also give me the ick. So I need to
properly re evaluate my life choices.
Speaker 6 (13:10):
It's okay, I just but also, do you have to
like log into chat gpt?
Speaker 1 (13:13):
You do?
Speaker 2 (13:14):
You do? But I'm just worried at some point, do
you remember Ashley Madison, like they're cheating sandal about like
that website anyway, So I'm worried that there's going to
be like a data leak similar for chat GPT. Your question, Like, girls,
I'm telling you right now, I would prefer my nudes
to be leaked across the internet, then my chat GPT
history to be refiled. Oh my god, that's fair.
Speaker 6 (13:40):
Well, I literally don't use it just because of that,
but also like, yeah, the energy thing and stuff, I'm like,
I haven't looked into it myself, but I just know
I just.
Speaker 2 (13:47):
Don't know enough about it, you know. I know that
people are saying that, but like I'm not educated enough
to have an opinion at this stage. That's so fair
and you're allowed.
Speaker 6 (13:55):
Well, I have never chat gpt'd broke tips, but I
might think about that next week when I inevitably run
out and panic right before recording.
Speaker 2 (14:05):
I'm gonna ask chat GPT for some broke tips. Yeah,
maybe we could add next week a chat GPT broke tip. Yeah,
we'll be like this one comes from Clara. They can
be so unhinged. Like sometimes I'm like, wow, when people
say you can really tell if people are using chat
GPT's because they're not proofreading their stuff and they're just
copying pasting this junk, I'm really scared of.
Speaker 4 (14:27):
Yeah, you definitely need a human, like, you can't just
rely on chat.
Speaker 2 (14:31):
She's not coming for my job anytime soon.
Speaker 4 (14:33):
No.
Speaker 6 (14:34):
And also like once you when someone accidentally leaves like
a little.
Speaker 2 (14:36):
Like em dash, I know, I know it's because the
m dash is in there. M dash the longer dash
in between sentences. I see, yes, if you are sending
me long emails that have the girl, I know that
you've chatted APA.
Speaker 6 (14:51):
And immediately there's a disconnect and I'm like, I'm not
reading what a person wrote.
Speaker 2 (14:56):
And you might try and argue with me and say, well,
that's chrammatically correct. You are. The M dash actually does
belong in that sentence, but ninety nine percent of people
historically haven't used it properly. So don't come at me
and say now you're completely grammatically correct in your emails,
and you're not right.
Speaker 6 (15:13):
There's so many rules, you know, like I still don't
know where an apostrophe goes and when it goes where?
Speaker 2 (15:18):
Oh do you want to because like I ast English?
Oh yeah, actually I might, I might. I just love
the rule though.
Speaker 6 (15:25):
Every single day in my group chat, I'm like, if
I'm saying this, do I put in a? And so
like I don't know and now it's an M dash.
I'm just I don't know anymore. Anyway, carry like to
I would love some brakes tips. So this first one
comes from Lexi.
Speaker 2 (15:41):
It's about tolls.
Speaker 6 (15:44):
So there's apparently like a I actually have seen this
too in my linked account. I don't know if it's
like everywhere, but it's definitely in my Linke account.
Speaker 2 (15:50):
I think Linked is everywhere. No, I don't know.
Speaker 6 (15:52):
There's this thing called video matching fee, which is only
like seventeen cents, but it's like if you drive through
the tolls and you I'm a TA tagless person, so
like match my plate to who I am in my
car and stuff like that.
Speaker 2 (16:05):
So why don't you have a tag? I don't like
the beeping. I like to stick it. I just like
couldn't be bothered like sticking a whole thing.
Speaker 6 (16:13):
I was like, I'm just gonna like go tagless and
then it will like so we'll match it and then
it will like charge my account or whatever in that
video matching fee. Yeah, it's really not that much money
if you do it once off, but maybe just check
if you're tagless like me, or if you haven't put
your tag up or you whatever it is, just check
your account and see if you're being charged with video
matching fee, because all you need to do is order
(16:34):
like a tag, and I think that they're free. Well
I got one for free. Anyway, you just like literally
chuck it on and you won't be charged at video
matching fee anymore. And it's really not much, but it
will add up over time if you do one hundred trips.
Was it a dollar seventy or something. No, it's more
than that.
Speaker 2 (16:48):
It's more than and I just feel like it's like
fifty cents. I don't think it's like I think sometimes
it is. I think it's like fifty sieves because I
ran into this issue a little while ago, and this
is probably making me sound a lot like a wanker,
And that's fine because sometimes I am. I have a
car that has like the electronic like wind shield thing,
(17:09):
so like it's got like I don't know how to
explain it. I think it's got something to do with
the like cameras that are on my car. Right, So
an E tag when you put it on my car
can't be read through the windscreen, so I have to
be tagless. Like I could. I could put it somewhere
like on the middle of the dash or whatever, but
you can't put it where it needs to go. So
you get on the chat for linked and say, hey,
(17:31):
like my car doesn't do this, and they ask a
few questions and now my fee gets wave. Oh good,
and so I don't pay that at all. And I
also don't have a tag, but it's because my car
doesn't allow it. Whoa Eric, all of.
Speaker 5 (17:44):
A sudden, you've got a push too, and just say exactly.
Speaker 2 (17:47):
Like if you apply a ridiculously expensive car absolutely do
not need you could actually save like what was it
a dollars? Even you or you can just.
Speaker 5 (17:57):
Pretend that you have that.
Speaker 2 (17:58):
Yeah, all you say your dolls like maybe maybe lives
they're gonna come for me, but like why don't you
just get on group chat and just or group chat
or whatever instant messenger with them and be like hey,
like I just I have it on my dash, but
like it never scars, Like what's up with that? Like
could they have a Porsche And they'll be like, bitch,
we have eyes video and you'll be sorry twenty box
(18:23):
it is twenty twenty five. I identify that that is a Paul, Like,
who's to say it's not, you know, sorry, we can
like cry the badge off mine with a fork and
stick it on yours.
Speaker 6 (18:34):
Oh my god, that's a good idea.
Speaker 2 (18:36):
I think it's a great idea.
Speaker 5 (18:37):
Hilarious. I didn't even cross my.
Speaker 6 (18:40):
You know what would be literally look at the card
of match thing.
Speaker 2 (18:43):
Sorry, I would love to see someone order like just
surely on eBay you can buy like car badges or
something and just like deck out their Camri totally as
a Lamborghini or all of this. Yeah, I don't have
a sticker that that is like the shape of a Ferrarie. Yeah,
but can we I thought, like, you know, like the
silver things on the cart, like the Toyota sign or whatever,
(19:03):
can we pry that off with a four and put
a lambow?
Speaker 4 (19:06):
Why not?
Speaker 1 (19:06):
It?
Speaker 2 (19:06):
I just think that would be great. Why not? I
think ferrari it's red. The story checks out. I'd believe that.
I believe that what orether Breake tips have you got,
because like those weren't very good tips from me? Great
tip from you, though, thank you. This sex one comes
from Linda. This is great.
Speaker 6 (19:23):
So Linda says, if you buy the extra large round
pimple patches and cut them into smaller pieces, you get
way more patches and you can make them as big
or as small as you need, which I think is
a gorgeous idea. I never thought of that, but it
makes sense. But I have also never seen like what's
extra large? Like is it like the size of a
palm or is it like surely not?
Speaker 2 (19:45):
Surely not?
Speaker 6 (19:46):
But I think do that I know how this sounds.
I don't want to sound like a wain cart, but
I have never had to talking.
Speaker 2 (19:52):
About me driving a Porsche, which were never actually mentioned
on the show, because I'm always like, oh, that's like
not very relatable, like people don't need know that, Like
that's not you know, if you end.
Speaker 6 (20:05):
Up getting rich because you've worked for it, the first
thing you're going to do is buy a port you
know what I mean.
Speaker 2 (20:12):
I do love the car, a car like gorgeous car.
I do like it. Ten out of ten? Was it?
Was it a financially sound decision? Absolutely?
Speaker 1 (20:22):
Not?
Speaker 6 (20:23):
Servicing petrol just like dumb, like.
Speaker 2 (20:26):
Actually dumb, Like if you ask me if that's a
good financial decision, absolutely not. Would I recommend that you
get one? Absolutely not. Is it the best thing in
the entire world? Draft? Absolutely?
Speaker 5 (20:35):
Would you like a urn?
Speaker 2 (20:36):
Do you want to come and have a turn? Like
I do want to have a turn?
Speaker 4 (20:40):
Yeah?
Speaker 2 (20:40):
Great? Out of ten, we've got video evidence of you
having a turn and then throwing my keys across a garden,
so like I mean said, that's a linked.
Speaker 5 (20:51):
My car yeat.
Speaker 2 (20:52):
Yeah.
Speaker 6 (20:53):
Yeah, for context those listening, I did we just record
a little video of me getting out of Victoria's car,
making it look like it's my car, not my car.
Speaker 2 (21:02):
MLM video. If anyone missed that, yes, and it's very good.
I feel like that didn't get enough, like airtime. We
just need to bring it back so fair and my
broke tip.
Speaker 6 (21:13):
So I went to Sydney and I had to go
to I went to the Sydney office and I'm telling Sydney,
don't get me started. First, we can't park at the
airport like a regular person just picking up a regular person,
you know what I mean. I think you have to
go into a car park, which is like you got
to pay for that, I think. I mean, I could
be wrong and someone's from Sydney and they're like, no,
there is a special spot that is hidden or like
(21:35):
not visible to the human eye. Then let me know.
Because I drove around, I couldn't find anyway. Parking in
Sydney is really annoying and everything is so expensive. So
I to go to the Sydney office. This airport thing
is completely irrelevant. I just wanted to say that and
get it off my chest.
Speaker 2 (21:50):
I'm just really mad about it. So my broke tip's
actually about bananas.
Speaker 5 (21:55):
But no.
Speaker 6 (21:56):
So I went to the Sydney office to work and
there was a day it was the day before payday,
and I was like, guys, I literally can't come into
the office. I cannot afford it because an it's hourly
parking of like seven dollars an hour, or you go
into a car park which is thirty dollars for the day,
and I was like, I don't have that kind of money,
so I'm just not going to come to the office.
Speaker 2 (22:15):
Anyway.
Speaker 6 (22:16):
It's not like that here in Melbourne. You can probably
park where you work unless you're in the city, of course,
and most.
Speaker 2 (22:22):
Public transport to the office. And then because they're opal
they have opal not my key.
Speaker 6 (22:27):
Yeah from memory, I don't know if it's still a thing,
but it's like it's like eight dollars one way peak
hour or something, and I was like I'm not gonna
I can't, you know. I was really also just like
kind of being stubborn, and I was really irritated by
the amount of money everything is. But anyway, so the
day I got paid, I went in and I was like, cool,
I'm going to pay for my parking, but usually you
(22:49):
use your phone. You do like, there's this pay day.
I think we have pays day here and you, you know,
you do your hourly thing. I tried to find the
cheapest one, but it was still more expensive for my phone.
I was like, why the hell hell is this a
dollar forty more an hour? And I went to the
meter and it was a dollar forty cheaper and I
was like, oh, okay. So I just want to let
(23:10):
everyone know that if you're a little bit broke like
me and you can't afford parking in the city, which
is ridiculous, we should all be able to afford that,
but go to the meta instead and they won't charge
you the GST all this stuff on top of that, which, yeah,
I feel like it's an app, it should be extend.
Speaker 2 (23:30):
I feel that would be easier for everybody. Two different prices.
Speaker 6 (23:32):
I don't know if it's everywhere, don know if it's
in Melbourne, but in Sydney it is two different prices.
Speaker 2 (23:37):
It is more expensive if you use that app.
Speaker 6 (23:38):
It's like it does show you the price that shows
you on the Meta, but then it adds a dollar here,
a dollar there, Like.
Speaker 2 (23:45):
It's it's crazy.
Speaker 6 (23:46):
I hate that, So pay at the met is all
I want to saying, sorry for that long the long.
Speaker 2 (23:51):
But I also that's so annoying and taking advantage of convenience.
Yeah I know. Also sorry, can we just rewind? Have
to pay thirty dollars to park at work?
Speaker 6 (24:02):
Yeah?
Speaker 2 (24:02):
Crazy? Crazy? Absolutely no sevens an hour?
Speaker 6 (24:05):
Like oh no, actually it might have even been eight
dollars from for where I had to park, and it
was like, that's what sixty bucks a day?
Speaker 2 (24:11):
Absolutely not ridiculous. Anyway, Sorry, I like that. I like that.
Let's leave that one right there. Let's go to a
quick break because on the flip side, we're going to
be talking about whether you should take some of your
current monthly savings and start investing them. And I'm kind
of excited to talk about this, but also like, I
want to see what the hell everybody else thinks. You
sleid into our DMS and you asked, what do you
(24:32):
do when your sibling is pressuring you to join them
and going to your parents to ask for your inheritance?
Only sorry, we're going to get to that after this break.
Speaker 5 (24:44):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 7 (24:50):
Hi, there, have you got a money dilemma you just
can't solve. The Sheese on the Money team is here
to help. Every week, we tackle your dilemmas, both big
and small, to answer your most burning money, career and
life questions. To get involved, simply head to our website
and leave us a short voice recording and you might
just find yourself on the show. Now, let's take a
listen to this week's money dilemma.
Speaker 8 (25:15):
So I'm able to say between let's say two fifty
a month or.
Speaker 2 (25:20):
Five hundred pounds a month.
Speaker 8 (25:22):
But I'm starting to think, actually, should I split that
and do two fifty in investment and two fifty in
savings Because the investment that I'm putting into savings, like,
for example, I'm getting about sixteen pounds a month back
from like savings interest, but I think I could do more. However,
I don't know if investing suits somebody that for example,
(25:42):
the reason why I'm wanting to save money and to
build a bit of a background and to have a
bit of a chunk of money so that we can
have a baby one day, and that we can get
married one day and we can go on holiday and
stuff like that, I'm not necessarily thinking about like retirement
just yet, which is where then I'm thinking do I
then split savings and split investment. But I'm new to investing,
(26:04):
haven't done it, and so I would appreciate any sort
of guidance.
Speaker 2 (26:09):
Thank you. That's fun. We've got an international friend.
Speaker 4 (26:12):
I love the accent. I wish I sounded like you
sound so polished. Yeah, fancy, what would you guys do?
Jess Well, I think we've said it before. It sound
like a broken record, but you obviously not financial advice.
Different strategies for different people, but you really shouldn't be
investing money that you want to access in a short term.
I think typically VD you recommend between seven and ten years,
(26:34):
do you know to ride out the waves?
Speaker 5 (26:37):
Again, obviously not advice.
Speaker 4 (26:39):
So I would say it depends on how much you
want to prioritize the different goals. So if you can
afford to put some money into your investments and you
won't need to access it within that time period, then
I would say it's great, because time in the market
is everything, and even if it's a small little amount now,
it's much better than nothing. But if you don't have
(26:59):
a lot of fla spility in your budget, which I
know a lot of us don't at the moment, particularly
with big life events like kids and weddings and holidays.
Then it might be smarter, even though it might not
maximize your returns. It may be better for you to
pop it in, say things where you know you can
access it, you know, whenever you decide you want to
start chasing after those goals.
Speaker 2 (27:21):
Yeah, I was going to say a similar thing.
Speaker 6 (27:22):
There are like, you know, other things that are you know,
like term deposits and things where you have more control over,
Like say you just want to do like one year
at I mean, I think this is generally the amount.
It's like five percent interest, So it's not nothing crazy,
but it's like at least it feels like, you know,
it's like guaranteed and then you can access that amount
(27:42):
of money after a certain time. It's just like locked away.
You are getting interest, and I feel like, I can't
say guaranteed, but it is guaranteed, right if it's a
term deposit for like four point nine.
Speaker 2 (27:54):
Five ye, yeah, for the period of time that it
would be agreed to terms and conditions. It would be
like for the next twelve months or whatever. Yeah.
Speaker 6 (28:02):
Yeah, So it's like a definite like if you put
in an investment, you put your money in like you know,
shares or or whatever it is, and you may return
five percent, you may even lose or make or whatever
it is, but it just kind of feels more like secure,
more like and then you can figure out how much
you'll have at the end of the year. I would
probably do that if I had like that kind of money.
Speaker 2 (28:22):
I think it's a really good thing that you're considering
investing because you just told me that you want to
have a baby, and you want to you know, get
married and do all these things, which fantastic. They do
require savings, but you just told me you want to
build a life with somebody. You told me that you
want to like put down your roots and like settle
with them and be financially stable and financially confident. And
(28:44):
to me, that means that you would have a good
financial backing. And yes, you might not be able to
pull all that money out, and when we say not
able to you absolutely can. And I always say invest
for a minimum of ten years ish, like seven to
ten in a perfect world, because that's when compound interests
really starts. To kick in and things get real magic.
It's not because you're not going to make money in
(29:04):
the short term, like you will. It will be more
than your usually more than your savings account will. But also,
what if the market goes down a little bit, Like
you don't want to be in a sticky situation where
you're like, yep, I'm saving for a house and I've
popped all of my money into my investment account. I'm
going to buy in the next twelve months. And then
you're so excited because you've got the right amount of money,
and then the market dips a bit and you've lost
(29:25):
like ten percent of your deposit and you're like, well,
now I've lost ten percent of my deposit. You haven't
actually lost it. It's just worthless at the moment. And
what I would say is you need to ride the
market out until it recovers. But like we do see
a lot of people because like, let's be honest, it's
twenty twenty five. It doesn't take one or two years
to save the house deposit. Most of the people in
our community it's seven to ten years saving anyway, like
(29:49):
that could become part of your strategy. It could become
part of the plan. Does that mean that you put
all the money in investing? Absolutely not. It sounds like
you've got some big life goals that are going to
require some cash. But to give you a little bit
of perspective, if you like, took and I've done this
in pounds, but the same is convertible for our dollars.
But if you took like two hundred pounds, which I
(30:10):
think makes sense given the numbers you gave us, and
you just kept saving that after twenty years, that two
hundred pounds is worth forty eight thousand pounds, right, But
if you had invested it, you actually would have one
hundred and fifty three thousand pounds. So I think the
difference there. If you're having kids and you are going
(30:31):
to be, you know, getting married, do you want that
marriage to have a solid base like in ten twenty years?
Like do you want to have kids in Like, let's
pretend like everything goes really smoothly, whack out some kids.
Everything is good in twenty years, Like, let's pretend kids
are a few years off, you've got late teenagers, Like
(30:51):
do you want that financial security when that happens? Like,
I know that these aren't sexy things to talk about.
But I just know if I've got teenagers, of course
I want a level of financial security. And yes, my
wedding is really exciting, and you know, being able to
have a baby is exciting, but like the financial security
aspect I feel like is really it makes me feel
(31:12):
very safe. So like, yes, I would be considering investing,
but like, do your risk profile work out what would
work for you? And I mean the fact that you're
listening to Sheese on the Money and you're asking that
question probably means you're ready to take the leap. And
we have a whole investing series that you could listen
to to work out like what the best investment for
you is and how to invest in like what that
(31:33):
might look like, because I've said it before on the
podcast and it can feel a bit disheartening. But if
you are not investing your money over the long term,
you're going backwards, like you are losing money because the
rate of inflation is higher than the rate you will
ever get on your savings account. So if you think, oh,
but it's okay, I'm getting a little bit that's so sexy,
(31:53):
but you're also paying tax on that sixteen pounds that
you're you're getting every single month because that's an income
coming in and all income is taxable. So it's just
it feels a little bit or I often feel like
people can feel a bit defeated when I start going, well,
actually it's not as good as you think it is,
Whereas inside an investment you're going to be a little
(32:15):
bit stronger, a little bit better off, you know, I
mean shameless plug. Our Investing Masterclass is also open, and
I would highly recommend joining that because at the end
of the day, it is the time and the energy
and the effort that I can sit down with you
and actually put you on the right track to getting
invested and teaching you the nitty gritty of absolutely everything
so you can be a confident investor, not just a
(32:37):
oh yeah, I started investing and I'm not really sure
what I'm doing. Like this is the step by step playbook.
All right, let's get into our DM. Are you guys ready?
I feel like this is going to be a little
bit spicy. Hey, she's on the money. So my parents
are selling their house to downsize. They're really financially comfortable,
(32:57):
had a planner for years, totally set themselves up. Although
we have never directly spoken about it, and I am
assuming there is going to be some sort of sizeable inheritance.
My brother has now started to push that we all
banned together and ask for our inheritance early. He's sending
group text about how it just makes sense and how
we're all struggling with mortgages and debts, so why not
(33:18):
make life easier while they're still around to see us
enjoy it. I get it logically, but every time he
brings it up, I feel sick like they haven't even
hinted at this, and asking feels like I'm fast forwarding
their lives or something. My brother won't stop pushing, and
I don't know what to do. What would you do?
Speaker 7 (33:37):
Mmm?
Speaker 6 (33:39):
I think, like I know this because I'm crazy, but
I can kind of understand a little bit because I
feel like, you know, for example, I don't think i'll
have much of an inheritance, but if I had parents
who were like really really well off, and I knew that,
like there was quite a big, you know, sum of
(34:01):
money that could be coming my way if in the
unfortunate event of their passing. But I think if I
was currently struggling and I knew that, like, oh maybe
in twenty thirty years, I'll be Okay. I'd be like, well,
that's a big chunk of my life where I'm going
to be struggling and then I'm going to thrive at sixty,
(34:21):
you know what I mean. Like and like on the
flip side, it's like, thank god, my parents will live
till I'm sixty. You know, that would be amazing. So
it's a really funny one that it has. It's I
feel you feel really insensitive saying that, because it's like
you would feel blessed to know that the longer you
don't get.
Speaker 2 (34:38):
Your inheritance, that is a blessing.
Speaker 6 (34:41):
It's like, great that everyone's happy and healthy and this
is amazing, really bad saying that, But to some extent,
I feel like, yes, well if we take the word
inheritance out of it, and it's just like you have
the capacity to help me, and like, you know, they
don't know that for sure, But if I knew that
someone had the capacity to help, my parents had the
capacity to help, and they had inten they intend to
(35:01):
help me after their natural life, I would be like, okay,
can you give me a little bit right now? I
understand that thought process. Weirdly, but I would then not
call it an inheritance. I would be like, hey, if
you look at it like this, some of us are
struggling right now. If you can help us right now, cool.
(35:23):
If you can't, that's okay, and we'll just like see
how we go, you know. But yeah, I think that's
not Honestly, the main thing for me is the terminology
around it is that, like, I just wouldn't be calling
it an inheritance anymore because that it really doesn't make
it quite morbid. I would just be calling it like
some money that you've put aside for us, like give
it to me right now, please, Like a little bit
would be nice, particularly if you're struggling and they can
(35:46):
see that. But that's honestly, so I know it's probably
really bad to say, but that's kind of I kind
of get it.
Speaker 4 (35:55):
Just I don't know if it's because I was raised,
you know, in a family where obviously we weren't wealthy
by any stretch of the imagination. There wasn't a lot
of money to go around, Like I understand it from
a logical perspective.
Speaker 5 (36:06):
I've never and I don't.
Speaker 4 (36:08):
Think I ever will operate on the assumption that I
will be receiving an inheritance or any kind of money,
like if I was to it would be a lovely surprise,
But my future planning for myself has never assumed that
I will receive anything, and obviously there's more complications you know,
for me personally in that situation. But I think that
it's an interesting concept because I understand, you know, we
(36:30):
talk about future planning for our families one day, and
of course wanting to set up so that we can
look after our families should we choose to have them.
But at the same time, I also think that for
a lot of people, you know, your retirement is what
you're saving for. So it could be that, yes, maybe
your parents do have a cash surplus or an asset surplus,
(36:50):
particularly after downsizing, but have they lived their whole lives
thinking when we retire, we're going to finally see the
world together. I feel like that's a really common thing
people want to do, is they want to travel once
they've retired and once they've got the money, or they
want to maybe knock something off their bucket list or
do whatever they might have planned for that money, and
you're not accounting for that.
Speaker 2 (37:10):
It's also none of your business. Sorry, yeah, it's not.
Speaker 4 (37:14):
I I understand the thought process of like, well, one
day when they're no longer there theoretically, but also they
might have chosen to donate their money and assets to charity.
Speaker 2 (37:24):
Yeah, don't into those dogs home, sorry, Harvey. Like if
you came to me for an inheritance early.
Speaker 5 (37:31):
Yeah, you just don't know.
Speaker 4 (37:33):
And to me, it does not feel appropriate at all.
And again I don't know if that's me putting my
own personal lens over that. I think, if anything, you
could go to them and say, hey, if you are
really struggling and it sounds like our listener perhaps isn't
in the position where they want to do this, but
maybe you could suggest it to your siblings. Talk to
your parents about an interest free loan if they have
(37:54):
the capacity to do that to assist you, or even
just talking to them about the situation that they're in
and the financial pressures that they're feeling. And then if
they have the money and that's something they want to do,
they may offer and say, you know, can we help
you out, We would like to help you out, whatever.
But I think that the expectation it goes beyond being morbid.
Speaker 5 (38:15):
I think it's just quite presumptuous.
Speaker 2 (38:18):
I think it's so disrespectful. I'm like sitting here like
bashing my tongue because I feel like it goes against
every moral code that I have. It goes against the
fact that it just doesn't feel like you're grateful. It
doesn't feel like you're respectful. It doesn't feel like you
are ordering their independence. And like I could say to you,
they have a million dollar portfolio and the house is
(38:40):
fully paid off, but like that million dollar portfolio is
probably only generating and I say only, but like generating
a sixty thousand dollar income for them each and every
single year. And the assets that they have, like having
more than four hundred and seventy thousand dollars here in
Australia means that your pension starts to get impacted. So
they probably and like with a million dollars of like
(39:02):
super and a million dollars of investments, they're not going
to be able to access a pension, right, So like
that money might be generating the money that they're leaving off,
and yeah, they might for them to go. Yet, like
even if hypothetically you knew that they were sitting on
a couple of million dollars. You don't know what that's for. Also,
it's none of your business, Like just because they have
(39:23):
a planner doesn't mean they're millionaires. Maybe they have a
planner because secretly they went bankrupt and they needed to
find a way to get around the fact that, you know,
they were never going to be able to financially recover
from something. Do you know what I mean? Like, yeah,
it's actually none of your business. It's kind of like
I don't know. It's like, Jess, if you and I
held a joint birthday party and then somebody was invited
(39:45):
to the birthday party and they come over and our
beautiful birthday cake that you and I would have decorated
so well as sitting on the table, and they go
and take a slice before we've even had a chance
to put the candles on and blow it out. Like
you wouldn't do that, would you? Like that's rude, that's
not yours for the taking. And I like the idea
about an interest free loan, like being like, oh, hey,
(40:06):
is there any way I could xyz? Like, but you
do not like the assumption that an inheritance is yours
is bullshit, Like I just hate that idea and anybody
I know, and like, I feel like this is a
good time to remind everybody that when I worked in
financial advice, a lot of my clients were dealing with
(40:26):
very big inheritances because I would get a lot of
millennial women who unfortunately had lost a parent, and that
is the shittiest situation to go through. Every single one
of my clients that are in like that was in
that situation, I'm still in contact with because I feel
like you bond in a way over that experience. Every
single one of them I can guarantee would prefer their
(40:47):
parent back or their guardian back then the money. Like
it's not like it's not even up for debate. I
just I think it just goes against everything in me.
And it feels gross because you're flipping a love and
caring relationship into something transactional, like you're seeing them as
a tool, and like I just find that gross. And
(41:09):
like Jesse you were saying before, oh, like you know,
they've spent their whole lives building this and like you know,
we talk about it all the time. I do want
to build a legacy. I do want to put myself
in a financial position that I'm able to help my
son when he wants to purchase a home, like when
I have multiple kids. Hopefully one day I would love
to be able to like financially support them so that
(41:31):
they never experience the financial stress that I did. Like
how special would that be? But I'm telling you right now,
they would get nothing from me if I didn't feel
like they were grateful. They would get nothing from me
if I didn't feel like that was you know, anything
other than care and love and support. That's where it's
coming from. So the fact that you're like, oh, well
they've got this money and they've never mentioned giving it
(41:53):
to us, I just it feels wrong. And like the
idea that inheritance is deeply tied to mortality, like how
long your parents going to live? Then, well you don't
know exactly. Are they going to live to a lady
a hundred? Are they going to live to one fifty somehow?
(42:15):
Like you don't know anything, And I just I find
it really gross because also, financial freedom is something that
if you have worked so hard to get there too,
just having it in the bank is that security blanket
that means, you know, what if one of my kids
couldn't afford their mortgage or payments that they have signed
up to. I could help them out, but I'm not
(42:36):
going to go pay off their mortgages just because I
have the cash in the bank and what operate at
like zero again, like they haven't come this far to
only come this far and then go week to week
in retirement like absolutely not absolutely, Like I just find
it quite gross. Yeah, And I'm probably a little bit
more opinionated on that than you probably expected, because I'd
(42:57):
be like, oh, yes, what a good like open conversation
about money, Like no, there's no gratitude there, there's no expectation.
So I think that the person who's asked this question
is absolutely right to not feel like that's the right
thing to do, and that your brothers maybe getting a
bit ahead of themselves. Like anytime I've ever done financial
advice for a client, especially a younger client, we don't
(43:19):
even talk about their parents, Like, yeah, never have I
written a financial plan that takes into consideration a potential
like inheritance.
Speaker 4 (43:27):
Because I think most parents would want to put their
kids in the position where they can look after them.
I totally get what you were saying back about if
it was available and you were really struggling, like it
would as the child be so much perhaps more beneficial
to receive sooner than later. But also I think like
the parents, if that's within their means and they could
see that someone was struggling, I think they probably would
(43:49):
want to step in instinctively anyway, which is where I think,
you know, it's maybe the brother can have a conversation
in we don't know the semantics of oh my god,
maybe he can't pay your we don't all need yeah,
but we don't all need to go to our parents.
Speaker 2 (44:00):
To ask for this.
Speaker 5 (44:01):
No, no, no no.
Speaker 2 (44:03):
And like I've seen situations where I've had a client
come to me and be like, oh my god, you know,
my mom has decided to gift all the kids, like
four kids and deposit amount like twenty thousand dollars each,
but she really doesn't have the financial means to do that.
She's got it in the bank, but like it's going
to stretch her, Like we absolutely shouldn't be doing this
(44:23):
with her. But my siblings are like they really want
to take it. Like my sister and I we think
that's bullshit, but the other two they want to take it.
So like in those situations, There's literally been times where
I have worked with clients to set up a separate
bank account for that money to be deposited into so
that like small amounts of savings, like returns can be
made and that money sitting there for when mum decides that,
(44:46):
oh that was a really bad idea, like I'm in
financial stress, and the other two can be like, right, well,
here's that money back. But they didn't want to not
take it, because otherwise the other siblings would have been like, oh,
well we'll have the rest yeah, which it's money.
Speaker 5 (45:00):
Yeah, And it's very complicated, especially family, and.
Speaker 2 (45:03):
Such a level of entitlement that makes me feel really gross.
Speaker 5 (45:06):
What did everybody else say? Oh?
Speaker 1 (45:08):
Girl?
Speaker 2 (45:09):
So we asked a few questions. First, we said, do
you think asking for an inheritance early crosses a line?
Eighty seven percent of you said yep, it gives me
the ick, and thirteen percent said no, it's a fair discussion.
Next question was would you join your siblings push to
ask for an inheritance early? And ninety percent of you
said no, couldn't bring myself to do it, six percent
(45:29):
said in this economy, I would, and four percent said yes,
better to enjoy it. While they're here. We then obviously said,
give us your two cents. What do you reckon? First
person said, let the brother ask alone. If it's so
important to him, I agree. Next person said, my grandma's
actually one hundred and three still needs money to live.
Good aged care ain't cheap.
Speaker 5 (45:50):
That's so true.
Speaker 2 (45:51):
You just don't know.
Speaker 4 (45:52):
Medical expenses at that age can come up suddenly and
be really high.
Speaker 2 (45:56):
Exactly. Like, also, good aged care absolutely is cheap. But
if I have worked my entire life to create this
investment fund so that I can financially support myself, you
best believe I'm choosing the nice option at the end,
like I want to go to the beautiful retirement village
if I can afford it, Like, yeah, I really, hebe.
I'm spending your inheritance if I can, Like, I'm so sorry.
(46:19):
Like whenever my parents plan a holiday, they always joke
They're like, haha, we're off to spend your inheritance, and
I'm like, yeah, get it. Queens, enjoy it. You should
be enjoying retirement like you should be enjoying your life.
Next person said, they're downsizing and adding the excess to
super so that they can live, which is so true.
Lots of people don't just downsize because they're like, oh,
(46:40):
the house is too big. They downsize to get some
cash out so that they can put it into their
investments so that they're able to live. It's a very
valid investment strategy. Like, you don't know why they're downsizing. Yes,
the house could feel cold and empty and massive, but
it also could have been all of their life going
(47:00):
into the house and now they need to sell it
to be able to retire.
Speaker 7 (47:03):
Ah.
Speaker 2 (47:04):
Someone said, my dad passed away, mum gave us inheritance
after selling the house. She's now put herself in a
shit situation. Oh really, which is so nice that she
wanted to help you. But that's what good financial planning
is about. Just because you have the cash there doesn't
mean it's for that.
Speaker 6 (47:21):
Yeah.
Speaker 2 (47:22):
Next person said he's going about it the wrong way.
Why not politely ask them for financial help, which you
know you guys came up with before. Next person said,
my husband's aunt did this for her three daughters. It
helped mortgages, private school fees, etc. That's great, but can
I assume that it was your husband's aunt who made
the choice to have that conversation and sit them down
(47:44):
and be like, hey, Harvey, we are sitting on a
number of dollars and we would love to be able
to help you, to put you in a best possible position.
Next person, and I've just got two more for you,
said her brother is stepping over the line. If he's struggling,
then he should be asking for help, not an inheritance.
And the last person said, what about their goals, their hopes,
and their dreams outside of you? Are you even having
(48:05):
that conversation? Do you even know what your parents want? Yeah?
Speaker 5 (48:09):
Totally, that's such a good take.
Speaker 2 (48:11):
Yeah, I just TLDR. I feel like that gives me
the ick because it's just like laced with entitlement to me. Yes,
you're not entitled to anybody's retirements. No, absolutely not, and
if they extend that to you, fantastic. But I also
think if you're listening to this podcast, I'm assuming you're
relatively financially literate, or you're getting there, or you're on
(48:33):
the journey, like it is actually a responsibility to make
sure that your family is And this is just from
my perspective, your family is financially okay. And I mean
if my parents turned around and said Victoria would love
to x y Z. I think one of my first
questions would be, like, well, what impact does that have
on you? Like fantastic, that's so cool? Like oh my god,
(48:53):
of course, like maybe, but like what does your retirement
look like? Then? What does your bank account look like? There?
And do you still have a mortgage? You still have this?
Like do you know what I mean? I want to
ask a million questions, and I think that the more
financially literate we are, the more we can support our community,
the more we can support our family and our friends.
And those are valid questions because even though you'd be
(49:13):
in a better position, not asking those questions is basically
taking advantage of the situation. Gorgeous words. It's a bit,
isn't it. Yeah, I see what you're saying.
Speaker 6 (49:23):
Yeah, I do see what you're saying now, yes.
Speaker 2 (49:26):
Yeah, Anyway, it has been good. I have loved this chat.
Thanks for joining us for another Friday drinks guys, and
we'll see you bright early on Monday for a Money
Diaries by Guys by The advice shared on She's on
the Money is general in nature and does not consider
(49:47):
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.
Speaker 7 (49:58):
Read the PDS TMD and obtain appropriate financial.
Speaker 2 (50:01):
Advice tailored towards your needs.
Speaker 7 (50:04):
Victoria Divine and She's on the Money are authorized representatives
of money sherper P T y L t D A
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seven zero eight a f s L four five one
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