She's On The Money - Get Rich (Quick Scheme) Or Die Tryin'

Episode Date: November 9, 2023

Happy Friday from V, Bec and Bin Raccoon (Jess' new nickname). We have some great money wins and broke tips to share with you, that you can implement in your own life... especially the return and earn. Then the girls weigh in on Tik Tok financial advisors, and whether their advice about buying a property with your super, is legitimate advice. Plus, a DM about a partner jumping from get-rich-quick-scheme to get-rich-quick-scheme, which is beginning to put a financial strain on their shared financial goals. Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements. The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs.  Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 451289.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri 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 Awadjeri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money. She's on the money.

Hello and welcome to She's On The Money, the podcast for millennials who want financial freedom. Today, my friends, it is Friday, which means it is time to get the team back together and celebrate you, our incredible She's On The Money community. Today, Mistress Gritchy, as always, is going to be back sharing her favorite money wins. Bec is going to be sharing her broke, broke tips. We're going to be helping to answer a juicy money dilemma, get this, which is this week all about whether you should take money out of your super to buy a property or not. And we're unpacking something very juicy that you slid into our DMs about. This week, we're chatting about a partner who constantly is looking for the next get rich scheme and what that means

for you. Guys, how have your weeks been? I'm so excited for this episode because if you're telling me there is a juicy question at the end of like, oh, your partner wants to join a get rich quick scheme. I'm sorry. We'd have so many fights. How do you deal? You know, like if my husband came home with that, I'd be like, so sit down. Juicy, juicy, juicy. Jess, you go first. Tell us about your week. It's been good. It's been sunny. We love a short week as well. The weather's been lovely and it is just nice a four-day week just feels so good doesn't it like there's something especially when it's the tuesday because now it feels like a three-day week but it wasn't it was four-day week thrilled about that obviously not to the cup i saw someone actually say that we

should instead of having a public holiday for the cup we should do it for the f1 because they're like it's still all right you could use the same taglines you could use the same merch it's still a race that stops the nation it's also an event that goes on over multiple days with like one big one, I'm all for it. That is such a good idea. That's what I thought. I can't claim that. Someone said it, I think on TikTok or Instagram, but I just thought it was very clever. And as someone who really doesn't care either way about either kind of race, why not? I say. I like that. I like that. I actually wrote, so you guys know I have a weekly money column in the Age and the Sydney Morning Herald, which is honestly my pride and joy. Like I get a whole page in two papers every

single week. So cool. To rant. That is cool. Like I just get to go on and on about my own, like on my own interests. So this week I wrote, I get this, they did change the title. When you write for a news publication, they're better at obviously understanding what like ClickBank titles and stuff are going to be better. I called this article, the interest rate that stops the nation. Because obviously we found out on Tuesday that the interest rates have increased and we'll, have a conversation about that later, I'm sure. But I wrote this whole article about obviously the looming events of, I wrote it on Sunday, interest rate went up on Tuesday. Could have been really awkward because I predicted in that article that it would go up. Imagine if it hadn't

and then be like, oh, this girl doesn't know much. But anyway, I was writing about it and I thought, you know what, I'll do a whole heap of research into the Melbourne Cup because obviously it's not something that I, you know, attend or support. But did you know, in 2022, the Melbourne Cup Carnival contributed a staggering $422.1 million in gross economic benefit just to the state of Victoria. And a study by market research company IER revealed that over the past decade, the Melbourne Cup Carnival has injected more than $3.6 billion into Victoria's economy, which is much more than the Australian Open, which you would think was really, really big. But over the past 10 years, they've only contributed $1 billion. Wow.

Oh. Did you also know, because obviously not everyone in the She's On The Money community is going to pick up The Age or the Sydney Morning Herald on their Sunday morning. I don't know, unrelatable I do every week and you should too but Australians on average spend nearly $180 each on the Melbourne Cup which includes obviously like betting and their celebrations and stuff but this to me terrifying because let's look at the other statistic that says one in three Australians this is a CommBank statistic not my own one in three Australians can't come up with $500 in an emergency if they needed to but on average we're spending 180 bucks every year on a horse race.

Silly when you think of it. So I agree with you. It should change. But, like, I just think that there's too much money going through a race where horses are murdered. I think make the people run. Get on the dress up like a horse, sprint around the track. I think that's what we should do.

Do you know what I saw? Someone contextualised it really well the other day because, you know, a lot of people, obviously this conversation is going to get real spicy, can't wait for my DMs later today. But someone was like, but the horses get treated so nicely during the year, Jessica. I don't like it. That's like fattening them up.

Do you know what? Do you know who got treated really nicely? The tributes on The Hunger Games before they were sent out. Literally. Yeah. I'm so excited for that new movie, by the way. Me too. Can't relate.

All right, let's move on. Let's move on. Bec, how's your week been? Oh, well, my week's been really good. Yeah, I love, love, love this weather. Also, summer's a funny time for me because I am not super girly, and that doesn't mean anything really. Really?

That's so surprising. Yeah, but, like, I'm always like, what do I wear in the summer? I don't know. I still don't know. Shorts? But it's still, like, a really nice, yeah, I guess I'll pop on a pair of shorts or whatever. Linen pant? I could see you being a linen pant girlie.

Oh, I could be a linen pant girlie. Oh, you could. Yeah. Can you please get, like, a pair of, like, are they called dungarees? Oh, some overalls? Like, overalls. I don't know if, I'll try. Sorry, but that vibe is so, like, relaxed overalls.

Yeah, okay. Not in, like, blue. You need, like, a black, like, denim wash pair or something. Sure, sure, sure, sure. Some cool clips. Okay. You look so cute. If you could dress me up for the summer, that would be really nice.

Yeah, I'd be good at it. I mean, we have completely different fashion senses, but I think I understand your vibe. I think you'll be able to get it. I think I do. I think I do. That with Doc Martens, you look so cute. Oh, yes, you know.

You already know. She's chic. We're going to do this. We love it. Amazing. Thank you so much, V, in advance. You're welcome. But, yeah, no, it's been a really, really good week.

And, yeah, short week. Sorry for everyone that's not in Victoria that doesn't have a short week. True. That sucks. Unlucky. Sorry. Unlucky. Can't have it all. Can't have it all. I know something about a four-day week feels right. Hopefully that's the norm in the future. Yeah, dream. Okay, sorry. No pressure on your boss here. I hope you're listening. That's all good. How's your week been? Oh, my week was beautiful. I spent the weekend in Tasmania, which is my favourite place in the

entire world. I went to my girlfriend Georgia and her now husband Jack's wedding, which was stunning. Lovely. Just down in the south of Tasmania, which was very, very cool. And then I came back and had a bit of work to do on Monday. And then on Tuesday, I went to a party to celebrate one of my friends becoming an Australian citizen, which was really cute. We sat around her pool, which is very fancy. It's not that fancy. I promise it sounds fancier than it is. And I drank fake champagne for the afternoon. It just felt like a really good day. Oh, that's so nice.

But yes, really, really, really good week thus far. But let's get into the show. What do you reckon? Because this week, I feel like, Jess, there were so many good money wins in the thread. Yes. I don't know if you saw me this week, but I was like in there replying to everybody being like, oh my God, this is so cool. And so I want to know what have you pulled out? All right. My first one this week comes from Shauna who said, money win, kind of. I checked my credit rating for the first time ever and was pleasantly surprised. It was very good. I made some big money mistakes in my uni days and I've been fearing the worst. So there you go. Good for you. If you're scared, get in there, just check it. The worst that can happen is you go,

okay we got a little work to do yeah I love that that gives me hope as well I know you said before you're like I can't look but yeah good for you that's awesome next I've got a money win from Laura who said huge money loss but a massive life win thanks to the amazing girls at Zella I bought my first property and I get the keys this week no that's the best handing over all the funds is terrifying but I'm so grateful but they would have had your back obviously I'm biased the team at Zella money if you want a mortgage they're the only team you should be using I mean, it's my team, so obviously I'm going to back him. Of course.

Next, we've got a money win from Madison who said, Money win and slight power move. My small one's first birthday is coming up and we are having a very hungry one-year-old, like the very hungry caterpillar, themed party. I don't want to hire an entire soft play or sensory setup for the kids, so I've been collecting things for cheap on Marketplace and using as much as I can to recycle and make a play area for the kids. Kids' parties are ridiculously expensive these days,

and I feel like so much of that is due to social media pressure. He's turning one. He doesn't need a catered event and a custom photo shoot area. He needs a bloody rusk stick and a half-cooked sprinkler to play in. Yes, he does. She estimates that she's saved around $400, and the power movie is now everyone thinks I'm way greener and more eco-friendly, and it will hopefully make up for the fact

that I'm not a very put-together-looking mama. Oh. No, you are. Look at the effort you're putting in for your little baby. Yeah, I love that. Sorry, you are mum of the year. Absolutely. I just think that's.

I hate that social media pressure. I think it was last week that I said, you know, kids' birthdays. I'm sorry, Jess. Rewrite their toys. When you come to my child's first birthday, which there'll be a party, love a party, there will be a Coles mud cake and it will be being gifted presents that I found in its own room. Yes, yes, yes.

Like that's what's going to happen. Because they don't know. They don't know. What you don't know isn't going to hurt you. And you do not need to spend money on a first birthday. No. Because it's clearly not for the kid. They're not going to remember it.

No. Exactly. Next, I've got a money win from Sophia who said, Last week, Sharesies posted a story saying they're happy to meet and shout lunch to a small group of people on the Goldie. I signed up and I got invited and not only did I get a free lunch and some tips on investing, I also got a copy of the Sharesies guide to investing book.

Amazing. The Sharesies team are real cute too. So that would have been a nice lunch. She did say money loss. I was two minutes past the free parking threshold and had to pay $18, though. Oh. Sad. Very sad.

You know what? The book's worth more than that, and they paid for lunch. There you go. I mean, it all evens out, but also that's so annoying. Two minutes is killer. Oh, that's killer. Next, Crystal said, money win. I was looking at buying a TV cabinet from Ikea, which you can choose what doors, what

color, et cetera, to customize it. My choice originally came to $1,000, so I decided not to buy it. Six months later, I bought that exact model from Ikea today for $299 because it was a customer return and it was already made up from the flat pack. Oh my gosh. Oh, how good is that? That's an epic money win. Also, is it just me or does $1,000 for a piece of furniture from Ikea feel like a lot?

It's so much money. You can buy it secondhand on Facebook all the time. Yeah, there's no way you'd catch Jessica paying full price for anything like that. Not a chance. Good for you. Lastly, I have a personal one. Do you? What is it?

We spoke about this on the podcast, I reckon, maybe six months ago. She's one for her memory. I'm pretty good. I realized that while we were in the U.S., Victoria has launched their return and earn scheme. So recycling your bottles and your cans and stuff. Oh, you have been waiting for this. I've been dying for it. And it's launched and they have an app.

So you can get on the app. You can find one near you. I highly recommend doing that because the app also tells you when they're full because if people return them, you can only put so many in. They have to be collected so you can check if they're full or not. But I went through our recycling bin when I saw the – I think I saw someone in our community Facebook page. You would have been like a little raccoon.

I literally was going through our recycling bin. And even just the amount of cans – and we haven't hosted a party or anything, like just from drinking like a Pepsi Max or whatever, the amount of cans and bottles – She is an addict to Pepsi Max. I am, that I pulled out of our recycling bin. It was like a whole tub's worth. So that's a whole tub's worth of stuff that's being recycled correctly

that I'm getting. I think we got like, it was a small amount. It was like $10 or something. That's $10 you didn't have before. Well, and that's the thing is I'm kind of like, maybe I can make it a fun challenge where I try and pay for a holiday or something. Do you know what I mean?

Like just stash all the money away because it's free money. Like why not? And there's so many of them around. She's going to be going through our bins in a hot second. Well, that's what I thought. I might go through the office bin. Guard your bin with your life. Go to your local pub.

I'm going to talk to the neighbours. Jess has been upgraded. Because we're just like taking our rubbish off the studio desk. But like if money is tight and you're trying to save for something. No, that's a really good idea. I reckon talk to your friends, talk to your family. Everyone will be stoked to have more room in their bin. And it's not like you're going through garbage because it's recycling.

So it's all like cardboard. It's like you're touching something wet. I think it's great. Jess is known in our office as the like Christmas fairy. Like she's the festive fairy. You're now known as the bin raccoon. No, I like the festive fairy better. I think no, bin raccoon's got more of a ring to it.

I like bin raccoon. Yeah, I like that. So there you go. If you live in Victoria, get some money back on your bottles. I love that. I love that. I think we're all going to have to try it. Yes.

Like free money. We love free money. We do love free money. That's a great idea. That's a money win for the community, not just for Jessica. I think so. That's very true. Ten out of ten.

Do you know what we're going to segue into now? The non-bin raccoon at the table. You're welcome. What broke tips have you got for us this week? Actually, I just wanted to share one money win as well. Oh, yes, yes. If I please. Okay, so the other day I was trying to order dinner on Menulog

and I was just like, I was in Germana, actually. Oh, yeah, I've heard of that place. Yes, and Wox and Dumpling love this place. Oh, yeah, they're good. They're so good. So I was ordering. The total came up to $110 or something. So I was ordering for me and a friend and we were a bit excessive.

And then I was like, I'm just going to call them and do the order online for pickup. Yeah. The total came to $60. No, it didn't. Yeah. No, it didn't. I was like, the exact same order.

And I just forgot to pick it up. And also, I guess, like, they put, like, a little bit extra on Menulog. Yeah, because they pay a huge, businesses pay a huge fee to those platforms. To be on any of them. Like, Menulog go about all of it. So they would just mark up to cover the difference. It's all it's worth. Just give them a call.

It's really, like, of course, it's a bit awkward. It's a bit old school to, like, call and have to put your order in. No, it's not. I like it. It's kind of wholesome. It's very wholesome. It's 40 bucks. Absolutely.

I would do a lot of things for $40. A lot of things for 40 bucks. Okay. So on to the road tips. All right. I'm ready. what have you got for us? So our first broke tip comes from Tori. Good name. This is quite a wholesome one. Also could be useful for Christmas time. So Tori says that when her and her best

friend want a cheap, wholesome night, they kind of, you know those like, you know when you have a candle and the wax kind of spills over and there's those kind of ugly, sometimes beautiful bits of wax that build up on the plate or whatever it's on? Yes. You just grab all those extra bits from the ugly bits of the candle that just kind of like melt over and you buy like really cheap wicks or you can use old wicks and create new candles either with mason jars. Oh, that's so smart. Or whatever jars you've got lying around, maybe pots, whatever.

Or put them in a candle warmer. Put them in a candle warmer, exactly. So you can really repurpose those candle, those like little bits of wax that just melt over the top. Also sometimes they're beautiful. But I'm just going to, just for the sake of this tip, I'm going to call them the ugly pieces of candle. I like that because, to be honest, when you were like,

oh, they want to have a, like, nice night, I was like, wait, where are we going? Are they eating wax? I literally couldn't put two and two together. You can eat wax. Also, it's quite nice, like, I wouldn't recommend this, but, like, dipping your fingers into the warm wax. No, don't.

Don't do it, though. It's bad for you and you might burn yourself. I actually think that's really smart because do you know what else I've been doing? So I have been gifted historically some beautiful candles. Actually, Miss Jessica Ricci got me. what brand is it? Diptyque. The Diptyque one. Oh yeah. Like the team put in, I think it was like for my birthday, they've all put in and they bought me this beautiful rose scented Diptyque

candle. Lovely. Obviously it's empty now. Yeah. Sure. $5 that came out. I bought some soy wax. Candle looks full again. Oh, that's so smart. Yeah. You can buy candle soy wax. Bit of food coloring. It's also a nice like arts and crafts thing. It's a fun afternoon. It's a fun afternoon. all around. So my next money tip comes from The Moving Mama. I love The Moving Mama. I'm so sorry, I haven't checked your name. Oh, Hannah. Sorry, it is Hannah. Hannah from The Moving Mama. What is it? The Moving Mama. Okay. So Hannah says that, she says ING, but I think you can do this with a lot of banks. You can put something on your account where every time you make a purchase, it rounds up to the nearest dollar, nearest $5, which is great for like, for me, for example,

I'll just be doing it monthly, like every month at the end of the month. If I've got like $10, $20 left in my roundups, that's going to go toward food for the rest of the week because I'm not sure I'll run out of money. Or if you have a little bit more self-control, you can use that and just use that to save for Christmas time or for birthdays or for gifts or whatever. The Christmas thing is genius because Christmas is so expensive,

but the little things, they all add up. I feel like it was only a couple of years ago that even roundups became popular and they were only available with one bank. Now you're right, I think lots of banks offer them. But also our friends at Sharesies, this is like not a sponsored plug, I just think it's cool, they've recently introduced that to their investing platform, which I think is just, it's so good because obviously you're going to use it for groceries

and that's really helpful. But like for a lot of people, having roundups that then invest, like it's a more passive way of investing and you're investing more money. Money win. Exactly. We're going to get rich. I love that. I love that.

And my personal break tip. Oh, yes, please. So this is something I really enjoy doing. It's probably not going to be super popular, but what you do, I would say at the start of every pay cycle, do a full subscription. Budget and cash flow. I mean, that's ideal, but do a full subscription, phone plan, gym membership, everything membership, audit, cleanse, just go through.

Even like there will be times where I've gone through my bank account and seen $1.49 from like Apple. And I'm like, what am I paying for with Apple? And you don't know. Some random app. Some random app somewhere. I got that the other day. It was like, you've paid $24.99 to Apple.

And I was like, so what for? Exactly. And it was like an app that I subscribed to and it was an annual app last year or even maybe the year before. Who knows? I don't even use it anymore. And then they charged me for it and I was like, I got got. Exactly.

Exactly. Or even if it's something that you do need, I'm sure you can find a way to get it cheaper somewhere, somehow. Now, if you're like, for example, with Adobe, I don't want to like be name dropping, but also like using these kind of like, it's kind of dodgy, but if you just pretend to cancel, it'll give you options to pay way less for the next six months or year or forever more. Or it'll be like, take six months free, just stay with us. So do that.

Try and do that with like different things. I mean, Adobe is probably not going to be that happy that we're sharing that. But Adobe, we're recommending that you keep the product at the end of the day. We're not saying cancel Adobe because we all need it. We all need it. We actually all need it. But, yes, so do a full audit. There might be things that are coming out of your bank account you don't even know about.

There might be things that you just don't need anymore. Maybe you want to go for runs and do at-home training. Look at you. If you don't want to pay for your gym membership anymore. Just things that you could conceivably go without. Yeah. Because you can always get them back too. And you can always get them back too.

To get rid of it and go, wow, oh, I really miss that. Get back. Get back. And you saved a month's worth of fees on that thing. Exactly. So that's my broke tip. That's a good one.

I love that. Thank you. Being on top of it. I also love to see you being more active in your finances. Thank you. Like it's actually so cool because I know that if we went back a few years, Bec would have been like, absolutely not. We're not opening that.

We're not doing that. That's so true. Yeah. Like old Bec is like, who is this new woman? I know. Oh, my God. She's a changed woman. Who is she?

I love it. Thank you, Bea. That's very nice. I love it. All right, let's go to a really quick break because on the flip side, we're going to talk about a money dilemma. We're talking about taking money out of your superannuation to buy property. And we're also unpacking something a little bit spicy. I keep saying spicy. I need to find a different word. If you guys could slide into my DMs and let me know what is a better word to use than spicy DM. But someone slid into our DMs this week and was asking for some advice about their partner who's consistently looking for the next get rich

quick scheme. So guys, don't go anywhere because I can't wait to unpack that one. Welcome back, everybody. Let's take a listen to this week's Money Dilemma. Hi there. Have you got a money dilemma you just can't solve? The She's on the Money team is here to help. Every week we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a short voice recording and you might just find yourself on the show. Now, let's take a listen to this week's Money Dilemma. Hi, she's on the money. I'm 31 and I have $160,000 in super. I've seen on my TikTok advertising for being able to buy investment properties with my super. I'm assuming

because it's on TikTok, it's not a good idea, but would be keen to hear your thoughts. Thanks. This is the primary example of make sure you know where you're getting your advice from. True. And I'm very proud of you for clocking that and going, oh, maybe not the best advice. Sorry, can we also like step back? Yeah, you're correct. $160,000 in super at 31.

Babe, the average is $46,000 at between the age of 30 and 34. Yeah, that's amazing. Are you very joking me? What are you doing? Where's the magic? Yeah, well done. Good for you. That's amazing.

Slay. Jess is going to kill me for continuously saying slay, but I am making slay happen. You can have one per episode. You've used it. like. You're taking from next week. Do you know what? I get so confused about these things, right? Because I would have loved next time, could you send me the link as well so that I can stalk them? Because I am so judgy on those things. But I think you're correct. If it's on

TikTok, it's probably not a good financial decision. Have you ever seen one of the top 50 financial advisors in the country ever advertise their services via TikTok? It's a great point. No, you haven't. And there's probably a good reason for that. And I mean, please don't get me wrong, TikTok's advertising is definitely increasing in the types of companies that are engaging with it. Like historically, it would be like squishy toys and it would be, you know, clickbait things and get this fancy like X, Y, Z. I do see a lot of quote legitimate companies advertising on there. But if you're being targeted with, hey, you could make an investment decision via TikTok, I can guarantee that it is probably not the right fit for you.

And I say that because they haven't been able to take into consideration your risk profile or what's going on. But further to that, Jessica, how do I feel about using your super funds to buy property? Well, because you'd have to, correct me if I'm wrong, you'd have to have an SMSF, right? Yes, look at her go. Self-managed super fund. So if you're with Australian Super, right, you can't just call them and be like, oh, by the way, I'd really like to just buy property in my super fund.

they're going to go, yeah, that's not what we do. That's not going to work. And that's fine. It's not a reflection of whether they're a good or a bad super fund, like they are a very popular super fund. However, to buy property inside your superannuation fund, you have to establish what's called a self-managed super fund, which is going to, one, attract a whole heap of fees, thousands of dollars of fees. Two, it's going to attract ongoing admin costs. So every single year, if you have a self-managed super fund here in Australia, you have to audit it annually. It can't be done by you, by the way, you have to outsource that. So the admin fees can be anywhere between $5,000 and $10,000 a year just to have that structure. Not only are you paying for that

structure, but also you're more responsible. So you're now putting your superannuation, which we're just using the example of OzSuper, they have a whole investment team that has created a number of well-diversified portfolios based on your risk assessment. You're putting all of your eggs in one basket into a property and arguably, and this is just personal opinion, I suppose, but when I have spoken to people about buying property inside superannuation, it's not often because they're like, oh, well, V, I've actually sat down and I've done the calculations on rental yield and I've worked out the capital growth in the area that I'm planning on purchasing. And I genuinely look at this and go, this is a really great

investment opportunity for me because, you know, I'll get A, B, C, and D out. And here's my long term plan for the property, whether you keep it for the long term or you dispose of it, or, you know, you might develop it and subdivide it, whatever that might look like. Most people that are interested, and this is just obviously stereotyping, in buying property inside super are usually interested in that because they can't buy it outside of super and really want to be on the property market. Right. And I totally get that. If you are so committed to getting on the property ladder that you're looking at these options, like I'm proud of you. You're going to get there. But we need to look at how smart that financial decision actually is. Is owning

property inside super an inherently bad thing? No. There are a lot of people that own properties inside super who make millions, who make a lot of money, who that has been arguably the best financial decision they've ever made. Does that mean that it is the best financial decision for you back. There are also people out there whose best financial decision was buying Bitcoin at the right time. Do you know what I mean? So it has to be relevant to the time and to your financial situation. And if a company is on TikTok promoting that you buy property inside superannuation, I can almost guarantee that they are making money on setting it up, like setting up the structure for you. They'll probably recommend to the accountant they're getting a clip back of that

amount. They're probably going to recommend what property you buy because obviously they are investment experts and they're probably being paid at least 5% of the property purchase price by the developer because that's usually how these schemes work. And to me, it's just red flags galore to be honest. If you have $160,000 in super and you are 31, I can almost guarantee that one of the best things you'll ever do is go and speak to a financial advisor. Yes, it will cost you money. It will cost you thousands of dollars. You can pay for your financial advice with the money inside your superannuation. So it's not going to cost you money out of your cashflow today, but you have $160,000 in super. Look after that money because that money over the next 30,

40 years is going to compound out of control and you are going to be a very, very wealthy person. But make sure that money is working as hard as you do for it. And if you're genuinely interested in buying property and maybe inside super, I'm not saying it's the best or worst decision. I am very apprehensive of self-managed super funds. I will say I don't have one and I never will have one. And any of my clients historically that had one always had more than $250,000 cash in it to make it justifiable. In today's market, I would arguably say you would need more, but go see a financial advisor and they can give you the advice to get into property and have a strategy and ongoing plan that literally puts you in the best possible position. And if you're telling me you

have that much in super, I can tell you right now, seeing an advisor is a good idea. But not one that advertises like that on TikTok. Just FYI. Although there are some really good financial advisors on TikTok now, which makes me so happy. True. True. Yeah. Great advice. You got any advice there too, Bec? Just take V's advice. I would take V's advice. I guess it is tricky if you're saying that there's like other financial advisors on the XU, like who? Well, who do you trust? And that's what I mean. Like if they're advertising, you could do this. No good financial advisor on TikTok is ever going to suggest a strategy. If any financial advisor is suggesting a strategy on TikTok, red flag. Technically it's illegal. Oh. Not even technically, like it is point blank

illegal. And it's actually a breach of their financial services license if they did that. which is why they'll often be like, I can't give personal advice, but let me give you a few situations. Here's an example. They will never give you an example. Like someone could write in to a TikTok, you know, financial advisor and be like, oh, you know, V, what does it mean to buy a property in super? I can answer that question.

Yeah. But like the, is it a good idea for me? Be like, I don't know. I can't tell you. That's very irresponsible. Anyone who's telling you what to do on TikTok, one out of ten. Yeah. Or saying that something is objectively a good idea, not.

Yeah, because it's never for everyone. Never for everyone. Yeah, exactly. Great advice. Speaking of never for everyone, we have a DM this week and it's all about Get Rich Quick schemes, which I feel like is just like really on brand with what our dilemma was. Yeah. So would you like me to read it?

Are you ready to break this down? Excited. All right. So here's the DM we got this week, guys. Hey girls, just after some advice on what you would do in my situation. My partner and I are both on six-figure incomes and he's talking about getting a joint bank account. Okay. My concern is he's constantly trying new things as a side hustle and they're not exactly successful. I try to be supportive, but I continue to see large amounts of money

getting wasted before he wants to try something else. I'm highly focused for the future and he's more interested in a get-rich-quick mentality. I'm worried we won't achieve our goals, so I continue to save while he uses his income on these ideas and says we will get the goals but doesn't save. When an idea doesn't work for him he'll say he's tired of these failed ideas and will focus on saving. Then a week or two later he's back on these expensive ideas again and it's a never-ending cycle. My friends what would you do? That's a very tricky one. I guess it's like it's hard because you want to like support their passions but also this is really I suppose taking it depends like because I guess you have shared financial goals and that is kind

of really stunting that I would say but you also want to be passionate you also want to help them you also want to support them I don't know I don't know I guess if you have a chat with your partner and say, I will allow, not allow, like it's, you know, I'm not saying that. It needs to be worked into your budget. Worked into the budget. Say like, let's set aside this amount of money to work on your passion projects and then save this amount of money.

Like try and figure out a way where you can still save, he can still feel satisfied fulfilling or following these dreams that might be short-lasting. I think that's the only thing you really can do, just have like a really big chat about what your financial goals are and how you're going to get there together. What do you reckon, Jess? Yeah, I don't want to discount.

I feel like the language used is conflicting because she started off by saying side hustle and then she switched to get rich quick. And in my mind, those are two very different things. And I think like as much as your partner is trying a lot of things and they're failing, like you need to keep in mind that most small business owners will tell you that their first idea was not their successful idea.

and you know like some of the people who have the biggest and best ideas like your Bill Gates's of the world have a laundry list of failed attempts or failed businesses or failed ideas that they started off with. Yes so we love tenacity. Yeah like I feel like the way that her message is phrased it seems like she's obviously frustrated and she's not liking that he's trying lots of different things and whatever and without being on the other side of it and not really having that insight it's hard to comment and I just don't want to discount or automatically assume that you know he's not trying or he's not working towards something just because he's changing I think like maybe he should be sticking with them for longer but again without knowing what

it is and blah blah it's very hard to say but yeah I kind of agree like I think that if you're working towards shared goals and that's something that's important to both of you then you kind of need to figure out what that looks like if trying these things is important to him then you need to decide whether that's a deal breaker for you like are you working towards two completely different things and if so that's okay but maybe that is a make it or break it for your situation or you could you know if you're saving for a house like do you want to do a tenants in common agreement and you know if you've contributed more to this deposit than him do you own more of the house or is there something like that that you could look at as well it really

depends on I guess how important these things are to both of you I agree because I as someone who does side hustle like I don't want to turn around and say don't pursue things don't try things don't do things because everyone's kind of following their own path but if you feel like it's you know impacting your goals then that's a conversation that you need to have about well what does that look like for the both of you long term yeah I kind of absorbed it I guess in a similar way to you Jess where I was like oh get rich quick games versus you know a side hustle because the side hustle doesn't actually cost that much money in reality I mean you could have an expensive side hustle but like let's use you as an example Jess like you're a side hustler but like you get a job

you do the work like I wouldn't say that there are heaps of overheads but it's also not something that you're trying to project into making you a millionaire right you will become one like that's a slave I hope so yeah that's the point but also I think that that that mentality I'd never apply to Jess Beck and go oh yeah she's always like trying to get rich like a get rich quick scheme So that makes me immediately think that maybe he's just getting on the next best thing he sees on social media or is pitched. And those things can be quite expensive to get involved with. Like we all know that multilevel marketing companies are toxic and predatory. Like I will never not have that opinion because if you are, like let's be honest, we'll probably do another.

I want to do a deep dive episode soon into multilevel marketing companies and what people make and how it works. And like, oh, it'll be so juicy. one of my favorite podcasts, side note, is called The Dream by Wondery. And it literally goes through how pyramid schemes happened and how now multi-level marketing companies exist legally. Because if you say to anybody in a multi-level marketing company, oh, isn't that a pyramid scheme? Do you know how quickly they'll be like, oh, absolutely not. That is not a multi-level, that is not a pyramid scheme. That is not how it works. And we just have a leader at the top. And then the leadership structure comes down and flares out at the bottom.

It might be triangle shape, but it's not a pyramid scheme. So it's just, it's very interesting dynamic, but I feel like that's maybe more what she's talking about because of the language being used. Like I'd never go, oh, he's got a side hustle of gardening every weekend and chopping people's lawns and making some extra cash from that and I'm sick of it because it's a get-rich-quick scheme. Like you just wouldn't use those two things together, right?

Like would you ever go, oh, he started a candle company and it didn't work out get rich quick scheme like it's just not so i think that the language there tells me that it maybe is a little bit more you know actual get rich quick um it might be you know he got online and was on tiktok and saw a whole heap of videos about investing in a drop shipping course and then yeah you know has spent a whole heap of money setting that up and then it didn't work and now he's like on that have you seen it recently just like the new like drop shipping is affiliate marketing and them going oh you can do a whole heap of affiliate marketing So I feel like it might be more like that, where it's actually more about luck than actually

intelligence. And the people are making money by selling you the course, not by actually selling golf shipping products. In which case, I think that that is toxic. But obviously, I think supporting your partner is really important because there was a really long period of time where I wasn't making money and my husband was helping to support me in creating She's On The Money and Zella because I just didn't pay myself an income and didn't have that to contribute.

and so you know he might have turned around and be like far out Victoria's a bit of a freeloader like so I think that there's this dynamic that we need to work through and my assumption is that maybe he's you know getting on the next best thing every single time at which point I'd say why can't we just make this legitimate like if you are putting the time and the energy and the effort in why not sit down and work out a business that is actually going to be sustainable and could have growth and actually benefit you over the long term because let's be honest none of the get rich quick schemes, if they're being marketed to you at that level, they're not going to make you rich. They're going to make the people that are selling the courses rich. And I just, yeah,

it upsets me so much because to start your own business can be quite easy. It's why we do the business Bible. That's why we always empower people to, you know, give it a crack because do you know how much you can do for free? Yeah. Like you can go and do all of your research. You can, you know, contact suppliers if it was a product and get quotes on how much that would cost you can look at how much it would cost to register your business and trade market and you could look into oh what branding options would you have like you can do all of the research into whether this business is viable or not before you even spend a dollar and I would recommend that everybody who's in that situation where they're like oh I really want to have my own business

do that but for me I always look at you know having been a financial advisor historically I look at it and I just go do you know how many people I've seen that have bought franchises because they're so desperate to become a business owner and they're so passionate and they work the 90 the 100 hour weeks like they are killing themselves for very little profit when someone else is making so much profit off them because it's a franchised business that you then go you have the tenacity you have the time you're putting in so much time energy and effort imagine if you owned this 100 how much better it would be for you yeah same with like multi-level marketing stuff, you go, I can see that you're selling a health product. Like I can totally see that. Like

I'm not saying that the product is terrible, but a business is going to make a lot more money if they just put that on the shelf and it was like a, you know, a viral product. If it's as good as you're saying, I can almost guarantee that that business would make more money by pitching it to Coles or Woolies or, you know, Chemist Warehouse and getting it on their shelves than having you individually sell it. So talk to me about why you think they think that's a good idea. Do you know why? Because the product doesn't stand up in the way that you're saying it is in the way that it's marketed and they're using you as a vehicle for sales. They're telling you that you're a business owner. You are not a business owner because if you walk away, you've not got

a business to sell. You've not got assets that you've built up. You might have income coming in, but you do not own that business. You can't sell it to somebody else. You are a glorified sales representative. Yeah. And it sounds savage, but I've got to be savage because I want you to be in a better position. And if you're putting in that time, energy and effort, you deserve to be remunerated properly for it, not taken advantage of. Yeah. So trivy. What did everybody else have to say? Oh my gosh, probably nothing as spicy as me. We asked, do you or your partner have a side hustle? 24% of our community said yes. love. Isn't that exciting? That's exciting. I love that. If yes, do you think you need to be

passionate about the idea for it to be successful? 83% of you obviously said yes. Agreed. We then asked, would you support your partner's side hustle if they were throwing lots of money at it despite it not making any return? 55% of you said if they had goals and plans to make it work, then of course and 45% of you said no I just tell you to leave it I think it really depends yeah like most businesses are not going to turn a profit in the first couple of years that's just fact so if you're trying to get your partner to stop doing something because it's not turning a profit in the first few years like that's probably not that constructive like you've got to look at the bigger picture but like as we've said on the pod before Jessica when in

out, zoom out. We then said, if this was you, would you also be concerned? 89% of you said, yes, he needs to have the same financial goals and be on the same page, which I think is important. And I think that that response, I suppose, is really coming from the language used. Again, the get rich quick scheme narrative, I think, leans into going like, no, red flag. We then said, do you think you should have the same savings goals if you're getting a joint account? Yeah. 83% of you said yes, absolutely. I find it really interesting, actually, because Jess, if you have a shared savings account with your partner, do you think you have to have the same savings goals? Well, I feel like that account has to be going towards

something that's shared, like a shared goal. Like if you are going, oh, we're saving for a house, and your partner's going, oh, we're saving for a holiday, like that doesn't really make sense. Yeah. But I think you can have your own independent goals. I don't think when you're a couple, you need to absorb everything. And I think the sense that I'm getting is a lot of people go, you have to be exactly the same. Yeah. Whereas I don't think that's the case. In fact, I think it's healthy to have different things going on. But like I said before, I think that you have to be working together to make sure that everybody's happy and that one person doesn't feel like they're carrying all of the load, like maybe this listener does. And I think that I asked that

question because Steve and I, we have shared savings accounts, but we both independently save inside of those because to us, it's our income. Like I don't see it as his income or my income. Like we have a certain amount that goes into our cash hub each and every single month. And then we distribute that based on what our life is like, like what's going on? What does Steve on the reg, you know, spend? What do I spend? We definitely don't have one of those tip for tat. Like, oh, well, if Jess gets, you know, $50 allocated for fund me, I get it even if I don't spend it. Right. We're not like that. We're more, well, let's do our budget and cash flow and see what Jess spends and see what Steve spends. And then, you know, we go through each of

those lists and go, is there anything that we could cut out? And Steve goes, nah, no, like I'm pretty good with those things and I'm the same. But our like spending amount each week is actually different. And it's because they're just our values. That's what's going on. That's how we allocate our budget. It's never been a Steve gets X, so I get X. And the same thing is true for our savings account. Like we do our budget, we work out what Steve needs to spend, what I need to spend, what our bills are, what our mortgages look like, how all of that works. And then we have leftover amounts to go to savings. But for example, last year, Jess and I went to Europe together. That was a savings goal that I had inside my savings account with Steve. He knew

that we were working towards that. Obviously we've got a few other goals on the go as well, but he knew that was more pressing. So like I took the money from the savings account there to spend on this, but that didn't involve Steve. That involved, you know, a couple of girls and Jess and I going to Europe to have a girls trip. And that was really fun. And that's not me saying that's the right way to budget. There's no such thing as the right way to budget. That's just currently what works for my husband and I. And we implement the She's on the Money Budget and cashflow course, which obviously we will chuck a discount link in the show notes this week. What is it Jess? Is it pod 50? Yeah, use pod 50. I'll turn it back on. All right. Thank you. Turn it

back on so that the people can get the budgeting cashflow masterclass because we use that. And obviously I built that based on how, you know, our cash flows and making the most of it and making sure that every dollar that comes in has a job because that's really important to me. I'm also really impulsive. So like it just means that everything ticks along and I'm not being irresponsible. However, you know, we do have shared savings goals, but like, I guess if you extrapolate that out, Steve's income comes in, my income comes in and some of his income gets spent on the goals that I have, but vice versa, you know, he has trips with his friends. He has things that he wants to spend money on that, you know, we go, well, that's not going to come out of your

everyday spending. How are we going to achieve that together? Because we're a team, we're partners. Like I want Steve to have the life that he deserves and that we're working towards, but within the breadth of our budget. So I think, you know, sometimes I might go, oh Jess, like we can't go to Europe again next year. One, because that's ridiculous. But because, you know, we're actually working on achieving one of Steve's goals right now and getting him into X, Y, Z or doing whatever he wants to do. And we're also, you know, saving for a house or saving for a car or whatever it is. So to me, no, you don't have to always be on a hundred percent the same page with your joint savings but you have to be on the same page about the fact that

that joint income is joint income if that's the way you are going to budget yeah in saying that I know a number of couples who will never have a joint account don't want a joint account and have been married for 50 years and that works so sure honestly the summary of that is you do you boo you do you boo so I feel like if you're choosing to have a joint account it's not just do we get a joint account or not we need this more comprehensive discussion around well what is it for because like I know a number of people in our community have one joint account with their partner but it's actually so they both dump money in there each and every single month and that just pays their rent and their bills and it just makes things and life a little bit simpler than they

have their own savings accounts we obviously know that there are people completely independent who are like no no I'll transfer it directly to this and you know this tip for tat and that's fine that works for them. And then there's people like Steve and I who don't operate independently when it comes to finances, but don't get me wrong. I still have my personal emergency fund. Steve still has his personal emergency fund. And one thing that I was quite clear on when we, I guess, joined finances, because I want to be independent, is that we manually transfer our income monthly. So Steve actually has a separate bank account that his income goes into, and then he just transfers it manually to our joint account. Because, you know, if ever anything went south and he needed to stop

contributing to that or needed his own income, he's always got direct access to his own funds. You know, I just think it's quite, I won't say controlling, but it can be. And I've seen it happen historically where you might have joint income and your income's going into, you know, a shared account and your partner's gatekeeping it from you. And there's just like, I won't say it's a slippery slope, but it can be. And I know that that happens. And unfortunately, has happened in our community but I kind of like that manual process of him just transferring the cash that's in his account to the joint and me doing exactly the same thing and then working from there and then everything is is the same but yeah each to their own right totally to each

their peach to each their peach oh that's cute that's cute very on brand very on brand I like that let's leave it there because to each their peach I like that and also we've got the bin raccoon that's gonna stick raccoons are real cute and maybe if you're in america you think that they're vermin if you're australian and you see a raccoon you're like whoa beck that's so cute very cute for us over here i believe they're called trash pandas trash pandas oh my little trash panda well have a really good weekend guys we will see you bright and early on monday for a money diary but till then no we love you and we hope you have the best time bye guys bye the advice shared on she's on the money is general in nature and does not consider your

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