She's On The Money - Inexcusable Inheritance Issue

Episode Date: November 2, 2023

The girls are finally reunited and things get silly, before they get REALLY spicy. For the first time in weeks V, Jess, and Bec all unite, to share some amazing money wins from you, and Bec shares some (teetering on illegal) broke tips. Then, Jess takes the reigns to help with this week's Money Dilemma, as to how best make your house deposit work for you, if you're not ready to buy just yet.  Plus one of the juiciest stories has found it's way into our DM's, and we have A LOT to say about it. 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, Kurni, Wolperi and Awadjuri 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 Awadjuri 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, is Friday, which means it is time to get our team back together finally to celebrate you, our incredible She's On The Money community. Today, we're going to be sharing Jess's favorite money wins. Bec is going to be back with her broke, broke tips. We're also going to be helping to answer a juicy money dilemma, which this week is all about the best savings account for your future house deposit. And I'm excited for this one because it's a little bit spicy. We're going to be unpacking something that you slid into our DMs about, which this week week we're talking about a husband who doesn't want to share his inheritance with the rest of

his family. Guys, I think it's going to be a spicy one, but we haven't been in the same room for literally weeks. Bec, how are you? Oh my gosh, I really missed you guys. Can you believe this? It's been like a few weeks. Three weeks. Three weeks? It's been nearly a month because you were sick as well. I was sick. Of course, I forgot about that too. And don't be scared, I am still a little bit unwell, but everyone is safe. I just can't believe this is so cool. I'm I'm so happy to be back. I'm so happy I'm back with you all. And I'm sure off air we'll talk more about your American experience,

but this is all very exciting. We're all back here and everything's been great. I'm wondering if there's any news for you. I've just been working my life away. There was some exciting things. Obviously, it's been Halloween and stuff, so there's been a few parties. I saw two fans in the wild. You saw two fans in the wild.

And live. And they came up to me and said, are you back from choosing the money? And this has never happened before. And it made my whole life. Isn't it so wholesome? I love, love, love, love Loveless. If you think that I don't want to be bothered out in the street if you see me, I do.

No, I do. Come and accost me. I do want to be bothered. Come say hi because they're like, it's so, I don't know if this is strange, but it's like meeting friends that you just forgot the name of. Yeah. If that makes sense. Like you already feel like you know them because you have like arguably something really deep

in common. Totally. I don't know. It's very cool. Yes, it's so cool. But look, other than that, I've just been chilling. I'm really happy that you're here. We're all here together.

This is so nice. Miss Jessica Ricci, you returned from Mexico earlier this week. Yes. How's the jet lag? A bit rough, but that's okay. Must be nice. I had a really good sleep on the plane, thankfully. I got a little cozy in my little United bed, which was a dream.

Yeah, because Bec, she flew business class home on her own. Oh, that's nice. Fancy. Must be nice. Fancy girl. Remember a couple of weeks ago, I said to her on the pod, I was like, by the way, we're flying business. And it was like surprising her for a domestic flight to Queensland.

Then you got to fly to the U.S. with United in business and home. We're going to teach everybody the hacks for how to do it with points, so keep your eye out because, honestly, as someone who has never done that before, I now understand why people spend – like I don't have the money to spend on it. But you have the points. You're like the points queen. I love a point, and I understand why people do because I slept for 11 hours on my 15-hour flight.

Whoa. Unheard of. 11 hours straight, literally. Like I woke up a little bit and I was like, oh, I could go back to sleep. Do I really want to stay awake and sit there and do nothing? I was like, no, I don't. And I went back and I had another bit more of a snooze. They brought me an ice cream sundae on the plane.

They had it, Bec, on the way over. Was it the same on the way back? Yeah. Okay, so on the way over, Bec, on the plane, they had a sundae bar. Like it wasn't like, oh, can I just get you an ice cream? It was like this guy, his name was Andre. He was like the best. He was our favorite flight attendant ever.

I'm really sorry to every other flight attendant we've ever flown with, But he was like, what did you say? He was like an older French guy. He was a slay. He was my favorite person ever. But he came around with the sundae bar. It was like different types of ice creams, different types of toppings. He had chocolate sauce.

He had caramel sauce. He had strawberry. He had like sprinkles. He had the little maraschino cherries to go on top. And he goes to Jessica, what do you want? And Jess is like, I don't know. It's so overwhelming. He's like, can I make you my special?

And Jess is like, absolutely. And he just makes her this massive ice cream sundae. I've never seen Jess happier. It was amazing. That sounds like a dream. So really excited. We're going to be making some content coming up soon and sharing how you guys can do that with points

because, let's be honest, none of us want to pay $20,000. I'm not paying full price for that. No. But to do it for free, sign me right up, sir. We are there. We are there. And Jess is arguably the points queen, right? I love it.

Yeah, okay. So now we've got her to dip her toes in the water. I think that's what she's going to be spending all of her points on in the future. Okay. I really want to know this too. Okay, I love it. I'm tuning in.

How are you feeling, VD? Tired. Very pregnant. Yes. Very pregnant. I'm definitely not about to pop. Please don't wish that on me just yet. But it's funny, over the last few weeks, especially travelling internationally,

I'm like, oh, I have a lot less lung capacity than I remember. Right. But that's okay. You're very speedy for a pregnant woman. Trying to keep up with you sometimes when you walk. That's because you walk at the snail's pace, Jessica. her honestly I swear Jess just dawdles I like to look at the world she dilly-dallies but that's what you get right so we traveled with Jess we traveled with Gabby and then myself and Brooke

yes and myself and Brooke both have diagnosed ADHD and then Jess and Gabby are just neurotypical like they're just normal gals working around living their lives sure Brooke and I got a mission we gotta go we're gonna go up the front and so Brooke and I'd speed off and then be like oh where the girls and that mission will change a million times oh i saw a squirrel we're going that way i wish that was just a good example but that's actually what happened in central park it was so good if you guys haven't seen definitely head to our instagram because we put a heap of really fun little recap videos we're doing a new series called the price is right which has been super fun this week we filmed the price is right video jess where did we film that from a hot air

balloon over melbourne over melbourne 7-eleven took us on their maiden voyage of their hot air balloon that they have just instated and we had some coffees in the sky but also jess was like let's do the price is right on this melbourne icon and i was just like genius yeah everybody at home price is right how much do you think it costs to build the melbourne eye the big ferris wheel thing oh and then head to our instagram to learn the answer because we had a bunch of community members with us on the balloon which was so fun and they all guessed and the price ranges were actually hilarious so what do you think that price is right how much do you think it costs to build the moment i if i feel like i heard this somewhere ages ago and i remember it

being astronomical but i don't remember the exact price i'm gonna say two million okay two million that it okay that it oh that's a clue oh it's a little bit of a clue i'm dying to know let's move on let's move on i want to get on to my favorite part of the show miss jessica ritchie what have you got when it comes to money wins and confessions this week all right this week my first money win comes from emma who said i had my baby shower on the weekend and instead of gifts that i don't need i asked for cash and gift cards that i will contribute to our first holiday as a family of four oh that's actually really really smart right i you just wouldn't think about it i've been on the fence about a baby shower because i'm kind of like oh do i need it like i don't know

Maybe celebration. Well, I was going to ask everybody to bring a book. Oh, I love that idea. Like, build baby's first library, and then I don't want you to bring a card. I want you to write in the front of the book for Bambino. I love that. I think that'll be cute, but I like that idea better because I like a holiday, so maybe I'll just give it.

It's going to cost you a bit more than a book this time, Bec. Next, I've got a money win from Sophia, who said, I've been wanting a Dyson Air Up for a long time, but I could not justify $950. I can't believe they're $950 now. I'm sorry, but that was the best invention. I am obsessed. What's the hair thing? The hair wrap.

Oh, we're in a committed relationship, Beth. We do love an hair wrap in this office. It does, it blow dries, it curls, it does it all. There's lots of attachments. Anyway, Sophia said, I found it for $650 on Catch of the Day, and then I contacted Dyson, and they were happy to price match. Whoa. Oh, money win.

It was also my birthday, and my family decided to contribute towards the hair wrap as a gift. So after all, it just cost me $150. Money win. Well done. And happy birthday, Sophia. Happy birthday. Happy birthday.

Enjoy your Airwrap. I know. This isn't sponsored. I'm just obsessed. Next, I've got a money win from Inez who said, I ended up not buying anything in ClickFrenzy. Oh, very good. Snaps for you, Queen.

Good for you. Next, one from Caitlin who said, I've got $500 to spend on Christmas expenses after saving my flyby points all year. I am stoked with myself. And she put a little screenshot of her flyby. That's actually genius. She has 102,000 points. Well done, Queen.

Well done. I have been hoarding my ShopBack rewards, Jess. And because we've traveled a fair bit over the last few months, I have like nearly $950 in ShopBack rewards that this mumma is going to be cashing out and buying presents with. Genius. Well done, you. If anyone doesn't have ShopBack, don't forget they increased our code.

They increased our code. I don't think I've said this on the podcast. I don't think you've said that to me before. Well, FYI, SOTM20 gives you $20 when you sign up. What? It used to be $10. Yeah, I know. double money win. Can I unsign up and then re-sign up for my 20 bucks? You might have to

give up your $900. So I don't know if that makes sense. I will not be doing that. Worth it. Thank you. Yeah, worth it. Whatever. Next, I've got two money wins that are kind of the same. So I have one from Maddie who said, I arrived at 6.30am at the new LSKD store opening in Melbourne on Saturday and scored myself some free tights. And then Gabrielle was also in that line because she You said, LSKD tights swap. I got $300 tights at the new Melbourne Central store opening on the weekend. Slay. I was really sad that I was on a plane when they opened because I would have been in that line with you, Gilly.

I have bought you LSKD tights before. We love them. They're so, so good. Do you still have them? Huh? She's literally wearing them right now. She's literally wearing them. And look, what does her shirt say?

Oh, my God. True. Oh, you've got to be LSKD. I'm fully kitted out in LSKD today. Wow. before we move on. Could we please get a clip of that Jessica throwing her leg in the air mid-podcast and just share that with the rest

of the pod community? I think they need to see that. Save that one, Brookie. I think they could have lived it up. And don't cut this part out of the podcast. If you do our Instagram, I'll put it on there. Oh, God. Last thing I have a money win from Annalise.

He said, I cooked my daughter her first birthday cake. I saved some money. Cake can be so expensive and it turned out really great thanks to YouTube for the extra tips and, you know, we love a little picky. Oh, that's so nice. She did a great job. It's got some butterflies. The ombre moment.

Yeah, the buttercream looks stunning. That's lovely. It's amazing what you can learn to do on YouTube. Yeah, seriously. I also just don't, I don't know, this is another spicy Victoria Defiant opinion. We all know that I love a party. Yeah. Queen of the party.

I would love to think that I'm queen of the party. You are. Love a cake. When I have this baby, it will be getting Colesmud cakes. They don't know. They don't know the difference, right? Wait, like when you're one, like you don't get a Barbie masterpiece. No.

Like you're not going to appreciate that. Not going to appreciate it. You are one. Here is a Colesmud cake with a candle in it. Slay. My favourite is parents for like the first couple of like birthdays and Christmases when you just go, oh, that toy I gave you six months ago, wrapped up under the tree, you're not going to know.

That's going to be me. Kitchen towel, Merry Christmas. Yes. If they're obsessed with the dog toys, I'm going to wrap those dog toys up and re-gift them to them. It's the experience of opening presents. It's the joy. And as long as they have the joy, it doesn't matter what it is.

Maybe that's a really good money tip. If you have a toddler, just wrap up the stuff that they haven't played with in a while, they'll be stoked. They will have no idea it's a fresh new present for them. That's a great idea. I think this is genius. It's a great idea. Good little broke tip for you there.

Oh, I love that. Speaking of broke tips, let's segue straight into that. Miss Beck, I have missed our broke tips something shocking. I know. It's been a while. It's been a while. I know. So I want to know, what are you bringing to the table this week? I hope they're good. You've had a lot of time to plan. Had a lot of time. Oh no, the pressure's on. No pressure. No pressure. Just don't make them terrible. All right. Of course. Okay. So as per, we have two from the community. First one comes from Sabrina. Sabrina suggests that instead of doing a shopping list for what you need at home,

instead spend a whole day going through your pantry or fridge and everything and do a stock list of what you already have and then keep like updating that as you go because i don't know i've mentioned this before where you like go out and you need to buy like cumin or salt or something and you come home you have like 20 of the same thing but instead just do a stock list of everything you own things that are right at the back of the pantry some old pasta whatever you might end up having so much food yeah and not have to go to the grocery store at all there are three tubs of peanut butter in my yes exactly have you seen those vintage this is very niche Those vintage shopping lists.

I'm realizing this might not be interesting to anybody except me. But there's these. I like history. She's committed, though. She's still telling us. She's kind of committed. I'm already telling the story, so you can cut it out if you want. I like history.

And they used to have these. They would be like little metal rectangles, and it would have all of your staples, like egg, milk, bread, butter, whatever, eggs. Egg, milk, bread, butter, egg. Oh, I did say it twice tonight. You do need often to buy two. She's just very excited.

Anyway, and they had little toggles, and so you would have it, like if you had it, you would have it toggled to the left or whatever side, and if you didn't have it, you would switch the toggle over. Sure. Bex, like, I'm like, are you? I've way more abandoned this idea. In my head, it was really interesting, but I don't think I like it.

Bexley really like, oh, you could just write a list. It's not quite translated. Wait, let me find a photo to show you. We don't need the photo. I know exactly what you're talking about. I'm sorry, Jess. I was trying to not laugh at you. But I love this idea.

Let's park it. Let's park this idea. We can talk about this idea offline. Oh, I've never seen that before. I told you it was niche. I've seen it on TikTok. Very, very vintage. But I live on TikTok.

So I see. Moving right along. What's your next question? I appreciate that very much. Okay, so this next one comes from Jade. This one is actually genius, so I hope that I explain this properly because it's a little bit hard to explain. But basically what Jade –

Is it as hard to explain as Jessica's shopping is? No, I don't think anything is as hard to explain as Jessica's shopping is. This will be very close too. So Jade says that when ordering online from Woolies, place your order on a Tuesday with delivery pickup for Wednesday afternoon slash Thursday. You will get Tuesday's specials when you place the order. You can then modify your order early Wednesday to remove slash add items that have now gone on special.

So you're basically getting last. What? She's double dipping. Yeah. She's a genius. You keep last week's specials. Yeah. And you now have the next week's specials. Does that make sense?

I didn't know you could edit it. You can edit it. I did not know that. But do you lose the discount? No, not. No, you keep last week's discount and then you remove the items that are now on special, if there are any, and you put them back in. Now you've got two lots of specials, two weeks' worth of specials.

That is really clever. I actually think that's genius. It might be a glitch, so let's... It's not Woolworths if you're listening or you're not. No, you're not. Keep that. That sounds great. You already make enough profit.

Sit down. Exactly. So I think that's genius and I never thought to do that before. So thank you so much, Jane. I think that's really smart and you well articulated it. Unlike Jessica in her shopping list. Thank you so much. Now, what's your broke tip?

Okay, so this one, as usual, is a bit rogue. Really? I didn't see this coming. Okay, so apparently if you. Hold on, just checking. Is this legal? This is legal. In Australia.

It's legal in Australia. It's maybe not. Depending on your situation, I might not recommend. I might not condone or recommend. Oh, my God. Why did I ask? If you dust baking soda on top of superglue, it hardens almost instantly. So let's say you have a chip in your windscreen or...

Oh, my God. Are we sure that that's legal? It's probably not. It's not advised. It's just like if you have like a little like plastic item, maybe shoes, maybe things like that that aren't like glass or anything. Maybe not your windscreen. Actually, forget that I said windscreen. I'm not going to lie.

I've never needed baking soda for superglue to dry. It's like a resin. It's like a resin substance. That's cool. Like science-y. Oh, it makes a resin substance. It makes like a resin sort of substance. It's obviously not resin.

I can't be trusted with super glue. So this is a great tip for you. Yes, yes, yes. So do try when you get home. Yeah, that's cool. Baking soda, super glue. It hardens immediately, so make sure it's all ready to go. You don't want to like start pouring when it's not.

But like let's say you have a little chip in. Again, I'm going to say let's forget the windshield. Do you pre-mix it? But let's say no. As soon as you, it hardens instantly. It hardens instantly. So you have to like. Also can be if you're in a rush, if you superglue something.

Totally. Like me and my fingers together, like that's the only memory I have of superglue. That's very true. Or if I've never done this because I've never got my nails done, but let's say your nail falls off. Oh, you know, if your nail. Oh no, I've definitely done that. I can understand that maybe you haven't experienced that, but I definitely have.

In fact, I have re-glued this nail on this week with superglue. Oh, did you use baking soda? No. So maybe it's not going to work out long term for us. No. Really disappointing. But that is a, I guess like it's a pretty good thing to have. I'm going to try that just for science because I'm interested to see what happens.

Totally. And you don't need to, you know, go out and buy new Tupperware or glass jars, whatever it is that you're using your resin for. Yeah, because you're filling a hole in something. You're filling a hole in something. So it's not bonding something, it's filling a hole in something. No, but you could use it to bond as well. Does not sound food safe.

I don't know how you would put the baking soda if you're bonding something. That's what I mean. Do you mix the baking soda with the superglue and then use it? Or do you put the superglue in and then stuff some baking soda on? No, I'm saying if you're like, let's say like you have a plate, you put the plate together, you put your superglue in, and then you dust the thing on top. Right.

Hardens instantly. Plate's a good example. Plate's a good example. Better than windshield. Example. Better than windshield. Sorry about that. I still don't think it's food safe.

Let's leave this conversation here because after the break, which I cannot wait for, we're going to be discussing what the best savings account for your future house deposit is. But we're also getting to the spicy topic of someone's husband in our community got an inheritance and didn't want to share it with his wife. and we need to talk about it. So guys, do not go anywhere. Welcome back, everybody. Let's take a listen to this week's Money Dilemma, shall we?

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 such a big fan of the podcast and I'm hoping you can help. I have a question about investing. I've saved up a house deposit and I'd like to do something with around $50,000 of it. It's currently sitting in a savings account of about four and a half percent. However, I'm wondering if I should do something better with the money to make it work

card for me. Would it be best to put it in a bond or an index fund or some high interest savings account? I wouldn't be looking at purchasing for about another year and it feels silly just having such a large sum sitting there. Thank you so much. I know what you're going to say so I might as well just let you say it. No, what am I going to say? Make me redundant. I'm going to go on mat leave at some point. I need to test your competency. This is your probation test. No, you have said before, like we don't invest anything for the short term because market volatility over the period of a year, there's a very high level of risk that you will experience volatility and that your money could be impacted. So if you put 50 grand in now, it could be 40 grand next year. You

just don't know. It could be 60, not saying it will go up, not saying it will go down, but it's high risk, right? So you'd want to put it, if you're putting it anywhere, somewhere safe. Bonds generally are longer term, right? So you might be able to, I don't know too much about bonds. We have a good episode on it though we do have a good episode on bonds i would say maybe you could consider a bond is a more conservative option however they usually have longer term commitments so a bond in australia is usually a 10-year commitment and if you went into it for 12 months and then pulled your money out you would be foregoing any interest you had earned on it you won't have done it actually makes no sense you are correct i would never recommend investing

for the short term obviously you do you boo and i'll do me but you're right market volatility over 12 months is way too short you've hit the nail on the head i'm actually redundant now beck so i will just honestly useless um so i will just see myself out but it's kind of awkward that you're still here can you just let me have a turn just let me have a turn all right okay you can have one shot so we are talking at the moment a lot about like the rising cash rate and how much that sucks for people with mortgages already. You're in this beautiful position where this actually benefits you. So historically, I have said on the podcast, high interest savings accounts, like, you know, they're not all sunshine and roses because they dropped down to like less

than 1% return. Yeah, mine was 0.75 at one point. Yeah. And it's like not that sexy, right? But now you can get a high interest savings account for like 5.6%. That's really sexy. What we do need to remember about that though, is that you will be paying your marginal tax rate on that 5.6%. You don't get 5.6% clean because any money that you earn in Australia will be taxable income, even on your savings account. Still, that's a money win. You might lose 32.5 cents in the dollar. I don't mind if you lose that amount when you're actually making significantly more. So I think at this point in time, while it's not personal advice, I would be looking at high interest savings accounts with some level of scrutiny? Like what are they returning? But what

is also the criteria? So there are some accounts out there at this point in time that go, Bec, we'll give you that 5.6% return, but you have to be spending $1,500 a minimum from that account and you have to be depositing a minimum of $2,000 into the account. So read the terms and conditions before you sign up to something that you go, oh, that looks really sexy. Don't just sign up because, you know, the shiny marketing got you. Make sure that you understand what the crux of that is and how long you need to have your money in there. If there's some kind of term deposit on it, they might go, oh, well, it's a term deposit for 12 months. That's fine if you don't want to touch it for 12 months. But don't forget, if you break a term deposit in the same

way as breaking a bond, you forego any of the interest that you've earned and that can actually shoot you in the foot. So I think you're right, Jess, I could never recommend investing. So like a bond or an ETF. It's just honestly not worth your time, but popping it into a high interest savings account wouldn't be the worst idea you've ever had. Love that. Quick and clean. Now let's get to the good stuff. Yay. All right. Jess is right. We've answered our question and now it is on to the spicy stuff. One of you slid into our DMs this week. Are you ready? I'm so ready. Okay. Here's the message we got. Hey girls, I would love some advice because I'm feeling pretty flat. My husband recently inherited a large amount of money. It's about $300,000. And very

much to my surprise, he said he does not want to share it with our family, which includes myself and our five-year-old son. We own a house together. We've been married for more than eight years and share all other finances. I suppose I expected him to keep a little bit for himself, but I thought he would put a majority of it towards assisting the family or at least take a nice holiday altogether however he has said many many times that he feels the money is his and he wants to keep it for himself to perhaps buy a new car or something like that i just feel so confused we have such a strong relationship and i would never expect this from him if it was in reverse i would 100 view the money as both of ours and it's really upsetting that he doesn't see it this way

any advice would mean so much. Are you kidding? That's crazy to me. Like this isn't your girlfriend expecting you to spend an inheritance on her going to Europe. This is your wife expecting you to pay some of the mortgage off with your shared finances for your actual child. I am, I don't know. I usually try to be really like, you know, on the fence about this. the audacity you are married you have a child like why aren't we putting your entire wealth creation journey first that's three hundred thousand dollars that's life-changing yeah I think it's the fact that they fully share finances that gets me like if you operated your finances independently while being in a relationship I could see a bit more room for

leeway there but I would love to know what he's planning on doing with the money because as you said $300,000 is so much money and if he goes oh I don't want to share it with the family I don't want to go on a holiday I don't want to pay off the mortgage I don't want to do whatever with it towards school fees what are you are you going to invest it in which case in which case is that income going to come back and you know support the family that way like are you spending $300,000 on a yacht like what where are you planning on putting it if you don't want to share it is kind of my question you know I find it wild I do want to caveat this before we continue the conversation, I do apologize. So I used to work in wealth creation and my, I guess, expertise was in

inheritance, right? So I think it's really important to point out that one, I know what we're talking about when it comes to inheritance, but also two, nobody wants to get an inheritance. They would much prefer to have that person back. And I think that it's so important, especially when, you know, I was talking to ex-clients, I'd sit them down and be like, cool, where did this money come from? And someone might go, oh, it was from my mom's estate. And I'd be like, tell me about your mom I want to learn more about this human how do we honor this human being and what they've left you to create a legacy like what does that actually look like because for some people you might be inheriting in this instance three hundred thousand dollars for some people it might

be ten thousand dollars for others it might be millions but that is still what that person has left you in order to put you in the best possible position back when they can't be there anymore so I totally understand that there's always an emotional connection to an inheritance but I don't think I've ever seen someone go oh well I don't want to share it with my wife I want to buy a car I just go oh okay like to me an inheritance deserves to be honored it deserves to have a lot of thought put into it it deserves to have the opportunity to grow because it's kind of like you're never going to come into $300,000 again. How do we put this to work so that it works so hard for you so you don't have to? So I think let's just caveat a whole inheritance conversation

with everyone at this table that's having this conversation understands that that's a really big responsibility. But now we're talking about making a choice to not benefit the family and spend it frivolously when you have financial responsibilities. Totally. I think when I was listening to that i kind of went it was a full emotional rollercoaster at first i was like wow that's really bad and then i was like oh and then i was like and now i'm still like huh but i think like and in my mind i'm kind of thinking like if the not to like bring gender into this at all like i don't want to you know be that person but let's say that it was reversed if it was the wife i'd be like okay maybe she wants that for financial like a safety blanket security in case she needs

to leave the relationship one day or whatever which she has every right to every single woman in the entire world should have an emergency fund that sits separate from their partner. Totally, because I think like historically, you know, women kind of are worse off in this situation where there's like a random, you know, a very sudden breakup or whatever. But that's not what's happening here. It does feel strange, especially because he's like,

I kind of want to buy a car. I'm like, oh. It feels like I want to save this because. Oh, yeah. I want to put it in my super. I want to invest it. I want to save it. Like I don't want to do anything else.

$300,000, like you're not buying a car for $300,000. That's totally. Like that's the point that I was making before. Like, what car costs $300,000? Exactly. Well, look, I could name a few. I can't afford them, though. Miss Fancy Pants.

Like, is he planning on a Ferrari? You know what I mean? Like, we're not talking, like, you know, the Mazda X5. What are you going to do with a Ferrari, though? Like, really? I don't know. It's still going to take you from A to B. It's still going to take you to Woolies.

It's going to do the same thing my Cario does. Exactly. My Cario is red. It's basically a Ferrari. You're going to drive it down Chapel Street to get a new girlfriend because you've decided you don't like your wife or your child. That's why you didn't spend any money on them. I mean, that's kind of what it's sounding like right now.

Yeah, right. An interesting little addendum is, like, even if he doesn't choose to spend it on them, if he was to leave her, technically, depending on, like, the – That's half hers. Depending on the technicalities of their relationship, she's still entitled to it. So it can't even – my assumption would be –

It is. It depends on the structure. But, yes, let's just pretend this is really clean for a hot second. Sure. You're right. Like, she could still be in – Sorry, it's a big word. Go for it.

but yeah like technically if he was going oh I don't want to give it to the family because I want it to be mine I don't want anyone to have a chance at getting that money I mean technically that's not how it's going to work but also why are you married to someone if that's the case yeah it's like at the moment so side note I don't know if I've told anybody but I'm having a baby surprise oh congratulations yes oh thank you this is a surprise to everybody but I'm having lots of conversations in my dms about well Victoria what are you doing about you know maternity leave and what are you doing about, you know, your superannuation while you're not contributing to that? And obviously my plan is to continue to contribute to it. Don't worry, I'm there.

But it's this conversation around if you and your partner, let's just pretend it's my circumstance, if my husband and I were both PAYG employees and I was stepping out of the workforce and my boss didn't pay my super while I was out, I would fully expect my husband to be contributing financially to my super so that I'm not behind. And the reason is not selfish. It's one, there's a heap of tax benefits to contributing to my super while I'm on mat leave. And you know, that's quite sexy. But again, don't you want your family as a whole to be financially stable? Like the entire purpose of our marriage is not to get a divorce. Like people don't get married to get divorced. You get married when you've made this decision to spend your

entire life together. So to me, it would be a red flag if my husband had turned around and said, well, actually, I don't really want to contribute to your soup because what if you leave me one day and we're both equal? Ew. So I think to me, this reminds me of that where it's kind of like, well, our family has come into this wealth. We've got this lump sum of money and it could actually change our lives. And you're going, I don't really want you to have it. That's a deeper red flag to me that goes, well, I don't know. The second I have something, I want to share it with my husband. I want him to be happy. I want him to be better off. The second I know he's having a bad day at work, I'm like, well, what can I do to make sure that he's having a good day the second he

gets home? Like, is that not what other people are thinking? And you have a kid as well. I think like it's extra complicated because you have a child together. Like surely. That is a massive financial responsibility. It's a big financial responsibility, but also like surely as a couple, your ultimate goal is to put your child in a position where they are healthy, they are well looked after, you're setting them up financially for the future. And whether that looks like sending them to a more expensive school or whether that looks like taking them traveling so they get a better world perspective or whether that looks like putting it aside so they have a fund for when they turn 18 if they want to go to university or whatever that looks like. Paying for their

education, full stop, end of story. Like, where's that coming from? You quote, share all your financial costs. Is it not taking a burden off your entire family to go, all right, well, let's put X amount aside for this five-year-old's education? What other expenses are going to come up? Okay, well, let's look at our mortgage. What does that look like? Should we be putting, you know, at the end of the day, you might be saying, you know, I don't know, I'm just clutching at straws, hoping that it's a better situation than it is. Maybe this person actually has analysis paralysis and doesn't want, you know, his wife making decisions on the money because he's not ready to make decisions on the money. In which case, can we just put it in an offset

account and not make a decision about it so at least it's offsetting our mortgage and the interest we're paying on that because interest rates at the moment are cooked and then you can make a decision in 12 months once you feel more comfortable with it because at the end of the day inheritance can make people uncomfortable is this like kind of a facade of like oh I don't want you to have it back because I want to keep it for me but that's because they don't know what they want to do with it yet and don't want to waste it yeah in a perfect world that's what's going on Sure, but hypothetically, I would say obviously have a chat with your husband if that's not what's going on and he just doesn't want to spend it on you guys

because he is not super happy. That's a red flag. And maybe reconsider what you're doing. Yeah, I totally understand allocating some of it to, you know, I don't know, maybe treat yourself. Exactly. We don't know where this inheritance has come from. Let's pretend for a hot second it comes from his dad

and they were both petrolheads. Maybe buying a car with that is something that is honoring his dad and makes him feel more connected. Fantastic. But let's have that conversation in a way that is constructive while not sacrificing the future wealth creation of your family. Yes. Because right now the opportunity is financial stability

is sitting right in front of you and you're choosing to not engage with that, which makes me frustrated. Let's look at what we asked the community. So I asked the community, if your partner received this inheritance, would you expect them to share it with you? 78% of you said yes, absolutely. Only 78? 22% of you said no.

Sure. If yes, what is your relationship status? So if you're expecting your partner to share this with you, 37% of you said we live together, 35% of you said we're married, and 28% of you said we're married and have children together, which I'm surprised about because the highest amount of people expecting that to be shared is not married people with children. It's actually just people who live together.

yeah so that construct to me is not as deep as having a massive financial commitment like a child the next do you think it's selfish for your husband to spend all this money on himself 21 of you said no he's allowed to buy himself a car and whatever else he wants okay 79 said yes absolutely 100 should share this with his family which i don't think we are surprised by yeah and those stats line up with the stats that we got prior. And then we said, what's your two cents? And this is always my favorite part because people are savage because they know I'm never going to out them. Like I will never out you if you have DM'd us in response to one of our spicy questions. That's not on. You're safe here. Someone said 100% divorce. Someone said divorce,

divorce, divorce. Someone said you can buy yourself something nice with inheritance and still share a lot of that with your family. Someone else said, sure, go buy yourself a new car if you want. But if they share all other finances, it seems very odd that he's planning to keep it all. Someone said there must be a reason why he won't share. Is there an underlying issue we're not privy to? Yeah, that's kind of my question too. Someone said, how GD rude. He has a child and a wife, but he wants to keep 300k to himself. Why? And then there's three red flag emojis. Yeah. Someone else said he should be able to make a big purchase like a car but needs to use the rest to support his family. Someone else said not fair to share all other

finances except for this. You set an expectation that you need to stick to. Someone said actually I just inherited $200,000. I have a partner but we don't have children. I plan on investing the whole amount for myself. Okay. But that's wealth creation. Yeah, yeah, yeah, totally. So I kind of see that as, obviously this goes back to honoring the money that comes into your hands when it is significant. And like, to me, significant is anything above a dollar. Like we're not talking about, you know, you have to have hundreds of thousands of dollars in an inheritance to honor it. In fact, I feel like it can be quite freeing to people to realize what an inheritance actually means because often we can feel overwhelmed or guilty about receiving so much wealth like if

you've never come into that money and one day I said hey Beck here's a million dollars because someone very close to you has passed away yesterday you might go I don't deserve this I don't want this like this is overwhelming I've never dealt with this amount of money in my life but we really need to reframe it and go this is that person looking after you when they can't be there in person? How do we make sure that you're in the best possible position? So I'm not mad if someone says, I'm actually going to invest the full amount, because if you stay with your partner, that ultimately is going to support them into retirement as well, whether it's in your name or their name. Like, I don't think it necessarily has to be split, especially when it is an

inheritance. In fact, I often used to push to put inheritances, obviously this is not financial advice, but into a trust so that it could be protected for you because that person who passed away that sent it to you, they wanted Beck to have it. They didn't want, you know, somebody else to split it and it to be dispersed. But that's if everything goes south. In the interim, you're creating family wealth. You have joint assets and it's, you know, working towards a secure financial future. Saying, well, I don't want to share with you, Beck, I actually want to buy a car, feels like a different story. Yeah. I'll do two or three more because I just time is so spicy. Someone said, I just don't understand why he wouldn't want to share with

his people. Aren't they his loved ones? Yeah. True. Someone said he can buy himself a car and still be able to put money aside for his family. Why isn't he phrasing it that way? That's my thought. Like you said, honor the money. I don't think you should necessarily have to give everything away, but it is crazy to me that it's not even a conversation that's been tabled from what we've been told. Yeah. And last one I'm going to read out, which I think is, you know, I think on the same page as everyone at this table is, I think it really comes back to the mindset of actually being a team and a partner in finances. This doesn't feel like he's being a team player. Yeah, that's so accurate. And I feel like that just hits a nail on the head. Right now,

the person who's written into us is going, I don't feel like my partner's being a team player. Like we are a family. This doesn't feel like something a family would do. And I feel like that's really reasonable. To be honest, my advice is go to therapy. Like it's a bit savage, but at the end of the day, I think there are definitely deeper seated issues in this and talking it out between the two of you, I don't think is a good idea. You need a, you know, non-biased third party to sit and go, well, Bec, why do you feel that way about Victoria? Like, you know, don't you have financial commitments and vice versa? Because we don't know a lot of this circumstance. Let's be honest, we are missing so much context. And I feel like every time we have these DMs, I'm always like

context, context, context. But imagine if the context that we're missing is she's from a multimillionaire family and has already inherited lots of money prior to meeting him. She's super financially stable, never has to work a day in her life. He is working and comes into 300 grand and goes, she doesn't need it. We can afford all our bills. We can afford everything. I want to spend this on me yeah at which point would that change your answers around the table absolutely so yeah exactly so we might be missing a lot of context but we've tried as hard as we can to be fair and reasonable with what you gave us absolutely there you go which i think is a very good place to leave it to be honest yeah because we could just keep making up scenarios that make no sense

and see what we think about those too but i think that is all we have time for this week guys it has been a pleasure i'm so glad the band is back together we will see you bright and early on monday for a money diary till then have the best weekend ever we love you bye guys bye 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

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