She's On The Money - Is It Time To Sell Your Property? And Can You Say You're Broke if You're Just Out of Fun Money?

Episode Date: July 31, 2025

How do you know when it’s time to sell a property? Whether it’s your investment, your starter home, or just the one with the dodgy plumbing that won’t stop haunting you, this week we’re diving into a dilemma one listener’s facing: is it smarter to cash out now, or hold on and hope for the best? We unpack what actually makes a property worth keeping, when it’s smarter to cut your losses, and how to weigh up the financial stress against the long-game payoff... without losing your sanity (or your savings) in the process. Then, we get into a spicy little debate courtesy of another DM: can you say you’re “broke” when you have savings but you're just out of "fun money"? We're talking the emotional side of money language and why “broke” means different things to different people. Plus we've got you favourite money wins and confessions, broke tips nd enough financial chaos to carry you straight through the weekend.  Ready for more laughs, lessons, and unhinged money chats? Check out our oh-so-bingeable Friday Drinks playlist. Listen here. Join our 300K+ She's on the Money community in our Facebook Group and on Instagram.  Acknowledgement of Country By Nartarsha 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.

My name is Natasha Bamblett, I'm a proud First Nations woman, and I'm here to acknowledge country. Tii, gulinyan ganya, nianakaka yao yinbina waka, nianakai nianbina yakarumja, duminyagumiga dumiga ithawaka nirawamundamun imalan, mumubangada boma ininyalan waka, gaunan yakarumja, wutunadana. Hello beautiful friends. We gather on the lands of the Aboriginal people. we thank acknowledge and respect the aboriginal people's land that we're gathering on today take pleasure in all the land and respect all that you see she's on the money podcast acknowledges culture country community and connections bringing you the tools

knowledge and resources for you to thrive she's on the money she's on the money hello and welcome to she's on the money the podcast that makes personal finance fun especially on a friday it's our favorite day of the week because we get our team together to celebrate you our incredible she's on the money community as always we have miss jessica Richie here to share our favorite money wins. Ms. Bex Sayed is going to be sharing her broke tips and we're going to be helping to answer a money dilemma, which is all about knowing when to hold and when to fold when it comes to an investment property. And something you slid into our DMs about this week, whether it's okay to say you're broke when you actually have savings in your bank.

Anyway, I feel like that's going to elicit some good conversation. Before we get there though, guys, how have your weeks been? Go for it. My week has been eventful. I'm just like just coming out of the tail end of what feels like the just most insane month of my life. It's been a lot. Can I just, it's made me very grateful to have the people I have around me. I'll say that, you know, it's been, we've had some crazy stuff happen at work. There's just been a lot of things out of my control and you guys know, I like, I like being in control. I'm very type A. And then you call me and I'm like, girl, it's not that deep. Yeah, but I am so aware that particularly like with work stuff,

there's a flow on effect, right? Because I'm kind of the in-between between external, internal. And I've got to say, thank God for our team. Like genuinely everyone just rallied, got shit done. Like I could not be more thankful for the girls and also the people like my friends and family who have all very much been welfare checking me. Jess needs another hug.

Yeah, genuinely. like you know it's and it's fun like it's not like nothing bad has happened it's just you know when you have those periods yeah I feel like I've been living in like such a heightened state of stress for a couple of weeks and now just coming off the tail end of it I'm like oh my god let me not do that massage lucky we've booked in facials at L'Occitane oh I can't wait it'll be delightful gorgeous I was like this will fix it this will fix it hopefully how's your week been my week has been fantastic. I've had my birthday, had my birthday party, and I am, I'm 33. Isn't that crazy? How does it feel? I think it feels like, like, I just, I mean, some people are like,

oh my God, you're 33. But I'm like, 33 is a good age. What's the difference? Do you know what I mean? I feel like I'm always me and I don't, I don't really subscribe to like being at a certain stage at a certain time. And like, I'm just kind of going off script. And I think I always will Also, 33 doesn't mean anything. 33 feels like a good number. It's a good number. I was sad to leave behind 33. It's the double digit.

Yeah, I like, yeah, I do like, I feel like, I feel like I resonate with 33. Yeah, true. I feel exactly the goddamn same and I'm enjoying every second. What about you, VD? Reminding me of the 33 thing. I, in June, at the end of June turned 34 and I was walking with my husband and we were talking about like me turning 34. And I was like, oh, ew.

like next year I'm 35 and 35 is in my head is halfway to 40. And he's like, girl, you're way more than halfway to 40. I meant in terms of being in my thirties, I'm halfway to 40. And he just humbled me. And like, I don't know, aging is a privilege that is denied to so many people. So like getting old, absolutely not. Like I'm not saying that like 34, 35, or even 40 is a bad thing it's just like you become acutely aware of how fast time flies like you're just like oh like wow like time really is flying like I'm the age that I once thought was old during like anywhere I thought my life would be at my age at 31 versus where I am two very different things yeah if you'd ask to like baby be like oh even 30 I feel like 30 for me was like a turning point I would have

already had three kids. I would have been married for years. I would probably have 50 houses. Like that's just not the reality of the situation. Right. But yes, I have had a very good week. Kind of BAU in and out, had a couple of speaking events. I feel like I'm glad it's August because July has been a busy month. Yeah, I completely agree. Would you guys like, I don't know if you're interested in this, but I like, would you like me to read you a five star review that we got this week? Yes, please. All right. All right. So this is from Destiny and she said, five stars. I am genuinely so happy I somehow came across this podcast. I absolutely love the way things are explained. You girls have honestly made everything so doable and made me excited about making changes

with my money habits. Although I have no idea what I'm still doing. I have started with Sharesies and I've started dipping into your super episodes now as my mum always took from her super and encouraged me to do the same if i ever needed money so i feel a little bit behind thank you so much girls you are truly needed as we don't speak about these topics enough i was about to say isn't that so pretty that is really cool and it's spelled a bit differently as well it's d-e-s-t-i-n-e-e i like that yes i feel like a double e on the end of a name is very french and oh no no umlaut i love it thank you destiny umlaut i think i don't know i always call it an umlaut asterisk thing yeah it's like the top of the e yeah above the e no she doesn't

have them maybe she does it was only on apple reviews i pulled that one from um so maybe you can't have the umlaut or whatever we actually call it i know i'm using the wrong umlaut it absolutely is not what it's called but i knew where she was going and i just you know when You're like, I'm not going to correct this situation. Anyway, Jess, you've been in the community this week looking at the money wins and confessions. What are you bringing to the table? Alrighty, first of this week, I've got a great money win

from Alexis who said money win. She went to DFO on the weekend and purchased a pair of jeans from Cotton On thinking that they were marked down to $35 on sale only to find out all of their jeans had been discounted to $5. Oh, my goodness. $5 jeans, Bec. That's so cheap. Isn't that crazy?

she went back and bought one in each color so that she'd have plenty to choose from as well as in a size up for the days when she's bloated and feels not so great. That's actually iconic. Six pairs of jeans, $30. Yeah, I agree. Buy jeans a size up so that no matter how you're feeling, they fit. I love that. I've thought about it a number of times and not going to lie. I'm wearing a pair of jeans today that are fitting quite snugly because I am a little bit bloated and like it would be nice to have a size up, but like the jeans I'm wearing weren't $5. So like I'm not buying a size up so that I can be more comfortable. I'm going to sit in my discomfort. Yeah. I foresee a true DFO in all of our near futures. Next, I've got a money win from Claire who said there's been

lots of sales going around recently with end of financial year and all that sort of thing. And so she's actually- I feel like there's like a sale hangover, like these guys are trying to flog it. Yeah. They're really stretching it out, getting maximum mileage. Claire's saying, okay, I see you. I'll take advantage. And she started buying her Christmas gifts. Oh, good idea. Very she said she saved a lot of money and on top of that she won't be stressing too much about getting things last minute at christmas time she's kept them all in a sealed container so it's ready to be wrapped come december that's actually genius and if you're not ready to buy maybe you could be ready to start the list like maybe you could start writing what you're going to get jess for

christmas you know like you could work that out now so that we can start budgeting for it at least yeah i love it because it always gets away from you right you go oh buy one for my partner i'll buy one for my sister. I've got my parents. And then all of a sudden you're like, how's that already at $500 in budgeting? Start working. It'll be here before you know it. Exactly. It's already August. I don't mean to scare you, but that's basically the new year. Yeah. Oh my God. Tomorrow's New Year's Day. Next, I've got a money win from Georgia who said she's finally paid off her Hex debt. She said that's $500 extra per fortnight that she will now have for her family. That's so crazy. Cool. Congratulations, Georgia. That's really exciting. Next one from Jess. Excellent

name who said money win. My water bottles needed replacing and Frank Green had a warehouse sale so I managed to replace them as well as pick up a few as gifts for half of what it would have been for the regular retail price. Don't I saw on social media the lines. Yeah. Crazy that you guys are willing to line up for drink bottles but they are so expensive. Drink bottles are so expensive. Be so for real. Yeah and Frank Green ones are really nice. Like I have a couple and they last like crazy which is great and then last of this week I've got a money man from Sheridan who said her husband represents her state in softball next month and they found out that their local council offers a grant for those who represent sport at a state level oh okay I didn't

even know things like that existed $400 straight to my bank account to help with the fees associated with travel stop it I'm the biggest check your local council website yes yes I did I tell you I've just started, I've signed up for a sewing course, 10 weeks for $50. Like there's all these great things. They're basically paying you at that point. Literally. I can't believe it. So check your local council websites, the grants. I remember I got, when I was in high school, I got some, I got it two years in a row, like a thousand dollars for, I don't know, academic excellence or something. And I was not particularly academically excellent. I just think nobody applied for it. I put my name in the ring. A hundred percent. Like there's all kinds of cool

things, check your council website. Oh my God. That's so good. All right. Love that rap. Thank you, Jess. Miss Beck Syed, what tips have you come to collect this week? So this first one comes from Courtney who says that Aldi meal kits are great for date nights. It's quick, cheap, easy, and nice to make together. Okay. But those Aldi meal kits slap. I've never seen that before. Jess, you would love it. So they have, and Beck, you can correct me if you've got more information, but it's $15 dollars for the meal kit and you get like the bao buns you get the slow cooked pork or like a different meat you get like all of the fillings and the sauces and between Steve and I there is more than enough food they also do like a souvlaki one and like a few other ones I've seen I've been

stalking this on TikTok so like good one for you to share I've seen so many people talking about the meal kits but it seems to vary from state to state what you get in like your bao bun kit it must just be based on like local availability or something yeah sure I've seen a couple and I'm like hey I don't have access to that one um but I often like right beside my coals is a Audi and I'll often like pop past there just to grab those because they're so easy to have in the fridge and $15 for dinner yeah I'm gonna need to look that up I think yeah I did not know this is a thing great tip great tip and also like so cute for a date night totally oh my god cute and cheap I museum. Yep. $15. Fantastic. So this next one comes from Michelle, who says that apparently

YouTube movies channel has a heap of movies you can watch for free. Oh, I had no idea. I know. What the hell? Also money win because I feel like subscriptions are getting quite expensive. Like Netflix, what are you doing? And you don't even let me share the account with Jess anymore. I know. It's crazy. I know we have to pay for our own. What is that? Well, I think that how Michelle found out was just like, she wanted to watch a movie. Sometimes you go to your own, like if you have Google TV or something, you'll search it. And it's like $4.99 to rent. I did not know YouTube had. I didn't know that existed either. That is such a money win. Such a money win. And like a legit channel, not like one of those ones that bootlegged. Yeah. I used to watch

all the bootlegged Barbie movies on YouTube. Totally. So it's legit. And I think just keep it a go. And then my one, I saw this on TikTok and I know we've kind of mentioned something similar before, but it's about debt when it goes to a debt collector. And this thing I saw on TikTok, I don't know how true it is, but someone said that there are like legal loopholes where like you don't actually have to pay it at all. And I'm not suggesting that, but I'm suggesting, I think this is true that when a debt collector buys debt from a big company, they buy it for a certain amount and you have to pay off, let's say it's a hundred dollars and they've bought it for $50. They still say, oh, you owe a hundred dollars. So that's,

that's how they kind of make money, I assume. But I would argue that you could call up and just see what you can do whatever you have right now if you're like i have two hundred dollars in my account and i owe a thousand dollars say i will pay two hundred dollars right now just wipe it i have heard of people negotiating their debts down some people do that because if they're like oh great like we have they might have bought it for way less than your offering so the chances are they might take it or they're at least open to everything's negotiable for everything's negotiable but i think in particular when when it goes to a debt collector because it's like they haven't paid the exact same amount. They're just buying debt and they're trying to like see how

much they can get. I don't know about the legal loophole part where it's like you don't have to pay at all. And so maybe look into that. Do your own research on that one. Do your own research. Should we get some advice? If it's free, you don't want to be spending more money. And so that's my one. Beautiful. Is that my one? Good job. I feel like that's a good collection. Let's go to a really quick break because on the flip side, girls, I cannot wait to get into the money dilemma, which this week is all about knowing when to hold and when to fold when it comes to an investment property and something you slid into our DMs about, which I think is going to get a little bit spicy. Is it okay to say that you're broke if you actually have money in your

savings? Anyway, guys, don't go anywhere. 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. Hey, money friends. So I'm looking for some advice because I'm really not sure what to do. I'm in the incredibly privileged position that I own an investment property. So I own a two

bedroom apartment in Melbourne. And my question is, the building is super old. It's had burst pipes and issues for quite a few years. And I want to know, what would you do? Would you sell it, knowing that apartments are not going for much in the Melbourne market at the moment? Or would you hold on to it and let people live there peacefully and happily and just hope that everything works out okay from an investment perspective, what would you do? Because I'm feeling a bit lost and there's a lot of opinions. Oh, I feel like that's a good one. I have a lot of thoughts. Jess, what would you do? To be honest, I don't really know. I don't know much about the world of investment property. It's not really something I've considered for myself and therefore

really haven't looked into it too much. I would say from an investment perspective in an ideal world, you would want to add a minimum break even. I don't know I would be selling at a loss unless I absolutely had to. But with that being said, an investment property is an investment. It's like anything you take on a level of risk. I think there's a bit of a misconception that investment properties are less risky. Are less risky, will always increase in value. There's been a lot of talk about, you know, build out your portfolio, like, and everyone do what's right for you. I'm not here to pass judgment. But, you know, that is the risk that you run is that you may have to sell at a loss or you may have issues where, you know, you're saying that

the apartments aren't selling for much, that may be the case for a while. It may change. We don't know. The property market can be just as volatile as the share market. But yeah, to be totally honest, I really, I don't know. What about you? I know I'm kind of the same, but also I don't think I'm the best person to give advice. I was telling my friends that if I had investment property, I would never raise the rent and I would miraculously have all this money to just like give the renters the best life possible. And I just wouldn't be very financially smart. Like I would be doing things that would be detrimental to myself yeah and so I guess I'm not even going to think of think of it as a house I'm going to think of it as an investment strictly um similar

to what you're saying Jess if it's consistently not generating income or being beneficial to you I would get rid of it but yeah I think that yeah it really depends on like are you at such a loss right now that it's like I kind of want to maybe but then it's like the sunken cost fallacy do you keep sinking. You could sink further, but right now where you are is like not too bad. You know, I think get rid of the investment property is probably causing stress as well. Like stress free lifestyle is priceless. Get rid of it. I love that. But I have so many questions that collect. Girl, when you send these into me, I just want so many more details, right? So you are correct at the moment. The apartment market in Melbourne is not incredible, but I

don't know when you bought this property. I don't know how much mortgage you've got left on it. I don't know how much rental yield you're getting from this. And like historically I have had clients and I still have clients cause like I run a mortgage broking business and we are buying literally every week investment properties for clients. Like we have clients who are buying properties with absolutely no intention of that property increasing in value. But over time they go, okay, cool. I'm going to buy this apartment. The rental yield is really good. After 25 years, it will have paid off the entire mortgage and then I'll have an income stream coming in. And for them, it's a relatively low risk way of creating wealth. So I would be looking at the

rental yield, how much money is coming in. I also would be looking at the body corporate notes. So you're saying that there's been like burst water pipes and stuff like that. I want you to either attend your body corporate meetings or get hold of all the meeting minutes and read through them. Like a couple of burst pipes, like maybe it's a really old but very well-built building and like those pipes burst and you know what, it didn't actually cost that much to fix. Or you might be in an apartment complex that has a terrible facade that needs doing up and you know, there is speculation in the meeting notes that every single apartment owner is going to be up for $40,000 soon to upgrade the facades of the building. Or you might have like, I don't know, a lift that needs

replacing and therefore another big expense coming up. So we want to be educated and understand, well, what's this apartment going to cost us and what's it going to look like moving forward? But also talk to me about, take this property out. Why did you buy an investment property? Did you think it would just increase in value? Are you just looking right now at the apartment market and getting a little bit stressed out because you forgot to zoom out and look at the bigger picture and maybe you've only owned it for three years and go, of course you won't have seen a lot of uptick, things like compound interest and increases in property value really don't start to kick in properly until after 10 years. I just have a lot of questions about that. So I would be zooming out.

I'd be looking at rental yield. You know, if you're renting it out and it's covering the mortgage and you know, you're okay with the ongoing maintenance costs, maybe that is a good investment to keep hold of. Because like, what's the benefit of selling it? Like, let's say you sell it and you get your deposit back and you've got some cash to spend well what would you do with that then are you going to put it into the share market because you're like rental properties aren't for me fine or are you going to try and buy another property and just hope it's quite a better property like at which point where's the risk going to come in yeah I just have a lot of questions about like knowing when to hold them and when to fold them is a very good question but a lot of it

comes down to well what is the property doing for you right now stop looking at the market what's it doing for you personally and what will it do for your wealth moving forward is probably the questions i'd be asking you go should we get into the dm this week i can't wait okay are you guys ready ready absolutely strap in so this week we got a dm from someone in our community and i put it on the instagram stories de-identified of course they said hey she's on the money my friend's been saying she's so broke for a while now so i've been covering her here in there. Nothing huge, but I didn't mind because I thought she was genuinely struggling. Now my hours have been cut and I'm currently living paycheck to paycheck. I owed her for something

small and asked if I could pay her next week. And she said she was broke too. So I felt really bad and I gave her my last $30. Later, I found out her version of broke just means she's out of fun money, not out of money in general. She's got savings. In my opinion, broke means you don't have any money at all I feel really dumb and I feel kind of betrayed I helped her when I could and when I needed the same she didn't repay the favor and she didn't really need my help what would you guys do what would you say I think for starters like something small just like some of the some of the terminology I just want to like nip in the bud really quickly something small to someone like 30 bucks if someone owed me 30 bucks and it's like sometimes I literally not exaggerating have

like 46 cents in my account. If they owe me $30 and they're like, can I pay you next week? Obviously I'd be like, that's so fine. I'm actually going to work it out. It's fine. But if you can pay me $30 right now, that will go a long way. I can afford a little thing of rice and some sardines for tonight. You know what I mean? Like it's, it's 30 bucks is a lot. So small, big, subjective and depends on the person. But I know that the context of this is that she actually does have savings and that was just her fun money that she ran out of. So with that knowledge, I think that you, I mean, it really depends, but I think broke in my mind, it really does mean you don't have anything to fall back on. You don't have anything to fall back on. You are broke, broke. You have

nothing, which maybe I don't really know what the difference is between like poor and broke. Maybe poor is like, I don't know, but I think it's not crucial that you give up this information when asking for help. And it could be the case that like in, I don't know if you guys use up, you can lock your bank account. So like it could be the situation where like she's locked it and she actually just can't get back into it or something. She doesn't have access to these savings and she really does need money. So I think that, you know, we can't really say how someone's feeling. And, you know, my girlfriend, for example, gets very anxious when her savings dip below a certain amount. And that is the exact same anxiety that I feel when I have a million

bills to pay and 46 cents in my bank account. And so if I had savings at all and it dipped below $2,000, I would be on cloud nine. So the anxiety that she feels when her savings dip below a certain point is the same I feel when I'm literally minus $1,000. And so we can't really say that one situation generates the same anxieties or like fear responses as another, you know what I mean? And we can't assume that because we've helped someone that they will do the same. Sometimes we just have to help. Well, I think we should always just help because we want to, not because we expect anything back. However, in saying that really quickly, last point is that I don't think that she should be using the term broke because it makes people like

us, when we realize that their version of broke is they still have savings, it makes us feel like shit. It makes us feel like so far away from the world. Like, oh my God, here I have been thinking I relate to everyone around me, but everyone has savings. Now I feel so much worse than I ever thought possible because my version of broke is nothing, nothing. My version of broke is not rich parents, no help anywhere, which is so fine. We shouldn't be expecting help. No savings, nothing. That's broke. And so when you hear other people using it, but they have savings, maybe they have rich parents, maybe they have people they can borrow money from. You're like, okay, I really am so, so broke. You know what I mean? That's what I have to say. Jess, how do you feel about it?

Well, now I'm feeling quite guilty because I've definitely used the term broke to describe myself, but I do have a question. Was it safe? I think for me to tackle. You feel broke. Yeah, I feel broke. I think for me, the language specifically, like our listener is asking, does broke mean X or Y? I think the term broke is very colloquialized. And so it has become like, I think it's acceptable for me to have used it in the context that I have. But, you know, now I'm more aware of how that may make others around me feel. And I think that's something that I then need to be conscious of and others need to be conscious of. It sounds like you and your friend maybe just do have different definitions of what that looks like. And so when you've said to her, oh, I'm really broke,

maybe she hasn't comprehended the vastness of that for you. And she's applying her own lens and her own context to that. And so when she's like, oh, well, if you've got the money and you can pay me, like, I'd really appreciate it. So it could be that you guys are just coming from two different perspectives on it. And that can be, I guess, mitigated with a bit more conversation, shockingly. That being said I do also think that I agree with you when you said we should do things to help people out of the goodness of our heart which it sounds like is exactly what our listener did. I do also think it's it doesn't sound like she's being a great friend in expecting you to pay her when she maybe doesn't fully need it but again we are missing the context of what's going

on on her side. Like we don't know the context. Does she know that that was your last $30? Correct. Do you know what I mean? If you were like oh can I just pay you back next week and she goes oh no I really need the cash now because like yeah she might have had savings but she didn't have any fun money and to her getting that money back was fun money so she's like yeah yeah like you've got to give it to me and then that was the entire conversation and so you gave her your last $30 she was like great I've been paid back I don't need to chase that next week but what she didn't realize is that that was actually your last $30 yes there's some context missing that if it was me and I'd done that I can tell you right now I would have been skipping down the road and like

gone, yep, yep. Okay. No worries. Yeah. But like, I didn't go, hold on. Is that your last $30? And I also don't know if I should be asking you a question like that. Like, you know, Jess, if you owe me 30 bucks and you go, oh, can I pay you next week? Yeah. But I've got it right now, V. Go, oh, well just give it to me right now. Yeah. I'm not actually ever going to go, Jess, just checking before you pay me back. No. Is this your last $30? Like how's your finances in general? like that's a conversation that I wouldn't open up to but it's a different story if you said oh I've only got $30 in my account can I just pay you back next week and your friends still demand it different story yeah and it's it's hard because context is key right like there's so on both sides

I think and we don't know how open the two of you are about money and how comfortable you are having that conversation but it sounds like you know I can't imagine any friend taking something from someone when they need it so desperately like that just to me that's not what a friend would do. And that is making me assume that perhaps she wasn't aware of that additional backstory on your side. And maybe hopefully it can all just be resolved with a bit of a conversation. I think same with the language thing saying, Hey, like exactly as Beck just did, when you say you're broke, but I know you've got money in savings. Like it just makes me feel kind of shitty. Yeah. Sometimes people don't know these things until we tell them and until we make them aware

of it. And so it's, it is, I guess, a little bit of a responsibility on two people in a friendship, your friends for a reason you obviously care and love about each other let's like have these conversations so that we can support each other in the ways that we need to be supported totally I would agree with Beck and say that I don't think that you should be using the terminology and I personally would never say I'm broke because that's not accurate I'm not broke I still have cash I still have assets I still have stuff and I think it's just the wrong terminology same with the word you said poor I don't think you should use that unless genuinely you are in that situation I think yeah it has become like quite colloquial and I know that if Jess said

that I know enough about Jess's life that if Jess said oh my god I'm so broke this week I'd be like oh my god girl feels like I'm gonna have a conversation with her because I know what she means because I have enough context about her situation and I'm not offended by that in any way shape or form but I can see how that might be misconstrued if you don't have that deep level of friendship where we both know our financial situations right like if I said to you oh my god Bec I'm so broke that's so rude or I'm feeling so poor like it's just not accurate I think we should be using terminology around like oh I just don't have budget for that anymore yeah I've run out of my budget for that this week or I just don't have the cash in the bank for that like

you don't have to justify it to anybody but the word broke is not accurate and I think it should be reserved for when people genuinely don't have any money at all and are genuinely scraping the barrel. Like that's what broke is. Let's be quite accurate about that. We asked the community though and we said, is it right to say you're broke if you have savings? 69% of you said no, savings do not equal broke. And 31% of you said yes, because my savings are off limits. Which is I guess kind of the perspective that I've awaited. You mean when I would say, oh, I'm so broke, it would mean that i've spent all of my budgeted income yeah and i do have my emergency fund or my house deposit but theoretically i shouldn't be touching them sure yeah yeah yeah and i think it's like we need

to change that narrative to oh i've run out of budget this month because i think if i if beck you said i've run out of budget this month i think to me that means that you just don't have allocated funds for dining out or you don't have budget for a specific thing yeah you might have budget for something else. You know, like you might have budget set to the side for your electricity bill. Yeah. The next question we asked was, was the friend wrong for taking the $30? I feel like there's so much context here, but 80% of you said yes, her friend was asking for help and 20% said no, she was owed the money. We then obviously said, girl, what's your two cents? First person said, this is a sticky one. Sounds like they need to separate money from their relationship

completely. Someone said my savings aren't for fun. It's not to be touched, but I would never cry poor either. Someone else said my in quotation marks, broke friend bought a house after I covered her for more than a year. I ended the friendship. Yeah. That again is an additional layer of complexity. I mean, context again, I run a mortgage broking business. I can get you a house for absolutely no deposit if your parents guarantor your loan. So you could technically be broke and have no money, no savings, no nothing. And then your parents could turn around, I'm not justifying this at all. Your parents could turn around and go, oh, Jess, I really want to guarantor your home deposit. And then wham, bam, thank you, ma'am. You've got a mortgage. Wow. True. That's

cool. That's nice, isn't it? That's very nice. If someone's covering you all the time, you probably shouldn't or wouldn't, I would expect that you couldn't pay a mortgage or payment. I don't think you're in a financially responsible enough place to have a mortgage, which is probably another question and like I'm always talking to our clients about making sure that you're like proving even to yourself that you can pay back that mortgage like you know have you got genuine savings yeah you might not have the deposit so fantastic that your parents are willing to guarantor it but like how are you planning on paying off this mortgage what does that look like like yeah so I think there's a bigger conversation the next person said the friend might assume that

the OP had savings too like maybe they both are on the same page about what broke means in her mind Yeah. Because like, if you say you're broke, Bec, that means something to different than what Jess said. And if you'd never conversed about it, maybe you both just assumed you're on the same page. Totally. You thought that Jess had nothing and just thought that you had savings. Yeah. Someone else said, I use the bucket method, but then I also genuinely feel broke often, but I don't think that's the correct term to use. Someone said, I just can't afford it this week equals I have savings, but I'm out of fun money and broke means you have no money. And I'll give you two more. next person said I asked my friend to stop using the word broke because it really does have

different meanings for all of us and then the last person said girl that's not your friend she's using you run I just think there's just so much context missing like can we just talk about what broke means yeah and I think that this is where open honest money conversations they're hard to have genuinely but they are going to put you in a more empowered position to have conversation that is impactful it's like I don't know if you're genuinely friends I maybe just like to see the best in everyone I just think your friend didn't know it was your last $30 and like she just thought oh I'm paying you back and like maybe they were both on the same page if broke meant you both have savings you didn't want to access and she was like nah girl like use your

emergency fund I want my cash back you know sure yeah but you didn't have that yeah fair I just like to assume the best in other people. Absolutely. What a gorgeous way to end this episode. Yeah. Well, unfortunately, guys, that is all we have time for today. So it's been a week. I've loved hanging out with you, but we'll see you bright and early on Monday morning for a money diary. 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

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