She's On The Money - She's On The Money Radio Recap - 18th June

Episode Date: June 18, 2022

Victoria Devine and Mitch Churi bring you another Super Saver Saturday, where Victoria will give you some sneaky tips on how to keep more bucks in your bank account. And this week on Money Matters, what should you do if you come into a massive sum of money? We hear from a listener about their experience. Plus, everybody loves the honeymoon period of a new relationship…but at what point do you start talking about money? We discuss the best way to bring it up with a new flame. All this and so much more on She's On the Money Radio!You can catch us live on the KIIS network, or listen to your heart's content via the iHeartRadio app every Saturday from 9am - 10am.See omnystudio.com/listener for privacy information.

Hello and welcome to She's on the Money. It's the podcast for millennials who want financial freedom. I'm Trav Roebuck. It's also for everybody else too. Oh, it is. That was just a really catchy tagline. Well, you've written it, mate. Remember, whatever you write on the teleprompter, Trav Roebuck will say. Oh. I am Trav Roebuck. Mitch Turi is really pretty.

Yeah. Yeah, why don't you say that, Trav? Mitch Turi is really pretty? Thank you. Oops, you put a question mark on the end of it. I wouldn't say I'm pretty, would you, Victoria? I'd more say... Well, I think you're handsome. Handsome's not.

Thank you. You're a pretty boy, though. Like, you have nice hair. Like, you know how some people, they're like, oh, they're just, like, rugged handsome? Like me. Like, you've got really soft hair. Like, you clearly care about it. Yeah, you know how some people sweat and it's hot?

When I sweat, it's disgusting. We don't sweat, we glisten. You've got a lovely glow about you, Victoria. Yeah, exactly. You make me so nervous. Let's move on. You know, if we were in a relationship, we probably would need to start talking about... We wouldn't be, though.

I know, but how much money? I'm trying to do what we call a hook. Yeah, that sounds good. We'd be a thruple. When do we start talking about how much money we have and what we want to do with it if we're a thruple? I don't know. Oh, that's tough.

That's Mitch's job. Yeah. Your job is to make me cups of tea and bring me my wheat pack. Oh, God. And Mitch and I. And what's my job? I order the Uber Eats. Yes, that's my job.

I'm not even joking. I wasn't going to say anything, but just as we were recording, I ordered Gozleme. Oh, some cheeky morning Mexican. I love it. Hang on. That is so damn selfish of you, mate, because this studio is not going to be inhabitable, mate,

in a couple of hours, thanks to you. You're kind of rude, Mitch. Why is that? Why is it not inhabitable? Mexican and Mitch Cherry does not equal pleasant smell. Yeah, and also, just low key, do you remember Trav being asked if you'd like some Mexican? I don't remember being offered.

That silence was me trying to remember, and no, the answer is definitely not. I think he got his own Mexican. Check your phones. I text you while I was in the bathroom, guys. All right, all right, all right. Let's talk about this radio show. How did it go this week?

I thought it was a great show. We did more marketplace finds. What deal did you get on Marketplace? All stem from the fact that I'm a Marketplace genius. And we got an interesting one today. Richard called through and he got a deal, which I actually think we should have fact-checked it. I've never, honestly, I want to fact-check that, Richard.

I'm sorry if you're listening. How does anybody spend $8,000 on one recliner? I'm going to Google it. Do you reckon? Yeah, no. Maybe it's like designer from like King Living or something and it's like real fancy. He claims, what did he claim?

He got $4,000 chairs, two of them. Two of them. No, weren't they eight grand each? No, no, no, two for eight grand and he pays $800 for them. Hold on, a lazy boy online, I've just checked it, can go for $299, $2,999. That's so expensive. And what about the chair version, Mitch?

Because that's you, right? Yeah, that's just my booking fee. We're renovating at the moment and it's making me really re-question the furniture that's in my house what does the ghost think about your house oh look i don't know the ghost in my house she's turning off and on the kitchen lights at the moment she how do you know it's a she um because oh this makes me sound crazy because i heard her voice yeah i'm convinced she talks to me but but it's okay it's all right but it's making me re-question all of my furniture in my house right because the furniture in my house is like from when i was at

uni i just haven't updated it like i have these chairs that i actually did buy on facebook marketplace no gumtree sorry bought them on gumtree ages ago and i think it was like six of them for like a hundred dollars or something they were getting rid of them they weren't good to begin with and now they're like real terrible yeah but i'm looking at buying new ones what do you mean eight hundred dollars a chair for something that's reasonably looking like i just don't understand why things are so expensive and you're worried now that the ghost is going to judge your furniture But the good thing is she's turning off your lights. No, I'm worried that I'm going to build a new kitchen and then have ugly furniture in the house.

Honestly. That's all right. Well, you know what? We are going to save you some cash so you can put towards some beautiful furniture for your brand new house. Your tips are amazing. That's why I'm working on a Saturday. Yeah, let's get straight into the radio show to find out exactly how you can do it. It's She's on the Money radio show right now.

Enjoy. On air and iHeartRadio. She's on the Money Radio Show. Money, money, money. With Victoria Devine. Starts now. See you Saturday morning right across the country. She's on the Money Radio Show with Australia's number one finance podcaster,

Victoria Devine and Mitch Turi as well. Guys, we are doing it all thanks to Budget Direct, winner of CanStar's Insurer of the Year Award 2022, Budget Direct Insurance Salt. See? It's a good tagline. It's a great tagline. It's like a mystery tagline.

Like, crime podcasting, really in. So, like, maybe they're playing off on that. Have you seen their ads? They're like little detective dudes. Oh, my God, the ads are like a little movie. They're really good. Yeah, they're real cute. That's why we're working with them.

We love you, Budget Direct. Now, speaking of TV, obviously you're a huge Kimmy K and Pete Davison fan, Victoria, but... What about me made that obvious? Well, the fact that you always watch every reality show under the sun as we... And I only ever wear skims and Yeezys. All that Chanel bag that you've got next to you, that's very Kardashian.

Excuse me, sit down, sir. We are trying to be relatable. That was a splurge that I still feel good about. It was a treat yourself moment and you deserved it. But I'm thinking, okay, because obviously Kim Kardashian got a heap of money. Pete Davidson got his own money as well. But when is that perfect time? And how do you start bringing up money with a brand new partner?

Is Kim K really the one that we have this conversation about? Like that is so unrelatable. Well, she's a billionaire. Do you reckon they get to check out at like the supermarket? on a Thursday evening. They're like, oh, we'll cook this for dinner when we get home and then they, like, argue with their debit cards like every other normal human.

Oh, it's a kind. Sorry, it's a kind. Oh, no. The billions on the other one. I didn't transfer any cash over. Oh, no, sorry. But that's different, right? Yeah.

Their level of wealth is so significantly different, but it is kind of awkward talking about money if you're in a couple or you're, like, dating somebody new because you can't just put your hand up and be like, what do you earn? That's weird. Could you do it on the first date? Nah.

No, you could. I would do it on the first date. Would you, though? How would you ask? You'd say, if you were making a good amount of money, you would. But if you weren't making good money, you wouldn't bring it up. That's the difference. Yeah, but, like, I just want to know what your money story is and how it works.

And I guess that's what we'll get into today, right? Yeah, and what kind of questions shouldn't you ask your new partner? Look, obviously, I am she's on the money, and I talk about this all the time. And I used to be so awkward about money. Like, when I met my partner, I was in some pretty significant credit card debt and personal debt because I was basically a genius. so it got really awkward talking about money but i think that when you talk about it we actually need to remove ourselves from the here and now of what you earn and what you're spending and

actually just talk about like money stories which sounds a little bit fluffy but i promise it leans harder into fully understanding what's going on right like think about your mate who's always that sting like you know that guy that you go to dumplings and they're like well actually i ate one less dumplings so i owe 14 40 and steve meredith yeah okay well poor steve anyway that guy let's like reframe it for a hot second and go well maybe he's actually just frugal with money because he grew up and he didn't have a lot of it and money makes him really anxious and he's actually just trying to you know deal with his own anxieties around money that then makes you feel a bit of a mean person he's made me feel really bad thank you so i think it's about sorry steve i think it's

about understanding where you've come from and like did you grow up talking about money like not necessarily asking what they earn or how much they should spend on things but rather hey how did you speak about money growing up or if we're in a relationship like should we be 50 50 or should we be splitting expenses based on what we earn like trav obviously earns so much more than us yeah so should he be paying more of the bills if we're in a quote equitable relationship and then we could have a real big debate about equity versus equality in a relationship yes Trap buys me a coffee before the show every Saturday morning, so I don't know what's going on with you, Victoria.

No, but I think no matter what it is, the most important thing that a lot of people don't think about when they get into a relationship is just being on the same page. That's all it is. Yeah. I just want open, honest conversation. Like, you don't need to dive into the first date and be like, all right, well, who's paying for this and that and how does it all work?

But I think that money can actually be really empowering. Like, at the end of the day, flip it. Think about your partner. Like you have no idea what your new partner's financial circumstances are And by just talking about it kind of takes the pressure off If we're going on dates, like do they always have to be fancy? Or do you really like dates where we just grab pizza and eat it on the couch watching movies? I think it's so easy to lean into trying to impress your new flame really early

And they might not even like that They might like spending their time on Facebook Marketplace Either selling or buying You're talking my language. Maybe that's where you met your partner. I was hoping you weren't going to say that you bought your partner off Facebook Marketplace. I didn't. I got him on Tinder, guys.

All right, on 131065, we want to know what did you score on Facebook Marketplace and how much did you save? Mitch, what do you reckon the best thing you've scored is? Many a thing. I'll tell you what, if I could order food on Facebook Marketplace and I could get petrol on Facebook Marketplace, I would never be off Facebook Marketplace. But recently I bought a milk frother. I was actually telling you, Victoria, I think we were talking about like, oh, what's the best milk frother to get? And we landed on the Smeg milk frother. You told me about that.

I have the Smeg milk frother and I really like it. But the real question here is why is Mitch Turi trying to buy a milk frother that he can quite clearly afford? Instead, you want someone's dank secondhand one with dry brown milk in the bottom and you're still taking it? It's character. That's what happened. It's not. This is not character. It's dried, congealed milk in the corner.

And I said, is this used? Because I had to zoom in and see. And she went, oh, barely. Barely? No, you can clean that. Like, mine is pristine, just so you know. If you come over, you can borrow it and give it a little trial run. Thanks.

Thank you. But, like, for a dude who spent $17,000 last year on Uber Eats. Okay, we don't need to bring that up every show. We do. We do. It's all I've got. We could also bring up the fact that you were the cash cock one time. Wow.

Yeah, okay. Do you want me to start talking about your poo habits again? No, no, no, no, because we need to ask people on 131065, what have you scored on Facebook Marketplace and how much have you saved? Richard's called us. Mate, what did you score? Well, I scored two recliner cheers and saved myself a fortune.

All right, Joey and Jayla. What's a recliner sell for these days? Well, actually, I'm a therapist, so I use it to counsel people so they kind of go back and think about their mother or something like that. Oh, and it's a tax write-off as well. You can write it off as tax. It's a tax write-off.

Did you get an invoice? Like, are you going to claim it on tax as well? Yeah, yeah, got an invoice, so it's also tax-deductible. Richard. How much did you pay for these two chairs, Richard? So, they were $800, and they were as new, and they would have been $8,000. What? Eight grand for a chair?

Wow. Oh, you know what? I've seen that. My nana's totally into those lazy boy, like, lounge chairs. And what about the chairs, mate? They're an absolute rort. Yeah, well. Yeah.

Get it, nana. Get it. All right, taking your calls, 131065. What's the best bargain you've scored on Facebook Marketplace? Now, Z, you're a seller. What are you selling? So I sold a mobile phone on Marketplace. Yeah.

Was it the iPhone 6 we mentioned last week? It was an iPhone 11, and I made a profit on it because I sold it for more than what my payout was when I upgraded. Oh, genius. How did you work out the payout, though? Like, did you just calculate it and then chuck it on Facebook Marketplace for more? No, so I already had to pay my phone out

so I could upgrade and then I had this spare phone that I wasn't doing anything with. So I chucked it on Marketplace for what it was worth in the market at the time and that was, you know, about $300, $400 more. Oh, so you didn't even stooge anyone? You are an angel, my friend. Is it annoying fielding so many questions from people? Like, oh, is it an iPhone?

Can I have another photo of your iPhone? Because I feel like that's what they do. I got asked for things like, can you send me photos of what your battery health is and does the speaker on the phone work? and I had some scammers try and say, oh, I'm sending it to my son studying abroad. Of course you are.

Of course they are, yeah. Did you learn how to use the block button real quick? Because I would have. Oh, yeah. Did you block a user by the name of Mitch Cheery by any chance? Yeah, probably was. Because I feel like I probably would have hacked it. And also Chichimuri as well.

Okay, thanks for the call. We've got to end now. We're over time. Great to chat. Great to chat. Hey, that was actually really fun. Let's do more of that because I actually want to hear more about people's blunders

on Facebook Marketplace. I also really would like it if you guys blow up our inbox with screenshots of terrible conversations you've had with people. Yes, yes, perfect. Where they're like, is this for sale? And you say, yes. And then they say, thank you, sir. Like, I just want all of that.

Or Victoria, they could go, I've got this item I want to sell, but I don't have any experience. Mitch, can you help me sell this item for maximum price? Yeah, and I'll only take a 50% cut. It's perfect. Oh, my God, that is such a good win. And this is... She's on the money radio show.

Guys, it is time to do this. Money, money, money. Oh, my God. The caller that we just had, we should have asked if we could borrow, I think it was Richard, his therapy chairs. Because this is kind of like a little bit of therapy on the show. We should get therapy chairs. And get the microphones hanging down so we don't have to move.

Hanging down. Oh, my God. I was about to suggest beanbags, but they'd make too much noise. I'd probably fall asleep. Yeah, not good for a radio show. I also can't really get out of them. Yeah, I've just spent the night in a beanbag one night because I couldn't get out. I just had to commit to it.

You live here now. It's fine. You know, we all have our problems, just like Sophie, who sent us a message, Mitch. Yeah, Sophie hit us up on the She's On The Money Instagram, and she needed advice from Victoria. So she's asked, my dad passed away six months ago, and I've just recently discovered that he's left me a much bigger inheritance than I'd expected. How good. That's good. Thanks, Dad.

All up. It's almost a million dollars. I'm a bit nervous about what to do with it, rightly so. There are always new stories of people getting a massive sum of money and wasting it. I really want to be wise with this inheritance. What do I need to do? Victoria, help me. Oh, my gosh.

Do you know how common it is to actually blow all that cash when you get an inheritance? On what, though? On what? On literally life. Like, it just adds up so quickly. Like, imagine, Mitch, if I turned around and said, here's a million bucks, you'd be like, sweet,

I'm going to buy myself a house, I'm going to buy a new car, I'm going to take my friends overseas. Like, there's so many things that easily, easily get over a million dollars, even though that sounds like an incomprehensible amount of money. And I say that because, as you guys know, I'm a legit financial advisor, like legit as. As you say, we haven't seen any papers.

Yeah, I mean, you can actually, you can look me up on the financial advisor register and they'll tell you I'm legit. But that's actually what I specialize in. So I do a lot of lump sum investment and inheritance advice. And the number one thing I would say is sit on it. Don't make any decision. Don't make any purchase.

Just wait. Put it in your bean bag. Or put it in high insurance or something. What are you talking about? High insurance? Do you mean high interest, babe? And that's why you're the money expert. I'm here for the good hair and the funny bangs.

Look, insurance always recommended, but I would absolutely be sitting on it and taking a really big, deep breath and going, what do I actually want to achieve? Because so many of us would just see this as big flashing lights and go, oh, my gosh, I can afford to buy a house outright. Money win. You no longer have a mortgage. But do you know what you have to do?

You still have to go to work each and every single day to put food on the table and pay the bills and do all of those things. You have, whilst alleviating the fact that you now don't have to pay rent or a mortgage, you still have to have money coming in. So we need to be looking at alternative investments because if we flipped this right and said, all right, instead of buying a property with your million bucks, we are going to invest that really safely, really securely at an average rate of return of about 7.5%, which is pretty conservative. 30 years from now, you're going to have nearly $10 million. So with that $10 million, do you know what we could do? We could

pay off a mortgage we could pay our rent forever and never be constrained financially whereas if we make short-term decisions like going and buying a house outright because we're like oh we don't want to pay interest we don't want to pay that mortgage you go is that actually putting you in the best possible position so we need to look at what that looks like holistically at the same time as being back to victoria divine fluffy mode being really respectful of that money like your dad he wants to be here you want him to be here we would easily trade a million bucks to get your dad back in a heartbeat but this is the next best thing right how do we honor that and create the life that you deserve to live to make sure he's still i guess living via legacy through you and

i think that that's where we really need to think about it and goes back to the advice of just sit on it don't make any rush decisions make a decision that works for you welcome to the church of Victoria Devine, preach it, baby. That was good advice. Would you come to the church? I'll sing. Is there food and beverages provided? Oh, yeah, absolutely.

But like bigger cups, bigger pieces of bread. I'm in. I'm in. I was in until you said you were going to sing. But for those of us who haven't inherited a million bucks, how about we do Super Saver Saturday where, Victoria, you can give us some sneaky tips on how to keep more bucks in our bank account.

We can. It's tax edition for the end of financial year. And I got cancelled last week because I had too many tax tips. So hopefully I can get at least three out this week. This is... She's on the Money Radio Show. Guys, it's our favourite time of the week because it's time for this. Simper Saver Saturday.

The Tax Edition. Yeah, it's EFS. Everyone say, happy EFS, everybody. Happy EFS. What is it? End of financial year. Sale. For the rest of June.

Yeah, this is the... Well, she's on the Money Radio Show. That's what people care about, right? Sale. We're going to be giving you tax tips to help you save some money ahead of the end of financial year. Last year, Trav and I got the cobwebs started to grow. Victoria went on a rant.

So many tips. Let's make them fun tips, Victoria. Excuse me, could you be nice? I think all my tips are fun. You're right. You're right. Anyway, give us your tips. Jump into tip number one.

All right. Tax tip number one for this week is absolutely the epitome of 2021-2022 financial year. And that is the government announced in February that COVID-19 testing expenses are now tax deductible for tests that are required for you to go to work. Good. Like rats? Yeah, you can claim your rats. You can claim your rats.

Oh, now that's a tip I can get around, Victoria. Yeah, exactly. And the next, obviously, very 2021 COVID edition tax tips, home and office expenses. So if you've been working from home, which is 99.95% of us, you can actually claim some of the office expenses that you incurred, like your internet and your electricity and the heating. Because through winter, and we're all in ISO at home trying to keep warm,

at least you're going to get some of that back. You'd so be an Udi kind of girl with the heater cranked up. I'm not an Udi kind of gal. Do you know what type of gal I am though? The electric throw blanket kind of gal. Oh, yeah. Get on me. I love it.

I don't want to have to redo my wheat pack in the microwave for three minutes every hour. Let's be honest. Steve does that, your partner. Yeah, chop, chop. Back to it. The other one is work clothing. So if you've had to buy, repair, hire, purchase footwear, whatever it is for your job that is related to your uniform, You could very well claim that.

And then also, just being a little bit selfless. Is it selfless when you claim your charitable donations on tax? Yeah, that's a dog act. Yeah, I mean, you can do it. Anything above $2, you can actually pop on your tax return and get a cheeky little cash back. But I'm like, what kind of person gives money away to then claim it on tax? No, because the money all still goes to the charity. The charity don't give any of it back.

It's just the government. That's okay. We'll take the government's money then also. Oh, all day, every day. Is that just showing everybody that I'm, like, not rich-rich? Because if you're rich-rich, you do make taxable deductions and, like, donations in line with tax. And I'm like, I'm not there yet.

I made, like, $5 to the salvos. I don't know about you, Mitch, but I thought it was going to be super boring tax stuff. But this is stuff I would actually use. Can you please let me get back into it, though? Also, if you're a landlord and you do, like, home improvements and stuff, do you know what is categorised according to the ATO as a home improvement? Yeah.

Putting a gnome in the front garden. Gnome way. You are joking me. Genius. Oh, my God. We need to start selling She's On The Money gnomes. Put them on the website. Little peachy gnomes.

Let everybody know that you have, like, your little emergency fund set up and that you don't spend as much as Mitch Drury on everything. With our faces on them. We can get porcelain faces. Only going to be doing it available on Facebook Marketplace. Oh, yes. Hey, we've got to get out of here. We'll catch you next week.

Until then, you can catch up with us anytime on socials. Just search She's On The Money.