She's On The Money - Should You Risk Buying Property With Family?

Episode Date: September 26, 2024

Ever thought about buying property with a family member? One of our community members is in this exact situation, and they need our advice! So today, the team breaks down their thoughts on co-owning property with family... what works, and what could go wrong. As always, we’re bringing the Friday vibes, celebrating money wins, broke tips and tackling a finance question about covering the cost of egg freezing. Tune in for all the Friday fun.  LAST DAY TO SIGN UP FOR THE INVESTING MASTER CLASS! Use the code PODCAST for a cheeky discount. 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 that makes personal finance fun especially on fridays it's our favorite day of the week because this week we're getting the team together and we are celebrating you our incredible she's on the money community first cab off the rank we've got miss jess grichi and she's going to be sharing some money wins and confessions from the community miss beck syed has a few broke tips for us beck i actually have a tip to add this oh thank goodness i don't know if it's a good tip but i sent the tiktok of it to jess yesterday i was gonna put in money wins no no it's not well it's not a money win because i didn't buy it it's like a tip okay well you can have it you can have it it'll be like a co yeah

thank god thank god v was on tiktok again like i live there we're gonna be answering a money dilemma this week it's all about how to pay for your egg freezing and we've also got a juicy conversation to have something that you slid into our dms about we're going to be talking about buying property with a family member before i ask you about how your weeks were my loves do you know what today is? What? It is the last day of intake for the investing masterclass. And would you believe thousands of women have joined us now? I am so excited about it, but I wanted to mention it just right here at the top because it is the last day. Doors are closing today. So if you've been on the fence about jumping into the investing masterclass, you're not sure if it's for you,

go have a look at the website. We're going to put all of the information in the show notes. obviously I'm going to give you a discount. If you use the code podcast, you'll get a cheeky little discount at checkout. But I'm really excited because it starts on Monday. The reason we're closing doors is to make sure that everybody gets in at the same time. They all have an epic experience and we can like go through each module live and we can drop it to make sure that you are on top of it. Because I feel like sometimes you're like, I've got all the best intentions in the world and then you don't do it. So it's like kind of us holding you accountable. There are already hundreds of women in our Facebook group as well, talking about how excited they are. There's a few

posts I've seen where people are looking for accountability partners. And I just think it's the sweetest thing ever because you can just see that they're making friends with one another. And I honestly cannot wait to jump in. So if you haven't dove in yet and you really want to, the code is podcast because obviously like we're going to need a discount, but also I don't mean to put the pressure on. I haven't before. Doors do close. So if you want to be in it to literally win it or like invest it, you need to do that sooner rather than later. But moving on, my loves, how were your weeks? Good. Happy public holiday to everyone in Melbourne who gets a day off for the footy. Love that for us. Wait, is that this week? Yes. Oh, so Friday off? Yeah. Oh,

you all aren't coming to work on Friday. Nope. No. I love being the boss and knowing everything about my own business. But if you want us to, we'll come. That's cool. Do you know what's actually quite funny? I saw Gabby who used to work at She's On The Money who now works for the AFL. She was telling me all about this yesterday.

She's like, oh, V, I need to borrow a dress because, you know, I've got all these grand final things. I did not put two and two together that she borrowed a dress because it was this week. Right. I was just like, yeah, come raid my wardrobe. All good, all good, no worries. She did tell me it was for Friday.

Hey, my brain. My brain don't comprehend us. No, it's shockingly not all-consuming this year. Like I just feel like I haven't heard or seen. But maybe I'm – It depends if it's your team or not. It depends, yeah. And there are no Melbourne teams this year.

Yeah, so maybe that's why. I don't know why I am so useless, but I also did watch the Brownlow. So, like, all people should have known this. Yeah, no excuses for you. Like, you know, you were saying, oh, like, I feel like it's not anywhere. I'm like oh it's been everywhere for me um yeah and I've been all over TikTok looking at all the girls dresses like because when I say I watch the brown low I just watch the red carpet section like a normal person yeah fair like that that's it I just want to see the dresses I want to see

what's going on I want to see who brought who and then I want to go to bed early but about that Jess you've got a public holiday so this week is a good week thrilled I have a racket racket club so hopefully i'm not oh i've heard about racket club six degrees of separation it's like a consignment story it's like you sell your clothes you rent a rack basically and vd you and i have done hunter markets before where you stand there for hours on end and you're selling your stuff and you're haggling and it was good it was fun we had a good time i like that people brought their pets i got to drink coffee i got to meet heaps of people like also i love a little bit of a circular economy totally absolutely we were just talking about my girlfriend coming over because

she borrowed one of my dresses I love that reduce reuse recycle yeah so it's like a similar thing except you rent it for like a longer period so I a girlfriend and I went halves so we've got like this rack for two weeks it's I think about the same price point as like a one day at like a normal like a camberwell market yeah that's cool because racket club is like taking off I've seen it all over social media again chronically online over here and it's co-founded by Alice who used to work on jason lauren yeah that's right yeah so it's kind of fun she used to work for iheart and then when you know obviously that and all the redundancies and stuff happened she and her friends started this business and they're just opening like their third store yeah like they

they didn't just do one they've now got three isn't that insane that's really cool yeah and so i said i've done my big spring clean i've been selling stuff so now i've just dumped it all i'm gonna dump it all there for the weekend is that scanlon dress that i saw on depop gonna be there absolutely oh so you've got good stuff yeah oh I love it so what you you borrow a whole rack yeah and you put your clothes in the shop and then people can go to the shop and like basically go and purchase your stuff and then they sell it for you obviously they're going to clip the ticket on the way through sure but then at the end of the two weeks they'll be like hey Jess come pick up the stuff that you haven't sold right and your money and I'm just doing it like I the stuff that

I have on Depop is still on Depop because you can track it online what has sold so like if something sells at racket club i'll just market it sold on depop so it's like oh that's so smart and i don't have to stand there all day like it just great there's a shopkeeper who does it all it's lovely so great how good is that oh okay i'm so sorry i know that we're probably i don't want to take up too much time but you're renting the physical rack i'm thinking you're renting a rack of clothes and you're just wearing them for the week but you're renting them and they're selling your clothes i understand i understand i'm so sorry okay sorry honestly if you were thinking it someone someone somewhere was sitting in their club being like, Jess, you have so many clothes.

Why would you rent a whole rack of clothes to wear? I hope there's at least one person out there that's specifically sitting in a club. Slide into my DM so that I can show Beck so that we can all feel better about this situation. Yes, please. No, but I love that. Borrow a friend's dress, go to racket club. Like it's a good idea. Second hand clothing.

I was thinking about that when I got dressed this morning because I put on this skirt that I'm wearing. I love it. Um, I've had it for 10 plus years. I was putting it on this morning and I was like, oh, this is probably not a good thing. But like Scanlon Theodore used to be, I won't say accessible. It was like a bit more expensive, but more recently they've gone insane with their prices. Like I cannot justify it. Like I used to be like, oh, this is, you know, obviously a very bougie purchase, but like $250, $300 for a skirt. Like I could find a way to make it work in my

budget because I'm a fashion girly. Yeah. But now they're like $800. I'm out. I'm out. Dress time zone, the only reason I have it is I got it at a warehouse sale, but it was originally, I think, like $700. It's insane, right? And I was just thinking, hey, I've got pretty good cost per wear out of this skirt. Like I tried to track back when I got it and I was like, I don't know when I got it, but I remember going on dates with my husband wearing this skirt when we first met. And then I was like, oh, that was a really long time ago. And then I was like, oh, this skirt's probably 10. Isn't that insane? Happy birthday. That's good though. Classic pieces that last that long. They're good quality. I know. I was actually kind of low-key chuffed. I was like, this is

slay. That's cool. And it actually comes around, doesn't it? Totally. Do you know why I've pulled it back out? Because I was coming back in, I saw something similar online and I was like, I think I have something like that. Perfect. Never throw out your clothes. Anyway, Bec. Yes. Enough about racket clothes and my outfits. How's your week been? Really good. I was actually going to tell you guys before we started this,

but I didn't want to take up too much time, but I was diagnosed with ADHD yesterday. Were you actually? That's so funny because offline I was like, oh, my God, so my ADHD meds X, Y, Z. Yeah, and I was like, I need it. You didn't even manage to tell me that. No, well, I was like, oh, we probably should start,

and I was like, I felt bad that I was taking too much time. So I was like, maybe we'll just drop it here and then we'll, you know. Oh, we'll talk about it on the pod. Great. So we're going to talk about Beck's medical history just straight on the pod. Oh, you're so sweet. You never do. Oh, you guys.

Congratulations. That's so exciting. I do feel validated. I know that, like, what I was saying to my psychiatrist in, like, the most chaotic and ironically, like, yeah, back and forth kind of way was I was worried that I wouldn't be taken seriously because so many people are kind of realizing that they may have ADHD all at the same time. That's because we all do. Yeah, I think that a lot of people do. Yeah, I was like awful in school, but not from lack of like, you know, intelligence or the capacity to learn. It was purely that like I just, yeah, I think that my brain has always worked in a certain way.

I'm glad that I finally have done something about it. I'm like, what could I have been if I didn't? I'm impressed. I'm actually so impressed. What was your process like? You know, complete side note, I know people listening are going to be like, oh, I've been thinking about this or, you know, I'm not sure what this looks like. and I'm no help because I got diagnosed at like 18, 19. I've known for my entire career. I lied about it for a long time, if we're being honest, because I was embarrassed of it. And now everyone's

talking about it. I was like, oh, so it's like not the worst thing ever. Oh, okay. Thank you for validating me. But how long did it take you to get diagnosed? So for me, I was really lucky. I have heard that people go to psychologists like 20 times and then go to a psychiatrist, blah, blah, blah. But I went to my doctor in Brunswick East and I love her with my whole hard and she was like i'll find you the cheapest psychiatrist didn't i didn't have to go to a psychologist no no the psychologist can't like diagnose anyway but i think that i thought that they were the ones to refer you right but they can they can it doesn't mean they will but i went to my gp and i told her about this and i was like i think i want to maybe see and then she was like

cool she set me up an appointment with a psychiatrist at telehealth in tasmania it's the cheapest that she could find and it was what genius 600 out of pocket for some people it's Wow. Thousands. Yeah. Wow. And so I went to her. She referred me.

I had an appointment. Bing, bong, bang. Literally one appointment yesterday and in that same appointment, he was like, you fit the criteria, blah, blah, blah. And then so now I just have to go back to my GP when it's all ready and she's going to give me something for that. Oh, she's going to manage you. Okay.

How good. Yeah. So I think it's, yeah, it's been great. It's a journey. It's a journey. It's very validating knowing that it's not just you. Totally. Yeah, I totally get that.

Totally. Let's jump into the episode because I would love to talk about ADHD all day because it's, like, super pervy. But, like, your medical history, like, probably not. Oh, true. Like, she's on the money vibes. Like, it is, it is, but we won't push it, you know. Sure.

You can push it off air. Yeah, I'm going to, don't you worry. I'm going to. But, Jess, what have you pulled out of the community this week? I feel like there's been a lot of good money wins. I've been in that thread this week, replying and asking for pet tax. So what have you pulled out? Alrighty.

My first win this week comes from Kat, who said she has gotten on the train. She's made about $300 last week by selling things she no longer needed on Facebook Marketplace. Things were selling super quickly. And she said it's a win all round because now she has less clutter as well, which we love. Next, I've got a money win from Katie, who said it's that time of year where a Costco membership is $130 for executive, but you can get cash back on it to reduce the cost of your annual fee, which is not something I'd ever thought about looking for. If you're someone who has a Costco membership, apparently you can access cash back to reduce-

Is it really $130? That's the executive membership, which if I'm being honest, I don't really know what that means. That sounds bougie for somebody shopping at Costco. Or that it's $65 for a normal, with no incentives paid off. So I'm not too sure. I'm not entirely sure but she said she got 96 cash back oh okay i don't know so maybe that's from 130 that's a good deal yeah that's great i love that good to know i'm a little skint on the details but all i'm saying is if you have a costco membership or you want to look into a costco membership now's the time to shine yeah have a look for some cash back because that's a great deal to me yeah next i've

got a money win from mel who said she's trying to make an extra thousand dollars by christmas guys There's only 92 days until Christmas, I'm sure. Yeah, that's disgusting. Jessica, I'm so excited. Start thinking about it. The Christmas decorations are out at the shops. So do as Mel is doing. Start thinking.

Start saving if you haven't already. She said she's banked $273 this week from a combo of marketplace sales and surveys. I'm going to railroad this completely. Please do. Should we be inspired by Mel and get a $1,000 saving tracker up so that people can save $1,000 before Christmas? definitely like or even work towards it like we're not talking like you know make a savings plan and just direct debit it like we're gonna find it we're gonna hustle it up we're gonna like depop it we're gonna facebook marketplace it we're gonna do some surveys like but we'll all try and

get to a thousand dollars before christmas and even if you don't get to a thousand dollars and you're only able to find 50 bucks like that's 50 you didn't have before christmas and like that's gonna help too so true that's actually great i am going to get a little sheet together we're going to do this and it will be in our Facebook group today. There you go. Everybody go have a little look-see for that because it'll be here before you know it. Next, I've got a money win from Sinead who said, money win, my local fruit market had a case of jam strawberries, which is 18 punnets for $10. What? She picked the best punnets for fresh eating and then made a batch with the rest of homemade jam. That's so cute. Also coming up to Christmas, that would be a

really cute present. Yeah, that's quite cute. Totally. Imagine if someone gifted you homemade jam. That would be so sweet. Yeah, literally. I don't think I've ever made jam. Maybe I should make jam. Yeah, I think we should be making jams because it's like, it's such a sweet gesture, isn't it? It's like you're over the stove. You're there for hours. And the little jars are so cute. You can make a little label. Strawberries. I love cheap money win. But like, do we have favorite jams i'm a raspberry kind of gal i'm a strawberry yeah i do like strawberry as well see we always have strawberry and raspberry in my house because i always have raspberry and my husband's like ew raspberry only eats strawberry the chunks freak me out oh all of it freaks me

out or if you want something a little left of center a blackberry jam is quite nice okay but like that sounds really expensive pineapple can't really find that these days surely not It's my mum's favourite, but she's like 1,000 years old. No, you leave her alone. You can make whatever you want. Buy it cheap, make the jam. You preserve it a lot. Start now and by Christmas you'll have had plenty of time to make them all.

Yes, exactly. I'm 10 out of 10. Love that. That's a great one. And lastly this week I have a money win from Emma who said, it's a current money loss but a future money win. She said thanks to She's In The Money and listening to the show, she became aware of the hit that her superannuation took when she took a year off of work for

maternity leave. So she worked out what she would have added to her super if she had been working during that time and she's working at effectively paying it back. So she's just started doing it with pre-tax contributions through her work as well as chucking any extra money in like a tax return and stuff like that. And she's going to keep working away until she pays back that full year. I'm obsessed. What a queen. Can you imagine how far ahead she's going to be when she retires? Like just, oh, the impact of that. And I know that she probably calculated and was like, all right. So, you know, with 12 months off, you know, the average person, you know, probably contributes anywhere between six and $10,000 to super each year. Like you go, oh, maybe that's not the

biggest deal ever, but that could compound over your lifestyle. That could compound over your lifetime and by the time you retire it's probably worth more than 100 grand like can you imagine being like beck by making a decision today you're gonna have like another six figures in your super yeah oh so sexy well done emma i love this i love it that's it for me this week oh all right well the tables are turning beck it is your time to shine what are your broke tips what are you bringing to the table okay so i know this is a bit rogue but i do have one from the community that's new. You being rogue. I did not see this coming. Full surprises. One from the community that's new. One from myself that's like semi-new. And then I also thought because a few people

email me or sorry, I should say message me. Email is very, I don't know. It's still current. Anyway, someone messaged me about a few things that I have mentioned before. So I thought I'd just give them a shout out as a combined community. Yeah, I like it. Is that okay? Picasso. You know It's your segment. You do whatever makes your heart happy. Thank you so much. So this one comes from a multitude of people. So Libby, as we have mentioned, it's an audiobook subscription from your local library.

Free audiobooks. Great, great, great. I do want to also give another shout out to Eat Club. I know it's been a while since I mentioned it, but Eat Club is an app where you'll be able to put your location in there. It will search for cheap specials around you from like, you know, restaurants, takeaway, all this stuff, like really cheap food. Great, great, great. Those are the main two I wanted to mention.

So I'm going to, there are a few others in here that have popped up a few times, but I'll save those for next week. Now, the new one we have comes from Maddie. Maddie says, the more air that's in your fuel tank, the faster your petrol will evaporate. So to get most out of your fuel, regularly top it up rather than letting it drop to almost empty. I did hear about this once years ago. I was like, oh, it makes sense if there's more in there. How does it get out?

Yeah, well, that's the thing. Isn't it a sealed tank? It makes sense. I mean, I'm happy to save money. And it's always like rogue things like that where, don't get me wrong, I feel like in this economy, anyone who has a full petrol tank needs to check their privilege. like if you're filling up your entire tank like you must be financially doing much better than most people totally like that's that's a good position to be in but if you can build it up over time yeah and then you know consistently add 10 or 20 dollars worth of fuel as you go but try and

keep it up instead of letting it go all the way down to when it dings at you and you're like I know you're not done I know you're not done I see that you're saying you have to put fuel in me but I know there's at least 50Ks there. Yes. I can see you. I was laughing when you were saying it because I consistently will drive on zero. Like I have.

Yeah, because you just know. I've had to call RACV like three times because I run it to the like, which I know is really bad for your car, please don't come for me, but like I was just having a little giggle. I was like, in my mind I was like, I think my eyes are playing off. Like one of them probably sometimes looks bigger than the other when I'm reading. And I was like, Jess is laughing at my funny eyes.

Oh, my God, no. Nobody was looking at your eyes. No, I was just literally remembering last week when I drove like all the way to the city on zero. Jessica. You are living life on the edge, baby girl. And also, like that's from somebody who I know has a very good budget and cash flow system.

Yeah. I'm shocked that this is coming from you. Like of all people, I know she's got the cash for her fuel. It's been set aside for the last six years. Like I know it's there. Totally. You guys ever go to the petrol station with like, you know how it says like a minimum two litres?

Yeah. So many times I've done that minimum two liters and it's been like $2.25 and I have to walk up and be like, I left my wallet at home. Really, I just, this is all I want. This is all I can pay for. So if you need to top up your fuel one time, if you have the money one time and then just try and keep, go there with like five bucks, just try and keep it up top. So that way, it's also good for an emergency because you're like, oh, I have no money this week. You're like, cool, I actually have a full tank of petrol. So it's like a, it's a double, it's a win-win.

One thing that I will say has been helpful for a few friends of mine who are not so good at, you know, managing their money and their budget and their cash flow. I've got a girlfriend who, whenever she has some extra cash in her bank account, because she just knows that she's going to blow through it. I feel like she gives Beck vibes. Like she just, and that's not a bad thing. You just have to be aware of how you're managing money. If she goes to the checkout, she also buys a gift card for like $10 or $20 and sticks it in her center console so that when the time comes and she knows she can't afford fuel or she doesn't have cash in the bank she's like I know there's maybe like $20 or $30 worth of gift cards that I can use to pay for fuel in my

center console so like that I feel like is a good little hack yeah it's not necessarily going to save you heaps of money but if you're the type of person that just runs your bank account into the ground and you're always struggling to keep the fuel going, that might be a hack that works for you. Totally. I think that's a really, really good idea. You can just hide it away and then you forget about it. And then when you're desperate, you're like, oh my God, there is actually 10 bucks there. Like how good is that? It's so good when that happens. And then my one comes from myself and Indie. You guys know Indie, our lovely Dylan producer every now and then. She was talking about bicarb. I have mentioned bicarb before, but she was talking about how she

had like, I don't want to shame her, but she had an odor in her lounge room. So she put some bicarb on the lounge. Hey Indie, how's your stinky lounge room? Yeah, how's the stinky lounge room going? And she put it on her carpet on the lounge and she just left it overnight and then just soaks everything up. Soaks everything up and then she just vacuumed it off and it's completely gone. She said, so it works for like laundry detergent. You chuck some essential oils in with the laundry and your bicarb, but that's all you need. It's a good carpet cleaner, lounge cleaner turns out, car cleaner everything like it is must be legit walls as well really good for marks off yes and you chuck some lemon in there you clean your sink and all that kind of stuff it's great so i know

that bike is good for cleaning like fabrics and carpets and stuff yes comes up on my tiktok for you page all the time all the time speaking of tiktok actually this is like a it's not a segment but it might become a segment it's things victoria dm to jessica this week i love that and it's always rogue it might be about racket club it might be about saving some money uh this week it was about tupperware because we've seen all over the news that tupperware has gone into liquidation oh in the u.s in the u.s what do you mean that's obviously yeah the brand i see that's obviously going to filter down to australia in some way shape or form and i think it is because my TikTok for you page is full of girls going to the reject shop and buying Tupperware containers

for like $3.50, $4.50, like reasonable prices. And I wanted to mention it because I feel like when you're trying to save money, you're always buying the cheap things. Like you might buy a cheap Kmart Tupperware containers that don't get me wrong, nothing wrong with them, but we all know that they don't last. Jessica, a couple of weeks ago, I think it was a couple of weeks ago, you I'm just talking about Tupperware a lot lately. It's an interest in our community. Tell me about your rice cooker. So I have a rice cooker that it's really cool.

It's a Tupperware contraption. You put it in your microwave. It's how you cook rice. Genius. I've never once – no, that's a lie. I've cooked rice on my stove once and I burnt it. So love this thing. But I got it from my mum's friend's – you spoke to my mum's friend's mum.

She's old. She's seen some stuff. I'm the third generation of women to own this Tupperware rice cooker. still works like a treat and it goes in the microwave at least three times a week but even though we don't love how expensive tupperware usually is like we're talking like 30 40 a container like it's insane like i would never purchase at full price but you're telling me it's like 3.50 or 4.50 or whatever at the reject shop right now i can buy some stuff that i'm gonna have that can go through the dishwasher that's not gonna break or crack like money win

if you're looking to buy some Tupperware that is good quality and that's going to last. Yes. And there's like cute pastel colours too in the video you sent me. Exactly. I had not a single clue that Tupperware was not universally called Tupperware. Tupperware's the brand. It's a brand.

Have you seen those posts where it runs you through like all the things that we call a thing? So it's like a glad wrap. Sorry, it's better. Yeah, glad wrap's a good one. Yeah, a breville. Glad wrap is not glad wrap, is that what you're saying? No, it's cling film.

Esky's a brand. Esky, really? Yeah, it's a cooler, but we call it like, especially Aussies call them Eskys, but Esky is the brand. There's a post I saw, I don't know if it was TikTok or Instagram, but it broke down a bunch. It was so interesting anyway. I love it.

You said that to me. Yeah, I'll find it and send it to you. Let's go to a break. Jess can send you that. On the flip side, we're going to be talking about paying for your egg freezing, how to do that, what that looks like. And we're going to talk about something a little bit spicier

that you slid into our DMs about this week. We're going to be answering the question about whether you should be buying property with a family member or not. So, guys, don't go anywhere. Welcome back, everyone. Let's take a listen to this week's Money Dilemma. Hi there. Have you got a money dilemma you just can't solve?

The She's On The Money team is here to help. Every week, we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a short voice recording and you might just find yourself on the show. Now let's take a listen to this week's money dilemma. Hi, she's on the money team. I'm in a little bit of a pickle and I wanted to get your thoughts.

So I'm about to start doing egg freezing for medical reasons and my doctor is thinking I'm going to need at least two rounds to get the result that we're hoping for. With this, each round is about $12,000 each before I get any rebates back. My partner is paying half because we're a team and we're doing this for our future. So what I'm trying to weigh up is, do I take it out of my super and put it back in as my rebates come in and as a salary sacrifice to make it up? I do have over $100,000 in my super. Or do I take out a 12-month interest-free loan that I'm eligible for but then that also pushes us back finally having a holiday next year so I wanted to get your thoughts and the pros and cons thanks I have like technical things to add

about that but what do you guys think well I just know that I have a friend who works in super and always says never take your money out of super did you listen to your friend who said never take your money out of super when you took your money out of super? I did not listen to my friend. And now, well, I'm not kicking myself yet, but I do know, you know, compound interest, all this other stuff. It will eventually make a big difference. We'll work it out for you.

Thank you so much. It'll be fine. But at the same time, I don't know. I think that I would personally go the loan, but I think I'm also not very responsible. Why would you go the loan though? Like I'm workshopping it, not because I'm like, oh, give advice back. and it's not to make you look silly either. It's literally like, why would you do that?

Because obviously she's having this thought process as well. Like why would she be weighing it up if she didn't see value in it? Of course. I think like interest-free always gets me, hook, line and sinker. I'm not even questioning anything, which is really bad, but I'm like, cool, interest-free. It's like I have the money that I, like if I could save $1,000, for example, in five weeks.

Which we're going to before Christmas. Yes, we are. We're going to do our savings challenge, which I'm super stoked about. Anyway. We are going to try to do that. and if I had five weeks, I saved $1,000, it's like that future me that has that money in that amount of time, I'm just getting all that now and I'm like paying.

You know what I mean? It feels like if there's no interest, it feels like I'm borrowing from the savings that I would have saved from myself. Do you know what I mean? No, no, no, I totally get it. And super does feel like more complicated. Yeah, because it's like interest, it's growing interest while it's in there or something.

And so I'm like maybe I'll want to leave that. I don't know. Agreed. Agreed. Jess, how are you feeling about it? I actually agree. I think for me, the cost benefit is obviously when you take the money out of super, depending on how long it takes you to pay it back, let's assume that it's on the same timeline. So taking out interest-free card for a year versus having your money out of super for a year. Generally speaking with the interest-free card, assuming you are responsible enough to pay it back, because I've had an interest-free card and

I didn't pay any extra money when I had that. Assuming you are responsible and you will pay it back on time. Generally speaking, you just pay like an annual or monthly fee. And I don't know the case for your card, but when I did it, it was relatively nominal. And I would imagine, I mean, the way that I would work it out is I would just compare the approximate amount of money you would lose on your super from compounding interest over the 12 months versus the money you paid the fee. My best guess though is that the interest-free card would be cheaper, which is why I would go for it. But it only works if you pay it back on time because the interest on $24,000 of IVF would be, I would imagine, astronomical.

Tell us the actual answer now. There's not an actual answer. And it goes back to what you were saying, Bec and Jess. Jess, you were like, well, if you can be responsible with paying back the interest-free loan, that's a no-brainer. But for me, the interest-free loan carries a little bit of risk, right? I can't guarantee what financial position you'll be in in 12 months. And what happens if hypothetically these rounds are not successful and you need to take out more and more money because like I get it I desperately wanted kids and I was in a very very blessed position to be able to get pregnant without intervention so that's a money win for me but like I know that

if I did one round of IVF and it wasn't successful I'd be lining up for the next one like I knew that kids were part of my journey so I get it but what does that look like long term like if in 12 months and I mean I'm probably reading into this you're saying if you take the loan you might not go on a holiday like I'm assuming you don't have a massive emergency fund yes you've got a hundred thousand dollars in super like there's a lot to weigh up the other thing I want to kind of like segue off and talk about is do you guys know why credit card companies or loan companies offer zero percent loans because they assume that people won't pay it back and the interest I think the interest on my interest-free card if I didn't meet my payments.

Would it have jumped to like 23%, 24%? Yeah, I think it was like about 20%. Wow. Again, if it's on $20-something thousand dollars, that's a lot of money. Yeah. So companies or institutions that lend money offer you these interest-free loans for two reasons. So Jess has hit the nail on the head.

Obviously, high interest once that 12-month period ends. So it'll jump to like 20%, which is much more than like a personal loan or a secured loan that you might've gotten in any other way. The other reason is customer acquisition. So they want more customers, obviously. Getting somebody to change who they bank with is actually a really big deal. Like I can almost guarantee that most of you are currently with the bank that you set your first bank account up with, because why would you change to another bank unless you went to an ING or you went to an up bank who had significant customer acquisition value. So either you really liked the app or you had a really high interest rate on a savings account, there was like a reason

that you changed. It wasn't just like, oh, I probably should one day sit down and review my banking and finance and just pick the right bank for me. Like people don't often do that. So two reasons. One, they'll get new clients, but they'll also probably have you not meet that 12-month interest-free period. I won't say preying on, but I just did, the fact that people are inherently not good at managing their money. And that's why I'm scared of these things. It's not because that's not a good idea. And if I sat down and I use Jess as an example, because I know, and Jess, it's not a bad thing. It's a bloody good thing. You're so good at money management. It comes in. I know her system because it's the one I built. She did the money masterclass,

but I know your money comes in. It's either automated or she manually goes in and transfers her cash around. I know what that looks like. I know Jess has a really good emergency fund. I know she's always cared about her super because I know her situation so deeply I could say Jess I wouldn't actually have an issue with you getting a 12-month interest-free loan for something if you knew that you wouldn't go over budget or you wouldn't keep adding to it like okay pretty much a non-issue for someone like Jess I don't know this diarist I don't know who's written in I don't know what you're like when it comes to managing money like there are a few things that kind of sent a few red flags about the holiday like you said if I take the interest-free

loan then we won't have a holiday next year and I'm wondering why that might be because if you've got a loan but you've also budgeted for a holiday why couldn't you go on that is it because you're paying it back or is it because you know you were planning on taking that loan out to go on a holiday like I just there's so many things that I want to understand but let's pretend it's all very cut and dry and you're in a very just situation you are correct the interest-free loan might make sense but I want you to create a plan to pay it back. Like even a savings plan from the day that you take out that loan to smash out that debt early, right? But the other thing is, and I want to open this conversation up and go off here, is that so many people don't know that to pay for your

fertility treatments, you actually have access to superannuation. So for egg freezing, for IVF, if you've got any type of health complication that you currently can't pay for, very likely that you could draw on your superannuation. I was saying to somebody the other day when they were asking me about a breast reduction, I was like, did you know you could access your superannuation for that? And they said, no, I had no idea. And that's another reason why we need to be having these conversations. So you're like, oh, maybe I'm not going to use this information, but I might go to breakfast with a friend or I might catch up with a friend for a coffee and she mentioned something and I can help her financially because I have more knowledge. Knowledge is power. And

the more we know, the more we can help each other, but also help ourselves. So yes, you can access your super. I would weigh up what that looks like. For me, if I wasn't that good at money and I knew that maybe I might get in a little bit of a pickle with an interest-free loan, yes, you're losing some compounding in your super. But what you can do is go to your employer and say, hey, can you please increase my superannuation contributions so that I can get back in line with what I'm taking out? You don't even have to tell your employer why. You just say, hey, I'd like to bump it up 1% for the next 12 months, or I'd like to bump it up 3%, or whatever that looks like to make sure that if you're going to draw down on your super balance, you don't ultimately end up behind.

So there's obviously a few moving parts. There's obviously a good argument for why you'd take an interest-free loan, but also a good argument for why you might go into superannuation. And that is a question I can't answer for you. I can just give you the information and you need to make the decision that makes the most sense for you and your family. Wishing you lots of luck on your IVF journey. Yeah, 100%. It's exciting and a lot to take on at once. And egg freezing is just so smart.

Like, I just, I love being alive in 2024. Like, we can just do stuff. Yeah, we can just freeze time. Can you imagine me going back and, like, talking to my grandma in the 1950s when she was having babies and being like, by the way, one day people are going to be able to freeze their eggs and have babies later in life. She'd be like, sorry, what? So cool.

All right. Let's move on because we have a community DM that I think you guys are going to have some opinions about. And I love that for us. Would you like me to read it out? Absolutely. All right. So hi, she's on the money, money dilemma. I'm thinking about purchasing my first home with my brother to help increase our buying power. He currently is in a de facto relationship with his really lovely girlfriend. To be eligible for first home buyers, we would be living in this property for 12 months. I'm worried about the possibility of his relationship breaking down and what that could mean for a joint asset. It's going to be a hard conversation to have. Would you risk it? Oh, that's a great question. I actually, shocking, have not a single

clue. Would you buy property with your brothers? I probably would buy property with my brother because he's very, very good financially. It's always like a yin and yang, isn't there? Exactly. It's would he buy property with me? Absolutely not. Sick car, but. So I wouldn't have any concerns. Yeah, let's get her brother on the phone. I guess, like, there always is that risk that, like, especially if, like, you've not lived with a sibling since you were children, you don't know that you might actually get sick

of them. This is not even taking into consideration the de facto relationship. This is purely just, like, living with a sibling. So I think that risk is always there. So you have to live in a place for 12 months before you can get the. So the reason that they would be living in it for 12 months is very likely to be because they want to access the first home buyer's scheme. And to get access to the first home buyer's scheme, you need to have it as your primary residence for 12 months after purchase. Oh, so you don't get that immediately.

That's shocking. No, no, no. You get it immediately, but you need to meet the criteria to keep it. Otherwise, next tax year, they're going to come knocking and say, hey, so you didn't do what you said you were going to do. and we gave you this great benefit to move into a house that you own and you took the mickey. Okay. Well, that's a really tricky one.

I think if it's purely just like you and your sibling, then just like suck it up. But I guess there is that fear and I'm sure there's like some legal thing with de facto relationship. Like do they have access to half? If they're de facto, yes, they do. Yeah, that's where it gets a little bit tricky. But of his asset, not yours.

So that will come down to, you know what, I'm going to back out a little bit because I want to know what Jess has to say before I. I do too, actually. I mean, I personally would not do it, but I'm very protective of my assets and I think that it gets complicated when you add somebody else in. I think it gets more complicated when you add in the de facto element because, as you were kind of alluding to, that she has a claim on some portion of that, which just makes it messier, in my opinion.

And I think as well, the fact that you have to live together, it's going to really depend on your relationship. But even if you like someone a lot, it doesn't mean that you're going to live well together, which can cause friction. and if one of you needs to move out, then it kind of cooks, as VD was saying, the first homeowner grant. So I think to me, it just feels messy and I personally wouldn't do it. But I also understand that that might be the only way that you can get a house or the way you might feel like it's the only way that you can get into a house right now. And I fully understand the desperation and the

desire to get that done and maybe the opportunity cost of not buying now versus buying in five years when you've had time to save your own deposit. But I would probably say talk to a mortgage broker and see what your options are on your own first. A Zella Money mortgage broker? Absolutely. I spoke to Jack this morning. Oh, did you?

Yeah. Is there any updates there? Yeah, I want to chat to you after actually. So, yeah, I would absolutely chat to one of the Gillies at Zella and see what your options are on your own. And I imagine... How good's Jack though? Jack's...

Oh, I love Jack. I mean, I love all the Gillies. I know, but like Jack's been with me for the longest and I feel like obviously all of our brokers are insane but I just I know that she was talking to you before hours like I know that she was up at the crack of dawn being like so Jess this is what I've been thinking you're like do you ever sleep so see where your options are on your own and then what things could look like with your brother and his girlfriend but if like my answer is if I would do it no personally that doesn't mean that it's a bad option but I would just explore all your

options first, because like as someone who is planning on buying by herself, like it is more feasible than you would think. Yeah, a hundred percent. I also want to touch on why you're buying with a sibling. So obviously it increases your purchasing power, but is that because you really want to get into the market sooner instead of just waiting until you've got a whole deposit or maybe you have a higher income or, you know, you're in a position to buy on your own? Because like, as Jess said, you are probably going to have a lot more power than you think you do, but I don't like the idea that people are compromising their long-term financial security and their financial success long-term because they are trying to rush into something like a lot of

people that I've spoken to historically that are like I really want to purchase with a family member or a friend or whatever it's because they just really desperate to own property and I just go well let's just kind of zoom out is the big picture you owning your own property okay well purchasing, if Jess and I purchased one tomorrow, we're on different life trajectories. She might want to dispose of it sooner than me and I don't. I want to hold on to it and keep that rental income coming in. It just creates problems down the line. So, you actually have to be on exactly the same page. So, in the next one or two years, you might go, oh, it's not going to be a problem at all. But like, okay, what if he and his partner get married and they have a kid or

what if they unexpectedly have a kid and they need access to finance and they need to sell the property, are you in a position where you can purchase your brother outright of that property so that you don't lose anything financially? Or, you know, again, I'm just making up a hypothetical situation, but you know, it's one that could literally happen. What if you're in the position where they go, we are having a baby. This wasn't planned. Financially, we're going to have to dispose of the house. And you go, oh, I'm going to lose a whole heap of money as well because we have to sell at a loss. Yeah. Are you then going to have some animosity in that relationship because your brother's forcing your hand? Are you going to not feel good about that? Is there a backup

plan? What does that look like? The other thing I want to talk about is joint tenancy versus tenants in common. We have covered this in the property playbook. So, if you haven't listened to that podcast, Jess does an incredible job of hosting it and we talk about all the nitty-gritty. but essentially in joint tenancy, there's what's called a right of survivorship. So essentially, if one tenant dies, and I'm being a bit dramatic here, but if one tenant dies, it automatically passes to the other tenant because it is based off a de facto relationship. So like if I pass away, obviously I want my house to go to my husband. But if I'm purchasing with a sibling or a friend, I would want a tenants in common agreement, which means that two or

more people co-own a property with defined shares. So I could go in and be like, okay, like Jess, maybe you're purchasing 70% and I'm purchasing 30%. But the additional benefit of that is that I can sell my share without impacting Jess. We can actually get two separate loans. So she can have her own lending facility. I can have my own. We can also, you know, pass it on to somebody else. Like if something happened between Jess and I and Jess wanted out, she could sell it to somebody else if she wanted to, but I wouldn't lose out. So we need to look at structure as well as the relationship. And then on top of that, I'd want a binding financial agreement. If I'm going into this relationship with somebody where now, yeah, I trust you Beck, but what if something

happens and back to that pregnancy situation, unforeseen happens. Now there's animosity because I don't want to lose money. I don't want to sell the property, but also we haven't pre-agreed to anything when we were both wanting the best for one another so I think that sitting down and even if and like I talk to people all the time about this they're like the binding financial agreement is so expensive I get it but if you can't afford to do that and you're planning on buying property can you actually afford the loss that would be incurred if it went wrong like can we talk about that can we also sit down and have like I don't know if you have a date night with your brother Is that weird to say?

That's weird. I'm from Tasmania. It's not that weird. It's absolutely fine. You're going to sit down. You're going to have a drink. And what you're going to do is go, well, let's think of all of the worst case scenarios and let's workshop what we do.

So like, Bec, I want you to think of the worst thing that could happen. House burns down. Okay, what are we going to do? I want you to be on the same page about the outcomes before you get there so that you default back to, okay, well, when we workshopped this, this was the outcome. This is what we agreed to. So there's no like, hey, awkward, but what are we going to do now? Like you already kind of have a plan, but that's my advice. So would you do it? You know what? Lots of people have done it successfully. Totally. Lots of people in our DMs are like, don't do it. It didn't work

for me. So would you like to hear the tea? Yes, please. Always. Okay. So before we get to the tea, we did ask the community, would you ever buy property with a sibling? 47% of you said not too risky and 53% said, yeah, that could work for me. We asked, would you rather own 50% of a property now or wait and own 100%? Miss Jessica Ricci, hard yes. 100%. She wants to own everything and not share a thing. I love it. Yeah, I love that. 45% of you said, I want to own 50% now, But 55% of you said, I'm going to wait for 100% ownership. We then said, babe, what's your two cents? Share.

One person said, I bought with my brother. It went really badly. Almost ripped my family apart. Wow. That's hard. Really sad. Really. Someone else said, BFA all day, baby.

That is a she's on the money girl. Put that on a t-shirt. BFA all day. Finding financial agreement all day. BFA all day. I want that on a t-shirt. Someone else said, get this, communication, communication, communication. Wow. I restrained myself from saying it when you were talking. Don't say it, don't say it, don't say it, don't say it. Someone else said, my cousins bought

property together and it set them up for a super successful future. Isn't that cool? That's beautiful. Someone else said, even if everyone is level-headed now, things can change. Someone else said tenants in common that way if it does go downhill there's an extra layer of protection we love that someone else said i would never buy with family i did it and it destroyed our relationship completely oh that's really sad it's actually really sad yeah someone said my boyfriend's brother won't sell or buy him out which means that i am massively held back from buying our own place oh true but also don't want to defend your boyfriend's brother here because obviously I'm meant to be on your side but I get it like he bought a property and he doesn't want

to sell it yeah like if I buy a property I can almost guarantee the second Jessica Richie gets her hands on property are you going to be able to convince that woman to sell it no like she didn't cry from my cold dead fingers yeah but like she didn't come this far to only come this far and that's what we've got to think about when we're going into situations like this like your life has significantly changed and now you want to buy with your partner. So romantic. I love this for you. But your partner already has a financial commitment with somebody else

and that kind of needs to be respected as well. It sucks. But, like, what are you going to do? Someone else said if they settle as tenants in common, the girlfriend would only have rights to his 50%, which is true. And we'll leave it there. Great. How are we feeling about that?

I want an update. You want an update? I can't wait to get off this podcast because Jess said that we can talk after about her meeting with Jack from Zella Money. I know. And that means that there might be property in the works for Miss Jessica Rich.

Oh, I don't know. I'm shaking. Don't know. Don't know. Don't know. No eggs, no basket. No. All right.

So have a good week, guys. Don't forget, it is the last day that you can get into the Investing Masterclass. If you haven't joined us, doors are closing at 5pm. If you want to join as well, use the code PODCAST. But obviously a very cheeky discount. But we'll see you bright and early on Monday for a money diary and a little bonus episode tomorrow.

So enjoy the weekend, my loves. 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

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