Mel and Darlene share candid insights on navigating work you're not passionate about and preparing for the emotional journey when parents retire. They discuss the unconscious biases and judgments people face about money, regardless of gender or income. They emphasize the tendency to match spending to income and lifestyle, even among higher earners, and the importance of managing social expectations and being open about financial challenges. The hosts also touch on the pressure of being a breadwinner and the toll of maintaining appearances. They stress the significance of recognizing personal biases and having honest conversations about money, and offer insights on selling and buying homes, including tips on communication and what to include on offer clauses.
Read MoreMel and Darlene discuss setting goals with your partner, paying children for chores, and the taboo topic of financial hardship. They provide strategies for managing financial challenges and stress the importance of assessing your financial standing, educating yourself, and building a support network. The hosts also address organizing bank accounts after purchasing a home, emphasizing aligning your setup with your money management style and automating your finances.
Read MoreIn this episode Mel and Darlene discuss spending and pocket money within the context of helping their children become financially independent.
Larisha Jerome, a proud Jarowair, Wakka Wakka, and Wulli Wulli woman, Manager of Women's Economic Empowerment & Business Education at First Nations Foundation, joins as a special guest. She discusses her journey from a disadvantaged childhood to her current roles, highlighting the importance of education and financial empowerment. Larisha explores cultural and generational disadvantages faced by Indigenous communities and aims to make finance fun for younger people through approaches like vision boards. She emphasizes learning from different cultures and will be giving a TEDx Talk on decolonizing Western money concepts. Mel and Larisha both stress the importance of genuine, transparent money discussions.
Read MoreMel and Darlene discuss spending on clothing, and the importance of aligning spending to your values. Darlene talks about how upwards of 70% of Australians are now taking out loans via a Mortgage Broker, and touches on best-interest duty and industry regulation, as well as how Mortgage Brokers are paid, how commission works, as well as clawbacks. Mel and Darlene also mention the long-term client relationships and the shift to a more holistic approach to money in the industry. They also discuss purchasing a vehicle through novated lease, finance, or part-finance and go into depth on novated leasing.
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