Financial Wellbeing with The Money Collective Mel Pearce and Darlene Neu

Mel and Darlene start by reflecting on the cathartic nature of discussing their personal financial journeys and how listening back to their own discussions feels like getting sage advice from a friend.

In this episode we explore the challenges of dealing with increasing health insurance premiums and the decisions about coverage and excess.

Then, we talk about Mel setting up systems to manage finances during tough times and the empowering feeling of having control over your budget, even while planning a much-needed holiday and juggling medical expenses.

In the heart of this episode we tackle the topic of narcissism and its impact on financial decisions and relationships. We delve into how narcissism can manifest in financial power dynamics, both in personal relationships and in professional settings like the finance industry. Learn how to recognize and respond to manipulative behaviour, educate yourself to make informed decisions, and maintain your self-worth in the face of financial narcissism.

Mel and Darlene share their passion for discussing financial challenges openly, and recognising and responding to ego-centred financial interactions, and empowering yourself by education and informed decision-making. One of the key points is knowing when to move away from an unbalanced financial interaction.

Join us for a conversation filled with practical advice, personal anecdotes, and a touch of humour, as we navigate the complex world of finances and personal empowerment.
Whether you're struggling with health insurance decisions, budgeting challenges, or navigating difficult financial relationships, this episode has something for you.



READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US? Visit our website to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

 

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU! Email us: ⁠team@themoneycollective.com.au⁠

* Content warning, this episode discusses mental health and the link to financial health, mentioning suicide.

Mel and Darlene dive headfirst into a candid conversation about navigating work you're not passionate about, the emotional journey when parents retire, and preparing for that transition.

The core of their discussion centres around the unconscious biases and judgments people face regarding money, regardless of gender, income level, or family roles. They shed light on the tendency to match spending to income and lifestyle, regardless of earnings.

For those with higher incomes, Mel and Darlene stress the
importance of managing social expectations and comparisons during financial strains, emphasizing the value of being open about financial challenges.

They also address the societal pressure of being a breadwinner and its impact on mental health and family dynamics. They highlight the strain that keeping up appearances can create, leading to additional pressure and stress.

Throughout the episode, the hosts emphasize the importance of recognizing personal biases and initiating honest, open, and vulnerable conversations about money within one's social circle. They encourage leading by example, showing that it's okay not to have all the answers when it comes to financial matters.

Additionally, Mel and Darlene delve into the complexities of selling a home to purchase another, discussing the concept of bridging finance when deciding between buying or selling first. They offer insights on assembling the right team of professionals, effective communication, setting a settlement date, and evaluating offer clauses, such as making the purchase contingent on the sale of your current home.


RESOURCES IN THIS EPISODE

Take a look at your buy and sell numbers to see what the costs might be: https://www.themoneycollective.com.au/buyingandselling

Know your cost of living by listing your expenses with our handy spending review spreadsheet: https://www.themoneycollective.com.au/resources

Book a free chat with us to discuss your situation: https://www.themoneycollective.com.au/

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Money can bring up a lot of emotion. If you felt triggered by some of the things we discussed in this episode please reach out to us or see some supports you may wish to reach out to below.


Lifeline Australia: 13 11 14 or SMS 0477 13 11 14  https://www.lifeline.org.au/


Beyond Blue: 1300 22 4636  https://www.beyondblue.org.au/get-support


National Debt Helpline: 1800 007 007 https://ndh.org.au/




READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?
Visit our website to book a free ⁠chat about money⁠ to ask
questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email us: ⁠team@themoneycollective.com.au

Mel kicks off by diving into her budget review and
getting ready for some big family expenses. Meanwhile, Darlene shares a story about her daughter's spending spree over the school holidays, highlighting the classic battle between saving and splurging. It’s all about setting money goals making them a family affair.

Guest Trenna Probert, the dynamic CEO of Super Fierce, a company on a mission to empower women financially. Trenna, a real-life superhero in the finance world as recognised Woman of Finance 2023,
discusses how Super Fierce is helping women boost their confidence and resources to make life-changing decisions. She shines a light on the gender retirement gap, urging women to take charge of their financial future and support each other along the way.

The trio dives deep into the world of financial
confidence, gender equity, and the power of positive messaging to break the social conditioning. They explore Super Fierce's innovative tool make comparing superfunds a breeze, helping you make the best money moves to maximise your priorities without the stress of having to get into the nitty gritty.

Listeners are encouraged to think about their
retirement life, making it real and tangible even though it seems invisible in the present. Trenna encourages listeners to be the boss of their own money! Take an active role in choosing insurances and owning their superannuation journey like a boss.



RESOURCES IN THIS EPISODE

- Get your personalised superannuation report at Super Fierce: https://superfierce.com.au/

- Connect with Trenna Probert: https://www.linkedin.com/in/trennaprobert/



READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

Visit our website to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

 

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email us: ⁠team@themoneycollective.com.au⁠

Mel and Darlene kick off this episode by sharing
personal insights, discussing the importance of setting goals with your partner, and the concept of paying children for household chores.

The focal point of the episode revolves around the often taboo topic of financial hardship, emphasizing that it can affect anyone and is frequently not openly discussed, even within the financial industry. Mel and Darlene provide detailed strategies for managing financial challenges before they spiral out of control. They stress the importance of assessing your current financial standing, educating yourself on available options, resources, and support networks, and planning your next steps. They also highlight the value of building a support network of experts to help you navigate your financial journey.

In addition, the hosts address a common query from
first-time homebuyers: how to organize their bank accounts after purchasing their first home. Darlene discusses the importance of aligning your account setup with your and your partner's money management style, emphasizing the benefits of paying extra towards your new home loan. Mel recommends automating your financial setup from the outset and emphasizes the long-term advantages of good money management practices and being intentional with your finances.



Key things to consider when you’re experiencing
financial hardship:

· Don’t react immediately

· Understand your current position and think it through – get the facts before you act

· If you’re with a partner - make sure your partner is aware of the position too

· Share it – Get the right people around you – engaging experts here; mortgage broker to discuss your options, mental health support ie beyond blue, a trusted friend for emotional support

· Look for ways to reduce your expenses

· Look for ways to increase your income – noting how long will this take

· Sell something - Investments, house, car, bike, hobby equipment, furniture, etc

· Set SMART goals and move forward on your terms, don’t wait passively for others like the bank to act first



RESOURCES IN THIS EPISODE

Get to know your number with our handy Spending Review template in our website resources: https://www.themoneycollective.com.au/resources

Money can bring up a lot of emotion. If you felt triggered by some of the things we discussed in this episode please reach out to us or see some supports you may wish to reach out to below.

· Lifeline Australia: 13 11 14 or SMS 0477 13 11 14  https://www.lifeline.org.au/

· Beyond Blue: 1300 22 4636  https://www.beyondblue.org.au/get-support

· National Debt Helpline: 1800 007 007 https://ndh.org.au/



READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?
Visit our website to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU!

Email us: ⁠team@themoneycollective.com.au⁠

In this episode, Mel opens up about her experiences of being a financial support for her daughter, while also grappling with spending money on things that don't align with her values as she saves for a family holiday. Darlene discusses setting spending limits and giving pocket money within a budget, highlighting the importance of being mindful of their children's desires to spend and building independence.

The episode features Larisha Jerome as a guest, a proud Jarowair, Wakka Wakka, and Wulli Wulli woman. Larisha is the Manager of Women's Economic Empowerment & Business Education at First Nations Foundation, host of the Rich Blak Women Podcast, a TEDx Speaker & Keynote Speaker, and a Self-Concept & Mindset Coach.

Larisha shares her journey from a disadvantaged childhood to her current roles, emphasizing the importance of education and financial empowerment. She discusses the cultural and generational disadvantages and trauma faced by Indigenous communities, and the need to recognize and release the lack of financial control and autonomy.

Larisha also explores the different definitions of wealth in various communities and her approach to making finance fun for younger people, such as using vision boards. Her purpose is to connect with the community and be a positive part of their financial journey, taking a collaborative approach as an ally. She discusses the differences between Indigenous and Westernized cultures in terms of community versus individual focus, and the importance of learning from different cultures and sharing stories.

Larisha will be giving a TEDx Talk in March about decolonizing Western money concepts, highlighting the ongoing journey of learning about and understanding money. Both Mel and Larisha agree on the significance of approaching money discussions genuinely, transparently, and authentically.

 

RESOURCES IN THIS EPISODE

Rich Blak Women Podcast: https://tomorrowmoney.co/women/rbw/

First Nations Foundation: https://firstnationsfoundation.org.au/

Larisha Jerome: https://www.linkedin.com/in/larisha-v-jerome-7aa0571b7/



READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?
Visit our website to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

 

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU! Email us: ⁠team@themoneycollective.com.au⁠

Mel discusses receiving a fine for driving an unregistered vehicle and the challenges of navigating the payment system. Darlene shares insights on managing her self-managed super fund, emphasizing the need for careful monitoring. The hosts explore the gender pay gap in Australian workplaces and its impact on career choices. They also discuss women's roles in the household, career breaks, and the impact of the cost of living on households. The episode concludes with having an exit strategy after a relationship breakdown and mentions the new online financial wellbeing course.

 

RESOURCES IN THIS EPISODE

WGEA website: https://www.wgea.gov.au/

WGEA Gender Pay Gaps Report Snapshot: https://www.wgea.gov.au/publications/employer-gender-pay-gaps-snapshot

More reports and resources: https://www.themoneycollective.com.au/resources

Mentioned: Ayal Fernando, Financial Adviser of Fern Financial, a Financial Planning company: https://www.fernfinancial.com.au/



READY TO GO ON THE JOURNEY OF FINANCIAL WELLBEING WITH US?

Take action and uplift your own level of financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse

Visit ourwebsite to book a free ⁠chat about money⁠ to ask questions and talk all things financial wellbeing, home loans, and more: https://www.themoneycollective.com.au/

GOT FEEDBACK OR WANT TO SUBMIT A QUESTION FOR THE PODCAST? WE'D LOVE TO HEAR FROM YOU! Email us: ⁠team@themoneycollective.com.au⁠