* 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.
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Lifeline Australia: 13 11 14 or SMS 0477 13 11 14 https://www.lifeline.org.au/
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Beyond Blue: 1300 22 4636 https://www.beyondblue.org.au/get-support
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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
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