Host – Kylie Sultana (00:09):
Welcome to another episode of The Money Brew. And today I have a special guest, who’s my husband.
Anthony Sultana (00:19):
Me.
Host – Kylie Sultana (00:20):
Partner in life, love, and… let’s not say crime, life love and business, Anthony Sultana. Anthony, thank you for joining me today.
Anthony Sultana (00:29):
You’re welcome, Kylie Sultana.
Host – Kylie Sultana (00:31):
Because I don’t see you enough at all, I thought I’d get you in the studio and talk to you.
Anthony Sultana (00:36):
Yep.
Host – Kylie Sultana (00:39):
So, with Creo Wealth, we are big on money conversations and talking about money with your partner.
Anthony Sultana (00:48):
Mm-hmm, we do.
Host – Kylie Sultana (00:49):
So, I thought it would be really great to get you in and to just talk about when we first met.
Anthony Sultana (00:58):
That’s a long time ago, Kylie.
Host – Kylie Sultana (00:59):
It is, Anthony. Let’s just keep that under the hat for the moment. But yes, it was a long time ago. We’ll get into that, but I just wanted to talk about when we first met and how we were so different when it came to money. Maybe why we were different with money, and kind of how we worked through it. And how long it took, because it took a long time.
Anthony Sultana (01:28):
Mm-hmm. Yeah, all good things take time.
Host – Kylie Sultana (01:35):
They do, don’t they? Thank you, darling, for saying that, all good things take time.
Anthony Sultana (01:35):
That’s all right.
Host – Kylie Sultana (01:37):
That’s so sweet. So, I’m the first to admit that when we first met I was in a bit of a situation. I didn’t think I was, to me it was just normal. I had a fair bit of debt and… I love the look on your face.
Anthony Sultana (01:52):
Yeah, I don’t think money or finances was part of your idea.
Host – Kylie Sultana (01:57):
No. Someone started to talk about money and I was like an ostrich, I’d stick my head in the sand.
Anthony Sultana (02:00):
Yes.
Host – Kylie Sultana (02:01):
So, yeah, I just wanted to get your take on what… Because I really don’t remember when I started to talk to you about money. I had several superannuation funds, didn’t I?
Anthony Sultana (02:15):
Yes.
Host – Kylie Sultana (02:16):
And I hadn’t done tax returns for a very long time.
Anthony Sultana (02:18):
Probably about five or six years returns.
Host – Kylie Sultana (02:20):
It was a long time. It was a mess, yeah. I think you almost had a panic attack when I-
Anthony Sultana (02:26):
Yeah, I couldn’t-
Host – Kylie Sultana (02:26):
I think you were. Did you go home and say, “What the hell have I done?”
Anthony Sultana (02:32):
Hmm, no. No, I just thought, “Okay,” I just couldn’t believe how many super funds. Because back then, every time you changed jobs you were given a new super fund, so it was very common. So, that didn’t surprise me, but it just surprised me that you hadn’t looked over it. Because we had to get statements, if you recall.
Host – Kylie Sultana (02:49):
Mm-hmm.
Anthony Sultana (02:49):
Had to ring up the funds to find out.
Host – Kylie Sultana (02:51):
I didn’t even want to do that, right?
Anthony Sultana (02:52):
Yeah. No, that’s right. But we forced you to do it, because of privacy, obviously, had to be done. And also your tax returns. I saw all the taxes you’ve paid and you didn’t want the refund. I thought, “This doesn’t make sense. Who doesn’t want a refund?” We all want a refund. We managed to get that done for you.
Host – Kylie Sultana (03:10):
Yeah, we did. We did. And I did have a fair bit of debt as well.
Anthony Sultana (03:15):
We did, yes.
Host – Kylie Sultana (03:15):
Do you remember that?
Anthony Sultana (03:16):
Yeah.
Host – Kylie Sultana (03:16):
Do you remember that car?
Anthony Sultana (03:16):
The car, little Barina?
Host – Kylie Sultana (03:16):
That little Barina?
Anthony Sultana (03:19):
Yeah.
Host – Kylie Sultana (03:20):
It was a shitbox. Oh, no, that wasn’t a shitbox. That was the one before that.
Anthony Sultana (03:24):
Yeah.
Host – Kylie Sultana (03:24):
Yeah.
Anthony Sultana (03:24):
We got that sorted out.
Host – Kylie Sultana (03:25):
But I went into a car yard, yeah, and it was one of those massive loans. I think I paid about $30,000 for that car, that was worth about 12 grand.
Anthony Sultana (03:41):
Yeah, I don’t know. But probably with all the interest, yeah. And that’s what we-
Host – Kylie Sultana (03:41):
It was a very high… It’s one of those classic, from back in the day. I don’t think they can do that now, but from back in the day, it was they sign you up. And that’s how the car salesman made their money.
Anthony Sultana (03:50):
That’s right. And that’s what we looked at. The first thing we looked at was to pay that off so-
Host – Kylie Sultana (03:54):
It was, wasn’t it? What did we do? Why can’t I remember any of this?
Anthony Sultana (03:57):
Because it was money back then.
Host – Kylie Sultana (03:59):
It was money. Have I just buried that memory back in-
Anthony Sultana (04:04):
Probably.
Host – Kylie Sultana (04:05):
… the depths of darkness somewhere?
Anthony Sultana (04:07):
Possibly. Which is a good thing, because that’s the ignorance about money, you’ve buried it. It’s about focusing on money now, which is a good thing.
Host – Kylie Sultana (04:13):
Yeah, it is. It is. We got all of that sorted out, so that was good. And then we saved and went on a big trip together.
Anthony Sultana (04:21):
Yeah, to Europe.
Host – Kylie Sultana (04:23):
We went to Europe. Yeah, we did. And then we got engaged.
Anthony Sultana (04:26):
We did.
Host – Kylie Sultana (04:27):
You did. You did? We did. Not just you. I was part of that. I don’t know what I’m talking about.
Anthony Sultana (04:32):
Yeah, that’s right.
Host – Kylie Sultana (04:33):
We did. Yeah, you popped the question in Paris.
Anthony Sultana (04:35):
Yeah, it was.
Host – Kylie Sultana (04:36):
Yeah, Disneyland. A merry-go-round. Merry-go-round? Carousel?
Anthony Sultana (04:39):
Merry-go-round, we’re still going round.
Host – Kylie Sultana (04:40):
The carousel. We’re still going round? Yeah, nice. Oh, dear, still going on those horses. On the horses, going up and down.
Anthony Sultana (04:48):
Yep, up and down.
Host – Kylie Sultana (04:48):
Yeah, that was sweet. I remember that. I do remember that.
Anthony Sultana (04:50):
Oh, that’s good. I’m glad you remember that.
Host – Kylie Sultana (04:52):
I remember we almost had an argument just before too.
Anthony Sultana (04:54):
Yeah, I do too.
Host – Kylie Sultana (04:55):
Because he had the ring in your little, what is it? Money belt thing.
Anthony Sultana (05:00):
Money belt, yeah.
Host – Kylie Sultana (05:00):
And he went into the bathroom to take it out to pop the question. And I got the shits because you were taking too long. Yeah.
Anthony Sultana (05:07):
Yeah, I couldn’t I do it because I pinned it so tight so won’t lose it. I was paranoid the whole time, but yeah.
Host – Kylie Sultana (05:13):
Yep. And I had the shits, yeah, [inaudible 00:05:14].
Anthony Sultana (05:14):
And I think [inaudible 00:05:14]-
Host – Kylie Sultana (05:14):
“[inaudible 00:05:14] leave me in the middle of Disneyland in Paris. I don’t speak French. What are you doing to me?”
Anthony Sultana (05:18):
Yeah. I thought to myself, “Should I ask a question?” I was thinking, “Hmm…”
Host – Kylie Sultana (05:21):
And then he was like, “Oh my God, am I really going to ask this woman to marry me right now?”
Anthony Sultana (05:25):
Yes.
Host – Kylie Sultana (05:29):
But you did, and here we are.
Anthony Sultana (05:30):
Yeah.
Host – Kylie Sultana (05:30):
Anyway, yeah, so we had that wonderful holiday, got engaged, came home. But I still wasn’t great with money.
Anthony Sultana (05:39):
No. But if I recall correctly, it took a while for you to understand. Because we come from different backgrounds, obviously. Money was… It was not important, but it was important in the sense that you worked hard for your money and you saved it. You didn’t blow it.
Host – Kylie Sultana (05:57):
Yeah. I mean, I did work hard.
Anthony Sultana (05:59):
Yeah, you worked hard, yep.
Host – Kylie Sultana (06:00):
But I just had absolutely nothing to show for it.
Anthony Sultana (06:02):
If I recall, you started working since you left school?
Host – Kylie Sultana (06:05):
Oh, yeah, I was working at 14. I started working at the races, used to be called the AJC back then, Australian Jockey Club.
Anthony Sultana (06:14):
Yes.
Host – Kylie Sultana (06:14):
Yeah, I used to work there. And we used to get paid cash in the hand, used go and collect our cash in a little long envelope.
Anthony Sultana (06:19):
Yep, remember those good old days?
Host – Kylie Sultana (06:21):
Yep. And then my first real job, do you remember… God, this is kind of like a little renaissance episode, isn’t it? Do you remember the CES, Commonwealth Employment Service?
Anthony Sultana (06:34):
Yeah, which is now called Centrelink.
Host – Kylie Sultana (06:35):
Centrelink, yeah. But they used to have the jobs on a board.
Anthony Sultana (06:39):
They did, you’d have to pick [inaudible 00:06:39] card, [inaudible 00:06:39] the card.
Host – Kylie Sultana (06:39):
On the little cards. And then, you take it to the-
Anthony Sultana (06:40):
Yeah.
Host – Kylie Sultana (06:41):
Yeah. So, I got my first real job there, was Payless Shoes in Auburn. I loved shoes, so I thought, “Yeah, why not?” Got paid 99-
Anthony Sultana (06:45):
That hasn’t changed.
Host – Kylie Sultana (06:48):
Yeah. No, that definitely has not changed. I got paid $99 a week for that job.
Anthony Sultana (06:55):
Wow.
Host – Kylie Sultana (06:56):
But back to… Yeah, we did have very different opinions of money. And I was still racking up credit card. When we first got married, not now.
Anthony Sultana (07:09):
Oh, yes. Yes. That’s what I’m thinking [inaudible 00:07:12].
Host – Kylie Sultana (07:11):
Don’t look confused. No, I don’t have a credit card now.
Anthony Sultana (07:14):
No.
Host – Kylie Sultana (07:14):
So, this is just for listeners so they know. We just remove the temptation, I don’t have the credit. Well, it’s not just that, I… responsible with a credit card now. But I just prefer not to have it, and I just prefer to manage the money that comes into my account.
Anthony Sultana (07:29):
Yeah, and I think for a lot of people, it’s the same. Some people, it’s about control, and about managing, controlling. And just sort of understanding that it’s not always free money, and that’s what a lot of people do. And I think, problem with institutions, put it to people and there’s a lot of vulnerable people who don’t understand it and manage it. And they get themselves in debt, which is pretty sad.
Host – Kylie Sultana (07:51):
Well, people are getting themselves in debt now, like Afterpay and all of these other-
Anthony Sultana (07:58):
Credit providers, yeah.
Host – Kylie Sultana (07:59):
… PayPal and credit providers, yeah. I saw a comment on a Facebook post the other day and someone, they asked, “What’s the biggest money mistake you’ve made?” And someone said, “Getting a personal loan through Wallet Wizard.” I was like, “Oh, my God, I don’t even want to think about the interest rate they’re probably paying on that.” And back in the day, I probably would’ve done something like that [inaudible 00:08:20] without knowing.
Anthony Sultana (08:20):
Yeah, because everybody wants everything now today. It’s not about appreciating that, whatever you buy, you’ve earned it. And that’s the problem, I think, is a lot of people have forgotten about that skill. People work, obviously they will get paid. It’s just about knowing what happens with that money. And a lot of times, people, when I ask them questions, “Where did money go to?” they go, “Bills.” Or, “I don’t know.” Everybody’s got bills, pretty much. And when people say they don’t don’t know, that’s a big problem.
Host – Kylie Sultana (08:56):
It is. Yeah, we get that a lot, right?
Anthony Sultana (08:58):
We do. We do, yeah.
Host – Kylie Sultana (08:59):
A lot of people. I think that’s why one of the first things we do, if somebody comes into our peripherals and want to become a client, is we give them a budget planner and say, “We got to work out what you’re doing with your money first. Yeah. Well, we need to get to know them too. So, by seeing what people spend money on, you get to know them.
Anthony Sultana (09:20):
Yeah. And that’s something, we started to do a budget. Every time I bought the budget planer out, you shut down very quickly, Kylie, if remember.
Host – Kylie Sultana (09:27):
I did, didn’t I? Yeah.
Anthony Sultana (09:28):
It was a bit of a [inaudible 00:09:29]-
Host – Kylie Sultana (09:28):
I think we had a lot of arguments.
Anthony Sultana (09:29):
Arguments over it, yep. Because you didn’t want to do it. And then you kept saying to me, “We need to do it.” And I said, “Yep, let’s just do it now.” “Not the right time now.” “When is the right time?”
Host – Kylie Sultana (09:37):
It’s because I think I used to think that you were judging me. But it wasn’t you were judging me. You just wanted to get me involved.
Anthony Sultana (09:46):
Exactly.
Host – Kylie Sultana (09:48):
And I think once I started to tell you that I didn’t like your approach and how you were phrasing.
Anthony Sultana (09:53):
Okay.
Host – Kylie Sultana (09:56):
That’s true, I did tell you. I said, “It’s the way that you’re saying it.” I think because of how I was brought up.
Anthony Sultana (10:04):
Correct, yep.
Host – Kylie Sultana (10:06):
The way I was spoken to, I was always made to feel guilty about anything. So, that kind of tone and those kind of questions just instantly make me freeze. And I just didn’t want to face it.
Anthony Sultana (10:17):
Yeah, you’re saying that, I’ve come across clients, and very… we’re not different. Like, we’re normal, because I’ve had clients [inaudible 00:10:27]-
Host – Kylie Sultana (10:27):
We’re normal?
Anthony Sultana (10:28):
We’re normal, yes.
Host – Kylie Sultana (10:28):
Are you sure?
Anthony Sultana (10:29):
I think, yeah, I’m sure we are. I’ve had clients where this has happened in the office with me with the husband and wife. Because sometimes there’s always one… It’s not always the male alpha, it could be either/or. So, it could be one of the spouses, there’s always one dominant with finances.
Host – Kylie Sultana (10:48):
So, one of them’s going to be-
Anthony Sultana (10:49):
And other one’s not.
Host – Kylie Sultana (10:50):
Yep.
Anthony Sultana (10:50):
So, I still see that today. Yeah, so it’s one of the things [inaudible 00:10:58] addressed. It’s always a hard thing. It’s never going to be easy, but you got to try to… As you said, it’s just the approach, how I’ve said it. Sometimes you make people feel guilty, but you’re not intentionally making them feel guilty. It’s just that you’re trying to get on top of it.
Host – Kylie Sultana (11:15):
Yeah. And to your credit, you took that on board when I said that to you. And you kind of changed your approach a little bit. And I think that’s when we started to get on track. And then, it’s kind of the more I got involved, the more I realised how stressed you were over having to take care of all of the finances. Because it was all kind of laid on your-
Anthony Sultana (11:38):
I wouldn’t say you stressed me out.
Host – Kylie Sultana (11:40):
Not stress, but it was a lot of responsibility I was leaving you with to just take care of everything.
Anthony Sultana (11:46):
Yeah, it was. Because at that time, I sort of wanted you to be aware of what’s happening.
Host – Kylie Sultana (11:52):
What was happening, yeah.
Anthony Sultana (11:55):
Because when we get electricity bill, when I get it, I freak out because how much it is. But I’ll say to you what it is and you go, “So what? It’s just a bill.” That’s where-
Host – Kylie Sultana (12:05):
Yeah, “What are we going to do? Light some candles and not have electricity? Whatever, I don’t care.”
Anthony Sultana (12:08):
But it’s all about understanding what’s realistic, what power bills should be like. Or even phone bills. Because once you don’t know what an average is, then you don’t really know if you’re paying a lot of money or not.
Host – Kylie Sultana (12:25):
That’s right. Yeah, exactly.
Anthony Sultana (12:28):
Yeah. We know somebody that their electricity bill for two people [inaudible 00:12:32] $900 a quarter.
Host – Kylie Sultana (12:35):
Which is ridiculous.
Anthony Sultana (12:36):
Which is ridiculous. And that’s a big problem. Something’s gone wrong there. But anyway, that’s a different story. But I think what also changed your… We found the magic for you to save money.
Host – Kylie Sultana (12:47):
What was that? Travel?
Anthony Sultana (12:50):
A goal. Setting a goal.
Host – Kylie Sultana (12:51):
Setting a goal, yeah.
Anthony Sultana (12:52):
Which was to travel.
Host – Kylie Sultana (12:54):
Which was travel, that’s right.
Anthony Sultana (12:54):
Exactly right.
Host – Kylie Sultana (12:54):
Yeah, exactly.
Anthony Sultana (12:55):
So, that’s where people, they don’t have goals, that’s where the problem is. They get the money, they don’t know what to do with it, so they spend it.
Host – Kylie Sultana (13:02):
That’s right, yeah.
Anthony Sultana (13:03):
But if you set yourself a goal, and what we talk about at Creo Wealth, is all about setting goals.
Host – Kylie Sultana (13:09):
Setting financial goals.
Anthony Sultana (13:09):
Set yourself a goal-
Host – Kylie Sultana (13:09):
Well, goals.
Anthony Sultana (13:10):
Yep.
Host – Kylie Sultana (13:10):
Because most goals, really, can be tied back to financial, right?
Anthony Sultana (13:13):
Exactly, yeah. So, it could be-
Host – Kylie Sultana (13:16):
A soda water [inaudible 00:13:18].
Anthony Sultana (13:18):
Yeah, that’s right. So, setting yourself a goal, it could be personal or financial, but obviously setting both, which interrelate to each other. Then, that gives the person… understand they can save then.
Host – Kylie Sultana (13:30):
Mm-hmm, yeah. Yeah, travel’s still my number one goal. All the time. You know I don’t function unless we’ve got some holiday in the plans. You would just work 24/7-
Anthony Sultana (13:43):
I like holidays. No.
Host – Kylie Sultana (13:43):
You would just work nonstop if I did not plan holidays. Admit it. Just admit it.
Anthony Sultana (13:47):
No, you’re wrong.
Host – Kylie Sultana (13:49):
I’m not wrong. Okay.
Anthony Sultana (13:49):
Might be 18 months, not 12 months.
Host – Kylie Sultana (13:50):
Oh, God. I couldn’t go 18 months without a holiday. COVID killed me. Anyway. So, Anthony, what would be tips for, not just males, but male or females that are the ones that are more kind of financially literate? And their partner’s kind of like me, that doesn’t want to accept it? What are some tips you can give them? Be patient is probably a-
Anthony Sultana (14:23):
Well, be patient. But you’ve got to try to communicate about setting some time. And make it a bit of fun. Because obviously, a person who doesn’t have a lot of financial literacy, it’s going to be harder for them to come across and understand how it works. But the longer you leave it, the worse it gets. It causes a lot of financial relationship stresses and all that, which we don’t need. So, it’s about trying to address it sooner. And it’s about doing the communication, maybe setting small tasks. So, like with yourself, set yourself a goal to go on holiday. Okay, well, let’s go on a holiday. We need to expand money, let’s start saving it. So, I think that’s probably a good way to do it without being forced upon the other person. So, it gives them something they want to achieve.
Host – Kylie Sultana (15:16):
Some sort of control.
Anthony Sultana (15:17):
Yeah, it could be for a car, it could be for anything. But just start saving. Because once you start realising that you can save money, it gives you that sense of great satisfaction.
Host – Kylie Sultana (15:32):
That’s right, yeah.
Anthony Sultana (15:32):
And thinking, “Wow, this is really good.” And then, you realise how easy it is, and then it sort of helps get the ball rolling to start on other things and start focusing.
Host – Kylie Sultana (15:39):
Mm-hmm, like some more Jimmy Choos.
Anthony Sultana (15:41):
Right.
Host – Kylie Sultana (15:41):
I still have a shoe fetish. That’s okay.
Anthony Sultana (15:43):
That’s all right, I’ll stick my Clark Rubber. No, no, my Windsor Smiths.
Host – Kylie Sultana (15:52):
Your Windsor Smiths. Such a simple man. Thanks for chatting with me and talking about our early years with money.
Anthony Sultana (16:00):
It was good.
Host – Kylie Sultana (16:01):
We’re much better now.
Anthony Sultana (16:03):
Oh, we are.
Host – Kylie Sultana (16:03):
We are much better now. I still have my moments. Sometimes. But that’s okay.
Anthony Sultana (16:13):
Yep. And it’s all about, I think, working together and trying to communicate. Which is probably the biggest thing [inaudible 00:16:16].
Host – Kylie Sultana (16:16):
Yeah. I think it’s important actually, too, before we finish off, to let everyone know, because I’ve seen a lot of people talking about when you’re in a couple, whether you keep your money together, or separate, or whatever. And we’ve always kept our money together. It’s never really been a mine, yours. It’s just, it’s ours. It’s just there to pay for what we have, kind of thing. And then, now, every fortnight, I just get a certain amount put into my account and that’s mine to do whatever the hell I want with.
Anthony Sultana (16:46):
Yes. Well, luckily you and I both… Obviously we put our funds together, obviously with mortgage, trying to minimise interest costs. But it’s also good to have your own, I call it my play money, or slush money.
Host – Kylie Sultana (16:59):
Slush money.
Anthony Sultana (17:00):
We all have our own. And I think everybody should still be able to do that to pay for their hobbies, or maybe want to go for a coffee rather than be dependent upon. And judging each other’s, “Oh, you spent that. What’d spend that money on?” Especially if it’s a joint account. So, you pool your money into one account, and then you could just set amounts which you both agree on for your own individual.
Host – Kylie Sultana (17:21):
Which has worked for us, yeah.
Anthony Sultana (17:23):
And that’s the way to do it. Because if you do that, then you only spend what you’ve got. Because if you only have the one account, you probably spend more than what you think. That’s one. Secondly, some people do have their own… They want to keep their finances separate. It’s a bit harder to work with, but it’s manageable.
Host – Kylie Sultana (17:41):
Yeah. I think communication, again, is the main key. So, you’ve just got to do whatever works for you. But having our money pooled just worked for us.
Anthony Sultana (17:47):
Yes. That’s right, yep. Yeah, it’s one way or another. So, you want to keep money separately, but you still should look at having a joint account for certain things to cover.
Host – Kylie Sultana (17:56):
Yep. Well, thanks for joining me today.
Anthony Sultana (17:58):
Thank you, Kylie.
Host – Kylie Sultana (17:59):
Yeah. What’s for dinner?
Anthony Sultana (18:01):
I don’t know. Maybe we’ll ask the boys.
Host – Kylie Sultana (18:04):
Yeah, maybe. I don’t think they’ll be cooking dinner. We’ll be eating bloody eggs on toast if it’s up to them. Yeah, thanks for joining me and sharing, appreciate it.
Anthony Sultana (18:13):
Thank you. And thanks for all the invite, Kylie.
Host – Kylie Sultana (18:15):
Yeah. You’re welcome, Anthony. Thanks, babe.
Anthony Sultana (18:16):
Bye.
