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Speaker 1: Sean take care of tomorrow with award winning value at Unisuper.

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Speaker 2: That's right, Michael. Unisuper's awarded value, lower fees and great

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Speaker 2: long term performance are backed by forty years of investment expertise.

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Speaker 1: All Australians can join unisuper today at unisuper dot com

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Speaker 1: at dot AU. Please remember that past performance is not

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Speaker 1: an indicator of future performance. Consider unisoupers, pds and TMD

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Speaker 1: on its website and your circumstances before making decisions. Welcome

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Speaker 1: to Fearing Greed Sunday feature oh Michael Thompson. Every week

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Speaker 1: we release as sister podcast called How Do They Afford That?

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Speaker 1: Featuring me and financial planner Canna Campbell. It's all about

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Speaker 1: personal finance, managing money, investing, working towards financial independence. In

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Speaker 1: this week's episode, which we're sharing with you here today,

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Speaker 1: we take a look at the stage three tax cuts

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Speaker 1: that have just come into effect and how they could

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Speaker 1: make a difference to your financial future. How do they Afford?

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Speaker 1: That comes out every Wednesday and its own feed wherever

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Speaker 1: you listen to podcasts, I hope you enjoy it. So

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Speaker 1: how do they afford that? The podcast that peeks into

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Speaker 1: the financial lives of everyday Australians. I'm Michael Thompson. I'm

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Speaker 1: a writer and the co host of the podcast Fear

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Speaker 1: and Greed business news. As always, I'm with Canna Campbell,

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Speaker 1: financial planner and founder of sugar Mama TV, the financial

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Speaker 1: literacy platform that is literally everywhere YouTube, podcast, books, Instagram, threads,

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Speaker 1: TikTok and more.

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Speaker 3: Holo, Canna, Good morning, Michael, Now Cana.

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Speaker 1: Today's an interesting episode. It's a very exciting one because

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Speaker 1: it is very much a podcast for now. It is

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Speaker 1: something big happening at the moment because every working Australian

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Speaker 1: got a tax cut on the first of July, which

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Speaker 1: is quite a momentous occasion. Really, it isn't something that

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Speaker 1: happens very often, and the scale of the cut, of

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Speaker 1: course varies depending on what you're earning. But what doesn't

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Speaker 1: change is the fact that this is an opportunity to

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Speaker 1: do something about your financial future. Do you use the

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Speaker 1: money to kind of bump up your super do you

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Speaker 1: clear out debt? Do you save it? Do you invest

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Speaker 1: somewhere else? Do you whack it under the mattress or something?

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Speaker 3: Have so many different options. It's you know, we need

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Speaker 3: to work out what is the best for our listeners.

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Speaker 1: I think we can safely rule out putting it under

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Speaker 1: your mattress.

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Speaker 3: Though, do not ever take financial advice from Michael. No

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Speaker 3: please listening to this episode or any other episode on

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Speaker 3: how to Bear for that.

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Speaker 1: That is a very very good disclaimer. There are a

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Speaker 1: lot of options though, as you say, and so we

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Speaker 1: have an expert in the studio today to help us out.

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Speaker 1: Jessica Louis is a senior private client advisor at Unisuper

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Speaker 1: a supporter of this podcast. Jessica, welcome to How To

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Speaker 1: They Afford.

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Speaker 4: That morning, Michael, and warning Canna.

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Speaker 1: Now, I am really looking forward to to talking to

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Speaker 1: you because and I know that Canner is because she's

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Speaker 1: just been jumping out of her seat today about the

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Speaker 1: potential to talk about superinnuation and about salary sacrificing into

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Speaker 1: super which is what we will get to that in

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Speaker 1: just a moment, because I know that is something Jessica,

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Speaker 1: that you're passionate about as well, and I know that

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Speaker 1: I'm in trouble. Now the two of you will just

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Speaker 1: kind of end up chatting for the time about superannuation

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Speaker 1: and salary sacrificing and all of that, and I'll just

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Speaker 1: kind of take a moment to duck outside and make

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Speaker 1: a cup of tea. But before we do get into it,

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Speaker 1: we need to make it clear that as you're listening,

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Speaker 1: please know that anything we talk about is always general

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Speaker 1: in nature. It is never personal investment, strategic or product advice.

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Speaker 1: It is purely for financial education purposes only.

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Speaker 3: That's right. We don't know anything about your financial situation,

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Speaker 3: your goals, your aspirations, and what your risk profile might be,

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Speaker 3: so please always bear that in mind. I know this

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Speaker 3: is in general in nature and educational purposes only.

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Speaker 1: Now, before we get into it, Jessica and I'll let

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Speaker 1: Kanna ask the first question, which is a very it's

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Speaker 1: a high risk thing because I may not get another

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Speaker 1: question in. It's a good idea to kind of get

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Speaker 1: an understanding of the scale of these tax cuts, isn't it?

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Speaker 1: Because from what I could see, a person earning, say,

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Speaker 1: fifty thousand dollars will get about nine hundred and thirty

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Speaker 1: nine hundred and twenty nine dollars thereabout annual tax cut,

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Speaker 1: which works out to be just to touch under eighteen

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Speaker 1: dollars a week. Someone earning one hundred thousand dollars will

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Speaker 1: get an extra two one hundred and seventy nine dollars

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Speaker 1: a year or just a little under forty two dollars

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Speaker 1: a week, and then you kind of as you get

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Speaker 1: up into some of those higher tax brackets, someone earning,

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Speaker 1: say more than one hundred and ninety thousand dollars will

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Speaker 1: collect an additional four thousand, five hundred and twenty nine

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Speaker 1: dollars annually. But all the way up these are not

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Speaker 1: in significant numbers. So this is it's definitely kind of

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Speaker 1: a case of let's talk about this now and figure

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Speaker 1: out what.

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Speaker 2: To do, Jessica.

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Speaker 3: So you spend your days talking to the UNI super

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Speaker 3: members about their superannuation and their financial goals and dreams.

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Speaker 3: How are you explaining and advising about how incredibly important

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Speaker 3: these tax cuts are to perhaps make up for lost time,

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Speaker 3: or to get back on track, or even to potentially

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Speaker 3: get ahead of the game, Like, what is your advice?

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Speaker 3: What are you explaining to your members?

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Speaker 4: Sure? Well kind of, I think the first thing just

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Speaker 4: to point out is, you know where else do we

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Speaker 4: actually get a pay rise without even asking? So on

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Speaker 4: the first of July, that's actually what happened thanks to

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Speaker 4: the government, and unlike other tax cuts that we've had

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Speaker 4: in the past, these ones will actually hit your bank

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Speaker 4: account straight away, so there's no waiting to the end

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Speaker 4: of the financial year lodging your tax return and then

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Speaker 4: getting this big lump sum back. So the opportunity for

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Speaker 4: people to actually do something meaningful with this extra money

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Speaker 4: can take effect right now. So I think it's a

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Speaker 4: wonderful opportunity to have a think about what you can

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Speaker 4: do with this money to really secure your financial future.

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Speaker 4: But I do also want to acknowledge that for some

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Speaker 4: this extra little bit of money will go straight to

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Speaker 4: covering the basics just to survive in light of the

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Speaker 4: cost of living pressures. But however, for those that can,

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Speaker 4: I think it's a good idea to think about the

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Speaker 4: different things you can do so that you don't succumb

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Speaker 4: to lifestyle creep. So look, the first thing is you

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Speaker 4: can salary sacrifice into sleep.

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Speaker 3: And before we.

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Speaker 4: Get into the details, I'd just like to take a

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Speaker 4: step back and talk about why super is so important

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Speaker 4: and why it's important to assess your super at every

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Speaker 4: stage of your life.

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Speaker 1: Oh, Jessica, you are speaking Kenna's language right now.

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Speaker 3: I just see to myself. I like what I'm hearing.

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Speaker 3: I like the way Jessica thinks.

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Speaker 1: As soon as you said how important superannuation is, like

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Speaker 1: she actually just kind of just just drifted back a

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Speaker 1: little bit in the seat. He took it to a

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Speaker 1: very happy place for them, Please keep going.

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Speaker 4: So, look, the reason why super is so important is

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Speaker 4: that for most people, super will be their second largest

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Speaker 4: financial asset aside from their family home. So for some

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Speaker 4: it may actually even be their largest. So it really

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Speaker 4: does make sense to give something that's so valuable the

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Speaker 4: attention that it deserves. Then if we fast forward and

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Speaker 4: think about the bigger picture, the purpose of superannuation is

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Speaker 4: to support our retirement lifestyle. So what we do now

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Speaker 4: and if we've got a runway of five years, ten years,

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Speaker 4: twenty years, thirty is it can really make a difference

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Speaker 4: to being able to retire with choices or being able

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Speaker 4: to retire and just afford the basics. And for most

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Speaker 4: they do aspire to having choices when they retire.

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Speaker 1: Well, in that case, I mean, I think that it's

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Speaker 1: clear that you need to make some decisions now. I

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Speaker 1: mean it's not worth kind of putting it off and

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Speaker 1: putting it off and putting it off, because there are

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Speaker 1: significant financial benefits to actually getting involved and getting active

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Speaker 1: in this early on. So which is really the point

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Speaker 1: of this today? Then, and let's start then with salary

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Speaker 1: sacrificing into your super Now, Jessica, I'm sorry to do

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Speaker 1: this to you because you are an expert in this space.

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Speaker 1: Canna is also an expert in this space. I am

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Speaker 1: not an expert in this space in absolute layman's terms,

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Speaker 1: Can you please explain how salary sacrificing works? Have is you?

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Speaker 4: But Michael, before I explained how salary sacrifice works, it

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Speaker 4: might just be helpful to think about the benefits of

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Speaker 4: salary sacrifice, because if we think about the benefits, that's

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Speaker 4: really going to motivate us to actually take action. And

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Speaker 4: I think there's an old saying that a good plan

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Speaker 4: executed today is far better than a perfect plan executed

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Speaker 4: in the future. So that's really what we're talking about.

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Speaker 3: You love a good quote on out of there for that.

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Speaker 1: That's a good one. I'm going to write that down.

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Speaker 1: I will I will likely use that again, And unfortunately, Jessica,

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Speaker 1: I will never credit you. I will say it's my

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Speaker 1: own original work.

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Speaker 4: Well, actually, I have to give credit to my husband

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Speaker 4: because it's something that he says all the time. So

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Speaker 4: he's very much about taking action. And maybe that's because

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Speaker 4: he spent eleven years in the Navy. I don't know.

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Speaker 4: I'm sure that was ingrained into love.

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Speaker 1: Though, that you weren't going to credit him though, initially

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Speaker 1: until I threatened to take credit for it myself. Sorry,

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Speaker 1: go on, please go on.

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Speaker 4: So, if we think about the benefits of salary sacrifice,

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Speaker 4: they're really twofold. So firstly, salary sacrificing into SUPER is

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Speaker 4: tax effective. It means that you'll actually end up paying

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Speaker 4: less tax. And then secondly, it's a regular automatic savings

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Speaker 4: plan to boost your retirement nest eggs so that you

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Speaker 4: can achieve financial freedom. So I think that's a really

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Speaker 4: important point. Think about how this change could benefit you

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Speaker 4: in the long term. So, for example, if I salary

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Speaker 4: sacrifice x amount into SUPER for the next twenty years,

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Speaker 4: that means I'm going to be x amount better off

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Speaker 4: at retirement. I can afford to spend this much more money,

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Speaker 4: and this is actually the lifestyle that having this much

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Speaker 4: more money is going to afford me.

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Speaker 1: So if we use then Jessica as an example, when

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Speaker 1: I was going through kind of those different kind of

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Speaker 1: pay rates and someone earning fifty thousand dollars and someone

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Speaker 1: earning a hundred thousand dollars. Let's say, just for ease

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Speaker 1: of kind of figuring this out, that someone earning one

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Speaker 1: hundred thousand dollars and they are getting essentially an extra

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Speaker 1: forty one dollars ninety per week that we are talking

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Speaker 1: about kind of just putting that forty one dollars ninety

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Speaker 1: into superannuation before it is taxed. It never even kind

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Speaker 1: of touches your pocket, It never goes into your bank account,

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Speaker 1: and so therefore it actually reduces your taxable income further.

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Speaker 1: Am I have I butchered this?

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Speaker 4: Nope, You've got that exactly right, and you might even

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Speaker 4: see an increase in your take on pay because you're

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Speaker 4: actually paying less tax and salary sacrifice is really easy

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Speaker 4: to put in place because in it's an arrangement between

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Speaker 4: you and your employer where your employee just siphons off

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Speaker 4: that amount each week ll per fortnight or month or

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Speaker 4: however frequently they pay your super contributions, and so if

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Speaker 4: it's not coming into your bank account, then there's not

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Speaker 4: going to be a risk of you spending it. So

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Speaker 4: you know, that's one of the other great things about

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Speaker 4: salary sacrificing into super it's that enforced savings plan, and

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Speaker 4: you think about the benefits of compound interest. Those small

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Speaker 4: differences over a long period of time can really make

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Speaker 4: such a big impact.

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Speaker 1: And it's just hands off, isn't it that way? If

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Speaker 1: it's just yah, which I might be biased, but I

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Speaker 1: like anything that I don't have to do, like if

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Speaker 1: I can just kind of set it and it will

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Speaker 1: continue that way. And so the starting point is just

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Speaker 1: to talk to your employer about this.

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Speaker 4: So I think, you know, talking to you employer, I

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Speaker 4: guess is the implementation phase. But we would always recommend

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Speaker 4: that you seek advice. So if you work with a

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Speaker 4: financial advisor, you know, they would be in a fantastic

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Speaker 4: position to actually recommend you know whether you should or

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Speaker 4: shouldn't how much you should salary or sacrifice, and explain

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Speaker 4: the benefits to you. If you don't have a financial advisor,

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Speaker 4: you know, the great thing is a lot of super

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Speaker 4: funds do offer that financial advice service that can help

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Speaker 4: you with limited advice like a contribution strategy, And generally

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Speaker 4: it's very cost effective to speak to your super fund.

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Speaker 3: Jessica, do you have any sort of general rules of

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Speaker 3: thumb as to when or who a salary sacrificing strategy

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Speaker 3: would be most beneficial, such as you know, someone approaching

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Speaker 3: retirement or maybe someone who's just entered the workforce. Is

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Speaker 3: there a kind of hard and fast rule that you

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Speaker 3: like to go by for your members? No hard rule.

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Speaker 4: I mean, I think you know, at the heart of it,

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Speaker 4: it has to work for the person. So for example,

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Speaker 4: I mean, one thing to note is if you do

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Speaker 4: salary sacrifice into SUPER, you are effectively locking your money

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Speaker 4: up until at least age sixty. So if you have

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Speaker 4: competing goals, so for example, you know, if your primary

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Speaker 4: goal is to pay down debt or to save for

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Speaker 4: your children's education, then salary sacrificing into SUPER may not

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Speaker 4: actually be what you choose to do at that particular time.

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Speaker 4: But if you work with a financial advisor, they can

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Speaker 4: really help you get clarity on your goals and your priorities.

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Speaker 4: And so over time, those goals and priorities naturally will

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Speaker 4: change as you move through different life stages. But I

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Speaker 4: think you know, the earlier you start, the better. So

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Speaker 4: even if someone starts with putting a little bit into SUPER,

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Speaker 4: it might be ten dollars a week you're probably not

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Speaker 4: going to miss ten dollars a week. That's like two coffees.

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Speaker 1: That's a good way to look at it, actually, And

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Speaker 1: all of a sudden, as soon as it happens for

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Speaker 1: a couple of weeks, it will be completely kind of

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Speaker 1: out of mind, out of sight, out of mind. And

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Speaker 1: then suddenly you retire in twenty thirty years and that

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Speaker 1: ten dollars a week extra.

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Speaker 3: And if you're so glad you did that, yeah, all

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Speaker 3: the way back then, like one of the best things

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Speaker 3: you've ever done for yourself.

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Speaker 1: Yeah. Look, we've spent a bit of time on salary

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Speaker 1: sacrificing and superannuation. We do have a few other bits

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Speaker 1: and pieces that I would like to cover, other alternatives

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Speaker 1: as well that we should consider for these tax cuts.

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Speaker 1: We will take a very quick break and we'll come

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Speaker 1: back in a moment and go through some of those

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Speaker 1: Sean take care of tomorrow. With award winning value at Unisuper.

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Speaker 2: Michael Unisuper was awarded the most satisfied Members by Canstar

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Speaker 2: in twenty twenty three and gives you the flexibility to

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Speaker 2: stay in touch with over thirty locations Australia wide and if.

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Speaker 1: You want to enjoy Unisoper's awarded value, lower fees and

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Speaker 1: great long term performance. All Australians can join unisuper today

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Speaker 1: at unisuper dot com at dot AU. Please remember the

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Speaker 1: past performance is not an indicator of future performance. Consider

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Speaker 1: unisupers and TMD on its website and your circumstances before

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Speaker 1: making decisions. All right, Canna, we are talking here about

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Speaker 1: tax cuts. Everyone's got a tax cut, and so what

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Speaker 1: do we do with it. There's a little bit of

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Speaker 1: extra money in our pockets every month, every week, every fortnight,

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Speaker 1: depends on when you get paid. But it is not

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Speaker 1: a case of just allowing your lifestyle to kind of

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Speaker 1: take up that extra cash. We are looking at the

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Speaker 1: different options we've talked about salary sacrificing into super. We

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Speaker 1: have an expert in the studio to help us out

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Speaker 1: with this today, jess We have an expert in this.

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Speaker 1: We have an expert in the studio to help us

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Speaker 1: out with this today. Jessica Lewis Senior Private Client advisor

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Speaker 1: at Unisuper, supporter of this podcast. Jessica, I know that

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Speaker 1: you and Canna are obviously both very passionate about superannuation

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Speaker 1: and about salary sacrificing. Can I ask you about cash though,

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Speaker 1: Can I ask you about kind of using the as

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Speaker 1: an opportunity to build up your kind of your cash reserves,

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Speaker 1: or maybe it's better to look at it as your

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Speaker 1: emergency money.

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Speaker 4: Like, I'm so glad you raise this point, because I

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Speaker 4: think building up a cash reserve is actually a really

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Speaker 4: underutilized strategy. So what I see a lot of clients

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Speaker 4: do is they might have put extra money that they

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Speaker 4: have into the mortgage and then they use their redraw

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Speaker 4: facility if they need to access funds. Now, that may

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Speaker 4: not be the best idea because when you're accessing a redraw,

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Speaker 4: you're actually extending your debt and therefore how much interest

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Speaker 4: you're paying on that loan, Whereas a cash reserve is

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Speaker 4: really a totally different thing. It's set aside to be

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Speaker 4: that emergency fund readily accessible. So in terms of how

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Speaker 4: much you should have as a cash reserve, it's really

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Speaker 4: a personal preference. But I think if you think about

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Speaker 4: it in terms of how much would I want or

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Speaker 4: need to have if I needed to travel into state

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Speaker 4: or overseas in an emergency because one of my family

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Speaker 4: members had passed away, or if I need to service

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Speaker 4: the car, or pay for a big medical bill something

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Speaker 4: like that. So you know, a common rule of thumb

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Speaker 4: is about three months of income, but it doesn't necessarily

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Speaker 4: have to be that much. I have clients that say, look,

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Speaker 4: I'm quite comfortable with a cash reserve of five or

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Speaker 4: ten thousand dollars.

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Speaker 1: And I suppose it's a bit of a misnomer. I

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Speaker 1: supposed to think of it as just strictly cash because

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Speaker 1: I was joking about putting it under the mattress, and

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Speaker 1: that is probably the worst thing you could do. You're

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Speaker 1: much better putting it internet. I love that kind of

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Speaker 1: just very firm advice. Don't do what Michael has advised

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Speaker 1: you to do. Put it into an offset account or

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Speaker 1: something like that instead.

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Speaker 3: All right, whilst we're talking about Michael's ridiculous idea of

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Speaker 3: stashing money under his bed.

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Speaker 1: It seems harsh.

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Speaker 3: Where do you stand when it comes to investing out

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Speaker 3: of superinneration. Do you tend to have a bias towards

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Speaker 3: prioritizing super first or do you like the idea of

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Speaker 3: doing both or do you think for some people you know,

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Speaker 3: they should prioritize investing sooner rather than later. What are

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Speaker 3: your thoughts and feelings around this, so.

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Speaker 4: Can I think if we talk about investing, whether that's

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Speaker 4: inside or outside Super, everyone should start thinking about what

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Speaker 4: they could do from a very early age. Then it's

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Speaker 4: working out what is the best course of action for

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Speaker 4: you at that particular time. So for example, you know,

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Speaker 4: if you are younger and you're not going to be

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Speaker 4: retiring for a few decades, you know, investing all of

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Speaker 4: your surplus income into Super probably isn't going to be

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Speaker 4: the best idea because it's not going to be accessible.

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Speaker 4: And I think a really great example of that is,

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Speaker 4: you know, for younger people who might be looking to

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Speaker 4: buy their first home, you know, aside from using the

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Speaker 4: first Home Super Saber scheme to actually help with their deposit,

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Speaker 4: you know, leaving that aside, would you invest all of

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Speaker 4: your surplus money into Super, No, because you can't access

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Speaker 4: it until you at least sixty, So that's then going

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Speaker 4: to be a conflicting goal. But if you look at

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Speaker 4: say other people who might want the best of both worlds,

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Speaker 4: where they want soupers for the long term, so it's

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Speaker 4: set and forget, as Michael said, but then they want

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Speaker 4: to invest outside super because your money is still growing

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Speaker 4: you get to control how you invest it, how much

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Speaker 4: or how little risk you take, and you can add

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Speaker 4: to it, you can withdraw from it. You know, that's

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Speaker 4: also a good option. So there's no one size fit,

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Speaker 4: So it really depends on your individual circumstances and what

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Speaker 4: you're wanting to achieve.

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Speaker 1: What about then, and another option for you actually kind

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Speaker 1: of mentioned this at the start, Jessica, when you said

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Speaker 1: that some people are going to need to use these

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Speaker 1: tax cuts and that little bit of extra money in

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Speaker 1: order to just help them get by the cost of

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Speaker 1: living crisis. Linked to that, I suppose is debt as well,

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Speaker 1: and that debt that might have been building up through

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Speaker 1: this period, and whether it's kind of your toxic kind

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Speaker 1: of credit card debt or other forms of debt, where

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Speaker 1: do we prioritize that in terms of using that tax

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Speaker 1: cut money. Is paying off debt kind of high on

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Speaker 1: the agenda.

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Speaker 4: Look again, it might be. And there are three types

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Speaker 4: of debt, the good, the bad, and the ugly. So

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Speaker 4: if we start with the ugly debt that's non deductible

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Speaker 4: debt like credit card debt that you built up to

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Speaker 4: fund your cost of living, and I get that, you know,

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Speaker 4: for some people, given inflation and how much things have

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Speaker 4: just increased in price, they might not have had any

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Speaker 4: option but to put things on a credit card. But

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Speaker 4: if you do have credit card debt, you know, absolutely

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Speaker 4: start with paying off whatever debt has the highest interest rate,

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Speaker 4: and generally that is credit cards. Then there's you know,

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Speaker 4: what we would call good debt, so that might be

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Speaker 4: debt against your principal residence mortgage, or debt that's tax deductible,

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Speaker 4: so an investment property, or if you borrow to invest

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Speaker 4: in shares, all that kind of thing. So you might

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Speaker 4: not necessarily want to pay down that debt if it's

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Speaker 4: giving you a tax benefit. But in terms of your

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Speaker 4: family home, you know, obviously there are financial considerations, so

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Speaker 4: you know, if you pay down debt, you know that

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Speaker 4: you're going to save on the interest and interest rates,

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Speaker 4: even if their variable rates are pretty much a known quantity,

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Speaker 4: whereas interest rates or whatever earning rates you're going to

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Speaker 4: get in your investments, it's not a known quantity, So

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Speaker 4: there's that you have to weigh up. But then there's

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Speaker 4: also the psychological aspect of paying down debt, which you

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Speaker 4: know a lot of people don't really place enough weight

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Speaker 4: on and that is you know, if you do pay

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Speaker 4: down debt, generally it's a self fulfilling prophecy because people

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Speaker 4: feel better about paying down debt, that motivates them to

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Speaker 4: then pay down more debt and to save. So I

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Speaker 4: think it can actually lead to bigger and better things

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Speaker 4: in the long term.

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Speaker 3: Jessica, My biggest fear for Australians right now is that

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Speaker 3: these pay rises or sorry pepwolf essentially it's called them

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Speaker 3: a pay rise now because that sounds a little bit

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Speaker 3: more exciting than a tax cut. You know, they kick

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Speaker 3: in and you know, three months later, everyone scratching their

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Speaker 3: head again, going, you know, where is all my money going?

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Speaker 3: You know that dreaded toxic lifestyle creep has kicked in.

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Speaker 3: How can you recommend someone be on top of this

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Speaker 3: and avoid that lifestyle creep kicking in? You know, should

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Speaker 3: they be changing their mortgage repayment plans by the new

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Speaker 3: amount of extra money that they're going to be owning,

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Speaker 3: or should they be increasing their aromatic savings plan, or

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Speaker 3: should they be reviewing their budget and going, hey, well,

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Speaker 3: I've got an extra fifty dollars per week now to

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Speaker 3: put towards the family grocery bills Like how do we

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Speaker 3: make sure that we have our finger on the pulse

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Speaker 3: with this.

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Speaker 4: Sure so, Canna, I think you know. It really goes

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Speaker 4: back to my three pools of saving or investing. So

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Speaker 4: the first is start early, so that's now, so take

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Speaker 4: action straight away. The second is make it automatic. So

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Speaker 4: if you are deciding that salary sacrificing into super is

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Speaker 4: the best course of action for you, or if it's

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Speaker 4: paying down debt, make it automatic. Siphon it off from

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Speaker 4: your pay into a separate bank account or your mortgage

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Speaker 4: or whatever, so that you don't have to think about it.

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Speaker 4: And the other thing is make it regular, so instead

438
00:21:28,280 --> 00:21:31,040
Speaker 4: of you know, saving that surplus in your bank account

439
00:21:31,040 --> 00:21:32,720
Speaker 4: and then you know, chucking a big lump some off

440
00:21:32,720 --> 00:21:35,359
Speaker 4: the mortgage or putting a big lump some into super

441
00:21:36,440 --> 00:21:41,560
Speaker 4: small bits regularly really do help. So start early, make

442
00:21:41,560 --> 00:21:44,399
Speaker 4: it regular, and make it automatic. Just like cleaning your teeth,

443
00:21:44,400 --> 00:21:45,280
Speaker 4: you don't think about.

444
00:21:45,040 --> 00:21:47,959
Speaker 3: It, you just do it, So a habit pretty much healthier.

445
00:21:48,480 --> 00:21:51,280
Speaker 1: I don't know if we've ever used a toothbrushing analogy

446
00:21:51,600 --> 00:21:55,159
Speaker 1: on this, and it only takes you two minutes. I

447
00:21:55,200 --> 00:21:56,320
Speaker 1: don't even know if that's right.

448
00:21:56,359 --> 00:21:58,479
Speaker 3: Actually, the salary st brush for two minutes. And I

449
00:21:58,520 --> 00:22:00,640
Speaker 3: know that because I've just come back from that dentist

450
00:22:00,840 --> 00:22:01,920
Speaker 3: after a two hour appointment.

451
00:22:02,040 --> 00:22:04,840
Speaker 1: It feels like we are spiraling kind of out of

452
00:22:05,000 --> 00:22:07,439
Speaker 1: kind of the range of what we were talking about today.

453
00:22:07,680 --> 00:22:10,679
Speaker 1: Jessica kind of make one observation, and I think this is.

454
00:22:11,080 --> 00:22:13,359
Speaker 1: I like the fact that even though you work with

455
00:22:13,480 --> 00:22:16,800
Speaker 1: Unisuper and that you are providing advice kind of within

456
00:22:16,800 --> 00:22:20,440
Speaker 1: a super fund, that you clearly consider the big picture,

457
00:22:20,800 --> 00:22:23,639
Speaker 1: that it is not just all about superannuation, that that

458
00:22:23,720 --> 00:22:26,520
Speaker 1: you're also kind of looking at debt, you are looking

459
00:22:26,560 --> 00:22:29,040
Speaker 1: at the home loan, you are looking at other investments

460
00:22:29,119 --> 00:22:33,960
Speaker 1: and things. It's actually a very nice kind of quite

461
00:22:34,240 --> 00:22:36,960
Speaker 1: what would you say, holistic kind of approach. Is that

462
00:22:37,200 --> 00:22:39,119
Speaker 1: is that the right way to kind of makes it

463
00:22:39,119 --> 00:22:43,400
Speaker 1: almost sound quite spiritual, doesn't it.

464
00:22:43,400 --> 00:22:43,840
Speaker 3: It is.

465
00:22:44,359 --> 00:22:46,879
Speaker 4: I think holistic is a great way of describing it.

466
00:22:46,880 --> 00:22:51,320
Speaker 4: It's holistic, it's comprehensive. And so you know, with Unisuper,

467
00:22:51,320 --> 00:22:53,719
Speaker 4: we do offer a comprehensive advice service, and we do

468
00:22:53,920 --> 00:22:57,800
Speaker 4: consider all of those different aspects. It's not just about superinnoation.

469
00:22:58,000 --> 00:23:00,680
Speaker 4: And like all other financial advisors, you know, Canra and myself,

470
00:23:00,720 --> 00:23:02,679
Speaker 4: we are bound by law to recommend what's in the

471
00:23:02,680 --> 00:23:05,720
Speaker 4: best interests of our clients, and if it's not super

472
00:23:05,880 --> 00:23:07,080
Speaker 4: then we won't recommend it.

473
00:23:07,359 --> 00:23:09,840
Speaker 3: I'm also proud to be a financial planner right now,

474
00:23:09,880 --> 00:23:10,440
Speaker 3: the two of.

475
00:23:10,400 --> 00:23:14,440
Speaker 1: You together, just you two could just have your own podcast.

476
00:23:14,680 --> 00:23:18,639
Speaker 1: It's just Financial Planners Unite or something like that. FPU.

477
00:23:19,160 --> 00:23:22,520
Speaker 1: You know what you've also done, Jessica, very very cleverly

478
00:23:22,560 --> 00:23:25,600
Speaker 1: here today is we always spring on our guests and

479
00:23:25,640 --> 00:23:28,880
Speaker 1: I should warn them in advance, but I'm not organized

480
00:23:28,960 --> 00:23:31,280
Speaker 1: enough to do that. But we always ask at the

481
00:23:31,400 --> 00:23:33,800
Speaker 1: end of the episode for a savings tip or a

482
00:23:33,840 --> 00:23:37,119
Speaker 1: savings hack that might kind of help people get a

483
00:23:37,160 --> 00:23:40,560
Speaker 1: little bit ahead. And I reckon, you have actually nailed

484
00:23:40,600 --> 00:23:44,480
Speaker 1: it with your three principles of saving that you that

485
00:23:44,560 --> 00:23:45,240
Speaker 1: you went for before.

486
00:23:45,280 --> 00:23:45,720
Speaker 3: What were they?

487
00:23:45,960 --> 00:23:46,680
Speaker 1: What were they? Again?

488
00:23:47,359 --> 00:23:51,240
Speaker 4: Start saving early, make it regular, and make it automatic.

489
00:23:51,520 --> 00:23:55,520
Speaker 1: I love that. Start early, make it regular, make it automatic.

490
00:23:55,720 --> 00:23:58,560
Speaker 1: That's right. And then Canna derailed us with toothbrushing.

491
00:23:58,920 --> 00:23:59,640
Speaker 3: Sorry my bad.

492
00:24:00,119 --> 00:24:03,320
Speaker 1: Yeah, but it is a very very simple, very effective

493
00:24:03,359 --> 00:24:05,159
Speaker 1: way of looking at it. I think we've covered this

494
00:24:05,280 --> 00:24:07,479
Speaker 1: very nicely. It is a good time of year to

495
00:24:07,520 --> 00:24:10,000
Speaker 1: be doing this because everyone has a little bit of

496
00:24:10,040 --> 00:24:13,200
Speaker 1: extra money. And as you said at the beginning of this, Jessica,

497
00:24:13,320 --> 00:24:15,680
Speaker 1: it does not happen very often that people just get

498
00:24:15,760 --> 00:24:19,000
Speaker 1: a pay rise without having to ask for it. And

499
00:24:19,280 --> 00:24:21,719
Speaker 1: if you can kind of take this as a golden

500
00:24:21,720 --> 00:24:24,639
Speaker 1: opportunity to make some changes now at least consider what

501
00:24:24,680 --> 00:24:26,520
Speaker 1: you're going to do with that. Just don't let it

502
00:24:26,880 --> 00:24:29,800
Speaker 1: slip by and let your lifestyle kind of fill that

503
00:24:29,920 --> 00:24:32,160
Speaker 1: extra bit of money coming into your pocket and take

504
00:24:32,200 --> 00:24:36,080
Speaker 1: that away. Make the most of it. Now. Consider salary

505
00:24:36,160 --> 00:24:40,480
Speaker 1: sacrificing into super consider your debt. Consider building up your

506
00:24:40,520 --> 00:24:43,359
Speaker 1: cash reserves, and building up your emergency supplies just in

507
00:24:43,400 --> 00:24:46,680
Speaker 1: case something comes along that you were not expecting. Thank

508
00:24:46,720 --> 00:24:48,280
Speaker 1: you so much, Jessica for joining us.

509
00:24:48,200 --> 00:24:50,440
Speaker 4: Today, my excasion. Thanks for having me on your show.

510
00:24:50,760 --> 00:24:54,639
Speaker 1: That was Jessica Luis, Senior Private client advisor at Unisuper,

511
00:24:54,680 --> 00:24:58,480
Speaker 1: a supporter of this podcast. Kind of you look very

512
00:24:58,480 --> 00:24:59,159
Speaker 1: happy right now.

513
00:24:59,440 --> 00:25:04,160
Speaker 3: Oh, brilliant, wise sensible advice for absolutely everyone.

514
00:25:04,320 --> 00:25:05,760
Speaker 1: Yeah, sage advice.

515
00:25:05,800 --> 00:25:09,080
Speaker 3: Do you like that? I do? I like that adjective.

516
00:25:09,200 --> 00:25:10,640
Speaker 1: Yeah, I'm going to use that just like I'm going

517
00:25:10,680 --> 00:25:14,159
Speaker 1: to steal Jessica's husband, saying that she shared this with

518
00:25:14,320 --> 00:25:17,399
Speaker 1: earlier in the show. I'm sorry Jessicod for doing that

519
00:25:17,440 --> 00:25:19,480
Speaker 1: to you. Canna, how do we find you? If people

520
00:25:19,560 --> 00:25:20,560
Speaker 1: need more information from you?

521
00:25:20,760 --> 00:25:22,359
Speaker 3: The best place to get in contact with me is

522
00:25:22,400 --> 00:25:26,440
Speaker 3: actually directly on Instagram at Sugar Mama tv or Canna Campbell.

523
00:25:26,080 --> 00:25:28,720
Speaker 1: Official and you can hear me every day with Sean

524
00:25:28,760 --> 00:25:32,080
Speaker 1: Aylmer on Fear and Greed, Australia's best business podcast. Thank

525
00:25:32,119 --> 00:25:33,920
Speaker 1: you for listening to How Today For that, Remember to

526
00:25:33,960 --> 00:25:36,480
Speaker 1: hit follow on the podcast. And actually, the best thing

527
00:25:36,520 --> 00:25:39,800
Speaker 1: that you can do is tell somebody else send them

528
00:25:40,000 --> 00:25:42,879
Speaker 1: this episode and spread the word about How Today for that.

529
00:25:42,960 --> 00:25:45,119
Speaker 1: Thank you for your company. Join us again next week.

530
00:25:46,840 --> 00:25:49,880
Speaker 2: Unisuper was awarded with the most satisfied members by Canstar

531
00:25:49,960 --> 00:25:52,200
Speaker 2: in twenty twenty three, So if you want to enjoy

532
00:25:52,320 --> 00:25:56,119
Speaker 2: Unsurper's awarded value lower fees in great long term performance,

533
00:25:56,440 --> 00:25:58,440
Speaker 2: visit unisuper dot com dot au.

534
00:25:58,720 --> 00:26:01,920
Speaker 1: That's right, all Australia Llanes can join unisuper today at

535
00:26:02,040 --> 00:26:05,160
Speaker 1: unisuper dot com at dot au. Please remember that past

536
00:26:05,200 --> 00:26:08,399
Speaker 1: performance is not an indicator of future performance. Consider unisoupers

537
00:26:08,440 --> 00:26:11,920
Speaker 1: pds and TMD on its website and your circumstances before

538
00:26:11,960 --> 00:26:12,800
Speaker 1: making decisions,