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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud or

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Speaker 1: the Order Kerni Whalbury and a waddery woman. And before

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Speaker 1: we get started on She's on the Money podcast, I

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Speaker 1: would like to acknowledge the traditional custodians of the land

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Speaker 1: of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming

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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

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Speaker 1: and the storytelling of you to make a difference for

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Speaker 1: today and lasting impactful tomorrow.

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Speaker 2: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money.

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Speaker 2: Hello, and welcome to She's on the Money, the pods

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Speaker 2: where no money question is too big, too small, or

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Speaker 2: too embarrassing to ask. I'm Victoria Devine. And if you've

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Speaker 2: ever found yourself stuck on a money decision, whether it's

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Speaker 2: picking the right financial advisor, paying off debt or investing,

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Speaker 2: or figuring out what to do with a lump sum,

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Speaker 2: my friend, you are in exactly the right place, because

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Speaker 2: today we're going to be answering your biggest financial questions

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Speaker 2: and breaking it down judgment free of course, and to

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Speaker 2: help me is someone our community loves and is obsessed

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Speaker 2: with and begged me to bring back. And I'm a

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Speaker 2: girl that likes delivering. You've quickly become a very integral

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Speaker 2: part of the She's on the Money family. Miss Daisy

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Speaker 2: Major from Everest Wealth, Welcome back to the show.

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Speaker 4: Thank you for having me again. I'm very excited.

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Speaker 2: Oh I'm so excited. But I think my favorite thing

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Speaker 2: ever is like I get dms all the time and

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Speaker 2: they're like, hey, so I just listened to Daisy's episode

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Speaker 2: and I'm like, that was ages ago. If you've got

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Speaker 2: her email, I'd love to talk to her. This is

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Speaker 2: the best thing ever this time round, though, Daisy, we're

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Speaker 2: mixing it up. Instead of just talking about financial advisors

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Speaker 2: in general and what they do and how they do it,

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Speaker 2: I've actually decided to turn the tables and we have

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Speaker 2: asked you guys to send in a heap of your

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Speaker 2: biggest money questions, and there were some good ones and

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Speaker 2: you get to answer them. I feel like we've got

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Speaker 2: an ex financial advisor and a financial advisor just answering

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Speaker 2: people's dirty dms. Gonna be great now. I wanted to

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Speaker 2: start by saying that we had heaps of questions come

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Speaker 2: through about what it's actually like to see a financial advisor,

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Speaker 2: like how to choose the right one, what happens in

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Speaker 2: the first meeting, and how much it costs, and if

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Speaker 2: that's something that you are currently wondering. I actually recommend

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Speaker 2: going back to our previous episode with Daisy because it's

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Speaker 2: basically a step by step guide of exactly what to expect,

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Speaker 2: and I've linked it in the show notes so that

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Speaker 2: you're able to check it out. But that was a

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Speaker 2: good one. That was our first one we tested the

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Speaker 2: waters together. Yeah, but let's dive straight into I guess

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Speaker 2: the proper questions, Daisy. Our first question is from a

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Speaker 2: community member who's going to see a financial advisor and

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Speaker 2: thinking about paying for it from their superannuation. A lot

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Speaker 2: of people don't know that you can actually do this,

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Speaker 2: so can you explain I guess how that works and

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Speaker 2: whether it's something that you would actually recommend as a

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Speaker 2: financial advisor.

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Speaker 4: Yeah, absolutely so. Most super funds in the market will

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Speaker 4: allow us to charge your fee. Some definitely don't, but

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Speaker 4: most to do in the market. I suppose there's a

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Speaker 4: few reasons as to why we would recommend that you

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Speaker 4: do charge through super one of them is that you

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Speaker 4: do get a fifteen percent tax reduction through the SUPERFI

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Speaker 4: very sexy, yep. So it makes it fifteen percent cheaper

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Speaker 4: for you.

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Speaker 2: It's like a discount code, but you just have to

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Speaker 2: use you Super.

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Speaker 4: And then Yeah, for a lot of our clients that

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Speaker 4: we see, it means that there's more money that they

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Speaker 4: have to invest, pay off debt, keep in cash for

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Speaker 4: a house deposit. But I suppose one of the big

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Speaker 4: caveates is that we can't charge everything through Super. We

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Speaker 4: have to meet what's called a sole purpose test. So

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Speaker 4: that just means that we have to charge a percentage

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Speaker 4: through Super of the percentage of advice that we're providing

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Speaker 4: around your super fund.

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Speaker 2: Yeah, and I don't know if you do this, but

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Speaker 2: all the way back in the day when I used

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Speaker 2: to be a financial advisor, sometimes as a part of

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Speaker 2: our strategy, we would recommend that clients made an additional

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Speaker 2: contribution to their super to pay for their advice because

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Speaker 2: at tax time they get a deduction on it. So

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Speaker 2: we're not just talking about using I guess your super

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Speaker 2: fund savings or your super fund investments to pay We're

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Speaker 2: talking about using that as a tool to pay and

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Speaker 2: get a refund. But then also if you don't have

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Speaker 2: the cash for financial advice but you like really need it,

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Speaker 2: that's also an option.

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Speaker 4: Yeah, one hundred percent. And there's definitely talks at the

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Speaker 4: moment around making our fees tax seductible personally, so that

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Speaker 4: will definitely change kind of how we propose it to clients.

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Speaker 2: So sexy, it would be life changing, Like go see

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Speaker 2: an accountant, tax deductible, go see a financial advisor. We

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Speaker 2: literally can't let you claim your statement of advice on

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Speaker 2: tax at the moment, and that makes no sense. Like

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Speaker 2: at a deeper level, the government is benefiting when people

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Speaker 2: are individually taking care of their own retirement. Yeah, why

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Speaker 2: wouldn't you make that more attractive for us?

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Speaker 4: Yeah, And it's just really strange how there's different tax

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Speaker 4: laws with super compared to personally around this, So like

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Speaker 4: the super funck can claim the tax deduction, but where

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Speaker 4: you can't personally. Doesn't really make a heap of sense.

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Speaker 4: But hopefully they.

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Speaker 2: We don't make the rules. We're just playing within the

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Speaker 2: rules and we're helping you understand them. So next one,

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Speaker 2: I've got one of our community members shared how she

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Speaker 2: saw two different financial advisors and then got two completely

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Speaker 2: different sets of advice from each of them, which is

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Speaker 2: obviously relatively confusing. What do you think about that? And

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Speaker 2: how can someone tell which advice to follow? And I

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Speaker 2: would say, more importantly, how do you know who financial

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Speaker 2: advisor is even good?

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Speaker 4: We definitely see people that come to us who are

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Speaker 4: seen a financial advisor before, and maybe our advice is different.

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Speaker 4: A lot of it lands on kind of the advisor's philosophy.

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Speaker 4: Some maybe more pro property, some maybe more pro the

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Speaker 4: share market. But I suppose what I recommend for people

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Speaker 4: is that they try and find a financial advisor that

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Speaker 4: deals with people that are in kind of their similar situations.

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Speaker 4: So I wouldn't recommend a twenty eight year old single

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Speaker 4: female go see a pre retire advisor, Like you want

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Speaker 4: to be dealing with somebody that deals in your realm

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Speaker 4: and is used to providing advice in your area.

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Speaker 2: I think that's why you're so popular with our community, Daisy.

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Speaker 4: And then yeah, I suppose, like how you know an

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Speaker 4: advice is good? I mean, there's plenty of different websites

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Speaker 4: where there's advisor ratings on there.

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Speaker 2: Just ask me, are too?

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Speaker 4: And that's what I saying, Go the she's on the

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Speaker 4: money community, and yeah, Google reviews things like that, and

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Speaker 4: I suppose a lot of advisors do provide that free

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Speaker 4: of charge initial meeting and it's just really like you

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Speaker 4: get a vibe check pretty quickly.

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Speaker 1: But for that.

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Speaker 4: Community member that's received kind of contradicting advice, it will

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Speaker 4: definitely be kind of what feels better in your gut

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Speaker 4: as to which one you would go with. I mean,

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Speaker 4: we have a best interest duty that we need to

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Speaker 4: provide to our clients. I wouldn't say necessarily one's right,

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Speaker 4: one's wrong.

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Speaker 2: Yeah, I was gonna say this sounds relatively strange because

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Speaker 2: financial advice, we know isn't cheap, and to get two

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Speaker 2: pieces of a advice that's a relatively expensive task. Like

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Speaker 2: I might hold on, what are you doing? But I

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Speaker 2: would say, and I love saying on the podcast when

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Speaker 2: in doubt, zoom out, but like, let's look at the

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Speaker 2: bigger picture. It might be completely different like asset recommendations,

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Speaker 2: but like where are you going to land in the future,

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Speaker 2: Like what's the big picture here as opposed to what

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Speaker 2: is the like short term picture because you might go,

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Speaker 2: oh my gosh, I don't have enough information here. But

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Speaker 2: like this particular advisor suggested property and direct shares, and

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Speaker 2: this other one said, oh more, you know ETF based portfolio.

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Speaker 2: There's actually not a right or wrong. There's what that

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Speaker 2: advisor is more comfortable with. And like, if I go

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Speaker 2: back to when I was a financial advisor, I dealt

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Speaker 2: a lot with direct shares, So like I would construct

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Speaker 2: portfolios for clients made of eight to twelve, I would

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Speaker 2: say basic shares that we had constructed and spoken about.

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Speaker 2: But then I would have girlfriends who were also financial

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Speaker 2: advisors and they're like, oh my gosh, Victoria, I know,

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Speaker 2: absolutely not, I just do ETFs or you know, another

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Speaker 2: financial advice is like, oh my god, no, Like I

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Speaker 2: work for a financial advice firm that also has buyers agents,

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Speaker 2: and like we do a lot of property. Like that

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Speaker 2: doesn't mean that you're worse off from any We all

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Speaker 2: just have different methodologies and honestly interests. Like I loved

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Speaker 2: that share side of it took me longer, but it

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Speaker 2: was like something that I was passionate about. So I

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Speaker 2: think it's important to remember that it doesn't mean it's

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Speaker 2: wrong one hundred percent.

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Speaker 4: Yeah, And as long as they've met your goals, explain

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Speaker 4: the advice to you then yeah, I think you really

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Speaker 4: just go with your guart there.

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Speaker 2: All right, we have a lot of questions from our

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Speaker 2: community about lump sums and you know, choosing between I

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Speaker 2: guess two different financial options like do I pay off

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Speaker 2: my HEX or do I start investing? Or do I

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Speaker 2: put extra money into my mortgage or my superannuation? Or

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Speaker 2: do I start saving for a house Daisy, or should

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Speaker 2: I just you know, go and buy an ETF What

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Speaker 2: does that look like? These decisions, I would say, are

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Speaker 2: not one size fits all. So how do you actually

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Speaker 2: work out what the hell is best for you?

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Speaker 4: Yeah? So I think a lot of it comes down

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Speaker 4: to your goals and your time frames as well as

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Speaker 4: kind of where you're at in life. So in terms

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Speaker 4: of paying off your help debt compared to investing, I

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Speaker 4: mean with the changes with help indexing at CPI or

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Speaker 4: wage growth compared to investing in the market, Like investing

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Speaker 4: in the market historically is done seven to ten percent,

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Speaker 4: whereas putting a lumpsom off your HEX could be two

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Speaker 4: to three percent. But then I suppose if you're looking

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Speaker 4: at buying your house, like you may need to pay

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Speaker 4: off some of your help debt. Hopefully again that changes

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Speaker 4: with what the government's proposing. But like that may be

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Speaker 4: a consideration that we take into overall goals in terms

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Speaker 4: of kind of putting money in SUPER compared to paying

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Speaker 4: it off your mortgage. That could depend a lot on

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Speaker 4: where you're at with your life stage. So if you're

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Speaker 4: getting closer to retirement age, closer to when you can

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Speaker 4: access your SUPER, it may make a lot more sense

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Speaker 4: to put money into SUPER, and then it's in a

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Speaker 4: more tax effective environment. Whereas if you're planning on starting

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Speaker 4: a family and need to kind of pay down your

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Speaker 4: home mortgage or pay off some of your debt quicker,

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Speaker 4: then it might make more sense to put it into debt.

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Speaker 4: So there's not really a one size fits old.

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Speaker 2: There, and it's all about like strategy as well.

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Speaker 4: It all links back to your goals and where you

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Speaker 4: want to be, what you want to be doing, and

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Speaker 4: also your time frames. Because if you came to me

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Speaker 4: and said, hey, Daisy, I want to buy a house

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Speaker 4: in eighteen months, I'm going to chuck all my money

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Speaker 4: in the share market for my.

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Speaker 2: Deposit, terrible idea.

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Speaker 4: Bye, Yeah, don't do that. The volatility that comes with

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Speaker 4: that just isn't worth it. And maybe SUPER boring, but

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Speaker 4: it's just keep it in cash, like you know that

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Speaker 4: that's safe.

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Speaker 2: Sometimes the most boring answer is the one exactly.

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Speaker 1: Yeah.

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Speaker 2: Yeah.

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Speaker 4: I have clients that come to me and I'm like, look,

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Speaker 4: keep it in cash, and I'm like, I know that

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Speaker 4: it's boring.

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Speaker 2: It's a very unsexy answer.

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Speaker 4: It's very unsexy.

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Speaker 2: But I mean, we can find a high interest savings count. Yeah,

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Speaker 2: that could be fun, but yeah, don't invest it if

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Speaker 2: it's a year.

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Speaker 4: There's not one size fits old for that answer, but

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Speaker 4: it's just working around kind of how much we can

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Speaker 4: allocat in each area?

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Speaker 2: Really can I ask perfect questions? Is that allowed?

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Speaker 4: Absolutely?

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Speaker 1: I like this.

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Speaker 2: Do you still have a hex step?

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Speaker 1: No?

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Speaker 2: Oh, I'm very envious.

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Speaker 1: I do.

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Speaker 2: It's really I want to know, did you have a

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Speaker 2: hex stet?

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Speaker 4: I was blessed, single child odess?

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Speaker 2: Okay, well, in that case, hypothetically, if you had a

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Speaker 2: hex step.

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Speaker 4: My husband still has a hex stet.

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Speaker 2: Okay, all right, let's talk about him. Let's talk about here.

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Speaker 2: Are you guys paying that off at more than what

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Speaker 2: the base repayments are?

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Speaker 1: Oh?

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Speaker 2: So you're not adding extra contributions as the financial advisor? Interesting?

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Speaker 2: All right, next question someone has asked, as a financial advisor,

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Speaker 2: what is the most common mistake you see people making

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Speaker 2: with their money?

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Speaker 4: I suppose for me, it's not understanding their cash flow,

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Speaker 4: so not understanding what's coming in, what's going out, not

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Speaker 4: understanding kind of yeah, where they're surplus or where they're

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Speaker 4: going to direct their money, and they sit on it.

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Speaker 4: And it's that whole analysis paralysis thing where they sit

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Speaker 4: on it. They know they need to do something with it,

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Speaker 4: but it's like there's so many options that I don't

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Speaker 4: know where to start, and it's kind of taking that

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Speaker 4: first step and it may be the wrong one, but

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Speaker 4: at least taking a step in one direction means that

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Speaker 4: you're not just sitting there stagnating doing nothing. Yeah. But

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Speaker 4: then also understanding where your money's going each pay cycle

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Speaker 4: is something that like people don't really understand, so then

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Speaker 4: they don't kind of seek advice or take that first step.

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Speaker 2: Yeah. And I feel like that analysis paralysis is a choice.

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Speaker 2: Like I'm not saying it's an easy choice, like we're

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Speaker 2: just burying our head in the sand, but like not

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Speaker 2: making a decision is still a decision one hundred percent, Yeah,

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Speaker 2: and we need to just like move past that and

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Speaker 2: especially women. We're so won't take bad but we're just

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Speaker 2: so good at going oh great, I'm ready, and then

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Speaker 2: you hear one word that you're like, I'm gonna have

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Speaker 2: to start again. I'm going to have to do some

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Speaker 2: more research, or like you've finally made a decision, maybe

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Speaker 2: you want to buy a house and you've picked, and

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Speaker 2: then a friend is like have you thought about and

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Speaker 2: you're like, oh no, I don't know anything. And I

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Speaker 2: think we don't back ourselves in our own research and

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Speaker 2: making a decision that's right for us because we're so

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Speaker 2: good at crowdsource. Like we've got a problem, we take

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Speaker 2: it to the community. But also sometimes we just need

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Speaker 2: to be a little bit insular and run our own race.

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Speaker 2: And that's me really important, Daisy. This has been so

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Speaker 2: good so far, but I really want to go to

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Speaker 2: a quick break because I feel like I need a breather,

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Speaker 2: a little cup of tea. After the break, we're going

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Speaker 2: to dive into a topic that a lot of people

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Speaker 2: were really curious about, and that is debt recycling. So

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Speaker 2: we're going to discuss what it is, how it works,

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Speaker 2: why it might actually be a strategy that could work

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Speaker 2: for you. So guys, don't go anywhere, all right, Welcome back,

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Speaker 2: my friends. We have Daisy from Everest Wealth talking all

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Speaker 2: things finance, answering all of your questions and a lot

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Speaker 2: of people in our community. Daisy, they were like, what

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Speaker 2: is debt recycling? I feel like it started to trend

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Speaker 2: a little bit on TikTok and they're like, hold up,

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Speaker 2: what is this? How does it work? Can you break

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Speaker 2: it down for us? What is debt recycling? What are

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Speaker 2: your thoughts on it? Is it a good strategy? Who

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Speaker 2: could this work?

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Speaker 4: For? One hundred percent? Yeah, I do agree with you

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Speaker 4: that it's definitely become a lot more prevalent question, mainly

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Speaker 4: due to the tiktoks and stuff that I'm seeing.

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Speaker 2: So I love when a client would bring like an

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Speaker 2: Instagram video or something. You're like, look, I've seen this,

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Speaker 2: and I'm like thinking, yes, same, but mine was at

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Speaker 2: eleven PM. I'm not going to mention that.

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Speaker 4: No, one hundred percent, So try and explain it as

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Speaker 4: simply as possible. But it's effectively that you're taking your

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Speaker 4: non deductible debt, so your home mortgage, and kind of

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Speaker 4: redrawing on that and turning it into deductible debt. Which

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Speaker 4: you then normally invest in the share market. Say that

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Speaker 4: you have two hundred grand home mortgage and your house

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Speaker 4: is worth eight hundred grand, you could effectively pull out

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Speaker 4: one hundred grand of your equity yep, equity and turn

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Speaker 4: that into effectively an investment loan, which then means that

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Speaker 4: the interest on that one hundred grand investment loan becomes

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Speaker 4: tax deductible for you claim it on tax. Yes, and

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Speaker 4: then you would invest that normally in the share market,

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Speaker 4: which then has Stori has done kind of seven to

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Speaker 4: ten percent, and use the returns on that normally to

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Speaker 4: then pay off your home loan.

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Speaker 3: Quicker.

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Speaker 2: That sounds relatively sexy, Yes, and at the moment all positive.

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Speaker 4: Yes.

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Speaker 2: So it's a strategy that you implement as a financial advisor.

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Speaker 4: It's a lot more risky than just taking ten grand

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Speaker 4: and putting it in an investment portfolio. So I suppose

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Speaker 4: because you're leveraging or taking out debt to then go

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Speaker 4: invest in the share market. Obviously, the share market comes

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Speaker 4: with volatility, like we don't have a crystal ball, we

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Speaker 4: don't know what it's going to do. But you're still

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Speaker 4: going to have those debt repayments to pay. So I

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Speaker 4: suppose it's really a strategy if people have a large

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Speaker 4: surplus each year, so usually like twenty to thirty grand

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Speaker 4: surplus already before the investment loan is taken out, and

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Speaker 4: they understand the risk that comes with it, Like it

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Speaker 4: is one of the more higher risk strategies that we

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Speaker 4: implement for some clients, and a lot of people just

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Speaker 4: think it's kind of free money that they can take

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Speaker 4: out and invest without understanding the implications.

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Speaker 2: Of having integration strategy.

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Speaker 4: Yeah, yeah, it can definitely work well in a tax

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Speaker 4: production strategy, but yeah, there's certainly a lot of risks

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Speaker 4: that come with it that maybe a lot of those

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Speaker 4: tiktoks don't really exploring.

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Speaker 2: Those tiktoks drive me batty. Most finance content on TikTok

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Speaker 2: drives me insane because I just look at it and go,

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Speaker 2: oh my goodness, Like I know that you have just

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Speaker 2: learned this and it's a very sexy thing, but you

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Speaker 2: haven't taken this into consideration, or haven't talked about capital

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Speaker 2: gains on that and actually brings that down and doesn't

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Speaker 2: make it as an attractive opportunity as you're saying it is,

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Speaker 2: or you haven't spoken about the fact that you have

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Speaker 2: to pay tax on that income.

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Speaker 4: Yeah. Yeah, And a lot of people they come to

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Speaker 4: us and they really want to implement this strategy, but

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Speaker 4: they may not have a cash surplus.

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Speaker 1: Yeah.

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Speaker 4: And it's like a lot of people believe were drawing

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Speaker 4: equity from their house just means free money without actually

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Speaker 4: understanding the implications of doing that. But yet it certainly

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Speaker 4: has worked in some clients cases, and like they fully

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Speaker 4: understand it and they have the surplus and they want

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Speaker 4: that tax reduction. But a lot of clients, once we

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Speaker 4: actually explain it and run through it with them, they're like, oh,

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Speaker 4: that's too risky for me.

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Speaker 2: Yeah. I found that when I was a financial advisor,

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Speaker 2: I did use it for a few clients. It wasn't

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Speaker 2: something that I recommended consistently, again because it was relatively

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Speaker 2: high risk, Like you know, you do your client risk

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Speaker 2: profile and you know you're only really even talking about

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Speaker 2: this that they come back as a high risk client

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Speaker 2: to begin with. But I found that younger clients with

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Speaker 2: really high incomes and debt it worked really well for yeah,

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Speaker 2: because you know, I'm just thinking of this one client.

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Speaker 2: I used to have a couple, both lawyers, really really

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Speaker 2: like career driven no kids, no plans for kids, and

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Speaker 2: you were like, Okay, cool, this is going to work

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Speaker 2: really well because you guys are just saving so much

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Speaker 2: money anyway, and we also have another thirty years in

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Speaker 2: the share market, and like our plan was to do

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Speaker 2: that essentially extinguish all of that debt. I think it

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Speaker 2: was like more than like fifteen years earlier because of

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Speaker 2: that strategy. But it was a privilege, Like it wasn't

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Speaker 2: a oh, yeah, you can do this and it's going

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Speaker 2: to be better for you financially. It was like, because

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Speaker 2: they had a lot of money, we could do that

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Speaker 2: because if at the end of the day they were

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Speaker 2: stretched for cash, I knew they were sitting on way more.

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Speaker 4: Yeah, and one hundred percent like the clients that I

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Speaker 4: can think of that have implemented a very similar situation

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Speaker 4: where they're both high income earners, no plans for children

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Speaker 4: or career breaks. So yeah, it definitely has made sense

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Speaker 4: in those scenarios.

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Speaker 2: I think we're on the same page about who we

403
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Speaker 2: would recommend that for. Yeah, or right, let's flip the narrative.

404
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Speaker 2: We're no longer talking about houses, We're going to talk

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Speaker 2: about cars. Car leasing is one of those things that

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Speaker 2: sounds good in theory. You get a new car, no

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Speaker 2: upfront payment. Very nice. Maybe I'll get myself a NACA.

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Speaker 2: But is it actually a good financial move? What are

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Speaker 2: the pros and cons? And who does this make sense for?

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Speaker 4: Yeah, definitely, so car leasing is one that pops up

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Speaker 4: a lot. I suppose the first discussion, is you even

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Speaker 4: need a new car?

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Speaker 2: Is we don't humble us.

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Speaker 4: That's all we have with people because you buy a car,

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Speaker 4: and yeah, it's kind of a spent expense, but you

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Speaker 4: do need a car to get around.

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Speaker 2: So I agree. I'm going to sidetrack this for a

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Speaker 2: hot second. Do you buy brand new cars as a

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Speaker 2: financial advisor?

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Speaker 1: No?

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Speaker 4: No, I know, Like why I don't know. It's that

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Speaker 4: whole thing of as soon as you drive out of

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Speaker 4: the dealership you lose, Like we just can't do it.

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Speaker 2: Yeah, I bought my car secondhand too, don't worry, Like,

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Speaker 2: I'm not saying that I bought a cheap car. Like,

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Speaker 2: don't get me wrong. I want to be really clear

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Speaker 2: that I'm not pretending that's a super budget decision, but

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Speaker 2: I'm definitely not spending the extra money like someone else.

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Speaker 2: You drive it, you make the loss. I make the game.

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Speaker 2: Talk to me about why people think that leasing a

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Speaker 2: car is a good idea if they've decided that a

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Speaker 2: new car is in line with their goals and their values.

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Speaker 4: So people see, as you said, they don't have to

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Speaker 4: fork out that big lump some payment to start with,

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Speaker 4: and they can just kind of have some money come

436
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Speaker 4: out of their salary each fortnite without understanding kind of

437
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Speaker 4: the balloon payment at the end.

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Speaker 2: Of the balloon payment.

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Speaker 4: So yeah, a lot of people don't understand that. Yeah,

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Speaker 4: you're paying money each fortnite or each pay cycle pre

441
00:20:13,600 --> 00:20:16,520
Speaker 4: tax and post tax, but every lease has a balloon

442
00:20:16,600 --> 00:20:18,639
Speaker 4: payment at the end of it, depending on how long

443
00:20:18,720 --> 00:20:20,880
Speaker 4: the lease is for, depending on how big the balloon

444
00:20:20,960 --> 00:20:22,960
Speaker 4: payment is, but it's usually a fair summer money.

445
00:20:22,960 --> 00:20:25,480
Speaker 2: It's usually like thirty or forty percent yeah, one hundred

446
00:20:25,480 --> 00:20:26,119
Speaker 2: car's value.

447
00:20:26,240 --> 00:20:30,160
Speaker 4: Yeah, so then it's planning for that. So then you're

448
00:20:30,760 --> 00:20:33,480
Speaker 4: receiving lesson your pay each fortnite, but then having to

449
00:20:33,640 --> 00:20:35,760
Speaker 4: save money for this balloon payment at the end of

450
00:20:35,800 --> 00:20:37,880
Speaker 4: the lease unless you roll it into a new lease.

451
00:20:38,040 --> 00:20:41,560
Speaker 4: So balloon payment is number one that we highlight. Two

452
00:20:41,640 --> 00:20:43,879
Speaker 4: clients that are looking at a lease, usually the in

453
00:20:44,000 --> 00:20:47,560
Speaker 4: bill interest rate is a lot higher than other loans

454
00:20:47,640 --> 00:20:50,200
Speaker 4: that you could get for a car, and there's usually

455
00:20:50,200 --> 00:20:53,719
Speaker 4: an admin fee that the leasing companies charge as well.

456
00:20:53,920 --> 00:20:56,359
Speaker 2: So sneaking, aren't they know? They know what they're doing.

457
00:20:56,520 --> 00:20:59,119
Speaker 4: Yeah, so they will present to you how much the

458
00:20:59,240 --> 00:21:01,080
Speaker 4: tax saving is and all of that, And again that

459
00:21:01,160 --> 00:21:05,520
Speaker 4: looks really sexy, but if you actually drill down into it,

460
00:21:06,160 --> 00:21:09,160
Speaker 4: you kind of look at comparing it to a personal loan,

461
00:21:09,480 --> 00:21:12,880
Speaker 4: redrawing on your home mortgage if you can, or using

462
00:21:12,960 --> 00:21:16,840
Speaker 4: cash for it, it usually ends up kind of better

463
00:21:16,920 --> 00:21:19,800
Speaker 4: off doing one of the other options over leasing. I

464
00:21:19,880 --> 00:21:23,200
Speaker 4: suppose there is a caveat to that though, for electric

465
00:21:23,320 --> 00:21:26,400
Speaker 4: vehicles or plug in electric vehicles, so I'm not talking

466
00:21:26,440 --> 00:21:27,680
Speaker 4: about hybrids or anything.

467
00:21:27,800 --> 00:21:30,200
Speaker 2: This wasn't around when I was doing advice.

468
00:21:30,320 --> 00:21:34,719
Speaker 4: Tell me for evs or plug in evs with leasing,

469
00:21:34,840 --> 00:21:36,680
Speaker 4: it just means that you can take one hundred percent

470
00:21:36,720 --> 00:21:41,560
Speaker 4: of the lease payment pre tax. Sorry what yeah, posts

471
00:21:41,720 --> 00:21:45,800
Speaker 4: comes out except I don't like Elon, I don't want

472
00:21:45,800 --> 00:21:48,680
Speaker 4: to buy a Sesler, That's true, there's plenty of other ones.

473
00:21:49,280 --> 00:21:51,480
Speaker 2: I don't know enough about cars to have a proper

474
00:21:51,600 --> 00:21:52,280
Speaker 2: opinion here.

475
00:21:52,480 --> 00:21:57,320
Speaker 4: So yeah, that for high income earners definitely has shown

476
00:21:57,359 --> 00:21:59,560
Speaker 4: a better result. But I suppose, yeah, you need to

477
00:21:59,600 --> 00:22:01,960
Speaker 4: want an or a plug in EV and understand the

478
00:22:02,040 --> 00:22:05,280
Speaker 4: costs that come with that. But in those cases when

479
00:22:05,280 --> 00:22:07,360
Speaker 4: we've done the numbers, it has actually worked out better

480
00:22:07,440 --> 00:22:10,280
Speaker 4: off taking a lease. But yeah, they're kind of far

481
00:22:10,359 --> 00:22:11,000
Speaker 4: and few between.

482
00:22:11,160 --> 00:22:12,440
Speaker 2: That is good to know, and I feel like so

483
00:22:12,520 --> 00:22:14,520
Speaker 2: many people are like, oh, I'll just lease it, as

484
00:22:14,600 --> 00:22:17,720
Speaker 2: though that's a flippant decision, but long term could actually

485
00:22:17,840 --> 00:22:21,240
Speaker 2: cost you so so much more. I want to flip

486
00:22:21,280 --> 00:22:24,879
Speaker 2: the script again. So with cars, we've done homes, now

487
00:22:24,920 --> 00:22:28,480
Speaker 2: we're going to do education. Education bonds aren't talked about

488
00:22:28,600 --> 00:22:31,879
Speaker 2: as much as other investment options, but a few of

489
00:22:31,920 --> 00:22:34,920
Speaker 2: our members have been relatively curious recently. I think potentially

490
00:22:35,000 --> 00:22:37,760
Speaker 2: because I have been talking a lot about investment bonds

491
00:22:38,119 --> 00:22:41,280
Speaker 2: because that's something that I invest in and something that

492
00:22:41,400 --> 00:22:44,120
Speaker 2: I have been using. But a few of our community

493
00:22:44,160 --> 00:22:46,880
Speaker 2: members want to know what are they, how do they work?

494
00:22:47,040 --> 00:22:50,360
Speaker 2: Are they actually a good strategy for saving for kids education?

495
00:22:50,760 --> 00:22:52,800
Speaker 4: Yeah? Absolutely, And I feel like I'm getting a lot

496
00:22:52,840 --> 00:22:55,720
Speaker 4: more education bond questions. So again that might be coming

497
00:22:55,760 --> 00:22:56,440
Speaker 4: from tea top.

498
00:22:56,640 --> 00:22:59,080
Speaker 2: We're all in the same era right now. We're thinking

499
00:22:59,119 --> 00:23:01,680
Speaker 2: about having kids, or we've just got kids, or like

500
00:23:01,960 --> 00:23:03,040
Speaker 2: we're all growing together.

501
00:23:03,160 --> 00:23:06,240
Speaker 4: Yeah, one hundred percent. So an education bond is effectively

502
00:23:06,280 --> 00:23:09,320
Speaker 4: a tax structure similar to an investment bond, where the

503
00:23:09,480 --> 00:23:12,240
Speaker 4: tax is paid within the bond, but then there's an

504
00:23:12,280 --> 00:23:16,040
Speaker 4: additional education bond tax saving on top of this. With

505
00:23:16,160 --> 00:23:19,479
Speaker 4: an education bond, they operate quite similar to an investment

506
00:23:19,560 --> 00:23:21,240
Speaker 4: bond like you that put in a lump sum or

507
00:23:21,280 --> 00:23:24,159
Speaker 4: put in a regular amount each year, but the purpose

508
00:23:24,240 --> 00:23:28,040
Speaker 4: of it is for the beneficiary's education. So whether that's

509
00:23:28,720 --> 00:23:32,320
Speaker 4: schooling tertiary, there's no requirement for it to be one

510
00:23:32,359 --> 00:23:35,520
Speaker 4: over the other. I suppose a lot of people do it.

511
00:23:35,880 --> 00:23:39,360
Speaker 4: If both parents, say are high income earners, grandparents want

512
00:23:39,359 --> 00:23:42,040
Speaker 4: to set up for their grandchildren, they will do it

513
00:23:42,119 --> 00:23:45,040
Speaker 4: because it is taxed internally. So if I set up

514
00:23:45,040 --> 00:23:48,200
Speaker 4: an education bond for one of my children, like nothing

515
00:23:48,240 --> 00:23:50,639
Speaker 4: would be taxable in my own name. It's all taxed

516
00:23:50,680 --> 00:23:53,719
Speaker 4: within the bond, which is sexy. Yeah. So a lot

517
00:23:53,760 --> 00:23:56,040
Speaker 4: of people ask, well, what if my child doesn't go

518
00:23:56,160 --> 00:23:58,720
Speaker 4: and do tertiary education, what if I end up sending

519
00:23:58,800 --> 00:24:02,560
Speaker 4: them to my local public school instead? Can I take

520
00:24:02,600 --> 00:24:06,040
Speaker 4: the money out? The answer is yep, absolutely. The amount

521
00:24:06,080 --> 00:24:08,439
Speaker 4: that you're putting in each year, or if you put

522
00:24:08,480 --> 00:24:11,200
Speaker 4: in a lump sum, you can take that out tax free.

523
00:24:11,359 --> 00:24:13,400
Speaker 4: It just depends on how long you've had it in there.

524
00:24:13,640 --> 00:24:16,719
Speaker 4: For the earnings that has accumulated in that account as

525
00:24:16,760 --> 00:24:19,080
Speaker 4: the wather, you can then pull that out tax free. Yeah,

526
00:24:19,200 --> 00:24:22,200
Speaker 4: it can be a very tax beneficial way of saving

527
00:24:22,280 --> 00:24:25,960
Speaker 4: for your children's education. We mainly implement them for high

528
00:24:26,080 --> 00:24:30,359
Speaker 4: income earners, where if there's two parents, one maybe on

529
00:24:30,440 --> 00:24:32,800
Speaker 4: a lower income, not planning on kind of returning to

530
00:24:32,880 --> 00:24:35,840
Speaker 4: work full time until the kids to finish school, it

531
00:24:35,920 --> 00:24:37,879
Speaker 4: may make more sense to set up an investment account

532
00:24:37,920 --> 00:24:41,920
Speaker 4: in their name for the kids' education, for example. So yeah,

533
00:24:42,000 --> 00:24:44,879
Speaker 4: again they come with additional admin fees and stuff like that,

534
00:24:45,320 --> 00:24:47,800
Speaker 4: but yeah, they can be very beneficial in some cases.

535
00:24:48,119 --> 00:24:50,520
Speaker 2: If you had kids, Daisy, what would your plan be

536
00:24:50,960 --> 00:24:52,480
Speaker 2: when it comes to investing for them?

537
00:24:53,040 --> 00:24:55,520
Speaker 4: I would probably set up in an education bond, just

538
00:24:55,640 --> 00:24:58,840
Speaker 4: purely due to my situation. But yeah, I suppose if

539
00:24:58,880 --> 00:25:02,600
Speaker 4: I wasn't planning on working kind of full time when

540
00:25:02,640 --> 00:25:04,679
Speaker 4: I had kids in school, then I'd probably look at

541
00:25:04,680 --> 00:25:05,960
Speaker 4: s someting something up in my own name.

542
00:25:06,119 --> 00:25:07,920
Speaker 2: Not see that happening, I know, you well enough to

543
00:25:08,040 --> 00:25:10,320
Speaker 2: know she's gonna be a working mum guy.

544
00:25:10,720 --> 00:25:14,160
Speaker 4: Yeah, definitely, But like there are so many other options

545
00:25:14,200 --> 00:25:15,320
Speaker 4: as well, so like.

546
00:25:15,680 --> 00:25:17,680
Speaker 2: Oh, there's six million, and I feel like I'm thinking

547
00:25:17,720 --> 00:25:19,840
Speaker 2: about it now I have a baby, and I'm like, well,

548
00:25:20,760 --> 00:25:22,720
Speaker 2: what do I do? And we ended up going down

549
00:25:22,800 --> 00:25:25,800
Speaker 2: the investment bond route because it just worked best for us,

550
00:25:25,880 --> 00:25:28,440
Speaker 2: and I like the flexibility afforded with it, and like,

551
00:25:28,640 --> 00:25:31,720
Speaker 2: I just didn't want him to in the future feel

552
00:25:31,960 --> 00:25:35,560
Speaker 2: like he was being pressured down the education pathway. And

553
00:25:35,840 --> 00:25:38,640
Speaker 2: don't get me wrong, like love education, but I don't

554
00:25:38,680 --> 00:25:40,479
Speaker 2: know who he is yet or like what he's going

555
00:25:40,520 --> 00:25:42,359
Speaker 2: to be interested in or who he wants to become.

556
00:25:42,440 --> 00:25:44,960
Speaker 2: And I just was like, oh, I like the idea

557
00:25:45,040 --> 00:25:48,560
Speaker 2: that that could benefit him in a number of different ways.

558
00:25:48,600 --> 00:25:51,640
Speaker 2: But do you have clients picking between an education bond

559
00:25:52,000 --> 00:25:55,160
Speaker 2: or an investment bond? Is that a conversation you have often?

560
00:25:55,359 --> 00:25:58,159
Speaker 4: Yeah, definitely, And I suppose a lot of people probably

561
00:25:58,240 --> 00:26:00,960
Speaker 4: feel similar to you, where they don't necessarily want to

562
00:26:00,960 --> 00:26:03,280
Speaker 4: put it into an education bond if they don't know, like, yeah,

563
00:26:03,359 --> 00:26:05,119
Speaker 4: what their child's going to be like longer.

564
00:26:05,160 --> 00:26:06,600
Speaker 2: There's extra benefits for sure.

565
00:26:06,720 --> 00:26:09,680
Speaker 4: Yeah, there's definitely actually benefits. And I suppose like some

566
00:26:09,800 --> 00:26:11,600
Speaker 4: people do come to us and they're like, Nope, I

567
00:26:11,680 --> 00:26:13,680
Speaker 4: want to send my child to the school that I

568
00:26:13,800 --> 00:26:15,840
Speaker 4: went to. I know it's going to cost me thirty

569
00:26:15,920 --> 00:26:17,960
Speaker 4: grand a year, and I want to say for that,

570
00:26:18,080 --> 00:26:20,639
Speaker 4: and that's like a no brainer in that situation if

571
00:26:20,680 --> 00:26:24,160
Speaker 4: both parents are high income earners, whereas some people are like, oh,

572
00:26:24,359 --> 00:26:27,040
Speaker 4: I may move house into a better catchments than they

573
00:26:27,119 --> 00:26:29,800
Speaker 4: may go to a public high school. I don't know

574
00:26:30,000 --> 00:26:32,000
Speaker 4: really if they're going to do any tertiary education.

575
00:26:32,240 --> 00:26:32,879
Speaker 2: I just don't know.

576
00:26:33,320 --> 00:26:37,760
Speaker 4: Yeah, so if the unknowns are there, then yeah, probably

577
00:26:37,760 --> 00:26:41,760
Speaker 4: an investment bond would be more beneficial if you're pretty

578
00:26:41,800 --> 00:26:44,440
Speaker 4: set on what your child's education is going to look

579
00:26:44,560 --> 00:26:45,720
Speaker 4: like than an education bond.

580
00:26:45,800 --> 00:26:48,760
Speaker 2: Maybe. Yes, smart, good chat. I feel like that one

581
00:26:48,960 --> 00:26:52,520
Speaker 2: is a good topic. Let's talk about singles. Do you

582
00:26:52,640 --> 00:26:55,960
Speaker 2: have any advice for our listeners who are currently going

583
00:26:56,000 --> 00:26:57,680
Speaker 2: you know what, money is really hard at the moment

584
00:26:57,800 --> 00:27:00,280
Speaker 2: I am single. What would you say?

585
00:27:00,400 --> 00:27:00,800
Speaker 4: What do you do?

586
00:27:01,400 --> 00:27:03,440
Speaker 2: I know you give advice to single women all the

587
00:27:03,480 --> 00:27:04,960
Speaker 2: time because I keep sending them to you.

588
00:27:05,240 --> 00:27:08,399
Speaker 4: Yeah, so I suppose a lot of people are worried

589
00:27:08,480 --> 00:27:11,680
Speaker 4: about seeking advice as a single person because they feel

590
00:27:11,720 --> 00:27:14,080
Speaker 4: like maybe they don't have the cash flow there or

591
00:27:14,160 --> 00:27:16,320
Speaker 4: something like, they feel like as though they need dual

592
00:27:16,440 --> 00:27:18,639
Speaker 4: income to be able to kind of do anything with

593
00:27:18,720 --> 00:27:22,280
Speaker 4: their finances, which is just absolutely not correct. So, as

594
00:27:22,320 --> 00:27:26,240
Speaker 4: you mentioned, we see a lot of single females mainly

595
00:27:26,680 --> 00:27:29,440
Speaker 4: who just want to kind of take a step in

596
00:27:29,480 --> 00:27:33,360
Speaker 4: the right direction. So like, coming and seeking advice shouldn't

597
00:27:33,359 --> 00:27:34,240
Speaker 4: be scary.

598
00:27:34,440 --> 00:27:37,720
Speaker 2: You actually are quite scary. So I don't know, Well,

599
00:27:37,840 --> 00:27:40,520
Speaker 2: a lot of people do say that, I don't do

600
00:27:40,680 --> 00:27:44,000
Speaker 2: they Actually I don't find Daisy scary. I find Daisy

601
00:27:44,080 --> 00:27:45,760
Speaker 2: lovely and you should definitely talk to her.

602
00:27:46,000 --> 00:27:48,000
Speaker 4: No, maybe you can ask my husband that, but I

603
00:27:48,280 --> 00:27:48,760
Speaker 4: don't ask my.

604
00:27:48,800 --> 00:27:50,800
Speaker 2: Husband about opinions if that's who we're going to.

605
00:27:51,240 --> 00:27:54,800
Speaker 4: But no, seeking advice as a single person shouldn't be scary.

606
00:27:55,119 --> 00:27:57,320
Speaker 4: We do it all the time, and just making a

607
00:27:57,359 --> 00:27:59,919
Speaker 4: few small tweaks can mean that, yeah, like you can

608
00:28:00,119 --> 00:28:02,359
Speaker 4: reach a few of these goals. I mean, so many

609
00:28:02,600 --> 00:28:06,320
Speaker 4: single females that I see they're worried about, like investing

610
00:28:06,359 --> 00:28:08,879
Speaker 4: in the share market, having stability, having like a bit

611
00:28:08,920 --> 00:28:11,040
Speaker 4: of a nest egg there as an emergency fund. So

612
00:28:11,400 --> 00:28:13,880
Speaker 4: we work through all of that, and like we understand

613
00:28:13,960 --> 00:28:16,680
Speaker 4: there's a single income, We understand all of that. But

614
00:28:16,800 --> 00:28:19,280
Speaker 4: even like little things like putting in place some insurance,

615
00:28:19,480 --> 00:28:21,600
Speaker 4: looking at their super, making sure they have a will,

616
00:28:22,200 --> 00:28:24,920
Speaker 4: all of that is all part of what we do

617
00:28:25,160 --> 00:28:28,840
Speaker 4: as financial advisors and assist with. So like, at least

618
00:28:28,920 --> 00:28:30,480
Speaker 4: then you're ticking off a few things.

619
00:28:30,359 --> 00:28:33,720
Speaker 2: That make me miss my job. I am very envious.

620
00:28:34,160 --> 00:28:35,719
Speaker 2: I'm not gonna lie. I do like this a lot.

621
00:28:35,760 --> 00:28:38,000
Speaker 2: But you know when someone's like, oh yeah, also I

622
00:28:38,120 --> 00:28:40,680
Speaker 2: do this, I'm like, ah, what did I do when

623
00:28:40,760 --> 00:28:43,720
Speaker 2: I get out of that? All right, let's talk about

624
00:28:43,840 --> 00:28:46,840
Speaker 2: like obviously, being single, there's a lot of pressure, but

625
00:28:46,960 --> 00:28:49,480
Speaker 2: there's also a lot of pressure as you feel as

626
00:28:49,560 --> 00:28:51,600
Speaker 2: though you're getting older and you might have missed the

627
00:28:51,680 --> 00:28:54,560
Speaker 2: boat or you like haven't done enough. And actually a

628
00:28:54,640 --> 00:28:56,760
Speaker 2: lot of our community members wrote in and said that

629
00:28:56,800 --> 00:28:58,520
Speaker 2: they were feeling like it's a little bit too late

630
00:28:58,600 --> 00:29:01,320
Speaker 2: for us, like I don't know if it's even worth

631
00:29:01,440 --> 00:29:03,760
Speaker 2: trying to start to build wealth, or like is it

632
00:29:03,840 --> 00:29:06,520
Speaker 2: only worth just investing in my super because like I'm,

633
00:29:06,800 --> 00:29:09,280
Speaker 2: you know, getting really old and I think I've missed

634
00:29:09,280 --> 00:29:11,240
Speaker 2: the boat. What's your advice there.

635
00:29:12,000 --> 00:29:14,800
Speaker 4: You're absolutely never too old to start and put in

636
00:29:14,880 --> 00:29:17,400
Speaker 4: place some good money structures. Yeah, And it may be

637
00:29:17,840 --> 00:29:19,800
Speaker 4: let's struck it all into super because you are getting

638
00:29:19,800 --> 00:29:22,160
Speaker 4: closer to retirement age, but at least you know that's

639
00:29:22,360 --> 00:29:25,440
Speaker 4: the right the right decision, yeah, or it might be yeah,

640
00:29:25,520 --> 00:29:27,560
Speaker 4: just having a discussion around all right, let's smash down

641
00:29:27,600 --> 00:29:30,320
Speaker 4: the mortgage so that, Yeah, you can retire early if

642
00:29:30,360 --> 00:29:33,320
Speaker 4: you want to. But you're absolutely never too old to

643
00:29:33,360 --> 00:29:35,520
Speaker 4: get advice. You're never too young to get advice either.

644
00:29:36,080 --> 00:29:38,120
Speaker 4: That's what I see quite a bit is, yeah, they

645
00:29:38,160 --> 00:29:39,760
Speaker 4: feel like we should have done this ten years ago.

646
00:29:39,800 --> 00:29:41,280
Speaker 4: I'm like, yeah, but you're doing it now. So that's

647
00:29:41,320 --> 00:29:43,600
Speaker 4: great because in five years time you would have gone, oh,

648
00:29:43,600 --> 00:29:46,440
Speaker 4: I should have done it fifteen years ago, whereas it's like,

649
00:29:47,080 --> 00:29:49,920
Speaker 4: don't worry about that. We're doing it now and we

650
00:29:50,040 --> 00:29:52,400
Speaker 4: can still make some really good changes and mean that

651
00:29:52,520 --> 00:29:54,280
Speaker 4: kind of long term you are going to be better off.

652
00:29:54,400 --> 00:29:56,360
Speaker 2: Yeah, And like, don't get me wrong, you're not going

653
00:29:56,440 --> 00:30:00,800
Speaker 2: to see the same compounding impact in the over forty

654
00:30:00,880 --> 00:30:04,040
Speaker 2: years has totally but you're still going to see some

655
00:30:04,280 --> 00:30:07,120
Speaker 2: of that. Like, yes, it's not going to be as

656
00:30:07,480 --> 00:30:11,960
Speaker 2: dramatic as the Instagram pictures or you know the examples

657
00:30:12,000 --> 00:30:14,800
Speaker 2: that I sometimes use on this podcast. But like, even

658
00:30:14,840 --> 00:30:17,720
Speaker 2: if you've got three or four years before retirement, you

659
00:30:17,800 --> 00:30:20,720
Speaker 2: are literally going to be tens of thousands of dollars

660
00:30:20,840 --> 00:30:24,120
Speaker 2: better off because you're making changes now, and I can

661
00:30:24,200 --> 00:30:26,480
Speaker 2: promise you few to you, even if it's a five

662
00:30:26,600 --> 00:30:29,560
Speaker 2: thousand dollar difference, a ten thousand dollar difference, like just

663
00:30:29,640 --> 00:30:31,880
Speaker 2: because it's not hundreds of thousands of dollars, I promise

664
00:30:31,920 --> 00:30:34,000
Speaker 2: you're going to be so much more comfortable just having that,

665
00:30:34,160 --> 00:30:38,040
Speaker 2: even if it's like structuring your emergency fund for what

666
00:30:38,200 --> 00:30:40,640
Speaker 2: that looks like, and making sure that we can get

667
00:30:40,680 --> 00:30:42,840
Speaker 2: a pension, and making sure that we can do all

668
00:30:42,920 --> 00:30:45,080
Speaker 2: of the things that give you a comfortable life. Like

669
00:30:45,520 --> 00:30:48,960
Speaker 2: I promise you it's not too late, because the worst

670
00:30:49,000 --> 00:30:51,760
Speaker 2: thing is getting to the very end of your career

671
00:30:51,800 --> 00:30:55,480
Speaker 2: and going I would like to retire tomorrow and being told, oh, actually,

672
00:30:56,120 --> 00:30:57,960
Speaker 2: like if you'd come five years ago, we could have

673
00:30:58,000 --> 00:31:00,400
Speaker 2: structured you so that you're retired today, going to take

674
00:31:00,400 --> 00:31:03,320
Speaker 2: another five years, Like let's just get it together, yeah,

675
00:31:03,360 --> 00:31:05,960
Speaker 2: because no one regrets having a few more dollars in

676
00:31:06,000 --> 00:31:06,520
Speaker 2: their account.

677
00:31:06,680 --> 00:31:08,720
Speaker 4: Yeah, And it's getting people that peace of mind and

678
00:31:09,120 --> 00:31:11,920
Speaker 4: knowing what the future looks like as well, because yeah,

679
00:31:12,000 --> 00:31:14,280
Speaker 4: as you said, if you're three four years off retirement,

680
00:31:15,280 --> 00:31:17,320
Speaker 4: you want to know that that is achievable. You don't

681
00:31:17,320 --> 00:31:19,120
Speaker 4: want to be like that person who comes and says

682
00:31:19,160 --> 00:31:20,680
Speaker 4: I want to retire tomorrow and then it's like, no,

683
00:31:20,760 --> 00:31:22,040
Speaker 4: it's going to be a few more years.

684
00:31:22,440 --> 00:31:23,240
Speaker 2: Yeah, exactly.

685
00:31:23,560 --> 00:31:26,360
Speaker 4: So, yeah, you're definitely never too old to seek advice.

686
00:31:26,720 --> 00:31:28,560
Speaker 4: And yes, I said, you're never too young either.

687
00:31:28,840 --> 00:31:30,719
Speaker 2: I feel like I've learned a lot about that obviously

688
00:31:30,800 --> 00:31:32,880
Speaker 2: when I was an advisor, but now even in the

689
00:31:32,920 --> 00:31:35,120
Speaker 2: She's on the Money community, people ride in and they're like,

690
00:31:35,280 --> 00:31:37,600
Speaker 2: oh my gosh, Victoria, I'm in my seventies and I'm like,

691
00:31:37,960 --> 00:31:41,720
Speaker 2: slay queen. Yeah, like that's so cool. All right, We're

692
00:31:41,760 --> 00:31:44,160
Speaker 2: running out of time very quickly. But finally we had

693
00:31:44,200 --> 00:31:48,240
Speaker 2: a few people ask Daisy, your job sounds really cool.

694
00:31:48,800 --> 00:31:51,800
Speaker 2: How do I also become a financial advisor? And do

695
00:31:51,880 --> 00:31:54,680
Speaker 2: you have any advice for anyone who's like, oh, maybe

696
00:31:54,760 --> 00:31:56,240
Speaker 2: that's a career pathway for me.

697
00:31:57,080 --> 00:31:59,600
Speaker 4: Yeah. So I suppose a little bit of history of

698
00:31:59,640 --> 00:32:01,880
Speaker 4: why I got into financial advice was that I wanted

699
00:32:01,880 --> 00:32:05,000
Speaker 4: to help people, So I really wanted to help care

700
00:32:05,040 --> 00:32:06,480
Speaker 4: for people, but I didn't want to go into the

701
00:32:06,520 --> 00:32:07,200
Speaker 4: medical field.

702
00:32:07,280 --> 00:32:08,560
Speaker 2: So I was like, I thought I wanted to be

703
00:32:08,600 --> 00:32:10,440
Speaker 2: a doctor, and I realized you actually have to do

704
00:32:10,520 --> 00:32:12,000
Speaker 2: like blood and guts and stuff. Yeah.

705
00:32:12,040 --> 00:32:14,280
Speaker 4: Yeah, so very similar to me where I was like,

706
00:32:14,320 --> 00:32:16,360
Speaker 4: I want to help people. I want to make sure

707
00:32:16,400 --> 00:32:18,560
Speaker 4: that yeah, I'm doing something good for people, but I

708
00:32:18,560 --> 00:32:20,080
Speaker 4: didn't want to go into the medical field. So I

709
00:32:20,200 --> 00:32:23,000
Speaker 4: was like, I can help people set themselves up, feel

710
00:32:23,040 --> 00:32:25,600
Speaker 4: good about their goals, know they're going to reach them.

711
00:32:26,080 --> 00:32:29,959
Speaker 4: I suppose becoming a financial advisor, there's definitely some education

712
00:32:30,160 --> 00:32:33,960
Speaker 4: requirements now, which is awesome. So yeah, there's relevant degrees

713
00:32:34,080 --> 00:32:36,360
Speaker 4: that you need to do, as well as potentially some

714
00:32:36,600 --> 00:32:40,080
Speaker 4: post study as well as a financial advisor exam and

715
00:32:40,200 --> 00:32:44,920
Speaker 4: a professional year. Sounds very overwhelming and daunting when we

716
00:32:45,040 --> 00:32:48,200
Speaker 4: say it like that, but I suppose find a financial

717
00:32:48,360 --> 00:32:51,280
Speaker 4: advice practice that has a really good grad program. Yeah, so,

718
00:32:51,920 --> 00:32:54,960
Speaker 4: like we have three graduates at the moment that we're

719
00:32:55,000 --> 00:32:58,479
Speaker 4: working through very structured graduate program, so they feel as

720
00:32:58,520 --> 00:33:00,480
Speaker 4: though they're growing in their role or they feel as

721
00:33:00,480 --> 00:33:02,480
Speaker 4: though they're learning all the different aspects. Cool.

722
00:33:02,720 --> 00:33:04,640
Speaker 2: I remember when it was just the boys, and now

723
00:33:04,680 --> 00:33:07,120
Speaker 2: you've got three graduates. What are you talking about?

724
00:33:07,360 --> 00:33:11,240
Speaker 4: Yeah, So, like when they came and interviewed with us,

725
00:33:11,400 --> 00:33:13,720
Speaker 4: we laid out that graduate structure and we were like, look,

726
00:33:13,800 --> 00:33:15,480
Speaker 4: this is where you're going to be if you stay

727
00:33:15,560 --> 00:33:17,800
Speaker 4: with us, if you want to move as quickly or

728
00:33:17,800 --> 00:33:20,680
Speaker 4: as slowly as you want to finding a good financial

729
00:33:20,760 --> 00:33:23,760
Speaker 4: planning practice that has some structure in place to make

730
00:33:23,840 --> 00:33:26,400
Speaker 4: sure that you are growing and are hitting those milestones.

731
00:33:26,440 --> 00:33:29,960
Speaker 4: Because I interview so many people that have been in

732
00:33:30,080 --> 00:33:32,440
Speaker 4: financial advice for a few years and they're like, I

733
00:33:32,520 --> 00:33:34,920
Speaker 4: just feel like I'm stagnating in my role. I feel

734
00:33:34,960 --> 00:33:36,280
Speaker 4: as though I'm not going to be able to start

735
00:33:36,320 --> 00:33:38,960
Speaker 4: my professional year, or I feel as though even if

736
00:33:39,000 --> 00:33:41,000
Speaker 4: I started that it's going to take me a few

737
00:33:41,080 --> 00:33:42,760
Speaker 4: years and I'm not going to have the support there.

738
00:33:43,680 --> 00:33:47,440
Speaker 4: Whereas like, we're very big on support and making sure

739
00:33:47,480 --> 00:33:49,239
Speaker 4: that kind of you are hitting those milestones. I mean,

740
00:33:49,240 --> 00:33:51,840
Speaker 4: I finished my professional year with Everest Wealth when I

741
00:33:51,960 --> 00:33:56,760
Speaker 4: moved over, and yeah, having a good supportive employer is

742
00:33:56,880 --> 00:34:01,320
Speaker 4: really important. But yet being financial advisors all it's very rewarding.

743
00:34:01,760 --> 00:34:04,200
Speaker 4: Makes me feel nice when I come home at nights

744
00:34:04,240 --> 00:34:07,280
Speaker 4: and helping people in a similar kind of age bracket

745
00:34:07,320 --> 00:34:09,600
Speaker 4: to me is also really nice. I feel as though I.

746
00:34:09,600 --> 00:34:11,680
Speaker 2: Feel like you've lucked out at Everest, And I'm not

747
00:34:11,760 --> 00:34:14,920
Speaker 2: saying it's a bad thing, but like that's why I

748
00:34:15,000 --> 00:34:17,000
Speaker 2: got She's on the money right, Like I was working

749
00:34:17,040 --> 00:34:19,600
Speaker 2: with beautiful clients. They were so nice, but they were

750
00:34:20,160 --> 00:34:23,279
Speaker 2: high income earners who were not in my demographic. I

751
00:34:23,400 --> 00:34:25,520
Speaker 2: didn't have a lot in common with them. They were

752
00:34:25,600 --> 00:34:28,560
Speaker 2: my parents' age, and that's fantastic, but I just didn't

753
00:34:28,560 --> 00:34:31,040
Speaker 2: resonate with them, and I wanted to work with women.

754
00:34:31,120 --> 00:34:33,080
Speaker 2: I wanted to work with young but you've like literally

755
00:34:33,160 --> 00:34:35,239
Speaker 2: got my dream financial advice job.

756
00:34:35,520 --> 00:34:38,399
Speaker 4: They're going through similar life stages to me, Like, yeah,

757
00:34:38,480 --> 00:34:41,240
Speaker 4: they're maybe getting married, wanting to start a family, wanting.

758
00:34:41,000 --> 00:34:42,480
Speaker 2: To tips and tricks too, yeah.

759
00:34:42,360 --> 00:34:46,239
Speaker 4: Like wanting to purchase their first home. Like it's all

760
00:34:46,440 --> 00:34:49,240
Speaker 4: really awesome goals that we're trying to reach and watching

761
00:34:49,320 --> 00:34:52,080
Speaker 4: people tick those off is really nice. Like we've had

762
00:34:52,160 --> 00:34:55,359
Speaker 4: clients recently that have come back and they're like cool,

763
00:34:55,440 --> 00:34:57,080
Speaker 4: So when we first saw you, we wanted to get

764
00:34:57,160 --> 00:34:59,520
Speaker 4: married and buy our first house and have a baby.

765
00:34:59,560 --> 00:35:03,080
Speaker 4: We've ticked all those things off, So cool again, and

766
00:35:03,160 --> 00:35:04,399
Speaker 4: I'm like, oh, that's so nice.

767
00:35:04,480 --> 00:35:06,720
Speaker 2: Like I like being part of like the Pervy journey

768
00:35:06,800 --> 00:35:09,080
Speaker 2: as well, just knowing how they're tracking what they're doing,

769
00:35:09,400 --> 00:35:12,160
Speaker 2: Like I'm a planner at heart. Yeah, like you give

770
00:35:12,200 --> 00:35:14,040
Speaker 2: me a plan, you give me a list. I'm in

771
00:35:14,480 --> 00:35:16,080
Speaker 2: and that you get to do that as a career

772
00:35:16,400 --> 00:35:19,800
Speaker 2: is really cool. Yeah, it's very rewarding, Daisy. I have

773
00:35:20,120 --> 00:35:23,120
Speaker 2: adored this chat as always. Thank you so much for

774
00:35:23,520 --> 00:35:25,759
Speaker 2: agreeing to come back on the show. I feel like

775
00:35:25,880 --> 00:35:27,719
Speaker 2: I might have scared you off the first time, but

776
00:35:27,760 --> 00:35:29,840
Speaker 2: apparently I didn't, which is great because it means that

777
00:35:29,920 --> 00:35:32,120
Speaker 2: I can ask you again and again. I feel like

778
00:35:32,160 --> 00:35:34,680
Speaker 2: you've shared so much wisdom and I know our community

779
00:35:34,760 --> 00:35:36,399
Speaker 2: is going to be like, we love this, Get Daisy

780
00:35:36,480 --> 00:35:40,160
Speaker 2: on again. I feel like I could keep sorry. I

781
00:35:40,200 --> 00:35:42,879
Speaker 2: feel like I could keep asking questions literally all day,

782
00:35:42,960 --> 00:35:44,880
Speaker 2: and I kept having to keep myself on track. But

783
00:35:45,600 --> 00:35:48,239
Speaker 2: if people are like, oh I like the sound of

784
00:35:48,320 --> 00:35:50,520
Speaker 2: Daisy or I like the sound of everest Wealth and

785
00:35:50,600 --> 00:35:52,120
Speaker 2: want to learn more, where can we find you.

786
00:35:52,560 --> 00:35:54,799
Speaker 4: On our website? We have a booking link where Yeah,

787
00:35:54,800 --> 00:35:58,160
Speaker 4: you can have any request Daisy. Yes, So the introductory

788
00:35:58,200 --> 00:36:00,040
Speaker 4: call will be done by one of the teams, so

789
00:36:00,040 --> 00:36:02,680
Speaker 4: it won't be done by me necessarily, but if you

790
00:36:02,719 --> 00:36:04,800
Speaker 4: absolutely do want to work with me, you can. We

791
00:36:05,000 --> 00:36:07,600
Speaker 4: have kind of seven awesome advisors as well in the

792
00:36:07,680 --> 00:36:09,000
Speaker 4: seven Now, yes.

793
00:36:09,040 --> 00:36:11,800
Speaker 2: It is growing, Yes, I know that already. I'm just

794
00:36:11,880 --> 00:36:12,520
Speaker 2: so impressed.

795
00:36:13,080 --> 00:36:16,279
Speaker 4: So, yeah, we have seven awesome advisors. I'm one of them.

796
00:36:16,640 --> 00:36:18,600
Speaker 4: So you can book in through our website for an

797
00:36:18,600 --> 00:36:21,160
Speaker 4: introductory call with the team. We'll kind of take you

798
00:36:21,280 --> 00:36:23,800
Speaker 4: through a little bit more around our process, gather a

799
00:36:23,840 --> 00:36:25,800
Speaker 4: bit of information about you, and then book you in

800
00:36:25,960 --> 00:36:27,040
Speaker 4: for an initial meeting.

801
00:36:28,120 --> 00:36:30,200
Speaker 2: I love it. I love the rest of the team too.

802
00:36:30,320 --> 00:36:32,359
Speaker 2: Like Dais is cool, she's willing to go on the pod,

803
00:36:32,480 --> 00:36:34,600
Speaker 2: but the rest of the team equally is cool. And

804
00:36:34,680 --> 00:36:36,640
Speaker 2: for those of you who have been loving our Q

805
00:36:36,800 --> 00:36:39,839
Speaker 2: and A style episodes, don't worry. I have a lot

806
00:36:39,920 --> 00:36:42,520
Speaker 2: more come in your way. We'll be diving into investing

807
00:36:42,640 --> 00:36:45,600
Speaker 2: and property in some upcoming episodes. And if you've got

808
00:36:45,719 --> 00:36:48,480
Speaker 2: questions that you really really want answered, I want you

809
00:36:48,560 --> 00:36:50,839
Speaker 2: to go and follow us on Instagram because that's where

810
00:36:50,840 --> 00:36:53,200
Speaker 2: we do our listener call out and pop up question

811
00:36:53,400 --> 00:36:56,799
Speaker 2: boxes and like get all of the information. The link

812
00:36:56,920 --> 00:36:58,839
Speaker 2: to that is in our show notes, so make sure

813
00:36:58,880 --> 00:37:01,160
Speaker 2: you're following us. The linked Everest Wealth is in our

814
00:37:01,200 --> 00:37:04,040
Speaker 2: show notes. You can follow Daisy. But Daisy, thank you

815
00:37:04,120 --> 00:37:06,719
Speaker 2: so much for hanging out. I have adored this and

816
00:37:06,800 --> 00:37:08,400
Speaker 2: I know that the community are going to love it

817
00:37:08,520 --> 00:37:09,239
Speaker 2: as much as I have.

818
00:37:09,800 --> 00:37:11,080
Speaker 4: Thank you so much for having me on again.

819
00:37:11,200 --> 00:37:12,040
Speaker 2: Have a good day, guys.

820
00:37:18,480 --> 00:37:21,000
Speaker 5: The buy shared on She's on the Money is general

821
00:37:21,080 --> 00:37:24,920
Speaker 5: in nature and does not consider your individual circumstances. She's

822
00:37:24,960 --> 00:37:28,400
Speaker 5: on the Money exists purely for educational purposes and should

823
00:37:28,440 --> 00:37:31,600
Speaker 5: not be relied upon to make an investment or financial decision.

824
00:37:32,000 --> 00:37:34,440
Speaker 5: If you do choose to buy a financial product, read

825
00:37:34,480 --> 00:37:37,800
Speaker 5: the PDS TMD and obtain appropriate financial.

826
00:37:37,400 --> 00:37:39,160
Speaker 2: Advice tailored towards your needs.

827
00:37:39,560 --> 00:37:43,480
Speaker 5: Victoria Divine and She's on the Money are authorized representatives

828
00:37:43,560 --> 00:37:43,959
Speaker 5: of money.

829
00:37:44,000 --> 00:37:46,719
Speaker 2: Sheirper pty LTD ABN three

830
00:37:46,800 --> 00:37:49,640
Speaker 5: Two one IS six four nine two seven seven zero

831
00:37:49,840 --> 00:37:52,879
Speaker 5: eight AFSL four five one two eight nine