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

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Speaker 1: Order Order Kerni Whoalbury 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 through.

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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and

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

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Speaker 1: and lasting impact for 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 podcast

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Speaker 2: a millennials who want financial freedom. Now, my friends, you

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Speaker 2: guys know, I am very wildly passionate about supranuation. So

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Speaker 2: I thought that today I would invite someone who shares

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Speaker 2: my passion for supranuation on the show. Today we have

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Speaker 2: and Fooks joining us, who is the EGM for Advice,

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Speaker 2: Guidance and Education at the Australian Retirement Trust. And welcome

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Speaker 2: to She's on the Money.

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Speaker 4: Oh goodness, gracious, that is a mouthful. And folks, for

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Speaker 4: those listeners who want to learn a bit of German.

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Speaker 4: Fooks means fox, So Victoria, I want you to call

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Speaker 4: me foxy lady anytime.

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Speaker 2: Or off air. The only other German word I know

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Speaker 2: is squirrel, oh, which is like a hechim. Today we

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Speaker 2: are going to be chatting about, arguably one of my

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Speaker 2: favorite topics. Supranuation is one of the biggest investments you

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Speaker 2: will have in your life, and so many of us

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Speaker 2: just don't pay attention to it. How many of us

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Speaker 2: are actually able to say, oh, I save or invest

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Speaker 2: twelve percent of my income. You can't because you don't,

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Speaker 2: but you do inside superannuation. And I get really worked

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Speaker 2: up about this because it is your money and your

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Speaker 2: choice and you should care about it. And I guess

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Speaker 2: that's why you're here today.

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Speaker 4: Can you imagine, like, you know, the average forty year

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Speaker 4: old's got ninety thousand in their super back. Now, if

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Speaker 4: that was ninety thousand dollars sitting in their bank account

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Speaker 4: or like a share account.

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Speaker 2: They'd be bragging about it, checking it all.

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Speaker 5: The time, they'd be bragging.

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Speaker 4: And yet here we are twenty five percent of Australians

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Speaker 4: haven't even checked how much money's in there in the

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Speaker 4: last twelve months.

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Speaker 2: And that's just not in my mind. And the amount

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Speaker 2: of people that are in the same situation that I

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Speaker 2: used to be in, which I share openly because I

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Speaker 2: think it's really your reformed. Yeah, I'm reformed. Before I

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Speaker 2: was a financial advisor now retired financial advisor, I had

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Speaker 2: like six super accounts and I just kept collecting them

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Speaker 2: like they were pokemon or something. And every new job,

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Speaker 2: I was like, Oh, superforms, don't worry, just set put

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Speaker 2: me in. What about I don't care balanced yet whatever

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Speaker 2: you say, that's all good.

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Speaker 4: But then here we are shopping around for deals online

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Speaker 4: to buy this and that, you know, a good deal

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Speaker 4: for our favorite mascara, And yet we're just collecting all

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Speaker 4: these super accounts and paying all these fees mindlessly.

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Speaker 2: And at the same time that I was not caring

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Speaker 2: about my supranuation, I was like on the phone to

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Speaker 2: my phone provider being like, oh, can you give me

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Speaker 2: like a five dollar a month discount?

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Speaker 1: Right?

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Speaker 2: Oh, it's really important. Then superanuation, which was literally my future,

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Speaker 2: I wasn't caring about.

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Speaker 4: Yeah, the concept of compounding interest, and I think that's

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Speaker 4: the thing, right, it's a monster of an investment. It's

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Speaker 4: a huge opportunity and putting like you were all these

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Speaker 4: like little gremlins that you can pile together have one big,

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Speaker 4: happy gremlin that's going to fund holidays and restaurants.

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Speaker 2: And I like the idea of that though.

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Speaker 4: A happy gremlin, a happy little gremlin that you can

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Speaker 4: feed and top up and who can look after you

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Speaker 4: and love you when you're hopefully not loved and decrepit

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Speaker 4: and you're old and fabulous.

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Speaker 2: I love it. I've got a question for you, but

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Speaker 2: before we get there, I'm just gonna let you guys

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Speaker 2: know that after the break, we're going to be talking

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Speaker 2: about the six simple steps that you're able to take

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Speaker 2: to get on top of your super I feel like

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Speaker 2: this episode is all about taking action. Like we're not

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Speaker 2: just here to talk about what superranuation is, because I've

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Speaker 2: done episodes on that. We'll put a few in the

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Speaker 2: show notes to make sure that you've got all the

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Speaker 2: education at your fingertips that you deserve. But we're just

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Speaker 2: talking about how you can get on top of it today,

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Speaker 2: what that looks like before that, and what do we

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Speaker 2: know about how Australians feel about superannuation overall?

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Speaker 5: Victoria, we have a monster problem.

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Speaker 4: With seventy percent of Australians believe they're not confident they're

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Speaker 4: gonna have enough money to retire. And you think about

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Speaker 4: I don't know about your grandpa, but people they finished work, they.

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Speaker 2: Might list the five years and they have thought about superannuation.

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Speaker 5: You didn't have to rely on the pension that long.

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Speaker 5: You just died.

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Speaker 2: In addition to that, superanuation wasn't something that was enforced

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Speaker 2: properly until nineteen ninety.

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Speaker 5: Ninety ninety two.

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Speaker 2: And because of that, it means if I talk to

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Speaker 2: my parents about supranuation, whilst it is incredibly important to them,

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Speaker 2: it's not been a part of their entire working career

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Speaker 2: in the same way it has been for us.

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Speaker 4: This is profoundly impactful. Like most Australians died poor. Unless

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Speaker 4: you came for money, you didn't have any money, where

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Speaker 4: superannuation actually is this huge wealth vehicle that's kind of

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Speaker 4: democratized having comfort and money in retirement.

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Speaker 5: It's three decades.

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Speaker 4: The average person if you're retiring with let's call it,

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Speaker 4: half a million dollars, which is the comfortable amount, and

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Speaker 4: a lot of us are that's extraordinary and why wouldn't

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Speaker 4: we engage with that a quarter haven't even logged in,

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Speaker 4: which is just crazy. And thirty percent of women, which

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Speaker 4: is ten percent less than men, are just feeling completely

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Speaker 4: sad and of despondent about their financials.

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Speaker 2: And I feel like that is really upsetting for someone

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Speaker 2: like me who knows the power of wealth creation and

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Speaker 2: how it's actually not about the big bucks. The idea

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Speaker 2: of a million dollars seems astronomical. If we just sit

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Speaker 2: here and go, how would we get a million dollars?

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Speaker 2: We go, well, that's actually really unreasonable, Victoria. However, I

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Speaker 2: know that if we were able to get people when

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Speaker 2: they were younger, the younger you are, the more time

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Speaker 2: you have for compounding, because we know, based on the

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Speaker 2: rule of two, that money on average is going to

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Speaker 2: double every seven to ten years. So the ten dollars

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Speaker 2: that you have today could be worth twenty dollars. And

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Speaker 2: while that is not that exciting, because what can you

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Speaker 2: buy in this economy with twenty dollars. I can't pay

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Speaker 2: for my groceries with that. I could probably take you

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Speaker 2: out for a coffee, but we are not getting cake.

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Speaker 2: Don't order a cake because we can't afford that. But

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Speaker 2: when it comes to suberinuation, all the small things over

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Speaker 2: our career really build up.

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Speaker 4: And you know, this is where I think we have

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Speaker 4: to recognize that the reality of super is it is

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Speaker 4: linked to what you get paid, right, Yes, And so

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Speaker 4: we know that women are retiring with half in some

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Speaker 4: instances half the balance of men. There is this risk

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Speaker 4: of women really like homelessness at the end of working

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Speaker 4: life really scary right now. The reality is, if you

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Speaker 4: don't advocate for yourself around your take home pay, guess

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Speaker 4: what when you retire that combite you on the bum.

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Speaker 4: Because men are much better at advocating for themselves around

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Speaker 4: what they're worth in terms of their pay, just in general,

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Speaker 4: just in general. And they don't actually go look at

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Speaker 4: the position description. They go, I can do five percent

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Speaker 4: of that. Yeah, I'll put in for the promotion. That's

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Speaker 4: why they're re direct with.

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Speaker 2: More mute feel like they've got a really good sense

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Speaker 2: of what we call in our team de lulu because

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Speaker 2: they think they can do it even if they don't

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Speaker 2: have the credentials to have the confidence.

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Speaker 5: Now, sisters like, let's owe to have the confidence.

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Speaker 2: You're just going to borrow the confidence of a media

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Speaker 2: white man. And then we're just going to.

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Speaker 4: Do that exactly, because the thing is when we don't

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Speaker 4: do that, that means we retire less. Because super annuation

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Speaker 4: is linked to your take home pay. I mean, there

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Speaker 4: are bigger things around job professions that are not recognized.

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Speaker 4: The fitter and turner has the same level of tape

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Speaker 4: qualification as a as an early educator. There's a societal

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Speaker 4: structural thing around remuneration that we're not going to solve

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Speaker 4: in this podcast, unfortunately, unfortunately. But just remember that is

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Speaker 4: that every time you kind of settle for a bit

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Speaker 4: less in terms of what you're getting paid or an

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Speaker 4: opportunity at work, it actually does matter. I'm going to

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Speaker 4: finish work at the end of your life and you

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Speaker 4: probably going to live another twenty thirty years.

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Speaker 2: To add to that, we are in the middle of

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Speaker 2: a cost of living crisis. Money is overwhelming. I know

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Speaker 2: that budgeting to pay for groceries, to pay for energy

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Speaker 2: heating is insane. At the moment, I feel like we're

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Speaker 2: all really stressed about cash. Superinuation is something that you

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Speaker 2: can address here and now. It's not going to cost

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Speaker 2: you a dollar to address it. You're not going to

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Speaker 2: have to shell out anything to get that sorted, and

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Speaker 2: getting that sorted is going to play into your mental

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Speaker 2: and financial well being. You're going to feel so much

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Speaker 2: more financially secure going You know what, I know that

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Speaker 2: my budget is really strict right now. I know that

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Speaker 2: we're living paycheck to paycheck. I know everything's really challenging,

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Speaker 2: but I also know I'm doing the best thing for future.

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Speaker 2: And I think that once we give ourselves a little

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Speaker 2: bit of a light at the end of the tunnel,

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Speaker 2: you go, it's really tough right now, but I've addressed

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Speaker 2: the super side of things, so retirement's not going to

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Speaker 2: look like today. And I think that that is really empowering,

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Speaker 2: especially when so many of us are trying to get

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Speaker 2: on top of our financial health and we're like, I

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Speaker 2: don't want to ask my work for a pay rise

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Speaker 2: because maybe we got one recently and it wasn't enough.

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Speaker 2: We've asked and they have said no, we just don't

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Speaker 2: have the confidence.

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Speaker 4: This is not something thating you can do. It's really

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Speaker 4: no confrontation. It's totally to your point around action. I

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Speaker 4: was whenever I hear the word action, I can hear

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Speaker 4: the war cry from Grade six action action, and so

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Speaker 4: it is actually something you can do that has no

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Speaker 4: barriers attached to it, and we are going to cover

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Speaker 4: the steps you need to do.

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Speaker 2: That on your head, because I'm not excited about it.

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Speaker 4: But I do think there is something around the time

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Speaker 4: of year that it is at the moment, there's some

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Speaker 4: really profound, big picture things happening in the world of

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Speaker 4: personal finances that I think your listeners should use as

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Speaker 4: a chance to reset. If you think about the Stage

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Speaker 4: three tax cuts coming out, superannuation guarantee, your supers going

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Speaker 4: up to eleven and a half percent, there are some

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Speaker 4: energy rebates that I know state governments and federal governments

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Speaker 4: are paying. So I think it's a really good time

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Speaker 4: to go, all right, what are all these big picture

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Speaker 4: things around Stage three tax cuts, the superannuation going up?

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Speaker 4: Because I will say to your subscribers that if you're

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Speaker 4: getting paid as a package rather than your base salary

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Speaker 4: plus super, you might be in a position where your

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Speaker 4: take home pay is going backwards.

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Speaker 2: Yeah, we've talked about this on the podcast. I am

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Speaker 2: wildly passionate about making sure that people know that might

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Speaker 2: be a thing, and maybe having a little bit of

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Speaker 2: a chat today here and now with your employer and going.

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Speaker 4: Through well we just do base salary plus super rather

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Speaker 4: than a package.

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Speaker 5: You're short changing yourself.

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Speaker 2: And I think it's such a small change that it

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Speaker 2: makes sense for your employer to accept it as well,

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Speaker 2: because it's very reasonable. It's not hey, can I have

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Speaker 2: a massive pay rise? It's hey, this is going to

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Speaker 2: be implemented legally, you have to pay it. Can we

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Speaker 2: just do it in a way that benefits me long

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Speaker 2: term so that I'm not put behind because right now

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Speaker 2: you're putting me behind during a cost of living crisis.

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Speaker 4: Yeah, I think that's right. I think taking action looking

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Speaker 4: at what the stage three text cuts can mean for you.

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Speaker 4: We do talk about cost of living crisis, but thinking

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Speaker 4: about well, the subscription services that we're all kind of.

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Speaker 4: You know, some times you don't even you lose track

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Speaker 4: of what you've been where's the unnecessary spending in all

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Speaker 4: of this? Looking at stage three text cards overlaying SG

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Speaker 4: and then try to work out a plan around how

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Speaker 4: you're going to maximize today and also be fabulous and comfortable.

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Speaker 2: Tomorrow exactly now in this team, I don't know how

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Speaker 2: much you know about she's on the money, but I

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Speaker 2: like to refer to myself as stats girl. I want

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Speaker 2: to know, are there some clear stats on how women

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Speaker 2: in particular are putting themselves behind? Because I think sometimes

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Speaker 2: when we talk about super we go more of us

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Speaker 2: are retiring and facing homelessness, more of us are putting

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Speaker 2: ourselves behind. Are there some stats that go, no, actually, X, Y,

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Speaker 2: and Z we have to make We know the.

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Speaker 4: Stat around the gender pay gap, but it's just stuck

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Speaker 4: in that thirteen to nineteen percent gap. We know that

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Speaker 4: only twenty eight percent of us feel financially confident compared

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Speaker 4: to I think it's the high thirties.

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Speaker 2: With the route shocking.

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Speaker 5: This is the whole point.

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Speaker 1: I know.

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Speaker 2: Well, I still find it shocking because I'm in the

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Speaker 2: very privileged position of going this information exists, and it's free.

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Speaker 2: This information is being put out there. How do I

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Speaker 2: basically force it down people's throats so they go.

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Speaker 5: Well, putting the hand up and saying I need some help.

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Speaker 2: And I feel like that's why She's on the money exists.

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Speaker 2: Way back in a past life when I was a

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Speaker 2: financial advisor and she's on the money didn't exist. I

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Speaker 2: used to do these lunch and learns called She's on

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Speaker 2: the money because I used to do lunch and learns

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Speaker 2: to big corporates where I'd sit down with people and go,

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Speaker 2: all right, this is what super is.

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Speaker 1: You know.

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Speaker 2: HR would get me involved, have a chat to them

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Speaker 2: about their super. This is for employee engagement. And the

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Speaker 2: thing that I noticed in those sessions was women would

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Speaker 2: not ask questions. They would not put their.

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Speaker 5: Hands in it's scared of looking silly.

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Speaker 2: Exactly how are we supposed to know if we have

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Speaker 2: never been taught?

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Speaker 5: And this is why it's so amazing what you're doing.

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Speaker 2: Seriously, I know Korean exists. I've never been there. I

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Speaker 2: don't know how to speak Korean. I don't think it's

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Speaker 2: embarrassing if I put my hand up and be like,

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Speaker 2: I know that you know Korean, but I don't. I

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Speaker 2: don't think that's embarrassing. But why do we then think

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Speaker 2: it's embarrassing when we start to talk about finance.

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Speaker 4: Yeah, and again I've like, we're just talking before about

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Speaker 4: kids and whatever. And I've got eighteen, fourteen and sixteen

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Speaker 4: boy girl girl. The girls don't talk enough about the

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Speaker 4: money and the super. Where I listen to the boys

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Speaker 4: when they sit around eighteen having their hard solos, like

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Speaker 4: tough guys, talking about their bitcoin investments and their shares,

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Speaker 4: and I'm like, why you don't.

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Speaker 2: Even know what you're talking about. But there is.

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Speaker 4: Something culturally in that, which is why the people who

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Speaker 4: are listening to this are one step ahead, and they

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Speaker 4: you as listeners, need to be then evangelical and tell

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Speaker 4: people in your world seventy percent of you are doing nothing,

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Speaker 4: and doing nothing will be a self fulfilling prophecy of

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Speaker 4: poverty and retirement.

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Speaker 2: To me, doing nothing is a choice. So you've got

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Speaker 2: a choice to make action or you've got a choice

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Speaker 2: to make no action. And by making no action, that

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Speaker 2: is a choice in itself, and I don't think that

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Speaker 2: that's one you want to be making.

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Speaker 4: You know, when members call us, when the ones that

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Speaker 4: finally go, they'll have a life event, whether it's a divorce,

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Speaker 4: something will happen and then they go, oh.

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Speaker 5: My god, I have to call the super fun Now.

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Speaker 4: It's either embarrassment, shame, fear, and actually when they get

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Speaker 4: told things aren't as bad or there's ways to sart

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Speaker 4: of the relief, and you think, why were you walking

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Speaker 4: around with this?

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Speaker 2: Because we're scared? I know, because it's overwhelming, because it

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Speaker 2: doesn't feel nice and honestly, like We're trying really hard

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Speaker 2: to make superannuations seem really sexy. But if you're not

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Speaker 2: in the industry, not that sexy. It's not a priority.

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Speaker 5: Think of the things that are, but what you're invested with.

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Speaker 4: You know, you invest in trains and data centers and

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Speaker 4: shares and gas pipes and airports.

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Speaker 2: Not helping honestly, like, that's not making it sexier. You

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Speaker 2: know what makes it sexier telling me that I'm going

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Speaker 2: to have financial freedom in the future. I'm going to

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Speaker 2: have a level of financial freedom that I afforded for myself.

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Speaker 4: And this is where you'll bang on Victoria, because even

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Speaker 4: if you feel really trapped financially today, there is something

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Speaker 4: that you can do to make sure you don't feel

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Speaker 4: that way tomorrow.

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Speaker 5: And it's just like clicking up the phone.

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Speaker 4: And talking to you super fun and being one of

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Speaker 4: the thirty percent growing to forty percent and so on,

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Speaker 4: so there's not this big gap at retirement.

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Speaker 2: And I've said it before on the podcast, I am

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Speaker 2: the biggest advocate of getting people to call their super

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Speaker 2: funds because it actually doesn't cost you anything now, and

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Speaker 2: the people at your super fund are so engaged, they

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Speaker 2: are so educated, they have been trained to answer every

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Speaker 2: single question and if you need basic advice that exists

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Speaker 2: there for you too, you can call them and you

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Speaker 2: know what they expect you to not know, Yeah, because

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Speaker 2: most people don't. So you can call and me like, hey,

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Speaker 2: I have a member number. I can share with you

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Speaker 2: my name, but that's about it. Can you actually talk

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Speaker 2: me through what I even hold? How much do I have?

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Speaker 2: What does this look like? Where am I going? Can

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Speaker 2: you help? And they will be like, oh my gosh,

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Speaker 2: I'm so glad you called. Sit down. If you got

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Speaker 2: ten minutes, they will give you all the time in

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Speaker 2: the world to put you in the best possible position,

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Speaker 2: because that's what they do every day.

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Speaker 4: I have to say there is a thing of working

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Speaker 4: in superannuation where there's a sense of service and purpose.

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Speaker 4: There is a higher order social kind of good. The

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Speaker 4: people that work at like Australian Retirement trust you're not

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Speaker 4: doing it to become rich and famous, that you come

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Speaker 4: because you believe in care.

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Speaker 5: Even though it's finances.

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Speaker 4: There is a sense of social purpose and care to

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Speaker 4: what we all do. So I couldn't endorse enough what

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Speaker 4: you just said in terms of them.

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Speaker 2: And even if it's not a conclusive conversation and you're like, oh, really,

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Speaker 2: I feel quite overwhelmed with this conversation. Can you let

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Speaker 2: me go away and do some research? Great, call them

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00:16:34,160 --> 00:16:37,200
Speaker 2: back later. You don't have to make big hitting decisions

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Speaker 2: in your first phone call.

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Speaker 4: There's some really good calculators online that you can have

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Speaker 4: a play around with to work out, well, what age

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Speaker 4: am I and what balance should I have? As I said,

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Speaker 4: you know, the average forty year old should probably have

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Speaker 4: about one hundred and fifty thousand. Most only have about

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Speaker 4: ninety thousand, So there's a gap there. But the point is,

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Speaker 4: don't put your head in the sand over the gap.

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Speaker 4: These small steps like you just spoke about with the

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Speaker 4: lots of reblins, everyone consolidating them, bringing them together knowing

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Speaker 4: what you're invested in, or they're.

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Speaker 2: Going to save you money, but it's also going to

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Speaker 2: save you stress and anxiety because you know that there's

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Speaker 2: a light at the end of the tunnel. We actually's

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Speaker 2: on the money are obsessed with the idea of money stories.

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Speaker 2: In fact, my recent book that came out last month

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Speaker 2: is called money Stories. Because we all grow up with

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Speaker 2: different beliefs, values, thoughts.

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Speaker 4: Beliefs around how married to a German, they're much more

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Speaker 4: discipline as opposed to my Irish kind of cultural ways.

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Speaker 5: Well you have a good time.

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Speaker 4: Yeah, So all these things factor into the decision making

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Speaker 4: and reluctance to do something one hundred percent.

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Speaker 2: Let's go to a really quick break. I promised you

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Speaker 2: guys at the start of this episode that we would

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Speaker 2: give you six actionable steps to get on top of

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Speaker 2: your superannuation. So if you stick around, we'll get through

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Speaker 2: those right after this. All right, guys, we are back

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Speaker 2: and I want to have a chat with you. What

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Speaker 2: are the impacts on your super if you have a

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Speaker 2: child as a woman.

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Speaker 4: Well, the good news is that my friend to leave

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00:18:01,200 --> 00:18:03,160
Speaker 4: is now superannuation is going to be paid on that.

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Speaker 2: That's sexy.

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Speaker 5: I have to say.

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Speaker 4: We did advocate hard to the government over that, so

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Speaker 4: we were thrilled.

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Speaker 2: Thank you for that.

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Speaker 5: Really, I appreciate you were thrilled to see that.

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00:18:10,840 --> 00:18:13,120
Speaker 4: So that's going to put the next generation of sisters

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Speaker 4: in a better place. But there might be men listening

403
00:18:15,280 --> 00:18:16,920
Speaker 4: to this. My husband was a stay at home dad

404
00:18:17,040 --> 00:18:17,800
Speaker 4: and I worked and.

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Speaker 2: My husband is currently the day at home.

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00:18:19,760 --> 00:18:21,800
Speaker 4: Yeah, so it's whoever is I guess the care but

407
00:18:22,000 --> 00:18:24,000
Speaker 4: most of the realities, most of it lands on us,

408
00:18:24,040 --> 00:18:25,600
Speaker 4: and so there'll be a period of time where you're

409
00:18:25,600 --> 00:18:27,640
Speaker 4: actually not getting paid, which means then you need.

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00:18:27,600 --> 00:18:28,919
Speaker 5: To play catch up with Super.

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00:18:29,160 --> 00:18:32,320
Speaker 4: Because of the compounding interest, that gap where contributions are

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Speaker 4: not being paid creates a material problem.

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Speaker 2: I think that there's a lot of strategies you can implement.

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00:18:37,640 --> 00:18:40,520
Speaker 2: We've spoken about it on the podcast before. You could

415
00:18:40,560 --> 00:18:44,280
Speaker 2: plan forward and start contributing a tiny bit amount much

416
00:18:44,400 --> 00:18:47,320
Speaker 2: earlier so that that gap is covered in advance, or

417
00:18:47,359 --> 00:18:50,720
Speaker 2: you could start contributing after to make up that gap,

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00:18:50,840 --> 00:18:53,800
Speaker 2: or even how do you feel about getting your partner

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Speaker 2: to contribute to.

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Speaker 4: Yourself well spouse contributions it's another strategy. With superannuation going

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00:18:58,560 --> 00:19:01,359
Speaker 4: up to eleven and a half percent, concessional contributions are

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00:19:01,359 --> 00:19:03,320
Speaker 4: going up. And again this is why I think getting

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00:19:03,320 --> 00:19:07,160
Speaker 4: advice is really important, because there are tax benefits, whether

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00:19:07,160 --> 00:19:09,000
Speaker 4: you're putting in it as part of your take home

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00:19:09,040 --> 00:19:11,879
Speaker 4: pay or then after tax, whether it's your spouse is

426
00:19:11,960 --> 00:19:15,280
Speaker 4: doing it. Again, just recognizing that your take home pay

427
00:19:15,320 --> 00:19:18,240
Speaker 4: is going to probably materially change after one July, I

428
00:19:18,280 --> 00:19:20,000
Speaker 4: think it's a chance to really look at could you

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Speaker 4: afford As you've just rightly pointed out to put in

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Speaker 4: a bit extra so that you're not left behind. But

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Speaker 4: recognizing I just want to call out that pay print

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Speaker 4: to leave again with superannuation being paid on that.

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Speaker 2: I also think it's important to remember that these things

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Speaker 2: are also tax effective. So if you're thinking, oh my gosh,

435
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Speaker 2: I don't know if I can afford to make extra

436
00:19:40,160 --> 00:19:42,480
Speaker 2: contributions to my super, like what if you bumped up

437
00:19:42,520 --> 00:19:44,960
Speaker 2: your super one percent over the next ten years. That's

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00:19:45,000 --> 00:19:47,440
Speaker 2: going to impact it significantly. But I think we need

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00:19:47,440 --> 00:19:49,879
Speaker 2: to go and do some maths, use some of those calculators,

440
00:19:50,080 --> 00:19:53,359
Speaker 2: because you are going to get in most circumstances, I

441
00:19:53,440 --> 00:19:56,119
Speaker 2: can't broad brushly say this, but you are going to

442
00:19:56,160 --> 00:19:59,040
Speaker 2: get some tax benefits from making that decision, and so

443
00:19:59,119 --> 00:20:01,680
Speaker 2: it's not going to be the whole dollar take home

444
00:20:01,760 --> 00:20:05,439
Speaker 2: amount that you are contributing towards that it's actually going

445
00:20:05,520 --> 00:20:07,919
Speaker 2: to be quite beneficial. So I think we need to

446
00:20:08,000 --> 00:20:10,560
Speaker 2: look into it. Even if you can't factor it into

447
00:20:10,640 --> 00:20:13,400
Speaker 2: the budget right now, please go and just do the

448
00:20:13,440 --> 00:20:15,840
Speaker 2: maths so that you understand what that might mean.

449
00:20:15,880 --> 00:20:18,200
Speaker 5: This is now about the fifteen percent tax percent.

450
00:20:18,480 --> 00:20:21,240
Speaker 2: Because I am always on top of it, the best

451
00:20:21,280 --> 00:20:25,120
Speaker 2: example I have is if you're on the standard marginal

452
00:20:25,160 --> 00:20:27,560
Speaker 2: tax rate of thirty seven and a half percent, and

453
00:20:27,600 --> 00:20:30,520
Speaker 2: we decide to use the number of ten thousand dollars

454
00:20:30,560 --> 00:20:34,119
Speaker 2: inside your take home pay. If we transferred it to you,

455
00:20:34,200 --> 00:20:37,199
Speaker 2: it's worth six seven hundred and fifty dollars. If you

456
00:20:37,400 --> 00:20:40,960
Speaker 2: put that inside superannuation instead, it's now worth eight and

457
00:20:41,000 --> 00:20:43,800
Speaker 2: a half thousand dollars because of that fifteen percent tax

458
00:20:43,880 --> 00:20:46,200
Speaker 2: rate that's supplied. So I don't mean to be dramatic,

459
00:20:46,200 --> 00:20:49,240
Speaker 2: but that's a twenty two percent difference. And I mean,

460
00:20:49,440 --> 00:20:51,960
Speaker 2: we all care about our returns in super we're like

461
00:20:52,160 --> 00:20:54,720
Speaker 2: always I feel like everybody instead of looking at their

462
00:20:54,720 --> 00:20:57,680
Speaker 2: fees instead of they just go look at, like, what's

463
00:20:57,760 --> 00:21:00,640
Speaker 2: my super return to me? The amount that is on

464
00:21:00,720 --> 00:21:03,560
Speaker 2: your return doesn't include the tax benefits, so you might

465
00:21:03,600 --> 00:21:06,359
Speaker 2: have had, you know, let's say an eight or nine return,

466
00:21:06,960 --> 00:21:10,280
Speaker 2: but you're also making even more money because of that

467
00:21:10,480 --> 00:21:13,679
Speaker 2: tax benefit that you probably swept under the rug. So

468
00:21:13,800 --> 00:21:18,560
Speaker 2: immediately your money is worth twenty two percent more inside superannuation.

469
00:21:18,720 --> 00:21:20,720
Speaker 2: Does that mean we should throw our money in there,

470
00:21:20,760 --> 00:21:24,639
Speaker 2: Absolutely not, but it's really important to take that into consideration.

471
00:21:24,800 --> 00:21:28,240
Speaker 4: We're crunching the numbers and coffee a day if you're again,

472
00:21:28,320 --> 00:21:30,680
Speaker 4: I'm using forty, a number of things starting to.

473
00:21:30,720 --> 00:21:33,800
Speaker 2: Comet, Like, that's when people usually start to take control

474
00:21:33,960 --> 00:21:37,320
Speaker 2: of their finances because they might have and this is

475
00:21:37,440 --> 00:21:39,120
Speaker 2: very dramatic, but they might have gone through a big

476
00:21:39,160 --> 00:21:42,440
Speaker 2: life event. Yes, that's where we're starting to talk about

477
00:21:42,480 --> 00:21:46,840
Speaker 2: inheritances because our parents unfortunately don't live forever. It's when

478
00:21:46,880 --> 00:21:50,280
Speaker 2: we're starting to see a lot more divorce happening. It's

479
00:21:50,320 --> 00:21:52,159
Speaker 2: when we're starting to see the kids go off to

480
00:21:52,200 --> 00:21:55,040
Speaker 2: school and you have an existential crisis because you're like, wait,

481
00:21:55,040 --> 00:21:57,240
Speaker 2: what am I doing with my career? In terms of

482
00:21:57,240 --> 00:21:59,760
Speaker 2: career's just so many questions at that age.

483
00:22:00,240 --> 00:22:02,640
Speaker 4: Your day at forty can work out to sixty thousand

484
00:22:02,680 --> 00:22:04,960
Speaker 4: dollars income in retirement extra.

485
00:22:04,800 --> 00:22:07,600
Speaker 2: So exactly. And even if we were just doing like

486
00:22:07,680 --> 00:22:09,840
Speaker 2: a couple of like roundups, like what if you set

487
00:22:09,880 --> 00:22:12,080
Speaker 2: up a direct debit of just five bucks.

488
00:22:11,880 --> 00:22:14,800
Speaker 4: Most people would know about those roundup type services where

489
00:22:14,840 --> 00:22:15,720
Speaker 4: you can choose to put it in.

490
00:22:16,000 --> 00:22:19,000
Speaker 2: You can just do it via a direct debit. You

491
00:22:19,000 --> 00:22:22,119
Speaker 2: don't need a specific service to set up a direct

492
00:22:22,119 --> 00:22:26,960
Speaker 2: debit to your supernuation fund, which I always mind really funny.

493
00:22:27,080 --> 00:22:29,600
Speaker 2: You probably are not in this circumstance at all because

494
00:22:29,640 --> 00:22:32,800
Speaker 2: you fully comprehend the environment. But I think people think

495
00:22:32,840 --> 00:22:35,719
Speaker 2: that getting money into super is really complex, but it's not.

496
00:22:35,800 --> 00:22:38,959
Speaker 2: It's b pay. It's the same as transferring money to

497
00:22:39,000 --> 00:22:39,879
Speaker 2: your friends. People.

498
00:22:41,200 --> 00:22:43,080
Speaker 4: As I said, the fact that a quarter of Australians

499
00:22:43,080 --> 00:22:46,600
Speaker 4: haven't even checked their balance in the last year, we're.

500
00:22:46,440 --> 00:22:47,600
Speaker 2: Doing ourselves a disservice.

501
00:22:47,680 --> 00:22:49,440
Speaker 4: It's Houston, We've got a problem. So I would just

502
00:22:49,480 --> 00:22:52,040
Speaker 4: say this's overwhelmingly a problem there.

503
00:22:52,359 --> 00:22:54,760
Speaker 2: I love that let's get into those simple steps that

504
00:22:54,800 --> 00:22:57,440
Speaker 2: we promised people. Though we know that on the first

505
00:22:57,520 --> 00:23:00,879
Speaker 2: of July this year's superinnuation is inc racing to eleven

506
00:23:00,920 --> 00:23:04,439
Speaker 2: and a half percent, very very attractive. We're going up

507
00:23:04,440 --> 00:23:07,679
Speaker 2: again the year after, which means that we are putting

508
00:23:07,680 --> 00:23:11,000
Speaker 2: ourselves in the best possible position. It's automatic, but I

509
00:23:11,080 --> 00:23:13,680
Speaker 2: think that to put ourselves in the best position for

510
00:23:13,800 --> 00:23:17,120
Speaker 2: an entire lifetime, we really need to be taking more

511
00:23:17,119 --> 00:23:19,440
Speaker 2: action than just going great. I'm so glad I'm being

512
00:23:19,440 --> 00:23:23,280
Speaker 2: paid more Super because even though we are heading towards

513
00:23:23,280 --> 00:23:25,800
Speaker 2: a higher superannuation rate, because we started at nine and

514
00:23:25,840 --> 00:23:27,840
Speaker 2: a half percent and the government realized that is just

515
00:23:27,880 --> 00:23:30,800
Speaker 2: not enough. That hadn't changed in years, and we're now

516
00:23:30,840 --> 00:23:33,399
Speaker 2: implementing a step by step process to get us up

517
00:23:33,400 --> 00:23:35,760
Speaker 2: to where they think is fair. But your lifestyle might

518
00:23:35,760 --> 00:23:37,199
Speaker 2: not be in line with that. You might go, but

519
00:23:37,280 --> 00:23:39,520
Speaker 2: be I need more than that. We need to take action.

520
00:23:39,680 --> 00:23:42,400
Speaker 2: What are some really simple steps that we can take

521
00:23:42,560 --> 00:23:45,840
Speaker 2: right now to get familiar with super and put ourselves

522
00:23:45,880 --> 00:23:47,120
Speaker 2: in the best possible position.

523
00:23:47,320 --> 00:23:49,919
Speaker 4: Download your super Fun app and put it on your phone.

524
00:23:50,119 --> 00:23:51,920
Speaker 4: Log in, check your balance.

525
00:23:52,160 --> 00:23:55,159
Speaker 2: So many people don't even know that their super funds

526
00:23:55,200 --> 00:23:58,840
Speaker 2: have apps. It's literally at your fingertips.

527
00:23:58,280 --> 00:24:01,600
Speaker 4: And then investigate what that's going to translate to. And

528
00:24:01,680 --> 00:24:03,080
Speaker 4: as a retirement income.

529
00:24:02,840 --> 00:24:04,600
Speaker 2: I do have to admit I don't have my super

530
00:24:04,600 --> 00:24:06,399
Speaker 2: fund app on my fine so I feel like the

531
00:24:06,600 --> 00:24:11,400
Speaker 2: steps might be for meday super Please don't get me wrong,

532
00:24:11,440 --> 00:24:15,399
Speaker 2: like I do occasionally log in online. Got to be

533
00:24:15,440 --> 00:24:18,159
Speaker 2: a bit honest here as well. Yeah, it's not always

534
00:24:18,160 --> 00:24:20,600
Speaker 2: front of mine, but I know from a hygiene level

535
00:24:20,640 --> 00:24:23,720
Speaker 2: it's doing one. I'm invested in a.

536
00:24:23,640 --> 00:24:26,800
Speaker 4: New financial year, checking your stage three tex scouts what

537
00:24:26,880 --> 00:24:29,760
Speaker 4: they mean, doing all of your budgeting, Download your app

538
00:24:29,800 --> 00:24:32,240
Speaker 4: at the same time, check your balance and then actually

539
00:24:32,280 --> 00:24:35,520
Speaker 4: going into your super fun websites to see how much

540
00:24:35,600 --> 00:24:38,119
Speaker 4: money you needed retirement, to see if there's a gap.

541
00:24:37,880 --> 00:24:41,119
Speaker 2: And what does that look clack. So when we say,

542
00:24:41,240 --> 00:24:42,600
Speaker 2: and I feel like this is one of.

543
00:24:42,600 --> 00:24:44,480
Speaker 5: Those things, five hundred and sixty thousands, that.

544
00:24:44,680 --> 00:24:47,119
Speaker 2: Five hundred and sixty and why is it five sixty?

545
00:24:47,320 --> 00:24:47,960
Speaker 5: Five sixties?

546
00:24:47,960 --> 00:24:50,720
Speaker 4: The number where you can have a holiday, you can

547
00:24:50,920 --> 00:24:54,080
Speaker 4: replace a car if it breaks down, you've got emergency money,

548
00:24:54,280 --> 00:24:55,840
Speaker 4: you can buy the family presence.

549
00:24:55,880 --> 00:24:56,919
Speaker 5: That's kind of the number.

550
00:24:57,320 --> 00:24:59,520
Speaker 2: I love having a number, yeah, because I feel like

551
00:24:59,640 --> 00:25:01,880
Speaker 2: so many many of us are like, what does that mean?

552
00:25:01,920 --> 00:25:05,000
Speaker 2: How much do I need in retirement? Five sixty you're saying,

553
00:25:05,119 --> 00:25:06,640
Speaker 2: that's what we're all working towards.

554
00:25:06,920 --> 00:25:09,880
Speaker 4: That's a really comfortable retirement where you're not worrying about money.

555
00:25:09,920 --> 00:25:11,880
Speaker 4: And we all know that at some point if you're

556
00:25:11,960 --> 00:25:14,200
Speaker 4: rich or rich, it kind of doesn't make you happier.

557
00:25:14,280 --> 00:25:16,359
Speaker 4: So five sixty is when you don't have to worry

558
00:25:16,400 --> 00:25:17,000
Speaker 4: about money.

559
00:25:17,160 --> 00:25:20,440
Speaker 2: I love that idea, but if we wanted to work backwards,

560
00:25:20,480 --> 00:25:22,760
Speaker 2: I've spoken a number of times on the podcast. Again,

561
00:25:22,800 --> 00:25:24,399
Speaker 2: we'll put a few in the show notes so that

562
00:25:24,440 --> 00:25:27,320
Speaker 2: you guys have all the tools and resources I always

563
00:25:27,400 --> 00:25:29,040
Speaker 2: like to work backwards and go, well, how much am

564
00:25:29,040 --> 00:25:31,440
Speaker 2: I earning right now? Once I don't have a mortgage

565
00:25:31,480 --> 00:25:34,479
Speaker 2: to pay, once I'm not covering all of these school fees,

566
00:25:34,520 --> 00:25:37,320
Speaker 2: once I'm a little bit leaner, which we hopefully will

567
00:25:37,359 --> 00:25:40,120
Speaker 2: be in retirement, what does that look like? What kind

568
00:25:40,200 --> 00:25:42,920
Speaker 2: of income am I going for? And if that five

569
00:25:42,920 --> 00:25:45,760
Speaker 2: to sixty amount which we all should be working towards,

570
00:25:46,200 --> 00:25:48,159
Speaker 2: isn't enough, we can then go all right, well we

571
00:25:48,200 --> 00:25:50,080
Speaker 2: need to top up a little bit more. We need

572
00:25:50,119 --> 00:25:52,800
Speaker 2: to change a bit because you've got complete control. But

573
00:25:52,840 --> 00:25:55,000
Speaker 2: I think as women we love having a little goal.

574
00:25:55,320 --> 00:25:58,320
Speaker 4: We love clarity, setting yourself a goal and recognizing, again,

575
00:25:58,480 --> 00:26:01,600
Speaker 4: depending on what your salaries has been is likely to

576
00:26:01,600 --> 00:26:02,600
Speaker 4: be it might be.

577
00:26:02,600 --> 00:26:04,240
Speaker 5: Too hard to hit the five P sixty.

578
00:26:04,240 --> 00:26:06,400
Speaker 4: But again all is not lost because if you download

579
00:26:06,400 --> 00:26:09,280
Speaker 4: the app, see how much you've got, actually understand what

580
00:26:09,359 --> 00:26:11,800
Speaker 4: the gap is. If there is a gap, then go right,

581
00:26:11,840 --> 00:26:13,639
Speaker 4: well what can I do to fix the gap. Thirdly,

582
00:26:13,640 --> 00:26:16,160
Speaker 4: I need to look at what I'm invested in now. Obviously,

583
00:26:16,280 --> 00:26:20,280
Speaker 4: the growthier the investment option, the greater the returns, but

584
00:26:20,320 --> 00:26:22,800
Speaker 4: also the greater the volatility, which is why you need

585
00:26:22,880 --> 00:26:25,119
Speaker 4: a greater amount of time. So you need to actually

586
00:26:25,200 --> 00:26:28,680
Speaker 4: understand and consciously make sure you understand what you're invested

587
00:26:28,720 --> 00:26:31,080
Speaker 4: in and is that a lever you can pull to

588
00:26:31,080 --> 00:26:33,440
Speaker 4: bridge the gap. You then need to look at taking cover.

589
00:26:33,560 --> 00:26:36,320
Speaker 4: So what I mean is if you don't have insurance,

590
00:26:36,480 --> 00:26:38,840
Speaker 4: that can make you poor at retirement too, because you

591
00:26:38,880 --> 00:26:40,480
Speaker 4: could have a life event and then you need to

592
00:26:40,520 --> 00:26:42,520
Speaker 4: call on your super to bail you out of it,

593
00:26:42,560 --> 00:26:43,800
Speaker 4: which means you have nothing at.

594
00:26:43,680 --> 00:26:44,880
Speaker 5: The end of your working life.

595
00:26:44,800 --> 00:26:48,400
Speaker 2: Yea, we don't work this hard to end up with nothing.

596
00:26:48,640 --> 00:26:51,040
Speaker 2: And it's funny you say insurance. I was having this

597
00:26:51,119 --> 00:26:54,199
Speaker 2: conversation on the last episode I recorded, because I was

598
00:26:54,200 --> 00:26:55,879
Speaker 2: saying to Beck, who is a very big part of

599
00:26:55,920 --> 00:26:58,520
Speaker 2: our show, that if you are traveling and you can't

600
00:26:58,520 --> 00:27:01,399
Speaker 2: afford travel insurance, you din't be going. And I feel

601
00:27:01,400 --> 00:27:06,000
Speaker 2: the same way about life, Like you prioritize your car insurance,

602
00:27:06,200 --> 00:27:10,320
Speaker 2: but you don't prioritize insurance on your literal life, on

603
00:27:10,359 --> 00:27:14,080
Speaker 2: your ability to generate an income, but you'll ensure an

604
00:27:14,119 --> 00:27:17,040
Speaker 2: asset that. Let's be honest. And if my car broke

605
00:27:17,080 --> 00:27:19,119
Speaker 2: down tomorrow and I could not replace it because I

606
00:27:19,119 --> 00:27:21,360
Speaker 2: didn't have insurance, well I've got an income and I'll

607
00:27:21,400 --> 00:27:24,280
Speaker 2: save up for a new car. But if my income

608
00:27:24,320 --> 00:27:27,080
Speaker 2: breaks down because I can't go to work, I can't

609
00:27:27,119 --> 00:27:29,800
Speaker 2: get a new car. Like it doesn't go both ways.

610
00:27:29,920 --> 00:27:32,840
Speaker 2: So we need to protect the thing that protects us

611
00:27:32,920 --> 00:27:34,920
Speaker 2: because I at the end of the day, if you said,

612
00:27:35,000 --> 00:27:36,680
Speaker 2: ve you have to get rid of every single insurance

613
00:27:36,680 --> 00:27:39,240
Speaker 2: you have, I love a bit of insurance. Like ex

614
00:27:39,280 --> 00:27:42,520
Speaker 2: financial advisor, you best believe I have every personal insurance

615
00:27:42,600 --> 00:27:45,240
Speaker 2: under the sun because I, unfortunately have seen the worst

616
00:27:45,280 --> 00:27:47,600
Speaker 2: of the worst of the world when it comes to

617
00:27:47,760 --> 00:27:51,480
Speaker 2: people experiencing trauma, people going through events that could have

618
00:27:51,520 --> 00:27:53,439
Speaker 2: been covered. So I just go to me, having been

619
00:27:53,480 --> 00:27:55,119
Speaker 2: through what I've been through, I'm going to have really

620
00:27:55,200 --> 00:27:57,440
Speaker 2: high levels of all these insurances. But if you said

621
00:27:57,520 --> 00:27:59,240
Speaker 2: you have to get rid of every single one VEE,

622
00:27:59,240 --> 00:28:02,080
Speaker 2: I'd just keep my personal insurance. Yeah, totally, Like my

623
00:28:02,119 --> 00:28:04,959
Speaker 2: current insurance can go the insurance that I was bribed

624
00:28:04,960 --> 00:28:07,320
Speaker 2: into getting for my iPhone in the bin. I can

625
00:28:07,400 --> 00:28:11,359
Speaker 2: definitely keep the personal insurance that makes sure that my

626
00:28:11,480 --> 00:28:13,840
Speaker 2: income is going to be protected in retirement.

627
00:28:13,880 --> 00:28:16,159
Speaker 4: That's right, I mean, and also too, I mean, just

628
00:28:16,200 --> 00:28:18,280
Speaker 4: so many of us get cancer and live It's like

629
00:28:18,320 --> 00:28:20,280
Speaker 4: you don't. Cancer is not a death sentence as it

630
00:28:20,359 --> 00:28:22,920
Speaker 4: used to be, But you actually might not work for

631
00:28:22,960 --> 00:28:23,280
Speaker 4: a year.

632
00:28:23,400 --> 00:28:24,760
Speaker 5: Again, that impacts your Super.

633
00:28:24,960 --> 00:28:28,240
Speaker 2: It impacts your financial and mental well being as well.

634
00:28:28,760 --> 00:28:31,639
Speaker 2: You're already going through a trash time. Why make it

635
00:28:31,680 --> 00:28:32,920
Speaker 2: even higher for yourself?

636
00:28:33,119 --> 00:28:36,480
Speaker 4: But insurances again, so all of these circumstances are so personal.

637
00:28:36,520 --> 00:28:39,280
Speaker 4: So as you're going through these steps, downloading the app,

638
00:28:39,320 --> 00:28:43,280
Speaker 4: looking at what your balance is, understanding what you're invested in,

639
00:28:43,520 --> 00:28:45,400
Speaker 4: and then looking at your insurance, it is a very

640
00:28:45,440 --> 00:28:48,360
Speaker 4: much a Goldilock scenario with insurance because it is it

641
00:28:48,400 --> 00:28:50,720
Speaker 4: could be too hot, too much, not enough, based on

642
00:28:50,760 --> 00:28:54,400
Speaker 4: your circumstances, who needs you, what debt you've got, Because

643
00:28:54,400 --> 00:28:57,640
Speaker 4: sometimes super insurance is best outside of super rather than

644
00:28:57,640 --> 00:29:01,160
Speaker 4: inside of Super. If you've got some pre existing conditions.

645
00:29:01,560 --> 00:29:04,560
Speaker 4: These things all really matter because it can erode your

646
00:29:04,600 --> 00:29:08,120
Speaker 4: superbalance as well. So insurance is really important, but it

647
00:29:08,160 --> 00:29:11,000
Speaker 4: also can detract from the final outcome of what you

648
00:29:11,080 --> 00:29:13,080
Speaker 4: retire with if you're not actually paying.

649
00:29:12,880 --> 00:29:15,120
Speaker 2: Attention that as someone who works in super, you're like,

650
00:29:15,200 --> 00:29:17,200
Speaker 2: not all of them should be held by us, Like

651
00:29:17,240 --> 00:29:19,160
Speaker 2: we should actually have this conversation.

652
00:29:19,320 --> 00:29:20,960
Speaker 5: Personal insurance is not inside Super.

653
00:29:21,040 --> 00:29:22,480
Speaker 2: I can tell you that's not going to mention that

654
00:29:22,520 --> 00:29:25,480
Speaker 2: if we listen to all my other podcasts, half of

655
00:29:25,480 --> 00:29:27,920
Speaker 2: my insurances are inside super, half of them are outside

656
00:29:27,960 --> 00:29:30,520
Speaker 2: Super because it makes the most sense. And that's where

657
00:29:30,560 --> 00:29:33,320
Speaker 2: you need to call my mate Phil at Sky Insurance

658
00:29:33,480 --> 00:29:35,719
Speaker 2: and set those up. But you know what Phil does

659
00:29:35,760 --> 00:29:37,720
Speaker 2: immediately is like, let me look at your Super. Let's

660
00:29:37,760 --> 00:29:41,520
Speaker 2: see what's in there. Because if there is insurance inside there,

661
00:29:41,560 --> 00:29:45,040
Speaker 2: that's like gold because if it's pre existing. And you know,

662
00:29:45,200 --> 00:29:46,640
Speaker 2: you guys are probably not going to want me to

663
00:29:46,680 --> 00:29:48,520
Speaker 2: say this, but we're all about putting our community in

664
00:29:48,560 --> 00:29:51,640
Speaker 2: the best possible position. It actually doesn't have a lot

665
00:29:51,680 --> 00:29:54,080
Speaker 2: of exclusions on it, whereas you might have gone through

666
00:29:54,080 --> 00:29:56,400
Speaker 2: a life event and that's what triggered you to go

667
00:29:56,480 --> 00:29:59,000
Speaker 2: and look into insurance in the first place. And that

668
00:29:59,080 --> 00:30:01,760
Speaker 2: life event means that we can't cover you for that

669
00:30:01,840 --> 00:30:05,160
Speaker 2: particular area of insurance anymore. But if it was already

670
00:30:05,200 --> 00:30:08,240
Speaker 2: default in Super, you might be covered. So don't cancel

671
00:30:08,320 --> 00:30:10,760
Speaker 2: your insurances without getting advice.

672
00:30:10,400 --> 00:30:12,080
Speaker 5: You definitely need. That is the final step.

673
00:30:12,080 --> 00:30:15,320
Speaker 4: When I was getting advice consolidating my accounts, and even

674
00:30:15,360 --> 00:30:17,800
Speaker 4: though you know I'm heading up advice for one of

675
00:30:17,800 --> 00:30:21,160
Speaker 4: Australia's biggest funds. Insurance is a really niche area. I'm

676
00:30:21,160 --> 00:30:23,560
Speaker 4: not an expert in insurance, so I went to my

677
00:30:23,760 --> 00:30:27,640
Speaker 4: insurance advisor and I've got a dodgy thyroid graves disease

678
00:30:27,800 --> 00:30:30,200
Speaker 4: and I wanted that underwritten, and it was going to

679
00:30:30,200 --> 00:30:32,440
Speaker 4: be too deer inside Super, so I went and got

680
00:30:32,480 --> 00:30:34,880
Speaker 4: a retail policy outside of Super on once a year.

681
00:30:34,920 --> 00:30:36,880
Speaker 4: I just do a lumpsum roll out to fund the

682
00:30:36,920 --> 00:30:40,400
Speaker 4: insurance premium outside of Super. So it's cost effective from

683
00:30:40,400 --> 00:30:42,400
Speaker 4: a cash flow point of view for me. So there

684
00:30:42,400 --> 00:30:44,760
Speaker 4: are all these really good things that you can do,

685
00:30:44,880 --> 00:30:48,440
Speaker 4: but it's so specific to the individual and your health circumstances,

686
00:30:48,440 --> 00:30:51,360
Speaker 4: your cash flow. If you don't pay attention, it's eroding

687
00:30:51,400 --> 00:30:54,880
Speaker 4: your balance. And lastly, is you getting advice which you

688
00:30:54,880 --> 00:30:56,959
Speaker 4: can do through picking up the phone You mentioned it

689
00:30:57,000 --> 00:30:59,160
Speaker 4: before and all the simple stuff. This type of thing

690
00:30:59,200 --> 00:31:01,239
Speaker 4: is super fun. Can help you with forgets a bit

691
00:31:01,280 --> 00:31:05,320
Speaker 4: more complicated. You've maybe got some shares, some managed funds,

692
00:31:05,480 --> 00:31:08,240
Speaker 4: you don't know whether to use your Super to put

693
00:31:08,240 --> 00:31:11,360
Speaker 4: a deposit on a home. That's when your professional advice

694
00:31:11,440 --> 00:31:12,280
Speaker 4: is really important.

695
00:31:12,400 --> 00:31:14,120
Speaker 2: So we can call and have a chat and be

696
00:31:14,280 --> 00:31:16,240
Speaker 2: like Hey, I've heard of the first home super save

697
00:31:16,280 --> 00:31:18,800
Speaker 2: the scheme. What does that look like? How would I

698
00:31:18,840 --> 00:31:21,800
Speaker 2: contribute to that? Is that going to impact my future wealth?

699
00:31:21,880 --> 00:31:24,400
Speaker 2: The answer is no, because you're going to make additional

700
00:31:24,440 --> 00:31:27,240
Speaker 2: contributions so that we're never putting future us in a

701
00:31:27,280 --> 00:31:30,640
Speaker 2: worse of position. However, you can put yourself in the

702
00:31:30,680 --> 00:31:33,800
Speaker 2: best possible position just by calling them. And it's free,

703
00:31:34,080 --> 00:31:36,360
Speaker 2: just taking action. I think lots of us going It's

704
00:31:36,360 --> 00:31:38,800
Speaker 2: going to be really complicated, it's going to be really hard.

705
00:31:39,400 --> 00:31:42,560
Speaker 2: It's not I promise. I've done some maths and this

706
00:31:42,720 --> 00:31:44,800
Speaker 2: wasn't recent. This is old maths. So I'm just going

707
00:31:44,880 --> 00:31:47,080
Speaker 2: to spit it out again for the fiftieth time on

708
00:31:47,120 --> 00:31:50,120
Speaker 2: the podcast. When I had all of those super funds

709
00:31:50,160 --> 00:31:52,480
Speaker 2: I mentioned at the start of the episode, I did

710
00:31:52,520 --> 00:31:55,120
Speaker 2: some retrospective maths to work out how much I would

711
00:31:55,160 --> 00:31:58,600
Speaker 2: have saved over the course of my lifetime if I

712
00:31:58,760 --> 00:32:02,320
Speaker 2: just kept those any grand I want an additional seventy

713
00:32:02,360 --> 00:32:04,120
Speaker 2: grand in my super And you know what, I've got

714
00:32:04,320 --> 00:32:08,120
Speaker 2: an addition in my exactly. But I've got that in

715
00:32:08,200 --> 00:32:11,640
Speaker 2: my super now over the long term, because I actually

716
00:32:11,640 --> 00:32:13,760
Speaker 2: took action and I looked at my super and I

717
00:32:13,840 --> 00:32:15,360
Speaker 2: rolled them together into the right.

718
00:32:15,240 --> 00:32:17,480
Speaker 4: Fund, which are showing our age a little bit I

719
00:32:17,520 --> 00:32:19,760
Speaker 4: have even though I'm much older than you. But another

720
00:32:19,800 --> 00:32:22,760
Speaker 4: good thing the government has done is what's called stapling.

721
00:32:22,800 --> 00:32:24,800
Speaker 4: If you're listening to this and you've only ever had

722
00:32:24,840 --> 00:32:27,080
Speaker 4: one job, this probably isn't going to apply to you,

723
00:32:28,840 --> 00:32:31,640
Speaker 4: because the new law is really that you're super fun

724
00:32:31,840 --> 00:32:34,040
Speaker 4: is kind of staple to you. Yeah, you've got this

725
00:32:34,360 --> 00:32:37,040
Speaker 4: little monster stapled onto your back that's called super that

726
00:32:37,040 --> 00:32:38,440
Speaker 4: follows you around everywhere.

727
00:32:38,440 --> 00:32:39,280
Speaker 2: It's like a little backpack.

728
00:32:39,400 --> 00:32:40,120
Speaker 5: Yeah, a little.

729
00:32:39,880 --> 00:32:43,200
Speaker 4: Backpack that you can feed it up with contributions before

730
00:32:43,320 --> 00:32:45,719
Speaker 4: or after tax and make sure it's all loved art.

731
00:32:45,800 --> 00:32:47,800
Speaker 4: So I think that's something to remember. So when you're

732
00:32:47,920 --> 00:32:51,280
Speaker 4: changing jobs, if you aren't paying attention, you're next employer.

733
00:32:51,400 --> 00:32:53,680
Speaker 4: It's just going to go with whatever you've got. Now,

734
00:32:53,840 --> 00:32:56,240
Speaker 4: probably the last thing, just side note, make sure you're

735
00:32:56,240 --> 00:32:58,960
Speaker 4: with a super fun that is performing. Just a shout

736
00:32:59,000 --> 00:33:01,240
Speaker 4: out to our investment team number one for growth over

737
00:33:01,320 --> 00:33:01,760
Speaker 4: ten years.

738
00:33:01,920 --> 00:33:04,200
Speaker 2: That's pretty sick y, YEA, yeah, it's very enough.

739
00:33:04,400 --> 00:33:06,840
Speaker 4: Yeah, it's the head of investment strategy, who's an actually

740
00:33:06,880 --> 00:33:08,719
Speaker 4: with a personality that's rare.

741
00:33:08,800 --> 00:33:10,440
Speaker 2: I hope you're paying them well, so they stay.

742
00:33:10,600 --> 00:33:13,000
Speaker 4: Well, it's proper for member, so you know, go and

743
00:33:13,000 --> 00:33:15,040
Speaker 4: work in industry so to get rich let's put it.

744
00:33:15,120 --> 00:33:18,320
Speaker 2: No, you definitely don't, and it's well sense of service.

745
00:33:18,320 --> 00:33:20,840
Speaker 2: But I think that's important as well because for so

746
00:33:20,960 --> 00:33:23,320
Speaker 2: many of us, our ethics and our morals start to

747
00:33:23,320 --> 00:33:26,320
Speaker 2: come into play when we're talking about how we invest right,

748
00:33:26,400 --> 00:33:29,040
Speaker 2: and so many of us think that that just means

749
00:33:29,280 --> 00:33:31,800
Speaker 2: the product we invest in, So like what is my

750
00:33:31,880 --> 00:33:34,840
Speaker 2: portfolio made up of? But it's also important to think

751
00:33:34,840 --> 00:33:37,880
Speaker 2: about the people that are managing that portfolio. I think

752
00:33:37,920 --> 00:33:40,440
Speaker 2: that's a really good point that you bring up. If

753
00:33:40,480 --> 00:33:43,560
Speaker 2: that is really important to you, what does that actually

754
00:33:43,680 --> 00:33:46,320
Speaker 2: look like? How do I pick a team that I

755
00:33:46,360 --> 00:33:48,959
Speaker 2: think on the same page as me, and then we

756
00:33:48,960 --> 00:33:51,360
Speaker 2: can pick investments together that make the most sense for

757
00:33:51,400 --> 00:33:51,880
Speaker 2: my future.

758
00:33:51,960 --> 00:33:54,720
Speaker 4: Yeah, trust and integrity with something it's almost like a

759
00:33:54,720 --> 00:33:57,560
Speaker 4: fiduciary because this is money that we're investing for like

760
00:33:57,760 --> 00:34:00,480
Speaker 4: fifty years on your behalf. When you're downloading the app

761
00:34:00,520 --> 00:34:03,160
Speaker 4: and you're doing all of those steps of seeing how

762
00:34:03,200 --> 00:34:05,400
Speaker 4: much you've got in terms of your balance, is it

763
00:34:05,400 --> 00:34:06,040
Speaker 4: going to be enough?

764
00:34:06,120 --> 00:34:08,719
Speaker 5: What are you invested in? How much insurance covery.

765
00:34:08,400 --> 00:34:10,640
Speaker 4: Of your God, could you do a bit more getting

766
00:34:10,640 --> 00:34:13,560
Speaker 4: some financial advice starting with your super fun just making

767
00:34:13,600 --> 00:34:15,880
Speaker 4: a conscious decision about you is my fun? Are they

768
00:34:15,920 --> 00:34:18,520
Speaker 4: providing me the services that I need? And is there

769
00:34:18,560 --> 00:34:22,840
Speaker 4: investment performance competitive and looking over the three, five, ten years.

770
00:34:23,200 --> 00:34:25,960
Speaker 4: That's also again things steps you can take today. Doesn't

771
00:34:25,960 --> 00:34:27,720
Speaker 4: cost anything to do that level of research.

772
00:34:27,760 --> 00:34:31,480
Speaker 2: And my favorite resource is actually a resource that the

773
00:34:31,520 --> 00:34:34,440
Speaker 2: government came out with in September twenty twenty two, and

774
00:34:34,480 --> 00:34:37,359
Speaker 2: that's the my super tool. And I think that that's

775
00:34:37,400 --> 00:34:39,760
Speaker 2: really sexy. And the reason I like it is because

776
00:34:39,760 --> 00:34:42,520
Speaker 2: there are lots of other comparison websites that exist, right

777
00:34:42,560 --> 00:34:45,360
Speaker 2: Like we all know la near Kat and he's really cute.

778
00:34:45,880 --> 00:34:48,240
Speaker 2: But at the end of the day, lots of super

779
00:34:48,239 --> 00:34:51,879
Speaker 2: funds are paying to appear in their searchers on those websites.

780
00:34:51,920 --> 00:34:55,040
Speaker 2: And while that is completely fair, that's how those websites work.

781
00:34:55,080 --> 00:34:57,200
Speaker 2: I think a lot of us didn't understand that for

782
00:34:57,239 --> 00:35:00,600
Speaker 2: a long time. Whereas this super comparison and tool that

783
00:35:00,640 --> 00:35:02,800
Speaker 2: has been brought up by the government, you guys write

784
00:35:02,800 --> 00:35:05,319
Speaker 2: really well, don't worry, Yeah, I don't worry. You know that,

785
00:35:05,480 --> 00:35:08,560
Speaker 2: I know that using that is comparing apples with apples.

786
00:35:08,600 --> 00:35:11,080
Speaker 2: We're not looking at sponsored posts, we're not looking at

787
00:35:11,080 --> 00:35:13,840
Speaker 2: people who are paying to be on there. That tool

788
00:35:13,960 --> 00:35:17,160
Speaker 2: shows us the top performing funds, it shows us the

789
00:35:17,200 --> 00:35:21,279
Speaker 2: low performing funds. Should we be basing our decision on performance, though,

790
00:35:21,320 --> 00:35:23,840
Speaker 2: absolutely not. We should be basing it on what works

791
00:35:23,880 --> 00:35:27,120
Speaker 2: with our values, our morals, what we're working towards. But

792
00:35:27,400 --> 00:35:30,640
Speaker 2: it's a really good base tool that for me is

793
00:35:30,680 --> 00:35:34,000
Speaker 2: non bias, Like we're not going to your company's website only,

794
00:35:34,440 --> 00:35:37,200
Speaker 2: we're going to that going okay, cool, hygiene check, They're

795
00:35:37,280 --> 00:35:39,440
Speaker 2: rating pretty well, and now I want to do a

796
00:35:39,480 --> 00:35:42,719
Speaker 2: deep dive into individual companies that might suit me.

797
00:35:42,880 --> 00:35:45,080
Speaker 4: Going back to that stat only twenty eight percent of

798
00:35:45,120 --> 00:35:48,560
Speaker 4: women feel financially confident. Well, the only way that's going

799
00:35:48,600 --> 00:35:51,279
Speaker 4: to improve is if people start doing those things that

800
00:35:51,320 --> 00:35:54,440
Speaker 4: you've just suggested, then doing a bit of reading about

801
00:35:54,480 --> 00:35:57,000
Speaker 4: that self education. And if you're listening to this, you're

802
00:35:57,000 --> 00:35:59,880
Speaker 4: already kind of signed up to the principle of self betterment.

803
00:36:00,200 --> 00:36:01,920
Speaker 2: Biased, but I think you're pretty smart.

804
00:36:02,000 --> 00:36:04,080
Speaker 4: Yeah, but yeah, I think if the homework you've got

805
00:36:04,160 --> 00:36:06,600
Speaker 4: is to pass on these steps to your family and

806
00:36:06,719 --> 00:36:10,240
Speaker 4: friends and help them download the app. Do it together,

807
00:36:10,280 --> 00:36:13,279
Speaker 4: sit down with a coffee, check your balances, have a

808
00:36:13,320 --> 00:36:15,239
Speaker 4: little date, have a little super date.

809
00:36:15,400 --> 00:36:18,520
Speaker 2: You deserve a wine while doing your super Yeah, I

810
00:36:18,520 --> 00:36:18,960
Speaker 2: think you do.

811
00:36:19,080 --> 00:36:20,799
Speaker 4: Yeah, it'd be good actually to have a little club

812
00:36:20,800 --> 00:36:23,200
Speaker 4: where you can hold yourselves to account and share.

813
00:36:23,440 --> 00:36:25,520
Speaker 2: Go for it. And if you don't have any friends

814
00:36:25,560 --> 00:36:28,640
Speaker 2: that want to do that, She's on the Money community,

815
00:36:29,400 --> 00:36:30,239
Speaker 2: so we'll do that.

816
00:36:30,360 --> 00:36:32,640
Speaker 5: Yes, I love that.

817
00:36:32,120 --> 00:36:34,000
Speaker 2: And I have adored this chat. I feel like you

818
00:36:34,040 --> 00:36:36,040
Speaker 2: and I are definitely on the same page. But what

819
00:36:36,080 --> 00:36:37,640
Speaker 2: if we want to learn more about you? What if

820
00:36:37,680 --> 00:36:40,319
Speaker 2: we maybe want to check out your fund? Where do

821
00:36:40,360 --> 00:36:40,640
Speaker 2: we learn?

822
00:36:40,760 --> 00:36:42,759
Speaker 5: We just go, Well, you go onto the art dot

823
00:36:42,760 --> 00:36:43,840
Speaker 5: com dot au website.

824
00:36:43,920 --> 00:36:46,480
Speaker 2: Unfortunately, that is all we have time for today. If

825
00:36:46,520 --> 00:36:48,600
Speaker 2: you want to check out and and you want to

826
00:36:48,680 --> 00:36:50,680
Speaker 2: check out art, I am going to put all of

827
00:36:50,719 --> 00:36:52,200
Speaker 2: the links in the show notes so you don't have

828
00:36:52,280 --> 00:36:55,600
Speaker 2: to do any other work except for checking your own

829
00:36:55,640 --> 00:36:59,520
Speaker 2: super balance. Do what do it? See you guys next time?

830
00:36:59,600 --> 00:37:00,319
Speaker 5: Thank you bro.

831
00:37:06,600 --> 00:37:09,120
Speaker 2: The advice shared on She's on the Money is general

832
00:37:09,160 --> 00:37:13,040
Speaker 2: in nature and does not consider your individual circumstances. She's

833
00:37:13,080 --> 00:37:16,480
Speaker 2: on the Money exists purely for educational purposes and should

834
00:37:16,560 --> 00:37:19,720
Speaker 2: not be relied upon to make an investment or financial decision.

835
00:37:20,120 --> 00:37:22,560
Speaker 2: If you do choose to buy a financial product, read

836
00:37:22,600 --> 00:37:26,760
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards

837
00:37:26,760 --> 00:37:30,040
Speaker 2: your needs. Victoria Divine and She's on the Money are

838
00:37:30,120 --> 00:37:34,839
Speaker 2: authorized representatives of money. She forer PTY Ltd ABN three

839
00:37:34,880 --> 00:37:38,160
Speaker 2: two one six four nine two seven seven zero eight

840
00:37:38,440 --> 00:37:46,840
Speaker 2: AFSL four five one two eight nine