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Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations

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Speaker 1: woman and I'm here to acknowledge country t Glenn Young

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Speaker 1: Ganya nianar Kaka yah Ya bin Ahaka nian Our gay

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Speaker 1: in Nimbina, yakarum jar Dominyamiga Umagahawakaman damon Imlan Bumba, bang

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Speaker 1: Gadabomba in and now in wakah ghana on yak rum

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Speaker 1: jar Watnadaa. Hello, beautiful friends, we gather on the lands

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Speaker 1: of the Aboriginal people. We thank acknowledge and respect the

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Speaker 1: Aberiginal people's land that we're gathering on today. Take pleasure

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Speaker 1: in all the land and respect all that you see.

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Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,

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Speaker 1: bringing you the tools, knowledge and resources for you to thrive.

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Speaker 2: She's on the Money. She's on the Money. Hello, and

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Speaker 2: welcome to She's on the Money, the podcast that's here

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Speaker 2: to make sure you're living your best life in retirement.

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Speaker 2: So you might remember our last super episode come out

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Speaker 2: so much I did. It was just so there's a

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Speaker 2: lot to take in. And I know that whoever was

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Speaker 2: listening probably thought the same. And if you didn't I'm

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Speaker 2: so sorry, And here is the second part. So we

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Speaker 2: did have to split into two parts, and you guys

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Speaker 2: have been begging for part two, so today is the

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Speaker 2: follow up episode you've been waiting for. I'm begsited and

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Speaker 2: with me is the biggest fan of Super I've probably

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Speaker 2: ever met, Victoria Devine.

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Speaker 3: I love Superannuation so sexy.

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Speaker 2: Yeah, I think it can be.

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Speaker 3: And I feel like my energy towards Super hopefully rubs

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Speaker 3: off on our community a little bit, even if it

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Speaker 3: means you go, what is she talking about?

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Speaker 2: Why is she so excited about it?

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Speaker 3: Maybe I'll just check to like, maybe I'll just have

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Speaker 3: a little look see, Yeah, what's.

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Speaker 2: All the hype about it?

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Speaker 1: Yeah?

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Speaker 3: And then you log into your Superinuation platform after doing

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Speaker 3: like what full password resets and like a code on

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Speaker 3: your phone or something, and.

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Speaker 2: You'll be like, this is actually boring. It's not worth it.

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Speaker 2: It's not worth it, but I promise it is.

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Speaker 3: And I've been so excited to be allowed to be

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Speaker 3: let loose on episode two because I think once you

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Speaker 3: realize how much impact even very small amounts and very

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Speaker 3: small tweaks can have, it stops feeling boring and something

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Speaker 3: that is for older people or something that is for

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Speaker 3: future you or an issue you'll deal with later, and

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Speaker 3: it starts to feel really powerful because especially like you

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Speaker 3: and I are talking about it all the time. Back

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Speaker 3: life's expensive. Yeah, absolutely, our budgets are cooked. Like I'm

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Speaker 3: talking to people in our community every single day, and

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Speaker 3: that's hard, like not talking to you guys. I love

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Speaker 3: that part, But like money is hard at the moment,

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Speaker 3: and none of us feel like we're getting ahead, like

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Speaker 3: we all just go hold on. I want to start

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Speaker 3: my investing journey and that's fantastic, But you might not

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Speaker 3: have any free cash flow because how the hell are

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Speaker 3: groceries costing you two hundred bucks a week and you're single?

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Speaker 3: You know, like I just I really truly get it.

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Speaker 3: But that's where superranuation can make you feel quite powerful

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Speaker 3: because these tweaks.

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Speaker 2: Not a dollar. It's not going to cost you anything.

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Speaker 3: I just want you to like clean house, make sure

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Speaker 3: everything's where it needs to be, and that your money's

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Speaker 3: growing so that future you doesn't have to worry about

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Speaker 3: money in the way that current you is.

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Speaker 2: And like Beck, that's kind of low key sexy. Absolutely, Lie,

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Speaker 2: I think it's quite comforting knowing that even if you're

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Speaker 2: really broke right now, there's a time in this life,

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Speaker 2: hopefully we get to see it where you actually have

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Speaker 2: money just waiting there.

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Speaker 3: For you, exactly, and like its slow and steady wins

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Speaker 3: the race, Like I wish that I could waive a

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Speaker 3: magic wand and like make it really easy for you.

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Speaker 3: But the reality of money and the reality of superannuation

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Speaker 3: and the reality of honestly life is it's tiny steps

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Speaker 3: in the right direction that when you look back, you go,

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Speaker 3: oh my god, I've come so far, but not going

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Speaker 3: to wake up tomorrow and be like, oh my god,

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Speaker 3: you're right, I'm finally good at money exactly.

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Speaker 2: It doesn't happen like that.

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Speaker 3: And I guess you're my favorite example of this, not

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Speaker 3: because of superannuation, but because of investing in general. Yes,

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Speaker 3: like sorry, you now have a little investment portfolio and

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Speaker 3: you've never been that financially secure before.

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Speaker 2: Totally. Did that happen overnight though?

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Speaker 3: No?

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Speaker 2: And the thing is too, is that like, I still

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Speaker 2: am completely broke, I don't have any savings, but you're.

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Speaker 3: Starting to build your financial security.

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Speaker 2: Yeah, of different ways and exact things, And it's very empowering,

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Speaker 2: it's very very empowering. So it does exactly. It does

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Speaker 2: not happen overnight. It's very small and there's like there's

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Speaker 2: a change pie. I guess that someone showed me recently

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Speaker 2: where it's like thinking about maybe doing something is still

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Speaker 2: part of the change cycle, and it's like you've been

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Speaker 2: thinking about it.

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Speaker 3: Listening to you listening to this episode like you're doing

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Speaker 3: really close.

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Speaker 2: Absolutely, that's really cool. So before we jump in, can

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Speaker 2: you give us a quick recap of part one?

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Speaker 3: I would love to, but I'd also love for you

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Speaker 3: to go and listen to that episode if you haven't.

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Speaker 3: If you have, I'm going to give you a recaps.

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Speaker 3: So we covered what I would call the foundations, so

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Speaker 3: the base level of things that you need to understand

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Speaker 3: about super. So I told you about how you can

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Speaker 3: check your balance, what my gove is, how that works,

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Speaker 3: How to check and make sure that your employer is

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Speaker 3: actually contributing twelve percent and that it's actually being paid

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Speaker 3: to you. How to use and this is one of

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Speaker 3: my favorite tools, the Government's your super tool to check

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Speaker 3: your fund's performance and the fees and whether it's aligned

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Speaker 3: to your.

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Speaker 2: Goals and values.

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Speaker 3: How to set up your risk profile for your age

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Speaker 3: and your goals and what that might look like, and

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Speaker 3: most importantly, why even like one percent returns can mean

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Speaker 3: thirty five percent more money in retirement, because I think

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Speaker 3: so many of us are like, what's the point, Like,

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Speaker 3: even if I change it and go on this, you know,

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Speaker 3: bloody Victoria's your super tool that she keeps harping on about,

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Speaker 3: I'll get one percent more. I can't be bothered. But

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Speaker 3: like one percent until retirement is thirty five percent more

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Speaker 3: in your superannuation, girl, that's more than a third more,

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Speaker 3: like literally not giving another dollar up. Yeah, you just

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Speaker 3: have to change some boxes and tick something like, sorry,

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Speaker 3: do it? Just sorry, sorry, I'm not putting up with that.

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Speaker 2: That is so fair and really makes sense. Just set

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Speaker 2: some time aside, and I promise in thirty five years

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Speaker 2: you'll thank yourself.

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Speaker 3: Yes, but you will still.

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Speaker 2: Thank yourself, Yes you will exactly.

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Speaker 3: So we kind of just recapped what I think is

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Speaker 3: the starting point, and then you cut me off and said, VI,

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Speaker 3: I just think that's enough for today. Let's wrap it,

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Speaker 3: because I think you're being a little bit overwhelming, And

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Speaker 3: I was like always I would never. If you haven't

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Speaker 3: listened yet, please hit pause, go back and check it

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Speaker 3: out with linked in the show notes as well. I

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Speaker 3: have tried to make it as easy as possible source.

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Speaker 2: So I have obviously listened to part one because I

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Speaker 2: was here. You actually created it with me. I created

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Speaker 2: it with you, and I know my balance. I'm happy

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Speaker 2: with my fund. I have like my portfolio set to

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Speaker 2: the right risk profile, growth option, all that kind of stuff,

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Speaker 2: and it does. It does Again. If this doesn't make

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Speaker 2: sense to you, go back and keep one. What should

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Speaker 2: I be doing next?

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Speaker 3: All right, So the next step is contributions. So we're

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Speaker 3: going to talk about the money that goes into your

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Speaker 3: account because your employers twelve percent is honestly a fantastic foundation.

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Speaker 3: But if you want to put future you in the

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Speaker 3: best possible position, you might be considering adding some more.

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Speaker 3: You might be adding even a small amount to make

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Speaker 3: sure that this is a game changing solution for you.

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Speaker 3: Do you need to do this? I just want to

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Speaker 3: preface no, because for some of us, we might go, Wow,

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Speaker 3: like I've actually worked from fourteen years nine months had

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Speaker 3: this whole twelve percent the entire time, Like everything is

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Speaker 3: smooth saling, Like my projections are looking really good. V

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Speaker 3: This like small amount that I could be adding to

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Speaker 3: my super would be more powerful elsewhere.

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Speaker 2: Because I have said before.

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Speaker 3: And this is just me going off on a side tangent,

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Speaker 3: I personally and this is personal. It is not financial advice.

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Speaker 3: I do not contribute more to my superannuation than I

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Speaker 3: have to, so like when I started my businesses, again,

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Speaker 3: complete side note, but I think everyone's pervy, like you

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Speaker 3: want to know about my money? Right, I started my

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Speaker 3: businesses and I didn't take my own advice because I

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Speaker 3: couldn't afford to take my own advice.

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Speaker 2: So did I believe that I should be paying myself super? Yes?

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Speaker 2: Did I have any cash?

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Speaker 4: No?

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Speaker 3: No, I actually chose to hire Jesse Ricci instead of

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Speaker 3: paying myself a full wage. I think I was paying

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Speaker 3: myself thirty eight thousand dollars because I'd done my numbers

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Speaker 3: and worked out that's how much I needed to contribute

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Speaker 3: to rent and bills and like that would keep food

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Speaker 3: on the table and the lights on, and you know,

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Speaker 3: I could build my business. But I had no superannuation

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Speaker 3: contributions either, but I kept track of it and I've

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Speaker 3: since paid that back to myself. But I don't go

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Speaker 3: above and beyond that, so I'm quote on track for

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Speaker 3: my aid, but not for what you would probably look

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Speaker 3: at my financial situation. I think a lot of you

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Speaker 3: would be like I thought V would have a really

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Speaker 3: stacked super No. And that's because I've looked at all

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Speaker 3: of this and been like, great, this is a fantastic foundation.

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Speaker 3: But I also want access to money outside super because,

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Speaker 3: as you know, once it goes in, it doesn't come

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Speaker 3: out until you are at preservation age, and that's over

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Speaker 3: the age of sixty five. And for me, I want

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Speaker 3: an investment portfolio that I can retire at fifty with.

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Speaker 3: So that's where all my cash is going back. Cool,

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Speaker 3: So like, am I investing Hell? Yes, but am I

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Speaker 3: investing more in my super No? Do you know what?

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Speaker 3: As I get older, I think I might do a

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Speaker 3: bit more. I'm about to purchase a new house with

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Speaker 3: my husband, hopefully fingers crossed, and once we work out

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Speaker 3: the financials of that, so like you know what our

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Speaker 3: actual purchase price is, what our mortgage repayments will be,

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Speaker 3: I think I might consider it just to top it

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Speaker 3: up early, because the earlier you do it, the less

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Speaker 3: contributions you need to make for the long term. Sure,

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Speaker 3: like I might add another one hundred dollars a month

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Speaker 3: or something. Sure, but that's actually the same as somebody

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Speaker 3: ten years from now adding five hundred dollars a month. Yeah, gotcha.

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Speaker 3: So like, I'm just gonna make sure the maths works

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Speaker 3: and I actually have some free cash flow that I

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Speaker 3: can know realocate, but right now feels weird because I'm

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Speaker 3: like in this financial limbo of not knowing what our

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Speaker 3: mortgage or payments are going to be and like moving,

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Speaker 3: you know what I mean. It's a bit, it's a bit,

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Speaker 3: you know, Iffy. Anyway, that was a side note because

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Speaker 3: I think that people are pervy, and I also just

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Speaker 3: want to say if you can't contribute extra, great, that's fantastic.

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Speaker 3: But you're listening to this episode and you're not gonna

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Speaker 3: bloody turn it off because I want you to know

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Speaker 3: what that means. So if you get to that financial position,

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Speaker 3: you already got the knowledge, you already got the education.

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Speaker 2: God, she's good, right.

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Speaker 3: So one of my reasons for loving extra contributions into

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Speaker 3: superannuation save money on tax. You guys have all just

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Speaker 3: done your tax returns. I know you have because you

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Speaker 3: wanted your cash back. You all want tax savings, and

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Speaker 3: you don't care about super sit down, My god, so true, Beck,

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Speaker 3: How quickly did you file your tax return to get

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Speaker 3: your tax back?

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Speaker 2: Literally July one?

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Speaker 3: So why don't you care about the sexiest tax environment

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Speaker 3: in the country. Yes, literally, salary sacrifice before tax contributions

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Speaker 3: are taxed at only fifteen percent instead of your full

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Speaker 3: marginal tax rate.

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Speaker 1: Yes.

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Speaker 3: So, for example, if you had a ninety thousand dollar income,

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Speaker 3: your marginal tax rate is thirty percent plus you would

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Speaker 3: be paying a Medicare levey. I just feel like I

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Speaker 3: need to add extra context of like two percent. So

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Speaker 3: every one thousand dollars that you sacrifice into your superannuation

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Speaker 3: only gets hit with one hundred and fifty dollars worth

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Speaker 3: of tax instead of three hundred and twenty dollars of tax.

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Speaker 3: So your money's working hard a few instant return I see,

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Speaker 3: because you're taking app before you get your pay slips.

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Speaker 3: You've got your payslip and it was in your bank

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Speaker 3: account and you put it in your Supercome tax time,

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Speaker 3: you'd get that fifteen percent back from the tax man.

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Speaker 2: Yeah, so you'd get a better tax return. Oh great.

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Speaker 3: So it's like either an no hour or later. Yeah,

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Speaker 3: so you will get it back either way. So if

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Speaker 3: you're doing it before tax, like you went to your

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Speaker 3: employer and said, you, vickid, I want to contribute more

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Speaker 3: to my super and I go, great, no worries how much?

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Speaker 2: And you say one thousand dollars.

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Speaker 3: You'd only be taxed one hundred and fifty dollars on that, yes,

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Speaker 3: And I would work all of that out for you

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Speaker 3: come out in the wash. But if you were like, oh,

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Speaker 3: I don't really know, I might need that cash for

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Speaker 3: now for later, and then you're trying to make a

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Speaker 3: decision on some money inside your bank account and you're like,

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Speaker 3: actually I want to put it in my super, you

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Speaker 3: would have already paid three hundred and twenty dollars on tax. Yeah,

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Speaker 3: but come tax time you would have put your hand

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Speaker 3: up and said, hey, tax man, I actually popped some

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Speaker 3: money in my souper this year, and they would give

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Speaker 3: you the difference back.

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Speaker 2: Oh my god.

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Speaker 1: Yeah.

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Speaker 2: So you're not going to miss out regardless of where

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Speaker 2: it goes.

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Speaker 3: Cool.

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Speaker 2: So I just want to quickly sum it up in

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Speaker 2: case it sounds busy, because I think in my brain

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Speaker 2: it is.

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Speaker 3: A very little bit at making it complex. Yes, that's okay.

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Speaker 3: I think you've done a very good job explaining it.

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Speaker 3: But for salary sacrificing, I believe this is the term.

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Speaker 3: If you say, like it paid four thousand dollars every

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Speaker 3: month after tax, then instead you put a salary sacrifice,

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Speaker 3: like a little bit of money towards SUPER before that

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Speaker 3: money lands in your bank acount before the tax is

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Speaker 3: kind of like added to that pace lit.

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Speaker 2: Yes, that's tax to fifteen percent. Yeah, and then after

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Speaker 2: I let's say you're like I don't want to do that.

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Speaker 2: You wait for your money to land your bank account

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Speaker 2: that's after tax, and then you can put money in

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Speaker 2: your super yourself that can come back.

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Speaker 3: To your attack. So you're you're going to yes the

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Speaker 3: tax savings one way or another. It just depends which way.

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Speaker 2: It just depends.

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Speaker 3: And like, not all of us are in positions where

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Speaker 3: we can call up our employer and make consistent contributions.

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Speaker 2: But you might have gotten like some cash on the side.

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Speaker 3: Like a lot of our community recently have been talking

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Speaker 3: about superannuation and some of them are like, oh, well,

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Speaker 3: I got in inheritance or you know something like that.

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Speaker 3: I came into a lump sum of money and I

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Speaker 3: want to put a little bit into my super because

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Speaker 3: obviously I want to boost myself up. At that point

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Speaker 3: you would.

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Speaker 2: Get tax back.

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Speaker 3: So I think it's important to just know that it's okay.

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Speaker 3: It'll come out in the wash, but you know, you

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Speaker 3: don't get to see it until tax time and you

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Speaker 3: actually do your tax and you see it on paper,

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Speaker 3: and then you know it hits your account. But also,

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Speaker 3: the other thing I want to talk about here is

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Speaker 3: government boosts. So the government does a lot to try

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Speaker 3: and incentivize us to get more money into superannuation. Personally,

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Speaker 3: I don't think they do the best job ever at

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Speaker 3: articulating that because most of us don't know about it.

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Speaker 2: It's going to say they do everything they can accept

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Speaker 2: for educators and let us know that this is a

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Speaker 2: the Yeah.

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Speaker 3: So that's why I go and read the ATOS website

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Speaker 3: and then I call you out and I'm like, beg,

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Speaker 3: this is so sexy.

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Speaker 1: Yeah.

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Speaker 3: Don't read it on the Idea website though, because as

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Speaker 3: much as it makes sense, because their website's great, it's

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Speaker 3: just not the most esthetic website.

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Speaker 2: Yes, but if you're a LISTO, so that is.

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Speaker 3: A low income super tax offset person, so it means

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Speaker 3: that you earn less than thirty seven thousand dollars per year.

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Speaker 3: You can get refunds up to five hundred dollars of

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Speaker 3: the fifteen percent contributions tax on concessional contributions paid by

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Speaker 3: you or your employee.

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Speaker 2: I see you get five hundred bucks, you have five

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Speaker 2: a bars. You can get up to five hundred up

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Speaker 2: to okay, And the concessional is what I'm hearing a lot,

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Speaker 2: and I actually don't know the difference, like non concessional

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Speaker 2: and concessional contributions. What does that mean?

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Speaker 3: Concession cards? So you know how you get your concession card?

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Speaker 4: Yep.

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Speaker 3: What do you get when you get a concession card? Discount? Discount?

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Speaker 3: So concession is a discount, non concession, non discount. Ah,

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Speaker 3: so just say it like that, just like anyway, we'll

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Speaker 3: move on. If you earn forty seven, four hundred and

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Speaker 3: eighty eight dollars or less and put in at least

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Speaker 3: one thousand dollars after tax, the government will chip in

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Speaker 3: a co contribution for you of five hundred dollars. Oh okay,

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Speaker 3: So that's a good deal. That co contribution gradually reduces.

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Speaker 3: If you're income is between forty seven thousand, four hundred

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Speaker 3: and eighty eight dollars and sixty two thousand, four hundred

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Speaker 3: and eighty eight dollars. Why is it that number? I

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Speaker 3: don't know. I don't make the rules. I just report

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Speaker 3: on them. And then if your partner or your spouse

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Speaker 3: earns thirty seven thousand dollars or less, you can actually

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Speaker 3: go and make a contribution to their supranuation account and

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Speaker 3: claim a spouse contribution tax offset of up to five

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Speaker 3: hundred and forty dollars, which I think a lot of

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Speaker 3: you are like, that doesn't actually add that much, but go,

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Speaker 3: It's five hundred and forty dollars of like literal free

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Speaker 3: money by doing something for future you.

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Speaker 4: Yeah.

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Speaker 3: Sorry, it's been a weak a good deal, and I

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00:16:38,880 --> 00:16:41,000
Speaker 3: mean a lot of you especially, And I like, I

357
00:16:41,120 --> 00:16:42,600
Speaker 3: look at it and I go, what the hell, like,

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Speaker 3: do you know what? Personally, I don't know anyone who

359
00:16:45,280 --> 00:16:48,000
Speaker 3: currently earns thirty seven thousand dollars and has some extra

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00:16:48,200 --> 00:16:52,200
Speaker 3: cash to contribute to superannuation totally. Let's just keep it

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Speaker 3: real as well. But this does work often if you're

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Speaker 3: on maternity leaf or if you are taking leave, you

363
00:17:00,280 --> 00:17:03,080
Speaker 3: aren't working full time, and your partner is a higher

364
00:17:03,200 --> 00:17:06,119
Speaker 3: income earner, that is a really good strategy to just

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00:17:06,240 --> 00:17:09,639
Speaker 3: like boost your super a little bit money in right, Yeah, absolutely,

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Speaker 3: So it's I guess.

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Speaker 2: Like what I want to do. Is it really worth

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Speaker 2: putting more into super on top of what my employer

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Speaker 2: is already paying. I guess it kind of depends on

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Speaker 2: your personal situation. And I gave you the context that

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Speaker 2: I haven't done it.

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Speaker 3: Yes, And I think that that's a really important piece

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Speaker 3: of context because I can't tell you whether it's worth

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00:17:28,160 --> 00:17:31,240
Speaker 3: it or not on paper one hundred percent. Yeah, Like

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00:17:31,320 --> 00:17:33,960
Speaker 3: if we do the maths, the maths maths. Yeah, And

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Speaker 3: the thing I want everyone to know is it doesn't

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00:17:36,359 --> 00:17:38,600
Speaker 3: actually have to be hundreds of dollars a week to

378
00:17:38,680 --> 00:17:40,879
Speaker 3: make any type of difference. We see it in our

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Speaker 3: community all the time. So, like I had a girl

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Speaker 3: message me and she's like, Victoria, I you know, I

381
00:17:45,920 --> 00:17:47,479
Speaker 3: want to share this with you. But I have been

382
00:17:47,520 --> 00:17:50,880
Speaker 3: putting ten dollars a week extra into my stuperannuation since

383
00:17:50,880 --> 00:17:52,760
Speaker 3: I got my first job because my dad told me to.

384
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Speaker 3: Oh my god, I don't know why, but like that's

385
00:17:54,920 --> 00:17:57,159
Speaker 3: just what I've always done, and like I've boosted it up.

386
00:17:57,200 --> 00:17:59,480
Speaker 3: I'm now making one hundred dollars a week as an

387
00:17:59,520 --> 00:18:01,920
Speaker 3: additional contribution because it's like just crept up and she

388
00:18:02,000 --> 00:18:04,119
Speaker 3: hasn't noticed it, and she has like one hundred and

389
00:18:04,200 --> 00:18:07,200
Speaker 3: fifty thousand dollars in Super now wow, and she's like

390
00:18:07,359 --> 00:18:11,880
Speaker 3: twenty six. That's amazing, right, Like, just from little things,

391
00:18:11,960 --> 00:18:16,639
Speaker 3: big things grow, and the power of compounding means even small,

392
00:18:16,920 --> 00:18:21,000
Speaker 3: regular contributions can change your retirement balance by literally hundreds

393
00:18:21,280 --> 00:18:26,480
Speaker 3: of thousands of dollars. Like and honestly, the sooner you

394
00:18:26,640 --> 00:18:31,520
Speaker 3: start contributing, the longer and better the impact. Right, because

395
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Speaker 3: if we look at the rule of seventy two, which

396
00:18:34,040 --> 00:18:36,200
Speaker 3: we might do a whole podcast on, but it's basically

397
00:18:36,320 --> 00:18:40,600
Speaker 3: that money doubles every seven to ten years. Let's take

398
00:18:40,600 --> 00:18:43,479
Speaker 3: our twenty five year old friend, yeah, thirty five. If

399
00:18:43,520 --> 00:18:46,240
Speaker 3: she didn't make an additional contribution to her super three

400
00:18:46,359 --> 00:18:50,440
Speaker 3: hundred grand forty five, six hundred grand at the age

401
00:18:50,440 --> 00:18:53,800
Speaker 3: of forty five, she already has more superannuation than most

402
00:18:53,960 --> 00:18:55,800
Speaker 3: women in Australia retire with.

403
00:18:56,280 --> 00:18:57,520
Speaker 2: Oh my god, and.

404
00:18:57,560 --> 00:19:02,160
Speaker 3: That's a forty five, yeah, fifty five, one point two

405
00:19:02,440 --> 00:19:03,640
Speaker 3: million dollars back.

406
00:19:04,119 --> 00:19:04,800
Speaker 2: That's insane.

407
00:19:04,840 --> 00:19:07,879
Speaker 3: Let's stop it, and she's going to keep contributing, so like,

408
00:19:08,080 --> 00:19:09,640
Speaker 3: don't get me wrong, we don't all have one hundred

409
00:19:09,640 --> 00:19:12,040
Speaker 3: and fifty thousand dollars. But like if you're just like, okay, cool,

410
00:19:12,080 --> 00:19:13,680
Speaker 3: well I can't do much, but this is what I

411
00:19:13,800 --> 00:19:14,119
Speaker 3: can do.

412
00:19:14,600 --> 00:19:16,919
Speaker 2: Yeah, pop off? Yeah, do you know what I mean?

413
00:19:17,000 --> 00:19:19,639
Speaker 3: Like, it's just let's do what we can do, and

414
00:19:19,760 --> 00:19:22,240
Speaker 3: if we can't do anything, let's also not shame ourselves

415
00:19:22,280 --> 00:19:23,520
Speaker 3: because we're doing the best that we can.

416
00:19:23,840 --> 00:19:24,720
Speaker 2: Yeap so true?

417
00:19:25,040 --> 00:19:27,159
Speaker 3: So yes, I think it is, and I've got another.

418
00:19:27,240 --> 00:19:29,880
Speaker 3: I wrote down another example for you using I think

419
00:19:30,520 --> 00:19:33,320
Speaker 3: some more numbers, because you know, our community member is

420
00:19:33,320 --> 00:19:35,000
Speaker 3: a good example, but I don't know her tax right,

421
00:19:35,720 --> 00:19:39,600
Speaker 3: So let's just use the medium balance from our community.

422
00:19:39,760 --> 00:19:42,800
Speaker 3: So as you guys know, we always ask you questions

423
00:19:43,000 --> 00:19:48,560
Speaker 3: because you're our listeners. Relying on ATO and asset data

424
00:19:49,160 --> 00:19:51,359
Speaker 3: can be good, but I don't think it's reflective of

425
00:19:52,560 --> 00:19:54,920
Speaker 3: people who care about their money as much as the

426
00:19:54,960 --> 00:19:58,120
Speaker 3: average Australian. So our averages are a little bit higher

427
00:19:58,119 --> 00:20:00,320
Speaker 3: because you guys are actual bosses and I love it.

428
00:20:00,840 --> 00:20:05,199
Speaker 3: But the medium balance from our community for twenty nine

429
00:20:05,280 --> 00:20:08,359
Speaker 3: to thirty two year olds is about eighty eight thousand,

430
00:20:08,480 --> 00:20:11,879
Speaker 3: five hundred dollars. Well, I'm also going to use the

431
00:20:12,000 --> 00:20:14,920
Speaker 3: median Australian wage, which is about eighty eight thousand, four

432
00:20:15,000 --> 00:20:18,440
Speaker 3: hundred dollars a year. That way, it's not I don't know,

433
00:20:18,600 --> 00:20:21,120
Speaker 3: some made up number. It's where a lot of people

434
00:20:21,200 --> 00:20:23,960
Speaker 3: and our audience are actually sitting right now, like that's

435
00:20:24,359 --> 00:20:27,280
Speaker 3: just what happens. So, if you're just stuck with your

436
00:20:27,359 --> 00:20:30,720
Speaker 3: employer's twelve percent contributions that they have to pay you,

437
00:20:31,320 --> 00:20:34,080
Speaker 3: by the time you retire at the age of sixty seven,

438
00:20:34,160 --> 00:20:38,639
Speaker 3: which is our preservation age, you'd have around two million,

439
00:20:38,760 --> 00:20:41,639
Speaker 3: four hundred and twenty three thousand, nine hundred and thirty

440
00:20:41,720 --> 00:20:46,480
Speaker 3: three dollars in superannuation. WHOA, and that is assuming a

441
00:20:46,680 --> 00:20:50,159
Speaker 3: rate of return of six point five percent. Oh so

442
00:20:50,240 --> 00:20:53,119
Speaker 3: it could be more, which I think is not a

443
00:20:53,160 --> 00:20:55,320
Speaker 3: great return. Do you know what, That's a great return

444
00:20:55,520 --> 00:20:57,399
Speaker 3: if you are in a balanced fund.

445
00:20:57,600 --> 00:20:59,160
Speaker 2: Yeah, but most of us don't.

446
00:20:59,400 --> 00:21:02,119
Speaker 3: We're not. Those's not that's not my journey. It might

447
00:21:02,200 --> 00:21:03,920
Speaker 3: not be your journey, and it could be your journey,

448
00:21:03,960 --> 00:21:06,800
Speaker 3: and that's okay. I just I mean, I would be

449
00:21:06,880 --> 00:21:10,359
Speaker 3: disappointed if my super was only returning six point five percent,

450
00:21:10,480 --> 00:21:12,520
Speaker 3: But that's the deal, right, I still want to retire

451
00:21:12,560 --> 00:21:14,800
Speaker 3: with about two point four mil. But if you had

452
00:21:14,840 --> 00:21:16,840
Speaker 3: some extra cash back, Let's say that you had twenty

453
00:21:16,880 --> 00:21:20,080
Speaker 3: five dollars a week extra instead of two point four million,

454
00:21:20,200 --> 00:21:23,160
Speaker 3: you'd end up with two million, six hundred and nine thousand,

455
00:21:23,240 --> 00:21:27,359
Speaker 3: five hundred and five dollars, which is about one hundred

456
00:21:27,400 --> 00:21:32,040
Speaker 3: and eighty five thousand, five hundred and seventy three dollars

457
00:21:32,240 --> 00:21:35,480
Speaker 3: more at the time of retirement, even though you only

458
00:21:35,600 --> 00:21:39,320
Speaker 3: contributed about forty eight thousand dollars extra your entire working life.

459
00:21:39,480 --> 00:21:39,680
Speaker 1: Yeah.

460
00:21:39,880 --> 00:21:41,760
Speaker 2: Wow, okay, okay, okay.

461
00:21:41,960 --> 00:21:44,119
Speaker 3: That's like one hundred and forty thousand dollars worth of

462
00:21:44,160 --> 00:21:47,240
Speaker 3: free money. That is nearly a four times return on

463
00:21:47,320 --> 00:21:50,359
Speaker 3: the contribution you made thanks to compounding and the amount

464
00:21:50,359 --> 00:21:52,840
Speaker 3: of time in the market. Yeah yeah, yeah, just because

465
00:21:52,880 --> 00:21:54,800
Speaker 3: you made a good investment and you like you know,

466
00:21:55,000 --> 00:21:57,560
Speaker 3: whent and bought bitcoin and you got the best return ever. Sorry,

467
00:21:57,600 --> 00:22:00,960
Speaker 3: that's with a six point five percent return. Yeah. The

468
00:22:01,080 --> 00:22:03,760
Speaker 3: average rate of return of the Australian market is about

469
00:22:03,840 --> 00:22:06,040
Speaker 3: nine point eight percent at this point in time. So

470
00:22:06,200 --> 00:22:09,080
Speaker 3: like we're just being real conservative totally. And I prefer

471
00:22:09,200 --> 00:22:12,640
Speaker 3: to be conservative because I'd prefer to underpromise over deliver. Yeah,

472
00:22:13,160 --> 00:22:15,399
Speaker 3: but I'm telling you, right, now, if you do this

473
00:22:15,680 --> 00:22:18,760
Speaker 3: and you retire and you're sixty seven, you have to

474
00:22:18,840 --> 00:22:20,600
Speaker 3: call me up and be like, Va, oh you are coffee.

475
00:22:20,840 --> 00:22:24,359
Speaker 2: Can I ask you something that's probably it's not personal advice.

476
00:22:24,359 --> 00:22:26,240
Speaker 3: I think I just want I think it's an ask

477
00:22:26,280 --> 00:22:27,560
Speaker 3: personal advice, so I'll deflect it.

478
00:22:27,760 --> 00:22:29,719
Speaker 2: Thank you so very well. I think I just want

479
00:22:29,760 --> 00:22:31,639
Speaker 2: peace of mind because I and this might shock you,

480
00:22:31,720 --> 00:22:34,720
Speaker 2: but I'm thirty three years old and that part won't

481
00:22:34,720 --> 00:22:36,560
Speaker 2: shock you, the fact that I'm thirty three actually, but

482
00:22:36,760 --> 00:22:38,960
Speaker 2: because I look probably older. But I have, like I

483
00:22:39,000 --> 00:22:41,040
Speaker 2: think I have seventeen thousand dollars in my super. Okay,

484
00:22:41,080 --> 00:22:44,159
Speaker 2: do you feel like there's there's if I started right now,

485
00:22:44,240 --> 00:22:47,000
Speaker 2: there's chance of me to be one hundred percent. Why

486
00:22:47,160 --> 00:22:47,639
Speaker 2: would that not?

487
00:22:47,720 --> 00:22:52,400
Speaker 3: That's very company like, Sorry, that's gonna happen for you anyway. Okay,

488
00:22:52,440 --> 00:22:55,440
Speaker 3: So I'm quite aggressive when it comes to being your friend.

489
00:22:55,880 --> 00:22:59,680
Speaker 3: I made you get an investment portfolio, and the next

490
00:22:59,720 --> 00:23:03,160
Speaker 3: step was to cost you on your superannuation. Yes, yes, perfect, okay,

491
00:23:03,200 --> 00:23:07,760
Speaker 3: co Well, just small contributions, because think about it, if

492
00:23:07,800 --> 00:23:10,760
Speaker 3: we look at your super, you are behind yep. Is

493
00:23:10,880 --> 00:23:14,280
Speaker 3: that the worst thing in the world. No, you're thirty three. Sorry,

494
00:23:14,320 --> 00:23:17,040
Speaker 3: we've got thirty plus years before you retire. I've got

495
00:23:17,200 --> 00:23:20,680
Speaker 3: all the time in the world. I also know that

496
00:23:21,400 --> 00:23:23,880
Speaker 3: taking you as an individual, and this is not meant

497
00:23:23,880 --> 00:23:27,320
Speaker 3: to be offensive, Taking you as an individual one of

498
00:23:27,400 --> 00:23:31,320
Speaker 3: the best things. And again this isn't personal advice. This

499
00:23:31,480 --> 00:23:33,639
Speaker 3: is just an example. One of the best things I

500
00:23:33,720 --> 00:23:36,840
Speaker 3: can do is automate that for you. Yeah, because I

501
00:23:37,000 --> 00:23:38,720
Speaker 3: know that if you came to me and said, Victoria,

502
00:23:39,280 --> 00:23:41,240
Speaker 3: how do I do it? I want to contribute twenty

503
00:23:41,320 --> 00:23:43,920
Speaker 3: five dollars extra to my super every single week. I go,

504
00:23:44,040 --> 00:23:46,199
Speaker 3: that's a great idea, Beck. I'm glad that you had

505
00:23:46,240 --> 00:23:47,639
Speaker 3: that and came up with that idea.

506
00:23:47,440 --> 00:23:48,120
Speaker 2: All of them your own.

507
00:23:48,160 --> 00:23:50,760
Speaker 3: It wasn't financial advice. So you came up with that

508
00:23:50,880 --> 00:23:53,800
Speaker 3: idea and you came to me, I could say, well,

509
00:23:53,960 --> 00:23:56,040
Speaker 3: you know, it's really easy. All you do is transfer

510
00:23:56,119 --> 00:23:57,639
Speaker 3: every single week twenty five dollars.

511
00:23:57,840 --> 00:23:59,919
Speaker 2: Yeah, are you going to do that? Probably not an

512
00:24:00,119 --> 00:24:02,120
Speaker 2: my own? No, no, no, And that's okay.

513
00:24:02,680 --> 00:24:05,800
Speaker 3: So we go, what's the best strategy for Beck at

514
00:24:05,840 --> 00:24:09,480
Speaker 3: this point and for you personally? Knowing you well enough,

515
00:24:09,520 --> 00:24:11,240
Speaker 3: I think out of sight, out of mind is the

516
00:24:11,359 --> 00:24:14,640
Speaker 3: best strategy. So what we're going to do is talk

517
00:24:14,680 --> 00:24:18,439
Speaker 3: to your employer and say, hey, employer, you've got all

518
00:24:18,480 --> 00:24:22,320
Speaker 3: my superanuation details. You're going to email your HR and say,

519
00:24:22,480 --> 00:24:25,160
Speaker 3: I would like to contribute an additional twenty five dollars

520
00:24:25,200 --> 00:24:27,680
Speaker 3: a week or one hundred dollars a month to my superanuation.

521
00:24:27,880 --> 00:24:30,320
Speaker 3: Can you please set that up so that every single month,

522
00:24:30,400 --> 00:24:33,080
Speaker 3: before my pay comes into my account, it comes out beforehand,

523
00:24:33,240 --> 00:24:37,879
Speaker 3: totally make sure I have no But I love and

524
00:24:38,040 --> 00:24:41,159
Speaker 3: know you very well. I know you would give me

525
00:24:41,200 --> 00:24:42,760
Speaker 3: a month and you already would have forgot that you

526
00:24:42,840 --> 00:24:45,320
Speaker 3: set that up. But it's ticking away in the background,

527
00:24:45,520 --> 00:24:51,560
Speaker 3: and twenty five dollars per week after tax like into

528
00:24:51,600 --> 00:24:55,160
Speaker 3: your account. Honestly, I don't think personally you would notice

529
00:24:55,200 --> 00:24:57,720
Speaker 3: it because I know your money type, because I know

530
00:24:57,800 --> 00:25:00,280
Speaker 3: your spending type. It's not that you don't earn a

531
00:25:00,320 --> 00:25:02,040
Speaker 3: good income, it's just if it's in your account, you

532
00:25:02,040 --> 00:25:03,760
Speaker 3: offend it. So I'm just not going to let it

533
00:25:03,840 --> 00:25:06,080
Speaker 3: hit your account. Yeah yeah, yeah, right, like I just

534
00:25:06,119 --> 00:25:07,000
Speaker 3: took it off you already.

535
00:25:07,119 --> 00:25:08,600
Speaker 2: Oh my god, thank you. V.

536
00:25:08,920 --> 00:25:11,480
Speaker 3: So I think you just need to talk to yourself

537
00:25:11,520 --> 00:25:14,480
Speaker 3: about what strategy is going to work here, Okay, because

538
00:25:14,520 --> 00:25:17,720
Speaker 3: there are some people that are incredibly empowered by going

539
00:25:17,800 --> 00:25:20,840
Speaker 3: in every single week and updating their spreadsheet and making

540
00:25:20,920 --> 00:25:24,720
Speaker 3: these manual transfers and pop off queens. That could never

541
00:25:24,800 --> 00:25:27,639
Speaker 3: be my ADHD journey. I wouldn't do to.

542
00:25:27,960 --> 00:25:28,359
Speaker 1: I love it.

543
00:25:28,480 --> 00:25:30,920
Speaker 3: I love the idea that I would update my spreadsheet

544
00:25:30,960 --> 00:25:35,320
Speaker 3: every week. Yeah I don't. I just go back maybe

545
00:25:35,400 --> 00:25:37,639
Speaker 3: once a month, and then update it quote on a

546
00:25:37,720 --> 00:25:40,400
Speaker 3: weekly basis, so that I've got all the information. Yet

547
00:25:40,400 --> 00:25:42,359
Speaker 3: it takes me a lot longer because I did it

548
00:25:42,440 --> 00:25:44,560
Speaker 3: every month instead of every week, because I always let

549
00:25:44,640 --> 00:25:47,200
Speaker 3: that stuff lapse. Of course, you just have to know

550
00:25:47,400 --> 00:25:50,000
Speaker 3: yourself well enough to be honest with yourself.

551
00:25:50,359 --> 00:25:51,240
Speaker 2: So are you behind?

552
00:25:51,560 --> 00:25:51,720
Speaker 3: Yes?

553
00:25:51,840 --> 00:25:52,440
Speaker 2: Does that matter?

554
00:25:52,600 --> 00:25:53,280
Speaker 3: Absolutely not.

555
00:25:53,520 --> 00:25:53,960
Speaker 2: That's cool.

556
00:25:54,000 --> 00:25:55,920
Speaker 3: That is so comfidible. I don't care that you're behind.

557
00:25:56,040 --> 00:25:57,920
Speaker 3: I care that you're sitting in this chair. I care

558
00:25:57,960 --> 00:26:00,760
Speaker 3: that you're listening to this podcast yourself in the best

559
00:26:00,800 --> 00:26:02,840
Speaker 3: possible position. And you know what, there are lots of

560
00:26:02,880 --> 00:26:05,680
Speaker 3: people that are thirty three that don't even have seventeen

561
00:26:05,760 --> 00:26:07,400
Speaker 3: thousand dollars in their super Yeah.

562
00:26:07,760 --> 00:26:11,199
Speaker 2: So sorry, you're starting from somewhere exactly, and it's never

563
00:26:11,240 --> 00:26:13,720
Speaker 2: too late to start if you start right now. Today

564
00:26:14,640 --> 00:26:15,440
Speaker 2: I saw this lame.

565
00:26:15,600 --> 00:26:17,120
Speaker 3: I don't know if it's lame. It's lame that I'm

566
00:26:17,160 --> 00:26:19,040
Speaker 3: sharing it, but it wasn't a lame quote. The other

567
00:26:19,160 --> 00:26:21,679
Speaker 3: day someone said, you're not starting again, You're just starting

568
00:26:21,720 --> 00:26:24,200
Speaker 3: from here. Yeah, And I think that that's so much

569
00:26:24,359 --> 00:26:28,399
Speaker 3: nicer than expecting that, Oh, Beck, start again, like wipe

570
00:26:28,440 --> 00:26:32,680
Speaker 3: your slate clean. Yeah, and I'm just starting here. Yes, good,

571
00:26:32,720 --> 00:26:33,600
Speaker 3: I just start from here.

572
00:26:33,920 --> 00:26:36,080
Speaker 2: Oh my god, there's a way better way to look

573
00:26:36,119 --> 00:26:39,240
Speaker 2: at it. So sorry. I hope that that helped.

574
00:26:39,280 --> 00:26:41,720
Speaker 3: But we just had to know ourselves and our strategy

575
00:26:41,760 --> 00:26:43,760
Speaker 3: and what would work best for us. And the only

576
00:26:43,840 --> 00:26:45,720
Speaker 3: reason I know the answer to yours is because I

577
00:26:45,840 --> 00:26:49,120
Speaker 3: know you so well. Yes, that other people might resonate

578
00:26:49,160 --> 00:26:50,639
Speaker 3: with that and go, oh my god, like that's so

579
00:26:50,840 --> 00:26:52,719
Speaker 3: me as well. Yeah, like if it was in my account,

580
00:26:52,840 --> 00:26:56,320
Speaker 3: bloody spend it. But if you took it off me. Also,

581
00:26:56,880 --> 00:26:59,879
Speaker 3: what's the harm in trying? What if we did that

582
00:27:00,080 --> 00:27:03,720
Speaker 3: strategy for you, Beck, because that's what you personally decided,

583
00:27:04,320 --> 00:27:06,480
Speaker 3: and then you're like, well, I'm actually short of cash

584
00:27:06,520 --> 00:27:10,040
Speaker 3: every single month. Yeah, so let's email HR and turn

585
00:27:10,080 --> 00:27:11,000
Speaker 3: it off totally.

586
00:27:11,760 --> 00:27:14,400
Speaker 2: And then that money hasn't gone to waste. It's just practiced.

587
00:27:14,520 --> 00:27:15,800
Speaker 2: We just tried it exactly.

588
00:27:16,080 --> 00:27:16,359
Speaker 3: Okay.

589
00:27:16,520 --> 00:27:18,520
Speaker 2: I really like that, Thank you, V. So tell me

590
00:27:18,560 --> 00:27:21,560
Speaker 2: more about the options and like the portfolios and things

591
00:27:21,600 --> 00:27:21,800
Speaker 2: like that.

592
00:27:22,000 --> 00:27:24,080
Speaker 3: So like, I have not always been good at money,

593
00:27:24,320 --> 00:27:27,200
Speaker 3: which I hope everybody knows. Like I wasn't born a

594
00:27:27,280 --> 00:27:30,439
Speaker 3: financial advisor. I was born a finance girl, but didn't

595
00:27:30,680 --> 00:27:33,119
Speaker 3: want to identify as a finance girl. I should have

596
00:27:33,160 --> 00:27:35,280
Speaker 3: known from the start. My dad's an accountant. I'm born

597
00:27:35,320 --> 00:27:38,800
Speaker 3: on the thirtieth of June. Like I was in athletics.

598
00:27:39,680 --> 00:27:40,760
Speaker 2: That's so cute.

599
00:27:41,359 --> 00:27:44,320
Speaker 3: I just I was real cool at school anyway. I

600
00:27:44,480 --> 00:27:46,119
Speaker 3: just had my head in the sand about all of

601
00:27:46,200 --> 00:27:49,080
Speaker 3: that because the school system that I grew up in

602
00:27:49,200 --> 00:27:51,920
Speaker 3: didn't teach us about superannuation, So how else was I

603
00:27:52,040 --> 00:27:55,480
Speaker 3: supposed to know? And I personally was using a balance

604
00:27:55,560 --> 00:28:00,560
Speaker 3: to portfolio for a very long time because it was

605
00:28:00,720 --> 00:28:05,119
Speaker 3: just when I filled in my superforms at my first

606
00:28:05,200 --> 00:28:08,320
Speaker 3: ice cream shop job. That's just what I ticked because

607
00:28:08,320 --> 00:28:10,520
Speaker 3: it said it was the most common, right, So I

608
00:28:10,600 --> 00:28:12,760
Speaker 3: was like, yeah, all right, And I used a balance

609
00:28:12,800 --> 00:28:16,560
Speaker 3: to portfolio in that first example because that's where most

610
00:28:16,680 --> 00:28:19,840
Speaker 3: people default too. But I also have an example of

611
00:28:19,920 --> 00:28:23,600
Speaker 3: what happens if you took that exact same person and

612
00:28:23,720 --> 00:28:25,280
Speaker 3: she was going to retire with one hundred and eighty

613
00:28:25,320 --> 00:28:28,359
Speaker 3: five ish thousand dollars more anyway, and switched to a

614
00:28:28,480 --> 00:28:30,800
Speaker 3: growth option. Because remember before I was like, oh, I

615
00:28:30,840 --> 00:28:32,760
Speaker 3: don't know if I would accept six point five. You

616
00:28:32,920 --> 00:28:36,080
Speaker 3: might and that's fine, but I'm just opinionated and I'm

617
00:28:36,200 --> 00:28:40,120
Speaker 3: just a growth girlye right. Remember, we are only doing

618
00:28:40,160 --> 00:28:45,040
Speaker 3: employer contributions. The balance option landed at them having about

619
00:28:45,120 --> 00:28:49,400
Speaker 3: two point four mil in retirement. But if they'd chosen

620
00:28:49,480 --> 00:28:52,840
Speaker 3: the growth option from age let's call it thirty beck. Yeah,

621
00:28:52,840 --> 00:28:55,400
Speaker 3: because we're not all starting at the age of eighteen,

622
00:28:55,520 --> 00:28:57,200
Speaker 3: and I think that we need to get rid of

623
00:28:57,280 --> 00:29:00,840
Speaker 3: examples like that because most of our listeners are not eighteen. Yes,

624
00:29:00,960 --> 00:29:02,760
Speaker 3: it's gone through our late teens, and then we went

625
00:29:02,800 --> 00:29:04,920
Speaker 3: through our early twenties and then maybe we've decided we

626
00:29:05,000 --> 00:29:07,200
Speaker 3: need to get our shit together because thirty is real close.

627
00:29:07,440 --> 00:29:10,400
Speaker 3: So let's use that as an example. Same salary, no

628
00:29:10,520 --> 00:29:13,320
Speaker 3: extra money going in, Yes, so their balance could be

629
00:29:13,440 --> 00:29:17,960
Speaker 3: four point eight nine million dollars. Wow, that's yeah, that's

630
00:29:18,000 --> 00:29:20,120
Speaker 3: more than double and double. Yeah, it's more than double

631
00:29:20,200 --> 00:29:23,920
Speaker 3: the outcome just from going in and changing her risk setting,

632
00:29:24,320 --> 00:29:25,960
Speaker 3: not from putting in a single dollar.

633
00:29:26,160 --> 00:29:28,720
Speaker 2: That's crazy, and that would have taken like if you

634
00:29:28,960 --> 00:29:31,240
Speaker 2: remember your password and all your log in details that

635
00:29:31,280 --> 00:29:33,760
Speaker 2: which you can reset your password. It's really annoying. Yeah,

636
00:29:34,080 --> 00:29:35,400
Speaker 2: but that would take thirty seconds.

637
00:29:35,960 --> 00:29:38,320
Speaker 3: Yeah, And we're not saying go in and change No,

638
00:29:38,400 --> 00:29:40,680
Speaker 3: we're saying, go and do your risk profile and like

639
00:29:40,800 --> 00:29:42,560
Speaker 3: make sure that that suits you. And then if it

640
00:29:42,680 --> 00:29:44,920
Speaker 3: does suit you and you find that you are a

641
00:29:45,040 --> 00:29:48,960
Speaker 3: growth investor, well why the hell you imbalanced? Totally you're

642
00:29:49,000 --> 00:29:50,240
Speaker 3: in the wrong room, babe.

643
00:29:50,960 --> 00:29:52,640
Speaker 2: You're in the wrong room. You walked into the wrong

644
00:29:52,720 --> 00:29:54,880
Speaker 2: class at school, exactly. You got to get up and

645
00:29:54,960 --> 00:29:55,239
Speaker 2: get out.

646
00:29:55,280 --> 00:29:57,040
Speaker 3: Otherwise you're not learning what you need to learn, and

647
00:29:57,120 --> 00:29:59,280
Speaker 3: you're not accessing what you need to access.

648
00:29:59,360 --> 00:30:00,280
Speaker 2: And it's cost to yeah.

649
00:30:00,440 --> 00:30:04,120
Speaker 3: Yeah, And so that just shows how small choices can

650
00:30:04,160 --> 00:30:07,840
Speaker 3: make massive impact over decades. Like none of this and

651
00:30:07,920 --> 00:30:11,000
Speaker 3: I'm really sorry. In twenty twenty five, we are all

652
00:30:11,080 --> 00:30:16,320
Speaker 3: instant gratification girlies. This is long term gratification, and that's okay,

653
00:30:16,480 --> 00:30:19,520
Speaker 3: But you don't have to suddenly throw thousands of dollars

654
00:30:19,600 --> 00:30:22,240
Speaker 3: into souper. Sometimes it's just about checking that you're in

655
00:30:22,320 --> 00:30:25,240
Speaker 3: the right investment option and making like one tiny tweak

656
00:30:25,360 --> 00:30:28,960
Speaker 3: and then saying say good night and then wake up

657
00:30:29,000 --> 00:30:30,320
Speaker 3: thirty years later in WHOA.

658
00:30:30,800 --> 00:30:33,760
Speaker 2: That's so true, right, I have to know what if

659
00:30:33,840 --> 00:30:35,800
Speaker 2: the growth option added twenty five.

660
00:30:35,680 --> 00:30:38,920
Speaker 3: Dollars week, so you're like making extra contributions in addition, yes,

661
00:30:39,120 --> 00:30:42,160
Speaker 3: in addition, So like, let's do the same example. We

662
00:30:42,400 --> 00:30:44,880
Speaker 3: already know that that person, if they're inside the growth option,

663
00:30:45,480 --> 00:30:47,000
Speaker 3: are at the age of sixty seven.

664
00:30:47,120 --> 00:30:50,160
Speaker 2: Our preservation age crazy word, Yes.

665
00:30:50,080 --> 00:30:51,560
Speaker 3: But I'm trying to like drill it into you so

666
00:30:51,680 --> 00:30:54,200
Speaker 3: that you understand it, because that's how the government communicates

667
00:30:54,240 --> 00:30:56,840
Speaker 3: with us. Yes, so they talk about your preservation age,

668
00:30:56,840 --> 00:30:58,960
Speaker 3: and if they are talking about that, that's the age

669
00:30:59,000 --> 00:31:01,480
Speaker 3: at which you're able to access every single dollar in

670
00:31:01,520 --> 00:31:05,360
Speaker 3: your superannuation tax free. Yes, ma'am preservation. That's great because

671
00:31:05,400 --> 00:31:09,880
Speaker 3: I'm so old I need to be preserved exactly. So

672
00:31:10,480 --> 00:31:12,840
Speaker 3: they would retire at the age of sixty seven with

673
00:31:12,920 --> 00:31:15,640
Speaker 3: four point eight nine million dollars, yes, right, so then

674
00:31:16,440 --> 00:31:19,200
Speaker 3: that's just base contributions. Then they're like, I really want

675
00:31:19,240 --> 00:31:21,200
Speaker 3: to add twenty five dollars extra because I heard the

676
00:31:21,280 --> 00:31:24,040
Speaker 3: example Beck and v were talking about, Yeah, that balance

677
00:31:24,120 --> 00:31:27,240
Speaker 3: actually grows to five point two to two million dollars. Okay,

678
00:31:27,560 --> 00:31:31,680
Speaker 3: so that's an extra three hundred and thirty thousand dollars.

679
00:31:32,120 --> 00:31:34,800
Speaker 3: But for the same contribution she made when she didn't

680
00:31:34,840 --> 00:31:37,040
Speaker 3: have a high growth portfolio, she had balanced to forty

681
00:31:37,080 --> 00:31:39,920
Speaker 3: eight thousand dollars. Yeah, so over that time, you can

682
00:31:39,960 --> 00:31:42,280
Speaker 3: make a decision, right, So do you want to save

683
00:31:42,320 --> 00:31:44,160
Speaker 3: your money or do you want to invest your money back?

684
00:31:44,920 --> 00:31:46,640
Speaker 3: If you save your money, you'll end up with forty

685
00:31:46,640 --> 00:31:48,960
Speaker 3: eight thousand dollars. If you invest your money over the

686
00:31:49,000 --> 00:31:51,400
Speaker 3: same period of time, three hundred and thirty thousand dollars.

687
00:31:51,400 --> 00:31:52,800
Speaker 2: Which one would you like to take home?

688
00:31:53,120 --> 00:31:54,600
Speaker 3: Well, that's a hard one.

689
00:31:54,880 --> 00:31:57,320
Speaker 2: Yeah, we can't give you advice, but like, you make

690
00:31:57,360 --> 00:31:59,959
Speaker 2: a decision for you, right. That's crazy.

691
00:32:00,200 --> 00:32:03,400
Speaker 3: Just to put that into perspective, the person who stayed

692
00:32:03,480 --> 00:32:08,080
Speaker 3: in that balanced option with no extras, so still in balance, yeap,

693
00:32:08,720 --> 00:32:10,960
Speaker 3: would have about two point four to two million.

694
00:32:10,680 --> 00:32:12,440
Speaker 2: Dollars, which ain't anything to sneeze at.

695
00:32:12,480 --> 00:32:14,160
Speaker 3: And then the person who switched to growth and then

696
00:32:14,280 --> 00:32:15,600
Speaker 3: was like, oh, I really want to do an extra

697
00:32:15,680 --> 00:32:18,080
Speaker 3: twenty five dollars a week Like that wouldn't you know,

698
00:32:18,160 --> 00:32:21,200
Speaker 3: blow my budget out. Yeah, they retire with five point

699
00:32:21,240 --> 00:32:26,080
Speaker 3: two two million dollars. That's like a difference of two

700
00:32:26,440 --> 00:32:29,840
Speaker 3: point eight million dollars for the same starting balance, the

701
00:32:29,880 --> 00:32:33,400
Speaker 3: same salary, only twenty five dollars a week extra. So

702
00:32:33,600 --> 00:32:37,120
Speaker 3: remember those ads, you remember the hest ads like but

703
00:32:37,280 --> 00:32:39,760
Speaker 3: do this and stand at the escalators and ones going

704
00:32:39,840 --> 00:32:42,120
Speaker 3: up the escalator and the others on the broken escalator. Yes,

705
00:32:42,360 --> 00:32:45,120
Speaker 3: that's what we're thinking. I see. Oh my god.

706
00:32:45,400 --> 00:32:47,520
Speaker 2: Okay, So it's a lot of numbers. It's a lot

707
00:32:47,560 --> 00:32:48,120
Speaker 2: of numbers.

708
00:32:48,200 --> 00:32:49,960
Speaker 3: But what I want you to take from this is

709
00:32:50,600 --> 00:32:52,960
Speaker 3: if you take action and you put yourself in the

710
00:32:53,040 --> 00:32:56,719
Speaker 3: right possible position, there's a lot more numbers in your

711
00:32:56,720 --> 00:32:58,240
Speaker 3: bank account. Yes, I see.

712
00:32:58,440 --> 00:33:00,320
Speaker 2: Okay, So I think this was a good time to

713
00:33:00,720 --> 00:33:02,920
Speaker 2: let our brains kind of have a little rest. Let's

714
00:33:02,920 --> 00:33:05,440
Speaker 2: take a second to process it, take a really quick break.

715
00:33:05,560 --> 00:33:08,640
Speaker 3: Oh and a little sub note from me, because my

716
00:33:08,800 --> 00:33:11,880
Speaker 3: financial advisor, or my ex financial advisor hat goes on.

717
00:33:12,360 --> 00:33:15,480
Speaker 3: I also need to say past performance is not a

718
00:33:15,520 --> 00:33:18,600
Speaker 3: reliable predictor of future performance, which has been drilled into

719
00:33:18,680 --> 00:33:22,400
Speaker 3: me time and time again, really legally, because if we're

720
00:33:22,400 --> 00:33:25,480
Speaker 3: going to start talking about you know, performance and returns

721
00:33:25,640 --> 00:33:28,600
Speaker 3: and consistent returns like go, go, look at the Vanguard

722
00:33:28,680 --> 00:33:33,640
Speaker 3: index chart. We know that people who invest consistently over

723
00:33:33,720 --> 00:33:36,600
Speaker 3: a thirty plus year period of time do not lose

724
00:33:36,680 --> 00:33:39,280
Speaker 3: money in the market. But we also can't predict what's

725
00:33:39,320 --> 00:33:41,640
Speaker 3: going to happen into the future. So I don't want

726
00:33:41,640 --> 00:33:43,360
Speaker 3: you being like, wow, I listened to this podcast and

727
00:33:43,400 --> 00:33:46,560
Speaker 3: it's an absolute guarantee, Like I just have to put

728
00:33:46,600 --> 00:33:48,880
Speaker 3: my financial advisor hat on it, and I'm going to

729
00:33:48,920 --> 00:33:50,600
Speaker 3: take it off because we're going to talk about some

730
00:33:50,840 --> 00:33:53,040
Speaker 3: like fun stuff after it go to a break, and

731
00:33:53,120 --> 00:33:55,000
Speaker 3: on the flip side, we'll dive back in and I'll

732
00:33:55,040 --> 00:34:01,160
Speaker 3: be less formal. Right before the break, I threw a

733
00:34:01,200 --> 00:34:03,440
Speaker 3: lot of numbers and a big disclaimer at you. But

734
00:34:03,560 --> 00:34:07,560
Speaker 3: the key takeaway, my friend, is that tiny contributions plus

735
00:34:07,680 --> 00:34:10,400
Speaker 3: the right risk option can literally add millions to your

736
00:34:10,440 --> 00:34:13,279
Speaker 3: supranuation balance. That's crazy. I want to be rich. I

737
00:34:13,320 --> 00:34:15,200
Speaker 3: don't know about you. That sounds like a terrible thing

738
00:34:15,280 --> 00:34:16,880
Speaker 3: to say sometimes, but like, do you want to be

739
00:34:17,000 --> 00:34:18,680
Speaker 3: rich too? Yeah? I think i'd like that. Yeah, I

740
00:34:18,680 --> 00:34:22,120
Speaker 3: think it'd be good. Like imagine not thinking before you

741
00:34:22,200 --> 00:34:22,759
Speaker 3: tap your cart.

742
00:34:22,840 --> 00:34:24,279
Speaker 2: Oh my god, the amount of times I have to

743
00:34:24,480 --> 00:34:27,000
Speaker 2: I always transfer myself first, I'm like, where am I

744
00:34:27,000 --> 00:34:27,479
Speaker 2: going to take.

745
00:34:27,360 --> 00:34:27,600
Speaker 4: It out of?

746
00:34:27,680 --> 00:34:27,839
Speaker 1: Now?

747
00:34:27,960 --> 00:34:30,640
Speaker 2: It's like to be financially comfortable.

748
00:34:30,880 --> 00:34:33,759
Speaker 3: But also sorry, now we've got these options and Beck,

749
00:34:33,800 --> 00:34:36,000
Speaker 3: you're only thirty three, Like we can actually plan to

750
00:34:36,040 --> 00:34:38,680
Speaker 3: be rich. Yeah yeah, sorry, it's actually not beyond you

751
00:34:39,760 --> 00:34:42,320
Speaker 3: to just get rich af Yeah, so like let me

752
00:34:42,440 --> 00:34:44,680
Speaker 3: help you do that? Oh my god, because like then

753
00:34:44,760 --> 00:34:48,040
Speaker 3: you could be your own sugar mamma. That's a good deal, right,

754
00:34:48,160 --> 00:34:51,239
Speaker 3: thank you. Also, I want to remind you that the

755
00:34:51,360 --> 00:34:55,480
Speaker 3: free tool we spoke about in that first episode, it's

756
00:34:55,520 --> 00:34:58,360
Speaker 3: called how much super do I really Need? That is

757
00:34:58,440 --> 00:35:00,800
Speaker 3: a very very cool tool that we're going to revisit.

758
00:35:00,960 --> 00:35:04,759
Speaker 3: Right So, in the Government's Money Smart super Calculator, there's

759
00:35:04,840 --> 00:35:08,200
Speaker 3: like a little section where you can actually play around

760
00:35:08,440 --> 00:35:11,759
Speaker 3: with adding different contribution amounts and it will actually calculate

761
00:35:11,800 --> 00:35:14,880
Speaker 3: the difference it will make to your superbalance over the

762
00:35:14,920 --> 00:35:16,839
Speaker 3: long term. Because you might go, well, V, I can't

763
00:35:16,880 --> 00:35:19,319
Speaker 3: afford an extra twenty five bucks a week, and I go, yeah,

764
00:35:19,400 --> 00:35:21,080
Speaker 3: like I get it, I really do. I'm just giving

765
00:35:21,120 --> 00:35:24,960
Speaker 3: you examples and want you to be excited about maybe

766
00:35:25,040 --> 00:35:29,760
Speaker 3: doing this and you go, well, I could do five bucks. Great, Great,

767
00:35:29,880 --> 00:35:32,239
Speaker 3: that's somewhere to start, because then maybe a couple of

768
00:35:32,280 --> 00:35:34,719
Speaker 3: months later, you've got a little bit extra wiggle room

769
00:35:34,760 --> 00:35:37,320
Speaker 3: and at seven dollars, like, we're not talking that you

770
00:35:37,440 --> 00:35:39,680
Speaker 3: have to make these big, grand commitments. I mean you

771
00:35:39,760 --> 00:35:43,000
Speaker 3: might turn around and be like, fire out. My partner

772
00:35:43,040 --> 00:35:46,080
Speaker 3: and I we're double income, no kids. Why aren't we

773
00:35:46,320 --> 00:35:49,879
Speaker 3: doing this while we're in a more luxurious position? Yeah,

774
00:35:50,160 --> 00:35:53,640
Speaker 3: good question. Yeah, but if you are hamstrng goal like

775
00:35:53,800 --> 00:35:56,360
Speaker 3: gets it? Yeah? I just I feel like I just

776
00:35:56,400 --> 00:35:58,400
Speaker 3: don't want anyone to listen to our content back and

777
00:35:58,480 --> 00:36:01,040
Speaker 3: be like, wow, that wasn't for me. Yeah, totally. Like

778
00:36:01,480 --> 00:36:03,640
Speaker 3: even if you don't have extra cash, have you not

779
00:36:03,719 --> 00:36:06,480
Speaker 3: got the education? Now? Like if your friend's like, oh

780
00:36:06,480 --> 00:36:08,840
Speaker 3: my god, I've started saving extra twenty five bucks at

781
00:36:08,880 --> 00:36:12,359
Speaker 3: your new friend Olivia's Bark or Jernie's Queer Bar, which

782
00:36:12,400 --> 00:36:15,160
Speaker 3: we're very excited about. But it's got beautiful branding.

783
00:36:15,440 --> 00:36:18,759
Speaker 2: Who did that? Oh well, I could say a little

784
00:36:19,560 --> 00:36:22,839
Speaker 2: non paid graphic design named ex head.

785
00:36:22,920 --> 00:36:24,400
Speaker 3: I think you might get a few drinks out of

786
00:36:24,440 --> 00:36:28,279
Speaker 3: that though, Yeah, a couple of little cheeky soda waters

787
00:36:28,280 --> 00:36:30,880
Speaker 3: where she could do. But if you're at Bernie's Bar

788
00:36:31,840 --> 00:36:33,640
Speaker 3: and your friend is like, oh, I've got like some

789
00:36:33,760 --> 00:36:36,600
Speaker 3: stuff I've started to save, I can almost guarantee you'll

790
00:36:36,600 --> 00:36:38,080
Speaker 3: be like, so have you thought about Super?

791
00:36:38,320 --> 00:36:39,560
Speaker 2: Or so have you been investing?

792
00:36:39,760 --> 00:36:42,720
Speaker 3: Like these conversations are going to happen and we benefit

793
00:36:42,760 --> 00:36:44,200
Speaker 3: the whole community totally.

794
00:36:44,320 --> 00:36:46,080
Speaker 2: You don't even have to be doing it yourself.

795
00:36:46,840 --> 00:36:48,480
Speaker 3: It might not benefit you right now because we just

796
00:36:48,520 --> 00:36:50,560
Speaker 3: don't have the cash and we're relying on the free

797
00:36:50,600 --> 00:36:51,200
Speaker 3: soda waters.

798
00:36:51,360 --> 00:36:55,000
Speaker 2: Absolutely in the future, it will. A penny saved is

799
00:36:55,000 --> 00:36:57,160
Speaker 2: a penny. And they say, exactly are the rules on

800
00:36:57,280 --> 00:36:59,319
Speaker 2: how much you can add to your superreachier? Is there

801
00:36:59,360 --> 00:37:00,440
Speaker 2: a cap or a minimum?

802
00:37:00,680 --> 00:37:03,480
Speaker 3: Good question back, because there are government caps on literally

803
00:37:04,400 --> 00:37:07,520
Speaker 3: how much you can put into Super and it changed.

804
00:37:07,880 --> 00:37:12,600
Speaker 3: You're before tax contributions like the Super guarantee, salary sacrificing

805
00:37:12,760 --> 00:37:15,800
Speaker 3: or anything that you are claiming a deduction for. The

806
00:37:15,880 --> 00:37:19,520
Speaker 3: cap is thirty thousand dollars a year from July twenty

807
00:37:19,600 --> 00:37:22,600
Speaker 3: twenty five. Okay, that's increased, which is kind of sexy.

808
00:37:23,120 --> 00:37:27,120
Speaker 3: This includes your employers twelve percent, So that's where it's

809
00:37:27,160 --> 00:37:30,120
Speaker 3: not like an additional thirty grand which would be nice.

810
00:37:30,560 --> 00:37:31,680
Speaker 2: Unrelatable, but nice.

811
00:37:32,080 --> 00:37:35,400
Speaker 3: So for example, if you're on like a median wage

812
00:37:35,440 --> 00:37:39,040
Speaker 3: of eighty eight thousand, four hundred dollars, that's already about

813
00:37:39,160 --> 00:37:42,040
Speaker 3: ten thousand, six hundred dollars that's going into your SUPER.

814
00:37:42,760 --> 00:37:45,760
Speaker 3: So that then leaves you with nineteen than four hundred

815
00:37:45,800 --> 00:37:48,520
Speaker 3: dollars worth of extra wiggle room if you want a

816
00:37:48,600 --> 00:37:53,080
Speaker 3: salary sacrifice. Okay. There's also a very cool rule which

817
00:37:53,360 --> 00:37:55,239
Speaker 3: you might not care so much about when you're young,

818
00:37:55,320 --> 00:37:57,200
Speaker 3: but as you get a little bit older and maybe

819
00:37:57,239 --> 00:37:59,600
Speaker 3: you haven't been making the most of your caps or

820
00:37:59,640 --> 00:38:01,880
Speaker 3: your life, Oh my god, what do I do? Like,

821
00:38:02,120 --> 00:38:04,080
Speaker 3: you know, I've got all of this cash saved because

822
00:38:04,120 --> 00:38:06,640
Speaker 3: I was being real conservative and I'm just not you know,

823
00:38:06,719 --> 00:38:08,319
Speaker 3: I wasn't ready to put it in Super, but now

824
00:38:08,320 --> 00:38:10,879
Speaker 3: I really want it in Super. There's a really cool

825
00:38:10,960 --> 00:38:14,480
Speaker 3: rule called the carry forward rule. Okay, and if your

826
00:38:14,520 --> 00:38:17,960
Speaker 3: superanuation balance is under five hundred thousand dollars, you can

827
00:38:18,000 --> 00:38:23,120
Speaker 3: actually use easy any of your unused concessional cap space

828
00:38:23,239 --> 00:38:26,520
Speaker 3: from the past five years. Really yep, So if every year, like,

829
00:38:26,680 --> 00:38:29,360
Speaker 3: let's go back to that eighty eight thousand dollar example,

830
00:38:29,440 --> 00:38:32,640
Speaker 3: so your salary's eighty eight grand. You're making about ten

831
00:38:33,080 --> 00:38:36,120
Speaker 3: six hundred dollars of contributions just as you're twelve percent,

832
00:38:36,600 --> 00:38:40,840
Speaker 3: and you've got nineteen thousand left every single year. You

833
00:38:40,880 --> 00:38:44,560
Speaker 3: could do nineteen nineteen nineteen and then bring it all

834
00:38:44,640 --> 00:38:46,440
Speaker 3: forward if you had a heap of savings or you

835
00:38:46,600 --> 00:38:49,440
Speaker 3: got a inheritance or came into a lump sum of

836
00:38:49,560 --> 00:38:52,320
Speaker 3: money and drop it in and still only pay fifteen

837
00:38:52,360 --> 00:38:52,959
Speaker 3: percent taps.

838
00:38:53,239 --> 00:38:53,719
Speaker 2: So good.

839
00:38:54,000 --> 00:38:56,200
Speaker 3: The important thing is when you drop it in, you

840
00:38:56,280 --> 00:38:59,520
Speaker 3: need to let your superanuation know that you will be

841
00:38:59,640 --> 00:39:02,880
Speaker 3: claiming that on tax, and that's a separate form. Yeah, okay,

842
00:39:03,080 --> 00:39:05,640
Speaker 3: miss it, lose it, yep, don't get to claim it.

843
00:39:06,360 --> 00:39:10,040
Speaker 3: And that's bullshit. Yeah yeah, So I'm just calling it

844
00:39:10,120 --> 00:39:12,080
Speaker 3: out if you're like, that's a great thing. I didn't

845
00:39:12,120 --> 00:39:13,759
Speaker 3: realize I could do that, and you just dump it

846
00:39:13,840 --> 00:39:15,319
Speaker 3: in your super and then you do not tell your

847
00:39:15,400 --> 00:39:19,000
Speaker 3: superannuation company that you're planning on claiming that on your

848
00:39:19,080 --> 00:39:21,759
Speaker 3: tax return this year, and then it passes and you

849
00:39:21,840 --> 00:39:24,600
Speaker 3: haven't done your tax. There's not a lot of wiggle room.

850
00:39:24,880 --> 00:39:28,240
Speaker 2: That's so mean. Yeah, yeah, but this is huge.

851
00:39:28,719 --> 00:39:30,919
Speaker 3: So this is huge for people who have had time

852
00:39:31,000 --> 00:39:33,680
Speaker 3: off work or you're only starting to contribute later.

853
00:39:33,920 --> 00:39:34,920
Speaker 2: Like it's like the catch up.

854
00:39:35,000 --> 00:39:36,400
Speaker 3: So you know how you were saying before V I

855
00:39:36,480 --> 00:39:40,160
Speaker 3: only have bloody seventeen thousand dollars in my SuperM I behind. Yeah, well,

856
00:39:40,400 --> 00:39:44,440
Speaker 3: yes you're behind. But hypothetically you can also use your

857
00:39:44,560 --> 00:39:47,520
Speaker 3: unused cap if you wanted to into the future. Yeah,

858
00:39:47,800 --> 00:39:49,600
Speaker 3: so like we can top it up, we can work

859
00:39:49,640 --> 00:39:52,600
Speaker 3: it out if we have access to cash. Absolutely. Now,

860
00:39:52,800 --> 00:39:57,880
Speaker 3: our non concessional contributions these are our after tax moneies

861
00:39:58,280 --> 00:40:01,239
Speaker 3: that you deposit into a super count, and the cap

862
00:40:01,360 --> 00:40:04,879
Speaker 3: for this is one hundred and twenty thousand dollars a year,

863
00:40:05,800 --> 00:40:08,200
Speaker 3: which is a lot of money, unrelatable but like just

864
00:40:08,280 --> 00:40:11,320
Speaker 3: good to know. Or up to three hundred and sixty

865
00:40:11,400 --> 00:40:14,520
Speaker 3: thousand dollars at once. Okay, if you trigger the carry

866
00:40:14,600 --> 00:40:17,480
Speaker 3: forward rule and your balance is below the threshold.

867
00:40:17,120 --> 00:40:19,680
Speaker 2: Before or after or it doesn't matter. What do you mean,

868
00:40:19,880 --> 00:40:21,760
Speaker 2: Like if you put the three hundred sixty thousand dollars

869
00:40:21,800 --> 00:40:23,840
Speaker 2: for example, and then now it's over.

870
00:40:24,200 --> 00:40:27,520
Speaker 3: Yeah, the threshold yep, so you can dump it in

871
00:40:27,960 --> 00:40:31,200
Speaker 3: if your income plus super contribution is over like two

872
00:40:31,280 --> 00:40:35,120
Speaker 3: hundred and fifty thousand dollars, your concessional contributions are actually

873
00:40:35,239 --> 00:40:38,600
Speaker 3: taxed at thirty percent instead of the fifteen. Oh, so

874
00:40:39,000 --> 00:40:41,520
Speaker 3: that's still a better deal. That's still a better deal. So,

875
00:40:41,680 --> 00:40:44,760
Speaker 3: like you're paying close to like forty five percent tax

876
00:40:44,840 --> 00:40:46,560
Speaker 3: at that rate, so you're still getting a discount, but

877
00:40:46,600 --> 00:40:49,520
Speaker 3: it's definitely not that fifteen percent. Sure, So like that

878
00:40:49,920 --> 00:40:52,880
Speaker 3: is probably why it's unrelatable, because like, I don't know

879
00:40:52,960 --> 00:40:55,359
Speaker 3: that many people unless I have worked with like high

880
00:40:55,440 --> 00:40:58,359
Speaker 3: income earners or I've worked with, you know, people who

881
00:40:58,440 --> 00:41:00,920
Speaker 3: have inheritances who are dropping in three hundred and sixty

882
00:41:01,000 --> 00:41:01,640
Speaker 3: thousand at once.

883
00:41:01,840 --> 00:41:04,240
Speaker 2: Yes, but I've seen it, like it happens.

884
00:41:04,719 --> 00:41:07,640
Speaker 3: You're just on a non favorable tax rate, but it's

885
00:41:07,640 --> 00:41:10,680
Speaker 3: still better than the tax rate you'd pay. Totally, it's

886
00:41:10,719 --> 00:41:14,040
Speaker 3: better than to kick in the pants, you know, absolutely. Okay, Well,

887
00:41:14,440 --> 00:41:15,719
Speaker 3: I gotta tell you it's a lot to take in.

888
00:41:15,880 --> 00:41:18,600
Speaker 3: But I do want to move on to this next

889
00:41:18,640 --> 00:41:21,120
Speaker 3: one because we get this question constantly community.

890
00:41:22,760 --> 00:41:25,560
Speaker 2: They always want to know should they be putting extra

891
00:41:25,800 --> 00:41:29,840
Speaker 2: into this super or investing outside of super. I can't

892
00:41:29,960 --> 00:41:30,279
Speaker 2: tell you.

893
00:41:30,880 --> 00:41:33,319
Speaker 3: I can't say I can't tell you, but I think

894
00:41:33,360 --> 00:41:37,040
Speaker 3: that I've given a little bit of context along the way, right, Yeah, great,

895
00:41:37,120 --> 00:41:39,239
Speaker 3: Like I've told you what I do, Yes, And I

896
00:41:39,360 --> 00:41:41,680
Speaker 3: think that might be helpful, especially if you're trying to

897
00:41:41,719 --> 00:41:43,960
Speaker 3: make your own decisions, not because you want to copy me,

898
00:41:44,080 --> 00:41:46,120
Speaker 3: but because it's good to kind of crowdsource. Oh what

899
00:41:46,200 --> 00:41:47,359
Speaker 3: are you doing, Becko? What are you doing?

900
00:41:47,440 --> 00:41:47,560
Speaker 1: Then?

901
00:41:47,760 --> 00:41:50,080
Speaker 3: Like you just find things that you might be comfortable with,

902
00:41:50,400 --> 00:41:52,680
Speaker 3: or you might find things you're like, I'm not comfortable

903
00:41:52,719 --> 00:41:54,719
Speaker 3: with that. Like someone might be listening to this beck

904
00:41:54,760 --> 00:41:57,560
Speaker 3: and being like, holy shared, Victoria. Did you know she

905
00:41:57,760 --> 00:42:01,120
Speaker 3: doesn't take advantage of super in the world that she could, Like.

906
00:42:01,239 --> 00:42:02,120
Speaker 2: That's so dumb.

907
00:42:03,040 --> 00:42:07,239
Speaker 3: That's fine, totally, Like there's actually no right or wrong

908
00:42:07,280 --> 00:42:10,000
Speaker 3: when it comes to what's happening, And it really depends

909
00:42:10,120 --> 00:42:13,560
Speaker 3: on your personal goals and your personal timing. So if

910
00:42:13,600 --> 00:42:15,480
Speaker 3: you need and this is just all general, just like

911
00:42:16,000 --> 00:42:19,000
Speaker 3: what usually happens in financial advice land.

912
00:42:19,440 --> 00:42:22,560
Speaker 2: If you need the money before you're sixty years old, that's.

913
00:42:22,400 --> 00:42:26,040
Speaker 3: When you should look at investing outside of super Yes, Okay,

914
00:42:26,239 --> 00:42:29,600
Speaker 3: if your goal is to purchase your first home. For

915
00:42:29,719 --> 00:42:32,319
Speaker 3: first home buyers, the first Home super Savor scheme let's

916
00:42:32,360 --> 00:42:35,440
Speaker 3: you save up to fifteen thousand dollars a year, or

917
00:42:35,600 --> 00:42:38,400
Speaker 3: a total of fifty grand through SUPER that you can

918
00:42:38,440 --> 00:42:41,160
Speaker 3: then withdraw later. So you might want to be making

919
00:42:41,239 --> 00:42:44,560
Speaker 3: those non concessional contributions. Yeah, okay, so that you can

920
00:42:44,640 --> 00:42:45,799
Speaker 3: draw down on them later.

921
00:42:46,360 --> 00:42:48,840
Speaker 2: For a home deposit, I've always wondered what the benefit

922
00:42:48,880 --> 00:42:51,040
Speaker 2: of that. Do you also get the interest that's paid

923
00:42:51,160 --> 00:42:55,520
Speaker 2: onto it, Oh, fifteen percent super? So you like yes.

924
00:42:55,880 --> 00:42:57,920
Speaker 3: So let's say you've got your house deposit saved and

925
00:42:58,120 --> 00:43:00,520
Speaker 3: like you know, you're slowly chipping away and you've got

926
00:43:00,600 --> 00:43:04,440
Speaker 3: fifteen grand sitting there, pop it into SUPER and then

927
00:43:04,480 --> 00:43:06,120
Speaker 3: pull it out for your house and you've got an

928
00:43:06,160 --> 00:43:09,600
Speaker 3: extra fifteen percent back on that money. So true, it's

929
00:43:09,719 --> 00:43:14,359
Speaker 3: like legal money laundering. Wow. When I put it that way,

930
00:43:14,400 --> 00:43:16,640
Speaker 3: it gets a little bit sexier, a little bit riskier.

931
00:43:16,800 --> 00:43:17,000
Speaker 1: Yeah.

932
00:43:17,120 --> 00:43:21,320
Speaker 3: Yeah yeah. So inside superannuation you are taxed on fifteen

933
00:43:21,400 --> 00:43:25,160
Speaker 3: percent on earnings versus your marginal tax rate outside in

934
00:43:25,320 --> 00:43:29,200
Speaker 3: retirement phase up to two million dollars is completely tax free,

935
00:43:29,640 --> 00:43:32,839
Speaker 3: my god. And then outside of SUPER, like you've got

936
00:43:32,880 --> 00:43:36,600
Speaker 3: more flexibility, Like obviously you can access it before the

937
00:43:36,680 --> 00:43:39,879
Speaker 3: age of sixty, but you also pay your marginal tax

938
00:43:40,000 --> 00:43:43,239
Speaker 3: rate with capital gains tess counts and franking credits and

939
00:43:43,280 --> 00:43:44,920
Speaker 3: all of that and we try and make it make

940
00:43:44,960 --> 00:43:47,640
Speaker 3: as much sense and make it as beneficial as possible,

941
00:43:47,920 --> 00:43:50,360
Speaker 3: but goal you're still paying your marginal tax rate. Absolutely.

942
00:43:50,440 --> 00:43:53,600
Speaker 2: And for those who have no idea franking credits that,

943
00:43:54,040 --> 00:43:54,960
Speaker 2: we have an episode about that.

944
00:43:55,120 --> 00:43:57,879
Speaker 3: Yeah, we have a whole episode of franking credits. If

945
00:43:58,160 --> 00:44:01,640
Speaker 3: you want a cute little like tld A, frankin credit

946
00:44:01,760 --> 00:44:05,439
Speaker 3: is an IOU that comes with your return to say,

947
00:44:05,800 --> 00:44:09,680
Speaker 3: this company that I've invested in has already paid tax

948
00:44:09,760 --> 00:44:11,200
Speaker 3: on my behalf, so please don't.

949
00:44:11,000 --> 00:44:11,680
Speaker 2: Double tax me.

950
00:44:12,120 --> 00:44:16,000
Speaker 3: Yes, okay, yep, yep, yep, I owe you that's connected

951
00:44:16,040 --> 00:44:16,560
Speaker 3: to your share.

952
00:44:16,719 --> 00:44:19,080
Speaker 2: I see, I see, I see okay, So what about

953
00:44:19,120 --> 00:44:20,799
Speaker 2: insurance and super? Can you explain how?

954
00:44:20,880 --> 00:44:23,120
Speaker 3: Okay, Okay, I'm glad you brought that up because I

955
00:44:23,280 --> 00:44:28,000
Speaker 3: have in stress in balls because so many people hopefully

956
00:44:28,040 --> 00:44:30,160
Speaker 3: are like, oh my god, they beck, we're so inspired.

957
00:44:30,200 --> 00:44:32,279
Speaker 3: We want to go and change our super immediately. But

958
00:44:32,560 --> 00:44:37,839
Speaker 3: please don't do that very quickly, because historically default insurance

959
00:44:38,360 --> 00:44:40,040
Speaker 3: was just a given on your super. So you'd like

960
00:44:40,160 --> 00:44:42,040
Speaker 3: sign up. When I was younger, I would sign up

961
00:44:42,080 --> 00:44:44,839
Speaker 3: for a Super and then I would immediately have insurances

962
00:44:44,880 --> 00:44:47,640
Speaker 3: attached to that, and those insurances are.

963
00:44:47,640 --> 00:44:49,600
Speaker 2: Like Hen's teeth. They are.

964
00:44:50,480 --> 00:44:52,200
Speaker 3: I'm not going to say they're the best insurance in

965
00:44:52,280 --> 00:44:55,200
Speaker 3: the entire world, because like they might not be. But

966
00:44:55,840 --> 00:44:58,960
Speaker 3: you didn't have to do any health check for that, Beck. Yeah. True.

967
00:44:59,239 --> 00:45:01,160
Speaker 3: So like I'm I'm going to give you a really

968
00:45:01,280 --> 00:45:03,920
Speaker 3: morbid example that's going to make a lot of sense. Yes,

969
00:45:04,040 --> 00:45:05,680
Speaker 3: I'm going to use you as an example, but yes,

970
00:45:05,719 --> 00:45:07,680
Speaker 3: I love you, But also I think you'll find it funny.

971
00:45:08,120 --> 00:45:08,960
Speaker 2: Beck gloves of ape.

972
00:45:09,080 --> 00:45:11,560
Speaker 3: We know Beck gloves of ape, right, Yeah, absolutely?

973
00:45:11,680 --> 00:45:11,839
Speaker 2: Yeah.

974
00:45:11,880 --> 00:45:14,000
Speaker 3: So if I sent you down to my friends at

975
00:45:14,040 --> 00:45:18,359
Speaker 3: Skywealth and said, do Beck's insurances, they would do your

976
00:45:18,440 --> 00:45:21,680
Speaker 3: health questionnaire and you would tell them, yeah, I vape,

977
00:45:22,400 --> 00:45:25,439
Speaker 3: and then the insurance company would say, okay, Beck, thanks

978
00:45:25,480 --> 00:45:28,080
Speaker 3: for that information. So what we're going to do is

979
00:45:28,239 --> 00:45:32,360
Speaker 3: exclude lung cancer and not cover you for lung cancer

980
00:45:32,760 --> 00:45:36,120
Speaker 3: in the event that that happens, because you're personally choosing

981
00:45:36,239 --> 00:45:39,799
Speaker 3: to vape, and you know, obviously we just don't want

982
00:45:39,800 --> 00:45:41,400
Speaker 3: to pay for that. It's too much risk, but we'll

983
00:45:41,400 --> 00:45:44,319
Speaker 3: give you the insurance, but there's this exclusion for that. Right.

984
00:45:44,600 --> 00:45:46,480
Speaker 3: The same thing could happen if you were like a

985
00:45:46,600 --> 00:45:49,080
Speaker 3: Keen netballer and you had a really bad knee injury.

986
00:45:49,480 --> 00:45:52,040
Speaker 3: And then we go and do that same health questionnaire,

987
00:45:52,160 --> 00:45:54,680
Speaker 3: and your insurer is going to go, look, you're a

988
00:45:54,760 --> 00:45:57,280
Speaker 3: pretty high risk of another knee injury because you already

989
00:45:57,320 --> 00:46:00,480
Speaker 3: have like basically a compromised body part. So we'll cover

990
00:46:00,600 --> 00:46:02,480
Speaker 3: you for everything except for your knee. Ye.

991
00:46:02,719 --> 00:46:02,839
Speaker 2: Right.

992
00:46:02,960 --> 00:46:06,440
Speaker 3: So they have these things called exclusions, and for a

993
00:46:06,520 --> 00:46:08,440
Speaker 3: lot of us, you might go, well, I'm fit and

994
00:46:08,560 --> 00:46:11,520
Speaker 3: healthy and fine, okay, fine, pop off, queen, go get

995
00:46:11,560 --> 00:46:14,239
Speaker 3: your insurances done while you are. For some of us,

996
00:46:14,320 --> 00:46:18,360
Speaker 3: we get mental health exclusions because we've been very honest

997
00:46:18,440 --> 00:46:20,840
Speaker 3: about our situation men in therapy, and there's been a

998
00:46:20,880 --> 00:46:24,600
Speaker 3: lot going on. But most funds, so most super funds,

999
00:46:24,640 --> 00:46:27,719
Speaker 3: if we have this default insurance, go. You could go

1000
00:46:27,840 --> 00:46:30,520
Speaker 3: and get lung cancer and still be covered because it

1001
00:46:30,680 --> 00:46:33,120
Speaker 3: was default and they just gave you blanket insurance. They

1002
00:46:33,160 --> 00:46:35,799
Speaker 3: didn't do the health questionnaire, they didn't check your knee,

1003
00:46:35,840 --> 00:46:38,560
Speaker 3: they didn't check pre existing conditions. And you know what,

1004
00:46:38,680 --> 00:46:40,719
Speaker 3: if you have a pre existing condition, or you do

1005
00:46:40,920 --> 00:46:44,160
Speaker 3: something more risk averse, like a vape. And I'm just

1006
00:46:44,280 --> 00:46:46,840
Speaker 3: using that as an example because I do not endorse

1007
00:46:46,880 --> 00:46:49,239
Speaker 3: vaping and I know you don't either. Well, no, but

1008
00:46:49,560 --> 00:46:52,400
Speaker 3: you still like it. That can do it. You can't.

1009
00:46:53,480 --> 00:46:57,200
Speaker 3: But most super funds automatically include some level of insurance,

1010
00:46:57,840 --> 00:47:00,320
Speaker 3: and if you go and change your super fund today,

1011
00:47:00,880 --> 00:47:03,320
Speaker 3: it just cancels that insurance. And the way that the

1012
00:47:03,440 --> 00:47:07,280
Speaker 3: legalities of the super industry and the insurance industry happens,

1013
00:47:07,880 --> 00:47:09,319
Speaker 3: you don't automatically.

1014
00:47:08,840 --> 00:47:10,280
Speaker 2: Get it in your new fund anymore.

1015
00:47:10,640 --> 00:47:12,960
Speaker 3: Yeah, okay, So I need you to make sure that

1016
00:47:13,040 --> 00:47:16,840
Speaker 3: if you have income protection, if you have life insurance,

1017
00:47:17,000 --> 00:47:19,480
Speaker 3: or you have some type of total and permanent disability

1018
00:47:19,560 --> 00:47:23,560
Speaker 3: or TPD inside your super maybe let's check if we

1019
00:47:23,719 --> 00:47:26,960
Speaker 3: need to keep that. And at that point, if you

1020
00:47:27,040 --> 00:47:28,839
Speaker 3: still want to keep that and move super, you can.

1021
00:47:29,560 --> 00:47:32,640
Speaker 3: I actually have two super funds for this reason. So

1022
00:47:32,680 --> 00:47:35,640
Speaker 3: I have one superanuation fund that is my old super

1023
00:47:35,680 --> 00:47:38,800
Speaker 3: that has a good insurance policy for life insurance inside

1024
00:47:38,840 --> 00:47:40,920
Speaker 3: of it, and I actually keep I think it's like

1025
00:47:41,000 --> 00:47:43,640
Speaker 3: two thousand dollars in that super fund, yeah, just to

1026
00:47:43,719 --> 00:47:45,680
Speaker 3: pay the fees and make sure it never dips below

1027
00:47:45,920 --> 00:47:47,680
Speaker 3: and that you know, I get to keep that insurance.

1028
00:47:47,680 --> 00:47:49,440
Speaker 3: And then all of my other super is in my

1029
00:47:49,560 --> 00:47:53,800
Speaker 3: preferred superannuation fund. Yeah. Nice, but if you didn't know,

1030
00:47:53,880 --> 00:47:55,680
Speaker 3: you would just go and roll over to a different

1031
00:47:55,760 --> 00:47:58,520
Speaker 3: fund and then miss out on something that could potentially

1032
00:47:58,640 --> 00:48:02,319
Speaker 3: change yours or your families life if something bad happened. Yeah, right,

1033
00:48:02,520 --> 00:48:05,319
Speaker 3: So I would say it is absolutely worth being aware

1034
00:48:05,360 --> 00:48:07,920
Speaker 3: about what your soup, like what you've got in your super,

1035
00:48:08,320 --> 00:48:11,279
Speaker 3: because if you change or you consolidate funds without checking,

1036
00:48:11,440 --> 00:48:13,480
Speaker 3: like that insurance disappears. You can't just go back and

1037
00:48:13,560 --> 00:48:15,480
Speaker 3: be like, oh, hey, sorry, that was an accident. I

1038
00:48:15,520 --> 00:48:17,200
Speaker 3: didn't yea, I didn't want that. They're gonna be like,

1039
00:48:17,600 --> 00:48:20,560
Speaker 3: absolutely not, We're glad you're gone. Like they're going to

1040
00:48:20,600 --> 00:48:22,440
Speaker 3: be like, we've been trying to get people out of

1041
00:48:22,560 --> 00:48:25,080
Speaker 3: this because we didn't do the health check and now

1042
00:48:25,120 --> 00:48:25,479
Speaker 3: a lot.

1043
00:48:25,400 --> 00:48:25,800
Speaker 1: Of us do.

1044
00:48:26,320 --> 00:48:29,239
Speaker 3: Yeah. So yeah, if you were through the gates, don't

1045
00:48:29,280 --> 00:48:31,640
Speaker 3: come back out without like a stamp on your wrist,

1046
00:48:31,680 --> 00:48:33,320
Speaker 3: because they're not going to let you back in the club. No,

1047
00:48:33,600 --> 00:48:34,120
Speaker 3: oh my god.

1048
00:48:34,200 --> 00:48:34,360
Speaker 1: You know.

1049
00:48:34,640 --> 00:48:36,120
Speaker 2: So you can also set up.

1050
00:48:36,200 --> 00:48:39,640
Speaker 3: Policies outside of superannuation that are tailored to you, but

1051
00:48:39,800 --> 00:48:42,520
Speaker 3: still have like premiums deducted from your super as well.

1052
00:48:42,560 --> 00:48:44,360
Speaker 3: I don't know if lots of people notice that, you

1053
00:48:44,400 --> 00:48:46,520
Speaker 3: could go do your insurances and have it paid from

1054
00:48:47,120 --> 00:48:49,600
Speaker 3: your super since not coming out of your cash flow,

1055
00:48:49,840 --> 00:48:52,000
Speaker 3: so that way you don't lose the cash flow, but

1056
00:48:52,120 --> 00:48:55,000
Speaker 3: you also get the cover that you need. And I

1057
00:48:55,080 --> 00:48:58,720
Speaker 3: guess that's where you know, calling your fund or working

1058
00:48:58,840 --> 00:49:02,200
Speaker 3: with we've had feels from sky Wealth on the show before,

1059
00:49:02,600 --> 00:49:05,160
Speaker 3: can actually help you. They'll walk you through what cover

1060
00:49:05,280 --> 00:49:07,759
Speaker 3: you've got, what you might need, and I guess how

1061
00:49:07,800 --> 00:49:10,880
Speaker 3: to structure that to protect you without paying for extras

1062
00:49:10,920 --> 00:49:12,960
Speaker 3: that you don't need. And I guess that's a shameless

1063
00:49:12,960 --> 00:49:16,920
Speaker 3: plug for sky Wealth basically because they're my financial advisors

1064
00:49:17,120 --> 00:49:20,840
Speaker 3: for my personal insurances. They did mine, they did my husband's,

1065
00:49:21,000 --> 00:49:23,440
Speaker 3: They've updated it since I had Harvey. They update it

1066
00:49:23,480 --> 00:49:27,279
Speaker 3: when I get, you know, different debt situations. Slack and

1067
00:49:27,640 --> 00:49:29,520
Speaker 3: most of my team have gone through them as well,

1068
00:49:29,560 --> 00:49:31,400
Speaker 3: and we actually refer a lot of people in our

1069
00:49:31,440 --> 00:49:33,520
Speaker 3: community there just because they do good and they be

1070
00:49:33,640 --> 00:49:36,160
Speaker 3: good and I don't know, sometimes you just want a

1071
00:49:36,160 --> 00:49:39,239
Speaker 3: good recommendation. You can also top up your super to

1072
00:49:39,360 --> 00:49:41,359
Speaker 3: cover insurance if you're like, oh, well, I don't want

1073
00:49:41,400 --> 00:49:44,160
Speaker 3: it eating away at my returns. VE like, I want

1074
00:49:44,200 --> 00:49:46,400
Speaker 3: more insurance, but I don't want it at the compromise

1075
00:49:46,480 --> 00:49:50,239
Speaker 3: of my you know, retirement. Well, you could top up

1076
00:49:50,320 --> 00:49:53,440
Speaker 3: your super with those additional contributions so that you get

1077
00:49:53,480 --> 00:49:55,920
Speaker 3: the tax savings. We pay for it inside super and

1078
00:49:56,000 --> 00:49:59,120
Speaker 3: it's fifteen percent instead of thirty. Oh clever, got he's clever.

1079
00:49:59,280 --> 00:49:59,440
Speaker 2: Yeah.

1080
00:49:59,560 --> 00:50:02,200
Speaker 3: But so your financial advisor, like if you went and

1081
00:50:02,280 --> 00:50:04,600
Speaker 3: saw Skywealth, that just tell you how to do that properly.

1082
00:50:04,840 --> 00:50:08,400
Speaker 2: Absolutely, so you can call your super fun for literally

1083
00:50:08,440 --> 00:50:09,920
Speaker 2: anything appearances.

1084
00:50:10,520 --> 00:50:12,520
Speaker 3: Yeah, you could ask them about everything. I mean, they're

1085
00:50:12,520 --> 00:50:15,840
Speaker 3: probably not that good at giving life advice. They do

1086
00:50:16,080 --> 00:50:20,680
Speaker 3: often offer free financial advice, yes, but it's constrained to

1087
00:50:20,680 --> 00:50:22,680
Speaker 3: your super funds. They can't be like, oh, yeah, Beck,

1088
00:50:22,760 --> 00:50:24,960
Speaker 3: he's how to save for your next holiday to Thailand

1089
00:50:25,040 --> 00:50:27,960
Speaker 3: because you enjoyed that so much. But you could call

1090
00:50:28,040 --> 00:50:30,160
Speaker 3: them up and ask them to explain your options, your

1091
00:50:30,239 --> 00:50:33,880
Speaker 3: fees and like your insurances in plain English. They are

1092
00:50:34,000 --> 00:50:36,759
Speaker 3: just people that work there and know it really well.

1093
00:50:37,120 --> 00:50:39,680
Speaker 3: They could also help you set up a salary sacrifice.

1094
00:50:40,000 --> 00:50:42,359
Speaker 3: They could also model things for you, so you can

1095
00:50:42,440 --> 00:50:44,680
Speaker 3: get them like get them to work. Yeah, you give

1096
00:50:44,719 --> 00:50:46,560
Speaker 3: me an example of what an extra twenty dollars a

1097
00:50:46,640 --> 00:50:48,520
Speaker 3: week could look like over the next decade.

1098
00:50:48,760 --> 00:50:51,799
Speaker 2: What about twenty five. What about thirty, Like put them

1099
00:50:51,840 --> 00:50:52,120
Speaker 2: to work.

1100
00:50:52,120 --> 00:50:53,520
Speaker 3: They're not going to like me saying that, but you're

1101
00:50:53,560 --> 00:50:56,200
Speaker 3: paying super fees so that you access this service.

1102
00:50:56,320 --> 00:50:58,640
Speaker 2: Use the service. I just think that we should be

1103
00:50:58,760 --> 00:51:01,680
Speaker 2: using it. Okay, Well, I don't know about you, but

1104
00:51:01,840 --> 00:51:04,200
Speaker 2: my brain is full in a good way.

1105
00:51:04,360 --> 00:51:05,719
Speaker 3: I'm not gonna lie. I think I need a cup

1106
00:51:05,760 --> 00:51:06,040
Speaker 3: of tea.

1107
00:51:06,280 --> 00:51:07,200
Speaker 2: Yeah, it might be nice.

1108
00:51:07,320 --> 00:51:09,080
Speaker 3: I feel like I need to just I've been yapping.

1109
00:51:09,120 --> 00:51:12,760
Speaker 3: I'm so excited about this, and I guess my hope

1110
00:51:12,840 --> 00:51:15,600
Speaker 3: for this episode is that if you were starting to

1111
00:51:15,640 --> 00:51:17,640
Speaker 3: feel like you were a little bit behind, you finished

1112
00:51:17,680 --> 00:51:20,000
Speaker 3: this episode and you're like, oh, it's actually not that bad.

1113
00:51:20,200 --> 00:51:22,439
Speaker 3: Like I have a pretty clear idea of what I'm doing.

1114
00:51:22,600 --> 00:51:25,279
Speaker 3: I'm a very capable human being. I could totally set

1115
00:51:25,320 --> 00:51:28,080
Speaker 3: this up, and you're ready to take another small step

1116
00:51:28,160 --> 00:51:31,920
Speaker 3: in the right direction for Future You. So if that happened,

1117
00:51:32,000 --> 00:51:35,160
Speaker 3: please go and do that, like yes, follow the momentum.

1118
00:51:35,560 --> 00:51:39,200
Speaker 3: And if you loved this episode, obviously please hit subscribe

1119
00:51:39,320 --> 00:51:42,200
Speaker 3: because we've got plenty more episodes coming that are going

1120
00:51:42,239 --> 00:51:44,759
Speaker 3: to put future You in the best possible position. And

1121
00:51:45,120 --> 00:51:46,799
Speaker 3: share it with your bestie so that you can both

1122
00:51:46,840 --> 00:51:49,480
Speaker 3: be holidaying in Europe together in retirement, like you're.

1123
00:51:49,320 --> 00:51:50,279
Speaker 2: Already yacht or something.

1124
00:51:50,360 --> 00:51:50,719
Speaker 3: I don't know.

1125
00:51:50,920 --> 00:51:54,879
Speaker 2: Absolutely, we'll see you guys on Friday. Bye bye.

1126
00:52:01,320 --> 00:52:03,840
Speaker 4: The advice shared on She's on the Money is general

1127
00:52:03,920 --> 00:52:07,760
Speaker 4: in nature and does not consider your individual circumstances. She's

1128
00:52:07,800 --> 00:52:11,200
Speaker 4: on the Money exists purely for educational purposes and should

1129
00:52:11,280 --> 00:52:14,440
Speaker 4: not be relied upon to make an investment or financial decision.

1130
00:52:14,840 --> 00:52:17,279
Speaker 4: If you do choose to buy a financial product, read

1131
00:52:17,320 --> 00:52:21,440
Speaker 4: the PDS TMD and obtain appropriate financial advice tailored towards

1132
00:52:21,480 --> 00:52:24,759
Speaker 4: your needs. Victoria Divine and She's on the Money are

1133
00:52:24,840 --> 00:52:26,799
Speaker 4: authorized representatives of Money.

1134
00:52:26,840 --> 00:52:29,720
Speaker 2: Shepper Pty Ltd ABN three.

1135
00:52:29,640 --> 00:52:32,120
Speaker 3: Two one IS six four nine two seven seven

1136
00:52:32,280 --> 00:52:35,719
Speaker 4: Zero eight AFSL four five one two eight nine