1 00:00:00,200 --> 00:00:03,000 Speaker 1: She's on the Money, She's on the Money. 2 00:00:17,600 --> 00:00:20,400 Speaker 2: Hello, and welcome to She's on the Money, the podcast 3 00:00:20,440 --> 00:00:24,360 Speaker 2: The Millennials who Want Financial Freedom. Now, you may recall 4 00:00:24,520 --> 00:00:28,400 Speaker 2: last year a small thing happened, little old COVID nineteen. 5 00:00:28,800 --> 00:00:31,360 Speaker 3: Really yeah, I don't even know. Yeah, i'd like get 6 00:00:31,440 --> 00:00:32,880 Speaker 3: someone a friend of a friend. 7 00:00:33,159 --> 00:00:33,400 Speaker 1: Yeah. 8 00:00:33,800 --> 00:00:34,159 Speaker 3: Yeah. 9 00:00:34,159 --> 00:00:36,280 Speaker 2: But it took a huge toll on people right across 10 00:00:36,320 --> 00:00:39,479 Speaker 2: the globe, and one of the most significant tolls, beyond 11 00:00:39,520 --> 00:00:42,680 Speaker 2: obviously physical and mental health, was definitely financial. 12 00:00:43,240 --> 00:00:45,440 Speaker 1: So to help out the significant number of us who 13 00:00:45,520 --> 00:00:46,120 Speaker 1: were left. 14 00:00:46,000 --> 00:00:50,080 Speaker 2: Financially battered, in twenty twenty, the government allowed eligible Australians 15 00:00:50,120 --> 00:00:52,720 Speaker 2: to access up to twenty K of their Super, which 16 00:00:52,760 --> 00:00:53,880 Speaker 2: is a lot of money. 17 00:00:53,960 --> 00:00:56,040 Speaker 3: It is a lot of money. So you could access 18 00:00:56,040 --> 00:00:58,760 Speaker 3: ten thousand dollars of that in the first financial year 19 00:00:58,760 --> 00:01:00,440 Speaker 3: that it was available, in ten thousand doors in the 20 00:01:00,480 --> 00:01:03,520 Speaker 3: second financial year, so you could like dip twice. 21 00:01:03,440 --> 00:01:05,600 Speaker 2: If you were one of the three million Aussies who 22 00:01:05,640 --> 00:01:08,440 Speaker 2: did take money out of their superannuation. Today, we're going 23 00:01:08,440 --> 00:01:10,959 Speaker 2: to explain why it's so important that we top that 24 00:01:11,000 --> 00:01:13,120 Speaker 2: money back up, and we're going to tell you exactly 25 00:01:13,160 --> 00:01:15,200 Speaker 2: how to do it. That we are I know, I'm 26 00:01:15,240 --> 00:01:17,760 Speaker 2: so excited. But before we do that, last week, we 27 00:01:17,840 --> 00:01:20,240 Speaker 2: held an amazing webinar on investing. 28 00:01:20,400 --> 00:01:22,440 Speaker 3: Oh yes we did. It was so so. 29 00:01:22,600 --> 00:01:25,959 Speaker 2: Much fun with the team at Superhero. It was fantastic, 30 00:01:26,080 --> 00:01:28,200 Speaker 2: and I thought it was interesting to bring up because 31 00:01:28,560 --> 00:01:30,440 Speaker 2: we've said this before, but a lot of people don't 32 00:01:30,440 --> 00:01:33,680 Speaker 2: realize superannuation is actually an investment exactly. 33 00:01:33,720 --> 00:01:36,280 Speaker 3: And I mentioned it on that webinar because that is 34 00:01:36,319 --> 00:01:38,600 Speaker 3: something that I hop on and on and on about 35 00:01:38,600 --> 00:01:40,639 Speaker 3: and I'm sure I will in this episode as well. 36 00:01:40,920 --> 00:01:43,280 Speaker 3: But to all of you who actually joined us, and 37 00:01:43,319 --> 00:01:45,399 Speaker 3: there was a very large chunk of you who did 38 00:01:45,720 --> 00:01:48,720 Speaker 3: getting the vibe that they liked an investment webinar. 39 00:01:48,640 --> 00:01:50,800 Speaker 2: Yeah, getting that vibe too and picking up what they're 40 00:01:50,840 --> 00:01:51,360 Speaker 2: putting down. 41 00:01:51,480 --> 00:01:54,080 Speaker 3: So I absolutely love that webinar. One because I really 42 00:01:54,120 --> 00:01:56,080 Speaker 3: like hanging out with the team at Superhero, Two because 43 00:01:56,080 --> 00:01:58,320 Speaker 3: I really like hanging out with Cheese on the money community. 44 00:01:58,360 --> 00:02:01,360 Speaker 3: And three because I literally we could not talk enough 45 00:02:01,400 --> 00:02:03,600 Speaker 3: about investment. But if you did miss that, we have 46 00:02:03,880 --> 00:02:06,280 Speaker 3: just uploaded that webinar to our YouTube so that you 47 00:02:06,280 --> 00:02:07,800 Speaker 3: can replay it. So if you missed it, you don't 48 00:02:07,800 --> 00:02:11,440 Speaker 3: actually have to miss out long term or jess hot tip. 49 00:02:11,480 --> 00:02:13,640 Speaker 3: You could pretend it's a podcast and put on in 50 00:02:13,680 --> 00:02:15,000 Speaker 3: the car and just listen to it. 51 00:02:15,120 --> 00:02:17,800 Speaker 2: That's actually a really good idea. Janius, it was a 52 00:02:17,919 --> 00:02:19,720 Speaker 2: lengthy boy. I think it was about an hour long. 53 00:02:19,800 --> 00:02:21,320 Speaker 2: Oh my gosh, it was so long. But it was 54 00:02:21,360 --> 00:02:24,120 Speaker 2: packed with fun and heaps are really great info and investing. 55 00:02:24,280 --> 00:02:26,120 Speaker 2: But given we just had a chat about this, I 56 00:02:26,120 --> 00:02:27,480 Speaker 2: don't know if you named it me before. 57 00:02:27,800 --> 00:02:30,560 Speaker 3: I don't think I did. I just expect everybody knows 58 00:02:30,680 --> 00:02:31,600 Speaker 3: it's not George King. 59 00:02:31,760 --> 00:02:33,000 Speaker 1: Now it's not Georgia King. 60 00:02:33,240 --> 00:02:33,679 Speaker 3: How is it. 61 00:02:33,919 --> 00:02:34,919 Speaker 1: It's Jessica Ricky. 62 00:02:35,080 --> 00:02:36,560 Speaker 3: I always call you jessic Rici. 63 00:02:36,680 --> 00:02:39,280 Speaker 2: That is the correct pronunciation if you are from Italy, 64 00:02:39,280 --> 00:02:42,280 Speaker 2: which is where that name heralds from. But as always, 65 00:02:42,360 --> 00:02:45,680 Speaker 2: I am joined by the gorgeous, the delightful. 66 00:02:45,840 --> 00:02:47,960 Speaker 3: Oh don't you pull a Georgia King and be over 67 00:02:48,040 --> 00:02:53,760 Speaker 3: complimentary here with victory. Yes, I'm a financial advisor and 68 00:02:53,880 --> 00:02:57,000 Speaker 3: actually I've been on pretty much every single podcast. I've 69 00:02:57,040 --> 00:02:59,560 Speaker 3: never missed a deep dive one Georgia King has, though, 70 00:03:00,080 --> 00:03:01,359 Speaker 3: George King, come. 71 00:03:01,200 --> 00:03:04,079 Speaker 2: On, let's jump straight into it. I think it's important 72 00:03:04,120 --> 00:03:06,280 Speaker 2: to contextualize this chat with a bit of a refresher 73 00:03:06,320 --> 00:03:09,040 Speaker 2: on the mechanics of Super and White so important, V 74 00:03:09,320 --> 00:03:09,919 Speaker 2: take it away. 75 00:03:10,160 --> 00:03:12,160 Speaker 3: Okay, I think that is a really good place to 76 00:03:12,320 --> 00:03:14,960 Speaker 3: start because we still get so many questions about Super, 77 00:03:15,040 --> 00:03:17,440 Speaker 3: and I reckon it's almost about time for us to 78 00:03:17,440 --> 00:03:21,000 Speaker 3: have a little bit of a Super refresher whole pod episode. 79 00:03:21,440 --> 00:03:24,839 Speaker 3: But Super really simply is an investment that is put 80 00:03:24,840 --> 00:03:27,720 Speaker 3: aside for us for our retirement. It's the money that 81 00:03:27,800 --> 00:03:29,720 Speaker 3: we are going to live off when we're no longer 82 00:03:29,800 --> 00:03:33,280 Speaker 3: working every single day when you're played by your employer, 83 00:03:33,360 --> 00:03:35,480 Speaker 3: a portion of your income which is usually nine point 84 00:03:35,480 --> 00:03:38,480 Speaker 3: five percent, which is known as the Superannuation guarantee, which 85 00:03:38,520 --> 00:03:40,840 Speaker 3: is apparently going up in July. We will talk about 86 00:03:40,840 --> 00:03:43,520 Speaker 3: that a little bit later. More money, Yeah, you're getting 87 00:03:43,520 --> 00:03:46,840 Speaker 3: more Superper, my friends. That goes straight into our super 88 00:03:46,840 --> 00:03:49,600 Speaker 3: which we can't touch until retirement. And unlike what a 89 00:03:49,640 --> 00:03:51,600 Speaker 3: lot of people think, which is just like, oh, it's 90 00:03:51,600 --> 00:03:55,440 Speaker 3: a savings account for my retirement, this money is actually 91 00:03:55,520 --> 00:03:58,880 Speaker 3: invested on your behalf. So it is in your best 92 00:03:58,920 --> 00:04:01,720 Speaker 3: interest to make sure you know what that investment is 93 00:04:01,760 --> 00:04:04,400 Speaker 3: and how it's held, and what the performance on that is, 94 00:04:04,440 --> 00:04:07,400 Speaker 3: because that performance is in direct relation to what your 95 00:04:07,400 --> 00:04:09,800 Speaker 3: retirement balance is going to be and essentially the lifestyle 96 00:04:09,840 --> 00:04:12,440 Speaker 3: that you can have, and a simple change now might 97 00:04:12,520 --> 00:04:15,360 Speaker 3: put you hundreds of thousands of dollars ahead in the 98 00:04:15,400 --> 00:04:18,240 Speaker 3: future without you even having to contribute more So, pay attention. 99 00:04:18,360 --> 00:04:21,440 Speaker 3: It is so so important. But it's important because I 100 00:04:21,480 --> 00:04:24,560 Speaker 3: care a lot about future you you, Jessica, but also 101 00:04:24,680 --> 00:04:27,200 Speaker 3: the entire community. And it's important because a lot of 102 00:04:27,320 --> 00:04:29,719 Speaker 3: us just write SUPER off a something that we shouldn't 103 00:04:29,760 --> 00:04:32,920 Speaker 3: care about until retirement. But as you know, it is 104 00:04:33,200 --> 00:04:35,600 Speaker 3: arguably one of the things that I'm most passionate about. 105 00:04:35,920 --> 00:04:38,520 Speaker 2: Absolutely, so I'm kind of picking up here that super 106 00:04:38,600 --> 00:04:39,400 Speaker 2: is important. 107 00:04:39,560 --> 00:04:41,720 Speaker 3: Oh are you on what I'm putting down on? 108 00:04:41,960 --> 00:04:43,440 Speaker 1: Percent? I am now. 109 00:04:43,440 --> 00:04:46,200 Speaker 2: I know that obviously you're super passionate about this topic. 110 00:04:46,279 --> 00:04:48,680 Speaker 2: And when this announcement came out last year, you definitely 111 00:04:48,680 --> 00:04:49,640 Speaker 2: had some thoughts. 112 00:04:49,960 --> 00:04:52,040 Speaker 3: I didn't come worth your thoughts. 113 00:04:52,160 --> 00:04:53,040 Speaker 1: Share them with us. 114 00:04:53,200 --> 00:04:55,680 Speaker 3: Look, I am going to preface this with it is 115 00:04:55,720 --> 00:04:57,960 Speaker 3: a very entitled opinion of me to be able to 116 00:04:58,000 --> 00:05:00,400 Speaker 3: say don't touch it. And for a lot of people 117 00:05:00,560 --> 00:05:03,240 Speaker 3: that was the right decision. There are a lot of 118 00:05:03,240 --> 00:05:05,520 Speaker 3: people that I know accessed that and it was the 119 00:05:05,680 --> 00:05:08,880 Speaker 3: financial lifeline that they needed at that time, and there 120 00:05:08,920 --> 00:05:12,599 Speaker 3: was honestly no other option. I mean, we can't have 121 00:05:12,680 --> 00:05:16,120 Speaker 3: expected the government to just give everybody going through financial 122 00:05:16,160 --> 00:05:20,080 Speaker 3: distress twenty thousand dollars to top them up, because even 123 00:05:20,120 --> 00:05:22,719 Speaker 3: if we wanted to, we just don't have financial resources 124 00:05:22,760 --> 00:05:25,840 Speaker 3: like that. Unfortunately, they did a lot. Arguably there are 125 00:05:25,880 --> 00:05:28,000 Speaker 3: a lot of holes in the argument and what they 126 00:05:28,080 --> 00:05:30,880 Speaker 3: put forward, but with job Keeper and job Seeker, I 127 00:05:30,920 --> 00:05:33,359 Speaker 3: genuinely feel really lucky to be in Australian and have 128 00:05:33,880 --> 00:05:36,960 Speaker 3: you know, if I needed it, had access to those resources. 129 00:05:37,000 --> 00:05:39,440 Speaker 3: Like I'm sure lots of people who are listening like, yes, 130 00:05:39,520 --> 00:05:41,599 Speaker 3: job Keeper literally saved my butt. 131 00:05:41,800 --> 00:05:45,040 Speaker 2: Yeah, it's a hard one because so many people were 132 00:05:45,360 --> 00:05:47,719 Speaker 2: the industries, like whole industries. 133 00:05:47,320 --> 00:05:47,920 Speaker 1: Just shut down. 134 00:05:48,120 --> 00:05:51,760 Speaker 2: So absolutely I can understand why when the government said, hey, 135 00:05:51,880 --> 00:05:54,760 Speaker 2: like you can take this money ten to twenty thousand dollars, 136 00:05:54,800 --> 00:05:56,719 Speaker 2: take it out if you need it. I could see 137 00:05:56,760 --> 00:05:59,760 Speaker 2: people being super excited by that totally. But there were 138 00:05:59,760 --> 00:06:02,040 Speaker 2: two mind frames when it came to that. There were 139 00:06:02,040 --> 00:06:03,080 Speaker 2: the people who were just like. 140 00:06:03,040 --> 00:06:06,320 Speaker 3: Oh my gosh, free money. I can access ten or 141 00:06:06,360 --> 00:06:09,479 Speaker 3: twenty thousand dollars from my super I don't care, and 142 00:06:09,480 --> 00:06:11,159 Speaker 3: then there were the people that were like, oh my gosh, 143 00:06:11,240 --> 00:06:14,239 Speaker 3: I definitely need this financial resource, but I'm really stressed 144 00:06:14,279 --> 00:06:17,160 Speaker 3: about taking it away from future me. So this episode 145 00:06:17,200 --> 00:06:19,840 Speaker 3: is for both of those parties. The parties that didn't 146 00:06:19,839 --> 00:06:21,479 Speaker 3: care about it, because we're telling you that you should 147 00:06:21,520 --> 00:06:23,760 Speaker 3: and you need to fix it, but also the parties 148 00:06:23,800 --> 00:06:25,960 Speaker 3: and the listeners that are a little bit overwhelmed because 149 00:06:25,960 --> 00:06:28,800 Speaker 3: they're saying, look, I needed to take that money, Victoria. 150 00:06:29,080 --> 00:06:30,960 Speaker 3: I've got you. I'm not saying that was the wrong 151 00:06:31,040 --> 00:06:33,320 Speaker 3: decision at all, but I can also see why you'd 152 00:06:33,320 --> 00:06:35,719 Speaker 3: be stressed about replenishing it. And that's what this episode 153 00:06:35,760 --> 00:06:38,119 Speaker 3: is about, so that we don't have to stress long term, 154 00:06:38,400 --> 00:06:40,559 Speaker 3: because as much as taking that amount out of Super 155 00:06:40,760 --> 00:06:44,120 Speaker 3: right now is going to impact future you, it doesn't have. 156 00:06:44,200 --> 00:06:46,840 Speaker 2: To if we replenish it reallyant Now, we do love 157 00:06:46,920 --> 00:06:49,279 Speaker 2: a good little stat here at She's on the money. 158 00:06:49,400 --> 00:06:51,440 Speaker 3: Are you going to become the new resident stat Scale? 159 00:06:51,520 --> 00:06:53,000 Speaker 3: Are you trying to take Georgia King's job? 160 00:06:53,080 --> 00:06:55,480 Speaker 1: I could never I could absolutely never ant. 161 00:06:55,440 --> 00:06:58,200 Speaker 3: But lots of people, let's just cover this really quickly, 162 00:06:58,240 --> 00:07:00,599 Speaker 3: because you guys are thinking it was Jess on the 163 00:07:00,640 --> 00:07:03,400 Speaker 3: pod today as opposed to Georgia King. So many people 164 00:07:03,400 --> 00:07:04,839 Speaker 3: are like, well, why don't we see more of Georgia. 165 00:07:04,920 --> 00:07:06,640 Speaker 2: I know, to be honest, I wish you would see 166 00:07:06,640 --> 00:07:08,400 Speaker 2: more of Georgia. I wish I would see more of Georgia. 167 00:07:08,400 --> 00:07:11,840 Speaker 2: I know she does, in fact have an awesome, completely 168 00:07:11,840 --> 00:07:14,080 Speaker 2: different full time job outside if she's on the money. 169 00:07:13,960 --> 00:07:16,280 Speaker 3: Yeah, in a very impressive media company. Yeah. 170 00:07:16,320 --> 00:07:17,520 Speaker 1: Like she's a deadert legend. 171 00:07:17,560 --> 00:07:20,720 Speaker 2: And unfortunately that means that everybody, not just us, wants 172 00:07:20,720 --> 00:07:22,920 Speaker 2: a piece of the Georgia pie exactly. 173 00:07:23,240 --> 00:07:25,440 Speaker 3: So it's not because we don't want you having Georgia. 174 00:07:25,520 --> 00:07:28,920 Speaker 3: She's not going anywhere, my friends. But turns out the 175 00:07:29,040 --> 00:07:29,760 Speaker 3: g King. 176 00:07:30,120 --> 00:07:32,880 Speaker 2: She's a work, she's a busy lady. She's a land 177 00:07:33,080 --> 00:07:35,360 Speaker 2: that means you get me. Sorry, it's a. 178 00:07:35,400 --> 00:07:38,040 Speaker 3: Very good substitute. I'm not gonna lie. Kind of like 179 00:07:38,040 --> 00:07:39,600 Speaker 3: when people are like, oh, sorry, we don't have your 180 00:07:39,600 --> 00:07:42,280 Speaker 3: favorite pizza, but we've got your favorite pizza that you've 181 00:07:42,280 --> 00:07:44,080 Speaker 3: forgotten about, and they're like, aha. 182 00:07:44,160 --> 00:07:45,840 Speaker 2: I only eat one kind of pizza and it's my 183 00:07:45,880 --> 00:07:48,960 Speaker 2: greata so terrible analogy and movie, so bland, what have 184 00:07:49,040 --> 00:07:51,040 Speaker 2: you got for me? So let's work off of the 185 00:07:51,080 --> 00:07:53,720 Speaker 2: base rate. Of ten thousand dollars, if someone had withdrawn 186 00:07:53,720 --> 00:07:56,280 Speaker 2: that money from their super now, they might go okay, like, 187 00:07:56,320 --> 00:07:58,720 Speaker 2: in the grand scheme of things, ten thousand dollars, perhaps 188 00:07:58,840 --> 00:08:02,440 Speaker 2: isn't that much money. However, if we take that ten 189 00:08:02,440 --> 00:08:05,600 Speaker 2: thousand dollars and apply the magic of compound interest. 190 00:08:05,680 --> 00:08:07,880 Speaker 3: Yeah, you're going to make me do quick stats or 191 00:08:07,880 --> 00:08:09,720 Speaker 3: have you done this? Stay well, I was just about 192 00:08:09,720 --> 00:08:11,440 Speaker 3: to say to you, how many years do you want it? 193 00:08:11,480 --> 00:08:11,640 Speaker 2: Over? 194 00:08:11,800 --> 00:08:12,640 Speaker 1: Thirty? 195 00:08:12,720 --> 00:08:15,880 Speaker 3: So I've actually done that. If you just took ten 196 00:08:15,920 --> 00:08:19,480 Speaker 3: thousand dollars over forty years, which is about the period 197 00:08:19,480 --> 00:08:21,680 Speaker 3: of time that an average twenty five year old will 198 00:08:21,720 --> 00:08:24,920 Speaker 3: have in the working market before they do decide to retire, 199 00:08:25,360 --> 00:08:27,320 Speaker 3: at an interest rate of seven and a half percent, 200 00:08:27,360 --> 00:08:30,560 Speaker 3: which is pretty standard when it comes to predicting into 201 00:08:30,600 --> 00:08:34,839 Speaker 3: the future. You're taking nearly two hundred thousand dollars or 202 00:08:34,920 --> 00:08:35,400 Speaker 3: future you. 203 00:08:35,640 --> 00:08:39,080 Speaker 2: That's so much money. And I really feel like, and 204 00:08:39,120 --> 00:08:42,480 Speaker 2: maybe it's just me and not knowing that much about money, 205 00:08:42,720 --> 00:08:45,680 Speaker 2: but I didn't see a lot of education from the 206 00:08:45,720 --> 00:08:49,360 Speaker 2: government or anywhere else apart from what we spoke about 207 00:08:49,840 --> 00:08:52,600 Speaker 2: around the impact of that money long term. 208 00:08:52,640 --> 00:08:54,960 Speaker 3: One hundred percent, and that is what I was getting 209 00:08:55,040 --> 00:08:57,400 Speaker 3: up in arms with I was very grateful for the 210 00:08:57,440 --> 00:09:01,079 Speaker 3: opportunity to exist. That meant that people didn't go into debt, 211 00:09:01,240 --> 00:09:03,720 Speaker 3: and then people didn't have to borrow money that they 212 00:09:03,760 --> 00:09:05,720 Speaker 3: couldn't afford to pay back, because at the end of 213 00:09:05,720 --> 00:09:08,520 Speaker 3: the day, there's obviously the caveat that you will lose 214 00:09:08,640 --> 00:09:12,200 Speaker 3: the opportunity cost of having that invested for the long term, 215 00:09:12,240 --> 00:09:14,440 Speaker 3: but you're not lumped with a twenty thousand dollars personal 216 00:09:14,440 --> 00:09:16,400 Speaker 3: loan that you're going to then struggle to pay back. 217 00:09:16,440 --> 00:09:19,680 Speaker 3: So I really liked it, but I really didn't like 218 00:09:19,760 --> 00:09:22,640 Speaker 3: that there wasn't this thinking period built into it. There 219 00:09:22,720 --> 00:09:25,840 Speaker 3: wasn't this you know, self reflection period where the government 220 00:09:25,920 --> 00:09:27,840 Speaker 3: was saying, well, hey, jes do you actually need that, 221 00:09:27,960 --> 00:09:30,920 Speaker 3: Like what does that look like to you personally? Have 222 00:09:31,040 --> 00:09:33,160 Speaker 3: you thought about the impacts of taking this out? They 223 00:09:33,240 --> 00:09:34,600 Speaker 3: kind of were just like, oh, by the way, you 224 00:09:34,600 --> 00:09:36,120 Speaker 3: can take twenty grand out of super and so many 225 00:09:36,120 --> 00:09:38,199 Speaker 3: people like, oh my gosh, yes, great free money. People 226 00:09:38,200 --> 00:09:40,720 Speaker 3: got excited, like I know people personally who took that 227 00:09:40,760 --> 00:09:42,320 Speaker 3: money out to perhaps purchase a. 228 00:09:42,200 --> 00:09:45,240 Speaker 1: New car or oh yeah, I do other things like that. 229 00:09:45,280 --> 00:09:48,920 Speaker 2: And interestingly, the ABC actually reported in September last year 230 00:09:49,160 --> 00:09:51,040 Speaker 2: that more than a quarter of the people who access 231 00:09:51,080 --> 00:09:54,959 Speaker 2: superannuation under the early release scheme made that decision within 232 00:09:55,000 --> 00:09:57,920 Speaker 2: a day, So that's twenty four hours, which to me 233 00:09:58,080 --> 00:10:00,400 Speaker 2: kind of indicates that this was a bit of a 234 00:10:00,440 --> 00:10:03,400 Speaker 2: decision from people who didn't take into consideration those long 235 00:10:03,480 --> 00:10:04,400 Speaker 2: term impacts. 236 00:10:05,200 --> 00:10:06,199 Speaker 1: Do you kind of agree with that. 237 00:10:06,240 --> 00:10:09,040 Speaker 3: Or I absolutely agree with that. I think that people 238 00:10:09,120 --> 00:10:12,360 Speaker 3: automatically just thought great, free money, like we can withdraw that, 239 00:10:12,920 --> 00:10:15,680 Speaker 3: or the people that were really struggling that genuinely needed that, 240 00:10:15,760 --> 00:10:17,400 Speaker 3: And I do really want to drive home that I'm 241 00:10:17,440 --> 00:10:20,520 Speaker 3: so fine with you taking it out because you needed 242 00:10:20,520 --> 00:10:23,080 Speaker 3: it for a very valid reason. But a new car, 243 00:10:23,200 --> 00:10:27,240 Speaker 3: a house deposit, a future holiday, those things are not appropriate. 244 00:10:27,320 --> 00:10:29,800 Speaker 3: I've got people in the community that messaged me. They're like, 245 00:10:29,880 --> 00:10:31,880 Speaker 3: it's great, I took that ten K out, I got 246 00:10:31,920 --> 00:10:34,360 Speaker 3: a new lounge suite so I could have a really 247 00:10:34,400 --> 00:10:36,920 Speaker 3: comfortable COVID and bought a new TV. I'm like, what 248 00:10:36,960 --> 00:10:39,920 Speaker 3: are you doing? Yeah, genuinely, and you guys know who 249 00:10:39,960 --> 00:10:42,200 Speaker 3: you are, because I actually respond to my dms like that. 250 00:10:42,440 --> 00:10:44,400 Speaker 3: I'm I was like, ah, look, that's probably not what 251 00:10:44,440 --> 00:10:47,360 Speaker 3: I would have done, but I think that people automatically 252 00:10:47,400 --> 00:10:49,280 Speaker 3: just saw it as the free money, but the people 253 00:10:49,320 --> 00:10:52,840 Speaker 3: who really needed it were forced into making a decision 254 00:10:52,880 --> 00:10:55,200 Speaker 3: really quickly without having their options put in front of 255 00:10:55,200 --> 00:10:56,960 Speaker 3: them and the education put in front of them that 256 00:10:57,000 --> 00:10:59,920 Speaker 3: I genuinely think they deserved. So if you were taking 257 00:11:00,040 --> 00:11:02,720 Speaker 3: it out, you deserve to have someone say, look, I 258 00:11:02,720 --> 00:11:05,360 Speaker 3: can completely understand that you need to take this ten 259 00:11:05,400 --> 00:11:07,679 Speaker 3: thousand dollars out, but have you thought about how you're 260 00:11:07,679 --> 00:11:10,000 Speaker 3: going to potentially replenish that, because that is a really 261 00:11:10,000 --> 00:11:13,960 Speaker 3: big chunk of super that you're taking away from future. 262 00:11:13,679 --> 00:11:17,080 Speaker 2: You Absolutely, and obviously, as we said, we fully support 263 00:11:17,080 --> 00:11:18,720 Speaker 2: people being able to do what they had to do. 264 00:11:18,920 --> 00:11:20,840 Speaker 2: COVID was a really tough time, and I think it's 265 00:11:20,880 --> 00:11:23,560 Speaker 2: hard because there was not a lot of people who 266 00:11:23,640 --> 00:11:25,480 Speaker 2: had someone there able to hold their hand through it. 267 00:11:25,480 --> 00:11:29,120 Speaker 2: Because it was unprecedented, and I'm so sick of that word, the. 268 00:11:29,040 --> 00:11:30,360 Speaker 1: Buzzword of twenty twenty. 269 00:11:30,640 --> 00:11:34,880 Speaker 3: Okay, move on, Jessica, no more unprecedented emails or words 270 00:11:34,920 --> 00:11:35,920 Speaker 3: or anything. Please. 271 00:11:36,080 --> 00:11:38,280 Speaker 2: Well, before we do get into how we should be 272 00:11:38,360 --> 00:11:40,680 Speaker 2: fixing that situation, if we did happen to take money 273 00:11:40,679 --> 00:11:43,120 Speaker 2: out during COVID, talk to me a bit more about 274 00:11:43,160 --> 00:11:45,360 Speaker 2: the people who took the money out for our house 275 00:11:45,400 --> 00:11:48,079 Speaker 2: deposits or to pay off debts to me. I can 276 00:11:48,200 --> 00:11:50,560 Speaker 2: kind of see that being kind of a smart idea 277 00:11:50,600 --> 00:11:53,720 Speaker 2: on the surface, but was it actually. 278 00:11:53,760 --> 00:11:56,559 Speaker 3: Look it could have been, because there are a lot 279 00:11:56,600 --> 00:11:59,079 Speaker 3: of people and for example, I had someone in my 280 00:11:59,160 --> 00:12:03,000 Speaker 3: dams really read bit stressed that they'd taken it out 281 00:12:03,120 --> 00:12:05,000 Speaker 3: to pay off their credit card because they had like 282 00:12:05,000 --> 00:12:08,080 Speaker 3: a nine thousand dollar credit card. Fine. I can see 283 00:12:08,080 --> 00:12:10,880 Speaker 3: why you'd want to take ten thousand dollars out and 284 00:12:10,960 --> 00:12:14,120 Speaker 3: put it on your credit card to extinguish that debt completely, 285 00:12:14,160 --> 00:12:17,079 Speaker 3: because credit card debt runs are like eighteen percent on average, 286 00:12:17,120 --> 00:12:20,320 Speaker 3: I think, and that's ridiculous. I get that, But those 287 00:12:20,360 --> 00:12:22,480 Speaker 3: credit card repayments that you were making now need to 288 00:12:22,520 --> 00:12:25,000 Speaker 3: go into your superannuation to replenish that amount, so you're 289 00:12:25,000 --> 00:12:27,640 Speaker 3: paying yourself instead of going okay, cool, I got out 290 00:12:27,640 --> 00:12:31,960 Speaker 3: of that situation without impacting myself at all, because you did. 291 00:12:32,000 --> 00:12:34,400 Speaker 3: You took it off future you, and that ten thousand 292 00:12:34,480 --> 00:12:38,000 Speaker 3: dollars is actually two one hundred thousand dollars that you've 293 00:12:38,000 --> 00:12:41,360 Speaker 3: taken off future you. And I know the interest repayments suck, 294 00:12:42,000 --> 00:12:44,840 Speaker 3: but for me, i'd really question it. I'd try and 295 00:12:44,920 --> 00:12:47,960 Speaker 3: work out how to potentially do a balanced transfer on 296 00:12:48,080 --> 00:12:50,920 Speaker 3: my credit card to a null interest credit card, or 297 00:12:51,160 --> 00:12:53,800 Speaker 3: taking out a personal loan at a smaller percentage rate 298 00:12:53,840 --> 00:12:56,800 Speaker 3: so that I could better manage that before going and 299 00:12:56,880 --> 00:12:59,280 Speaker 3: taking out SUPER and saying, Okay, well that's the solution 300 00:12:59,400 --> 00:13:01,640 Speaker 3: to this. I just want people to have all their 301 00:13:01,640 --> 00:13:04,199 Speaker 3: options so they know what they can do. But when 302 00:13:04,240 --> 00:13:06,520 Speaker 3: it came to the people that were taking it out 303 00:13:06,559 --> 00:13:11,400 Speaker 3: for homes, I'm probably a little bit more controversial in 304 00:13:11,400 --> 00:13:13,320 Speaker 3: my opinion of this because I don't agree with it 305 00:13:13,360 --> 00:13:17,000 Speaker 3: at all. So some people were tempted and they did. 306 00:13:17,080 --> 00:13:19,480 Speaker 3: They have successfully taken money out of their SUPER under 307 00:13:19,480 --> 00:13:22,800 Speaker 3: the temporary COVID nineteen hardship measure that the federal government 308 00:13:23,000 --> 00:13:25,840 Speaker 3: released to us, and they used it to purchase a home. 309 00:13:25,960 --> 00:13:28,400 Speaker 3: And now, if you go onto the ATO website, which 310 00:13:28,440 --> 00:13:31,640 Speaker 3: obviously I'm a dream I love that website. I go 311 00:13:31,760 --> 00:13:35,400 Speaker 3: there all the time. The intent of that superanuation early 312 00:13:35,480 --> 00:13:39,160 Speaker 3: release scheme was actually to support people who were adversely 313 00:13:39,200 --> 00:13:43,000 Speaker 3: financially impacted by COVID nineteen that were not able to 314 00:13:43,000 --> 00:13:46,040 Speaker 3: meet their expenses, and that was to cover those expenses. 315 00:13:46,280 --> 00:13:49,000 Speaker 2: And that's like basic necessity that's right back, necessities like 316 00:13:49,160 --> 00:13:51,960 Speaker 2: I cannot pay rent, I cannot put food on the table, 317 00:13:52,040 --> 00:13:53,559 Speaker 2: I cannot do those things. 318 00:13:53,760 --> 00:13:55,319 Speaker 3: But some people were taking it out and putting it 319 00:13:55,360 --> 00:13:58,040 Speaker 3: towards their home deposits, right And I've spoken to mortgage 320 00:13:58,040 --> 00:14:01,200 Speaker 3: brokers and some of them have said that these people 321 00:14:01,280 --> 00:14:04,440 Speaker 3: that are doing that, the banks aren't approving mortgages because 322 00:14:04,440 --> 00:14:07,080 Speaker 3: they're saying, really, you know, how can you serve us alone? 323 00:14:07,080 --> 00:14:09,040 Speaker 3: Because on your credit history it comes up that they've 324 00:14:09,559 --> 00:14:12,920 Speaker 3: nominated themselves as experiencing financial hardship. Why would a bank 325 00:14:13,000 --> 00:14:16,440 Speaker 3: want a loan to you? And by doing so, they're 326 00:14:16,440 --> 00:14:18,800 Speaker 3: not actually able to shut themselves on the foot exactly 327 00:14:18,880 --> 00:14:22,120 Speaker 3: because due to responsible lending laws that exist here in Australia, 328 00:14:22,160 --> 00:14:24,800 Speaker 3: like that would actually not be a viable thing for 329 00:14:24,840 --> 00:14:26,240 Speaker 3: someone to lend you. Right. 330 00:14:26,400 --> 00:14:27,960 Speaker 2: Well, of course, if you're saying I can't afford to 331 00:14:28,000 --> 00:14:30,840 Speaker 2: pay my rent, I need this money from my superannuation, yeah, 332 00:14:31,000 --> 00:14:32,680 Speaker 2: they're probably going to say, well, you can't afford to 333 00:14:32,680 --> 00:14:33,480 Speaker 2: pay for a house deposit. 334 00:14:33,680 --> 00:14:35,600 Speaker 3: If you've just literally put your hand up to the 335 00:14:35,640 --> 00:14:38,960 Speaker 3: government and said you're experiencing significant financial hardship, so much 336 00:14:39,000 --> 00:14:41,600 Speaker 3: so that you need to withdraw on your superannuation. That 337 00:14:41,680 --> 00:14:44,880 Speaker 3: being said, yes, I actually have heard from the community 338 00:14:44,920 --> 00:14:48,600 Speaker 3: that a number of people have successfully withdrawn from superannuation 339 00:14:48,720 --> 00:14:51,800 Speaker 3: put it towards a house deposit and they haven't not 340 00:14:51,920 --> 00:14:54,040 Speaker 3: been able to get alone. They have got alone. But 341 00:14:54,120 --> 00:14:57,320 Speaker 3: I think it's very touch and go. There's skinna stretched 342 00:14:57,400 --> 00:15:00,800 Speaker 3: play exactly. And as someone who literally owns mortgage breaking 343 00:15:00,880 --> 00:15:03,520 Speaker 3: business and I have a licensed business in this area, 344 00:15:03,920 --> 00:15:07,080 Speaker 3: I would not want any of my team to ever 345 00:15:07,200 --> 00:15:09,440 Speaker 3: write a loan to somebody going through that because it 346 00:15:09,560 --> 00:15:11,560 Speaker 3: is not in line with the responsible lending laws and 347 00:15:11,560 --> 00:15:13,520 Speaker 3: I wouldn't feel comfortable with it. I'm just going to 348 00:15:13,560 --> 00:15:15,440 Speaker 3: be brutal and say I wouldn't allow it to happen. 349 00:15:15,640 --> 00:15:17,360 Speaker 3: Even if the bank was willing to do it, I 350 00:15:17,400 --> 00:15:19,400 Speaker 3: wouldn't let out him write that loan. 351 00:15:19,680 --> 00:15:21,920 Speaker 2: Well, obviously quite a bit to think about there, and 352 00:15:21,960 --> 00:15:24,040 Speaker 2: we're going to touch back after this break to check 353 00:15:24,120 --> 00:15:26,560 Speaker 2: in with the Aussie economy, see where the housing market 354 00:15:26,680 --> 00:15:29,160 Speaker 2: is at, and address the way that you suggest rebuilding Super. 355 00:15:29,280 --> 00:15:31,120 Speaker 2: If you were one of those almost three million people 356 00:15:31,160 --> 00:15:34,200 Speaker 2: who dipped into super last year, so do not go anywhere, 357 00:15:40,800 --> 00:15:43,360 Speaker 2: all right, be let's not mess about tell me how 358 00:15:43,520 --> 00:15:45,880 Speaker 2: do we fix things if we have taken money out 359 00:15:45,880 --> 00:15:46,560 Speaker 2: of superannuation. 360 00:15:46,760 --> 00:15:49,280 Speaker 3: Okay, so earlier in the episode, I literally said that 361 00:15:49,400 --> 00:15:52,080 Speaker 3: ten thousand dollars with drawn out of superannuation for a 362 00:15:52,120 --> 00:15:54,640 Speaker 3: twenty five year old would cost them about two hundred 363 00:15:54,680 --> 00:15:58,840 Speaker 3: thousand dollars in retirement, which is wild and terrifying because 364 00:15:58,880 --> 00:16:01,760 Speaker 3: of how much imagine working and being like, Jess, you 365 00:16:01,840 --> 00:16:04,680 Speaker 3: need to save two hundred thousand dollars, I can't fathom it, 366 00:16:04,880 --> 00:16:07,960 Speaker 3: Like it's money, so much money, right, So what we 367 00:16:08,080 --> 00:16:10,040 Speaker 3: want to do is actually recover this, and it is 368 00:16:10,160 --> 00:16:13,320 Speaker 3: so simple. The answer is actually salary sacrificing, which we 369 00:16:13,480 --> 00:16:15,560 Speaker 3: did an episode on recently, Jess. 370 00:16:15,640 --> 00:16:17,440 Speaker 2: If you haven't heard it, go back and listen. It's 371 00:16:17,440 --> 00:16:18,240 Speaker 2: a really good episode. 372 00:16:18,400 --> 00:16:20,760 Speaker 3: Yes, which means go and have a chat to your 373 00:16:20,800 --> 00:16:24,560 Speaker 3: employer about replenishing that. If you're not currently employed. Please 374 00:16:24,640 --> 00:16:27,000 Speaker 3: don't stress just yet, because I know a lot of 375 00:16:27,040 --> 00:16:31,240 Speaker 3: people are still experiencing significant financial hardship from COVID nineteen. 376 00:16:31,480 --> 00:16:33,560 Speaker 3: So please don't feel like I'm like, ah, do it now, 377 00:16:33,640 --> 00:16:35,520 Speaker 3: you have to, But this is just something to think 378 00:16:35,520 --> 00:16:38,040 Speaker 3: about once you do have stable employment and stable cash 379 00:16:38,080 --> 00:16:41,000 Speaker 3: flow and you're out of personal debt. That is a 380 00:16:41,120 --> 00:16:43,080 Speaker 3: very big caveat on it. If you have a credit card, 381 00:16:43,160 --> 00:16:46,760 Speaker 3: if you have a person alone, please prioritize those before 382 00:16:46,840 --> 00:16:50,480 Speaker 3: you prioritize investing for yourself, because you're shooting yourselves in 383 00:16:50,560 --> 00:16:54,040 Speaker 3: the foot if you're not prioritizing that over investment. Just 384 00:16:54,080 --> 00:16:56,480 Speaker 3: because you're putting money away and it's potentially making seven 385 00:16:56,520 --> 00:16:58,680 Speaker 3: and a half percent each year, that doesn't mean that 386 00:16:58,720 --> 00:17:01,000 Speaker 3: it is a better option than paying off your nineteen 387 00:17:01,080 --> 00:17:04,280 Speaker 3: percent interest rate on your credit card or your personal loan, 388 00:17:04,359 --> 00:17:06,439 Speaker 3: which is usually more than seven and a half percent, 389 00:17:06,600 --> 00:17:09,399 Speaker 3: which is a guaranteed thing, right, So pay off your 390 00:17:09,440 --> 00:17:12,399 Speaker 3: personal debt and your personal loans first. That doesn't include 391 00:17:12,480 --> 00:17:15,320 Speaker 3: okay debt like home loans or hex debt or any 392 00:17:15,400 --> 00:17:19,000 Speaker 3: of that. We are talking bad debt, which is personal debt. 393 00:17:19,400 --> 00:17:22,800 Speaker 3: So do that and then make a plan to contribute 394 00:17:22,880 --> 00:17:23,960 Speaker 3: more to superannuation. 395 00:17:24,160 --> 00:17:26,520 Speaker 2: And we did do a really helpful video on your 396 00:17:26,560 --> 00:17:30,200 Speaker 2: YouTube channel to go all about the different ways that 397 00:17:30,200 --> 00:17:32,480 Speaker 2: you can make additional contributions. I know that there's a 398 00:17:32,600 --> 00:17:34,640 Speaker 2: lot to cover in that realm. It's almost a whole 399 00:17:34,640 --> 00:17:36,800 Speaker 2: episode on its own, So if you do want a 400 00:17:36,840 --> 00:17:38,920 Speaker 2: bit more information on that will puppet in the show notes, 401 00:17:38,960 --> 00:17:41,440 Speaker 2: definitely check it out wether Watch absolutely So. 402 00:17:41,600 --> 00:17:43,159 Speaker 3: There are a number of ways we can do this right. 403 00:17:43,200 --> 00:17:45,520 Speaker 3: You can approach your employer if you've got one currently, 404 00:17:45,840 --> 00:17:49,359 Speaker 3: and ask them to start salary sacrificing. For me, it 405 00:17:49,400 --> 00:17:51,720 Speaker 3: would be about working backwards. If you've just taken ten 406 00:17:51,800 --> 00:17:55,040 Speaker 3: thousand dollars out, okay, no problems. How quickly do you 407 00:17:55,160 --> 00:17:57,600 Speaker 3: want to replenish that amount of money? Do you want 408 00:17:57,640 --> 00:18:00,840 Speaker 3: it replenished in a year? Can you afford to salary 409 00:18:00,920 --> 00:18:04,439 Speaker 3: sacrifice eight hundred and thirty ish dollars a month? If 410 00:18:04,480 --> 00:18:06,639 Speaker 3: the answer is no, change your time frame. If you 411 00:18:06,760 --> 00:18:09,359 Speaker 3: change your time frame by two years, that obviously becomes 412 00:18:09,400 --> 00:18:11,680 Speaker 3: about four hundred and fifteen dollars that you need to 413 00:18:11,760 --> 00:18:15,160 Speaker 3: salary sacrifice each month to get that ten thousand dollars 414 00:18:15,240 --> 00:18:18,680 Speaker 3: back in there, above and beyond what your current superannuation 415 00:18:18,800 --> 00:18:22,399 Speaker 3: guarantee is or what you're currently contributing to Super. So 416 00:18:22,480 --> 00:18:24,840 Speaker 3: it does sound like a lot, but you could break 417 00:18:24,880 --> 00:18:27,280 Speaker 3: it up over a little while, or potentially even make 418 00:18:27,359 --> 00:18:29,080 Speaker 3: that goal a bit bigger to make up for the 419 00:18:29,160 --> 00:18:31,720 Speaker 3: lost interest and the compounding interest that you would have 420 00:18:31,800 --> 00:18:35,120 Speaker 3: lost during that time. Completely up to you. But it's 421 00:18:35,240 --> 00:18:38,800 Speaker 3: all about creating a plan and saying, Okay, I'm going 422 00:18:38,880 --> 00:18:40,800 Speaker 3: to do this. How much can I afford. If it's 423 00:18:40,840 --> 00:18:42,760 Speaker 3: just two hundred dollars a month or one hundred dollars 424 00:18:42,760 --> 00:18:46,159 Speaker 3: a month, that is fine, but start recontributing. And this 425 00:18:46,280 --> 00:18:49,600 Speaker 3: is obviously not financial advice, it is an idea. It 426 00:18:49,760 --> 00:18:52,280 Speaker 3: is if you want to replenish your super this is 427 00:18:52,359 --> 00:18:55,119 Speaker 3: how you would facilitate that. And for me, it's about 428 00:18:55,160 --> 00:18:58,639 Speaker 3: going all right, salary sacrificing, very easy way to do it, 429 00:18:58,840 --> 00:19:02,520 Speaker 3: because it then becomes a part of your employer's obligations 430 00:19:02,600 --> 00:19:04,280 Speaker 3: to you, so you don't even see the money coming 431 00:19:04,320 --> 00:19:06,880 Speaker 3: into your account, like I said, and forget exactly if 432 00:19:06,920 --> 00:19:08,960 Speaker 3: you want to be more hands on and actually see 433 00:19:09,000 --> 00:19:11,280 Speaker 3: it come into your account, make that decision every month. 434 00:19:11,320 --> 00:19:13,120 Speaker 3: Because I know a lot of people in our community 435 00:19:13,200 --> 00:19:16,360 Speaker 3: had variable income. Some months they'll have an invoice coming 436 00:19:16,440 --> 00:19:18,320 Speaker 3: and they make one hundred dollars and some months they 437 00:19:18,400 --> 00:19:21,120 Speaker 3: might make, you know, ten thousand dollars, and that's really 438 00:19:21,240 --> 00:19:23,440 Speaker 3: fair for you to want to control that, in which 439 00:19:23,520 --> 00:19:27,400 Speaker 3: case you could make voluntary contributions to supranuation, which means 440 00:19:27,440 --> 00:19:30,320 Speaker 3: you just get your supbranuation funds bank details and transfer 441 00:19:30,440 --> 00:19:32,320 Speaker 3: money in and it goes into your fund and it's 442 00:19:32,359 --> 00:19:35,199 Speaker 3: all automated, which is really easy. You can just essentially 443 00:19:35,320 --> 00:19:37,880 Speaker 3: use bpay if you want, and that is a really 444 00:19:37,920 --> 00:19:40,119 Speaker 3: good option. But please make sure to keep track of 445 00:19:40,200 --> 00:19:41,840 Speaker 3: it because you can claim it on tax so that 446 00:19:41,920 --> 00:19:44,720 Speaker 3: you make the difference between the taxable rate inside of 447 00:19:44,760 --> 00:19:47,760 Speaker 3: supranuation and the tax rate that you're currently being charged 448 00:19:47,800 --> 00:19:50,520 Speaker 3: for your income. So definitely keep that in mind and 449 00:19:50,600 --> 00:19:53,159 Speaker 3: don't forget to tell your accountants when June thirty comes. 450 00:19:53,840 --> 00:19:58,800 Speaker 3: But then also you could invest outside of supranuation. So say, like, look, Victoria, 451 00:19:58,840 --> 00:20:01,040 Speaker 3: I've listened to all the podcasts, like I know I 452 00:20:01,080 --> 00:20:03,720 Speaker 3: should be investing again, and I don't really want to 453 00:20:03,760 --> 00:20:05,760 Speaker 3: put it back in super because that's not the right 454 00:20:05,840 --> 00:20:08,359 Speaker 3: decision for me personally. That's not something I can decide 455 00:20:08,400 --> 00:20:10,679 Speaker 3: for you. But you could use like our friends at 456 00:20:10,720 --> 00:20:14,000 Speaker 3: Superhero for example, and start investing regularly with them and 457 00:20:14,040 --> 00:20:16,200 Speaker 3: set up a plan so that you can actually, you know, 458 00:20:16,560 --> 00:20:20,800 Speaker 3: invest and plan for future you without having the commitment 459 00:20:20,880 --> 00:20:22,640 Speaker 3: of saying, okay, well, if I've put it back, it's 460 00:20:22,680 --> 00:20:24,679 Speaker 3: there until I'm sixty five and I have no access 461 00:20:24,800 --> 00:20:27,720 Speaker 3: or control over it. Maybe you want more control over it, 462 00:20:28,000 --> 00:20:29,840 Speaker 3: But what I want is you to be educated in 463 00:20:29,920 --> 00:20:33,359 Speaker 3: those decisions that you can make, as opposed to saying, Okay, 464 00:20:33,440 --> 00:20:35,440 Speaker 3: well I just I don't know what I'm doing, Because 465 00:20:35,480 --> 00:20:37,520 Speaker 3: you do. You are smart, you are empowered, like you 466 00:20:37,680 --> 00:20:41,520 Speaker 3: have all the knowledge, skills and resources that you absolutely 467 00:20:41,600 --> 00:20:43,520 Speaker 3: need to do this. You just need to make a 468 00:20:43,600 --> 00:20:44,520 Speaker 3: plan and get it done. 469 00:20:45,000 --> 00:20:48,080 Speaker 2: Speaking of investing, and our friends at Superhero, as we 470 00:20:48,200 --> 00:20:50,760 Speaker 2: mentioned earlier in the show, they asked one through today's episode, 471 00:20:50,800 --> 00:20:53,240 Speaker 2: and in partnership with them, we did actually put together 472 00:20:53,720 --> 00:20:55,720 Speaker 2: a little beginner's guide to investing. 473 00:20:55,840 --> 00:20:57,600 Speaker 3: Yeah, it's like kind of like a cheat sheet, right, 474 00:20:57,720 --> 00:20:59,280 Speaker 3: That's what we ended up calling. It was like the 475 00:20:59,400 --> 00:21:00,680 Speaker 3: cheat sheet investing. 476 00:21:00,880 --> 00:21:01,040 Speaker 1: Yep. 477 00:21:01,080 --> 00:21:01,960 Speaker 3: So that full. 478 00:21:01,920 --> 00:21:05,080 Speaker 2: Downloadable ebook is available on our website. It's completely free. 479 00:21:05,400 --> 00:21:07,159 Speaker 2: Head to She's on the Money dot com dot da. 480 00:21:07,240 --> 00:21:09,960 Speaker 2: You click the freebies tab and it will be under 481 00:21:10,040 --> 00:21:10,720 Speaker 2: that heading. 482 00:21:10,480 --> 00:21:13,000 Speaker 3: There, which was actually really fun to put together because 483 00:21:13,000 --> 00:21:14,680 Speaker 3: it was like a cheat sheet of what do you 484 00:21:14,880 --> 00:21:16,800 Speaker 3: really need to know if you're going to deep dive 485 00:21:16,840 --> 00:21:18,679 Speaker 3: into investing, Like what is the thing that you might 486 00:21:18,760 --> 00:21:21,480 Speaker 3: want to print out have beside you when you're investing 487 00:21:21,560 --> 00:21:24,320 Speaker 3: on the computer and actually going through that journey. Obviously 488 00:21:24,400 --> 00:21:27,280 Speaker 3: it's not like super comprehensive, but it's more of the 489 00:21:27,400 --> 00:21:29,399 Speaker 3: high level. Here's what we think you need to know 490 00:21:29,600 --> 00:21:31,000 Speaker 3: as a really great start point. 491 00:21:31,440 --> 00:21:34,080 Speaker 2: All right, So to pivot a little bit here via 492 00:21:34,160 --> 00:21:36,120 Speaker 2: I thought, given a nature of this chat, it might 493 00:21:36,200 --> 00:21:39,560 Speaker 2: be worth checking in with you to see how the economy's. 494 00:21:39,040 --> 00:21:39,880 Speaker 1: Performing at the moment. 495 00:21:40,040 --> 00:21:41,359 Speaker 3: Oh, you thought that would be a good idea. 496 00:21:41,480 --> 00:21:42,800 Speaker 1: I know, like, how high level is that? 497 00:21:43,280 --> 00:21:45,040 Speaker 3: I think it's very high level, And I actually think 498 00:21:45,040 --> 00:21:47,560 Speaker 3: it's really funny that you now ask me questions like 499 00:21:47,640 --> 00:21:49,800 Speaker 3: this on a regular basis. In starting it, she's on 500 00:21:49,840 --> 00:21:52,000 Speaker 3: the money. I feel like you're like, hey, what's the 501 00:21:52,080 --> 00:21:54,480 Speaker 3: economy mean? And then now it's like, hey, how's it performing? 502 00:21:54,560 --> 00:21:56,680 Speaker 1: What's up? Like we love that personal grow. 503 00:21:57,240 --> 00:22:00,159 Speaker 3: It's actually really really fun to see. But if you 504 00:22:00,160 --> 00:22:02,080 Speaker 3: want an answer to that, I do. I can also 505 00:22:02,160 --> 00:22:05,600 Speaker 3: provide that please. So in December we saw three point 506 00:22:05,720 --> 00:22:09,240 Speaker 3: one percent growth, which is actually really impressive. So I 507 00:22:09,320 --> 00:22:13,040 Speaker 3: think it's important to understand that that is genuinely impressive 508 00:22:13,080 --> 00:22:15,520 Speaker 3: given we were coming out of COVID, which is really 509 00:22:15,640 --> 00:22:18,040 Speaker 3: cool because we thought that everything would be really bad. 510 00:22:18,440 --> 00:22:21,000 Speaker 3: The economy has actually recovered eighty five percent of its 511 00:22:21,040 --> 00:22:24,320 Speaker 3: COVID induced fall, which was twice as fast as expected. 512 00:22:24,359 --> 00:22:27,000 Speaker 3: So everyone was expecting that we wouldn't bounce back as 513 00:22:27,119 --> 00:22:29,240 Speaker 3: quickly as we have. And I think that this is 514 00:22:29,359 --> 00:22:33,080 Speaker 3: also really reflective in the property market. So do you remember, like, 515 00:22:33,280 --> 00:22:35,000 Speaker 3: and I know you didn't work with me, you didn't 516 00:22:35,000 --> 00:22:37,440 Speaker 3: even know me personally at that point, you would have 517 00:22:37,480 --> 00:22:39,240 Speaker 3: seen it, like the start of COVID, and you know, 518 00:22:39,320 --> 00:22:42,840 Speaker 3: when job Keeper and Seeker came in, everyone started talking about, Okay, well, 519 00:22:43,040 --> 00:22:44,800 Speaker 3: you know, the property market's going to be down in 520 00:22:44,840 --> 00:22:47,800 Speaker 3: the pits when job Keeper and Seeker and everybody's going 521 00:22:47,880 --> 00:22:50,560 Speaker 3: to be selling their houses. It's going to be desperate. Yeah, 522 00:22:50,640 --> 00:22:52,720 Speaker 3: everyone will be able to ash that they were cheap. Yeah. 523 00:22:52,880 --> 00:22:53,080 Speaker 2: Yeah. 524 00:22:53,160 --> 00:22:55,120 Speaker 3: But they were all saying, you know, that's when you're 525 00:22:55,119 --> 00:22:57,000 Speaker 3: going to be able to pick up cheap property. You're 526 00:22:57,000 --> 00:22:59,359 Speaker 3: going to you know, find bargains. Sellers aren't going to 527 00:22:59,359 --> 00:23:01,280 Speaker 3: be able to get rid of their homes. 528 00:23:01,359 --> 00:23:02,360 Speaker 1: And the complete opposite. 529 00:23:02,480 --> 00:23:04,760 Speaker 3: Yeah, And it was all through the media, right like 530 00:23:05,000 --> 00:23:07,399 Speaker 3: it was the front cover of so many papers and 531 00:23:07,520 --> 00:23:10,520 Speaker 3: all of these people predicting that the property market would 532 00:23:10,560 --> 00:23:12,399 Speaker 3: just be the pits and it'd be the worst. And 533 00:23:12,440 --> 00:23:14,080 Speaker 3: now they're kind of like, oh, by the way, let's 534 00:23:14,080 --> 00:23:16,159 Speaker 3: pretend we never said that. There's no coverage on the 535 00:23:16,200 --> 00:23:19,600 Speaker 3: fact that the property market is now booming across Australia. 536 00:23:19,720 --> 00:23:21,640 Speaker 3: And obviously we're in Melbourne so we see it more. 537 00:23:22,000 --> 00:23:24,159 Speaker 3: There was an auction across the road from me the 538 00:23:24,240 --> 00:23:28,720 Speaker 3: other day. Yes, four hundred thousand dollars over the reserve price, 539 00:23:29,240 --> 00:23:32,800 Speaker 3: like four hundred grand, so much money, a lot of 540 00:23:32,880 --> 00:23:33,640 Speaker 3: surprise money. 541 00:23:33,800 --> 00:23:35,520 Speaker 1: Yeah, like, who has an extra thought. 542 00:23:35,600 --> 00:23:38,639 Speaker 3: That's another house that's not me, that's an entire house 543 00:23:38,680 --> 00:23:40,840 Speaker 3: that someone's like, oh, actually I'll pay for an entire 544 00:23:40,880 --> 00:23:42,760 Speaker 3: other house on top of this house that I'm already 545 00:23:42,800 --> 00:23:45,560 Speaker 3: trying to bid for. And there were about sixty people 546 00:23:45,600 --> 00:23:48,440 Speaker 3: at this auction. So like, the property market is definitely 547 00:23:48,560 --> 00:23:51,000 Speaker 3: very hot at the moment, but when it comes to 548 00:23:51,200 --> 00:23:54,560 Speaker 3: actual starts again instead of Victoria's anecdotal evidence of walking 549 00:23:54,640 --> 00:23:57,840 Speaker 3: past an auction on the weekend. According to the International 550 00:23:57,920 --> 00:24:00,480 Speaker 3: Monetary Fund, we're on the path to becoming the world's 551 00:24:00,640 --> 00:24:03,679 Speaker 3: twelfth largest economy this year, which is up two places 552 00:24:03,720 --> 00:24:06,520 Speaker 3: from twenty nineteen. Kind of cool, given we've gone through 553 00:24:06,800 --> 00:24:12,359 Speaker 3: an unprecedented global pandemic, but also Australia's GDP. So we 554 00:24:12,440 --> 00:24:15,200 Speaker 3: talk about GDP in the finance world and you've probably 555 00:24:15,240 --> 00:24:17,200 Speaker 3: heard it on the TV a lot of times, and 556 00:24:17,240 --> 00:24:19,160 Speaker 3: if you don't know what that is, it is Australia's 557 00:24:19,240 --> 00:24:23,040 Speaker 3: gross domestic product, which sounds complicated, but it essentially just 558 00:24:23,119 --> 00:24:25,360 Speaker 3: means it's the total value of the goods and services 559 00:24:25,440 --> 00:24:28,040 Speaker 3: produced and provided in one country over one year. So 560 00:24:28,200 --> 00:24:30,760 Speaker 3: like how much stuff did we make? Can do? That's 561 00:24:30,880 --> 00:24:33,920 Speaker 3: GDP essentially, and that's a more simple way of putting it. 562 00:24:34,320 --> 00:24:36,800 Speaker 3: But we're actually going to come in at around two 563 00:24:37,400 --> 00:24:40,600 Speaker 3: trillion whoa dollars worth of GDP this year? 564 00:24:40,880 --> 00:24:42,120 Speaker 1: Trillion billion. 565 00:24:42,280 --> 00:24:45,879 Speaker 2: One of those numbers that I cannot comprehend, Like my brain, 566 00:24:46,040 --> 00:24:48,520 Speaker 2: I think that number and it just goes do not compute. 567 00:24:48,800 --> 00:24:50,680 Speaker 3: I see it written down and it looks like a 568 00:24:50,760 --> 00:24:53,640 Speaker 3: pretend number. One It is absolutely not a pretend number. 569 00:24:53,680 --> 00:24:56,280 Speaker 3: But it is a million millions. That's a lot a 570 00:24:56,359 --> 00:24:58,040 Speaker 3: million millions. It's a very large number. 571 00:24:58,160 --> 00:24:59,040 Speaker 1: Anyway, scient. 572 00:25:01,000 --> 00:25:03,600 Speaker 2: Continuing on the strats train and kind of jumping back 573 00:25:03,840 --> 00:25:06,720 Speaker 2: just a second to the housing, Yes that scal I know, 574 00:25:07,600 --> 00:25:10,520 Speaker 2: did you know the value of Australia's residential property jumped 575 00:25:10,560 --> 00:25:14,240 Speaker 2: by roughly two hundred and fifty billion in the last 576 00:25:14,520 --> 00:25:18,280 Speaker 2: three months of twenty twenty, which means COVID was still 577 00:25:18,280 --> 00:25:20,160 Speaker 2: a thing. Yes, we were kind of getting a little 578 00:25:20,200 --> 00:25:23,639 Speaker 2: bit more hopeful, but like it was definitely still around. 579 00:25:23,920 --> 00:25:26,439 Speaker 2: I'm pretty sure Melbourne was still in lockdown for at 580 00:25:26,520 --> 00:25:29,200 Speaker 2: least a good portion of that. And two hundred and 581 00:25:29,200 --> 00:25:30,840 Speaker 2: fifty billion dollars is a lot of dollars. 582 00:25:31,000 --> 00:25:32,840 Speaker 3: Yeah, And do you know how much a billion dollars is? 583 00:25:32,960 --> 00:25:35,960 Speaker 3: We're talking about trillions and billions. A billion is one 584 00:25:36,280 --> 00:25:37,400 Speaker 3: thousand millions. 585 00:25:37,720 --> 00:25:39,920 Speaker 1: Yeah, that's still a lot of millions. And it's a 586 00:25:39,960 --> 00:25:40,640 Speaker 1: lot of millions. 587 00:25:40,720 --> 00:25:43,320 Speaker 3: But like, I don't think people comprehend the volume of 588 00:25:43,400 --> 00:25:45,679 Speaker 3: what that actually means there. Oh yeah, billion, it's more 589 00:25:45,720 --> 00:25:48,240 Speaker 3: than a million. It's like, no, that's a thousand millions. 590 00:25:48,840 --> 00:25:50,560 Speaker 3: Imagine having a thousand million dollars. 591 00:25:50,840 --> 00:25:52,880 Speaker 1: I'd take just one, one lonely million. 592 00:25:53,040 --> 00:25:56,359 Speaker 3: Imagine being a legitimate financial advisor and calling a billion 593 00:25:56,400 --> 00:26:00,440 Speaker 3: one thousand million dollars. Wow, I life really dropped here. 594 00:26:00,720 --> 00:26:03,680 Speaker 3: But I'm not surprised to hear that at all. Again, 595 00:26:04,400 --> 00:26:07,120 Speaker 3: as I was saying, like I'm seeing it anecdotally. I'm 596 00:26:07,200 --> 00:26:10,440 Speaker 3: talking to friends about it. Amylenardi, who is obviously a 597 00:26:10,520 --> 00:26:12,440 Speaker 3: really good friend of the show and also the co 598 00:26:12,640 --> 00:26:15,320 Speaker 3: host of the upcoming The Property Playbook podcast, which we're 599 00:26:15,359 --> 00:26:18,879 Speaker 3: launching very soon, which is fun. She's crazy busy at 600 00:26:18,880 --> 00:26:20,399 Speaker 3: the moment, and it's so busy. It's also one of 601 00:26:20,400 --> 00:26:22,280 Speaker 3: the reasons we haven't launched yet, guys, because she is 602 00:26:22,400 --> 00:26:24,760 Speaker 3: crazy busy, and I want her to be crazy busy 603 00:26:24,800 --> 00:26:28,399 Speaker 3: because that's good for her business. But also seeing the 604 00:26:28,560 --> 00:26:31,359 Speaker 3: hunger for people in the market trying to buy at 605 00:26:31,400 --> 00:26:34,520 Speaker 3: the moment, it makes me feel incredibly grateful to not 606 00:26:34,640 --> 00:26:36,880 Speaker 3: have been buying a house during a time when there's 607 00:26:36,920 --> 00:26:39,919 Speaker 3: so much demand. Because I'm just I'm a stressy person. 608 00:26:40,000 --> 00:26:42,440 Speaker 3: I'm very type A. I don't think i'd do well 609 00:26:42,520 --> 00:26:45,480 Speaker 3: in an auction. One I don't like losing haha, that 610 00:26:45,560 --> 00:26:47,679 Speaker 3: would suck. I'd be the girl at the auction crying. 611 00:26:48,119 --> 00:26:50,720 Speaker 3: But two, I would just feel really overwhelmed by the 612 00:26:50,760 --> 00:26:53,400 Speaker 3: whole process. I don't like being in big groups of people. 613 00:26:53,520 --> 00:26:55,760 Speaker 3: I don't like not knowing the outcome. I don't like 614 00:26:55,880 --> 00:26:59,160 Speaker 3: not having certainty, and I feel like that's just really 615 00:26:59,200 --> 00:27:02,119 Speaker 3: stressful going through that process right now, my friend, I 616 00:27:02,240 --> 00:27:02,560 Speaker 3: feel you. 617 00:27:02,960 --> 00:27:03,639 Speaker 2: Oh my gosh. 618 00:27:03,960 --> 00:27:04,160 Speaker 1: Yes. 619 00:27:04,920 --> 00:27:07,920 Speaker 2: So obviously people probably will still be reeling a little 620 00:27:07,920 --> 00:27:10,880 Speaker 2: bit from the financial repercussions of the pandemic just as 621 00:27:10,880 --> 00:27:11,240 Speaker 2: a whole. 622 00:27:11,480 --> 00:27:13,840 Speaker 3: Absolutely, But you also have a start that you were 623 00:27:13,880 --> 00:27:17,000 Speaker 3: talking about before from the ABS, which is about what 624 00:27:17,200 --> 00:27:18,680 Speaker 3: was it total household wealth? 625 00:27:18,760 --> 00:27:19,359 Speaker 2: What was that? 626 00:27:19,520 --> 00:27:21,520 Speaker 3: Because I actually want that on the pod because it 627 00:27:21,600 --> 00:27:22,320 Speaker 3: was impressive. 628 00:27:22,760 --> 00:27:26,240 Speaker 2: Well, according to the ABS or the Australian Bureau of Statistics, 629 00:27:26,440 --> 00:27:29,800 Speaker 2: total household wealth grew by five one hundred and one 630 00:27:30,040 --> 00:27:33,520 Speaker 2: billion dollars in the December quarter, which is actually the 631 00:27:33,880 --> 00:27:36,760 Speaker 2: largest quarterly growth in the last ten years. 632 00:27:36,720 --> 00:27:40,280 Speaker 3: Which is epic and really really cool. And I know 633 00:27:40,520 --> 00:27:43,679 Speaker 3: that a lot of people have experienced very very significant 634 00:27:43,760 --> 00:27:47,200 Speaker 3: financial hardship. People have lost their entire businesses, their wealth, 635 00:27:47,600 --> 00:27:51,159 Speaker 3: their lives, like this is awful. But if anything has 636 00:27:51,240 --> 00:27:54,960 Speaker 3: come out of COVID, people are actually saving better because 637 00:27:54,960 --> 00:27:57,240 Speaker 3: they've kind of been forced into saving and then they've 638 00:27:57,280 --> 00:28:00,080 Speaker 3: realized that they actually have the capacity to save. And 639 00:28:00,119 --> 00:28:02,280 Speaker 3: I think that this is a really good reflection of 640 00:28:02,359 --> 00:28:06,320 Speaker 3: that because our literal household wealth has grown by five 641 00:28:06,480 --> 00:28:09,720 Speaker 3: hundred whatever it was, five hundred billion dollars and one 642 00:28:10,000 --> 00:28:12,800 Speaker 3: billion dollars, and that's crazy. If that's not cool, I 643 00:28:12,840 --> 00:28:13,159 Speaker 3: don't know. 644 00:28:13,240 --> 00:28:14,560 Speaker 1: What is all. 645 00:28:14,640 --> 00:28:17,840 Speaker 2: Right, back to the people who are potentially still struggling 646 00:28:17,920 --> 00:28:20,080 Speaker 2: or suffering a little bit and are having a hard 647 00:28:20,160 --> 00:28:24,600 Speaker 2: time saving, which is completely understandable. Are there any resources 648 00:28:24,640 --> 00:28:26,400 Speaker 2: that we can share with them that might be able 649 00:28:26,440 --> 00:28:26,760 Speaker 2: to help. 650 00:28:27,000 --> 00:28:29,920 Speaker 3: Absolutely have a chat to a financial counselor, which you 651 00:28:29,960 --> 00:28:32,119 Speaker 3: can actually do for free. These guys don't sponsor us. 652 00:28:32,280 --> 00:28:35,119 Speaker 3: I have never even spoken to them because I just 653 00:28:35,240 --> 00:28:38,600 Speaker 3: know what they do is amazing. I have literally spoken 654 00:28:38,640 --> 00:28:41,000 Speaker 3: to people in our community that have spoken with these 655 00:28:41,040 --> 00:28:44,760 Speaker 3: guys multiple times and had great experiences. And that is 656 00:28:44,920 --> 00:28:48,560 Speaker 3: the National Debt Help Line. So these guys are literally 657 00:28:48,720 --> 00:28:50,760 Speaker 3: free financial counselors. So if you're in a bit of 658 00:28:50,800 --> 00:28:53,000 Speaker 3: a pickle, it doesn't matter how big or small, like 659 00:28:53,160 --> 00:28:55,600 Speaker 3: they are there to one hear you out, like help 660 00:28:55,680 --> 00:28:58,680 Speaker 3: you through, but also give you some strategies because paying 661 00:28:58,720 --> 00:29:00,880 Speaker 3: a financial advisor if you're a financial pickle is a 662 00:29:00,960 --> 00:29:03,520 Speaker 3: really bad idea. And you can call one eight hundred 663 00:29:03,680 --> 00:29:05,600 Speaker 3: double O seven, double O seven. They're like, I kind 664 00:29:05,640 --> 00:29:08,160 Speaker 3: of like the double James Bond I reckon because they're 665 00:29:08,200 --> 00:29:10,440 Speaker 3: that call and they will help you out and I 666 00:29:10,600 --> 00:29:12,600 Speaker 3: really really respect what they do, but will also put 667 00:29:12,640 --> 00:29:15,920 Speaker 3: that information into the show notes for you. And if 668 00:29:15,960 --> 00:29:18,920 Speaker 3: you're struggling to meet things like repayments, like let's just 669 00:29:19,080 --> 00:29:22,600 Speaker 3: remember that you are so powerful, Like you have a 670 00:29:22,760 --> 00:29:25,400 Speaker 3: voice and we want you to use it. Like people 671 00:29:25,600 --> 00:29:28,120 Speaker 3: are not going to think any less of you. They're 672 00:29:28,120 --> 00:29:29,720 Speaker 3: not going to think of you differently if you put 673 00:29:29,720 --> 00:29:31,360 Speaker 3: your hand up and say, look, I just need a 674 00:29:31,400 --> 00:29:32,960 Speaker 3: bit of a hand in a bit of a pickle 675 00:29:32,960 --> 00:29:35,400 Speaker 3: at the moment. I'm struggling, And I think that so 676 00:29:35,640 --> 00:29:38,400 Speaker 3: many people who are struggling financially aren't willing to just 677 00:29:38,480 --> 00:29:40,000 Speaker 3: go gin know what I do need a hand. This 678 00:29:40,200 --> 00:29:43,600 Speaker 3: is overwhelming. So pick up the phone. If you aren't 679 00:29:43,760 --> 00:29:47,280 Speaker 3: able to meet repayments for your energy provider, for your rent, 680 00:29:47,440 --> 00:29:50,120 Speaker 3: for your personal debt, for your mortgage, pick up the 681 00:29:50,160 --> 00:29:52,840 Speaker 3: phone and talk to those providers. Be really honest with 682 00:29:52,960 --> 00:29:55,200 Speaker 3: them because they are usually going to be able to 683 00:29:55,240 --> 00:29:57,840 Speaker 3: bend over backwards to help you through that, because they'd 684 00:29:57,880 --> 00:30:00,400 Speaker 3: prefer you to be open and honest and upfront about 685 00:30:00,400 --> 00:30:03,680 Speaker 3: your situation so that they can help. Instead of burying 686 00:30:03,720 --> 00:30:05,280 Speaker 3: your head in the sand and then going cool, this 687 00:30:05,400 --> 00:30:07,760 Speaker 3: person hasn't been meeting their repayments at all. We kind 688 00:30:07,800 --> 00:30:10,680 Speaker 3: of need to repossess whatever asset we've funded with them, 689 00:30:10,960 --> 00:30:12,920 Speaker 3: So put your hand up, call the bank. They're very 690 00:30:13,040 --> 00:30:14,520 Speaker 3: likely to help you and put you on a plan 691 00:30:14,640 --> 00:30:17,160 Speaker 3: that makes it actually possible. And when it comes to 692 00:30:17,240 --> 00:30:20,320 Speaker 3: other resources like your phone or your energy, lots of 693 00:30:20,440 --> 00:30:23,040 Speaker 3: companies at the moment have COVID plans in place that 694 00:30:23,160 --> 00:30:24,200 Speaker 3: are still available to you. 695 00:30:24,680 --> 00:30:26,960 Speaker 2: And it's not just you if you are feeling that way, 696 00:30:27,040 --> 00:30:30,120 Speaker 2: there are literally hundreds of thousands of people in the 697 00:30:30,160 --> 00:30:32,160 Speaker 2: same boat. So we just want to say, like, please, 698 00:30:32,240 --> 00:30:35,000 Speaker 2: do not feel bad. Please do not feel like you're 699 00:30:35,040 --> 00:30:37,560 Speaker 2: not good enough or you're lesser than if you because 700 00:30:37,600 --> 00:30:39,720 Speaker 2: you're not at all. If you can't put that money 701 00:30:39,760 --> 00:30:42,360 Speaker 2: back into super yet, as we said earlier, you're doing 702 00:30:42,440 --> 00:30:44,640 Speaker 2: your best, and that's we just want to provide you 703 00:30:44,760 --> 00:30:47,400 Speaker 2: that information so that when you are able to take 704 00:30:47,440 --> 00:30:49,440 Speaker 2: that next step, you can. But if all you can 705 00:30:49,480 --> 00:30:51,920 Speaker 2: do right now is survive and pay the bare minimum 706 00:30:52,120 --> 00:30:53,440 Speaker 2: just to put food on the table for your. 707 00:30:53,360 --> 00:30:55,239 Speaker 3: Family, like, we're proud of you for doing it, one 708 00:30:55,320 --> 00:30:57,960 Speaker 3: hundred percent, And I think it is so important, especially 709 00:30:58,040 --> 00:30:59,920 Speaker 3: from a money podcast, to let you know that you're 710 00:31:00,160 --> 00:31:03,680 Speaker 3: current financial situation does not define you as a person 711 00:31:03,800 --> 00:31:05,920 Speaker 3: at all. It does not define who you are, what 712 00:31:06,080 --> 00:31:08,840 Speaker 3: you're capable of, or how smart you are, or you 713 00:31:08,920 --> 00:31:11,920 Speaker 3: know any of those things. It is literally just what 714 00:31:12,040 --> 00:31:15,320 Speaker 3: you're experiencing right now. And people are not their experiences, 715 00:31:15,400 --> 00:31:17,480 Speaker 3: they are the tenacity that they take to them. And 716 00:31:17,600 --> 00:31:20,080 Speaker 3: you can be so tenacious and so strong, and that 717 00:31:20,280 --> 00:31:23,160 Speaker 3: is literally what we are here for. I don't care 718 00:31:23,200 --> 00:31:26,080 Speaker 3: what you're going through, it is how you're handling that situation. Okay, 719 00:31:26,320 --> 00:31:29,080 Speaker 3: enough of that sappy stuff, Jessica. I know that I 720 00:31:29,120 --> 00:31:31,719 Speaker 3: love my community and I'm genuinely so proud of you all, 721 00:31:31,880 --> 00:31:34,360 Speaker 3: whether you are going through that positively or you're having 722 00:31:34,400 --> 00:31:35,960 Speaker 3: a bit of a hard time like we are here 723 00:31:36,040 --> 00:31:37,960 Speaker 3: for that. We are in our dms talking to you 724 00:31:38,040 --> 00:31:41,000 Speaker 3: guys literally every single day about it. But that is 725 00:31:41,080 --> 00:31:43,880 Speaker 3: all we have time for today. But before jess does 726 00:31:43,960 --> 00:31:46,720 Speaker 3: the rap which I'm so excited to here, we would 727 00:31:46,760 --> 00:31:49,840 Speaker 3: like to acknowledge and pay respect to Australia's Aboriginal and 728 00:31:49,920 --> 00:31:53,840 Speaker 3: torrest Right islander people's. They're the traditional custodians of the lands, 729 00:31:53,880 --> 00:31:57,240 Speaker 3: the waterways and the skies all across Australia. We thank 730 00:31:57,280 --> 00:31:59,320 Speaker 3: you for sharing and for caring for the land which 731 00:31:59,400 --> 00:32:01,720 Speaker 3: we are able to learn on. We pay our respects 732 00:32:01,800 --> 00:32:04,360 Speaker 3: to elders past and present, and we share our friendship 733 00:32:04,480 --> 00:32:05,360 Speaker 3: and our kindness. 734 00:32:05,680 --> 00:32:07,800 Speaker 2: Now, the advice shared on She's on the Money is 735 00:32:07,920 --> 00:32:11,040 Speaker 2: general in nature and does not consider your individual circumstances, 736 00:32:11,200 --> 00:32:13,480 Speaker 2: not at all. She's on the Money exists purely for 737 00:32:13,640 --> 00:32:16,240 Speaker 2: educational purposes and should not be relied upon to make 738 00:32:16,240 --> 00:32:20,240 Speaker 2: an investment or a financial decision. And we promise Victoria 739 00:32:20,320 --> 00:32:23,920 Speaker 2: Devine is an authorized representative of Australian Pacific Funds Management 740 00:32:24,000 --> 00:32:28,000 Speaker 2: Proprietary Limited ABN three four one three two four six 741 00:32:28,120 --> 00:32:31,680 Speaker 2: three two five seven AFSL double three nine to one 742 00:32:31,840 --> 00:32:35,000 Speaker 2: five one. And of course thank you to our dream 743 00:32:35,040 --> 00:32:37,920 Speaker 2: team of audio engineers and producers for putting it all together. 744 00:32:38,200 --> 00:32:39,840 Speaker 3: Now, it wouldn't be if She's on the Money podcast 745 00:32:39,920 --> 00:32:42,360 Speaker 3: if we didn't shreamelessly plug ourselves. So if you want 746 00:32:42,400 --> 00:32:44,480 Speaker 3: to join our Facebook group, we're over one hundred and 747 00:32:44,560 --> 00:32:47,520 Speaker 3: fifty thousand people share money tips and tricks every single 748 00:32:47,640 --> 00:32:49,760 Speaker 3: day free of judgment. So She's on the Money on 749 00:32:49,880 --> 00:32:51,959 Speaker 3: Facebook and join us. And if Facebook's at you think 750 00:32:52,120 --> 00:32:54,720 Speaker 3: that is okay. We're also on Instagram, We're on TikTok. 751 00:32:54,800 --> 00:32:57,080 Speaker 3: We are pretty much on every social media platform. So 752 00:32:57,200 --> 00:32:59,760 Speaker 3: find us, follow us, and habit chat. See you next week. 753 00:33:00,080 --> 00:33:00,800 Speaker 2: I sigh 754 00:33:11,640 --> 00:33:11,680 Speaker 3: H