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

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

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

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

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

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

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

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

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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

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Speaker 2: Hello and welcome to She's the Money, the podcast for

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Speaker 2: millennials who want financial freedom. Today is Friday, which means

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Speaker 2: it is time to sit back with the girls and

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Speaker 2: one boy with a bevy in hand, to unpack the

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Speaker 2: week that was, reflect on some of our favorite moments

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Speaker 2: of the week, and of course, to celebrate you, our

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Speaker 2: incredible She's on the Money community. As always, we're going

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Speaker 2: to be sharing our favorite money wins. We'll be discussing

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Speaker 2: what's making news in the finance world, and this week

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Speaker 2: we're going to be answering a juicy money question all

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Speaker 2: about the first Home Super Savor scheme. But first, usually

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Speaker 2: I throw straight to Jessica Ricci because it's quite predictable

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Speaker 2: who you're going to find on this podcast. But this week, Hi, Hi.

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Speaker 2: That does not sound like as she's on the money voice.

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Speaker 2: That is the voice of Glenn James.

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Speaker 4: Hey, ladies, how are you all well?

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Speaker 2: Wow, host of my Millennial Money. Welcome to the show.

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Speaker 2: Thanks for coming, Thanks for having me.

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Speaker 5: I love coming into the show. That the Friday drinks.

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Speaker 5: It's just good fun to catch up with everyone.

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Speaker 2: I feel like it's a good chat, like you get

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Speaker 2: to hear what's going on in our community. Very self

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Speaker 2: serving because I'm like, sit down and look how cool

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Speaker 2: these people are. And then we also get to answer

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Speaker 2: a jucy money question and talk about the world of finance,

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Speaker 2: all of which I feel like you can probably contribute

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Speaker 2: something to. Which is you know, a nice feeling when

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Speaker 2: you have a guest on the show, Guystely, that's my rules.

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Speaker 2: Low not bad. But as always, we usually start the

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Speaker 2: podcast by asking miss Jessica Ricci to kick off the

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Speaker 2: recaps of the week. Jess what happened on our Monday

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Speaker 2: Money Diary.

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Speaker 6: This week's Money Diary was, to be honest, very full on.

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Speaker 6: We spoke to an absolute trooper of a woman who

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Speaker 6: has just been through the ring of the past couple

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Speaker 6: of years. She lost her partner to cancer and was

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Speaker 6: medically discharged from her job because she had PTSD and

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Speaker 6: it was right around the same time, just making an

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Speaker 6: already very difficult traumatic experience a thousand times worse. And

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Speaker 6: then on top of that, there were issues with her

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Speaker 6: partner's will, so she's having to go through.

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Speaker 2: The court process. He died in test state, which means

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Speaker 2: that he didn't have a valid will when he passed away,

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Speaker 2: and it has been an absolute shamble for her to

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Speaker 2: work out. And her real big message was please get

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Speaker 2: your estate planning and wills in order because this is

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Speaker 2: so important.

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Speaker 6: Yeah, and then she also was going through a battle

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Speaker 6: with work cover because her PTSD was brought on by

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Speaker 6: an experience that she had at work, and so that

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Speaker 6: has been a bit of a nightmare for her as well.

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Speaker 6: And it was just a really full on story that

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Speaker 6: shows you that sometimes shit just pits the fan at it.

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Speaker 2: And it really did in the circumstance, it really did.

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Speaker 6: But she was so open with us about what she

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Speaker 6: had been doing to manage that and talking about as

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Speaker 6: you said, her really big message was get your will

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Speaker 6: sorted out, because you just never know. And I was

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Speaker 6: very thankful for her candidness because I think there was

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Speaker 6: something that all of us could learn from her really

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Speaker 6: really tough experience.

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Speaker 2: Yeah, she was really really special. I finished that episode

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Speaker 2: and I was just like, holy moly, like I just

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Speaker 2: wanted to hug this person because it just felt like,

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Speaker 2: as you said before, jess she went through the absolute ringer.

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Speaker 2: Georgia King, Hello, what did we talk about on our

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Speaker 2: deep dive?

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Speaker 7: On our deep Dives this week, we recruited Jessica Richie

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Speaker 7: into the.

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Speaker 2: St yeated off my.

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Speaker 7: But it was all about our top tips for making

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Speaker 7: money secondhand and longtime listeners will know there is no

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Speaker 7: better expert in that space than Jessica Richie, So I

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Speaker 7: picked her brain.

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Speaker 2: I really really thought that was quite special. Actually, thank

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Speaker 2: you for covering me. I went and had a bedt.

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Speaker 7: Dinner with Jinda Ardern or something that.

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Speaker 2: Oh yeah, sorry, busy, I'm the busy goal busy. Go

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Speaker 2: oh my gosh. It was the coolest thing I've ever done.

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Speaker 2: You know what's even cooler is that I was like,

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Speaker 2: oh my gosh, obviously she's going to be here, but

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Speaker 2: she's like, you know, real official, probably not going to

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Speaker 2: get to say hi. But we're all standing around before

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Speaker 2: the dinner started, like mingling, having a drink. I'm drinking

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Speaker 2: a Gin and Tonic, having a chat with some people

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Speaker 2: that I was networking with, and in walks Ja Cinda,

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Speaker 2: no security, nothing, she just walks up and just says, oh, hey, guys,

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Speaker 2: how's your night going? And I'm like, like, it was

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Speaker 2: a lot. She's like drinking gin. I love Gin? Do

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Speaker 2: you reckon? There's one behind the bar? Like she was

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Speaker 2: the coolest, most wholesome person I've ever met. Probably the

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Speaker 2: coolest experience of my life. I hope she never hears

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Speaker 2: that because I composed myself so well in that situation.

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Speaker 2: So I'm really proud of myself. Yeah, thanks for asking.

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Speaker 4: There you go.

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Speaker 7: But it was it was a very good episode. If

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Speaker 7: you like me and you have heaps of stuff on

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Speaker 7: marketplace but it just ain't selling, then have a listened

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Speaker 7: to the episode.

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Speaker 2: I think it's a very good episode because Jess, it's

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Speaker 2: not just about selling, it's about how to sell it

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Speaker 2: and there's a strategy there, sure is, go go have

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Speaker 2: a listen.

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Speaker 5: I need to listen to that because I've got an

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Speaker 5: old boat engine.

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Speaker 4: That's sale.

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Speaker 2: I really episode for you. Honestly, I don't know if

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Speaker 2: we can help with a boat engine. If you jump up,

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Speaker 2: maybe we can. Anyway, Speaking of money wins and just

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Speaker 2: Cinda ardourn nahj Justinda Arderne has nothing to do with it,

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Speaker 2: we are going to dive straight into our budget direct

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Speaker 2: money wins. Georgia King, what are you putting on the table?

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Speaker 1: This go?

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Speaker 2: Okay?

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Speaker 7: Nice and short and sweet this week. The first one

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Speaker 7: comes from zoe money win I deleted after pay number

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Speaker 7: two high wait, short but sweet. I had an epic

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Speaker 7: week of money wins. I got a free book and

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Speaker 7: a fancy pillow upgrade. The best was winning ten dollar

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Speaker 7: tickets to Hamilton and getting front row seat.

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Speaker 8: Huge.

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Speaker 4: Did you see Hamilton?

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Speaker 2: You ready, Jess? Where did we see Hamilton?

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Speaker 6: On the West End?

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Speaker 4: Is it Melbourne? Still?

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Speaker 2: It's going yes, let's go tonight.

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Speaker 6: I mean shouting.

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Speaker 2: Dollars so I can say I had the same money

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Speaker 2: winners you.

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Speaker 7: The next win comes from Zoey. It's my personal favorite

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Speaker 7: money win. I got one point out kilos of chicken

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Speaker 7: breasts for seven dollars forty six instead of almost nineteen

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Speaker 7: dollars because the wrong label was put on the package.

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Speaker 2: You enjoy that chicken Zoe good on it.

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Speaker 4: I saw a money win that I liked.

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Speaker 2: Did you you said a share one? Can you wait

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Speaker 2: to the end? You just get to go in the middle.

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Speaker 4: No, I have a you come in at the end.

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Speaker 2: You can have your turn if you sit.

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Speaker 7: The next wind comes from Naomi. I booked our honeymoon

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Speaker 7: accommodation through booking dot com by a shot back, and

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Speaker 7: the money finally cleared. I told you guys, I got

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Speaker 7: two hundred and seventeen dollars back, and we put all

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Speaker 7: that cash back from shot back into our toddler's savings.

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Speaker 2: I told you guys, you can literally get cash back

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Speaker 2: on holidays.

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Speaker 7: It's brilliant. It's sick, it is brilliant. The next wind

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Speaker 7: comes from Clarissa money win. I've been saving up to

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Speaker 7: buy a double hanging egg chan and I've been looking

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Speaker 7: at around one thousand dollars that's my budget. I found

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Speaker 7: one on sale today for six hundred dollars and they

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Speaker 7: gave me at half price. Oh no, I didn't sorry,

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Speaker 7: shut that down. Oh she got half price delivery. It

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Speaker 7: was six fifty still good, still better than one thousand.

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Speaker 7: The next win comes from Emily money win and loss.

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Speaker 7: I had enough in my emergency fund to pay for

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Speaker 7: my dog's thirteen hundred dollar dental surgery as a single man.

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Speaker 7: I'm so relieved to have an emergency fund at hand.

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Speaker 7: And our final win from the day it comes from

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Speaker 7: Glenn James. I got to go actually in Perth the

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Speaker 7: other day. His f POS machine wasn't working, so he

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Speaker 7: was like, oh, well, don't worry.

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Speaker 2: Are you joking? That claim was coming in and I

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Speaker 2: didn't know.

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Speaker 4: I was just gonna make fun of it. It was

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Speaker 4: more to the story. But that was like the TLDR.

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Speaker 5: Well, I got out and I'm like, yeah, he's the

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Speaker 5: cafe and he the she want to work and it

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Speaker 5: was only like thirteen dollars and I've just got the

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Speaker 5: view and I leave a hotel. If there's a cab there,

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Speaker 5: I'll just jump in, yeah, and if not, I was

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Speaker 5: just getting Uber because I don't have to pay, like

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Speaker 5: it's automated through Uber anyway, jumped in, Yeah, take me there,

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Speaker 5: and he pulled up and the machine wasn't working, and

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Speaker 5: and he's like, well, you need to give me cash.

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Speaker 5: I don't have cash. No one, yeah, And I said

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Speaker 5: to him, I said, look, this is like ten am.

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Speaker 5: If you're having a big shift, trust me, I'm not

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Speaker 5: your problem here. You got a bigger problem that you're

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Speaker 5: going to have to fix if you want to shift

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Speaker 5: for the rest of the day.

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Speaker 2: Nobody carries cash anymore.

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Speaker 5: Anyway, I said, I'm going over to the cafe. If

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Speaker 5: you want to try the machine, get it working. I'll

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Speaker 5: come back out in five minutes and I'm happy to

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Speaker 5: pay if you want to sit there. And I said,

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Speaker 5: all right, out and then went back out and it

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Speaker 5: still wasn't working, and he's like kind of agitated, like

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Speaker 5: it was my problem.

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Speaker 4: And I said, look, can I buy you breakfast and

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Speaker 4: a coffee?

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Speaker 2: He was having a bad day, say yes, No.

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Speaker 6: He said no, it was going to be a wholesome story,

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Speaker 6: best friend, when that's a terrible story.

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Speaker 2: I don't know why we asked you.

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Speaker 4: To expand on it, but it was a money win.

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Speaker 2: What is a money win? So ultimately you got out

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Speaker 2: of it t r DR money whims, you know what?

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Speaker 2: On that thread. We don't care about the semantics. We

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Speaker 2: just want to celebrate, So I like it.

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Speaker 1: I like it.

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Speaker 2: Glenn. It is now your turn. What is your money

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Speaker 2: win that you would like to share from the shees

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Speaker 2: on the money coming.

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Speaker 5: And it's important to learn from the money losses that

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Speaker 5: we have in our own lives and that we share

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Speaker 5: because you do money wins and money losses, right, we

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Speaker 5: do so. Catherine Wernhard money loss. Bought a Disney gift

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Speaker 5: card from a gift card deal. They haven't supplied it

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Speaker 5: and they were supposed to refund me yesterday. Yesterday they

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Speaker 5: said they had no idea when they will be refunding it.

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Speaker 5: And to lodge acclaim with her bank. She's lost over

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Speaker 5: one thousand dollars and the bank says it's taken thirty

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Speaker 5: to forty days to sort out.

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Speaker 2: Oh yeah no.

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Speaker 5: And that's just a cautionary tale for stuff like that.

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Speaker 5: It's easy for fake websites to appear. And I'm not

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Speaker 5: saying she did anything wrong. It's just more of a

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Speaker 5: because we don't know her situation. But if we look

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Speaker 5: back and say, just with gift cards and stuff, go

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Speaker 5: direct to the source where possible, or a reputable thing

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Speaker 5: like you threw your shot back your sponsor, yeah, or

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Speaker 5: whatever that is because when the crap hits the fan

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Speaker 5: less layers is easy to deal with.

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Speaker 2: Yeah, absolutely.

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Speaker 6: Or pay through PayPal is something like when I am

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Speaker 6: on a website, like not even gift cards specifically, but

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Speaker 6: just buying anything, and I'm.

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Speaker 2: Like, ooh, is this dodgy always through?

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Speaker 6: Because I have had instances in the past where it's

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Speaker 6: been bad and PayPal is so good.

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Speaker 2: I mean like it was fake.

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Speaker 6: They're like, yep, pusey money back.

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Speaker 2: Amazing. So that was just how many fake purchases are

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Speaker 2: you making? Like how often are you going to donjee

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Speaker 2: websites and being like boop, this one doesn't look like

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Speaker 2: a goodie. Better use paper like good advice? Where did

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Speaker 2: that come from?

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Speaker 6: The Instagram advertisements get me every time?

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Speaker 2: Okay, okay, that makes absolute sense. Guys. It has been

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Speaker 2: great celebrating some of your budget Direct money wins. Budget

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Speaker 2: Direct winner of can Stars Insurer of the Year Award

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Speaker 2: twenty twenty two. Budget Direct Insurance Solved. Let's go to

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Speaker 2: a really quick break, and then after the break, we're

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Speaker 2: going to answer our juicy money question and also talk

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Speaker 2: about what's making news in the finance world this week.

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Speaker 2: Don't go anywhere, all right, guys.

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Speaker 6: This week's topic actually was a spread in the group

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Speaker 6: last week for our friend Kara, and she said, Hi, all,

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Speaker 6: just wondering for those who invest in spaceship, are you

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Speaker 6: worried about the news about spaceship seeking capital, raising turmoil

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Speaker 6: about the CEO, et cetera. Trying not to panic, but

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Speaker 6: feeling like things are going belly up. And there were

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Speaker 6: a lot of comments on this thread. Some people were

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Speaker 6: saying they're pulling their money out because they want to

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Speaker 6: make sure that, you know, they get it out before

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Speaker 6: the whole thing falls over. So I thought it would

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Speaker 6: be really good to talk about because I totally understand

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Speaker 6: the panic here, particularly because it's different from you know,

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Speaker 6: just the market being up and down, which we're seeing

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Speaker 6: across the board. For those who don't know, I think

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Speaker 6: it was back in maybe February there were some issues

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Speaker 6: with one of the former CEOs faking an accreditation and

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Speaker 6: actually that gave me the HEBGB So I didn't realize

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Speaker 6: that in twenty twenty two in Australia that would you

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Speaker 6: be an option? Yeah, And so he was banned from

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Speaker 6: providing financial services. There was a whole investigation they've come

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Speaker 6: out the other side of that, and then there's been

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Speaker 6: some issues around I believe there's superannuation offering and that's

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Speaker 6: what's kind of pushed this round of capital raising. So

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Speaker 6: I wanted we've got two finance experts here today.

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Speaker 3: I thought that.

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Speaker 2: Georgia George King and Jesse Garci how we love.

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Speaker 6: But yeah, guys, what should we be thinking about this?

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Speaker 6: Should people be pulling their money out? Are their protections

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Speaker 6: in place? Or are we all just kind of panicking

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Speaker 6: a little bit because it sounds totally scary.

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Speaker 2: What do you reckon? Glynn? You're here to take my job.

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Speaker 5: So basically, high ladies, I'm the new host of She's

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Speaker 5: on the Money, the French Wine extra Agains a podcast.

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Speaker 5: Now I want to first and foremost declare I'm not

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Speaker 5: a spaceship customer. I have never been one. I've been

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Speaker 5: critical in a past life about their performance around you know,

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Speaker 5: when they first started in the mistruths that they were

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Speaker 5: saying about their funds and the fact that you know,

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Speaker 5: they did have an initial offering that was fee free,

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Speaker 5: and we all know that there's no such thing as

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Speaker 5: a free lance free like you know, the world actually

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Speaker 5: has to has to go on. But look, to be honest,

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Speaker 5: I'm if I was a Spaceship investor at the moment,

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Speaker 5: I don't think there is cause for alarm. There is

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Speaker 5: cause to further understand and what you're invested in. And

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Speaker 5: I kind of wrote down here and I got in

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Speaker 5: trouble before for picking up pen and paper.

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Speaker 2: No, you've got in trouble for getting up from the table.

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Speaker 2: Once we said we had started recording, making noise and

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Speaker 2: dropping stuff. That was so we started the podcast again,

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Speaker 2: but we moved on. We clearly did not.

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Speaker 5: I made some points first and foremost. You know, the

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Speaker 5: fun business is very hard. So for those who don't

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Speaker 5: know what fun means, it's funds under management.

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Speaker 2: Yeah, I'm just trying to let you guys know that

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Speaker 2: I still know some stuff.

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Speaker 5: Yes, yes, and that's a very hard business to be

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Speaker 5: profitable because you know, there's a quote here in the

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Speaker 5: AFR article. Nonetheless, Spaceship has still not achieved the scale

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Speaker 5: required to be cash flow positive. Now they've got close

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Speaker 5: to a billion dollars of funds under management. That's a

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Speaker 5: lot of money. As Victoria's favorite, Donald Trump would say,

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Speaker 5: billions and billions and billions and billions and billions, so

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Speaker 5: the fun business is very hard. They've only got well,

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Speaker 5: it's a fair amount of people, one hundred and thirty

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Speaker 5: three thousand members, and they still can't turn a profit.

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Speaker 5: My second point is, you know, the marketing work, it

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Speaker 5: didn't really win because if people are withdrawing now, maybe

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Speaker 5: some of us didn't understand what we're investing in. And

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Speaker 5: I was critical in the past with different investment companies

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Speaker 5: advertising short term returns, and you've talked about this before.

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Speaker 5: I know they advertised to thirty percent year on year

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Speaker 5: return and this is all awesome. So we just need

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Speaker 5: to know that, you know, marketing is real, it's a

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Speaker 5: legitimate business for everyone. We all do marketing, but we

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Speaker 5: have to actually have a look what's going on. So

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Speaker 5: marketing didn't win, probably did in the short term. The

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Speaker 5: third biggest issue that I see above some of the

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Speaker 5: I'm sure there could be an ethical issue there at

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Speaker 5: the management level, but my biggest concern is, you know,

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Speaker 5: the sector specific risks. So if you've got any investment

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Speaker 5: account with Spaceship, their whole thing was investing in the future,

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Speaker 5: and a lot of their you know, their core fund

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Speaker 5: was investing in tech stocks. And while that did us

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Speaker 5: the thirty percent year on year through COVID and all

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Speaker 5: that we're now starting to see, you know, the thirtieth

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Speaker 5: of June, their growth X funded negative nineteen point five

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Speaker 5: and the Voyager lost to forty seven percent in one year.

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Speaker 5: So that's basically half where I come from. So we're

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Speaker 5: seeing the other side of being sector specific. So that's

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Speaker 5: really a bigger risk for me not having a well

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Speaker 5: balanced portfolio that's diverse across sectors. But in terms of

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Speaker 5: you are a spaceship investor and you love it and

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Speaker 5: you understand all that, the underlying investments are still fine.

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Speaker 5: And the falseth thing that we need to learn is

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Speaker 5: your money is in custody if you're operating.

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Speaker 2: That's what I was like, can we talk about custody going.

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Speaker 4: Don't fight in front of the kids. Yeah.

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Speaker 5: So the last thing is the money is in custody.

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Speaker 5: So if the operating company is raising money to manage

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Speaker 5: the business, and if an operating company fails, they can't

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Speaker 5: turn around to the pool of custody money.

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Speaker 2: Yeah, and they can't take your money to pay their bills.

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Speaker 5: To summarize that, that's and you know, I got into

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Speaker 5: a bit of a chat I'll say in another Facebook

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Speaker 5: group and someone's saying no. It was another one and

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Speaker 5: someone was saying like oh this and this. I'm like, no,

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Speaker 5: you're actually incorrect. And if you've got a go on.

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Speaker 2: The internet to tell people they're wrong, so you would

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Speaker 2: have thrived in that circumstance.

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Speaker 4: I'm just here to ENLiGHT.

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Speaker 5: I mean, but if you've got a problem with you know,

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Speaker 5: we see online and people you know, get up in

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Speaker 5: arms about I only have investments that are just sponsored. Well,

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Speaker 5: if you're that pure and concerned about that, you need

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Speaker 5: to move your superannuation to a self managed superfund if

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Speaker 5: you really want to go down and pull that string.

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Speaker 5: So we need to step back. There's no cause for alarm.

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Speaker 5: You just need to understand what you're invested in. And

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Speaker 5: we all, like when we start investing, we all learn

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Speaker 5: the hard way. Like when I first started investing, I

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Speaker 5: lost heaps of money because I didn't know.

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Speaker 4: What I was doing.

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Speaker 2: That's why I started cheese on the money. So I

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Speaker 2: learned the hard way. My community doesn't do like that's

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Speaker 2: the point.

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Speaker 4: So okay, so let's talk about strategies.

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Speaker 5: If you were like, hey, I'm investing monthly into spaceship,

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Speaker 5: and I do have a bit of hebgb's around what's happening.

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Speaker 2: That's fair to have though, right. Yeah, So I think

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Speaker 2: the summary of like that first part of your conversation

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Speaker 2: to just jump in here, is that your money's in custody.

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Speaker 2: You're not going to lose your money. You don't need

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Speaker 2: to remove it because you're so worried that the business

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Speaker 2: is going to go under. If that does actually happen,

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Speaker 2: your money will be returned to your account. If everything

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Speaker 2: shuts down and the fund is no more. So, your

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Speaker 2: money isn't just going to disappear into the abuse. But

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Speaker 2: it is very fair going to what you're about to say, Glenn,

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Speaker 2: to go, do you know what my ethics, my values,

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Speaker 2: my morals don't align to the company that I'm currently

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Speaker 2: investing in, and I'm going to find another option, and.

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Speaker 5: In that you might have the option. Well, I know

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Speaker 5: the portfolio is down forty seven percent. I'm just going

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Speaker 5: to leave that to the side and invest what we

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Speaker 5: call new money. So new money in the money world

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Speaker 5: is I've earned this money, that cash is in my bank,

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Speaker 5: This money is being invested for the first time. I

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Speaker 5: might say, well, I'm putting new money into a different account,

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Speaker 5: different platform or whatever. You then may go, I'm happy

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Speaker 5: to take the risk and leave Spaceship there quarantined. If

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Speaker 5: it recovers, you might say, well, the money's in the

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Speaker 5: market anyway, I'll just withdraw now trigger capital gains loss.

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Speaker 5: If you do have a loss, move that money to

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Speaker 5: another account. But I just think it's always important, Like

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Speaker 5: I see these articles. I'm in the face groups. I

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Speaker 5: read this stuff and I get high blood pressure thinking,

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Speaker 5: oh the world's ennying. It's like, no, no, let's just

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Speaker 5: slow down. We do have control. It's okay to question

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Speaker 5: whether we put further money in there. And if you're

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Speaker 5: happy with a high concentration of tech stocks and you're

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Speaker 5: happy with the CEO has been punished and he's no

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Speaker 5: longer doing that, who you can still use Spaceship. I

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Speaker 5: think the risk is probably low that they're going to

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Speaker 5: go under it.

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Speaker 2: Honestly, Glenn, knowing the way the business and finance world works,

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Speaker 2: if it's not working for them, it's very unlikely that Spaceship,

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Speaker 2: with that many valuable customers is ever going to completely

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Speaker 2: fall over. If anything, is just going to be bought

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Speaker 2: by someone else and have brand new management and someone

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Speaker 2: else is going to come in. Yeah, exactly like something

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Speaker 2: is going to happen that keeps them in business in

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Speaker 2: a way. It just might not be the same people

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Speaker 2: that currently run it purely because that's the way business works.

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Speaker 2: There are a lot of customers behind that, and in finance,

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Speaker 2: customers who are already invested are very hard to come by.

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Speaker 7: Yeah.

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Speaker 5: And I will say, just in finishing my sermon on

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00:20:43,600 --> 00:20:46,680
Speaker 5: the mount here, if the worst did happen and the

438
00:20:46,800 --> 00:20:53,800
Speaker 5: operating entity went into receivership that money in custody, sure

439
00:20:54,040 --> 00:20:56,120
Speaker 5: it could be frozen for some time.

440
00:20:56,720 --> 00:20:58,640
Speaker 2: Yeah, but it's ultimately coming back.

441
00:20:58,800 --> 00:21:01,560
Speaker 5: Yes. Now what that means means is it could be

442
00:21:01,680 --> 00:21:05,600
Speaker 5: bought by another entity. As VD said, they may cash

443
00:21:05,640 --> 00:21:09,840
Speaker 5: it out and cause tax event. And the cashed out

444
00:21:10,160 --> 00:21:13,160
Speaker 5: we're spitting back, you know, two thousand dollars, and because

445
00:21:13,160 --> 00:21:15,560
Speaker 5: you had two thousand invested, we're cashing out.

446
00:21:15,680 --> 00:21:19,760
Speaker 4: He's the tax event. So I just think it's a

447
00:21:19,800 --> 00:21:20,639
Speaker 4: good discussion to have.

448
00:21:20,880 --> 00:21:22,240
Speaker 2: I think it's a great discussion to have.

449
00:21:22,400 --> 00:21:25,760
Speaker 5: I've told my listeners that I'm more concerned about the

450
00:21:25,960 --> 00:21:31,719
Speaker 5: sector specific being that you know, deep just in tech stocs.

451
00:21:32,000 --> 00:21:34,639
Speaker 2: Yeah, agreed, agreed. I actually have a question for you,

452
00:21:34,840 --> 00:21:38,000
Speaker 2: Jess and George. Having heard that, what are your thoughts?

453
00:21:39,040 --> 00:21:42,119
Speaker 7: Well, from my perspective, I think what scared me about

454
00:21:42,240 --> 00:21:45,560
Speaker 7: that thread was seeing how many people were scared of

455
00:21:45,600 --> 00:21:46,320
Speaker 7: each other's comments.

456
00:21:46,320 --> 00:21:47,560
Speaker 2: There was this real fear.

457
00:21:47,840 --> 00:21:51,040
Speaker 7: Mongering, which speaks to what happens on the stock market

458
00:21:51,119 --> 00:21:53,880
Speaker 7: on a larger scale. Right, So all of these people

459
00:21:53,960 --> 00:21:55,480
Speaker 7: in this thread were like, oh God, I need to sell,

460
00:21:55,480 --> 00:21:56,840
Speaker 7: I need to sell, I need to sell. And I'm

461
00:21:56,920 --> 00:21:59,400
Speaker 7: worried that they'll listen to this conversation and be like, shit,

462
00:21:59,440 --> 00:22:00,000
Speaker 7: I did the wrong thing.

463
00:22:00,800 --> 00:22:03,080
Speaker 2: It's a good lesson though, if you went and sold

464
00:22:03,240 --> 00:22:06,320
Speaker 2: because you read some stuff on a Facebook group, again,

465
00:22:06,720 --> 00:22:08,280
Speaker 2: it might have been in cheese on the money. But

466
00:22:08,359 --> 00:22:10,960
Speaker 2: I've said to you guys time and time again, let's

467
00:22:11,080 --> 00:22:13,879
Speaker 2: think about where this information is coming from. Was it

468
00:22:14,040 --> 00:22:17,440
Speaker 2: from a trusted authoritative figure in this space or was

469
00:22:17,520 --> 00:22:20,639
Speaker 2: it from some random named Cheryl who just said, guys,

470
00:22:20,720 --> 00:22:23,440
Speaker 2: you should be real scared. And you go, oh right, right, okay,

471
00:22:23,680 --> 00:22:24,359
Speaker 2: sit up straight.

472
00:22:24,520 --> 00:22:26,960
Speaker 7: But that's how these things can happen, right, so exactly,

473
00:22:27,119 --> 00:22:29,320
Speaker 7: and it speaks to a lack of understanding as to

474
00:22:29,440 --> 00:22:32,919
Speaker 7: how these platforms work. And you're not investing in Spaceship,

475
00:22:32,960 --> 00:22:36,440
Speaker 7: you're investing in the shares that they're managing for you. Yes,

476
00:22:36,520 --> 00:22:39,000
Speaker 7: I found it very interesting, just your thoughts.

477
00:22:39,400 --> 00:22:40,800
Speaker 6: I think the flip side of that is there were

478
00:22:40,880 --> 00:22:42,920
Speaker 6: quite a few people on that thread going hey, like

479
00:22:43,080 --> 00:22:45,719
Speaker 6: explaining things to each other, which I think is awesome

480
00:22:45,760 --> 00:22:47,920
Speaker 6: to see. There are a lot of people kind of

481
00:22:48,000 --> 00:22:51,760
Speaker 6: explaining what the capital raising means, and effectively, for those

482
00:22:51,800 --> 00:22:54,040
Speaker 6: who don't know, it just means that they've gone, oh,

483
00:22:54,240 --> 00:22:56,560
Speaker 6: we can't really cover the costs of running this business,

484
00:22:56,600 --> 00:22:58,800
Speaker 6: and they're going to try to get investors and backers

485
00:22:58,880 --> 00:23:02,320
Speaker 6: to help them do that. And that is a preventative measure.

486
00:23:02,400 --> 00:23:04,600
Speaker 6: It's not as if we've come in at the eleventh

487
00:23:04,640 --> 00:23:06,280
Speaker 6: hour and gone, oh my god, the whole thing's gone

488
00:23:06,400 --> 00:23:09,520
Speaker 6: ballly up. Like they're obviously keeping an eye on the future,

489
00:23:09,560 --> 00:23:11,480
Speaker 6: they're trying to ensure that people are in the best

490
00:23:11,520 --> 00:23:14,639
Speaker 6: possible position. I think that is a positive thing, and

491
00:23:14,760 --> 00:23:18,200
Speaker 6: I think it's really great to see people having those

492
00:23:18,240 --> 00:23:20,359
Speaker 6: conversations in the group and to see people kind of

493
00:23:21,119 --> 00:23:23,679
Speaker 6: encouraging each other to think about things and think them through.

494
00:23:23,720 --> 00:23:26,159
Speaker 6: Because there are several Spaceships users in this room, including

495
00:23:26,240 --> 00:23:28,800
Speaker 6: me and We've spoken before about the fear with the

496
00:23:28,880 --> 00:23:31,920
Speaker 6: market being down, and I think, like anything, it's you know,

497
00:23:32,160 --> 00:23:35,920
Speaker 6: making sure that it's right for you right now, and yeah,

498
00:23:36,000 --> 00:23:38,000
Speaker 6: taking into account what's going on in the world, and

499
00:23:38,080 --> 00:23:40,320
Speaker 6: taking into the account of the opinions of people in

500
00:23:40,440 --> 00:23:43,000
Speaker 6: the group and people like us, but ultimately it's what

501
00:23:43,240 --> 00:23:46,680
Speaker 6: is right for you. And I think I'm really happy

502
00:23:46,720 --> 00:23:50,320
Speaker 6: to see people having those conversations and taking that into consideration.

503
00:23:51,040 --> 00:23:51,240
Speaker 4: Yeah.

504
00:23:51,320 --> 00:23:55,960
Speaker 5: I'm just thinking, like in these discussions, we all jump

505
00:23:56,040 --> 00:23:58,159
Speaker 5: to the all or nothing, like I have to just

506
00:23:58,280 --> 00:24:01,400
Speaker 5: sell out today. It's like, well, you know, I don't

507
00:24:01,400 --> 00:24:05,080
Speaker 5: think the house is on fire. Yeah, Like, why don't

508
00:24:05,119 --> 00:24:08,359
Speaker 5: we just pause and be cash heavy and what about

509
00:24:08,400 --> 00:24:11,399
Speaker 5: you step back and add up all your assets. You

510
00:24:11,520 --> 00:24:13,920
Speaker 5: might add up your car, you have savings, you might

511
00:24:14,040 --> 00:24:18,280
Speaker 5: own a house or super add up all your assets

512
00:24:18,840 --> 00:24:21,879
Speaker 5: and then divide the amount that you've got in spaceship

513
00:24:22,000 --> 00:24:24,359
Speaker 5: by the total assets and that will give you a

514
00:24:24,400 --> 00:24:26,920
Speaker 5: percentage of your world that's in spaceship.

515
00:24:27,400 --> 00:24:30,360
Speaker 2: And if it is a you know, under super significant.

516
00:24:30,680 --> 00:24:34,480
Speaker 5: If it's twenty percent, it's like, okay, well let's just

517
00:24:34,800 --> 00:24:37,760
Speaker 5: walk down the ramp. If it's ninety percent of my

518
00:24:37,920 --> 00:24:41,439
Speaker 5: world is in tech stocks. Well, we need to actually

519
00:24:41,520 --> 00:24:45,520
Speaker 5: go what's this means? As doctor Phil said, how's that

520
00:24:45,600 --> 00:24:46,119
Speaker 5: working for you?

521
00:24:46,680 --> 00:24:46,880
Speaker 1: Yeah?

522
00:24:47,000 --> 00:24:49,640
Speaker 2: Well I don't know if you like. So let's move

523
00:24:49,720 --> 00:24:52,680
Speaker 2: on from that. I want to hear Georgia King. What

524
00:24:52,800 --> 00:24:55,360
Speaker 2: do I want to hear our bunny dilemma of the week.

525
00:24:55,760 --> 00:24:56,840
Speaker 2: Let's take the listen.

526
00:24:59,320 --> 00:25:01,639
Speaker 7: Hi, there, have you got a money dilemma you just

527
00:25:01,760 --> 00:25:04,120
Speaker 7: can't solve that. She's on the Money team is here

528
00:25:04,200 --> 00:25:07,160
Speaker 7: to help. Every week we tackle your dilemmas, both big

529
00:25:07,200 --> 00:25:10,000
Speaker 7: and small, to answer your most burning money, career and

530
00:25:10,160 --> 00:25:13,560
Speaker 7: life questions. To get involved, simply head to our website

531
00:25:13,600 --> 00:25:15,479
Speaker 7: and leave us a quick voice recording and you may

532
00:25:15,600 --> 00:25:17,920
Speaker 7: just find yourself on the show. Now, let's take a

533
00:25:17,960 --> 00:25:19,479
Speaker 7: listen to today's money dilemma.

534
00:25:21,080 --> 00:25:22,120
Speaker 2: Hi, She's on the Money.

535
00:25:22,359 --> 00:25:25,399
Speaker 8: Love your work. I just had a question about the

536
00:25:25,480 --> 00:25:29,320
Speaker 8: First Home super Saver scheme. Do I have to make

537
00:25:29,440 --> 00:25:34,560
Speaker 8: contributions first and then apply for the scheme? Or do

538
00:25:34,720 --> 00:25:38,560
Speaker 8: I apply for the scheme and then make voluntary contributions.

539
00:25:39,080 --> 00:25:41,399
Speaker 8: I'm just a bit confused how it all works, as

540
00:25:41,440 --> 00:25:44,560
Speaker 8: I'd love to try and save up for my first home,

541
00:25:45,520 --> 00:25:47,920
Speaker 8: haven't I Stay Love you guys.

542
00:25:48,080 --> 00:25:51,280
Speaker 2: Bye, we love you too. Oh my gosh, She's loved

543
00:25:51,320 --> 00:25:54,080
Speaker 2: apprehensive about whether she wanted to say that saying it,

544
00:25:54,160 --> 00:25:56,000
Speaker 2: she regretted saying it. I don't regret that we love

545
00:25:56,040 --> 00:25:57,760
Speaker 2: you too. Call it what it is. If you said

546
00:25:57,880 --> 00:26:00,760
Speaker 2: you love us first, that's fine. Yeah.

547
00:26:01,920 --> 00:26:04,639
Speaker 6: I just wouldn't agree with her because I contributed to

548
00:26:04,720 --> 00:26:06,480
Speaker 6: the first home or I contributed to my super I

549
00:26:06,520 --> 00:26:09,760
Speaker 6: should say last financial year, And when I was looking

550
00:26:09,800 --> 00:26:13,600
Speaker 6: into it, I was confused, like, it's not super clear.

551
00:26:13,720 --> 00:26:15,639
Speaker 6: I don't think when you look at the website they

552
00:26:15,680 --> 00:26:19,639
Speaker 6: don't excuse the part either, but they don't make it

553
00:26:19,720 --> 00:26:21,960
Speaker 6: super clear. I think in the outline not super clear.

554
00:26:22,040 --> 00:26:25,120
Speaker 6: The first time super saved is not super clear. No, unacceptable.

555
00:26:25,200 --> 00:26:27,119
Speaker 6: And I think I can totally understand why she's asking

556
00:26:27,160 --> 00:26:28,960
Speaker 6: this question because I had the same question. I did

557
00:26:29,000 --> 00:26:30,520
Speaker 6: the ring around. So I'm glad that she asked it.

558
00:26:30,680 --> 00:26:30,960
Speaker 8: You did.

559
00:26:31,040 --> 00:26:31,840
Speaker 2: How did you solve her?

560
00:26:32,000 --> 00:26:34,840
Speaker 6: So I called my super fund and asked them, and

561
00:26:35,080 --> 00:26:38,399
Speaker 6: to be honest, they were less comprehensive in their response

562
00:26:38,440 --> 00:26:39,280
Speaker 6: than I would have hoped.

563
00:26:39,440 --> 00:26:42,320
Speaker 2: Imagine if you had like access to a financial advisor

564
00:26:42,359 --> 00:26:43,880
Speaker 2: that you could have asked that might have been able

565
00:26:43,920 --> 00:26:46,399
Speaker 2: to guide you so that I did. Next, I asked you,

566
00:26:46,720 --> 00:26:48,399
Speaker 2: I'm glad I tell the first point of.

567
00:26:48,480 --> 00:26:49,920
Speaker 6: Cool though you're a busy woman.

568
00:26:49,960 --> 00:26:50,520
Speaker 2: What can I say?

569
00:26:51,680 --> 00:26:54,119
Speaker 6: Well, where we landed was you don't have to notify

570
00:26:54,160 --> 00:26:56,320
Speaker 6: anybody that you're contributing, because the way that it works

571
00:26:56,400 --> 00:26:59,119
Speaker 6: is you have to make your voluntary contribution first, So

572
00:26:59,280 --> 00:27:02,000
Speaker 6: you make your con tribution. It's capped currently at fifteen

573
00:27:02,040 --> 00:27:04,600
Speaker 6: thousand dollars per financial year. You can put that in

574
00:27:04,760 --> 00:27:06,399
Speaker 6: all at once, like right at the end of the

575
00:27:06,440 --> 00:27:08,080
Speaker 6: financial year like I did, or you can pay it

576
00:27:08,160 --> 00:27:11,080
Speaker 6: incrementally throughout the year, making easier on yourself either way.

577
00:27:11,640 --> 00:27:14,520
Speaker 6: And the current cap has it just changed? Is it

578
00:27:14,640 --> 00:27:15,080
Speaker 6: now fifty?

579
00:27:15,600 --> 00:27:18,080
Speaker 2: Now fifty thousand dollars? As of the first of July

580
00:27:18,280 --> 00:27:21,720
Speaker 2: twenty twenty two, the cap has been increased to fifty

581
00:27:21,800 --> 00:27:23,960
Speaker 2: thousand dollars instead of thirty thousand dollars, which is our

582
00:27:24,040 --> 00:27:25,760
Speaker 2: money win, very exciting.

583
00:27:25,520 --> 00:27:27,760
Speaker 6: But the max you can contribute is still a fifteen

584
00:27:27,760 --> 00:27:28,840
Speaker 6: which is kind annoying.

585
00:27:28,640 --> 00:27:31,680
Speaker 2: Really annoying. But at the same time, lots of us

586
00:27:31,960 --> 00:27:33,640
Speaker 2: are going to make use of that over the next

587
00:27:33,680 --> 00:27:36,040
Speaker 2: five years, which actually puts us in a position to

588
00:27:36,119 --> 00:27:36,720
Speaker 2: use that full.

589
00:27:36,680 --> 00:27:39,560
Speaker 6: Fifty absolutely, So you do that, and then when it

590
00:27:39,640 --> 00:27:42,440
Speaker 6: comes time to purchase a house, you need to lodge

591
00:27:42,480 --> 00:27:47,000
Speaker 6: a form before you sign your contract to purchase or build.

592
00:27:47,160 --> 00:27:50,360
Speaker 6: So if you are using this scheme, make sure mark

593
00:27:50,400 --> 00:27:53,480
Speaker 6: your calendar, write it down somewhere. You need to submit

594
00:27:53,560 --> 00:27:57,200
Speaker 6: a notice to withdraw with your superfund, and you also

595
00:27:57,320 --> 00:27:59,480
Speaker 6: probably need to pass that information along to your accountant.

596
00:27:59,520 --> 00:28:03,000
Speaker 6: I would ass for tax time, right yep, because they

597
00:28:03,080 --> 00:28:04,359
Speaker 6: need to know that you're doing it, they need to

598
00:28:04,359 --> 00:28:06,320
Speaker 6: know where that money is going. And then you have

599
00:28:06,680 --> 00:28:10,000
Speaker 6: I believe twelve months to use it from the date

600
00:28:10,119 --> 00:28:12,520
Speaker 6: that you notify them of your intention to withdraw.

601
00:28:12,680 --> 00:28:13,080
Speaker 8: Is that right?

602
00:28:13,359 --> 00:28:13,520
Speaker 1: Yep?

603
00:28:13,600 --> 00:28:16,720
Speaker 2: Yeap, Yeah, so very very on track. So you're right,

604
00:28:17,119 --> 00:28:19,800
Speaker 2: you don't have to tell anybody. But I always recommend

605
00:28:19,880 --> 00:28:22,000
Speaker 2: that you give your super fund a buzz because it's

606
00:28:22,040 --> 00:28:24,920
Speaker 2: really important to be educated, and we pay our super fees,

607
00:28:25,200 --> 00:28:27,480
Speaker 2: so we should make use of the resources they have.

608
00:28:27,840 --> 00:28:30,879
Speaker 2: And most of them have brilliant call centers full of

609
00:28:31,040 --> 00:28:33,960
Speaker 2: very educated people who know the ins and outs of

610
00:28:34,080 --> 00:28:36,760
Speaker 2: that specific super fund. So they might not be able

611
00:28:36,800 --> 00:28:38,960
Speaker 2: to tell you the difference between host plus and the

612
00:28:39,000 --> 00:28:41,480
Speaker 2: Westpac option, but they will be able to say, look,

613
00:28:41,560 --> 00:28:43,440
Speaker 2: this is what you've got access to. This is how

614
00:28:43,520 --> 00:28:45,680
Speaker 2: your fund works, These are your fees, this is what

615
00:28:45,920 --> 00:28:48,600
Speaker 2: your insurance is. And you can say I'm looking to

616
00:28:48,680 --> 00:28:50,440
Speaker 2: do this. Do you want to put any note on

617
00:28:50,560 --> 00:28:53,800
Speaker 2: my file or whatever it is? Have a chat? Unnecessary though,

618
00:28:53,840 --> 00:28:56,080
Speaker 2: because you're right. All you need to do is make

619
00:28:56,160 --> 00:28:59,800
Speaker 2: voluntary contributions to your superannuation. So that can be pre

620
00:29:00,080 --> 00:29:02,920
Speaker 2: all post tax, but it has to be a voluntary contribution.

621
00:29:03,480 --> 00:29:06,240
Speaker 2: And then, as you said, you're right up to fifteen

622
00:29:06,320 --> 00:29:10,120
Speaker 2: grand per financial year. Then once you're ready to buy,

623
00:29:10,240 --> 00:29:12,440
Speaker 2: you'll then apply for what they're calling a first Home

624
00:29:12,560 --> 00:29:16,760
Speaker 2: super Savior determination from the ATO. So you'll submit that

625
00:29:17,000 --> 00:29:20,360
Speaker 2: form to the ATO, and then the ATO will say, hey, Jess,

626
00:29:20,480 --> 00:29:22,840
Speaker 2: they'll review your super fund and basically what they're doing

627
00:29:22,960 --> 00:29:26,120
Speaker 2: is looking at how many voluntary contributions you made and

628
00:29:26,280 --> 00:29:28,320
Speaker 2: over what period you made them, and then they'll say,

629
00:29:28,360 --> 00:29:30,720
Speaker 2: all right, Jess, well you made fifteen thousand dollars worth

630
00:29:30,760 --> 00:29:33,840
Speaker 2: of voluntary contributions. You can access that. Then they'll tell

631
00:29:33,880 --> 00:29:36,800
Speaker 2: you how much you're eligible to withdraw and what tax

632
00:29:36,920 --> 00:29:39,600
Speaker 2: might be applicable to that, because sometimes if you want

633
00:29:39,640 --> 00:29:42,320
Speaker 2: to withdraw more, there might be different rules and regulations,

634
00:29:42,560 --> 00:29:46,800
Speaker 2: and then once you've received your determination no earlier, then

635
00:29:46,920 --> 00:29:49,560
Speaker 2: you're able to apply to the ATO to release those

636
00:29:49,640 --> 00:29:52,320
Speaker 2: funds and that is called a request for release, and

637
00:29:52,480 --> 00:29:54,400
Speaker 2: you will actually be able to go through the process

638
00:29:54,440 --> 00:29:56,880
Speaker 2: of Jess, you're absolutely correct having that put in your

639
00:29:56,920 --> 00:29:59,160
Speaker 2: bank account, and then you'll have twelve months from the

640
00:29:59,280 --> 00:30:01,480
Speaker 2: date of your quest to release to build or buy

641
00:30:01,520 --> 00:30:02,160
Speaker 2: your first home.

642
00:30:02,400 --> 00:30:04,920
Speaker 5: Can I add some points on top of that, of

643
00:30:05,000 --> 00:30:07,000
Speaker 5: course you can. I think it's important to know that

644
00:30:07,280 --> 00:30:10,120
Speaker 5: the reason that you do this is to effectively save

645
00:30:10,280 --> 00:30:13,680
Speaker 5: tax and the government have made it very complicated.

646
00:30:13,720 --> 00:30:14,239
Speaker 4: I don't know why.

647
00:30:14,280 --> 00:30:17,040
Speaker 5: They just the federal government just didn't give everyone five

648
00:30:17,120 --> 00:30:19,200
Speaker 5: grand or six grand to buy their first home as

649
00:30:19,200 --> 00:30:20,120
Speaker 5: an additional grant.

650
00:30:20,160 --> 00:30:21,640
Speaker 4: But whatever, you know what, let.

651
00:30:21,560 --> 00:30:23,600
Speaker 2: Them have their plans. They've made a plan.

652
00:30:23,840 --> 00:30:24,320
Speaker 3: I like it.

653
00:30:24,520 --> 00:30:25,000
Speaker 2: I just don't know.

654
00:30:25,000 --> 00:30:26,320
Speaker 4: It's just very complicated.

655
00:30:26,360 --> 00:30:29,120
Speaker 5: So all you're doing is washing thirty grand of your

656
00:30:29,160 --> 00:30:33,040
Speaker 5: deposit through superannuation, which is taxed at a lower tax.

657
00:30:32,960 --> 00:30:35,280
Speaker 2: Rate, so it can feel spicy. We can pretend we are.

658
00:30:35,280 --> 00:30:38,520
Speaker 5: Lord a lot of money and you'll probably save up

659
00:30:38,640 --> 00:30:41,960
Speaker 5: to six thousand dollars as a maximum. So a couple

660
00:30:42,040 --> 00:30:44,400
Speaker 5: of things what I would probably encourage you to do.

661
00:30:44,400 --> 00:30:48,080
Speaker 5: If you're unsure about buying a house right now, keep

662
00:30:48,160 --> 00:30:53,160
Speaker 5: saving and then each June just make a call. Because

663
00:30:53,720 --> 00:30:57,440
Speaker 5: if you saved thirty thousand dollars and you wanted to

664
00:30:57,480 --> 00:31:00,760
Speaker 5: buy a house in August of next year, you might

665
00:31:00,880 --> 00:31:05,520
Speaker 5: throw fifteen thousand dollars in in June and then the

666
00:31:05,600 --> 00:31:08,680
Speaker 5: other fifteen in July and then withdraw it in August.

667
00:31:09,280 --> 00:31:12,880
Speaker 5: It can get tricky with auctions because they're going to

668
00:31:12,920 --> 00:31:16,680
Speaker 5: want to deposit straight away, So that's my caveat. And then,

669
00:31:16,720 --> 00:31:20,760
Speaker 5: as VD said, if you were just salary sacrificing fifteen

670
00:31:20,800 --> 00:31:24,600
Speaker 5: thousand dollars a year into superannuation over four years, we

671
00:31:24,680 --> 00:31:27,400
Speaker 5: know that sixty grand when you put the determination in,

672
00:31:27,480 --> 00:31:30,640
Speaker 5: you'll only be able to use that fifty thousand. So

673
00:31:31,080 --> 00:31:33,920
Speaker 5: it is complicated, But also it kind of isn't It's

674
00:31:34,000 --> 00:31:35,840
Speaker 5: just extra payments. So you've put in super that you're

675
00:31:35,880 --> 00:31:37,400
Speaker 5: flashing through to save on tax.

676
00:31:37,640 --> 00:31:40,840
Speaker 2: Well, let's talk about I guess the difference between you

677
00:31:40,920 --> 00:31:43,080
Speaker 2: know what that actually looks like. Because you said you'll

678
00:31:43,120 --> 00:31:45,840
Speaker 2: save about six grand, Jess. Let's use you as an example.

679
00:31:46,400 --> 00:31:51,040
Speaker 2: You put ten grand into superannuation. Ten grand inside of

680
00:31:51,160 --> 00:31:55,560
Speaker 2: Super is actually worth about eight thousand, five hundred dollars

681
00:31:55,640 --> 00:31:58,800
Speaker 2: because if you're fifteen percent marginal tax rate inside super,

682
00:31:59,120 --> 00:32:02,080
Speaker 2: whereas if you earn between you know, ninety and one

683
00:32:02,160 --> 00:32:05,560
Speaker 2: hundred and eighty thousand dollars outside of super, if you'd

684
00:32:05,640 --> 00:32:09,640
Speaker 2: saved that instead, that's six thousand, three hundred dollars, So

685
00:32:09,760 --> 00:32:13,160
Speaker 2: the difference there would be about two thousand, two hundred dollars.

686
00:32:13,240 --> 00:32:15,200
Speaker 2: So it makes sense for a lot of people to

687
00:32:15,360 --> 00:32:17,520
Speaker 2: just put your money in there, regardless of whether you

688
00:32:17,560 --> 00:32:19,960
Speaker 2: can use the full fifty or not. Because for each

689
00:32:20,160 --> 00:32:22,200
Speaker 2: ten grand you put in there, if you have a

690
00:32:22,280 --> 00:32:25,360
Speaker 2: marginal tax rate of thirty seven percent, you're twenty six

691
00:32:25,400 --> 00:32:28,160
Speaker 2: percent better off. You're going to get another twenty two

692
00:32:28,240 --> 00:32:32,000
Speaker 2: hundred dollars towards your home, and that is actually that's

693
00:32:32,000 --> 00:32:32,680
Speaker 2: a lot of money.

694
00:32:33,120 --> 00:32:36,160
Speaker 5: Yeah, And I would be adding that if there are

695
00:32:36,320 --> 00:32:40,040
Speaker 5: market fluctuations and you put ten thousand dollars in because

696
00:32:40,080 --> 00:32:42,400
Speaker 5: you only wanted to have a house positive ten thousand

697
00:32:42,480 --> 00:32:46,800
Speaker 5: or fifteen, and there were market fluctuations, they will let

698
00:32:46,840 --> 00:32:49,520
Speaker 5: you withdraw extra of your superannuation out so you won't

699
00:32:49,520 --> 00:32:50,040
Speaker 5: actually be.

700
00:32:50,160 --> 00:32:52,000
Speaker 2: Penalized feel the fluctuation.

701
00:32:52,080 --> 00:32:54,640
Speaker 5: If you're starting out from scratch and you've got a

702
00:32:54,760 --> 00:32:58,760
Speaker 5: very low superbalance, you may choose to set up a

703
00:32:58,840 --> 00:33:01,000
Speaker 5: separate account and just have it cash and investment option

704
00:33:01,320 --> 00:33:03,800
Speaker 5: for your first Home Saver super scheme if it's got

705
00:33:03,840 --> 00:33:05,959
Speaker 5: to do it to your comfort level, and just make

706
00:33:06,000 --> 00:33:09,640
Speaker 5: sure you understand it absolutely. Your superfund should be able

707
00:33:09,680 --> 00:33:11,520
Speaker 5: to talk you through these structural facts.

708
00:33:11,800 --> 00:33:14,040
Speaker 2: So make use of your super fund resources because you're

709
00:33:14,080 --> 00:33:15,920
Speaker 2: paying for it. But Glenn, you also have a really

710
00:33:15,960 --> 00:33:18,240
Speaker 2: good YouTube video explaining that. Where can I find it?

711
00:33:18,600 --> 00:33:21,440
Speaker 4: I think if you just search my millennial money First

712
00:33:21,480 --> 00:33:22,440
Speaker 4: Home super Saver.

713
00:33:22,440 --> 00:33:24,160
Speaker 2: On YouTube, Italy explain it all.

714
00:33:24,400 --> 00:33:28,000
Speaker 5: Yeah, and we spend a good twenty minutes with diagrams.

715
00:33:28,560 --> 00:33:32,360
Speaker 5: It was done before the increase to fifty thousand, but the.

716
00:33:32,400 --> 00:33:34,680
Speaker 2: Marginal tax rates are the same and it's now fifty

717
00:33:34,760 --> 00:33:36,280
Speaker 2: instead of the cap of thirty.

718
00:33:36,440 --> 00:33:38,600
Speaker 5: Yeah, and this is the whole thing, guys like, as

719
00:33:38,760 --> 00:33:42,040
Speaker 5: legislation and things change throughout the time, as long as

720
00:33:42,080 --> 00:33:45,960
Speaker 5: you understand the concepts of how things work, you'll be safe.

721
00:33:46,280 --> 00:33:50,040
Speaker 2: Yeah. Absolutely, So to answer that question very clearly, no,

722
00:33:50,280 --> 00:33:52,520
Speaker 2: you don't have to do one before the other. You

723
00:33:52,680 --> 00:33:55,240
Speaker 2: can talk to your superfund or you can just start

724
00:33:55,320 --> 00:33:58,360
Speaker 2: contributing whatever works best for you. But unfortunately I do

725
00:33:58,520 --> 00:34:00,959
Speaker 2: think that's all we have time for today. Georgia King,

726
00:34:01,000 --> 00:34:03,640
Speaker 2: would you like to wrap the boring but important stuff already?

727
00:34:03,720 --> 00:34:06,360
Speaker 7: Guys, please remember that the advice sheared on Cheese on

728
00:34:06,400 --> 00:34:08,720
Speaker 7: the Money is general in nature. It does not consider

729
00:34:08,719 --> 00:34:12,200
Speaker 7: out your individual circumstances. She's on the Money exists purely

730
00:34:12,280 --> 00:34:15,000
Speaker 7: for educational purposes and should not be relied upon to

731
00:34:15,080 --> 00:34:18,640
Speaker 7: make an investment or a financial decision. And we promise

732
00:34:18,760 --> 00:34:22,160
Speaker 7: Victoria Devine and She's on the Money are authorized representatives

733
00:34:22,239 --> 00:34:26,080
Speaker 7: of in Focused Securities Australia Parrietary Limited ABN four seven

734
00:34:26,160 --> 00:34:28,880
Speaker 7: zero nine seven seven nine seven zero four nine AFOSL

735
00:34:28,960 --> 00:34:30,600
Speaker 7: two three six five two three.

736
00:34:30,920 --> 00:34:33,879
Speaker 2: See you on Monday, guys. Bye guys, bug LINB. See

737
00:34:33,920 --> 00:34:34,440
Speaker 2: you having there,