1 00:00:00,200 --> 00:00:02,040 Speaker 1: She's on the Money. 2 00:00:02,160 --> 00:00:14,400 Speaker 2: She's on the Money. 3 00:00:20,160 --> 00:00:22,680 Speaker 1: Hello, and welcome to She's on the Money, the podcast 4 00:00:22,760 --> 00:00:26,400 Speaker 1: for millennials who want financial freedom. My name is Annabel Lee. 5 00:00:26,520 --> 00:00:28,880 Speaker 1: I'm a law student and a millennial, and I desperately 6 00:00:28,920 --> 00:00:30,960 Speaker 1: want to get better at everything to do with money. 7 00:00:31,440 --> 00:00:33,920 Speaker 1: To do that, I'm stealing the brains with money experts 8 00:00:33,960 --> 00:00:37,160 Speaker 1: and my friend Victoria Design. Welcome Victoria. 9 00:00:37,400 --> 00:00:37,640 Speaker 3: Hi. 10 00:00:38,280 --> 00:00:41,279 Speaker 1: So what a week. We've had many people closing down 11 00:00:41,320 --> 00:00:43,839 Speaker 1: their after pay accounts because of last week's episode. How 12 00:00:43,920 --> 00:00:46,280 Speaker 1: exciting did a lot of people get in contact with 13 00:00:46,320 --> 00:00:47,800 Speaker 1: you about closing their after payccounts? 14 00:00:47,800 --> 00:00:48,800 Speaker 3: They absolutely did. 15 00:00:49,040 --> 00:00:52,040 Speaker 4: I had so many messages on Instagram and Facebook of 16 00:00:52,120 --> 00:00:55,280 Speaker 4: people who maybe weren't posting in the group saying, hey, Victoria, 17 00:00:55,520 --> 00:00:58,240 Speaker 4: I've realized that after pays maybe not being used in 18 00:00:58,240 --> 00:01:00,200 Speaker 4: the way it should be. And I've closed my after 19 00:01:00,200 --> 00:01:03,720 Speaker 4: pay account or zip pay account or whatever fast money 20 00:01:03,840 --> 00:01:06,280 Speaker 4: account they have, And I'm so proud of them all. 21 00:01:06,600 --> 00:01:08,399 Speaker 3: Again. I don't think it's the worst thing in the 22 00:01:08,400 --> 00:01:08,920 Speaker 3: world to have. 23 00:01:08,920 --> 00:01:11,319 Speaker 4: After pay, but if people are identifying that they're not 24 00:01:11,440 --> 00:01:14,640 Speaker 4: using it effectively, like, it's fantastic to hear that they 25 00:01:14,640 --> 00:01:17,240 Speaker 4: are owning that and taking that away from themselves. 26 00:01:17,280 --> 00:01:18,440 Speaker 1: What a proud mom moment. 27 00:01:18,560 --> 00:01:20,800 Speaker 3: I feel like such a proud mum. I'm too young 28 00:01:20,920 --> 00:01:23,040 Speaker 3: to be their moms, but I would love to be. 29 00:01:23,200 --> 00:01:25,400 Speaker 1: Why does that make me like a cool auntie? 30 00:01:25,520 --> 00:01:27,240 Speaker 3: I just got a really cool sister. 31 00:01:27,880 --> 00:01:31,600 Speaker 1: Anyway, Victoria. Today, let's talk about all things hextet. So 32 00:01:31,720 --> 00:01:34,440 Speaker 1: many young people are either accruing a hextet now or 33 00:01:34,560 --> 00:01:37,400 Speaker 1: paying off theirs as they work. So why don't we 34 00:01:37,440 --> 00:01:39,800 Speaker 1: talk about university in the context of it costing you 35 00:01:39,840 --> 00:01:41,959 Speaker 1: a whole bunch of money? But before we dig into that, 36 00:01:42,080 --> 00:01:44,680 Speaker 1: as always, let's get things rolling by sharing a money 37 00:01:44,680 --> 00:01:46,959 Speaker 1: win or a money confession from the week after you, 38 00:01:47,080 --> 00:01:47,559 Speaker 1: my darling. 39 00:01:48,120 --> 00:01:51,960 Speaker 4: So for the past week I have been in lockdown 40 00:01:52,040 --> 00:01:54,800 Speaker 4: after end of financial year, and I have a bit 41 00:01:54,840 --> 00:01:59,400 Speaker 4: of a money confession for you. This week I ordered 42 00:01:59,520 --> 00:02:01,000 Speaker 4: ubery three. 43 00:02:00,800 --> 00:02:04,720 Speaker 3: Times in three days. And it's not something I'm that 44 00:02:04,800 --> 00:02:05,200 Speaker 3: proud of. 45 00:02:05,280 --> 00:02:06,200 Speaker 1: And what will be ordering? 46 00:02:06,400 --> 00:02:07,919 Speaker 3: We're ordering pasta from Etto. 47 00:02:08,400 --> 00:02:11,160 Speaker 1: Oh that's fancy. Am I supposed to know what Etto is? 48 00:02:11,480 --> 00:02:14,240 Speaker 4: It's just this little pasta bar close to my work, 49 00:02:14,360 --> 00:02:16,799 Speaker 4: close enough I should be walking, honestly, but. 50 00:02:16,800 --> 00:02:18,959 Speaker 1: No, there's no time. You're a financial advisor. We've got 51 00:02:19,040 --> 00:02:21,320 Speaker 1: bills to I don't know, taxes to do. 52 00:02:21,400 --> 00:02:22,720 Speaker 3: Yeah, something like that. 53 00:02:22,840 --> 00:02:25,799 Speaker 4: I cannot justify the amount of pastor I've consumed in 54 00:02:25,840 --> 00:02:29,240 Speaker 4: the last three days, or the Uberts bills I've accrued. 55 00:02:29,600 --> 00:02:31,040 Speaker 1: That's okay, I forgive you. 56 00:02:31,120 --> 00:02:33,639 Speaker 3: Have you got something to make up for my foes. 57 00:02:33,760 --> 00:02:35,880 Speaker 1: I've got a money win. I didn't earn this money 58 00:02:35,880 --> 00:02:38,000 Speaker 1: win at all. But it has something to do with 59 00:02:38,160 --> 00:02:40,000 Speaker 1: a free weekend getaway. 60 00:02:40,400 --> 00:02:41,080 Speaker 3: Oh I know. 61 00:02:41,200 --> 00:02:43,280 Speaker 1: Have you heard of cozy tents? By any chance? I 62 00:02:43,520 --> 00:02:46,480 Speaker 1: haven't not sponsored by the way, it is this kind 63 00:02:46,520 --> 00:02:49,120 Speaker 1: of glamping holiday thing where you go to I think 64 00:02:49,160 --> 00:02:51,800 Speaker 1: it's in Dale'sford and it's this really fancy tent. They 65 00:02:51,800 --> 00:02:53,480 Speaker 1: bring you like a breakfast box in the morning. 66 00:02:53,880 --> 00:02:54,680 Speaker 3: I'm so fancy. 67 00:02:54,720 --> 00:02:57,080 Speaker 4: One of my girlfriends has one of those companies called 68 00:02:57,120 --> 00:02:57,960 Speaker 4: Into the Woods. 69 00:02:57,960 --> 00:02:59,680 Speaker 3: Oh yeah, it's gorgeous. 70 00:02:59,760 --> 00:03:01,960 Speaker 1: Well it's I think it's supposed to be for couples, 71 00:03:01,960 --> 00:03:05,080 Speaker 1: but I'm single, so I'm bringing my sister, my best 72 00:03:05,080 --> 00:03:09,280 Speaker 1: friend Ella. She got gifted this for her birthday by 73 00:03:09,280 --> 00:03:12,200 Speaker 1: her brothers, but she a is in Europe right now, 74 00:03:12,240 --> 00:03:14,120 Speaker 1: so it's going to expire and b she broke up 75 00:03:14,120 --> 00:03:16,359 Speaker 1: with her long term boyfriend, so she decided to give 76 00:03:16,400 --> 00:03:16,720 Speaker 1: it to me. 77 00:03:17,040 --> 00:03:18,000 Speaker 3: Oh that's so sweet. 78 00:03:18,120 --> 00:03:20,440 Speaker 1: It's sad, but also you know winning. 79 00:03:20,680 --> 00:03:23,160 Speaker 3: I don't feel sorry for her. She's in Europe though, I. 80 00:03:23,160 --> 00:03:25,040 Speaker 1: Know, and she's having the best time. We miss you all. 81 00:03:25,280 --> 00:03:27,920 Speaker 4: Would you like to be in attend in Dylesford or 82 00:03:27,960 --> 00:03:28,840 Speaker 4: in Europe right now? 83 00:03:28,919 --> 00:03:31,160 Speaker 1: And I'm not sure she's in cold as well, So yeah, 84 00:03:31,200 --> 00:03:33,000 Speaker 1: she definitely wins out of all of us. And you're 85 00:03:33,040 --> 00:03:36,360 Speaker 1: going this weekend next weekend. I sister has a busy schedule. 86 00:03:36,360 --> 00:03:39,360 Speaker 1: I've got a yes slotter in Okay, moving on, let's 87 00:03:39,360 --> 00:03:41,840 Speaker 1: get into the show. The number of Australians going to 88 00:03:41,920 --> 00:03:45,240 Speaker 1: UNI has steadily increased over the last decade. On top 89 00:03:45,280 --> 00:03:47,680 Speaker 1: of that, women have out numbered men in university since 90 00:03:47,760 --> 00:03:50,280 Speaker 1: nineteen eighty seven, and now they do so buy a 91 00:03:50,320 --> 00:03:53,760 Speaker 1: hefty margin. Yes, girls, While that sounds like a fist 92 00:03:53,760 --> 00:03:56,320 Speaker 1: pump moment, there's something we forget to think about when 93 00:03:56,320 --> 00:03:57,120 Speaker 1: it comes to UNI. 94 00:03:57,520 --> 00:03:57,960 Speaker 2: The debt. 95 00:03:58,200 --> 00:04:00,240 Speaker 1: Now I have a huge hex debt. I think I'm 96 00:04:00,280 --> 00:04:03,040 Speaker 1: studying a double degree, but because I don't have to 97 00:04:03,040 --> 00:04:05,320 Speaker 1: pay for it now, I haven't considered the position that 98 00:04:05,360 --> 00:04:07,840 Speaker 1: I'm putting myself in potentially down the track. Do you 99 00:04:07,880 --> 00:04:11,080 Speaker 1: think our attitude towards university and hexdet largely ties into 100 00:04:11,120 --> 00:04:13,000 Speaker 1: our attitude towards things like after pay. 101 00:04:13,480 --> 00:04:15,720 Speaker 4: I think in a way it does, and not in 102 00:04:15,760 --> 00:04:18,440 Speaker 4: the same way that we would categorize after pay more 103 00:04:18,480 --> 00:04:21,200 Speaker 4: in the let's just think about it later kind of way, 104 00:04:21,800 --> 00:04:24,320 Speaker 4: not in a I know that this is an immediate debt. 105 00:04:24,360 --> 00:04:26,599 Speaker 4: How does this impact my future cash flow? What does 106 00:04:26,640 --> 00:04:28,440 Speaker 4: that look like? How much will I be paying back? 107 00:04:28,440 --> 00:04:29,800 Speaker 4: And when will I be paying it back? 108 00:04:30,000 --> 00:04:32,600 Speaker 1: So the average HEX debt is actually on the rise. 109 00:04:32,760 --> 00:04:36,279 Speaker 1: It currently stands at twenty thousand dollars, up five thousand 110 00:04:36,320 --> 00:04:39,520 Speaker 1: dollars from twenty fourteen. So experts say that HEX and 111 00:04:39,600 --> 00:04:42,800 Speaker 1: help debt is at an all time high for two reasons. One, 112 00:04:43,040 --> 00:04:46,600 Speaker 1: we're expected to complete additional postgraduate studies to be qualified 113 00:04:46,600 --> 00:04:49,200 Speaker 1: for our jobs in our field, and two, wage growth 114 00:04:49,279 --> 00:04:52,640 Speaker 1: has flattened, increasing the number of people who aren't making 115 00:04:52,680 --> 00:04:55,960 Speaker 1: repayments and therefore or watching their debts increase. Do you 116 00:04:55,960 --> 00:04:58,800 Speaker 1: think our generation has been, for lack of a better word, 117 00:04:58,960 --> 00:05:00,839 Speaker 1: totally royally screwed up. 118 00:05:01,160 --> 00:05:02,039 Speaker 3: Absolutely not. 119 00:05:02,400 --> 00:05:04,960 Speaker 4: I think it's really important to realize that we are 120 00:05:05,040 --> 00:05:06,279 Speaker 4: incredibly lucky. 121 00:05:05,960 --> 00:05:07,880 Speaker 3: To have access to help debt. 122 00:05:08,160 --> 00:05:10,080 Speaker 4: So, just to quickly define it, it used to be 123 00:05:10,120 --> 00:05:12,440 Speaker 4: called HEX and now it's called HELP, which is the 124 00:05:12,480 --> 00:05:15,159 Speaker 4: higher education loan program because it is a loan that 125 00:05:15,160 --> 00:05:16,679 Speaker 4: you guys need to be paying back. 126 00:05:17,040 --> 00:05:18,080 Speaker 3: So I think we're. 127 00:05:17,960 --> 00:05:20,000 Speaker 4: Really lucky to live in a country where we have 128 00:05:20,160 --> 00:05:23,560 Speaker 4: access to a higher education loan scheme that allows us 129 00:05:23,600 --> 00:05:27,279 Speaker 4: to study and defer payments of something that is really 130 00:05:27,360 --> 00:05:30,640 Speaker 4: valuable to us. So we know research says that a 131 00:05:30,680 --> 00:05:34,120 Speaker 4: millennial who has a university degree will earn eight hundred 132 00:05:34,120 --> 00:05:37,120 Speaker 4: thousand dollars more than someone who does not have a 133 00:05:37,200 --> 00:05:41,279 Speaker 4: university degree. And for me, that is a massive impact 134 00:05:41,520 --> 00:05:43,520 Speaker 4: that a university degree can. 135 00:05:43,400 --> 00:05:43,960 Speaker 3: Have on you. 136 00:05:44,360 --> 00:05:47,279 Speaker 4: And for a hex stet of twenty thousand dollars, is 137 00:05:47,279 --> 00:05:49,200 Speaker 4: that worth you getting into that race? 138 00:05:49,600 --> 00:05:52,359 Speaker 1: What's interesting to me is that two point nine million 139 00:05:52,400 --> 00:05:55,640 Speaker 1: ossies currently have outstanding help debt, the highest in our 140 00:05:55,640 --> 00:05:58,800 Speaker 1: country's history, and more than two hundred thousand Australians currently 141 00:05:58,800 --> 00:06:01,960 Speaker 1: have an outstanding balance of more than fifty thousand dollars. 142 00:06:02,240 --> 00:06:04,200 Speaker 1: WHOA is that at all concerning to you? 143 00:06:04,720 --> 00:06:05,719 Speaker 3: It isn't? It isn't. 144 00:06:05,960 --> 00:06:08,040 Speaker 4: I think it's really special that we're in a country. 145 00:06:08,080 --> 00:06:10,880 Speaker 4: Where as much as we are more in help debt 146 00:06:10,920 --> 00:06:12,880 Speaker 4: than we've ever been, it means that we're. 147 00:06:12,680 --> 00:06:15,039 Speaker 3: More educated than we've ever been before. 148 00:06:15,080 --> 00:06:18,520 Speaker 4: You mentioned that more women are in universities than ever before, 149 00:06:18,560 --> 00:06:21,080 Speaker 4: and there was a period of time where women weren't 150 00:06:21,080 --> 00:06:23,160 Speaker 4: in universities at all. So I think we really need 151 00:06:23,200 --> 00:06:26,560 Speaker 4: to celebrate the progress that we are making and work 152 00:06:26,600 --> 00:06:29,279 Speaker 4: out what that actually means. So, unlike a loan for 153 00:06:29,320 --> 00:06:31,799 Speaker 4: a car or a house, help debt doesn't actually attract 154 00:06:31,880 --> 00:06:34,599 Speaker 4: any interest at all. So in other words, you're not 155 00:06:34,640 --> 00:06:37,599 Speaker 4: paying the government for the privilege of borrowing the money. 156 00:06:37,640 --> 00:06:40,880 Speaker 4: You're only ever paying what's called indexation. This is such 157 00:06:40,920 --> 00:06:45,039 Speaker 4: a good thing because indexation is not interest, and interest 158 00:06:45,080 --> 00:06:47,279 Speaker 4: would be they were charging you for the privilege of 159 00:06:47,320 --> 00:06:51,080 Speaker 4: borrowing the money, whereas indexation is actually just the amount 160 00:06:51,320 --> 00:06:53,800 Speaker 4: that the debt is going to increase each year to 161 00:06:53,880 --> 00:06:56,320 Speaker 4: be in line with the cost of living. So last 162 00:06:56,400 --> 00:06:58,760 Speaker 4: year that was one point eight percent and this year 163 00:06:58,800 --> 00:07:00,320 Speaker 4: it is one point nine. 164 00:07:00,520 --> 00:07:03,240 Speaker 1: Right, So I guess those stats are also fine if 165 00:07:03,240 --> 00:07:05,320 Speaker 1: the debt is being used to fund careers that we 166 00:07:05,360 --> 00:07:08,440 Speaker 1: actually want. But studies show one in three university students 167 00:07:08,480 --> 00:07:11,640 Speaker 1: regret their choice of degree. Do you see this as common. 168 00:07:11,960 --> 00:07:14,080 Speaker 4: I think it is really common for people to jump 169 00:07:14,120 --> 00:07:17,920 Speaker 4: straight into university from high school. And I don't think 170 00:07:17,960 --> 00:07:19,960 Speaker 4: it's uncommon for people to be in a position where 171 00:07:19,960 --> 00:07:23,680 Speaker 4: they've jumped from having a you know, a really structured 172 00:07:23,760 --> 00:07:26,920 Speaker 4: environment and then worrying about not having that structure, so 173 00:07:27,000 --> 00:07:29,480 Speaker 4: jump straight into a degree to kind of maintain that. 174 00:07:29,600 --> 00:07:31,760 Speaker 4: Or they feel like their friends are doing a degree, 175 00:07:31,840 --> 00:07:33,800 Speaker 4: I may as well do the same degree. 176 00:07:33,800 --> 00:07:36,160 Speaker 3: I'll just follow in their footsteps. But I think. 177 00:07:36,120 --> 00:07:39,440 Speaker 4: Picking a degree is such a big topic, and if 178 00:07:39,480 --> 00:07:42,080 Speaker 4: you are not ready to pick a degree that you're 179 00:07:42,160 --> 00:07:44,600 Speaker 4: super passionate about or you know you want to do, 180 00:07:45,040 --> 00:07:47,320 Speaker 4: potentially it's worth having a little bit more of a 181 00:07:47,320 --> 00:07:49,360 Speaker 4: think about that and taking some more time. 182 00:07:49,640 --> 00:07:51,600 Speaker 3: Yeah, take a gap year, take some time. 183 00:07:51,840 --> 00:07:53,880 Speaker 4: University will be there for you in twelve months, in 184 00:07:53,920 --> 00:07:56,520 Speaker 4: eighteen months, in two years, in five years. You don't 185 00:07:56,560 --> 00:07:58,760 Speaker 4: have to jump straight into a degree. You can go 186 00:07:58,840 --> 00:08:01,480 Speaker 4: out and work, or you could go to Europe for 187 00:08:01,520 --> 00:08:05,000 Speaker 4: a gap year, or travel or do whatever helps inspire 188 00:08:05,040 --> 00:08:07,520 Speaker 4: you and helps you work out where you want to go. 189 00:08:08,040 --> 00:08:10,480 Speaker 1: So do you think millennials and Gen zetters would benefit 190 00:08:10,520 --> 00:08:11,600 Speaker 1: from a mindset shift? 191 00:08:11,960 --> 00:08:12,560 Speaker 3: I think so. 192 00:08:13,080 --> 00:08:16,040 Speaker 4: I think it's really important to also remember that as 193 00:08:16,160 --> 00:08:18,880 Speaker 4: much as help debt to me is an okay debt 194 00:08:18,960 --> 00:08:22,360 Speaker 4: to hold, it is still a debt, and jumping headfirst 195 00:08:22,440 --> 00:08:25,320 Speaker 4: into that is not a great idea if you're not 196 00:08:25,440 --> 00:08:28,200 Speaker 4: one hundred percent committed to the outcome. So say you 197 00:08:28,240 --> 00:08:31,400 Speaker 4: go do a marketing degree and then realize you don't 198 00:08:31,440 --> 00:08:34,280 Speaker 4: want to do marketing. You've just spent thirty five thousand 199 00:08:34,360 --> 00:08:37,600 Speaker 4: dollars on something that isn't contributing to you earning money 200 00:08:37,640 --> 00:08:39,680 Speaker 4: because it's not a space you want to be working in. 201 00:08:40,120 --> 00:08:45,040 Speaker 1: So studies show that degrees in nursing, health services, education, law, business, 202 00:08:45,040 --> 00:08:48,240 Speaker 1: and psychology they all have a high satisfaction rate from graduates, 203 00:08:48,679 --> 00:08:52,400 Speaker 1: while more than half of all graduates from social sciences, humanities, culture, 204 00:08:52,440 --> 00:08:55,320 Speaker 1: and the arts felt to their degree weren't actually relevant 205 00:08:55,320 --> 00:08:57,880 Speaker 1: to their jobs. Do you think we need maybe job 206 00:08:57,920 --> 00:09:00,600 Speaker 1: recruiters in the cultural fields to reconsider the need for 207 00:09:00,600 --> 00:09:01,400 Speaker 1: that piece of paper. 208 00:09:02,240 --> 00:09:04,280 Speaker 3: I think it's an interesting question. 209 00:09:05,720 --> 00:09:08,840 Speaker 4: I think what we need here is actually career counselors. 210 00:09:08,920 --> 00:09:12,200 Speaker 4: So people go into degrees knowing what the outcomes are 211 00:09:12,200 --> 00:09:14,560 Speaker 4: going to be. It's one thing to go into social 212 00:09:14,600 --> 00:09:16,600 Speaker 4: work because you want to be a social worker, but 213 00:09:16,720 --> 00:09:20,640 Speaker 4: those units are often not made up of things that 214 00:09:20,679 --> 00:09:23,800 Speaker 4: are directly related to having hands on experience. It's a 215 00:09:23,800 --> 00:09:27,200 Speaker 4: lot about philosophy and you know, psychology and things that 216 00:09:27,480 --> 00:09:30,600 Speaker 4: potentially you didn't expect to get into when you said 217 00:09:30,640 --> 00:09:32,719 Speaker 4: I want to be a social worker. So I think 218 00:09:32,760 --> 00:09:35,120 Speaker 4: if you are considering going to university and you're not 219 00:09:35,280 --> 00:09:38,439 Speaker 4: entirely sure what degree you should be going straight into 220 00:09:38,720 --> 00:09:41,040 Speaker 4: going and seeing a career counselor is going to help 221 00:09:41,080 --> 00:09:43,920 Speaker 4: you get that clarity, but also work out what are 222 00:09:43,960 --> 00:09:46,680 Speaker 4: the outcomes of this degree, what does that look like, 223 00:09:46,760 --> 00:09:49,719 Speaker 4: How tangible and applicable are these things to what I'm 224 00:09:49,760 --> 00:09:50,600 Speaker 4: working towards. 225 00:09:50,880 --> 00:09:53,120 Speaker 1: It's also, I think important to note that there are 226 00:09:53,240 --> 00:09:55,800 Speaker 1: transferable skills in like arts degrees as well. I don't 227 00:09:55,840 --> 00:09:58,240 Speaker 1: want to put anyone off studying us for risk. I'm 228 00:09:58,280 --> 00:10:01,080 Speaker 1: studying one, so I think. But even if you are 229 00:10:01,120 --> 00:10:03,960 Speaker 1: studying a broader degree it is it can be useful 230 00:10:03,960 --> 00:10:05,040 Speaker 1: for the workforce. 231 00:10:05,400 --> 00:10:08,160 Speaker 4: So I started my university career, you could say, in 232 00:10:08,200 --> 00:10:11,520 Speaker 4: an arts degree, and after six months transferred to psychology. 233 00:10:11,600 --> 00:10:13,520 Speaker 4: So I was that kid who didn't really know one 234 00:10:13,559 --> 00:10:16,880 Speaker 4: hundred percent what she wanted to do and didn't want 235 00:10:16,880 --> 00:10:18,560 Speaker 4: to miss out. So all of my friends were going 236 00:10:18,640 --> 00:10:20,520 Speaker 4: to university, and I wanted to go to the same 237 00:10:20,600 --> 00:10:23,240 Speaker 4: university they were going to, and so that's where I 238 00:10:23,360 --> 00:10:26,120 Speaker 4: ended up. I am very lucky in that I did 239 00:10:26,160 --> 00:10:28,680 Speaker 4: speak to a career as counselor at the university early 240 00:10:28,760 --> 00:10:31,560 Speaker 4: on and worked out that potentially an arts degree wasn't 241 00:10:31,600 --> 00:10:34,320 Speaker 4: going to help me achieve the goals I wanted to achieve, 242 00:10:34,360 --> 00:10:35,840 Speaker 4: and psychology was something I. 243 00:10:35,800 --> 00:10:36,960 Speaker 3: Was more passionate about. 244 00:10:37,280 --> 00:10:40,080 Speaker 4: So I did end up finishing that degree in psych 245 00:10:40,200 --> 00:10:43,800 Speaker 4: and graduated with a Bachelor of Psychological Science, and I 246 00:10:43,840 --> 00:10:45,960 Speaker 4: don't regret that at all. But it's also, as you 247 00:10:46,000 --> 00:10:48,560 Speaker 4: guys can see, not where I currently work. So I 248 00:10:48,600 --> 00:10:51,960 Speaker 4: think it's really interesting that I have had such a 249 00:10:52,040 --> 00:10:55,440 Speaker 4: varied experience. But I also think that everything I learned 250 00:10:55,440 --> 00:10:57,600 Speaker 4: in that degree is now being applied to what I 251 00:10:57,679 --> 00:11:00,960 Speaker 4: do now. And as much as people say, oh, it 252 00:11:01,040 --> 00:11:03,079 Speaker 4: was a waste of money to do that marketing degree 253 00:11:03,160 --> 00:11:06,160 Speaker 4: or that psychology degree, I think that a lot of 254 00:11:06,160 --> 00:11:08,839 Speaker 4: the skills, as you were saying, Annabel, are really transferable, 255 00:11:08,920 --> 00:11:11,760 Speaker 4: and if you are able to work out what those 256 00:11:11,800 --> 00:11:14,960 Speaker 4: transferrable skills look like, especially if you're close to the 257 00:11:15,040 --> 00:11:17,680 Speaker 4: end of a degree that you are maybe feeling like 258 00:11:17,720 --> 00:11:20,320 Speaker 4: you don't want to finish, sometimes it's better to just 259 00:11:20,400 --> 00:11:22,720 Speaker 4: finish that degree, have a think about how you could 260 00:11:22,720 --> 00:11:26,200 Speaker 4: apply those skills in your new chosen career, and move 261 00:11:26,240 --> 00:11:29,000 Speaker 4: forward from there. So as much as I'm saying don't 262 00:11:29,000 --> 00:11:31,400 Speaker 4: get into debt for the sake of it, I also 263 00:11:31,600 --> 00:11:33,920 Speaker 4: would hate to think that someone is getting thirty thousand 264 00:11:33,960 --> 00:11:39,640 Speaker 4: dollars into HEXT debt and exits a university degree without 265 00:11:39,679 --> 00:11:42,320 Speaker 4: spending that last five thousand to get the final part 266 00:11:42,360 --> 00:11:44,720 Speaker 4: of the degree. At least you're walking away with something 267 00:11:44,760 --> 00:11:47,839 Speaker 4: instead of, you know, just a debt that isn't applicable 268 00:11:47,840 --> 00:11:48,480 Speaker 4: to a lot. 269 00:11:48,640 --> 00:11:51,200 Speaker 1: It's a huge accomplishment anyway. Moving on from that to 270 00:11:51,200 --> 00:11:53,520 Speaker 1: the more practical stuff, I guess, how can we actually 271 00:11:53,559 --> 00:11:56,320 Speaker 1: improve our understanding of education and debt? So where can 272 00:11:56,360 --> 00:11:58,920 Speaker 1: we find out what our current hexdet balance actually is? 273 00:11:59,160 --> 00:12:02,240 Speaker 4: So the MYGAV website is actually really helpful for finding 274 00:12:02,280 --> 00:12:04,440 Speaker 4: out what your hex debt is. You can sign in, 275 00:12:04,520 --> 00:12:06,160 Speaker 4: you can see what you've paid off it, you can 276 00:12:06,200 --> 00:12:09,200 Speaker 4: see what is owed. You can make voluntary contributions through 277 00:12:09,240 --> 00:12:11,680 Speaker 4: that website. It's also the same website you can see 278 00:12:11,679 --> 00:12:14,040 Speaker 4: your tax information and Medicare details through. 279 00:12:14,360 --> 00:12:17,040 Speaker 1: So, Victoria, you've mentioned you've got a hefty hex debt, 280 00:12:17,080 --> 00:12:19,320 Speaker 1: still you have to pay off. How do you How 281 00:12:19,320 --> 00:12:21,800 Speaker 1: do you approach it? Though? Do you make extra voluntary 282 00:12:21,800 --> 00:12:23,559 Speaker 1: repayments on top of what comes out of your pay 283 00:12:23,600 --> 00:12:24,120 Speaker 1: every month? 284 00:12:24,280 --> 00:12:27,240 Speaker 4: I don't, So this is something I get asked a 285 00:12:27,280 --> 00:12:30,520 Speaker 4: lot because it's such a tension point. Nobody likes being 286 00:12:30,520 --> 00:12:33,520 Speaker 4: in debt. No one wants to feel like they owe 287 00:12:33,559 --> 00:12:37,080 Speaker 4: anybody anything, and so getting rid of hex debt to 288 00:12:37,120 --> 00:12:40,040 Speaker 4: a lot of people is a priority to me. It's not, though. 289 00:12:40,440 --> 00:12:42,880 Speaker 4: My help debt sits in the background, and I know 290 00:12:43,040 --> 00:12:45,600 Speaker 4: that if it is going to tick off over time, 291 00:12:45,920 --> 00:12:48,200 Speaker 4: so I am absolutely okay with the fact that it 292 00:12:48,240 --> 00:12:51,280 Speaker 4: will be subject to indexation, and I know that it's 293 00:12:51,320 --> 00:12:53,560 Speaker 4: going to go up slightly each year. But I also 294 00:12:53,679 --> 00:12:56,439 Speaker 4: know that with my income, I will be paying off 295 00:12:56,480 --> 00:12:59,200 Speaker 4: more than what indexation is each year. So we're getting 296 00:12:59,280 --> 00:13:02,080 Speaker 4: there and it is going to not be an issue 297 00:13:02,080 --> 00:13:04,079 Speaker 4: for me in the future. But I think I think 298 00:13:04,120 --> 00:13:06,760 Speaker 4: it's a really interesting point that people ask me, Victoria, 299 00:13:06,800 --> 00:13:09,760 Speaker 4: do you pay additional repayments off your hextet? If not, 300 00:13:09,880 --> 00:13:13,559 Speaker 4: why not, so I don't voluntarily pay off my hextet 301 00:13:13,679 --> 00:13:15,960 Speaker 4: Because I look at debt in three different ways. 302 00:13:16,160 --> 00:13:18,120 Speaker 3: You've got good debt, So good debt. 303 00:13:17,920 --> 00:13:20,520 Speaker 4: Is where you have borrowed money for investments like property 304 00:13:20,679 --> 00:13:22,439 Speaker 4: or shares, and these things. 305 00:13:22,280 --> 00:13:23,800 Speaker 3: You expect to grow over time. 306 00:13:24,120 --> 00:13:26,320 Speaker 4: You've got okay debts, so this is debt like a 307 00:13:26,360 --> 00:13:28,640 Speaker 4: hex debt that you don't want to have forever, but 308 00:13:28,880 --> 00:13:33,400 Speaker 4: it's an appreciating asset. So mortgages and student loans and 309 00:13:33,440 --> 00:13:36,880 Speaker 4: your help debt go into this basket because as much 310 00:13:36,880 --> 00:13:39,360 Speaker 4: as we want to pay them off, we also aren't 311 00:13:39,360 --> 00:13:41,480 Speaker 4: pressed for time. We are living in a country where 312 00:13:41,520 --> 00:13:44,640 Speaker 4: there is actually no time limit on the amount of 313 00:13:44,640 --> 00:13:46,520 Speaker 4: time it takes you to pay off your hex debt. 314 00:13:46,920 --> 00:13:50,160 Speaker 4: And if we are in a position where indexation is 315 00:13:50,200 --> 00:13:53,600 Speaker 4: at one point nine percent per year, but the average 316 00:13:53,640 --> 00:13:57,520 Speaker 4: return of the share market each year is about seven percent, 317 00:13:58,000 --> 00:13:59,880 Speaker 4: I know where I'd prefer to put my money. 318 00:14:00,080 --> 00:14:01,520 Speaker 1: So many numbers, but I'm getting it. 319 00:14:01,559 --> 00:14:04,200 Speaker 4: I think I'm getting it, Yeah, slowly, but surely. And 320 00:14:04,240 --> 00:14:06,640 Speaker 4: then of course we've got bad debt. And bad debt 321 00:14:06,640 --> 00:14:10,240 Speaker 4: are things like personal loans and cars and holidays and 322 00:14:10,280 --> 00:14:12,240 Speaker 4: things that you're putting on a credit card that you 323 00:14:12,280 --> 00:14:15,240 Speaker 4: can't afford out of your weekly cash flow, that are 324 00:14:15,320 --> 00:14:19,600 Speaker 4: not appreciating assets, and they typically carry higher interest rates 325 00:14:19,640 --> 00:14:23,240 Speaker 4: that aren't helping you grow your future wealth. So Hex 326 00:14:23,480 --> 00:14:25,800 Speaker 4: and help debt to me go in that it's an 327 00:14:25,840 --> 00:14:28,920 Speaker 4: okay debt to have because to me, my money and 328 00:14:29,000 --> 00:14:32,120 Speaker 4: my weekly income is better spent on things like shares 329 00:14:32,200 --> 00:14:33,560 Speaker 4: and appreciating assets. 330 00:14:33,760 --> 00:14:35,840 Speaker 1: Right, So, as long as it's not bad, we're good. 331 00:14:36,000 --> 00:14:36,360 Speaker 3: We are. 332 00:14:39,440 --> 00:14:39,600 Speaker 4: Hi. 333 00:14:39,680 --> 00:14:42,040 Speaker 1: There, you've called the shoes on the money Hotline. Do 334 00:14:42,040 --> 00:14:44,280 Speaker 1: you have a money problem you want help solving. Do 335 00:14:44,320 --> 00:14:46,280 Speaker 1: you have a money dilemma you just want to chat about? 336 00:14:46,520 --> 00:14:49,440 Speaker 1: Victoria is here to help. Each week we'll be playing 337 00:14:49,440 --> 00:14:51,480 Speaker 1: your hotline questions to help make sense of the money 338 00:14:51,520 --> 00:14:53,680 Speaker 1: mess you may have found yourself in. Give us a 339 00:14:53,680 --> 00:14:56,280 Speaker 1: call on O four three five two nine three double 340 00:14:56,320 --> 00:14:58,640 Speaker 1: eighty six and you might find yourself on the show. 341 00:14:59,160 --> 00:15:00,880 Speaker 1: But for now, here's the whole bunch of you who 342 00:15:00,920 --> 00:15:11,240 Speaker 1: have some problems with UNI debt and Centrelink overpayments. 343 00:15:12,240 --> 00:15:18,080 Speaker 5: Hi, guys, I am twenty four and I am currently 344 00:15:18,120 --> 00:15:20,880 Speaker 5: in one hundred and seventy thousand dollars worth of Hex's 345 00:15:20,920 --> 00:15:24,280 Speaker 5: debt due to doing two degrees. Now I know that 346 00:15:24,320 --> 00:15:28,760 Speaker 5: the government has done some sort of legislation that means 347 00:15:28,800 --> 00:15:32,560 Speaker 5: we have to pay more tax or more HEX. So 348 00:15:32,640 --> 00:15:34,960 Speaker 5: if someone could explain that to me, that'd be great. 349 00:15:35,040 --> 00:15:35,840 Speaker 5: Thanks Space. 350 00:15:37,200 --> 00:15:39,280 Speaker 1: So Victoria, is that right? What do you reckon? 351 00:15:39,640 --> 00:15:43,040 Speaker 4: So the government has passed the thresholds at which you 352 00:15:43,160 --> 00:15:46,760 Speaker 4: have to start paying back HEX or help debt. So 353 00:15:46,880 --> 00:15:49,440 Speaker 4: this is not saying we have to pay back more 354 00:15:49,440 --> 00:15:52,200 Speaker 4: than ever before. It just means that they've changed the 355 00:15:52,240 --> 00:15:55,680 Speaker 4: amount that you earn per year as a minimum requirement. 356 00:15:56,000 --> 00:15:59,200 Speaker 4: So in the twenty eighteen twenty nineteen tax yeah, if 357 00:15:59,200 --> 00:16:02,080 Speaker 4: you were earning more than fifty one thousand, nine hundred 358 00:16:02,120 --> 00:16:05,360 Speaker 4: and fifty seven dollars, you had to start paying your 359 00:16:05,400 --> 00:16:08,760 Speaker 4: help debt back and you had to pay back two 360 00:16:08,800 --> 00:16:13,120 Speaker 4: percent of your help debt. So the change that she's 361 00:16:13,200 --> 00:16:16,720 Speaker 4: talking about is the upcoming change for the next financial year, 362 00:16:16,760 --> 00:16:19,720 Speaker 4: and that's the twenty nineteen twenty twenty year, and the 363 00:16:19,800 --> 00:16:22,600 Speaker 4: threshold is actually going to change to forty five thousand, 364 00:16:22,680 --> 00:16:25,200 Speaker 4: eight hundred and eighty one dollars, So they've brought it 365 00:16:25,280 --> 00:16:27,720 Speaker 4: down pretty significantly, which means if you were in a 366 00:16:27,760 --> 00:16:30,520 Speaker 4: position where you were earning fifty thousand dollars. Last year, 367 00:16:31,520 --> 00:16:33,640 Speaker 4: you weren't having to pay back your HEX debt, so 368 00:16:33,680 --> 00:16:36,240 Speaker 4: whereas this year you now have to start paying that 369 00:16:36,360 --> 00:16:38,640 Speaker 4: debt back, but you were only going to have to 370 00:16:38,680 --> 00:16:41,160 Speaker 4: do that at one percent as opposed to the two 371 00:16:41,440 --> 00:16:43,080 Speaker 4: which you would have had to pay last year at 372 00:16:43,080 --> 00:16:43,960 Speaker 4: fifty one thousand. 373 00:16:44,080 --> 00:16:45,880 Speaker 1: Okay, so it's not a complete loss. 374 00:16:45,920 --> 00:16:47,080 Speaker 3: I guess it's not a loss. 375 00:16:47,120 --> 00:16:49,880 Speaker 4: What it means is the government has dropped the threshold, 376 00:16:50,040 --> 00:16:52,320 Speaker 4: so essentially people who are earning lesson now having to 377 00:16:52,360 --> 00:16:55,800 Speaker 4: start paying back their HEX debt or their help debt 378 00:16:55,880 --> 00:16:58,360 Speaker 4: as opposed to before where you had to be over 379 00:16:58,400 --> 00:16:59,960 Speaker 4: the fifty one thousand dollars threshold. 380 00:17:00,280 --> 00:17:07,000 Speaker 1: All right, and rolling into our second question for the day. 381 00:17:08,000 --> 00:17:10,119 Speaker 5: Hi guys, my name is Davey. I've up the podcast. 382 00:17:10,440 --> 00:17:12,399 Speaker 5: A bit of background on myself. I live that at 383 00:17:12,440 --> 00:17:14,680 Speaker 5: home with my brother and I'm studying full time doing 384 00:17:14,680 --> 00:17:17,800 Speaker 5: my honors at UNI, have part time job on a weekend. 385 00:17:17,800 --> 00:17:21,400 Speaker 5: But I'm also receiving the independent cent link youth allowed 386 00:17:21,760 --> 00:17:25,360 Speaker 5: for the last few years through a combination of factors, 387 00:17:26,160 --> 00:17:28,359 Speaker 5: and I've ended up with four thousand dollars debt to 388 00:17:28,640 --> 00:17:32,639 Speaker 5: Censelink and I also had enough to clear the tax threshold, 389 00:17:33,040 --> 00:17:35,640 Speaker 5: so my current strategy for paying it off is a 390 00:17:35,680 --> 00:17:39,280 Speaker 5: deduction from my payment whilst I pay ten cent tax automatically. 391 00:17:39,720 --> 00:17:41,760 Speaker 5: I've managed to get down to about two thousand, six 392 00:17:41,800 --> 00:17:43,280 Speaker 5: hundred dollars, but at the end of the year I 393 00:17:43,320 --> 00:17:45,239 Speaker 5: won't be receiving sense Link and I'm not sure how 394 00:17:45,240 --> 00:17:47,600 Speaker 5: to go about paying it off, especially the thing as 395 00:17:47,640 --> 00:17:50,600 Speaker 5: I plan on studying further research and I won't be 396 00:17:50,640 --> 00:17:52,760 Speaker 5: getting a full time job. I'm just looking at for 397 00:17:52,920 --> 00:17:55,120 Speaker 5: some tips to help pay it off now or whether 398 00:17:55,160 --> 00:17:58,320 Speaker 5: I should be leaving it until then. Thank you? 399 00:17:59,359 --> 00:18:02,000 Speaker 1: All right, MARYA, Let's break things down a little bit first. 400 00:18:02,040 --> 00:18:03,640 Speaker 1: What is the robodebt scandal. 401 00:18:03,840 --> 00:18:07,200 Speaker 4: So essentially Centerlink has gone and done a whole heap 402 00:18:07,240 --> 00:18:09,760 Speaker 4: of data matching and realized there are a number of 403 00:18:09,760 --> 00:18:13,320 Speaker 4: people here in Australia who have either been overpaid or 404 00:18:13,440 --> 00:18:17,080 Speaker 4: have not declared income that they made while taking center 405 00:18:17,080 --> 00:18:17,840 Speaker 4: Link payments. 406 00:18:18,119 --> 00:18:20,520 Speaker 1: So we've had actually so many people in the shameless 407 00:18:20,560 --> 00:18:22,800 Speaker 1: Facebook thread saying that this has happened to them. Once 408 00:18:22,840 --> 00:18:25,280 Speaker 1: said I had to provide all my pacelips for the 409 00:18:25,320 --> 00:18:27,520 Speaker 1: year and did that and never heard back, so it 410 00:18:27,600 --> 00:18:29,919 Speaker 1: must be fine. Is it fine? Is that true? 411 00:18:30,000 --> 00:18:32,240 Speaker 4: I think it's not fine. If you haven't heard back, 412 00:18:32,280 --> 00:18:34,119 Speaker 4: you really need to be following it up. If you 413 00:18:34,200 --> 00:18:36,880 Speaker 4: have been given a letter or you have been asked 414 00:18:36,920 --> 00:18:39,960 Speaker 4: to pay back something, and because you submitted it and 415 00:18:40,000 --> 00:18:42,439 Speaker 4: never heard back, I think it's really really important you 416 00:18:42,480 --> 00:18:45,960 Speaker 4: are following up on this and really asking for clarity 417 00:18:46,000 --> 00:18:48,959 Speaker 4: in these situations. So it's happening to so many people, 418 00:18:49,280 --> 00:18:52,439 Speaker 4: and it's just a product of technology getting better and better. 419 00:18:52,720 --> 00:18:55,199 Speaker 4: As much as it is really frustrating, it's also a 420 00:18:55,240 --> 00:18:58,520 Speaker 4: product of maybe people needing to take a little bit 421 00:18:58,560 --> 00:19:01,440 Speaker 4: more ownership of their income and knowing where it's coming 422 00:19:01,440 --> 00:19:03,680 Speaker 4: and what is coming in from and why. 423 00:19:04,080 --> 00:19:06,879 Speaker 1: So what would you advise someone like Sophie who's found 424 00:19:06,960 --> 00:19:08,880 Speaker 1: themselves with a letter claiming over payments. 425 00:19:09,119 --> 00:19:11,680 Speaker 4: I would tell her not to pay anything back just yet, 426 00:19:11,720 --> 00:19:14,639 Speaker 4: and get in contact with Centlink immediately. So just go 427 00:19:14,720 --> 00:19:17,680 Speaker 4: straight to sentilink. Ask some questions, make sure you understand 428 00:19:17,680 --> 00:19:21,400 Speaker 4: the situation completely. So when were these overpayments made, why 429 00:19:21,440 --> 00:19:22,200 Speaker 4: were they made? 430 00:19:22,440 --> 00:19:25,440 Speaker 3: What is it up to Sophie, Like, did Sophie. 431 00:19:25,080 --> 00:19:27,360 Speaker 4: Earn too much income and is that why they need 432 00:19:27,359 --> 00:19:29,359 Speaker 4: to be there or was this cent to Link's fault 433 00:19:29,440 --> 00:19:32,520 Speaker 4: and they've just overpaid. If so, I think it needs 434 00:19:32,560 --> 00:19:35,320 Speaker 4: to be dealt with a little bit differently because Sophie 435 00:19:35,359 --> 00:19:37,000 Speaker 4: wasn't doing the wrong thing to begin with. 436 00:19:37,200 --> 00:19:39,520 Speaker 1: So then we know Sophie has twenty six hundred dollars 437 00:19:39,560 --> 00:19:41,879 Speaker 1: still left in debt. How would you go about paying 438 00:19:41,880 --> 00:19:43,639 Speaker 1: this off if this was legitimate? 439 00:19:44,240 --> 00:19:46,479 Speaker 4: So I think that if it's a legitimate debt, she 440 00:19:46,520 --> 00:19:48,560 Speaker 4: needs to be paying it off sooner rather than later. 441 00:19:48,680 --> 00:19:51,399 Speaker 4: She said she's not sure what her financial situation looks 442 00:19:51,480 --> 00:19:54,800 Speaker 4: like in the future. So if you're going into the 443 00:19:54,840 --> 00:19:57,679 Speaker 4: future with a debt, you're more likely to be stressed, 444 00:19:57,720 --> 00:19:59,320 Speaker 4: more likely to not be able to pay it off 445 00:19:59,520 --> 00:20:01,439 Speaker 4: if you So, if you have the income to be 446 00:20:01,440 --> 00:20:04,200 Speaker 4: paying this twenty six hundred dollars off, do it sooner 447 00:20:04,359 --> 00:20:07,200 Speaker 4: rather than later. You don't want that hanging over your head. 448 00:20:07,720 --> 00:20:09,400 Speaker 1: Yeah, So, what are some tips then we can give 449 00:20:09,440 --> 00:20:11,720 Speaker 1: people who have been in Sophie's position? Is there like 450 00:20:11,760 --> 00:20:13,960 Speaker 1: a hotline we can call or someone we can go see? 451 00:20:14,160 --> 00:20:16,000 Speaker 4: Yeah, So, I think the first thing to do is 452 00:20:16,080 --> 00:20:17,800 Speaker 4: have a look at the letter that you've been given, 453 00:20:18,080 --> 00:20:20,359 Speaker 4: and you'll note that the number on the letter is 454 00:20:20,400 --> 00:20:23,119 Speaker 4: different to the normal sentling hotline, so give them a buzz, 455 00:20:23,200 --> 00:20:25,959 Speaker 4: work out what these debts are, why they're there, and 456 00:20:26,000 --> 00:20:28,919 Speaker 4: demand a breakdown of the alleged overpayments so that you 457 00:20:29,000 --> 00:20:32,320 Speaker 4: know exactly when they happened and why. And once you've 458 00:20:32,359 --> 00:20:34,840 Speaker 4: done that, you can always call the National Debt Hotline 459 00:20:34,920 --> 00:20:37,439 Speaker 4: or check out resources like not my debt dot com, 460 00:20:37,640 --> 00:20:39,560 Speaker 4: which is a website that is built and run by 461 00:20:39,600 --> 00:20:42,440 Speaker 4: a handful of volunteers all around Australia with the aim 462 00:20:42,480 --> 00:20:44,800 Speaker 4: to get as many false debt stories in one place 463 00:20:44,880 --> 00:20:47,639 Speaker 4: as possible. Once you've worked all of that out, had 464 00:20:47,680 --> 00:20:50,240 Speaker 4: a conversation with a counselor or someone who can help 465 00:20:50,240 --> 00:20:52,840 Speaker 4: you work this situation out, and you decide to move 466 00:20:52,880 --> 00:20:56,120 Speaker 4: forward into a formal appeal that'll go to the appeals 467 00:20:56,160 --> 00:20:59,119 Speaker 4: officer within Scentlink, who will review that decision. So I 468 00:20:59,160 --> 00:21:01,520 Speaker 4: think it's important to note that doing something like this 469 00:21:01,680 --> 00:21:04,199 Speaker 4: is really important. If you were overpaid and you are 470 00:21:04,320 --> 00:21:06,320 Speaker 4: in a position where you are unable to pay. 471 00:21:06,160 --> 00:21:08,080 Speaker 3: That debt back, or that debt is. 472 00:21:08,359 --> 00:21:11,080 Speaker 4: A really big burden on you, you need to be making 473 00:21:11,119 --> 00:21:14,080 Speaker 4: sure that you are not in a position where you 474 00:21:14,440 --> 00:21:16,919 Speaker 4: can have it overturned. SENTILNK isn't it be all an 475 00:21:17,040 --> 00:21:19,480 Speaker 4: end all either, So you can actually go external to 476 00:21:19,560 --> 00:21:23,679 Speaker 4: appeal these types of things to the Administrative Appeals Tribunal, 477 00:21:23,800 --> 00:21:26,480 Speaker 4: who are an external body to this sent link. So 478 00:21:26,520 --> 00:21:28,960 Speaker 4: if you feel like you're not getting what you are 479 00:21:29,000 --> 00:21:31,120 Speaker 4: meant to be getting, or the debt is still completely 480 00:21:31,240 --> 00:21:33,679 Speaker 4: unreasonable and not a debt that you feel like you 481 00:21:33,680 --> 00:21:36,119 Speaker 4: should be paying back, it is worth researching it. 482 00:21:36,720 --> 00:21:39,159 Speaker 1: And as always, now it's time for the fun stuff. 483 00:21:39,480 --> 00:21:41,240 Speaker 1: What good would this be if we didn't bring you 484 00:21:41,280 --> 00:21:44,480 Speaker 1: the pervy stuff? Yep, it's time for our weekly money dary. 485 00:21:44,680 --> 00:21:53,040 Speaker 1: Let's go. Today's money diary is from a twenty six 486 00:21:53,160 --> 00:21:55,160 Speaker 1: year old nurse who says she's keen to improve when 487 00:21:55,160 --> 00:21:56,520 Speaker 1: it comes to all things money. 488 00:21:56,640 --> 00:22:01,840 Speaker 6: I would introduce myself as twenty six year old work 489 00:22:01,840 --> 00:22:04,480 Speaker 6: in progress, a little bit careless, but. 490 00:22:04,440 --> 00:22:05,600 Speaker 3: Likes to have a good time as well. 491 00:22:07,080 --> 00:22:13,920 Speaker 6: I think I've always just enjoyed enjoyed life more. I've 492 00:22:13,920 --> 00:22:19,639 Speaker 6: always been experiences over the kind of adult side of life. 493 00:22:19,680 --> 00:22:22,640 Speaker 6: You know. I would rather spend my money doing things 494 00:22:22,640 --> 00:22:24,840 Speaker 6: that I'm enjoying, even if I can't really afford it 495 00:22:24,920 --> 00:22:27,720 Speaker 6: or I shouldn't afford it. I choose to do that instead, 496 00:22:27,720 --> 00:22:31,160 Speaker 6: and that's always been my way of life. I guess 497 00:22:31,240 --> 00:22:33,800 Speaker 6: I don't really know why I do that. 498 00:22:34,040 --> 00:22:36,600 Speaker 1: Okay, So down to the nitty gritty stuff. How much 499 00:22:36,640 --> 00:22:39,080 Speaker 1: does today's twenty six year old work in progress earn? 500 00:22:39,680 --> 00:22:42,400 Speaker 6: My base rate is seventy six thousand, but the job 501 00:22:42,440 --> 00:22:47,480 Speaker 6: I work in, I get penalties, so my salary could 502 00:22:47,480 --> 00:22:50,520 Speaker 6: be it's always changing, but my base is seventy six 503 00:22:50,920 --> 00:22:54,520 Speaker 6: At the moment, I have six thousand in my savings account. 504 00:22:54,720 --> 00:22:58,000 Speaker 6: I feel okay about at the moment. I just in 505 00:22:58,119 --> 00:23:01,880 Speaker 6: January got back from living overseas and I've only been 506 00:23:01,920 --> 00:23:05,399 Speaker 6: working full time for three months, so I feel like 507 00:23:05,560 --> 00:23:08,959 Speaker 6: I've really knuckled down. And I every time I look 508 00:23:09,000 --> 00:23:12,119 Speaker 6: at it, I think Initially I think, oh, God, like 509 00:23:12,200 --> 00:23:14,600 Speaker 6: do better, But then I actually think about it, and 510 00:23:14,600 --> 00:23:16,560 Speaker 6: I'm like, you're actually, you're okay. Actually a lot of 511 00:23:16,600 --> 00:23:21,040 Speaker 6: my money has gone towards traveling, like I've traveled every year. 512 00:23:21,640 --> 00:23:24,720 Speaker 6: I've gone overseas every year since twenty eleven. It's been 513 00:23:24,720 --> 00:23:26,880 Speaker 6: my thing to do every single year, and that's where 514 00:23:26,960 --> 00:23:31,360 Speaker 6: my money has really gone. And I'm totally fine with that. Like, 515 00:23:31,760 --> 00:23:33,560 Speaker 6: whenever I think about it and I compare it to 516 00:23:33,600 --> 00:23:35,919 Speaker 6: my friends that have lots of money, I'm like, oh, 517 00:23:35,960 --> 00:23:39,320 Speaker 6: but I've spent my money on experiences and that I 518 00:23:39,320 --> 00:23:41,679 Speaker 6: feel like money can't really buy those kind of things. 519 00:23:41,960 --> 00:23:44,320 Speaker 1: So we know how work in progress gets paid, but 520 00:23:44,359 --> 00:23:47,040 Speaker 1: what exactly happens to that money after it's deposited into 521 00:23:47,080 --> 00:23:47,640 Speaker 1: her account. 522 00:23:47,880 --> 00:23:51,520 Speaker 6: So I've just moved out, so like four hundred and 523 00:23:51,560 --> 00:23:54,240 Speaker 6: fifty of it will go towards my rent that's fortnightly, 524 00:23:54,680 --> 00:23:58,800 Speaker 6: and then I usually pay off whatever bills I have 525 00:23:58,880 --> 00:24:02,040 Speaker 6: straight away and get that done, and then the rest 526 00:24:02,040 --> 00:24:09,760 Speaker 6: of it just goes into an ABYSS savings and then 527 00:24:10,000 --> 00:24:13,640 Speaker 6: whatever I have happening that fortnite. Prior to moving out, 528 00:24:13,720 --> 00:24:16,280 Speaker 6: I was trying to put it like one thousand dollars 529 00:24:16,320 --> 00:24:18,040 Speaker 6: at least because I could I was. 530 00:24:18,040 --> 00:24:18,760 Speaker 3: Living at home. 531 00:24:19,240 --> 00:24:21,800 Speaker 6: Now that I'm moving out, it's a little bit difficult, 532 00:24:21,880 --> 00:24:24,440 Speaker 6: but I'm still going to try at least five hundred 533 00:24:24,440 --> 00:24:26,960 Speaker 6: dollars a fortnite to put towards my savings if I can. 534 00:24:27,160 --> 00:24:30,720 Speaker 1: Time for the question every money diarist dreads do you invest? 535 00:24:30,760 --> 00:24:32,000 Speaker 1: And if not, why? 536 00:24:32,240 --> 00:24:35,000 Speaker 6: I don't know anything about investing. I've never invested. I 537 00:24:35,040 --> 00:24:37,240 Speaker 6: don't know anything about investing. I don't understand how it works. 538 00:24:37,600 --> 00:24:40,879 Speaker 6: I literally have no interest in it whatsoever. 539 00:24:41,080 --> 00:24:42,680 Speaker 3: It's never come up. 540 00:24:42,840 --> 00:24:45,280 Speaker 6: I've never been in a situation where it's come up. 541 00:24:45,280 --> 00:24:47,840 Speaker 6: I've never been in a situation where it's been an option. 542 00:24:48,200 --> 00:24:50,199 Speaker 6: So I guess I just I haven't got out of 543 00:24:50,200 --> 00:24:52,359 Speaker 6: my way to learn about it, but I wouldn't be 544 00:24:52,400 --> 00:24:53,719 Speaker 6: opposed to learning about it. 545 00:24:53,760 --> 00:24:56,560 Speaker 1: Another tough one. It's time to talk about debts. 546 00:24:56,880 --> 00:25:00,359 Speaker 6: I have my hextet, which I actually look out this 547 00:25:00,400 --> 00:25:03,959 Speaker 6: morning and it was down to six thousand, and then 548 00:25:04,040 --> 00:25:07,119 Speaker 6: I enrolled in my Master's which is forty five thousand 549 00:25:07,160 --> 00:25:08,000 Speaker 6: dollars over three. 550 00:25:07,920 --> 00:25:10,159 Speaker 3: Years, so it's gone up. 551 00:25:10,359 --> 00:25:14,280 Speaker 6: So I think I'm now owing twenty three thousand, and 552 00:25:14,320 --> 00:25:16,359 Speaker 6: I have about two thousand dollars on my credit card 553 00:25:16,400 --> 00:25:18,879 Speaker 6: that i'm It used to be a lot worse. It 554 00:25:18,920 --> 00:25:21,080 Speaker 6: was five thousand that I was owing, so I'm in 555 00:25:21,119 --> 00:25:23,320 Speaker 6: the process of getting rid of that. I've always had 556 00:25:23,320 --> 00:25:26,439 Speaker 6: a very bad relationship with credit cards. A lot of 557 00:25:26,480 --> 00:25:31,399 Speaker 6: the time it's just something I'm out for dinner and I, 558 00:25:31,520 --> 00:25:33,200 Speaker 6: you know, haven't transferred money. I'm just like, oh, just 559 00:25:33,200 --> 00:25:37,480 Speaker 6: put on my credit card, or you know, like I'm 560 00:25:37,480 --> 00:25:39,080 Speaker 6: going in splendor, I'll just quickly pay it on my 561 00:25:39,080 --> 00:25:41,000 Speaker 6: credit card and then I'll pay it off later, and 562 00:25:41,040 --> 00:25:43,760 Speaker 6: I I do, but then, you know, I feel like 563 00:25:43,840 --> 00:25:46,040 Speaker 6: I blink and then all of a sudden, I'm owing 564 00:25:46,080 --> 00:25:48,159 Speaker 6: so much more on it than what I thought. Just 565 00:25:48,200 --> 00:25:49,840 Speaker 6: gets out of hand quickly, and I'm not very good 566 00:25:49,840 --> 00:25:52,520 Speaker 6: at paying it. I know a lot of people pay 567 00:25:52,720 --> 00:25:54,119 Speaker 6: use it in the fortnite, and then pay it at 568 00:25:54,160 --> 00:25:57,000 Speaker 6: the end of the fortnight. I've never been that that person, 569 00:25:57,200 --> 00:25:59,440 Speaker 6: So I think once I you know, I need to 570 00:25:59,440 --> 00:26:01,000 Speaker 6: get rid of it. I would like to think that 571 00:26:01,080 --> 00:26:03,280 Speaker 6: when I pay off my credit card, I'll cut it up. 572 00:26:03,520 --> 00:26:05,840 Speaker 1: So does this work in progress have any good money 573 00:26:05,880 --> 00:26:06,879 Speaker 1: habits that she's proud of? 574 00:26:07,480 --> 00:26:11,840 Speaker 3: M Oh, my gosh, I don't know. 575 00:26:12,720 --> 00:26:18,360 Speaker 6: M I actually don't know what my best buddy habit is? 576 00:26:18,359 --> 00:26:18,960 Speaker 1: Is that bad? 577 00:26:19,400 --> 00:26:21,359 Speaker 6: I can think of one that I've tried, but it 578 00:26:21,359 --> 00:26:23,200 Speaker 6: doesn't It hasn't really worked as well as I hope for. 579 00:26:23,800 --> 00:26:29,440 Speaker 6: So I drink coffee every day. I got a coffee maker, 580 00:26:29,880 --> 00:26:32,399 Speaker 6: buy proper coffee, and that's my way of stopping to 581 00:26:32,400 --> 00:26:35,240 Speaker 6: buy coffee. But it doesn't always. 582 00:26:36,640 --> 00:26:39,280 Speaker 3: Still I still buy coffee. I literally got one on 583 00:26:39,280 --> 00:26:39,600 Speaker 3: the way here. 584 00:26:39,600 --> 00:26:41,399 Speaker 1: I don't know what I'm talking about and her worst 585 00:26:41,440 --> 00:26:43,200 Speaker 1: money habit, I think I just. 586 00:26:43,560 --> 00:26:46,120 Speaker 6: I'm very impulsive, that's my I think that was probably 587 00:26:46,160 --> 00:26:47,480 Speaker 6: my worst money habit. 588 00:26:47,520 --> 00:26:47,960 Speaker 3: I just. 589 00:26:49,560 --> 00:26:51,800 Speaker 6: You know that Ariana Grande song, that's I see it, 590 00:26:51,840 --> 00:26:54,240 Speaker 6: I want it, I got it. That's literally me. I 591 00:26:54,400 --> 00:26:56,480 Speaker 6: find something, I'm like, yep, I like that. I want it. 592 00:26:56,520 --> 00:26:57,800 Speaker 3: I'm going to get it right now done. 593 00:26:58,119 --> 00:26:59,560 Speaker 6: And if I don't get it, I'm thinking about it 594 00:26:59,560 --> 00:27:01,520 Speaker 6: all the time, like I need that, even if I 595 00:27:01,560 --> 00:27:04,240 Speaker 6: don't actually need it. Once I decide that I want something, 596 00:27:04,680 --> 00:27:05,679 Speaker 6: that's it, I'm gonna get it. 597 00:27:05,760 --> 00:27:07,840 Speaker 1: So we have some work to do, but let's find 598 00:27:07,840 --> 00:27:09,880 Speaker 1: out what that work is for. What are our work 599 00:27:09,880 --> 00:27:12,159 Speaker 1: in progress as big money goals that she wants to 600 00:27:12,200 --> 00:27:13,040 Speaker 1: save towards. 601 00:27:13,400 --> 00:27:17,920 Speaker 6: I am gonna in the process of saving for a house. 602 00:27:18,520 --> 00:27:20,920 Speaker 3: I actually just. 603 00:27:21,280 --> 00:27:24,600 Speaker 6: Kind of got approved for a home loan. My parents 604 00:27:24,640 --> 00:27:28,040 Speaker 6: are guaranteed for me, so I am doing going down 605 00:27:28,080 --> 00:27:33,520 Speaker 6: that route. But for myself, I need I need to 606 00:27:33,600 --> 00:27:36,800 Speaker 6: have a solid amount of savings before I look into 607 00:27:36,880 --> 00:27:39,320 Speaker 6: actually doing that, because at the end of the day, 608 00:27:39,320 --> 00:27:41,760 Speaker 6: even though my you know, they're guarantee for me, I 609 00:27:41,800 --> 00:27:42,800 Speaker 6: have to pay the loan. 610 00:27:43,040 --> 00:27:44,840 Speaker 3: Like it's not anyone else's job to pay it. 611 00:27:44,880 --> 00:27:47,160 Speaker 6: So I'm in the process of saving a solid amount 612 00:27:47,160 --> 00:27:49,199 Speaker 6: of money so that I can go ahead with that 613 00:27:50,200 --> 00:27:51,520 Speaker 6: and also more trips as well. 614 00:27:51,560 --> 00:27:54,119 Speaker 1: So how would today's money diarist rate her own relationship 615 00:27:54,119 --> 00:27:57,080 Speaker 1: with money? If we force her to give herself a grade, I. 616 00:27:57,080 --> 00:28:02,560 Speaker 6: Would say a see see. I'm gonna say see plus whatever. 617 00:28:02,600 --> 00:28:07,840 Speaker 6: That's too generous. I think I've had bad money habits, 618 00:28:08,080 --> 00:28:12,040 Speaker 6: but I'm aware that I need to be better, and 619 00:28:12,119 --> 00:28:14,639 Speaker 6: I mean the process of doing that. But in saying that, 620 00:28:14,680 --> 00:28:17,199 Speaker 6: I don't regret any of my money habits because, as 621 00:28:17,240 --> 00:28:20,280 Speaker 6: I said earlier, they've all brought me experiences, so I 622 00:28:20,280 --> 00:28:23,040 Speaker 6: don't regret at all. I'm just aware that I need 623 00:28:23,080 --> 00:28:26,560 Speaker 6: to be the twenty six year old that I am. 624 00:28:27,040 --> 00:28:29,000 Speaker 1: So Victoria, what are your thoughts? 625 00:28:29,359 --> 00:28:32,480 Speaker 4: I think she's in a situation that many millennials are in, actually, 626 00:28:32,680 --> 00:28:35,399 Speaker 4: where you maybe aren't super clear on your goals. 627 00:28:35,400 --> 00:28:37,720 Speaker 3: It sounded like she wasn't sure whether she wanted. 628 00:28:37,440 --> 00:28:40,600 Speaker 4: To purchase a home or travel first, and she felt 629 00:28:40,600 --> 00:28:42,920 Speaker 4: like she wasn't maybe on top of her cash flow. 630 00:28:43,000 --> 00:28:45,320 Speaker 4: So what was coming in and being saved As much 631 00:28:45,320 --> 00:28:48,160 Speaker 4: as she said that she was saving five hundred dollars 632 00:28:48,160 --> 00:28:50,320 Speaker 4: a fortnight, she still had two thousand dollars on her 633 00:28:50,320 --> 00:28:52,600 Speaker 4: credit card, and having two thousand dollars on your credit 634 00:28:52,640 --> 00:28:56,160 Speaker 4: card means that you have spent two thousand dollars more 635 00:28:56,160 --> 00:28:56,920 Speaker 4: than you've earned. 636 00:28:57,320 --> 00:28:59,200 Speaker 1: So what would you recommend she do? What could she 637 00:28:59,240 --> 00:28:59,760 Speaker 1: improve on? 638 00:29:00,240 --> 00:29:02,040 Speaker 4: I think that she should have a really good look 639 00:29:02,080 --> 00:29:04,840 Speaker 4: at her cash flow and her goals and work out 640 00:29:05,080 --> 00:29:06,280 Speaker 4: what do you want to do? Do you want to 641 00:29:06,320 --> 00:29:07,960 Speaker 4: travel first? Do you want to buy a home or 642 00:29:08,000 --> 00:29:10,400 Speaker 4: what does that home actually look like? If you're in 643 00:29:10,400 --> 00:29:12,240 Speaker 4: a position where you are lucky enough that you've got 644 00:29:12,240 --> 00:29:14,800 Speaker 4: parents that are willing to guarantee a loan for you, 645 00:29:15,520 --> 00:29:17,600 Speaker 4: is that something you want to take on immediately or 646 00:29:17,600 --> 00:29:19,880 Speaker 4: do you still have some like bucket list goals to 647 00:29:19,920 --> 00:29:21,600 Speaker 4: tick off and you need to go down the South 648 00:29:21,600 --> 00:29:24,440 Speaker 4: of France. I don't know, but I also think she 649 00:29:24,480 --> 00:29:27,080 Speaker 4: needs to address that credit card. Two thousand dollars on 650 00:29:27,120 --> 00:29:29,560 Speaker 4: a credit card when you are saving five hundred dollars 651 00:29:29,600 --> 00:29:32,520 Speaker 4: a fortnight is a lot to have, So I think 652 00:29:32,600 --> 00:29:35,760 Speaker 4: getting rid of that credit card asap is really important. 653 00:29:36,000 --> 00:29:38,160 Speaker 4: Now I'm not saying don't have access to that card, 654 00:29:38,160 --> 00:29:40,880 Speaker 4: but the way that she's using it doesn't seem constructive. 655 00:29:41,240 --> 00:29:43,800 Speaker 4: So she said that she just puts festival tickets on it, 656 00:29:43,880 --> 00:29:46,560 Speaker 4: and she uses it in a way where if she 657 00:29:46,640 --> 00:29:49,480 Speaker 4: hasn't remembered to take money out for a dinner, she's 658 00:29:49,560 --> 00:29:51,640 Speaker 4: just spending it on that and maybe forgetting about it. 659 00:29:51,680 --> 00:29:54,240 Speaker 4: I think she needs to maybe put some space between 660 00:29:54,240 --> 00:29:56,160 Speaker 4: her and that credit card and maybe when she's going 661 00:29:56,200 --> 00:29:57,120 Speaker 4: out leave it at home. 662 00:29:57,360 --> 00:29:58,160 Speaker 1: It's bad debt. 663 00:29:58,520 --> 00:30:01,280 Speaker 3: It is bad debt, exactly. You are learning so much. 664 00:30:01,360 --> 00:30:02,360 Speaker 3: I'm so proud of you. 665 00:30:02,880 --> 00:30:06,080 Speaker 1: What about what she's maybe doing well. I loved the 666 00:30:06,200 --> 00:30:07,520 Speaker 1: Ariana Grande reference. 667 00:30:07,640 --> 00:30:12,200 Speaker 4: I did too, But I think that what she's doing 668 00:30:12,280 --> 00:30:14,320 Speaker 4: well is saving. So she said that she was putting 669 00:30:14,320 --> 00:30:16,360 Speaker 4: five hundred dollars a fortnight and she had a couple 670 00:30:16,360 --> 00:30:18,480 Speaker 4: of thousand dollars saved. I think that that's a really 671 00:30:18,520 --> 00:30:22,240 Speaker 4: good goal. I think that she's spending a reasonable amount 672 00:30:22,280 --> 00:30:24,959 Speaker 4: on rent. Like at the same time, as you know, 673 00:30:25,320 --> 00:30:28,000 Speaker 4: we all have to pay rent. Eight hundred dollars is 674 00:30:28,040 --> 00:30:30,400 Speaker 4: a really reasonable amount to be paying per month for 675 00:30:30,440 --> 00:30:32,760 Speaker 4: her salary. So I think she's got a lot of 676 00:30:32,800 --> 00:30:36,040 Speaker 4: income for her age and for the stage of life 677 00:30:36,080 --> 00:30:37,960 Speaker 4: she's in, and she has a lot to do with that. 678 00:30:38,040 --> 00:30:39,680 Speaker 4: So I think that as much as she's saying, oh, 679 00:30:39,720 --> 00:30:41,160 Speaker 4: I don't know what I'm doing, I don't know where 680 00:30:41,200 --> 00:30:44,040 Speaker 4: I'm going, she could just increase the clarity on that 681 00:30:44,120 --> 00:30:46,880 Speaker 4: for herself and be in such a better financial position 682 00:30:47,160 --> 00:30:49,680 Speaker 4: twelve months from now. And that clarity is what's going 683 00:30:49,720 --> 00:30:50,280 Speaker 4: to give her that. 684 00:30:50,600 --> 00:30:52,640 Speaker 1: And she seemed super positive as well, which is always good. 685 00:30:52,760 --> 00:30:53,040 Speaker 3: She did. 686 00:30:53,080 --> 00:30:55,120 Speaker 4: I really liked that she could also learn a little 687 00:30:55,120 --> 00:30:58,000 Speaker 4: bit about investing, So whether that's having a look at 688 00:30:58,000 --> 00:31:00,000 Speaker 4: that she's on the money Facebook group and going through 689 00:31:00,040 --> 00:31:02,880 Speaker 4: the posts and comments in there, or even just researching 690 00:31:02,920 --> 00:31:05,160 Speaker 4: a couple of books she could read, and you know, 691 00:31:05,400 --> 00:31:09,600 Speaker 4: educating herself on what actually invest or what investing actually is, 692 00:31:09,720 --> 00:31:12,320 Speaker 4: I think is a really important step for someone who has, 693 00:31:12,720 --> 00:31:14,800 Speaker 4: you know, five hundred dollars a fortnite is a really 694 00:31:14,920 --> 00:31:17,400 Speaker 4: nice amount of cashlow to start investing. And if she's 695 00:31:17,440 --> 00:31:20,120 Speaker 4: talking about buying a property, that's an investment in itself, 696 00:31:20,160 --> 00:31:23,240 Speaker 4: so maybe have an understanding of why you want property 697 00:31:23,280 --> 00:31:25,360 Speaker 4: as opposed to any other asset class. 698 00:31:25,440 --> 00:31:28,560 Speaker 1: Well, that's all we have time for today again. Episode three. 699 00:31:28,800 --> 00:31:31,280 Speaker 3: Down look at us go, we are flying. 700 00:31:31,080 --> 00:31:33,800 Speaker 1: I know what, just before we head off, though, as always, 701 00:31:33,880 --> 00:31:37,040 Speaker 1: let's quickly wrap the boring but important stuff. The advice 702 00:31:37,080 --> 00:31:39,240 Speaker 1: shared on Shees on the Money is general in nature 703 00:31:39,240 --> 00:31:42,360 Speaker 1: and does not consider your individual circumstances. She's on the 704 00:31:42,360 --> 00:31:45,160 Speaker 1: Money exists purely for educational purposes only and should not 705 00:31:45,200 --> 00:31:47,920 Speaker 1: be relied upon to make an investment or a financial decision. 706 00:31:48,320 --> 00:31:51,320 Speaker 1: And of course we promise Victoria Divine is an authorized 707 00:31:51,360 --> 00:31:55,600 Speaker 1: representative of consulting. Financial advice is proprietary limited. Here goes 708 00:31:55,920 --> 00:31:59,240 Speaker 1: ABN six five double O six three seven three double 709 00:31:59,320 --> 00:32:01,560 Speaker 1: nine five AFSL two. 710 00:32:01,360 --> 00:32:03,600 Speaker 3: Three oh three two three. 711 00:32:04,040 --> 00:32:05,960 Speaker 4: I think that's the first time you've got that out 712 00:32:06,000 --> 00:32:09,600 Speaker 4: in one Go join our Facebook group, where four thousand 713 00:32:09,600 --> 00:32:12,640 Speaker 4: women share money tips and tricks every single day, free 714 00:32:12,640 --> 00:32:15,720 Speaker 4: of judgment. Search She's on the Money on Facebook and join. 715 00:32:15,960 --> 00:32:18,400 Speaker 4: If Facebook's not your thing, find us on Instagram. We're 716 00:32:18,440 --> 00:32:20,000 Speaker 4: at She's on the Money AUS. 717 00:32:20,240 --> 00:32:23,000 Speaker 1: This podcast is a production of Shameless Media on behalf 718 00:32:23,040 --> 00:32:27,400 Speaker 1: of She's on the Money. See you guys next week. Bye.