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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

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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

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

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Speaker 1: today 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 4: Hello, and welcome to She's on the Money, the podcast

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Speaker 4: for millennials who want financial freedom, hex or help. Debt

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Speaker 4: has long been described as the best debt you can have. Debatable,

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Speaker 4: it's very debatable.

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Speaker 5: Debatable, but still described it as that who described Is

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Speaker 5: it still the case just producer.

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Speaker 2: Or was it the internet?

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Speaker 4: Look, I think that it's both of those things probably,

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Speaker 4: But listen, as you said before we started recording this

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Speaker 4: v let's baby, I think we should really got helped

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Speaker 4: it Now though it helped it or hextet, what's the.

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Speaker 5: They're they're same, They're the same, so I will probably

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Speaker 5: accidentally call it hex interchangeably.

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Speaker 2: So HEX is for those of us who.

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Speaker 5: Are elder millennials, and we had Hex's debt, but it

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Speaker 5: has since been updated to be called just across the

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Speaker 5: board help debt helped. It sounds more cute, does it.

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Speaker 5: I think it's kind of crue anyway. I don't. I

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Speaker 5: don't care what it's called. I'm just mad that I

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Speaker 5: can't make X jokes.

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Speaker 4: Isn't as as a sexy though, that's not that's for sure.

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Speaker 4: But we are talking about this because we have been

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Speaker 4: getting so many messages, six.

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Speaker 5: Million of them, six fi million to be exact. I

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Speaker 5: would never overestimate either.

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Speaker 4: Oh no, certainly not. We don't do that here at

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Speaker 4: chees on them.

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Speaker 2: Absolutely not.

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Speaker 4: So how scared should we be of headlines like he's indexation,

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Speaker 4: everything's rising? Well, I don't know.

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Speaker 5: Well, it makes sense that we've been getting so many messages,

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Speaker 5: right because we are hearing all through the news that

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Speaker 5: on the first of June HEX is going to be

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Speaker 5: indexed by seven point one percent. And I guess today

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Speaker 5: is the day that we are going to be talking

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Speaker 5: about that, because it is wild and when I just

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Speaker 5: need to make sure that everyone is aware that I

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Speaker 5: do mean the first of June, not the thirtieth of June,

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Speaker 5: because a few people have messaged me because I was

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Speaker 5: on Instagram Stories just like talking about it the other

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Speaker 5: day and they're like, oh, don't you mean the thirtieth

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Speaker 5: of June when you know end of financial year happens. No,

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Speaker 5: this happens on the first of June, ahead of the

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Speaker 5: end of financial year, so that in a month, basically,

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Speaker 5: in the next thirty days, they can calculate what your

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Speaker 5: repayments were be with the new level of indexation and

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Speaker 5: can hit the ground running from the first of July basically.

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Speaker 4: So I'm not wrong.

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Speaker 5: I just feel the need to, like, you know, back

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Speaker 5: myself a little bit and be like, this is why

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Speaker 5: I'm correct. But also people were right to slide into

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Speaker 5: my dams because I'm consistently wrong. So if you would

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Speaker 5: like to correct me, you are more than welcome to

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Speaker 5: so don't. Yeah, I feel like a dip when I

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Speaker 5: correct myself, right, Sure, I just feel a little bit

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Speaker 5: rude when I'm like, I was right.

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Speaker 4: I know it is. It is a bit awkward when

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Speaker 4: you have to be like Oh, actually I did. I

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Speaker 4: think this is the correct.

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Speaker 5: Yeah, Like, actually, I don't know if you know this,

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Speaker 5: but like I'm really into finance, like really really into finance.

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Speaker 5: And while I might get dates wrong consistently, if it

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Speaker 5: was the thirtieth of June, I would know because that's

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Speaker 5: my birthday.

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Speaker 4: Oh thirty is the June's your birthday? That end July?

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Speaker 2: Yes, sexy, I'm an end of financial year. Baby. Is

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Speaker 2: there a better.

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Speaker 5: Dated in the year than the thirtieth of June.

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Speaker 4: I hope you get a big chunk of return for

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Speaker 4: your birthday.

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Speaker 5: No, I always end up owing money. It is actually

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Speaker 5: a joke, is okay? Thank you for tho as well wishes. Though.

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Speaker 5: Let's talk about debt.

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Speaker 4: So you've probably heard on the news the term student

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Speaker 4: debt avalanche.

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Speaker 2: It's dramatic, isn't it.

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Speaker 4: It seems dramatic. And I'm also like, I'm not yet scared,

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Speaker 4: but like should I be scared?

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Speaker 2: Whyren't you scared?

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Speaker 5: I just stowed a headline that they're trying to make

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Speaker 5: you scared, and you're still like, nah, take it, take it.

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Speaker 5: I can take it, because like to me, I feel

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Speaker 5: like avalanche, that's nothing.

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Speaker 4: It's thirty bucks a month. I'm like, I don't really mind,

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Speaker 4: to be honest, but like, should I be more worried

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Speaker 4: about we should?

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Speaker 5: I mean, at the end of the day, when they're

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Speaker 5: talking about the student debt avalanche, it is proposed that

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Speaker 5: on the first of June, the student debt here in

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Speaker 5: Australia on the first of June is going to increase

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Speaker 5: by five billion dollars this year because of that seven

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Speaker 5: point one level of indexation.

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Speaker 2: So that's a lot of money.

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Speaker 5: And I mean for you, you might go whatever, it's

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Speaker 5: thirty bucks, but to a lot of people, thirty bucks

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Speaker 5: is a lot of money. And when you're paying back

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Speaker 5: your HEX debt, especially if you're on a lower income

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Speaker 5: and you're not maybe you know, in one of those

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Speaker 5: high marginal tax brackets, but you're in the bracket where

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Speaker 5: you're starting to pay back your debt, it just feels

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Speaker 5: like it stacks on a little bit, like it genuinely

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Speaker 5: feels like you're getting nowhere. And I mean you are,

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Speaker 5: I promise, but it just feels like you're going backwards.

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Speaker 5: And I think that there's just this I don't know,

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Speaker 5: it's just a unspoken concept of hex versus help that

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Speaker 5: it's there to help you, and it feels like you're

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Speaker 5: kind of being kicked while you're down. Like you already

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Speaker 5: have hex debt, You already see it on your pay

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Speaker 5: slip coming out. You already know that that's money that's

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Speaker 5: not going into your back pocket. We know how we

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Speaker 5: feel about debt in general. Yes, we've spoken about the

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Speaker 5: difference between good, bad, and okay debt here on the podcast.

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Speaker 5: But I just feel like we're all just a little

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Speaker 5: bit salty with indexation because for so long we've just

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Speaker 5: talked about how hex slash help debt doesn't have an

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Speaker 5: interest rate associated with it, right, So when you hear

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Speaker 5: that beck, you smile and nod, go yeah great, but

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Speaker 5: it is indexed, So it kind of feels like we're

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Speaker 5: being kicked while we're down.

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Speaker 2: Does that make sense?

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Speaker 4: Kind of? But I guess, like what my estion is

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Speaker 4: is what is indexation and what are the basics of it?

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Speaker 2: Stunning question.

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Speaker 5: So indexation basically just means an adjustment to a price

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Speaker 5: or a wage or other value based on the changes

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Speaker 5: in other prices or a composite indicator of prices. Right,

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Speaker 5: So we spoke about it a couple of weeks ago

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Speaker 5: on the podcast where indexation is basically how much something

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Speaker 5: increases in value over time. And my favorite example of this,

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Speaker 5: which I didn't give you a saved it for this podcast.

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Speaker 5: The maccas cone. Oh Maca's ice cream cone, right, yes,

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Speaker 5: So like, do you remember back in the day. I

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Speaker 5: don't know if you ever had this luxury, but my

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Speaker 5: mum would give me a fifty cent coin silver.

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Speaker 2: It was silver.

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Speaker 5: I don't know if anyone sin silver coins these days,

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Speaker 5: because they can't buy you anything anymore. But I get

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Speaker 5: a fifty cent cone from macis.

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Speaker 4: I actually remember when they were thirty cent.

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Speaker 5: I feel like they went twenty cents. I feel like

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Speaker 5: twenty twenty. But last time I spoke about that publicly,

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Speaker 5: everyone was like, they are fifty cents. Was going to

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Speaker 5: call it fifty cents, right, So I do remember, probably

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Speaker 5: late primary school I was paying fifty cents for a

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Speaker 5: Maca's cone. After school, we go to swimming lessons and

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Speaker 5: then we get a Maca's cone. Is like our treat,

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Speaker 5: little treaty treat for you know, going to swimming lessons,

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Speaker 5: as though it's not already a privilege to go to

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Speaker 5: swimming lessons, like Victoria Devine anyway, you're right. I feel

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Speaker 5: like it used to be twenty cents at some point,

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Speaker 5: but this is beyond the point. It is now what

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Speaker 5: like a dollar fifty? A dollar fifty, I think it's

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Speaker 5: like more than a dollar.

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Speaker 4: Oh, blow me down.

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Speaker 5: I feel like in different locations around Australia, somewhere you're

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Speaker 5: gonna say, oh, they're a dollar, somewhere else they're like

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Speaker 5: a dollar fifty. Right, Okay, so that has increased in

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Speaker 5: price over time. But are you getting the same product, beck,

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Speaker 5: I would say, identical product identity, It's just nowadays it

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Speaker 5: costs more to produce.

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Speaker 2: It's going to be more expensive.

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Speaker 5: So the dollar that you used to have back in

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Speaker 5: nineteen ninety eight, when I was seven years old and

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Speaker 5: going to swimming lessons and paying twenty cents for a cone,

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Speaker 5: I could have bought five of those ice cream cones

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Speaker 5: for a dollar. But today, if I gave you a dollar,

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Speaker 5: you could only buy one, and in some locations you

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Speaker 5: wouldn't even be able to buy one. You need another

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Speaker 5: fifty cents to get there. Right, So a dollar today

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Speaker 5: is not worth what a dollar tomorrow is worth. And

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Speaker 5: that's what that saying means. So indexation is that increase

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Speaker 5: in price. So it's the difference of going from twenty

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Speaker 5: cents to a dollar and you kind of don't get

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Speaker 5: any more value out of that product. You're still getting

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Speaker 5: the Maca's cone. There's actually no more value. It's not

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Speaker 5: any better today than it was back then because it's

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Speaker 5: probably the same recipe. So like nothing has changed about

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Speaker 5: it except the price. And that's what inflation is. It

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Speaker 5: just means that a dollar back then was actually quote

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Speaker 5: worth more because you could buy more with that dollar

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Speaker 5: than it is today.

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Speaker 4: So at the end of every financial year, the government

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Speaker 4: will tally up how much inflation goes inflation goes up,

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Speaker 4: and then add that to your texted Yeah, okay, So

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Speaker 4: it's kind of like across the board as well. I mean, milk, eggs, bread,

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Speaker 4: everything goes up. But the reason it goes up is

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Speaker 4: because things start to cost more. The world starts to

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Speaker 4: cost more, beck you start to earn more, like the

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Speaker 4: world does increase over time. And when we look at it,

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Speaker 4: the RBA, which is the Reserve Bank of Australia, they're

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Speaker 4: kind of in charge of making sure that's consistent for us.

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Speaker 4: And the reason we want it to be consistent is

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Speaker 4: so we can consistently afford to grow as an economy.

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Speaker 4: Inflation on average increases about two or three percent each

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Speaker 4: and every single year, which is good.

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Speaker 2: That's nice.

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Speaker 5: It's actually a sign of a growing economy like that

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Speaker 5: means that we're healthy as a country, right, So that's

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Speaker 5: good to see. This year it's seven percent, and it's

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Speaker 5: because we've gone through so much turmoil in the last

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Speaker 5: couple of years. That's kind of like now hitting us

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Speaker 5: like a ton of bricks, and so we're feeling the

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Speaker 5: wrath of what has happened previously, and the RBA historically

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Speaker 5: has tried to like protect us from that. So the

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Speaker 5: way that they're trying to protect us from that is

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Speaker 5: by increasing the cash rate.

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Speaker 2: So the cash rate is.

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Speaker 5: How much they're lending the let's call it the government's money,

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Speaker 5: how much they're lending the government's money out to the

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Speaker 5: big banks. So by increasing the ca hash rate, it

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Speaker 5: costs the banks more to borrow the money from the

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Speaker 5: RBA to give people mortgages and.

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Speaker 4: Business loans and personal loans and home loans. And when

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Speaker 4: home loans and business loans and personal loans increase in

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Speaker 4: the amount of interest you're paying, that means you're less

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Speaker 4: likely to take it out.

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Speaker 5: Right, So if I said, Beck, you can buy a

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Speaker 5: house today, it's going to be like one point five

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Speaker 5: percent finance Like, you're going to get an interest rate

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Speaker 5: that's really low. You go some money in, that's a

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Speaker 5: good deal. I can afford that. That's only one point

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Speaker 5: five percent. But now today it's much higher than that,

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Speaker 5: and a lot of interest rates are at five percent.

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Speaker 5: You start to go, oh, I don't know if I

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Speaker 5: could afford those repayments. I don't know if that's going

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Speaker 5: to work for me. So you as the consumer, the

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Speaker 5: person that gets the mortgage or gets the personal loan

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Speaker 5: or gets the business loan, you're less likely to take

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Speaker 5: it out. And if you're less likely to take it out,

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Speaker 5: what that means is the economy starts to slow down

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Speaker 5: because there's less people like you making big purchases and

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Speaker 5: throwing money around, so that the economy starts to go

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Speaker 5: down a little bit. And that's what they're trying to do,

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Speaker 5: so that we can curb that growth or the inflation

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Speaker 5: over time. So if you're doing less in the economy,

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Speaker 5: like you're not buying as much, things are a bit

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Speaker 5: more expensive. You're kind of like holding your purse a

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Speaker 5: little bit closer to your chest, going like, I don't

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Speaker 5: know if I want to, you know, pay for that

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Speaker 5: this month. It means that there's less business going on

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Speaker 5: in the community and less business going on in the country,

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Speaker 5: which means ultimately the economy isn't doing as well, and

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Speaker 5: that's what they're trying to create.

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Speaker 4: Does that make sense, Yeah, that does make sense.

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Speaker 5: So like things are just kind of like slowing down,

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Speaker 5: and they're doing it on purpose because they want people

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Speaker 5: like you to be boring less money.

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Speaker 4: Yeah, okay, So I guess for me, and I've said

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Speaker 4: this before, I do have a help debt. I've ever

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Speaker 4: finished a course, so I've just that's.

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Speaker 5: Literally the worst, Like I mean, not the worst that

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Speaker 5: you've done. I'm sure you've got a lot out of it,

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Speaker 5: but the amount of people in our community I've spoken

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Speaker 5: to you, like I have a help debt, I don't

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Speaker 5: use it. Yeah, Like I went to union and I

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Speaker 5: did this and now don't even work in the area.

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Speaker 5: Or my friend did this course. I thought I'd do

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Speaker 5: that course and then it was a terrible course and

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Speaker 5: I didn't enjoy it, or now I have thirty thousand

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Speaker 5: dollars absolutely. I feel like I've started like five or

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Speaker 5: six subjects and never finished any of them.

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Speaker 4: So I just have all this money and no qualifications.

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Speaker 4: But that's okay because we're still here to tell the story.

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Speaker 5: We're happy about it. We're making content because that.

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Speaker 4: Was worth it.

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Speaker 5: It was worth it.

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Speaker 4: It was worth it, and you know, I learned that

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Speaker 4: if you learn something, it's not a waste, no matter

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Speaker 4: how you did it all week whatever. You know what

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Speaker 4: I'm trying to say.

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Speaker 5: I think it was my mum. I'm not sure who

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Speaker 5: it was. I want to give her credit for it,

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Speaker 5: though she always says it was either a blessing or

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Speaker 5: a lesson. I love that, and I feel like that's

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Speaker 5: good because it always reframes something as if it was

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Speaker 5: kind of terrible.

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Speaker 2: Let's just call it a.

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Speaker 5: Lesson, exactly, exactly, just call it a lesson. It makes

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Speaker 5: me feel so much better about it.

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Speaker 4: Perfect. So I mentioned this is the start of the episode.

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Speaker 4: I kind of am not stressing about the I suppose

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Speaker 4: like the indexation on hextet or helped it.

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Speaker 5: I want to stop you there because I want to

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Speaker 5: hear why, like, why do you not feel that pressure

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Speaker 5: when obviously a lot of people in the media jumping

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Speaker 5: up and down the exacting Oh my gosh, what's going on? Why?

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Speaker 4: So this is the thing. I don't know what that

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Speaker 4: looks like. So for me, helped, it remains the same.

300
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Speaker 4: And I'm so ignorant because I have no idea. But

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Speaker 4: for me, I think that, you know, I'm just going

302
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Speaker 4: about my business. I'm paying like two bucks a week

303
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Speaker 4: in hextet. When my employee takes out of my pay slip,

304
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Speaker 4: and then this is going to happen. My hex debt

305
00:13:25,360 --> 00:13:28,080
Speaker 4: is going to go up and my pay slip will

306
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Speaker 4: be exactly the same. So I don't know where the

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Speaker 4: fear is. But I could be completely wrong. I could

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Speaker 4: it could be changing my take home income.

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Speaker 5: I don't know, all right, Beck, So we just took

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Speaker 5: a really quick minute away from the podcast so I

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Speaker 5: could get out a few calculators for you and organize

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Speaker 5: what this looks like.

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Speaker 4: And now I'm scared.

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Speaker 2: No, don't be scared.

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Speaker 5: But I do think it's really important to understand where

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Speaker 5: you stand and how that works for you. So my

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Speaker 5: favorite website, and I have, you know, put it in

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Speaker 5: the show notes before. It's paycalculator dot com dot au.

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Speaker 5: And the reason I like this is because it's up

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Speaker 5: to date with what's going on on the ATO website.

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Speaker 5: But in all honesty, it's better than the ATO website.

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Speaker 5: It's a privately owned website. I mean, this guy whoever

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Speaker 5: owns paycalculator dot com dot u is a wizard, because

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Speaker 5: everybody in the industry or in my industry uses this

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Speaker 5: website as kind of like a really good base level

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Speaker 5: calculator to just like go, oh, I'll whip it out,

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Speaker 5: see what's going on. You know, pop in your income,

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Speaker 5: see what that looks like. Anyway, everybody uses it, but

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Speaker 5: it's covered in ads, and you just know he's breaking

330
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Speaker 5: it in because every single time someone in our industry

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Speaker 5: goes there or you go there, he's making money. So

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Speaker 5: I just feel like that was a genius thing from him.

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Speaker 5: That is genius exactly. So if you go to this website,

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Speaker 5: you can basically put in your salary and then click options,

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Speaker 5: So you could click your salary includes superannuation or it doesn't,

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Speaker 5: or you could click student loan, which is what we're

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Speaker 5: talking about here. Yes, so many people, just like you,

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Speaker 5: they don't know what they're paying. All they see is

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Speaker 5: these headlines and get really stressed. Out about like, oh

340
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Speaker 5: my gosh, I'm going to be paying seven percent indexation,

341
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Speaker 5: Like I already can't afford a house. I already, you know,

342
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Speaker 5: struggle to buy a good coffee every friggin day, Like

343
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Speaker 5: what's going on. So, when it comes to calculating your repayments,

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Speaker 5: it's actually based on income thresholds, and those are different

345
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Speaker 5: from your marginal tax bracket. So your marginal tax bracket

346
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Speaker 5: is kind of the most normal one, which sits in

347
00:15:25,640 --> 00:15:28,320
Speaker 5: that thirty two point five cents per dollar, which most

348
00:15:28,320 --> 00:15:30,840
Speaker 5: people are in in our community, because it sits between

349
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Speaker 5: forty five than one twenty, Like, that's a really wide bracket.

350
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Speaker 5: People often think that that bracket then applies to your HEX,

351
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Speaker 5: but it doesn't.

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Speaker 2: It's different from that.

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Speaker 5: So if you earn under forty eight thousand, three hundred

354
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Speaker 5: and sixty one dollars, you don't pay any of your

355
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Speaker 5: HEX back. After that point, it starts to increase, and

356
00:15:47,200 --> 00:15:49,280
Speaker 5: the first amount that you pay back is one percent,

357
00:15:49,320 --> 00:15:52,040
Speaker 5: then two percent, then two point five percent, and that

358
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Speaker 5: is the repayment of your income. It's a percentage of

359
00:15:55,240 --> 00:15:58,480
Speaker 5: your income, not a percentage of the debt that you owe. Right,

360
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Speaker 5: So if you earn forty eight thousand to fifty five thousand,

361
00:16:02,240 --> 00:16:04,760
Speaker 5: eight hundred and thirty six dollars, you pay back one percent.

362
00:16:05,080 --> 00:16:07,200
Speaker 5: If you're between fifty five and I'm just going to

363
00:16:07,280 --> 00:16:09,440
Speaker 5: round these down, but fifty five and fifty nine it's

364
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Speaker 5: two percent, fifty nine and sixty two it's two point five.

365
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Speaker 5: Sixty two to sixty six it's three, and so on

366
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Speaker 5: and so forth. Let's pretend for a hot second that

367
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Speaker 5: you earn an income between seventy four hundred and ninety

368
00:16:20,320 --> 00:16:23,640
Speaker 5: three dollars and seventy four thousand, seven hundred and twenty

369
00:16:23,680 --> 00:16:27,280
Speaker 5: two dollars. That means that your repayment rate is four percent.

370
00:16:27,520 --> 00:16:30,280
Speaker 5: So if we calculated that out, and I've just popped

371
00:16:30,280 --> 00:16:31,920
Speaker 5: in a random number, and I can do this for

372
00:16:31,960 --> 00:16:34,800
Speaker 5: you offline, so it's your specific income back. But I've

373
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Speaker 5: pretended that you're on seventy three thousand dollars, right, which

374
00:16:37,720 --> 00:16:40,280
Speaker 5: I feel like is a pretty normal income for our community.

375
00:16:40,640 --> 00:16:43,560
Speaker 5: That means that every single week from your paycheck, you

376
00:16:43,600 --> 00:16:46,800
Speaker 5: would have a student loan amount of fifty six dollars

377
00:16:46,880 --> 00:16:47,560
Speaker 5: coming out.

378
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Speaker 2: That's fifty six.

379
00:16:48,640 --> 00:16:51,360
Speaker 5: Dollars that you're paying towards your help or hex debt.

380
00:16:51,680 --> 00:16:54,680
Speaker 5: That's not going into your back pocket. The second that

381
00:16:54,760 --> 00:16:57,800
Speaker 5: your hex or help debt doesn't exist, that fifty six

382
00:16:57,880 --> 00:17:00,800
Speaker 5: dollars goes back into your personal account. You start being

383
00:17:00,840 --> 00:17:04,000
Speaker 5: paid it right right, So that to me is a

384
00:17:04,040 --> 00:17:06,240
Speaker 5: fair whack of money, because like fifty six bucks that

385
00:17:06,520 --> 00:17:08,639
Speaker 5: you know, it's half my grocery bill, Like, that's a

386
00:17:08,640 --> 00:17:09,240
Speaker 5: lot of money.

387
00:17:09,640 --> 00:17:10,360
Speaker 2: I think it's a lot.

388
00:17:10,480 --> 00:17:13,280
Speaker 5: Fortunately, that's one hundred and twelve dollars. Every single month,

389
00:17:13,320 --> 00:17:15,960
Speaker 5: that's two hundred and forty three dollars, and then every

390
00:17:16,000 --> 00:17:18,720
Speaker 5: single year, beck that adds up to twenty nine hundred

391
00:17:18,760 --> 00:17:19,639
Speaker 5: and twenty dollars.

392
00:17:19,920 --> 00:17:20,960
Speaker 2: Like, that's a lot of money.

393
00:17:21,119 --> 00:17:24,080
Speaker 5: I see, nine hundred and twenty bucks. I could go

394
00:17:24,080 --> 00:17:27,600
Speaker 5: on a holiday to Bali. I reckon, in this economy,

395
00:17:27,640 --> 00:17:29,880
Speaker 5: the flight's probably going to cost two nine hundred dollars.

396
00:17:29,880 --> 00:17:32,320
Speaker 5: But we don't want to stretch that out right, I reckon,

397
00:17:32,359 --> 00:17:34,760
Speaker 5: we jet Star. We could get there. But moving on

398
00:17:34,840 --> 00:17:37,239
Speaker 5: from that, I think it's important to understand what that

399
00:17:37,320 --> 00:17:40,919
Speaker 5: means because if you actually increased your salary back and

400
00:17:40,960 --> 00:17:43,440
Speaker 5: you were between a different tax bracket, like let's say

401
00:17:43,480 --> 00:17:46,919
Speaker 5: you earn eighty four thousand dollars that student loaner payment

402
00:17:47,000 --> 00:17:49,480
Speaker 5: goes up. So now on a salary of eighty four

403
00:17:49,520 --> 00:17:52,840
Speaker 5: thousand dollars, you're actually paying back five point five percent,

404
00:17:53,160 --> 00:17:56,160
Speaker 5: which to me is a fair whack. So five point

405
00:17:56,280 --> 00:17:58,919
Speaker 5: five percent each and every single week's eighty nine dollars.

406
00:17:59,000 --> 00:18:01,639
Speaker 5: Every single fort nine, it's one hundred and seventy eight dollars.

407
00:18:01,720 --> 00:18:04,000
Speaker 5: Every month that's three hundred and eighty six dollars, and

408
00:18:04,040 --> 00:18:07,639
Speaker 5: every year that's forty six hundred and twenty dollars. So

409
00:18:07,760 --> 00:18:10,159
Speaker 5: this isn't something that we should be blinking at. Like

410
00:18:10,240 --> 00:18:12,359
Speaker 5: from little things, big things grow. And I know you said, oh,

411
00:18:12,359 --> 00:18:13,960
Speaker 5: it's just like thirty bucks a week or whatever, and

412
00:18:14,000 --> 00:18:16,920
Speaker 5: that could be true for your circumstance, but thirty bucks

413
00:18:16,960 --> 00:18:20,920
Speaker 5: a week back ends up being fifteen hundred and sixty dollars. Okay,

414
00:18:21,000 --> 00:18:23,240
Speaker 5: I see, And we know that a lot of people

415
00:18:23,400 --> 00:18:25,640
Speaker 5: are still struggling to get you know, one thousand dollars

416
00:18:25,680 --> 00:18:28,960
Speaker 5: in their emergency fund. Yes, So it ultimately, to me,

417
00:18:29,320 --> 00:18:31,440
Speaker 5: is a lot of money that we should be caring about,

418
00:18:31,480 --> 00:18:33,640
Speaker 5: and I think that it's something that we do need

419
00:18:33,680 --> 00:18:36,560
Speaker 5: to discuss. And whether you're paying back more or less

420
00:18:36,640 --> 00:18:39,440
Speaker 5: isn't really about the conversation right now. The conversation I'm

421
00:18:39,440 --> 00:18:41,840
Speaker 5: having is I really want you to understand what your

422
00:18:41,880 --> 00:18:44,159
Speaker 5: paycelip means. I really want you to be in the

423
00:18:44,200 --> 00:18:46,720
Speaker 5: position where you just know what those repayments are. And

424
00:18:46,760 --> 00:18:49,480
Speaker 5: I mean, it's not a decision you're making like you

425
00:18:49,600 --> 00:18:51,320
Speaker 5: have to pay that back. It's coming out before you

426
00:18:51,320 --> 00:18:53,199
Speaker 5: even get your money back. But what we want to

427
00:18:53,280 --> 00:18:56,600
Speaker 5: understand is is that something that's hindering your ability to

428
00:18:56,640 --> 00:18:59,640
Speaker 5: create wealth in the future and right now for your

429
00:18:59,640 --> 00:19:02,040
Speaker 5: personal situation. I don't think it is. I think it's fine.

430
00:19:02,080 --> 00:19:04,480
Speaker 5: You're bopping along, you're having a good time. Like I

431
00:19:04,560 --> 00:19:06,639
Speaker 5: know the financial position you're in, you shared it on

432
00:19:06,680 --> 00:19:08,440
Speaker 5: the podcast before, Like you're not about to buy house

433
00:19:08,440 --> 00:19:10,840
Speaker 5: in the next six months. So it's not something that

434
00:19:10,880 --> 00:19:13,040
Speaker 5: we need to be worried about because it's not impacting

435
00:19:13,080 --> 00:19:14,120
Speaker 5: your borrowing capacity.

436
00:19:14,200 --> 00:19:17,719
Speaker 2: So personally, I don't think you do care. So do

437
00:19:17,760 --> 00:19:18,400
Speaker 2: we worry.

438
00:19:18,160 --> 00:19:21,600
Speaker 5: About the seven percent? I mean, yes we do, And

439
00:19:21,680 --> 00:19:24,200
Speaker 5: the reason we do is because we want to understand

440
00:19:24,240 --> 00:19:27,480
Speaker 5: what that means for you, pragmatically and pragmatically, all we

441
00:19:27,560 --> 00:19:30,359
Speaker 5: need to understand is what does that mean for you? Beck? Right,

442
00:19:30,440 --> 00:19:32,920
Speaker 5: So seven percent of thirty thousand dollars is actually twenty

443
00:19:32,960 --> 00:19:35,560
Speaker 5: one hundred bucks, So that seven percent is going to

444
00:19:35,560 --> 00:19:37,760
Speaker 5: mean that you go up to thirty two thousand, one

445
00:19:37,880 --> 00:19:40,280
Speaker 5: hundred dollars instead of the thirty thousand dollars and beck

446
00:19:40,320 --> 00:19:42,280
Speaker 5: we just said before that if you're on an income

447
00:19:42,320 --> 00:19:46,520
Speaker 5: of seventy four seventy three thousand dollars, your student loan

448
00:19:46,560 --> 00:19:49,680
Speaker 5: repayments every year about twenty nine hundred and twenty dollars.

449
00:19:50,080 --> 00:19:53,159
Speaker 5: So you just paid twenty nine hundred and twenty dollars off.

450
00:19:53,160 --> 00:19:54,919
Speaker 5: And what that's going to feel like to you is

451
00:19:54,960 --> 00:19:57,360
Speaker 5: that you only paid eight hundred and twenty dollars off

452
00:19:57,359 --> 00:20:00,960
Speaker 5: that year, even though every single week fifty six bucks

453
00:20:01,080 --> 00:20:02,280
Speaker 5: was coming out of your account.

454
00:20:02,720 --> 00:20:03,800
Speaker 2: It just increased.

455
00:20:04,080 --> 00:20:06,159
Speaker 5: So no, there's no interest on that, Like you're not

456
00:20:06,160 --> 00:20:08,720
Speaker 5: paying an interest amount on the repayments that you have,

457
00:20:08,840 --> 00:20:12,240
Speaker 5: but that amount that you owed increased by seven percent

458
00:20:12,280 --> 00:20:13,960
Speaker 5: because of indexation.

459
00:20:13,880 --> 00:20:16,679
Speaker 4: Right, I see? Okay, So I guess like I have

460
00:20:16,760 --> 00:20:21,000
Speaker 4: two questions, but they're kind of linked. So my thought

461
00:20:21,200 --> 00:20:25,919
Speaker 4: is that if the amount you pay on your HEX

462
00:20:26,160 --> 00:20:30,080
Speaker 4: is dependent solely on your income and not how much

463
00:20:30,200 --> 00:20:32,359
Speaker 4: you have in HEX, yes, I feel like that's a

464
00:20:32,359 --> 00:20:34,800
Speaker 4: good thing. But also on the other sides, that I'm

465
00:20:34,960 --> 00:20:38,440
Speaker 4: thinking if this is a common thing that your hex

466
00:20:38,440 --> 00:20:42,000
Speaker 4: staate kind of goes up on a yearly basis depending

467
00:20:42,040 --> 00:20:44,560
Speaker 4: on how the economy is going and things like that,

468
00:20:45,080 --> 00:20:49,120
Speaker 4: it almost feels like, is there any point in trying

469
00:20:49,160 --> 00:20:51,360
Speaker 4: to like pay it off faster or anything, because it's

470
00:20:51,680 --> 00:20:54,240
Speaker 4: it just feels like you're running on a treadmill.

471
00:20:54,600 --> 00:20:55,760
Speaker 2: Like it's really frustrated.

472
00:20:55,800 --> 00:20:57,639
Speaker 4: Gets the end of the year, you've paid x amount

473
00:20:57,640 --> 00:21:00,840
Speaker 4: off and then the government's like, here's some more, and

474
00:21:00,880 --> 00:21:03,920
Speaker 4: then you just end up a little bit better off,

475
00:21:04,160 --> 00:21:07,320
Speaker 4: maybe even worse than you were the year before.

476
00:21:07,119 --> 00:21:10,360
Speaker 5: You know, Yeah, and it makes me really really frustrated

477
00:21:10,520 --> 00:21:12,720
Speaker 5: because that's an amount that you feel a bit sick about.

478
00:21:12,720 --> 00:21:14,520
Speaker 5: But it's not the government trying to screw us over,

479
00:21:14,760 --> 00:21:17,160
Speaker 5: let's be honest, Like, it's just not the government going, oh,

480
00:21:17,200 --> 00:21:19,160
Speaker 5: do you know what, we want to increase back stuff

481
00:21:19,200 --> 00:21:21,800
Speaker 5: by seven percent. I mean, they could choose not to.

482
00:21:21,960 --> 00:21:24,600
Speaker 5: So the Greens were actually proposing a law that would

483
00:21:24,600 --> 00:21:27,760
Speaker 5: freeze indexation for seventy four billion dollars in help loans,

484
00:21:27,800 --> 00:21:30,600
Speaker 5: which has been rejected by the Senate Committee, which I

485
00:21:30,640 --> 00:21:32,400
Speaker 5: think is a little bit rude. That's why I think

486
00:21:32,440 --> 00:21:33,960
Speaker 5: it's so much of a hot topic in the media.

487
00:21:34,000 --> 00:21:36,560
Speaker 5: A pitch it out because obviously would it help the

488
00:21:36,600 --> 00:21:41,360
Speaker 5: economy to freeze help debts? Probably because people are already stressed.

489
00:21:41,359 --> 00:21:44,440
Speaker 5: We're already not getting pay rises. It's why as she's

490
00:21:44,440 --> 00:21:46,040
Speaker 5: on the money, we're going to be going into even

491
00:21:46,080 --> 00:21:49,840
Speaker 5: more career content because I'm getting so frustrated with people

492
00:21:49,920 --> 00:21:52,520
Speaker 5: just not being paid what they're worth, people not being

493
00:21:52,520 --> 00:21:54,880
Speaker 5: able to afford the groceries that they were last year,

494
00:21:54,920 --> 00:21:57,320
Speaker 5: people not knowing their worth because they don't have the

495
00:21:57,359 --> 00:22:00,439
Speaker 5: confidence to ask, Like, I just think that the government

496
00:22:00,480 --> 00:22:02,840
Speaker 5: could be doing more for us. But I guess let's

497
00:22:02,840 --> 00:22:05,639
Speaker 5: have a quick look back at what indexation has looked

498
00:22:05,680 --> 00:22:09,760
Speaker 5: like historically, because indexation is calculated each and every single year,

499
00:22:09,800 --> 00:22:14,280
Speaker 5: and basically it's not always the same. So in twenty eighteen,

500
00:22:14,400 --> 00:22:17,520
Speaker 5: indexation on our help debt was one point nine percent.

501
00:22:17,720 --> 00:22:20,399
Speaker 5: In twenty nineteen, it was one point eight. In twenty

502
00:22:20,440 --> 00:22:23,000
Speaker 5: twenty it was one point eight. In twenty twenty one,

503
00:22:23,119 --> 00:22:26,960
Speaker 5: it was zero point six percent, in twenty twenty two

504
00:22:27,080 --> 00:22:29,560
Speaker 5: it was three point nine. So it increased, and the

505
00:22:29,600 --> 00:22:33,080
Speaker 5: reason it increased is because inflation in general was increasing.

506
00:22:33,160 --> 00:22:36,280
Speaker 5: And what they do is they take the average inflation

507
00:22:36,480 --> 00:22:38,879
Speaker 5: rate for the past two years and then apply that.

508
00:22:39,320 --> 00:22:41,480
Speaker 5: So they've done that again this year, and that's why

509
00:22:41,520 --> 00:22:43,879
Speaker 5: we are predicting it's going to be seven percent. That

510
00:22:44,000 --> 00:22:47,199
Speaker 5: number hasn't come from nowhere. That's come from us going Okay, well,

511
00:22:47,200 --> 00:22:49,280
Speaker 5: if the inflation rate last year and the inflation rate

512
00:22:49,320 --> 00:22:51,439
Speaker 5: this year is this, This is what that seven percent

513
00:22:51,600 --> 00:22:54,439
Speaker 5: looks like and where it's coming from. So that doesn't

514
00:22:54,440 --> 00:22:56,720
Speaker 5: mean that seven percent is going to happen again. It

515
00:22:56,800 --> 00:22:57,560
Speaker 5: might go back down.

516
00:22:57,600 --> 00:22:58,680
Speaker 2: And in a perfect.

517
00:22:58,359 --> 00:23:00,840
Speaker 5: World, if the RBA is doing exactly what they should

518
00:23:00,880 --> 00:23:03,800
Speaker 5: be doing by you know, helping to slow down economic

519
00:23:03,960 --> 00:23:06,280
Speaker 5: growth and helping to bring down the rate of inflation,

520
00:23:06,560 --> 00:23:08,919
Speaker 5: next year, it won't be so much. So it won't

521
00:23:08,960 --> 00:23:12,120
Speaker 5: be the same thing each and every year, but there's

522
00:23:12,200 --> 00:23:14,679
Speaker 5: always going to be a level of indexation that is

523
00:23:14,680 --> 00:23:17,040
Speaker 5: applied to help or hex steps, because that's what we

524
00:23:17,160 --> 00:23:18,560
Speaker 5: signed up for sure.

525
00:23:18,760 --> 00:23:21,719
Speaker 4: Okay, if only I had read the te's and c's

526
00:23:21,920 --> 00:23:24,240
Speaker 4: before starting a million courses, Yeah.

527
00:23:24,080 --> 00:23:25,600
Speaker 5: I just feel like even if you'd read the t's

528
00:23:25,600 --> 00:23:27,400
Speaker 5: and c's, you would have been like, whatever, I don't care.

529
00:23:27,520 --> 00:23:29,120
Speaker 4: That's true. Actually I could have been like, I don't

530
00:23:29,119 --> 00:23:30,600
Speaker 4: know what any of this means anyway? Sign up?

531
00:23:30,920 --> 00:23:35,119
Speaker 5: No, No, I'm glad we're best friends now, because I

532
00:23:35,119 --> 00:23:37,359
Speaker 5: could just be like your financial fairy god brother and

533
00:23:37,440 --> 00:23:39,000
Speaker 5: I could text me and be like, V, is this

534
00:23:39,040 --> 00:23:41,240
Speaker 5: a good idea and be like, no, it's not. I'll

535
00:23:41,359 --> 00:23:44,000
Speaker 5: like you grateful, I'll probably do it anyway. Let's be honest.

536
00:23:44,040 --> 00:23:46,880
Speaker 4: I mean, maybe that's very true. It's I I'm an

537
00:23:46,880 --> 00:23:48,640
Speaker 4: old dog and it's going to be hard to learn

538
00:23:48,680 --> 00:23:50,840
Speaker 4: new tricks, but we're going to get there. I think

539
00:23:50,840 --> 00:23:51,919
Speaker 4: this is a really good time to go to a

540
00:23:51,960 --> 00:23:55,240
Speaker 4: quick break and we'll see you guys on the other side.

541
00:23:58,560 --> 00:24:01,320
Speaker 4: All right, V, we are back and ready to talk

542
00:24:01,320 --> 00:24:03,119
Speaker 4: about help Hex helped it.

543
00:24:03,440 --> 00:24:06,600
Speaker 5: Let's talk about he be literally girl, you know what.

544
00:24:06,720 --> 00:24:09,720
Speaker 5: Sam probably isn't going to cut that out. He's hope

545
00:24:09,720 --> 00:24:11,240
Speaker 5: he doesn't. You know what, neither do I.

546
00:24:11,359 --> 00:24:12,720
Speaker 2: Let's move on. Let's make a song.

547
00:24:12,920 --> 00:24:15,719
Speaker 5: No, let's not this, Okay, sure, let's not. I'm going

548
00:24:15,760 --> 00:24:16,760
Speaker 5: to stick to podcasting.

549
00:24:16,920 --> 00:24:19,440
Speaker 4: Yeah, that's fair. It's a fair. That's a fair career choice.

550
00:24:19,200 --> 00:24:20,399
Speaker 2: That Facebook podcasts.

551
00:24:20,600 --> 00:24:23,440
Speaker 4: You do have a face of podcast. Thank you. Let's

552
00:24:23,480 --> 00:24:26,040
Speaker 4: talk about help debt F. I think we were just

553
00:24:26,080 --> 00:24:29,280
Speaker 4: about to talk about the interest and I don't know

554
00:24:29,320 --> 00:24:30,439
Speaker 4: what these terms mean.

555
00:24:30,320 --> 00:24:33,720
Speaker 5: But yeah, let's dive into let's deep dive inte why not? Yeah,

556
00:24:33,800 --> 00:24:36,000
Speaker 5: so we want to talk about interest again because I

557
00:24:36,000 --> 00:24:38,159
Speaker 5: think it's important to touch on it. I mentioned before

558
00:24:38,480 --> 00:24:42,200
Speaker 5: that help slash Hex's debt doesn't actually attract an interest rate,

559
00:24:42,480 --> 00:24:45,960
Speaker 5: it just has an indexation rate. So it's basically to

560
00:24:46,040 --> 00:24:48,840
Speaker 5: take into account the different costs of living and the

561
00:24:48,880 --> 00:24:51,399
Speaker 5: way I see it, And I'm not defending the government

562
00:24:51,400 --> 00:24:52,879
Speaker 5: on this because I just don't think they should do it.

563
00:24:52,920 --> 00:24:54,720
Speaker 5: If I'm being really honest, I just think that they

564
00:24:54,760 --> 00:24:58,040
Speaker 5: should wipe it and be kind. But whatever, they're doing

565
00:24:58,119 --> 00:25:00,399
Speaker 5: it so that their dollar that they len to you

566
00:25:00,560 --> 00:25:03,520
Speaker 5: for your education isn't worthless when they get it back.

567
00:25:03,720 --> 00:25:06,040
Speaker 4: Oh those dirty dogs.

568
00:25:05,720 --> 00:25:07,480
Speaker 5: I know, right, But like it makes sense if I

569
00:25:07,480 --> 00:25:09,560
Speaker 5: explain it like that, Like if I said, hey, Beck,

570
00:25:09,720 --> 00:25:12,760
Speaker 5: I'll pay for your your degree. It's thirty thousand dollars,

571
00:25:13,000 --> 00:25:16,080
Speaker 5: I'd like thirty thousand dollars back. But as we explained before,

572
00:25:16,200 --> 00:25:18,840
Speaker 5: a macis cone in ninety seven is not worth what

573
00:25:18,840 --> 00:25:21,240
Speaker 5: a macas cone is today, but the same value is there.

574
00:25:21,400 --> 00:25:23,639
Speaker 5: They're basically saying, we just want the value of our

575
00:25:23,720 --> 00:25:26,159
Speaker 5: dollar back so that we can you know, put that

576
00:25:26,240 --> 00:25:28,679
Speaker 5: money into something else and not have it be worthless.

577
00:25:29,160 --> 00:25:31,000
Speaker 5: And you kind of go, oh, that makes sense, Like

578
00:25:31,040 --> 00:25:34,480
Speaker 5: that's a pretty pretty sexy explain if I borrowed money

579
00:25:34,480 --> 00:25:36,880
Speaker 5: from a friend and they're like, oh, yeah, okay, can

580
00:25:36,920 --> 00:25:38,560
Speaker 5: you just like, if you want to borrow the money

581
00:25:38,560 --> 00:25:40,520
Speaker 5: from me, can you just make sure like there's no

582
00:25:40,560 --> 00:25:42,840
Speaker 5: additional fees or charges or anything that get charged to me,

583
00:25:42,880 --> 00:25:45,679
Speaker 5: because individually, I shouldn't be missing out if I'm lending

584
00:25:45,680 --> 00:25:47,359
Speaker 5: the money to you. And I mean, we're not friends

585
00:25:47,359 --> 00:25:48,639
Speaker 5: with the government, But that's okay.

586
00:25:48,720 --> 00:25:51,040
Speaker 4: Actually it's a really good point, and I hadn't thought

587
00:25:51,040 --> 00:25:54,679
Speaker 4: about that. I suppose like what would happen to the government.

588
00:25:54,720 --> 00:25:57,640
Speaker 4: Will we just like crumble as a society if they

589
00:25:57,640 --> 00:25:59,679
Speaker 4: were to just like freeze it and we kind of

590
00:26:00,080 --> 00:26:03,159
Speaker 4: paid back the hex stet and it was worth less

591
00:26:03,200 --> 00:26:05,000
Speaker 4: than when they lent it to us.

592
00:26:05,400 --> 00:26:07,520
Speaker 2: There's a lot of debate about this that.

593
00:26:07,560 --> 00:26:09,520
Speaker 5: I mean, that's probably why the Greens got so up

594
00:26:09,560 --> 00:26:11,560
Speaker 5: in arms and they were like, it's not going to

595
00:26:11,640 --> 00:26:15,320
Speaker 5: impact it. Like I feel like from my perspective, and

596
00:26:15,359 --> 00:26:17,600
Speaker 5: I mean, I've shared this perspective on the podcast before.

597
00:26:17,640 --> 00:26:18,720
Speaker 2: We're so lucky to.

598
00:26:18,640 --> 00:26:21,440
Speaker 5: Live in Australia, right, Like, we have a beautiful economy,

599
00:26:21,600 --> 00:26:25,159
Speaker 5: we have beautiful infrastructure, we have a really great healthcare system,

600
00:26:25,320 --> 00:26:27,399
Speaker 5: we have roads that we can drive on that are safe,

601
00:26:27,440 --> 00:26:29,639
Speaker 5: there are rules in place and there are people to

602
00:26:29,680 --> 00:26:32,800
Speaker 5: protect us. Right. How good is that? But there are

603
00:26:32,800 --> 00:26:34,320
Speaker 5: a lot of things that a lot of people don't

604
00:26:34,320 --> 00:26:36,840
Speaker 5: agree with. I mean, we could start a conversation about

605
00:26:36,840 --> 00:26:40,040
Speaker 5: the doll we could start a conversation about how government

606
00:26:40,160 --> 00:26:43,560
Speaker 5: money is being channeled into the wrong education places, where

607
00:26:43,600 --> 00:26:45,639
Speaker 5: could be starting a conversation about how there are a

608
00:26:45,640 --> 00:26:48,600
Speaker 5: million schemes that need funding and don't have it. But essentially,

609
00:26:48,760 --> 00:26:51,719
Speaker 5: I just think that the government is maintaining this so

610
00:26:51,760 --> 00:26:54,400
Speaker 5: that they still have money to go around because they

611
00:26:54,440 --> 00:26:56,720
Speaker 5: just don't want their dollar to be worth less tomorrow

612
00:26:56,760 --> 00:27:00,600
Speaker 5: than it is today to them. And they essentially, from

613
00:27:00,600 --> 00:27:04,840
Speaker 5: my perspective, they're seeing helping you out as a privilege.

614
00:27:04,920 --> 00:27:07,400
Speaker 5: They're seeing it as like, Okay, well I helped beck out,

615
00:27:07,400 --> 00:27:09,280
Speaker 5: she didn't have to cough up thirty grand to go

616
00:27:09,320 --> 00:27:12,480
Speaker 5: to university. I'm gonna just ask for that money back.

617
00:27:12,480 --> 00:27:15,159
Speaker 5: And that's a fair way of doing things. Obviously the

618
00:27:15,160 --> 00:27:18,120
Speaker 5: same is not true in other countries, like in America,

619
00:27:18,200 --> 00:27:21,560
Speaker 5: like they have to get very expensive student loans that

620
00:27:21,640 --> 00:27:23,440
Speaker 5: are worth a whole heap of money and have a

621
00:27:23,440 --> 00:27:25,480
Speaker 5: whole heap of interest associated with them. And then on

622
00:27:25,520 --> 00:27:28,159
Speaker 5: the flip sides, there are countries that have a completely

623
00:27:28,200 --> 00:27:31,439
Speaker 5: free education system. In fact, Australia used to have a

624
00:27:31,480 --> 00:27:35,280
Speaker 5: free education system where university was free, and this wish

625
00:27:35,320 --> 00:27:37,800
Speaker 5: that happened again. So essentially, what I think that they're

626
00:27:37,800 --> 00:27:40,760
Speaker 5: trying to do is get back the money because they

627
00:27:40,800 --> 00:27:42,479
Speaker 5: just don't have enough of it to go round at

628
00:27:42,480 --> 00:27:45,200
Speaker 5: the moment. And I think that from their perspective they're

629
00:27:45,200 --> 00:27:48,199
Speaker 5: doing the right things, but from a community perspective, I

630
00:27:48,200 --> 00:27:49,320
Speaker 5: think they could be doing more.

631
00:27:50,000 --> 00:27:51,720
Speaker 4: Amen'sis mic drop.

632
00:27:51,960 --> 00:27:53,439
Speaker 2: I don't know if that's a mic drop. I just

633
00:27:53,640 --> 00:27:54,159
Speaker 2: you know what I mean.

634
00:27:54,280 --> 00:27:55,879
Speaker 5: I feel like we've all got our own opinions on

635
00:27:55,920 --> 00:27:58,480
Speaker 5: how things work, and I just think that that's where

636
00:27:58,480 --> 00:28:01,280
Speaker 5: it gets political. And this isn't a political podcast, right,

637
00:28:01,359 --> 00:28:03,720
Speaker 5: I just think it's a podcast about doing the right

638
00:28:03,760 --> 00:28:06,560
Speaker 5: thing and being good people. And you know, I just

639
00:28:06,600 --> 00:28:09,480
Speaker 5: think that students and people who have hex stets are

640
00:28:09,480 --> 00:28:11,080
Speaker 5: having a bit of a hard time what would we

641
00:28:11,119 --> 00:28:14,520
Speaker 5: do about there. It's not really yeah a political conversation

642
00:28:14,720 --> 00:28:16,639
Speaker 5: for me, it's not going, oh my god, the Greens

643
00:28:16,640 --> 00:28:18,960
Speaker 5: a label or liberal like. The Greens had this idea

644
00:28:19,000 --> 00:28:21,480
Speaker 5: to freeze indexation for seventy four billion dollars, and I

645
00:28:21,760 --> 00:28:23,280
Speaker 5: nodded and smiled and said, you know what, that's a

646
00:28:23,320 --> 00:28:24,320
Speaker 5: pretty good idea.

647
00:28:24,400 --> 00:28:25,520
Speaker 2: I think people would like that.

648
00:28:26,359 --> 00:28:28,879
Speaker 4: Yeah, absolutely, and I'm sure there will be absolutely no

649
00:28:28,960 --> 00:28:32,760
Speaker 4: consequences whatsoever. So at the end of the day, I've

650
00:28:32,880 --> 00:28:35,879
Speaker 4: gotten all this information, what does this actually look like

651
00:28:35,960 --> 00:28:36,800
Speaker 4: for help loans?

652
00:28:37,400 --> 00:28:42,360
Speaker 5: Obviously I am stout skirl. I've done some maths because

653
00:28:42,360 --> 00:28:44,240
Speaker 5: I love to do maths. I also love to stop

654
00:28:44,280 --> 00:28:46,600
Speaker 5: the podcast halfway through so I can do some sly

655
00:28:46,800 --> 00:28:49,200
Speaker 5: maths and come back. You guys don't have to wait,

656
00:28:49,240 --> 00:28:51,200
Speaker 5: because we edit all of the waiting time out.

657
00:28:51,080 --> 00:28:54,120
Speaker 4: But Beck does, so I will said patiently.

658
00:28:53,760 --> 00:28:56,080
Speaker 5: You do you smile or nod, But from the first

659
00:28:56,160 --> 00:28:58,800
Speaker 5: of June, most Australians with an outstanding student loan debt

660
00:28:58,840 --> 00:29:01,280
Speaker 5: will actually see their balance shoot up by hundreds or

661
00:29:01,320 --> 00:29:04,800
Speaker 5: even a thousands of dollars. Beck, if the indexation rate

662
00:29:04,880 --> 00:29:08,040
Speaker 5: does go up by seven point one percent, So I

663
00:29:08,080 --> 00:29:10,240
Speaker 5: calculated that really quickly for you. But I've got a

664
00:29:10,280 --> 00:29:12,800
Speaker 5: few examples. So if you've got ten grands left on

665
00:29:12,800 --> 00:29:15,640
Speaker 5: your loan, it's going to increase by seven hundred and

666
00:29:15,800 --> 00:29:19,840
Speaker 5: ten dollars. For every ten thousand dollars in debt you have,

667
00:29:20,040 --> 00:29:23,440
Speaker 5: it will consistently increase by seven hundred and ten thousand dollars.

668
00:29:23,560 --> 00:29:26,040
Speaker 5: So if you have a twenty five thousand dollars loan balance,

669
00:29:26,040 --> 00:29:28,640
Speaker 5: it would increase by seventeen hundred and seventy five dollars.

670
00:29:28,640 --> 00:29:31,480
Speaker 5: Beck And if you had a fifty thousand dollars loan,

671
00:29:31,640 --> 00:29:35,120
Speaker 5: it would increase by three thousand, five hundred and fifty dollars.

672
00:29:35,440 --> 00:29:36,800
Speaker 5: And Beck, do you want to know how much my

673
00:29:36,880 --> 00:29:38,920
Speaker 5: hex STEP's going to be increasing by? Because you know,

674
00:29:38,960 --> 00:29:41,040
Speaker 5: we've been a little pervy, we're being a little personal

675
00:29:41,240 --> 00:29:43,560
Speaker 5: go on. So I still have eighty thousand dollars worth

676
00:29:43,600 --> 00:29:46,040
Speaker 5: of hex step, So I'm going to be slammed with

677
00:29:46,120 --> 00:29:50,240
Speaker 5: five thousand, six hundred and eighty dollars worth of indexation. No,

678
00:29:50,960 --> 00:29:52,800
Speaker 5: that's a trip for two to Bali.

679
00:29:52,480 --> 00:29:55,760
Speaker 4: At least, yeah, at least please.

680
00:29:55,920 --> 00:29:58,520
Speaker 5: But again, I feel very grateful to have that system

681
00:29:58,600 --> 00:30:01,000
Speaker 5: in place, And I mean there's actually no way that

682
00:30:01,080 --> 00:30:03,520
Speaker 5: I could have personally afforded to go to university and

683
00:30:03,520 --> 00:30:05,520
Speaker 5: get the degrees that I have without the help and

684
00:30:05,560 --> 00:30:06,200
Speaker 5: HEXT system.

685
00:30:06,520 --> 00:30:08,080
Speaker 2: So am I mad that that's the case?

686
00:30:08,440 --> 00:30:08,680
Speaker 4: No?

687
00:30:08,760 --> 00:30:09,280
Speaker 2: Not really.

688
00:30:09,600 --> 00:30:11,719
Speaker 5: I feel like it's you know, part and parcel of

689
00:30:11,720 --> 00:30:14,800
Speaker 5: the system that we are using. I mean, could I

690
00:30:14,840 --> 00:30:16,560
Speaker 5: be mad about it? Yeah, it's a lot of money,

691
00:30:16,800 --> 00:30:19,120
Speaker 5: but again I think that I'm just trying to see

692
00:30:19,160 --> 00:30:21,280
Speaker 5: it from a more positive light of like, that's the

693
00:30:21,400 --> 00:30:24,400
Speaker 5: cost of you know, me being able to get to

694
00:30:24,400 --> 00:30:26,480
Speaker 5: where I want to be in life, because Lord knows,

695
00:30:26,520 --> 00:30:28,680
Speaker 5: I wouldn't have gotten anywhere without those degrees.

696
00:30:29,280 --> 00:30:32,840
Speaker 4: Amen, Well, could you be sad about it?

697
00:30:33,520 --> 00:30:35,400
Speaker 5: I could be sad about it, Like I could just

698
00:30:35,400 --> 00:30:37,320
Speaker 5: be a little sad that, you know, I'm in a

699
00:30:37,320 --> 00:30:40,640
Speaker 5: bit more debt. But honestly, I see my HEX debt

700
00:30:40,680 --> 00:30:43,760
Speaker 5: as something that has helped me in the past few years.

701
00:30:43,760 --> 00:30:45,200
Speaker 5: It has got me to where I need to go.

702
00:30:45,440 --> 00:30:47,280
Speaker 5: There was a period of time where it made me

703
00:30:47,320 --> 00:30:50,760
Speaker 5: feel physically sick when I logged into my portal.

704
00:30:50,520 --> 00:30:51,720
Speaker 4: Because it was more don't log in.

705
00:30:51,800 --> 00:30:53,360
Speaker 5: Yeah it was more than one hundred grand, and I'd

706
00:30:53,360 --> 00:30:53,720
Speaker 5: be like.

707
00:30:53,640 --> 00:30:55,120
Speaker 4: Whoah, who let that happen?

708
00:30:55,720 --> 00:30:58,200
Speaker 5: Whose idea was that, And it's kind of like you.

709
00:30:58,360 --> 00:31:01,360
Speaker 5: Right when I started my degree, I just didn't think

710
00:31:01,400 --> 00:31:03,440
Speaker 5: about how much debt I was racking up, Like I

711
00:31:03,560 --> 00:31:06,400
Speaker 5: was not interested in finance. We've talked about this publicly

712
00:31:06,480 --> 00:31:08,719
Speaker 5: before that by the time I was twenty two, I

713
00:31:08,760 --> 00:31:11,400
Speaker 5: was in like I think it was forty four thousand dollars.

714
00:31:11,080 --> 00:31:11,960
Speaker 2: Worth of personal debt.

715
00:31:12,160 --> 00:31:14,400
Speaker 5: Like I was really good at that, and that didn't

716
00:31:14,440 --> 00:31:16,880
Speaker 5: worry me at the time until I started learning more

717
00:31:16,880 --> 00:31:18,920
Speaker 5: and more about finance and I kind of was like, oh,

718
00:31:18,960 --> 00:31:20,680
Speaker 5: I might need to pull my socks up. This is

719
00:31:20,720 --> 00:31:23,000
Speaker 5: a lot of money. And like I got out of that.

720
00:31:23,040 --> 00:31:24,640
Speaker 5: It took a lot of work and a lot of time.

721
00:31:24,760 --> 00:31:27,280
Speaker 5: But it's one of those things where now things like

722
00:31:27,320 --> 00:31:29,880
Speaker 5: this mean a bit more to me because I'm grateful

723
00:31:29,920 --> 00:31:31,560
Speaker 5: for them. But when I took them on, I had

724
00:31:31,600 --> 00:31:33,680
Speaker 5: no concept of what that would look like for me

725
00:31:33,680 --> 00:31:34,240
Speaker 5: in the future.

726
00:31:34,320 --> 00:31:36,400
Speaker 2: And I think a lot of people are in that circumstance.

727
00:31:36,560 --> 00:31:39,560
Speaker 4: Yeah, absolutely, it is good to know that it hasn't

728
00:31:39,600 --> 00:31:42,800
Speaker 4: been this high historically and hopefully won't be the case

729
00:31:42,960 --> 00:31:44,080
Speaker 4: in future years.

730
00:31:44,280 --> 00:31:47,360
Speaker 5: It's actually not sustainable if it was in future years, right,

731
00:31:47,440 --> 00:31:50,080
Speaker 5: because if it was in future years, you're gonna be

732
00:31:50,200 --> 00:31:52,760
Speaker 5: is a bit screwed, babe. Like, there's a lot more

733
00:31:52,800 --> 00:31:55,800
Speaker 5: going on than help in hex debt repayments. I promise

734
00:31:56,120 --> 00:31:58,720
Speaker 5: if indexation kept up at that rate, there's going to

735
00:31:58,800 --> 00:32:01,120
Speaker 5: need to be some serious change and the government would

736
00:32:01,120 --> 00:32:02,760
Speaker 5: get involved to promise it's okay, and.

737
00:32:02,720 --> 00:32:04,280
Speaker 4: They would drown in our tears.

738
00:32:04,600 --> 00:32:06,160
Speaker 5: They would, they would.

739
00:32:06,320 --> 00:32:09,480
Speaker 4: So should people start trying to pay down their helped

740
00:32:09,480 --> 00:32:11,400
Speaker 4: deb before the first of June, Beck.

741
00:32:11,240 --> 00:32:13,720
Speaker 5: You should know better than asking a personal advice question

742
00:32:13,760 --> 00:32:16,800
Speaker 5: on this podcast. This podcast is general advice only, and

743
00:32:17,000 --> 00:32:19,320
Speaker 5: you shouldn't actually take my advice on anything because that

744
00:32:19,360 --> 00:32:21,280
Speaker 5: would be financially irresponsible.

745
00:32:21,440 --> 00:32:23,000
Speaker 2: I have a license to uphold Beck.

746
00:32:23,480 --> 00:32:23,920
Speaker 4: That's fair.

747
00:32:24,000 --> 00:32:27,120
Speaker 5: Now pretend, but pretend here, Okay, So there are a

748
00:32:27,120 --> 00:32:29,440
Speaker 5: few things that I want you to think about. So

749
00:32:29,600 --> 00:32:32,920
Speaker 5: first things first, we know that every single persons situation

750
00:32:33,120 --> 00:32:35,640
Speaker 5: is different, and if you're stressing over it but you

751
00:32:35,680 --> 00:32:38,239
Speaker 5: can't afford it, please stop stressing. It is what it is.

752
00:32:39,120 --> 00:32:41,400
Speaker 5: Let's not stress about the things we can't change, Like,

753
00:32:41,520 --> 00:32:44,640
Speaker 5: what's the point. Absolutely, if it's something that is stressing you,

754
00:32:44,760 --> 00:32:46,440
Speaker 5: then maybe we can look at it in a bit

755
00:32:46,480 --> 00:32:49,240
Speaker 5: more depth. But I think making sure that you're comfortable

756
00:32:49,280 --> 00:32:50,640
Speaker 5: with that and you know what it means and how

757
00:32:50,640 --> 00:32:53,720
Speaker 5: it works is basically what everyone can do. Whether we

758
00:32:53,760 --> 00:32:56,840
Speaker 5: contribute more or not is a different conversation. But given

759
00:32:57,000 --> 00:32:59,440
Speaker 5: what we've discussed, for the first time in a long, long,

760
00:32:59,480 --> 00:33:03,000
Speaker 5: long time, it actually might be worth for some people

761
00:33:03,320 --> 00:33:04,200
Speaker 5: to be making.

762
00:33:03,920 --> 00:33:05,880
Speaker 2: Extra contributions to their HEX debt.

763
00:33:06,440 --> 00:33:09,600
Speaker 5: It's something that personally, I will not be doing, and

764
00:33:09,640 --> 00:33:11,720
Speaker 5: the reason I'm not doing it is because I don't

765
00:33:11,720 --> 00:33:13,320
Speaker 5: need to do that to achieve the goals that I

766
00:33:13,360 --> 00:33:16,280
Speaker 5: currently have. So if my goal was to buy a house,

767
00:33:16,560 --> 00:33:18,480
Speaker 5: and I knew that by paying down some of my

768
00:33:18,600 --> 00:33:21,400
Speaker 5: HEX debt would mean that my ability to lend more

769
00:33:21,440 --> 00:33:23,400
Speaker 5: money would increase them, maybe it would be worth it

770
00:33:23,440 --> 00:33:25,960
Speaker 5: for me. Maybe I could do that. But if you're

771
00:33:26,040 --> 00:33:30,280
Speaker 5: in that circumstance shameless plug for Zella Money, please go.

772
00:33:30,760 --> 00:33:32,600
Speaker 5: We'll put the link in the show notes to talk

773
00:33:32,600 --> 00:33:34,600
Speaker 5: to one of our brokers. If you are in the

774
00:33:34,720 --> 00:33:37,560
Speaker 5: position to be purchasing a house, or you think you're

775
00:33:37,560 --> 00:33:39,880
Speaker 5: in the position to purchase house and you're thinking about

776
00:33:39,880 --> 00:33:42,840
Speaker 5: your HEX debt repayments, go and talk to a mortgage

777
00:33:42,840 --> 00:33:45,640
Speaker 5: broker so that they can look at your whole circumstance,

778
00:33:45,880 --> 00:33:47,240
Speaker 5: and they can sit you down and be like, yep,

779
00:33:47,240 --> 00:33:49,200
Speaker 5: back in your situation, it would do this for you,

780
00:33:49,280 --> 00:33:51,680
Speaker 5: and you go, great, I will do that. Can I

781
00:33:51,680 --> 00:33:54,320
Speaker 5: tell you that on a podcast? Unfortunately not. But what

782
00:33:54,360 --> 00:33:56,560
Speaker 5: I can tell you is that it might change it

783
00:33:56,920 --> 00:33:59,120
Speaker 5: for some people, it might not because it's going to

784
00:33:59,160 --> 00:34:01,479
Speaker 5: depend how much text debt do you have, how much

785
00:34:01,560 --> 00:34:04,520
Speaker 5: can you afford to repay? What is your current deposit

786
00:34:04,600 --> 00:34:06,560
Speaker 5: for the home that you're looking to buy? Do you

787
00:34:06,600 --> 00:34:09,000
Speaker 5: have a Garran tool loan? What do all these things

788
00:34:09,080 --> 00:34:11,920
Speaker 5: actually mean for you? There's no one size fits or

789
00:34:11,960 --> 00:34:14,000
Speaker 5: response to that, and I am very sorry. I wish

790
00:34:14,040 --> 00:34:16,760
Speaker 5: there was. Did it make content creations so much easier?

791
00:34:16,800 --> 00:34:16,920
Speaker 1: Oh?

792
00:34:17,040 --> 00:34:19,000
Speaker 5: Fuck you? Just make the podcast be like all right, guys,

793
00:34:19,040 --> 00:34:21,960
Speaker 5: so indexations coming out first of June. This is what

794
00:34:21,960 --> 00:34:22,520
Speaker 5: we're going to do.

795
00:34:22,680 --> 00:34:25,240
Speaker 4: These are the rules, These are the answers.

796
00:34:25,480 --> 00:34:27,600
Speaker 5: Beck, You're going to do X and if you're not

797
00:34:27,640 --> 00:34:30,520
Speaker 5: in exposition do why do? How much easier content creation

798
00:34:30,560 --> 00:34:33,279
Speaker 5: would be? The community would love it? But do you

799
00:34:33,280 --> 00:34:35,120
Speaker 5: know what, You've got to do some of the work yourself.

800
00:34:35,400 --> 00:34:37,200
Speaker 4: Unfortunately, unfortunately, but.

801
00:34:37,200 --> 00:34:39,200
Speaker 5: The girls that Zella Money can basically do that for

802
00:34:39,239 --> 00:34:42,320
Speaker 5: you and kind of calculate it based on your personal circumstances. Also,

803
00:34:42,560 --> 00:34:44,400
Speaker 5: they'll do it for free, so that's kind of a

804
00:34:44,440 --> 00:34:47,000
Speaker 5: money we Oh my god. As I said, and I've

805
00:34:47,040 --> 00:34:51,080
Speaker 5: said a million times before, I would always prioritize paying

806
00:34:51,080 --> 00:34:55,640
Speaker 5: off personal debt first, so things like personal loans and

807
00:34:55,680 --> 00:34:58,960
Speaker 5: credit cards and any other personal debt. I would also

808
00:34:59,080 --> 00:35:02,640
Speaker 5: look at bumping up your emergency fund, because your emergency

809
00:35:02,640 --> 00:35:04,759
Speaker 5: fund is going to be that fund that means that

810
00:35:04,840 --> 00:35:07,280
Speaker 5: you can get out of a pickle real quick. Someone

811
00:35:07,280 --> 00:35:09,440
Speaker 5: the other day called it a squirrel fund, and I

812
00:35:09,440 --> 00:35:12,200
Speaker 5: thought that was real cute, because like squirrels, they're like

813
00:35:12,680 --> 00:35:14,839
Speaker 5: hide away all their nuts for the winter, and then

814
00:35:14,880 --> 00:35:16,719
Speaker 5: they live off their nuts in the winter when things

815
00:35:16,719 --> 00:35:17,359
Speaker 5: aren't as good.

816
00:35:17,600 --> 00:35:18,720
Speaker 2: That's what how emergence.

817
00:35:19,719 --> 00:35:20,560
Speaker 4: That's very cute.

818
00:35:20,600 --> 00:35:22,600
Speaker 5: Anyway, we want a squirrel fund. We want to make

819
00:35:22,640 --> 00:35:24,560
Speaker 5: sure that we're not in any personal debt, and at

820
00:35:24,560 --> 00:35:27,960
Speaker 5: that point we can consider whether making additional contributions to

821
00:35:28,000 --> 00:35:31,080
Speaker 5: our hex or help debt is a good idea. Perfect Again,

822
00:35:31,320 --> 00:35:33,239
Speaker 5: it's going to depend on whether you're going for a

823
00:35:33,239 --> 00:35:35,239
Speaker 5: home loan or not as to whether that is worth

824
00:35:35,280 --> 00:35:37,680
Speaker 5: it or you know what could just be stressing the

825
00:35:37,719 --> 00:35:40,440
Speaker 5: but Jesus out of you, Beck. You could be so

826
00:35:40,640 --> 00:35:43,560
Speaker 5: stressed over your heck's debt, and no matter how many

827
00:35:43,560 --> 00:35:45,600
Speaker 5: times you listen to me or how many times you

828
00:35:45,640 --> 00:35:48,080
Speaker 5: listen to other podcasts, it's just something that keeps you

829
00:35:48,160 --> 00:35:51,359
Speaker 5: up at night. Maybe making additional contributions to something that

830
00:35:51,600 --> 00:35:53,799
Speaker 5: fits within your goals makes you feel good.

831
00:35:54,120 --> 00:35:56,359
Speaker 2: You do U, SIS, you do you, you do you.

832
00:35:56,400 --> 00:35:57,960
Speaker 5: But what I want you to be able to do

833
00:35:58,080 --> 00:36:00,239
Speaker 5: is tell me what your payments are, what they look like,

834
00:36:00,360 --> 00:36:03,280
Speaker 5: how it impacts you as an individual, what it actually

835
00:36:03,280 --> 00:36:04,960
Speaker 5: looks like if you paid off more debt.

836
00:36:05,120 --> 00:36:05,879
Speaker 2: Because a lot of.

837
00:36:05,800 --> 00:36:07,640
Speaker 5: People might go, I really need to get rid of

838
00:36:07,640 --> 00:36:10,400
Speaker 5: my hex step before I get a home. That's actually

839
00:36:10,400 --> 00:36:13,160
Speaker 5: not true. I bought a house with a one hundred thousand

840
00:36:13,160 --> 00:36:16,520
Speaker 5: dollars worth of hex step. We work with people every

841
00:36:16,600 --> 00:36:19,560
Speaker 5: single day that have very large hex stets.

842
00:36:19,200 --> 00:36:20,200
Speaker 2: And still get homes.

843
00:36:20,520 --> 00:36:21,120
Speaker 4: That's company.

844
00:36:21,400 --> 00:36:23,920
Speaker 5: So it's really important to understand that doesn't need to

845
00:36:23,960 --> 00:36:24,960
Speaker 5: be completely.

846
00:36:24,520 --> 00:36:26,000
Speaker 2: Diminished before you do that.

847
00:36:26,000 --> 00:36:27,920
Speaker 5: That's why I want you to talk to a broker,

848
00:36:28,120 --> 00:36:30,040
Speaker 5: because the amount of people that I have spoken to

849
00:36:30,120 --> 00:36:31,759
Speaker 5: that are like, oh my god, vee, like I've paid

850
00:36:31,760 --> 00:36:34,040
Speaker 5: off eighty thousand dollars worth of my hex stet. I

851
00:36:34,120 --> 00:36:37,200
Speaker 5: go far out, that's so sick, like, that's so good,

852
00:36:37,840 --> 00:36:40,200
Speaker 5: And then they say, so I'm going to now start

853
00:36:40,239 --> 00:36:43,520
Speaker 5: saving for a house, and I kind of go, oh good,

854
00:36:44,160 --> 00:36:46,080
Speaker 5: smile a nod like, because there's nothing I can do

855
00:36:46,120 --> 00:36:48,680
Speaker 5: about that circumstance. But in reality, if they had the

856
00:36:48,719 --> 00:36:50,960
Speaker 5: capacity to pay off an eighty thousand dollars home loan,

857
00:36:51,000 --> 00:36:53,920
Speaker 5: they had the capacity to save eighty thousand dollars, and

858
00:36:54,000 --> 00:36:56,759
Speaker 5: they could have probably already been in a house and

859
00:36:56,880 --> 00:36:59,080
Speaker 5: just started paying off their hextet a bit more now

860
00:36:59,080 --> 00:37:01,359
Speaker 5: that they have the property. And obviously, when it comes

861
00:37:01,360 --> 00:37:04,239
Speaker 5: to investing, the sooner you're in the market, the more

862
00:37:04,280 --> 00:37:06,520
Speaker 5: time you have for compound interest to play into it.

863
00:37:06,560 --> 00:37:09,400
Speaker 5: And sometimes that's the best outcome. Am I saying that

864
00:37:09,400 --> 00:37:12,200
Speaker 5: that's right for every single person? No, But that's why

865
00:37:12,360 --> 00:37:15,320
Speaker 5: you need to be educated, because if you're stressing about

866
00:37:15,360 --> 00:37:18,799
Speaker 5: your hextet, I can almost guarantee that the reason you're

867
00:37:18,800 --> 00:37:21,560
Speaker 5: stressing about it is because you don't know enough about it.

868
00:37:21,760 --> 00:37:22,319
Speaker 2: You don't know the.

869
00:37:22,280 --> 00:37:24,759
Speaker 5: Semantics of that hexel help debt, but you also don't

870
00:37:24,760 --> 00:37:28,040
Speaker 5: know how it impacts you financially, and that makes people stressed.

871
00:37:28,480 --> 00:37:31,759
Speaker 5: So talk to someone, listen to some more podcasts, go

872
00:37:31,840 --> 00:37:34,800
Speaker 5: and talk to a mortgage broker about how that actually

873
00:37:34,840 --> 00:37:37,920
Speaker 5: impacts you, because Beck, you know, we calculated what your

874
00:37:37,920 --> 00:37:40,200
Speaker 5: hex step looks like and how much you're paying back.

875
00:37:40,360 --> 00:37:43,000
Speaker 5: You're like, yeah, okay. I feel like you said yep, okay,

876
00:37:43,040 --> 00:37:45,520
Speaker 5: because that was about what you expected anyway, Yes, you

877
00:37:45,560 --> 00:37:48,359
Speaker 5: were fine with that, and you're also not looking into

878
00:37:48,440 --> 00:37:52,120
Speaker 5: any other big goals. But would you be stressed about

879
00:37:52,120 --> 00:37:54,239
Speaker 5: it if you were on the home buying process and

880
00:37:54,280 --> 00:37:55,640
Speaker 5: you're like, oh, I don't know what that looks like.

881
00:37:56,200 --> 00:37:58,719
Speaker 4: If I didn't know, and I guess I don't really

882
00:37:58,800 --> 00:38:01,320
Speaker 4: know that much kind of do now about it.

883
00:38:01,360 --> 00:38:02,320
Speaker 5: I do the whole.

884
00:38:02,120 --> 00:38:04,480
Speaker 4: Podcast, but I wouldn't know the process of like buying

885
00:38:04,520 --> 00:38:07,920
Speaker 4: a house very well. But the idea that you have

886
00:38:08,040 --> 00:38:10,720
Speaker 4: a debt might make you stress. I think about achieving

887
00:38:10,760 --> 00:38:13,160
Speaker 4: something else. I think that would probably stress me out

888
00:38:13,160 --> 00:38:15,240
Speaker 4: a little bit. More money MO problems.

889
00:38:15,080 --> 00:38:19,000
Speaker 5: Exactly exactly, but essentially, I guess the crux of this

890
00:38:19,200 --> 00:38:21,200
Speaker 5: is I just want you guys to be educated. I

891
00:38:21,239 --> 00:38:23,600
Speaker 5: hope that this has given you the level of education

892
00:38:23,680 --> 00:38:26,200
Speaker 5: that you deserve, but also there are going to be

893
00:38:26,239 --> 00:38:28,359
Speaker 5: a whole heap of resources on our Instagram soon.

894
00:38:28,360 --> 00:38:29,000
Speaker 2: I'm probably going to.

895
00:38:29,000 --> 00:38:30,719
Speaker 5: Make a whole heap of tiktoks because I keep being

896
00:38:30,719 --> 00:38:33,000
Speaker 5: told off by the cheese. The TikTok well, I don't.

897
00:38:33,480 --> 00:38:35,800
Speaker 5: I don't love making them, but my team keep bullying

898
00:38:35,800 --> 00:38:38,279
Speaker 5: me into making more, so I will do that. But

899
00:38:38,480 --> 00:38:40,080
Speaker 5: I just I want you to be in the best

900
00:38:40,080 --> 00:38:42,879
Speaker 5: possible position to make the best decision for you, and

901
00:38:42,960 --> 00:38:45,239
Speaker 5: that is honestly all I can do.

902
00:38:45,640 --> 00:38:48,960
Speaker 4: I love that visa anything else before we shut this down?

903
00:38:49,160 --> 00:38:52,759
Speaker 5: Yeah, okay, so first things first. Obviously, education is the key.

904
00:38:52,840 --> 00:38:55,799
Speaker 5: I could go on about it forever. If you don't

905
00:38:55,800 --> 00:38:57,439
Speaker 5: know what's going on with your HEX or help debt,

906
00:38:57,840 --> 00:39:00,440
Speaker 5: you can check it through your mygove login. That's just

907
00:39:00,440 --> 00:39:03,560
Speaker 5: like the Tax Officers online platform. You guys should know

908
00:39:03,600 --> 00:39:05,640
Speaker 5: what my guve is. If you don't, please google it

909
00:39:05,680 --> 00:39:07,640
Speaker 5: and make sure that you log into that and have

910
00:39:07,680 --> 00:39:09,839
Speaker 5: a look, because that's not just got your HEX, it's

911
00:39:09,840 --> 00:39:12,239
Speaker 5: got your tax information, it's got your Medicare information. It's

912
00:39:12,320 --> 00:39:15,799
Speaker 5: kind of like your personal hub. The simplest way to

913
00:39:15,800 --> 00:39:18,360
Speaker 5: make your repayment on Hex is actually just through bepay

914
00:39:18,680 --> 00:39:19,520
Speaker 5: it's so easy.

915
00:39:19,719 --> 00:39:20,839
Speaker 2: I'm not saying go do.

916
00:39:20,840 --> 00:39:23,040
Speaker 5: It right now, but what I am saying is, like,

917
00:39:23,120 --> 00:39:25,040
Speaker 5: I think a lot of people assume it's this really

918
00:39:25,080 --> 00:39:28,240
Speaker 5: complex process. It's not. It's just a be pay for repayment,

919
00:39:28,520 --> 00:39:30,719
Speaker 5: like you just transfer it like you would be transferring

920
00:39:30,760 --> 00:39:32,040
Speaker 5: your mate when they bought the pizza.

921
00:39:32,680 --> 00:39:33,880
Speaker 2: Easy, really easy.

922
00:39:34,320 --> 00:39:37,160
Speaker 5: So if you are considering making a repayment and you're like, oh,

923
00:39:37,360 --> 00:39:39,080
Speaker 5: I'm really stressed about this, or I only have a

924
00:39:39,080 --> 00:39:41,839
Speaker 5: little to go rah rah, make sure you're making that

925
00:39:41,880 --> 00:39:44,279
Speaker 5: repayment well before the end of May to make sure

926
00:39:44,320 --> 00:39:47,480
Speaker 5: it's processed in time to avoid any additional indexation that

927
00:39:47,600 --> 00:39:49,640
Speaker 5: might be applied to that. So just be in really

928
00:39:49,680 --> 00:39:51,759
Speaker 5: early because when it happens, it's going to happen on

929
00:39:51,800 --> 00:39:53,480
Speaker 5: the first of June, so you want to make sure

930
00:39:53,680 --> 00:39:56,000
Speaker 5: that you are getting that payment in asap.

931
00:39:56,239 --> 00:39:57,359
Speaker 2: If that is your plan.

932
00:39:57,880 --> 00:39:58,279
Speaker 4: I love that.

933
00:39:58,440 --> 00:39:58,960
Speaker 5: I'm done.

934
00:39:59,120 --> 00:39:59,960
Speaker 4: Are you done?

935
00:40:00,080 --> 00:40:02,040
Speaker 5: I could keep going on and on, but I think

936
00:40:02,080 --> 00:40:03,359
Speaker 5: we need to be done, and I.

937
00:40:03,280 --> 00:40:04,280
Speaker 4: Could keep listening.

938
00:40:04,360 --> 00:40:04,960
Speaker 5: No, you couldn't.

939
00:40:05,000 --> 00:40:07,080
Speaker 2: You're sick. You are so sick of me.

940
00:40:07,480 --> 00:40:09,480
Speaker 4: I think it's lots of absorbed. Let's go and have

941
00:40:09,520 --> 00:40:10,839
Speaker 4: a little tea. You have a little walk.

942
00:40:11,160 --> 00:40:13,560
Speaker 5: We deserve Yeah, I think we deserve a treat.

943
00:40:13,640 --> 00:40:14,680
Speaker 4: I think we just have a treat.

944
00:40:14,760 --> 00:40:15,959
Speaker 2: Everybody deserves a treat.

945
00:40:16,040 --> 00:40:16,600
Speaker 5: Have a good day.

946
00:40:16,680 --> 00:40:18,400
Speaker 2: We will see you guys on Friday.

947
00:40:18,480 --> 00:40:19,359
Speaker 4: See you soon bybe.

948
00:40:25,680 --> 00:40:26,879
Speaker 2: The advice shared.

949
00:40:26,600 --> 00:40:29,000
Speaker 3: On She's on the Money is general in nature and

950
00:40:29,040 --> 00:40:32,680
Speaker 3: does not consider your individual circumstances. She's on the Money

951
00:40:32,800 --> 00:40:36,320
Speaker 3: exists purely for educational purposes and should not be relied

952
00:40:36,400 --> 00:40:38,840
Speaker 3: upon to make an investment or financial decision.

953
00:40:39,239 --> 00:40:41,840
Speaker 5: If you do choose to buy a financial product.

954
00:40:41,480 --> 00:40:45,080
Speaker 3: Read the PDS TMD and obtain appropriate financial.

955
00:40:44,600 --> 00:40:46,400
Speaker 5: Advice tailored towards your needs.

956
00:40:46,760 --> 00:40:50,680
Speaker 3: Victoria Divine and She's on the Money are authorized representatives

957
00:40:50,719 --> 00:40:54,839
Speaker 3: of money sirper Pty Ltd ABN three two one six

958
00:40:54,920 --> 00:40:58,799
Speaker 3: four nine two seven seven zero eight AFSL four five

959
00:40:58,880 --> 00:41:08,040
Speaker 3: one two eight nine