Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: for millennials who want financial freedom, hex or help. Debt
Speaker 4: has long been described as the best debt you can have. Debatable,
Speaker 4: it's very debatable.
Speaker 5: Debatable, but still described it as that who described Is
Speaker 5: it still the case just producer.
Speaker 2: Or was it the internet?
Speaker 4: Look, I think that it's both of those things probably,
Speaker 4: But listen, as you said before we started recording this
Speaker 4: v let's baby, I think we should really got helped
Speaker 4: it Now though it helped it or hextet, what's the.
Speaker 5: They're they're same, They're the same, so I will probably
Speaker 5: accidentally call it hex interchangeably.
Speaker 2: So HEX is for those of us who.
Speaker 5: Are elder millennials, and we had Hex's debt, but it
Speaker 5: has since been updated to be called just across the
Speaker 5: board help debt helped. It sounds more cute, does it.
Speaker 5: I think it's kind of crue anyway. I don't. I
Speaker 5: don't care what it's called. I'm just mad that I
Speaker 5: can't make X jokes.
Speaker 4: Isn't as as a sexy though, that's not that's for sure.
Speaker 4: But we are talking about this because we have been
Speaker 4: getting so many messages, six.
Speaker 5: Million of them, six fi million to be exact. I
Speaker 5: would never overestimate either.
Speaker 4: Oh no, certainly not. We don't do that here at
Speaker 4: chees on them.
Speaker 2: Absolutely not.
Speaker 4: So how scared should we be of headlines like he's indexation,
Speaker 4: everything's rising? Well, I don't know.
Speaker 5: Well, it makes sense that we've been getting so many messages,
Speaker 5: right because we are hearing all through the news that
Speaker 5: on the first of June HEX is going to be
Speaker 5: indexed by seven point one percent. And I guess today
Speaker 5: is the day that we are going to be talking
Speaker 5: about that, because it is wild and when I just
Speaker 5: need to make sure that everyone is aware that I
Speaker 5: do mean the first of June, not the thirtieth of June,
Speaker 5: because a few people have messaged me because I was
Speaker 5: on Instagram Stories just like talking about it the other
Speaker 5: day and they're like, oh, don't you mean the thirtieth
Speaker 5: of June when you know end of financial year happens. No,
Speaker 5: this happens on the first of June, ahead of the
Speaker 5: end of financial year, so that in a month, basically,
Speaker 5: in the next thirty days, they can calculate what your
Speaker 5: repayments were be with the new level of indexation and
Speaker 5: can hit the ground running from the first of July basically.
Speaker 4: So I'm not wrong.
Speaker 5: I just feel the need to, like, you know, back
Speaker 5: myself a little bit and be like, this is why
Speaker 5: I'm correct. But also people were right to slide into
Speaker 5: my dams because I'm consistently wrong. So if you would
Speaker 5: like to correct me, you are more than welcome to
Speaker 5: so don't. Yeah, I feel like a dip when I
Speaker 5: correct myself, right, Sure, I just feel a little bit
Speaker 5: rude when I'm like, I was right.
Speaker 4: I know it is. It is a bit awkward when
Speaker 4: you have to be like Oh, actually I did. I
Speaker 4: think this is the correct.
Speaker 5: Yeah, Like, actually, I don't know if you know this,
Speaker 5: but like I'm really into finance, like really really into finance.
Speaker 5: And while I might get dates wrong consistently, if it
Speaker 5: was the thirtieth of June, I would know because that's
Speaker 5: my birthday.
Speaker 4: Oh thirty is the June's your birthday? That end July?
Speaker 2: Yes, sexy, I'm an end of financial year. Baby. Is
Speaker 2: there a better.
Speaker 5: Dated in the year than the thirtieth of June.
Speaker 4: I hope you get a big chunk of return for
Speaker 4: your birthday.
Speaker 5: No, I always end up owing money. It is actually
Speaker 5: a joke, is okay? Thank you for tho as well wishes. Though.
Speaker 5: Let's talk about debt.
Speaker 4: So you've probably heard on the news the term student
Speaker 4: debt avalanche.
Speaker 2: It's dramatic, isn't it.
Speaker 4: It seems dramatic. And I'm also like, I'm not yet scared,
Speaker 4: but like should I be scared?
Speaker 2: Whyren't you scared?
Speaker 5: I just stowed a headline that they're trying to make
Speaker 5: you scared, and you're still like, nah, take it, take it.
Speaker 5: I can take it, because like to me, I feel
Speaker 5: like avalanche, that's nothing.
Speaker 4: It's thirty bucks a month. I'm like, I don't really mind,
Speaker 4: to be honest, but like, should I be more worried
Speaker 4: about we should?
Speaker 5: I mean, at the end of the day, when they're
Speaker 5: talking about the student debt avalanche, it is proposed that
Speaker 5: on the first of June, the student debt here in
Speaker 5: Australia on the first of June is going to increase
Speaker 5: by five billion dollars this year because of that seven
Speaker 5: point one level of indexation.
Speaker 2: So that's a lot of money.
Speaker 5: And I mean for you, you might go whatever, it's
Speaker 5: thirty bucks, but to a lot of people, thirty bucks
Speaker 5: is a lot of money. And when you're paying back
Speaker 5: your HEX debt, especially if you're on a lower income
Speaker 5: and you're not maybe you know, in one of those
Speaker 5: high marginal tax brackets, but you're in the bracket where
Speaker 5: you're starting to pay back your debt, it just feels
Speaker 5: like it stacks on a little bit, like it genuinely
Speaker 5: feels like you're getting nowhere. And I mean you are,
Speaker 5: I promise, but it just feels like you're going backwards.
Speaker 5: And I think that there's just this I don't know,
Speaker 5: it's just a unspoken concept of hex versus help that
Speaker 5: it's there to help you, and it feels like you're
Speaker 5: kind of being kicked while you're down. Like you already
Speaker 5: have hex debt, You already see it on your pay
Speaker 5: slip coming out. You already know that that's money that's
Speaker 5: not going into your back pocket. We know how we
Speaker 5: feel about debt in general. Yes, we've spoken about the
Speaker 5: difference between good, bad, and okay debt here on the podcast.
Speaker 5: But I just feel like we're all just a little
Speaker 5: bit salty with indexation because for so long we've just
Speaker 5: talked about how hex slash help debt doesn't have an
Speaker 5: interest rate associated with it, right, So when you hear
Speaker 5: that beck, you smile and nod, go yeah great, but
Speaker 5: it is indexed, So it kind of feels like we're
Speaker 5: being kicked while we're down.
Speaker 2: Does that make sense?
Speaker 4: Kind of? But I guess, like what my estion is
Speaker 4: is what is indexation and what are the basics of it?
Speaker 2: Stunning question.
Speaker 5: So indexation basically just means an adjustment to a price
Speaker 5: or a wage or other value based on the changes
Speaker 5: in other prices or a composite indicator of prices. Right,
Speaker 5: So we spoke about it a couple of weeks ago
Speaker 5: on the podcast where indexation is basically how much something
Speaker 5: increases in value over time. And my favorite example of this,
Speaker 5: which I didn't give you a saved it for this podcast.
Speaker 5: The maccas cone. Oh Maca's ice cream cone, right, yes,
Speaker 5: So like, do you remember back in the day. I
Speaker 5: don't know if you ever had this luxury, but my
Speaker 5: mum would give me a fifty cent coin silver.
Speaker 2: It was silver.
Speaker 5: I don't know if anyone sin silver coins these days,
Speaker 5: because they can't buy you anything anymore. But I get
Speaker 5: a fifty cent cone from macis.
Speaker 4: I actually remember when they were thirty cent.
Speaker 5: I feel like they went twenty cents. I feel like
Speaker 5: twenty twenty. But last time I spoke about that publicly,
Speaker 5: everyone was like, they are fifty cents. Was going to
Speaker 5: call it fifty cents, right, So I do remember, probably
Speaker 5: late primary school I was paying fifty cents for a
Speaker 5: Maca's cone. After school, we go to swimming lessons and
Speaker 5: then we get a Maca's cone. Is like our treat,
Speaker 5: little treaty treat for you know, going to swimming lessons,
Speaker 5: as though it's not already a privilege to go to
Speaker 5: swimming lessons, like Victoria Devine anyway, you're right. I feel
Speaker 5: like it used to be twenty cents at some point,
Speaker 5: but this is beyond the point. It is now what
Speaker 5: like a dollar fifty? A dollar fifty, I think it's
Speaker 5: like more than a dollar.
Speaker 4: Oh, blow me down.
Speaker 5: I feel like in different locations around Australia, somewhere you're
Speaker 5: gonna say, oh, they're a dollar, somewhere else they're like
Speaker 5: a dollar fifty. Right, Okay, so that has increased in
Speaker 5: price over time. But are you getting the same product, beck,
Speaker 5: I would say, identical product identity, It's just nowadays it
Speaker 5: costs more to produce.
Speaker 2: It's going to be more expensive.
Speaker 5: So the dollar that you used to have back in
Speaker 5: nineteen ninety eight, when I was seven years old and
Speaker 5: going to swimming lessons and paying twenty cents for a cone,
Speaker 5: I could have bought five of those ice cream cones
Speaker 5: for a dollar. But today, if I gave you a dollar,
Speaker 5: you could only buy one, and in some locations you
Speaker 5: wouldn't even be able to buy one. You need another
Speaker 5: fifty cents to get there. Right, So a dollar today
Speaker 5: is not worth what a dollar tomorrow is worth. And
Speaker 5: that's what that saying means. So indexation is that increase
Speaker 5: in price. So it's the difference of going from twenty
Speaker 5: cents to a dollar and you kind of don't get
Speaker 5: any more value out of that product. You're still getting
Speaker 5: the Maca's cone. There's actually no more value. It's not
Speaker 5: any better today than it was back then because it's
Speaker 5: probably the same recipe. So like nothing has changed about
Speaker 5: it except the price. And that's what inflation is. It
Speaker 5: just means that a dollar back then was actually quote
Speaker 5: worth more because you could buy more with that dollar
Speaker 5: than it is today.
Speaker 4: So at the end of every financial year, the government
Speaker 4: will tally up how much inflation goes inflation goes up,
Speaker 4: and then add that to your texted Yeah, okay, So
Speaker 4: it's kind of like across the board as well. I mean, milk, eggs, bread,
Speaker 4: everything goes up. But the reason it goes up is
Speaker 4: because things start to cost more. The world starts to
Speaker 4: cost more, beck you start to earn more, like the
Speaker 4: world does increase over time. And when we look at it,
Speaker 4: the RBA, which is the Reserve Bank of Australia, they're
Speaker 4: kind of in charge of making sure that's consistent for us.
Speaker 4: And the reason we want it to be consistent is
Speaker 4: so we can consistently afford to grow as an economy.
Speaker 4: Inflation on average increases about two or three percent each
Speaker 4: and every single year, which is good.
Speaker 2: That's nice.
Speaker 5: It's actually a sign of a growing economy like that
Speaker 5: means that we're healthy as a country, right, So that's
Speaker 5: good to see. This year it's seven percent, and it's
Speaker 5: because we've gone through so much turmoil in the last
Speaker 5: couple of years. That's kind of like now hitting us
Speaker 5: like a ton of bricks, and so we're feeling the
Speaker 5: wrath of what has happened previously, and the RBA historically
Speaker 5: has tried to like protect us from that. So the
Speaker 5: way that they're trying to protect us from that is
Speaker 5: by increasing the cash rate.
Speaker 2: So the cash rate is.
Speaker 5: How much they're lending the let's call it the government's money,
Speaker 5: how much they're lending the government's money out to the
Speaker 5: big banks. So by increasing the ca hash rate, it
Speaker 5: costs the banks more to borrow the money from the
Speaker 5: RBA to give people mortgages and.
Speaker 4: Business loans and personal loans and home loans. And when
Speaker 4: home loans and business loans and personal loans increase in
Speaker 4: the amount of interest you're paying, that means you're less
Speaker 4: likely to take it out.
Speaker 5: Right, So if I said, Beck, you can buy a
Speaker 5: house today, it's going to be like one point five
Speaker 5: percent finance Like, you're going to get an interest rate
Speaker 5: that's really low. You go some money in, that's a
Speaker 5: good deal. I can afford that. That's only one point
Speaker 5: five percent. But now today it's much higher than that,
Speaker 5: and a lot of interest rates are at five percent.
Speaker 5: You start to go, oh, I don't know if I
Speaker 5: could afford those repayments. I don't know if that's going
Speaker 5: to work for me. So you as the consumer, the
Speaker 5: person that gets the mortgage or gets the personal loan
Speaker 5: or gets the business loan, you're less likely to take
Speaker 5: it out. And if you're less likely to take it out,
Speaker 5: what that means is the economy starts to slow down
Speaker 5: because there's less people like you making big purchases and
Speaker 5: throwing money around, so that the economy starts to go
Speaker 5: down a little bit. And that's what they're trying to do,
Speaker 5: so that we can curb that growth or the inflation
Speaker 5: over time. So if you're doing less in the economy,
Speaker 5: like you're not buying as much, things are a bit
Speaker 5: more expensive. You're kind of like holding your purse a
Speaker 5: little bit closer to your chest, going like, I don't
Speaker 5: know if I want to, you know, pay for that
Speaker 5: this month. It means that there's less business going on
Speaker 5: in the community and less business going on in the country,
Speaker 5: which means ultimately the economy isn't doing as well, and
Speaker 5: that's what they're trying to create.
Speaker 4: Does that make sense, Yeah, that does make sense.
Speaker 5: So like things are just kind of like slowing down,
Speaker 5: and they're doing it on purpose because they want people
Speaker 5: like you to be boring less money.
Speaker 4: Yeah, okay, So I guess for me, and I've said
Speaker 4: this before, I do have a help debt. I've ever
Speaker 4: finished a course, so I've just that's.
Speaker 5: Literally the worst, Like I mean, not the worst that
Speaker 5: you've done. I'm sure you've got a lot out of it,
Speaker 5: but the amount of people in our community I've spoken
Speaker 5: to you, like I have a help debt, I don't
Speaker 5: use it. Yeah, Like I went to union and I
Speaker 5: did this and now don't even work in the area.
Speaker 5: Or my friend did this course. I thought I'd do
Speaker 5: that course and then it was a terrible course and
Speaker 5: I didn't enjoy it, or now I have thirty thousand
Speaker 5: dollars absolutely. I feel like I've started like five or
Speaker 5: six subjects and never finished any of them.
Speaker 4: So I just have all this money and no qualifications.
Speaker 4: But that's okay because we're still here to tell the story.
Speaker 5: We're happy about it. We're making content because that.
Speaker 4: Was worth it.
Speaker 5: It was worth it.
Speaker 4: It was worth it, and you know, I learned that
Speaker 4: if you learn something, it's not a waste, no matter
Speaker 4: how you did it all week whatever. You know what
Speaker 4: I'm trying to say.
Speaker 5: I think it was my mum. I'm not sure who
Speaker 5: it was. I want to give her credit for it,
Speaker 5: though she always says it was either a blessing or
Speaker 5: a lesson. I love that, and I feel like that's
Speaker 5: good because it always reframes something as if it was
Speaker 5: kind of terrible.
Speaker 2: Let's just call it a.
Speaker 5: Lesson, exactly, exactly, just call it a lesson. It makes
Speaker 5: me feel so much better about it.
Speaker 4: Perfect. So I mentioned this is the start of the episode.
Speaker 4: I kind of am not stressing about the I suppose
Speaker 4: like the indexation on hextet or helped it.
Speaker 5: I want to stop you there because I want to
Speaker 5: hear why, like, why do you not feel that pressure
Speaker 5: when obviously a lot of people in the media jumping
Speaker 5: up and down the exacting Oh my gosh, what's going on? Why?
Speaker 4: So this is the thing. I don't know what that
Speaker 4: looks like. So for me, helped, it remains the same.
Speaker 4: And I'm so ignorant because I have no idea. But
Speaker 4: for me, I think that, you know, I'm just going
Speaker 4: about my business. I'm paying like two bucks a week
Speaker 4: in hextet. When my employee takes out of my pay slip,
Speaker 4: and then this is going to happen. My hex debt
Speaker 4: is going to go up and my pay slip will
Speaker 4: be exactly the same. So I don't know where the
Speaker 4: fear is. But I could be completely wrong. I could
Speaker 4: it could be changing my take home income.
Speaker 5: I don't know, all right, Beck, So we just took
Speaker 5: a really quick minute away from the podcast so I
Speaker 5: could get out a few calculators for you and organize
Speaker 5: what this looks like.
Speaker 4: And now I'm scared.
Speaker 2: No, don't be scared.
Speaker 5: But I do think it's really important to understand where
Speaker 5: you stand and how that works for you. So my
Speaker 5: favorite website, and I have, you know, put it in
Speaker 5: the show notes before. It's paycalculator dot com dot au.
Speaker 5: And the reason I like this is because it's up
Speaker 5: to date with what's going on on the ATO website.
Speaker 5: But in all honesty, it's better than the ATO website.
Speaker 5: It's a privately owned website. I mean, this guy whoever
Speaker 5: owns paycalculator dot com dot u is a wizard, because
Speaker 5: everybody in the industry or in my industry uses this
Speaker 5: website as kind of like a really good base level
Speaker 5: calculator to just like go, oh, I'll whip it out,
Speaker 5: see what's going on. You know, pop in your income,
Speaker 5: see what that looks like. Anyway, everybody uses it, but
Speaker 5: it's covered in ads, and you just know he's breaking
Speaker 5: it in because every single time someone in our industry
Speaker 5: goes there or you go there, he's making money. So
Speaker 5: I just feel like that was a genius thing from him.
Speaker 5: That is genius exactly. So if you go to this website,
Speaker 5: you can basically put in your salary and then click options,
Speaker 5: So you could click your salary includes superannuation or it doesn't,
Speaker 5: or you could click student loan, which is what we're
Speaker 5: talking about here. Yes, so many people, just like you,
Speaker 5: they don't know what they're paying. All they see is
Speaker 5: these headlines and get really stressed. Out about like, oh
Speaker 5: my gosh, I'm going to be paying seven percent indexation,
Speaker 5: Like I already can't afford a house. I already, you know,
Speaker 5: struggle to buy a good coffee every friggin day, Like
Speaker 5: what's going on. So, when it comes to calculating your repayments,
Speaker 5: it's actually based on income thresholds, and those are different
Speaker 5: from your marginal tax bracket. So your marginal tax bracket
Speaker 5: is kind of the most normal one, which sits in
Speaker 5: that thirty two point five cents per dollar, which most
Speaker 5: people are in in our community, because it sits between
Speaker 5: forty five than one twenty, Like, that's a really wide bracket.
Speaker 5: People often think that that bracket then applies to your HEX,
Speaker 5: but it doesn't.
Speaker 2: It's different from that.
Speaker 5: So if you earn under forty eight thousand, three hundred
Speaker 5: and sixty one dollars, you don't pay any of your
Speaker 5: HEX back. After that point, it starts to increase, and
Speaker 5: the first amount that you pay back is one percent,
Speaker 5: then two percent, then two point five percent, and that
Speaker 5: is the repayment of your income. It's a percentage of
Speaker 5: your income, not a percentage of the debt that you owe. Right,
Speaker 5: So if you earn forty eight thousand to fifty five thousand,
Speaker 5: eight hundred and thirty six dollars, you pay back one percent.
Speaker 5: If you're between fifty five and I'm just going to
Speaker 5: round these down, but fifty five and fifty nine it's
Speaker 5: two percent, fifty nine and sixty two it's two point five.
Speaker 5: Sixty two to sixty six it's three, and so on
Speaker 5: and so forth. Let's pretend for a hot second that
Speaker 5: you earn an income between seventy four hundred and ninety
Speaker 5: three dollars and seventy four thousand, seven hundred and twenty
Speaker 5: two dollars. That means that your repayment rate is four percent.
Speaker 5: So if we calculated that out, and I've just popped
Speaker 5: in a random number, and I can do this for
Speaker 5: you offline, so it's your specific income back. But I've
Speaker 5: pretended that you're on seventy three thousand dollars, right, which
Speaker 5: I feel like is a pretty normal income for our community.
Speaker 5: That means that every single week from your paycheck, you
Speaker 5: would have a student loan amount of fifty six dollars
Speaker 5: coming out.
Speaker 2: That's fifty six.
Speaker 5: Dollars that you're paying towards your help or hex debt.
Speaker 5: That's not going into your back pocket. The second that
Speaker 5: your hex or help debt doesn't exist, that fifty six
Speaker 5: dollars goes back into your personal account. You start being
Speaker 5: paid it right right, So that to me is a
Speaker 5: fair whack of money, because like fifty six bucks that
Speaker 5: you know, it's half my grocery bill, Like, that's a
Speaker 5: lot of money.
Speaker 2: I think it's a lot.
Speaker 5: Fortunately, that's one hundred and twelve dollars. Every single month,
Speaker 5: that's two hundred and forty three dollars, and then every
Speaker 5: single year, beck that adds up to twenty nine hundred
Speaker 5: and twenty dollars.
Speaker 2: Like, that's a lot of money.
Speaker 5: I see, nine hundred and twenty bucks. I could go
Speaker 5: on a holiday to Bali. I reckon, in this economy,
Speaker 5: the flight's probably going to cost two nine hundred dollars.
Speaker 5: But we don't want to stretch that out right, I reckon,
Speaker 5: we jet Star. We could get there. But moving on
Speaker 5: from that, I think it's important to understand what that
Speaker 5: means because if you actually increased your salary back and
Speaker 5: you were between a different tax bracket, like let's say
Speaker 5: you earn eighty four thousand dollars that student loaner payment
Speaker 5: goes up. So now on a salary of eighty four
Speaker 5: thousand dollars, you're actually paying back five point five percent,
Speaker 5: which to me is a fair whack. So five point
Speaker 5: five percent each and every single week's eighty nine dollars.
Speaker 5: Every single fort nine, it's one hundred and seventy eight dollars.
Speaker 5: Every month that's three hundred and eighty six dollars, and
Speaker 5: every year that's forty six hundred and twenty dollars. So
Speaker 5: this isn't something that we should be blinking at. Like
Speaker 5: from little things, big things grow. And I know you said, oh,
Speaker 5: it's just like thirty bucks a week or whatever, and
Speaker 5: that could be true for your circumstance, but thirty bucks
Speaker 5: a week back ends up being fifteen hundred and sixty dollars. Okay,
Speaker 5: I see, And we know that a lot of people
Speaker 5: are still struggling to get you know, one thousand dollars
Speaker 5: in their emergency fund. Yes, So it ultimately, to me,
Speaker 5: is a lot of money that we should be caring about,
Speaker 5: and I think that it's something that we do need
Speaker 5: to discuss. And whether you're paying back more or less
Speaker 5: isn't really about the conversation right now. The conversation I'm
Speaker 5: having is I really want you to understand what your
Speaker 5: paycelip means. I really want you to be in the
Speaker 5: position where you just know what those repayments are. And
Speaker 5: I mean, it's not a decision you're making like you
Speaker 5: have to pay that back. It's coming out before you
Speaker 5: even get your money back. But what we want to
Speaker 5: understand is is that something that's hindering your ability to
Speaker 5: create wealth in the future and right now for your
Speaker 5: personal situation. I don't think it is. I think it's fine.
Speaker 5: You're bopping along, you're having a good time. Like I
Speaker 5: know the financial position you're in, you shared it on
Speaker 5: the podcast before, Like you're not about to buy house
Speaker 5: in the next six months. So it's not something that
Speaker 5: we need to be worried about because it's not impacting
Speaker 5: your borrowing capacity.
Speaker 2: So personally, I don't think you do care. So do
Speaker 2: we worry.
Speaker 5: About the seven percent? I mean, yes we do, And
Speaker 5: the reason we do is because we want to understand
Speaker 5: what that means for you, pragmatically and pragmatically, all we
Speaker 5: need to understand is what does that mean for you? Beck? Right,
Speaker 5: So seven percent of thirty thousand dollars is actually twenty
Speaker 5: one hundred bucks, So that seven percent is going to
Speaker 5: mean that you go up to thirty two thousand, one
Speaker 5: hundred dollars instead of the thirty thousand dollars and beck
Speaker 5: we just said before that if you're on an income
Speaker 5: of seventy four seventy three thousand dollars, your student loan
Speaker 5: repayments every year about twenty nine hundred and twenty dollars.
Speaker 5: So you just paid twenty nine hundred and twenty dollars off.
Speaker 5: And what that's going to feel like to you is
Speaker 5: that you only paid eight hundred and twenty dollars off
Speaker 5: that year, even though every single week fifty six bucks
Speaker 5: was coming out of your account.
Speaker 2: It just increased.
Speaker 5: So no, there's no interest on that, Like you're not
Speaker 5: paying an interest amount on the repayments that you have,
Speaker 5: but that amount that you owed increased by seven percent
Speaker 5: because of indexation.
Speaker 4: Right, I see? Okay, So I guess like I have
Speaker 4: two questions, but they're kind of linked. So my thought
Speaker 4: is that if the amount you pay on your HEX
Speaker 4: is dependent solely on your income and not how much
Speaker 4: you have in HEX, yes, I feel like that's a
Speaker 4: good thing. But also on the other sides, that I'm
Speaker 4: thinking if this is a common thing that your hex
Speaker 4: staate kind of goes up on a yearly basis depending
Speaker 4: on how the economy is going and things like that,
Speaker 4: it almost feels like, is there any point in trying
Speaker 4: to like pay it off faster or anything, because it's
Speaker 4: it just feels like you're running on a treadmill.
Speaker 2: Like it's really frustrated.
Speaker 4: Gets the end of the year, you've paid x amount
Speaker 4: off and then the government's like, here's some more, and
Speaker 4: then you just end up a little bit better off,
Speaker 4: maybe even worse than you were the year before.
Speaker 5: You know, Yeah, and it makes me really really frustrated
Speaker 5: because that's an amount that you feel a bit sick about.
Speaker 5: But it's not the government trying to screw us over,
Speaker 5: let's be honest, Like, it's just not the government going, oh,
Speaker 5: do you know what, we want to increase back stuff
Speaker 5: by seven percent. I mean, they could choose not to.
Speaker 5: So the Greens were actually proposing a law that would
Speaker 5: freeze indexation for seventy four billion dollars in help loans,
Speaker 5: which has been rejected by the Senate Committee, which I
Speaker 5: think is a little bit rude. That's why I think
Speaker 5: it's so much of a hot topic in the media.
Speaker 5: A pitch it out because obviously would it help the
Speaker 5: economy to freeze help debts? Probably because people are already stressed.
Speaker 5: We're already not getting pay rises. It's why as she's
Speaker 5: on the money, we're going to be going into even
Speaker 5: more career content because I'm getting so frustrated with people
Speaker 5: just not being paid what they're worth, people not being
Speaker 5: able to afford the groceries that they were last year,
Speaker 5: people not knowing their worth because they don't have the
Speaker 5: confidence to ask, Like, I just think that the government
Speaker 5: could be doing more for us. But I guess let's
Speaker 5: have a quick look back at what indexation has looked
Speaker 5: like historically, because indexation is calculated each and every single year,
Speaker 5: and basically it's not always the same. So in twenty eighteen,
Speaker 5: indexation on our help debt was one point nine percent.
Speaker 5: In twenty nineteen, it was one point eight. In twenty
Speaker 5: twenty it was one point eight. In twenty twenty one,
Speaker 5: it was zero point six percent, in twenty twenty two
Speaker 5: it was three point nine. So it increased, and the
Speaker 5: reason it increased is because inflation in general was increasing.
Speaker 5: And what they do is they take the average inflation
Speaker 5: rate for the past two years and then apply that.
Speaker 5: So they've done that again this year, and that's why
Speaker 5: we are predicting it's going to be seven percent. That
Speaker 5: number hasn't come from nowhere. That's come from us going Okay, well,
Speaker 5: if the inflation rate last year and the inflation rate
Speaker 5: this year is this, This is what that seven percent
Speaker 5: looks like and where it's coming from. So that doesn't
Speaker 5: mean that seven percent is going to happen again. It
Speaker 5: might go back down.
Speaker 2: And in a perfect.
Speaker 5: World, if the RBA is doing exactly what they should
Speaker 5: be doing by you know, helping to slow down economic
Speaker 5: growth and helping to bring down the rate of inflation,
Speaker 5: next year, it won't be so much. So it won't
Speaker 5: be the same thing each and every year, but there's
Speaker 5: always going to be a level of indexation that is
Speaker 5: applied to help or hex steps, because that's what we
Speaker 5: signed up for sure.
Speaker 4: Okay, if only I had read the te's and c's
Speaker 4: before starting a million courses, Yeah.
Speaker 5: I just feel like even if you'd read the t's
Speaker 5: and c's, you would have been like, whatever, I don't care.
Speaker 4: That's true. Actually I could have been like, I don't
Speaker 4: know what any of this means anyway? Sign up?
Speaker 5: No, No, I'm glad we're best friends now, because I
Speaker 5: could just be like your financial fairy god brother and
Speaker 5: I could text me and be like, V, is this
Speaker 5: a good idea and be like, no, it's not. I'll
Speaker 5: like you grateful, I'll probably do it anyway. Let's be honest.
Speaker 4: I mean, maybe that's very true. It's I I'm an
Speaker 4: old dog and it's going to be hard to learn
Speaker 4: new tricks, but we're going to get there. I think
Speaker 4: this is a really good time to go to a
Speaker 4: quick break and we'll see you guys on the other side.
Speaker 4: All right, V, we are back and ready to talk
Speaker 4: about help Hex helped it.
Speaker 5: Let's talk about he be literally girl, you know what.
Speaker 5: Sam probably isn't going to cut that out. He's hope
Speaker 5: he doesn't. You know what, neither do I.
Speaker 2: Let's move on. Let's make a song.
Speaker 5: No, let's not this, Okay, sure, let's not. I'm going
Speaker 5: to stick to podcasting.
Speaker 4: Yeah, that's fair. It's a fair. That's a fair career choice.
Speaker 2: That Facebook podcasts.
Speaker 4: You do have a face of podcast. Thank you. Let's
Speaker 4: talk about help debt F. I think we were just
Speaker 4: about to talk about the interest and I don't know
Speaker 4: what these terms mean.
Speaker 5: But yeah, let's dive into let's deep dive inte why not? Yeah,
Speaker 5: so we want to talk about interest again because I
Speaker 5: think it's important to touch on it. I mentioned before
Speaker 5: that help slash Hex's debt doesn't actually attract an interest rate,
Speaker 5: it just has an indexation rate. So it's basically to
Speaker 5: take into account the different costs of living and the
Speaker 5: way I see it, And I'm not defending the government
Speaker 5: on this because I just don't think they should do it.
Speaker 5: If I'm being really honest, I just think that they
Speaker 5: should wipe it and be kind. But whatever, they're doing
Speaker 5: it so that their dollar that they len to you
Speaker 5: for your education isn't worthless when they get it back.
Speaker 4: Oh those dirty dogs.
Speaker 5: I know, right, But like it makes sense if I
Speaker 5: explain it like that, Like if I said, hey, Beck,
Speaker 5: I'll pay for your your degree. It's thirty thousand dollars,
Speaker 5: I'd like thirty thousand dollars back. But as we explained before,
Speaker 5: a macis cone in ninety seven is not worth what
Speaker 5: a macas cone is today, but the same value is there.
Speaker 5: They're basically saying, we just want the value of our
Speaker 5: dollar back so that we can you know, put that
Speaker 5: money into something else and not have it be worthless.
Speaker 5: And you kind of go, oh, that makes sense, Like
Speaker 5: that's a pretty pretty sexy explain if I borrowed money
Speaker 5: from a friend and they're like, oh, yeah, okay, can
Speaker 5: you just like, if you want to borrow the money
Speaker 5: from me, can you just make sure like there's no
Speaker 5: additional fees or charges or anything that get charged to me,
Speaker 5: because individually, I shouldn't be missing out if I'm lending
Speaker 5: the money to you. And I mean, we're not friends
Speaker 5: with the government, But that's okay.
Speaker 4: Actually it's a really good point, and I hadn't thought
Speaker 4: about that. I suppose like what would happen to the government.
Speaker 4: Will we just like crumble as a society if they
Speaker 4: were to just like freeze it and we kind of
Speaker 4: paid back the hex stet and it was worth less
Speaker 4: than when they lent it to us.
Speaker 2: There's a lot of debate about this that.
Speaker 5: I mean, that's probably why the Greens got so up
Speaker 5: in arms and they were like, it's not going to
Speaker 5: impact it. Like I feel like from my perspective, and
Speaker 5: I mean, I've shared this perspective on the podcast before.
Speaker 2: We're so lucky to.
Speaker 5: Live in Australia, right, Like, we have a beautiful economy,
Speaker 5: we have beautiful infrastructure, we have a really great healthcare system,
Speaker 5: we have roads that we can drive on that are safe,
Speaker 5: there are rules in place and there are people to
Speaker 5: protect us. Right. How good is that? But there are
Speaker 5: a lot of things that a lot of people don't
Speaker 5: agree with. I mean, we could start a conversation about
Speaker 5: the doll we could start a conversation about how government
Speaker 5: money is being channeled into the wrong education places, where
Speaker 5: could be starting a conversation about how there are a
Speaker 5: million schemes that need funding and don't have it. But essentially,
Speaker 5: I just think that the government is maintaining this so
Speaker 5: that they still have money to go around because they
Speaker 5: just don't want their dollar to be worth less tomorrow
Speaker 5: than it is today to them. And they essentially, from
Speaker 5: my perspective, they're seeing helping you out as a privilege.
Speaker 5: They're seeing it as like, Okay, well I helped beck out,
Speaker 5: she didn't have to cough up thirty grand to go
Speaker 5: to university. I'm gonna just ask for that money back.
Speaker 5: And that's a fair way of doing things. Obviously the
Speaker 5: same is not true in other countries, like in America,
Speaker 5: like they have to get very expensive student loans that
Speaker 5: are worth a whole heap of money and have a
Speaker 5: whole heap of interest associated with them. And then on
Speaker 5: the flip sides, there are countries that have a completely
Speaker 5: free education system. In fact, Australia used to have a
Speaker 5: free education system where university was free, and this wish
Speaker 5: that happened again. So essentially, what I think that they're
Speaker 5: trying to do is get back the money because they
Speaker 5: just don't have enough of it to go round at
Speaker 5: the moment. And I think that from their perspective they're
Speaker 5: doing the right things, but from a community perspective, I
Speaker 5: think they could be doing more.
Speaker 4: Amen'sis mic drop.
Speaker 2: I don't know if that's a mic drop. I just
Speaker 2: you know what I mean.
Speaker 5: I feel like we've all got our own opinions on
Speaker 5: how things work, and I just think that that's where
Speaker 5: it gets political. And this isn't a political podcast, right,
Speaker 5: I just think it's a podcast about doing the right
Speaker 5: thing and being good people. And you know, I just
Speaker 5: think that students and people who have hex stets are
Speaker 5: having a bit of a hard time what would we
Speaker 5: do about there. It's not really yeah a political conversation
Speaker 5: for me, it's not going, oh my god, the Greens
Speaker 5: a label or liberal like. The Greens had this idea
Speaker 5: to freeze indexation for seventy four billion dollars, and I
Speaker 5: nodded and smiled and said, you know what, that's a
Speaker 5: pretty good idea.
Speaker 2: I think people would like that.
Speaker 4: Yeah, absolutely, and I'm sure there will be absolutely no
Speaker 4: consequences whatsoever. So at the end of the day, I've
Speaker 4: gotten all this information, what does this actually look like
Speaker 4: for help loans?
Speaker 5: Obviously I am stout skirl. I've done some maths because
Speaker 5: I love to do maths. I also love to stop
Speaker 5: the podcast halfway through so I can do some sly
Speaker 5: maths and come back. You guys don't have to wait,
Speaker 5: because we edit all of the waiting time out.
Speaker 4: But Beck does, so I will said patiently.
Speaker 5: You do you smile or nod, But from the first
Speaker 5: of June, most Australians with an outstanding student loan debt
Speaker 5: will actually see their balance shoot up by hundreds or
Speaker 5: even a thousands of dollars. Beck, if the indexation rate
Speaker 5: does go up by seven point one percent, So I
Speaker 5: calculated that really quickly for you. But I've got a
Speaker 5: few examples. So if you've got ten grands left on
Speaker 5: your loan, it's going to increase by seven hundred and
Speaker 5: ten dollars. For every ten thousand dollars in debt you have,
Speaker 5: it will consistently increase by seven hundred and ten thousand dollars.
Speaker 5: So if you have a twenty five thousand dollars loan balance,
Speaker 5: it would increase by seventeen hundred and seventy five dollars.
Speaker 5: Beck And if you had a fifty thousand dollars loan,
Speaker 5: it would increase by three thousand, five hundred and fifty dollars.
Speaker 5: And Beck, do you want to know how much my
Speaker 5: hex STEP's going to be increasing by? Because you know,
Speaker 5: we've been a little pervy, we're being a little personal
Speaker 5: go on. So I still have eighty thousand dollars worth
Speaker 5: of hex step, So I'm going to be slammed with
Speaker 5: five thousand, six hundred and eighty dollars worth of indexation. No,
Speaker 5: that's a trip for two to Bali.
Speaker 4: At least, yeah, at least please.
Speaker 5: But again, I feel very grateful to have that system
Speaker 5: in place, And I mean there's actually no way that
Speaker 5: I could have personally afforded to go to university and
Speaker 5: get the degrees that I have without the help and
Speaker 5: HEXT system.
Speaker 2: So am I mad that that's the case?
Speaker 4: No?
Speaker 2: Not really.
Speaker 5: I feel like it's you know, part and parcel of
Speaker 5: the system that we are using. I mean, could I
Speaker 5: be mad about it? Yeah, it's a lot of money,
Speaker 5: but again I think that I'm just trying to see
Speaker 5: it from a more positive light of like, that's the
Speaker 5: cost of you know, me being able to get to
Speaker 5: where I want to be in life, because Lord knows,
Speaker 5: I wouldn't have gotten anywhere without those degrees.
Speaker 4: Amen, Well, could you be sad about it?
Speaker 5: I could be sad about it, Like I could just
Speaker 5: be a little sad that, you know, I'm in a
Speaker 5: bit more debt. But honestly, I see my HEX debt
Speaker 5: as something that has helped me in the past few years.
Speaker 5: It has got me to where I need to go.
Speaker 5: There was a period of time where it made me
Speaker 5: feel physically sick when I logged into my portal.
Speaker 4: Because it was more don't log in.
Speaker 5: Yeah it was more than one hundred grand, and I'd
Speaker 5: be like.
Speaker 4: Whoah, who let that happen?
Speaker 5: Whose idea was that, And it's kind of like you.
Speaker 5: Right when I started my degree, I just didn't think
Speaker 5: about how much debt I was racking up, Like I
Speaker 5: was not interested in finance. We've talked about this publicly
Speaker 5: before that by the time I was twenty two, I
Speaker 5: was in like I think it was forty four thousand dollars.
Speaker 2: Worth of personal debt.
Speaker 5: Like I was really good at that, and that didn't
Speaker 5: worry me at the time until I started learning more
Speaker 5: and more about finance and I kind of was like, oh,
Speaker 5: I might need to pull my socks up. This is
Speaker 5: a lot of money. And like I got out of that.
Speaker 5: It took a lot of work and a lot of time.
Speaker 5: But it's one of those things where now things like
Speaker 5: this mean a bit more to me because I'm grateful
Speaker 5: for them. But when I took them on, I had
Speaker 5: no concept of what that would look like for me
Speaker 5: in the future.
Speaker 2: And I think a lot of people are in that circumstance.
Speaker 4: Yeah, absolutely, it is good to know that it hasn't
Speaker 4: been this high historically and hopefully won't be the case
Speaker 4: in future years.
Speaker 5: It's actually not sustainable if it was in future years, right,
Speaker 5: because if it was in future years, you're gonna be
Speaker 5: is a bit screwed, babe. Like, there's a lot more
Speaker 5: going on than help in hex debt repayments. I promise
Speaker 5: if indexation kept up at that rate, there's going to
Speaker 5: need to be some serious change and the government would
Speaker 5: get involved to promise it's okay, and.
Speaker 4: They would drown in our tears.
Speaker 5: They would, they would.
Speaker 4: So should people start trying to pay down their helped
Speaker 4: deb before the first of June, Beck.
Speaker 5: You should know better than asking a personal advice question
Speaker 5: on this podcast. This podcast is general advice only, and
Speaker 5: you shouldn't actually take my advice on anything because that
Speaker 5: would be financially irresponsible.
Speaker 2: I have a license to uphold Beck.
Speaker 4: That's fair.
Speaker 5: Now pretend, but pretend here, Okay, So there are a
Speaker 5: few things that I want you to think about. So
Speaker 5: first things first, we know that every single persons situation
Speaker 5: is different, and if you're stressing over it but you
Speaker 5: can't afford it, please stop stressing. It is what it is.
Speaker 5: Let's not stress about the things we can't change, Like,
Speaker 5: what's the point. Absolutely, if it's something that is stressing you,
Speaker 5: then maybe we can look at it in a bit
Speaker 5: more depth. But I think making sure that you're comfortable
Speaker 5: with that and you know what it means and how
Speaker 5: it works is basically what everyone can do. Whether we
Speaker 5: contribute more or not is a different conversation. But given
Speaker 5: what we've discussed, for the first time in a long, long,
Speaker 5: long time, it actually might be worth for some people
Speaker 5: to be making.
Speaker 2: Extra contributions to their HEX debt.
Speaker 5: It's something that personally, I will not be doing, and
Speaker 5: the reason I'm not doing it is because I don't
Speaker 5: need to do that to achieve the goals that I
Speaker 5: currently have. So if my goal was to buy a house,
Speaker 5: and I knew that by paying down some of my
Speaker 5: HEX debt would mean that my ability to lend more
Speaker 5: money would increase them, maybe it would be worth it
Speaker 5: for me. Maybe I could do that. But if you're
Speaker 5: in that circumstance shameless plug for Zella Money, please go.
Speaker 5: We'll put the link in the show notes to talk
Speaker 5: to one of our brokers. If you are in the
Speaker 5: position to be purchasing a house, or you think you're
Speaker 5: in the position to purchase house and you're thinking about
Speaker 5: your HEX debt repayments, go and talk to a mortgage
Speaker 5: broker so that they can look at your whole circumstance,
Speaker 5: and they can sit you down and be like, yep,
Speaker 5: back in your situation, it would do this for you,
Speaker 5: and you go, great, I will do that. Can I
Speaker 5: tell you that on a podcast? Unfortunately not. But what
Speaker 5: I can tell you is that it might change it
Speaker 5: for some people, it might not because it's going to
Speaker 5: depend how much text debt do you have, how much
Speaker 5: can you afford to repay? What is your current deposit
Speaker 5: for the home that you're looking to buy? Do you
Speaker 5: have a Garran tool loan? What do all these things
Speaker 5: actually mean for you? There's no one size fits or
Speaker 5: response to that, and I am very sorry. I wish
Speaker 5: there was. Did it make content creations so much easier?
Speaker 1: Oh?
Speaker 5: Fuck you? Just make the podcast be like all right, guys,
Speaker 5: so indexations coming out first of June. This is what
Speaker 5: we're going to do.
Speaker 4: These are the rules, These are the answers.
Speaker 5: Beck, You're going to do X and if you're not
Speaker 5: in exposition do why do? How much easier content creation
Speaker 5: would be? The community would love it? But do you
Speaker 5: know what, You've got to do some of the work yourself.
Speaker 4: Unfortunately, unfortunately, but.
Speaker 5: The girls that Zella Money can basically do that for
Speaker 5: you and kind of calculate it based on your personal circumstances. Also,
Speaker 5: they'll do it for free, so that's kind of a
Speaker 5: money we Oh my god. As I said, and I've
Speaker 5: said a million times before, I would always prioritize paying
Speaker 5: off personal debt first, so things like personal loans and
Speaker 5: credit cards and any other personal debt. I would also
Speaker 5: look at bumping up your emergency fund, because your emergency
Speaker 5: fund is going to be that fund that means that
Speaker 5: you can get out of a pickle real quick. Someone
Speaker 5: the other day called it a squirrel fund, and I
Speaker 5: thought that was real cute, because like squirrels, they're like
Speaker 5: hide away all their nuts for the winter, and then
Speaker 5: they live off their nuts in the winter when things
Speaker 5: aren't as good.
Speaker 2: That's what how emergence.
Speaker 4: That's very cute.
Speaker 5: Anyway, we want a squirrel fund. We want to make
Speaker 5: sure that we're not in any personal debt, and at
Speaker 5: that point we can consider whether making additional contributions to
Speaker 5: our hex or help debt is a good idea. Perfect Again,
Speaker 5: it's going to depend on whether you're going for a
Speaker 5: home loan or not as to whether that is worth
Speaker 5: it or you know what could just be stressing the
Speaker 5: but Jesus out of you, Beck. You could be so
Speaker 5: stressed over your heck's debt, and no matter how many
Speaker 5: times you listen to me or how many times you
Speaker 5: listen to other podcasts, it's just something that keeps you
Speaker 5: up at night. Maybe making additional contributions to something that
Speaker 5: fits within your goals makes you feel good.
Speaker 2: You do U, SIS, you do you, you do you.
Speaker 5: But what I want you to be able to do
Speaker 5: is tell me what your payments are, what they look like,
Speaker 5: how it impacts you as an individual, what it actually
Speaker 5: looks like if you paid off more debt.
Speaker 2: Because a lot of.
Speaker 5: People might go, I really need to get rid of
Speaker 5: my hex step before I get a home. That's actually
Speaker 5: not true. I bought a house with a one hundred thousand
Speaker 5: dollars worth of hex step. We work with people every
Speaker 5: single day that have very large hex stets.
Speaker 2: And still get homes.
Speaker 4: That's company.
Speaker 5: So it's really important to understand that doesn't need to
Speaker 5: be completely.
Speaker 2: Diminished before you do that.
Speaker 5: That's why I want you to talk to a broker,
Speaker 5: because the amount of people that I have spoken to
Speaker 5: that are like, oh my god, vee, like I've paid
Speaker 5: off eighty thousand dollars worth of my hex stet. I
Speaker 5: go far out, that's so sick, like, that's so good,
Speaker 5: And then they say, so I'm going to now start
Speaker 5: saving for a house, and I kind of go, oh good,
Speaker 5: smile a nod like, because there's nothing I can do
Speaker 5: about that circumstance. But in reality, if they had the
Speaker 5: capacity to pay off an eighty thousand dollars home loan,
Speaker 5: they had the capacity to save eighty thousand dollars, and
Speaker 5: they could have probably already been in a house and
Speaker 5: just started paying off their hextet a bit more now
Speaker 5: that they have the property. And obviously, when it comes
Speaker 5: to investing, the sooner you're in the market, the more
Speaker 5: time you have for compound interest to play into it.
Speaker 5: And sometimes that's the best outcome. Am I saying that
Speaker 5: that's right for every single person? No, But that's why
Speaker 5: you need to be educated, because if you're stressing about
Speaker 5: your hextet, I can almost guarantee that the reason you're
Speaker 5: stressing about it is because you don't know enough about it.
Speaker 2: You don't know the.
Speaker 5: Semantics of that hexel help debt, but you also don't
Speaker 5: know how it impacts you financially, and that makes people stressed.
Speaker 5: So talk to someone, listen to some more podcasts, go
Speaker 5: and talk to a mortgage broker about how that actually
Speaker 5: impacts you, because Beck, you know, we calculated what your
Speaker 5: hex step looks like and how much you're paying back.
Speaker 5: You're like, yeah, okay. I feel like you said yep, okay,
Speaker 5: because that was about what you expected anyway, Yes, you
Speaker 5: were fine with that, and you're also not looking into
Speaker 5: any other big goals. But would you be stressed about
Speaker 5: it if you were on the home buying process and
Speaker 5: you're like, oh, I don't know what that looks like.
Speaker 4: If I didn't know, and I guess I don't really
Speaker 4: know that much kind of do now about it.
Speaker 5: I do the whole.
Speaker 4: Podcast, but I wouldn't know the process of like buying
Speaker 4: a house very well. But the idea that you have
Speaker 4: a debt might make you stress. I think about achieving
Speaker 4: something else. I think that would probably stress me out
Speaker 4: a little bit. More money MO problems.
Speaker 5: Exactly exactly, but essentially, I guess the crux of this
Speaker 5: is I just want you guys to be educated. I
Speaker 5: hope that this has given you the level of education
Speaker 5: that you deserve, but also there are going to be
Speaker 5: a whole heap of resources on our Instagram soon.
Speaker 2: I'm probably going to.
Speaker 5: Make a whole heap of tiktoks because I keep being
Speaker 5: told off by the cheese. The TikTok well, I don't.
Speaker 5: I don't love making them, but my team keep bullying
Speaker 5: me into making more, so I will do that. But
Speaker 5: I just I want you to be in the best
Speaker 5: possible position to make the best decision for you, and
Speaker 5: that is honestly all I can do.
Speaker 4: I love that visa anything else before we shut this down?
Speaker 5: Yeah, okay, so first things first. Obviously, education is the key.
Speaker 5: I could go on about it forever. If you don't
Speaker 5: know what's going on with your HEX or help debt,
Speaker 5: you can check it through your mygove login. That's just
Speaker 5: like the Tax Officers online platform. You guys should know
Speaker 5: what my guve is. If you don't, please google it
Speaker 5: and make sure that you log into that and have
Speaker 5: a look, because that's not just got your HEX, it's
Speaker 5: got your tax information, it's got your Medicare information. It's
Speaker 5: kind of like your personal hub. The simplest way to
Speaker 5: make your repayment on Hex is actually just through bepay
Speaker 5: it's so easy.
Speaker 2: I'm not saying go do.
Speaker 5: It right now, but what I am saying is, like,
Speaker 5: I think a lot of people assume it's this really
Speaker 5: complex process. It's not. It's just a be pay for repayment,
Speaker 5: like you just transfer it like you would be transferring
Speaker 5: your mate when they bought the pizza.
Speaker 2: Easy, really easy.
Speaker 5: So if you are considering making a repayment and you're like, oh,
Speaker 5: I'm really stressed about this, or I only have a
Speaker 5: little to go rah rah, make sure you're making that
Speaker 5: repayment well before the end of May to make sure
Speaker 5: it's processed in time to avoid any additional indexation that
Speaker 5: might be applied to that. So just be in really
Speaker 5: early because when it happens, it's going to happen on
Speaker 5: the first of June, so you want to make sure
Speaker 5: that you are getting that payment in asap.
Speaker 2: If that is your plan.
Speaker 4: I love that.
Speaker 5: I'm done.
Speaker 4: Are you done?
Speaker 5: I could keep going on and on, but I think
Speaker 5: we need to be done, and I.
Speaker 4: Could keep listening.
Speaker 5: No, you couldn't.
Speaker 2: You're sick. You are so sick of me.
Speaker 4: I think it's lots of absorbed. Let's go and have
Speaker 4: a little tea. You have a little walk.
Speaker 5: We deserve Yeah, I think we deserve a treat.
Speaker 4: I think we just have a treat.
Speaker 2: Everybody deserves a treat.
Speaker 5: Have a good day.
Speaker 2: We will see you guys on Friday.
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