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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money. Hello, and welcome to She Is

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Speaker 2: on the Money, the podcast for millennials who want financial freedom.

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Speaker 2: Today's episode of the show is brought to you by

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Speaker 2: Verve Super, who will be chatting about in a little

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Speaker 2: bit more detail later on in the show. My name

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Speaker 2: is Georgia King, a copywriter and TV assistant with many

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Speaker 2: a thing to learn about money, and across from me

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Speaker 2: today is it's the illustrious, the intelligent, the enigmatic finance fiend,

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Speaker 2: Victoria Divine, Hey Fee.

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Speaker 1: I do with you sometimes, Georgia, Please, I love to

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Speaker 1: compliment you a lot. It's a lot.

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Speaker 2: Now today on the show, we are giving the people

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Speaker 2: what they want. It's our super episode, Guys, a whole EPP,

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Speaker 2: where we dive deep into the world of superannuation. Now

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Speaker 2: we know this topic is one so many of us

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Speaker 2: want to know more about because it's kind of this elusive,

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Speaker 2: distant thing we can't quite fathom and like, to be frank,

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Speaker 2: it probably sounds pretty dry to a lot of us.

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Speaker 2: I know it's dry to me, especially because it is

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Speaker 2: so far away and we're so far away from retirement ourselves.

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Speaker 2: But as Victoria Super define, hard.

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Speaker 1: To calm down on them.

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Speaker 2: We'll soon explain prioritizing our super now is one of

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Speaker 2: the most integral things we can do to secure our

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Speaker 2: future selves financially.

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Speaker 1: Absolutely it is.

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Speaker 2: But before we whip into the main topic of today's show,

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Speaker 2: let's chat money wins and confessions from this week. The

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Speaker 2: we confessing or are we celebrating this week?

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Speaker 1: How do you feel like you guys need to congratulate me?

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Speaker 1: Ok y, all my excellent money performance.

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Speaker 2: Talk to us.

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Speaker 1: I have another money win. I feel like I've been

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Speaker 1: so full of money wins recently that I was racking

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Speaker 1: my brain before we recorded this episode to think of

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Speaker 1: a confession. Yet I do not have one for you.

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Speaker 1: So here is my money win this past week or

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Speaker 1: a couple of weeks. Actually the start of this year,

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Speaker 1: I made it a goal to not use CityLink or

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Speaker 1: you know, my toll It's as much as I did,

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Speaker 1: and I have found a new route to work that

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Speaker 1: does not include any toll roads. Stop it, and I

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Speaker 1: am saving a lot of money because of that.

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Speaker 2: That's amazing.

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Speaker 1: Yeah, I didn't realize how expensive toll roads.

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Speaker 2: I have no idea how much toll roads are. I

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Speaker 2: just refused to like, look at well.

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Speaker 1: I looked because I was changing up my banking over Christmas,

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Speaker 1: and I logged in, and I thought there were fraud

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Speaker 1: charges on my card, except there weren't. It was me

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Speaker 1: us and it is actually more expensive than I had

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Speaker 1: anticipated it to be. So when I logged into the account,

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Speaker 1: I expected to see some other car on my CityLink account,

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Speaker 1: but it was you alas it was all me. So

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Speaker 1: I resolved to not use toll roads in twenty twenty,

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Speaker 1: and now I have a money win to share.

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Speaker 2: That is a win.

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Speaker 1: Well done girl, Thank you, have you got something just

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Speaker 1: as exciting roads are hard to compete with.

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Speaker 2: Okay, this is obscure. So mum has been clearing out

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Speaker 2: our house and.

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Speaker 1: I see where this is going already.

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Speaker 2: I don't think you do. In my room she found

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Speaker 2: fifty dollars worth of coins guys, yes, bizarre. So she's

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Speaker 2: going to transfer that to me, which is lovely.

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Speaker 1: Should you not have cleaned your own room though, GEORGIEA.

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Speaker 2: Yeah, okay, I know I sound pathetic. Also though, I've

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Speaker 2: like inherited lots of crockery and silverware and really cool

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Speaker 2: things from the nineties, so it's a money.

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Speaker 1: Win, absolute money win, now, I remember when I moved out,

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Speaker 1: I got a pot set and I loved it. Yeah,

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Speaker 1: it was the best thing I ever got. Anyway, I

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Speaker 1: feel like we've got a show to do.

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Speaker 2: We do again before we head into the main chat.

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Speaker 2: How did our Facebook community go this week? Did anyone

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Speaker 2: stand out to you?

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Speaker 1: Yes? Actually I have a money win from our friend Caitlin.

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Speaker 1: She posted in the group this week and said, I

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Speaker 1: moved to Canberra three months ago and today I decided

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Speaker 1: to deep clean my apartment. I was just finishing the

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Speaker 1: kitchen and looked in one of the corner cupboards and

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Speaker 1: saw a brand new Brevel Cafe Roma coffee machine. Who

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Speaker 1: She's double checked with her real estate agent, and her

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Speaker 1: landlord and the previous tenants, and they all said it

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Speaker 1: wasn't theirs. She's not sure how it came about. She's

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Speaker 1: not complaining one bit. She says. This means I now

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Speaker 1: don't have to buy a morning coffee anymore, and I

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Speaker 1: don't have to go out and spend a few hundred

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Speaker 1: dollars on a coffee machine, which she was actually already

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Speaker 1: saving for. So that's my favorite money win. She can't

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Speaker 1: believe her luck. I can't believe her luck and I

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Speaker 1: feel like that's a great money win. That is the great,

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Speaker 1: especially at the start of the year.

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Speaker 2: I'm just opening your cupbot and finding a little coffee

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Speaker 2: machine in there.

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Speaker 1: Is there a coffee fairy? I'm not sure? Can he

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Speaker 1: visit my house? I know I want one to Gee,

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Speaker 1: have you got a money win for us? I do?

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Speaker 2: Mineus from the lovely Rose who has written money Win

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Speaker 2: smiley faced with the tongue poking out with the money

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Speaker 2: dollar sign on it. My my gym runs monthly challenges.

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Speaker 2: Each time you enter a new challenge, your name is

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Speaker 2: put into the box, and at the end of the year,

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Speaker 2: a winner is drawn out and you've received six months

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Speaker 2: of free membership this year Rose one, meaning she can

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Speaker 2: contribute the money she would usually pay for her membership

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Speaker 2: to her savings for a holiday later on.

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Speaker 1: Amazing, Amazing Rose. What I love about that is not

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Speaker 1: only did she win the competition, but she actually reallocated

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Speaker 1: the funds instead of just letting it go dormance. So Rose,

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Speaker 1: You're a legend. Thank you so much for sharing that

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Speaker 1: with us.

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Speaker 2: Today's show is all about superannuation.

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Speaker 1: Now.

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Speaker 2: In the lead up to this, I've been talking to

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Speaker 2: you v a lot. Yes, you have yeah to do

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Speaker 2: some learning, and the key thing I have learned is

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Speaker 2: that SUPER is not an investment, is it?

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Speaker 1: Vee, No, it is not.

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Speaker 2: It's a tax structure bingo. Yes. It also turns out

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Speaker 2: you have to have it and nearly ten percent of

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Speaker 2: your salary is going into it, so we need to

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Speaker 2: be taking it very seriously. We do now, V Before

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Speaker 2: we do talk about the difference between a tax structure

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Speaker 2: and an investment, can you please tell us exactly what

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Speaker 2: SUPER is.

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Speaker 1: Superannuation is designed for us to have to ensure that

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Speaker 1: we save enough money through the course of our working

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Speaker 1: lives to make sure that we have sufficient funds available

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Speaker 1: to us in retirement, so we're not retiring and stopping

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Speaker 1: work without having an income. So we want out income

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Speaker 1: to continue long after we stopped turning up to our jobs. So,

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Speaker 1: if you're employed, you're probably going to be qualifying for

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Speaker 1: the Super Guarantee contribution, So the SG as it would

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Speaker 1: appear on your pay slip from your employer, which requires

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Speaker 1: them by law, to contribute nine point five percent of

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Speaker 1: your salary into a superannuation account on your behalf. This

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Speaker 1: amount is often subtracted from your salary before you actually

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Speaker 1: get your pay packet, although some employers do actually pay

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Speaker 1: your super on top of your salary, and that's a

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Speaker 1: really good point as well. G actually to make sure

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Speaker 1: that when you're talking about your income, you know if

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Speaker 1: your salary is including or excluding superannuation. So often people

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Speaker 1: will say it's fifty thousand dollars plus super, or it's

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Speaker 1: fifty thousand dollars including super. Understanding that difference and what

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Speaker 1: that actually means for you is really important. It's actually

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Speaker 1: a difference of nine point five percent or more depending

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Speaker 1: on what industry you work in. So it really pays

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Speaker 1: for you to understand what you're worth and how that works,

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Speaker 1: because it also comes into con sideration when negotiating salaries

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Speaker 1: and when going for jobs, and understanding what your rights

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Speaker 1: are and what you're asking for, because all too often

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Speaker 1: do I see people saying, oh, I got fifty thousand dollars,

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Speaker 1: that's fantastic, and you go all right, including or excluding superannuation,

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Speaker 1: and they say, oh, I don't know. So it's worth

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Speaker 1: fighting for because it's an additional ten percent, and you know,

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Speaker 1: it's important to understand exactly where you were standing. And

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Speaker 1: I think that everyone should know what their SG actually

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Speaker 1: looks like so g. As you were saying before, a

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Speaker 1: super fund is not actually an investment. But super funds

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Speaker 1: do take the money you put into your super accounts

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Speaker 1: and invest it on your behalf, and the purpose of

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Speaker 1: that is to grow your wealth over time so that

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Speaker 1: when we get to retirement, we have more money than

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Speaker 1: what we had saved. I've used this example on the

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Speaker 1: podcast before, but it's one of my favorite ones because

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Speaker 1: it's super super powerful. I think I'm funny. Super As

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Speaker 1: an example, but if you are twenty one and you

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Speaker 1: started saving five hundred dollars per month until the age

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Speaker 1: of retirement, you would have two hundred and forty thousand dollars.

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Speaker 1: But if you'd taken that same amount of money and

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Speaker 1: invested it instead over the long term, you would have

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Speaker 1: an investment portfolio worth one point two million dollars. That's

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Speaker 1: insane in comparison to what you would have just saved.

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Speaker 1: So it's really important that we actually take into consideration

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Speaker 1: where we're putting our money and see super as an

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Speaker 1: investment for the long term, because if you're starting small

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Speaker 1: and starting early, that compounds really quickly over time. Your

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Speaker 1: super fund will invest your money in line with the

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Speaker 1: risk profile that you chose when you selected your super fun.

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Speaker 2: Hang on, V what super profile did I select? I

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Speaker 2: have no idea what you're talking about.

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Speaker 1: So gee, I know you've already picked your superfund right,

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Speaker 1: like we're talking about this before. When you pick your

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Speaker 1: super fund, you actually pick a risk profile. So that

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Speaker 1: could be a conservative risk profile, it could be a

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Speaker 1: high growth risk profile, but it is actually completely in

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Speaker 1: your control. How exposed to the share market your money is?

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Speaker 2: Right, is there a default that I would have selected?

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Speaker 1: Conservative is quite often the default, or it's called balanced

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Speaker 1: with most super funds, and that means that a very

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Speaker 1: large percentage of your superfund is actually sitting in cash.

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Speaker 1: When I say that, it means that that money is

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Speaker 1: not exposed to the share market and therefore is not

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Speaker 1: getting the returns that you might be expecting it to

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Speaker 1: get because it's in super So it's definitely worth checking

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Speaker 1: and going on to your superfund website and checking what

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Speaker 1: risk profile you're invested in and working out if the

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Speaker 1: risk profile that you have chosen or you're invested in

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Speaker 1: is actually in line with your values.

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Speaker 2: Okay, Ver, So I want to put my money in shares?

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Speaker 2: How do I go about making that happen.

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Speaker 1: So you need to log into your super fund and

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Speaker 1: check what you've ticked. It's very very simple to change.

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Speaker 1: It's often just a tickbox. So go in and have

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Speaker 1: a look at what the risk profile is. On all

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Speaker 1: of the superannuation websites, there will be an explanation of

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Speaker 1: the risk profiles that they have on offer, so read

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Speaker 1: through those, make sure it aligns to your values, and

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Speaker 1: then pick the profile that is most suited to your situation.

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Speaker 1: If you're a little bit confused, I know this is

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Speaker 1: really early on to say go see a financial advisor,

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Speaker 1: but literally talk to a financial advisor really early on,

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Speaker 1: because if they put you in the right fund from

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Speaker 1: the very beginning, you're going to be in a position

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Speaker 1: where you are quite literally hundreds of thousands of dollars better.

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Speaker 2: Off v That is literally insane. I had no idea

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Speaker 2: that this was a thing.

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Speaker 1: Well, no one seems to care about super because it's

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Speaker 1: so far off. Everyone talks about superannuation is something that

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Speaker 1: we should care about whimor and retirement because it is

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Speaker 1: for retirement. But it is absolutely worth caring about right

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Speaker 1: here and now, because I want future me to have

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Speaker 1: one hundred thousand dollars more. I don't know about you.

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Speaker 1: I would like that too, and I didn't have to

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Speaker 1: work for it, so I just had to tick a box. Awesome,

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Speaker 1: go tick the boxes that make sense to.

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Speaker 2: You before we go any deeper. V, can you please

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Speaker 2: explain what kind of super funds are out there?

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Speaker 1: Good question. Gee, there are so many different types of

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Speaker 1: super funds, and I'm not going to get into the

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Speaker 1: ins and outs of the specific brand names or the

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Speaker 1: companies that are there, because there are so many that

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Speaker 1: you need to take into consideration when looking at super funds.

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Speaker 1: But let's really consolidate this and I will say that

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Speaker 1: there are four main types of super funds. So there

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Speaker 1: are corporate funds. These are funds that an employer sets

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Speaker 1: up with a financial institution on behalf of their employees

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Speaker 1: so that they have discounts and benefits associated with it.

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Speaker 1: You then have personal super funds, and these are retail

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Speaker 1: funds that are available to individual customers like anybody listening

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Speaker 1: to this podcast. There are then industry superannuation funds, and

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Speaker 1: these funds are open to everyone, but if you work

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Speaker 1: in a particular industry or under a particular industrial award,

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Speaker 1: your employer may contribute to your super guarantee and other

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Speaker 1: super monies to an industry fund. And then there is

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Speaker 1: a thing called SMSF and that sounds really fancy, but

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Speaker 1: it stands for self managed super fund and these are

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Speaker 1: often referred to as the DIY version of super funds.

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Speaker 1: So members of a DIY superfund are responsible for the

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Speaker 1: investment strategy, for the operation and administration, and all the

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Speaker 1: accou hunting on this. So it's a lot of responsibility.

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Speaker 1: It is something that you don't go into lightly and

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Speaker 1: you need to really consider. And my personal opinion on this,

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Speaker 1: and I'm just putting it out there because I see

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Speaker 1: so many people using smsfs incorrectly, is that if you

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Speaker 1: have less than three hundred thousand dollars cash in your superfund,

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Speaker 1: do not consider an SMSF. That's straight advice. And I'm

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Speaker 1: just not interested in hearing people telling me that it's

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Speaker 1: a good idea with fund balances less than that, because

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Speaker 1: the amount of accounting fees on the flip side don't

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Speaker 1: make it worth it.

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Speaker 2: Plus that sounds so complex for me to manage myself

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Speaker 2: like that just doesn't sound plausible.

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Speaker 1: Absolutely. I think there are a small amount of people

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Speaker 1: though that really like managing their super themselves, whether they

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Speaker 1: are savvy investors or they are higher net wealth individuals.

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Speaker 1: It does work for some people. I do have clients

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Speaker 1: who have smsfs. But I think it's really worth pointing

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Speaker 1: out here that so many people have fallen into the

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Speaker 1: trap of getting it SMSF because you can buy property

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Speaker 1: in it, or getting an SMSF because you can use

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Speaker 1: the funds in and other way. And I strictly do

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Speaker 1: not believe in that because it's not divers If we

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Speaker 1: talk about diversification all the time, if you're taking all

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Speaker 1: your super money and putting it in one of the

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Speaker 1: plan apartment, you're not diversifying your investment strategy. Future you

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Speaker 1: is not going to thank you if someone has said

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Speaker 1: to you you need to get an SMSF, we can

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Speaker 1: use that money to buy property. Go consult a good

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Speaker 1: quality financial advisor and get some alternative advice to make

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Speaker 1: sure if that actually works for you, because more often

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Speaker 1: than not, it's not a good idea.

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Speaker 2: Would you say, for your average gal like me on

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Speaker 2: an average salary, is there a fund that I should

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Speaker 2: be choosing? No?

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Speaker 1: And I know people are listening to this, going Victoria,

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Speaker 1: I tell us which super fun can be with. But

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Speaker 1: I'm thinking and I'm so sorry that I'm unable to

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Speaker 1: actually say that One I can't give you guys personal

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Speaker 1: financial advice, but two, I don't believe in only one fund.

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Speaker 1: I have clients that are in numerous different funds, and

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Speaker 1: they're in different funds for different reasons. So my personal

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Speaker 1: opinion on this is that your super fun changes over

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Speaker 1: your life. When you I've just started working, a really

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Speaker 1: basic retail fund with really low level fees is perfect.

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Speaker 1: As you get a little bit more complex and you

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Speaker 1: start to increase the amount of money in your superannuation,

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Speaker 1: that's when you start to look at a little bit

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Speaker 1: more of a complex strategy. You start looking at super

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Speaker 1: funds that have more options available to you because it

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Speaker 1: becomes worth.

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Speaker 2: It what kind of options stone interest.

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Speaker 1: So different options to diversify the investments that you have.

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Speaker 1: As we know from the investment episodes we did last season,

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Speaker 1: brokerage can be really expensive and this actually applies to

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Speaker 1: the money that you're investing in superannuation. So if you

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Speaker 1: don't have much money and it's being invested for really

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00:14:36,720 --> 00:14:40,560
Speaker 1: high levels of brokerage, it often ends up impacting your

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Speaker 1: performance and putting you behind. Higher levels of brokerage are

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Speaker 1: only applicable when you get to a point where you

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Speaker 1: have enough money to play with, so you're super fund

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Speaker 1: actually can change over your lifetime. As I mentioned before,

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Speaker 1: you've gone from having a retail fund to something a

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Speaker 1: little bit more complex and closer to retirement. You could

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Speaker 1: and probably should have more than a million dollars in superannuation.

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Speaker 1: That's when you and your financial advisor might sit down

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Speaker 1: and go, all right, well, we're going to do a

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Speaker 1: self managed super fund because you've got enough cash. It

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Speaker 1: is really financially viable. The accounting fees are absolutely worth it,

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Speaker 1: and this is why we're doing it. And you might

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Speaker 1: end up in a self managed super fund. But it's

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Speaker 1: not something that I would ever recommend to someone who

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Speaker 1: is young or has a lower balance.

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Speaker 2: So would you say there's any benefit to staying with

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Speaker 2: the one fund your whole life?

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Speaker 1: Not necessarily. If you're super comfortable with it, and you're

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Speaker 1: really passionate about that fund, then absolutely stay with them.

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Speaker 1: But it's something that you always need to review. It's

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Speaker 1: like a financial plan. I can't hand you a financial

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Speaker 1: plan and expect that that plan makes sense for you.

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Speaker 1: Of your life. Exactly ten years from now, your life's

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Speaker 1: going to be completely different, So we need a different strategy,

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Speaker 1: and super should be looked at in that way. It's

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Speaker 1: not something that we set and forget. It is very

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Speaker 1: easy to set it up, make sure it's okay, and

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Speaker 1: check back in a couple of years to see if

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Speaker 1: we need to update the strategy. It's definitely not something

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Speaker 1: we need to look at on a monthly or a

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Speaker 1: weekly basis. But being on top of it and understanding

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Speaker 1: all of the features that are associated with a super

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Speaker 1: fund is really really important. Just to clarify, g When

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Speaker 1: I say have multiple super funds over your lifetime, I'm

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Speaker 1: not saying multiple super funds at one time. It's moving

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Speaker 1: into different funds that then suit your situation as opposed

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Speaker 1: to the fund that you were in before. So it's

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Speaker 1: not necessarily like, oh, have five funds, because we'll get

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Speaker 1: to that. I don't believe in that at all.

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Speaker 2: Okay, So now I know how super is invested. Is

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Speaker 2: there anybody that super doesn't apply to or should everyone

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Speaker 2: be getting around it?

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Speaker 1: Really good question because SG actually applies to everyone who

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Speaker 1: is an employer. Like if you employ people, you've got

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Speaker 1: to pay super, but generally the SUPER contributions only have

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Speaker 1: to be paid if an employee is aged eighteen and

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Speaker 1: over and earns more than four hundred and fifty dollars

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Speaker 1: before tax each month, or an employee under eighteen who

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Speaker 1: works more than thirty hours a week and earns more

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Speaker 1: than four hundred and fifty dollars a month before tax

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Speaker 1: as well. There are rules, and you know, if you

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Speaker 1: were working casually all the way through high school and

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00:17:01,880 --> 00:17:04,359
Speaker 1: you just did like four hours a weekend like I

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00:17:04,440 --> 00:17:07,600
Speaker 1: did at the ice cream shop, you probably weren't being

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Speaker 1: paid SUPER because you didn't actually qualify for it. So

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Speaker 1: if you did, though, or you feel like you did,

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Speaker 1: you can lodge a claim. In some instances, though your

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Speaker 1: employer will also need to make SUPER contributions for you

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Speaker 1: if you're actually a contractor. So this is a really

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Speaker 1: complex area. So if you feel like someone was meant

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Speaker 1: to be paying you superannuation and hasn't, jump on the

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Speaker 1: ATO website. They've got really good calculators for working out

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Speaker 1: one how much SUPER you should have been paid, but

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Speaker 1: two instructions to follow up. If you haven't been paid

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Speaker 1: super and you feel like you were entitled to that.

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Speaker 2: Now We've spoken a little bit about this in the

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Speaker 2: lead up to today's EP, but can you please explain

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00:17:42,320 --> 00:17:45,159
Speaker 2: for the listeners the difference between a concessional and a

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00:17:45,280 --> 00:17:46,760
Speaker 2: non concessional contribution.

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Speaker 1: Oh, I'm excited you did your research and want questions

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00:17:49,200 --> 00:17:52,719
Speaker 1: to ask me? Yes, yeah, good work. A concessional contribution

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00:17:52,920 --> 00:17:56,600
Speaker 1: is also called a before tax contribution, and this is

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00:17:56,680 --> 00:17:59,400
Speaker 1: money that goes into your super account from your before

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00:17:59,480 --> 00:18:02,480
Speaker 1: tax inc come. So this is the contributions that your

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Speaker 1: employer is making, or a salary sacrifice amount that you've

386
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Speaker 1: already arranged with your employer, or a tax deductible contribution

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Speaker 1: that you're making, for example, if you're self employed or

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Speaker 1: decide to make extra contributions for yourself. Concessional contributions typically

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Speaker 1: make up the bulk of your Super savings and they

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Speaker 1: are generally taxed at fifteen percent. Previously, there were different

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00:18:23,960 --> 00:18:27,280
Speaker 1: limits for concessional contributions depending on your age or your situation.

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Speaker 1: But twenty seventeen twenty eighteen, when they did their tax

393
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Speaker 1: stuff onwards, the rules have been simplified. Now there's a

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Speaker 1: new limit and it is twenty five thousand dollars regardless

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Speaker 1: of your age, and that is the maximum amount of

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Speaker 1: concessional contributions that you can add to your superfund each

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00:18:43,280 --> 00:18:47,720
Speaker 1: and every single year without paying additional tax. So let's

398
00:18:47,720 --> 00:18:52,280
Speaker 1: flip this. Non Concessional contributions are contributions that, as g

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Speaker 1: you've probably guessed it, are made from your after tax income.

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00:18:56,600 --> 00:18:57,200
Speaker 2: It adds up.

401
00:18:57,440 --> 00:19:03,439
Speaker 1: It does make sense. Concessional pre non concessional post. Previously,

402
00:19:03,480 --> 00:19:06,960
Speaker 1: there have been different rules, much like the concessional contributions,

403
00:19:07,280 --> 00:19:10,399
Speaker 1: about how much money you could contribute non concessionally to

404
00:19:10,480 --> 00:19:14,480
Speaker 1: your superannuation. But since twenty seventeen, the annual cap is

405
00:19:14,520 --> 00:19:17,080
Speaker 1: now one hundred thousand dollars, so it doesn't matter who

406
00:19:17,119 --> 00:19:19,600
Speaker 1: you are, what you do. You can only put up

407
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Speaker 1: to one hundred thousand dollars with a bring forward rule,

408
00:19:22,920 --> 00:19:26,800
Speaker 1: which I'll explain in just two seconds, to your superannuation fund.

409
00:19:27,320 --> 00:19:31,400
Speaker 1: So this money is not subject to the usual superanuation

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00:19:31,560 --> 00:19:33,680
Speaker 1: tax rate of up to fifteen percent. You only get

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Speaker 1: that on your twenty five at the beginning. Does that

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Speaker 1: make sense?

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Speaker 2: It does.

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Speaker 1: So example, your employee could have paid you six thousand

415
00:19:41,160 --> 00:19:44,280
Speaker 1: dollars worth of super You can then add enough to

416
00:19:44,359 --> 00:19:47,200
Speaker 1: get to that twenty five thousand dollar cap without having

417
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Speaker 1: to pay additional tax any more than that twenty five thousand,

418
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Speaker 1: and you pay your concessional tax rate. This makes sense,

419
00:19:53,560 --> 00:19:54,040
Speaker 1: makes sense.

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Speaker 2: I know I can contribute up to twenty five thousand

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00:19:56,640 --> 00:19:59,600
Speaker 2: dollars a year to my superfund, but is there a

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Speaker 2: cap on this over my whole lifetime?

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Speaker 1: Yes? So gee. As I mentioned before, there's a thing

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00:20:04,600 --> 00:20:06,359
Speaker 1: called to bring forward rule, and that means that if

425
00:20:06,400 --> 00:20:09,320
Speaker 1: you're under the age of sixty four, you can make

426
00:20:09,320 --> 00:20:12,119
Speaker 1: a larger payment now, but it will reduce the future

427
00:20:12,160 --> 00:20:14,800
Speaker 1: contributions you can make. So in this way, you can

428
00:20:14,800 --> 00:20:18,000
Speaker 1: contribute up to three hundred thousand dollars in a financial year,

429
00:20:18,359 --> 00:20:20,160
Speaker 1: but that means that you won't be able to make

430
00:20:20,200 --> 00:20:22,800
Speaker 1: further contributions for the next two years once you use

431
00:20:22,880 --> 00:20:25,320
Speaker 1: up your cap. If you actually go over, like you

432
00:20:25,400 --> 00:20:27,360
Speaker 1: mentioned before, like, is there a cap, Yes, there are.

433
00:20:27,359 --> 00:20:29,679
Speaker 1: There are a couple of rules. If you exceed the

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00:20:29,680 --> 00:20:33,760
Speaker 1: non concessional contribution cap, it actually gets really expensive, so

435
00:20:33,760 --> 00:20:35,240
Speaker 1: it's worth keeping an eye on it. And I know

436
00:20:35,320 --> 00:20:37,240
Speaker 1: not many of us can actually do this, but I

437
00:20:37,280 --> 00:20:39,560
Speaker 1: think we should be educated and know the rules lutely.

438
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Speaker 1: If you exceed the contribution cap, it's expensive because it'll

439
00:20:43,359 --> 00:20:46,359
Speaker 1: be taxed at forty seven percent. That's a that's a

440
00:20:46,359 --> 00:20:49,919
Speaker 1: lot of percentages, So keep that in mind, and also

441
00:20:50,040 --> 00:20:53,520
Speaker 1: take into account that if your total superbalance, if we

442
00:20:53,600 --> 00:20:57,119
Speaker 1: all should be so lucky, goes over one point six

443
00:20:57,200 --> 00:21:01,400
Speaker 1: million dollars, you're actually not allowed to make noncncernal contributions anymore.

444
00:21:01,440 --> 00:21:03,440
Speaker 1: What that doesn't mean, though, is that your super fund

445
00:21:03,520 --> 00:21:06,359
Speaker 1: can't keep growing. It just means you can't add to

446
00:21:06,400 --> 00:21:09,119
Speaker 1: it yourself. But you could have one point six million

447
00:21:09,119 --> 00:21:12,399
Speaker 1: dollars sitting in superannuation and it could grow over time.

448
00:21:12,800 --> 00:21:14,600
Speaker 1: So often people are trying to cap it out really

449
00:21:14,640 --> 00:21:17,919
Speaker 1: early and reach that one point six million dollar contribution

450
00:21:18,119 --> 00:21:20,920
Speaker 1: cap so that they achieve it early so that their

451
00:21:20,960 --> 00:21:23,919
Speaker 1: money compounds over time. And everybody knows how obsessed I

452
00:21:23,960 --> 00:21:28,359
Speaker 1: am with compound interest. Money doubles technically every ten years

453
00:21:28,440 --> 00:21:31,200
Speaker 1: or so, that amount of money could be worth significantly

454
00:21:31,240 --> 00:21:33,760
Speaker 1: more in the future if you have enough time to

455
00:21:33,800 --> 00:21:34,400
Speaker 1: wait for it.

456
00:21:34,520 --> 00:21:37,639
Speaker 2: This is all sounding amazing, and I'm feeling inspired to

457
00:21:37,640 --> 00:21:41,359
Speaker 2: start making those additional contributions to my super. But we

458
00:21:41,640 --> 00:21:44,679
Speaker 2: have discussed super before, and I remember you saying that

459
00:21:44,760 --> 00:21:48,600
Speaker 2: you personally don't make any additional contributions to super what's

460
00:21:48,640 --> 00:21:49,880
Speaker 2: your story girl? Why is this?

461
00:21:50,080 --> 00:21:53,440
Speaker 1: Well? Well, well kill you my own words coming back

462
00:21:53,480 --> 00:21:56,840
Speaker 1: to bite me. So you are correct. Gee. I have

463
00:21:57,040 --> 00:21:59,760
Speaker 1: said publicly and to you a number of times that

464
00:21:59,800 --> 00:22:04,120
Speaker 1: I I don't make additional super contributions, and whilst I

465
00:22:04,160 --> 00:22:06,840
Speaker 1: do still have my nine point five percent of my

466
00:22:06,960 --> 00:22:09,760
Speaker 1: salary going into my super, I don't put any more

467
00:22:09,800 --> 00:22:12,600
Speaker 1: money in there. So I don't want anyone to listen

468
00:22:12,600 --> 00:22:14,720
Speaker 1: to this and think, oh, well, Victoria does it. Therefore

469
00:22:14,760 --> 00:22:16,600
Speaker 1: it must be the right way. There is no right

470
00:22:16,680 --> 00:22:19,040
Speaker 1: or wrong way about this. It actually all comes down

471
00:22:19,040 --> 00:22:22,679
Speaker 1: to your values, and my values are that I don't

472
00:22:22,720 --> 00:22:25,879
Speaker 1: want my money sitting. Even though there's so many benefits

473
00:22:25,880 --> 00:22:30,080
Speaker 1: to having superannuation, I eat, lower tax rate, secure structure, etc.

474
00:22:30,800 --> 00:22:33,080
Speaker 1: I don't want my money locked away for that period

475
00:22:33,080 --> 00:22:37,119
Speaker 1: of time. So you can't actually access your superannuation until

476
00:22:37,160 --> 00:22:40,320
Speaker 1: you get to a certain age. That age at the

477
00:22:40,359 --> 00:22:43,200
Speaker 1: moment in Australia it is sixty where you can start

478
00:22:43,520 --> 00:22:46,480
Speaker 1: accessing it, and sixty five where you can start accessing

479
00:22:46,520 --> 00:22:49,520
Speaker 1: it tax free. I don't want to wait until I'm

480
00:22:49,560 --> 00:22:52,359
Speaker 1: sixty to have financial freedom. Financial freedom is something I

481
00:22:52,359 --> 00:22:55,520
Speaker 1: am wildly passionate about, and I don't want all of

482
00:22:55,560 --> 00:22:58,479
Speaker 1: my money and my main investment to be an asset

483
00:22:58,520 --> 00:23:02,200
Speaker 1: that I can't access. And I'm older, so I don't

484
00:23:02,200 --> 00:23:06,800
Speaker 1: prioritize additional contributions to superannuation because I am using those

485
00:23:06,880 --> 00:23:11,359
Speaker 1: contributions to put into a separate investment fund. And whilst

486
00:23:11,359 --> 00:23:13,159
Speaker 1: you might be saying in the BacT you heard, but Victoria,

487
00:23:13,200 --> 00:23:15,639
Speaker 1: you could be saving so much money on tax. To me,

488
00:23:16,240 --> 00:23:20,080
Speaker 1: sacrificing that additional saving on tax is absolutely worth it

489
00:23:20,119 --> 00:23:23,360
Speaker 1: to me personally because I know that I could access

490
00:23:23,359 --> 00:23:25,720
Speaker 1: it tomorrow or I could access it in ten years

491
00:23:25,840 --> 00:23:29,080
Speaker 1: and create that financial freedom for myself. I have so

492
00:23:29,200 --> 00:23:31,359
Speaker 1: many things I want to do and so many things

493
00:23:31,359 --> 00:23:33,840
Speaker 1: that I want to achieve over my lifetime, and having

494
00:23:33,880 --> 00:23:37,399
Speaker 1: access to those funds is really really important to me. However,

495
00:23:37,560 --> 00:23:39,920
Speaker 1: that doesn't mean it's important to everybody, and you might

496
00:23:39,960 --> 00:23:42,680
Speaker 1: prioritize getting your super to a certain level and doing

497
00:23:42,720 --> 00:23:45,200
Speaker 1: something else with your money. So definitely talk to a

498
00:23:45,280 --> 00:23:47,360
Speaker 1: financial advisor if you don't think that's right for you.

499
00:23:47,640 --> 00:23:50,159
Speaker 1: But I wouldn't ever say that it's a terrible idea

500
00:23:50,200 --> 00:23:53,600
Speaker 1: to contribute additional funds to your superannuation fund. But I

501
00:23:53,600 --> 00:23:54,840
Speaker 1: would be getting some advice.

502
00:23:54,920 --> 00:24:01,440
Speaker 2: First, Hi, there, you've reached that She's on the money mailbox.

503
00:24:01,560 --> 00:24:03,639
Speaker 2: Do you have a money problem you want help solving.

504
00:24:03,800 --> 00:24:05,800
Speaker 2: Do you have a money dilemma you just want to

505
00:24:05,880 --> 00:24:09,200
Speaker 2: chat about. Victoria is here to help. Every week we'll

506
00:24:09,240 --> 00:24:11,280
Speaker 2: be playing your questions to help make sense of a

507
00:24:11,280 --> 00:24:13,639
Speaker 2: money mess you may have found yourself in. Make a

508
00:24:13,720 --> 00:24:15,919
Speaker 2: quick recording on your phone and send it through to

509
00:24:16,000 --> 00:24:18,879
Speaker 2: podcast at She's onthemoney dot com dot au and you

510
00:24:19,000 --> 00:24:21,720
Speaker 2: might find yourself on the show. But for now, here's

511
00:24:21,720 --> 00:24:22,840
Speaker 2: this week's listener question.

512
00:24:23,240 --> 00:24:26,200
Speaker 3: Hey, Victoria, I'm just getting my finances in order. I've

513
00:24:26,240 --> 00:24:27,960
Speaker 3: got a couple of super funds and I'm going to

514
00:24:28,000 --> 00:24:30,960
Speaker 3: consolidate them together really soon. But I keep getting stuck

515
00:24:30,960 --> 00:24:33,000
Speaker 3: because I don't know which super fun to pick. There

516
00:24:33,040 --> 00:24:35,560
Speaker 3: are so many options, and I'm getting really overwhelmed looking

517
00:24:35,640 --> 00:24:37,639
Speaker 3: at everything. How do I pick and what do I

518
00:24:37,680 --> 00:24:38,640
Speaker 3: need to be looking out for?

519
00:24:39,320 --> 00:24:41,960
Speaker 2: Alrighty V, I'm going to leave you to answer this one.

520
00:24:42,240 --> 00:24:43,360
Speaker 2: Go right ahead.

521
00:24:43,560 --> 00:24:43,760
Speaker 3: Gee.

522
00:24:43,800 --> 00:24:45,680
Speaker 1: I feel like I've harped on to you over the

523
00:24:45,760 --> 00:24:48,520
Speaker 1: last couple of weeks about the importance of consolidating super ya,

524
00:24:48,600 --> 00:24:51,240
Speaker 1: so maybe you could have addressed this. But I'll leave

525
00:24:51,240 --> 00:24:53,199
Speaker 1: it to you don There's a couple of components to

526
00:24:53,240 --> 00:24:56,000
Speaker 1: this question that I want to jump on. First is, yes,

527
00:24:56,119 --> 00:24:59,040
Speaker 1: it is so important to consolidate your super fund. So

528
00:24:59,160 --> 00:25:02,160
Speaker 1: I'm going to address the consolidation part first and then

529
00:25:02,240 --> 00:25:05,600
Speaker 1: I will talk later about which fund to pick. But

530
00:25:06,320 --> 00:25:09,760
Speaker 1: really important to consolidate your super for a number of reasons,

531
00:25:09,800 --> 00:25:11,480
Speaker 1: and there's so many things you need to think about

532
00:25:11,480 --> 00:25:14,199
Speaker 1: when trying to do that. But the average of the

533
00:25:14,240 --> 00:25:16,639
Speaker 1: fees that you'll pay over the lifetime of a super

534
00:25:16,640 --> 00:25:19,440
Speaker 1: fund is fourteen thousand dollars. So that's how much you'll

535
00:25:19,440 --> 00:25:22,920
Speaker 1: pay in fourteen years. So average of one hundred dollars

536
00:25:22,960 --> 00:25:25,600
Speaker 1: in annual fees and two hundred and fifty dollars each

537
00:25:25,680 --> 00:25:29,080
Speaker 1: year in insurances really adds up. So that fourteen thousand

538
00:25:29,080 --> 00:25:31,320
Speaker 1: dollars sounds like a lot of money, but I promise

539
00:25:31,359 --> 00:25:34,040
Speaker 1: you it's actually quite reasonable for a super fun fee.

540
00:25:34,280 --> 00:25:36,120
Speaker 1: But if you had five super.

541
00:25:35,840 --> 00:25:38,480
Speaker 2: Funds, times that by five, times that.

542
00:25:38,359 --> 00:25:41,959
Speaker 1: By five, you're paying seventy thousand dollars worth of fees

543
00:25:42,000 --> 00:25:44,840
Speaker 1: over the lifetime of having all of those funds. And

544
00:25:44,920 --> 00:25:47,479
Speaker 1: you're still paying that one hundred dollars annually in fees

545
00:25:47,960 --> 00:25:50,000
Speaker 1: for each of those funds, and you're also paying two

546
00:25:50,119 --> 00:25:53,400
Speaker 1: hundred and fifty dollars in fees every single year for

547
00:25:53,480 --> 00:25:56,880
Speaker 1: those insurances. So it really pays in the long term

548
00:25:57,040 --> 00:25:58,879
Speaker 1: to actually consolidate your super.

549
00:25:59,040 --> 00:26:01,200
Speaker 2: How do you consolidate your super bee?

550
00:26:01,280 --> 00:26:03,719
Speaker 1: So you can actually jump on my goov website and

551
00:26:03,880 --> 00:26:06,800
Speaker 1: it is quite simple. But my recommendation isn't to just

552
00:26:06,880 --> 00:26:09,280
Speaker 1: jump on there and consolidate your super Whilst I'm saying

553
00:26:09,320 --> 00:26:11,960
Speaker 1: the process is easy, there is so much to take

554
00:26:12,000 --> 00:26:15,359
Speaker 1: into consideration when consolidating your super fund. So the first

555
00:26:15,520 --> 00:26:17,480
Speaker 1: is to look at the super fund that you want.

556
00:26:17,880 --> 00:26:20,600
Speaker 1: You're looking at fees. You're looking at past performance, albeit

557
00:26:20,640 --> 00:26:23,480
Speaker 1: that is not a reliable predictor of future performance. You

558
00:26:23,600 --> 00:26:26,080
Speaker 1: are looking at the way they invest You are looking

559
00:26:26,119 --> 00:26:28,879
Speaker 1: at if they're invested ethically or not. Is that something

560
00:26:28,880 --> 00:26:31,600
Speaker 1: that is a value to you. If so, do your research,

561
00:26:31,800 --> 00:26:34,360
Speaker 1: understand what you do and don't accept. When it comes

562
00:26:34,440 --> 00:26:37,080
Speaker 1: to the investment world, it's a really good idea to

563
00:26:37,119 --> 00:26:39,720
Speaker 1: compare super funds online and just weigh up your options.

564
00:26:39,840 --> 00:26:43,200
Speaker 1: So the smart Money website from the Australian Government is

565
00:26:43,240 --> 00:26:45,400
Speaker 1: a really good place to start because it can help

566
00:26:45,440 --> 00:26:48,080
Speaker 1: you understand what fees and charges you need to be

567
00:26:48,080 --> 00:26:50,679
Speaker 1: taking into consideration. And if you're a remember of our

568
00:26:50,680 --> 00:26:52,800
Speaker 1: Facebook group, this week, I'm going to be posting a

569
00:26:52,800 --> 00:26:55,080
Speaker 1: little bit of a comparison chart so you guys can

570
00:26:55,119 --> 00:26:58,639
Speaker 1: do your own comparisons, which will be really exciting. But

571
00:26:59,119 --> 00:27:02,439
Speaker 1: when weighing up your super fund also, please please please

572
00:27:02,520 --> 00:27:06,400
Speaker 1: take into consideration the insurances that you have as standard

573
00:27:06,480 --> 00:27:10,400
Speaker 1: on those funds. Now, I know this doesn't sound very sexy,

574
00:27:10,920 --> 00:27:15,840
Speaker 1: sorry G and everybody listening, but insurance is incredibly important.

575
00:27:16,040 --> 00:27:18,400
Speaker 1: And if we were given insurance when we were young

576
00:27:18,640 --> 00:27:22,000
Speaker 1: and had nothing physically or mentally wrong with us, we

577
00:27:22,160 --> 00:27:24,640
Speaker 1: are in a position where we don't have any exclusions

578
00:27:24,680 --> 00:27:27,760
Speaker 1: on this insurance cover. So therefore it's quite valuable to

579
00:27:27,840 --> 00:27:30,679
Speaker 1: us because it covers everything. But if we close our

580
00:27:30,680 --> 00:27:35,399
Speaker 1: superannuation accounts without considering the insurances, we're in a position

581
00:27:35,440 --> 00:27:38,320
Speaker 1: where we might have lost cover that we actually needed.

582
00:27:38,400 --> 00:27:40,600
Speaker 1: For example, I had a client who came to me

583
00:27:40,600 --> 00:27:43,399
Speaker 1: and said, Victoria, I've got this back issue. I really

584
00:27:43,400 --> 00:27:46,800
Speaker 1: need insurance, and because he had a pre existing condition,

585
00:27:47,320 --> 00:27:49,920
Speaker 1: no insurer would touch him because they're like, well, we're

586
00:27:49,920 --> 00:27:52,520
Speaker 1: not insuring your back, we'll ensure every other part of you,

587
00:27:52,800 --> 00:27:55,320
Speaker 1: but we're going to exclude your back. But was incredibly

588
00:27:55,400 --> 00:27:59,080
Speaker 1: lucky that he hadn't canceled his insurances in his super

589
00:27:59,200 --> 00:28:02,480
Speaker 1: yet because they didn't have any exclusions. So therefore we

590
00:28:02,480 --> 00:28:04,680
Speaker 1: were able to work out a way to keep some

591
00:28:04,760 --> 00:28:07,000
Speaker 1: of the insurance that he had pre existing in super

592
00:28:07,040 --> 00:28:09,760
Speaker 1: to cover his back, and top up outside of super

593
00:28:09,920 --> 00:28:12,520
Speaker 1: to make sure that everything else was covered. So, if

594
00:28:12,560 --> 00:28:14,320
Speaker 1: you're going to put yourself in a position where you're like,

595
00:28:14,359 --> 00:28:16,840
Speaker 1: all right, I need to consolidate super funds, take into

596
00:28:16,880 --> 00:28:19,240
Speaker 1: consideration the value of the insurance is there.

597
00:28:19,520 --> 00:28:19,680
Speaker 3: Now.

598
00:28:19,680 --> 00:28:22,440
Speaker 1: I'm not saying that they would be perfect for you

599
00:28:22,760 --> 00:28:24,880
Speaker 1: from the get go. You know, they might be really

600
00:28:24,920 --> 00:28:26,880
Speaker 1: expensive or they might not be a value to you,

601
00:28:27,080 --> 00:28:30,600
Speaker 1: But definitely look at them before choosing to cancel and

602
00:28:30,680 --> 00:28:32,960
Speaker 1: make sure that you are making the decision for you,

603
00:28:33,080 --> 00:28:36,640
Speaker 1: because too many times do I see people canceling their

604
00:28:36,680 --> 00:28:39,480
Speaker 1: super fund to find out they've also lost the cover

605
00:28:39,600 --> 00:28:42,120
Speaker 1: that they actually really wanted. Gee, I know, I just

606
00:28:42,160 --> 00:28:44,840
Speaker 1: focused a lot on insurances, and I'm not going to

607
00:28:44,880 --> 00:28:47,800
Speaker 1: continue that. I'm sorry. I No insurance is sexy. That's

608
00:28:47,840 --> 00:28:50,800
Speaker 1: why one of our episodes coming up is actually on

609
00:28:50,880 --> 00:28:52,880
Speaker 1: insurance and you can listen to that to get some

610
00:28:52,920 --> 00:28:56,000
Speaker 1: more information, but it is really important to take into consideration.

611
00:28:56,120 --> 00:28:58,680
Speaker 1: So I just wanted you to know here too. But

612
00:28:59,000 --> 00:29:01,120
Speaker 1: other things you need to take to consideration with your

613
00:29:01,160 --> 00:29:03,960
Speaker 1: super fund are the values that you hold, the beliefs

614
00:29:04,000 --> 00:29:06,200
Speaker 1: that you hold, and the things that you actually hold

615
00:29:06,240 --> 00:29:09,120
Speaker 1: close to your heart. So what are your goals for

616
00:29:09,200 --> 00:29:12,480
Speaker 1: the future. What should your investment risk profile look like?

617
00:29:12,520 --> 00:29:15,320
Speaker 1: What are the options that are available through your super fund?

618
00:29:15,760 --> 00:29:17,960
Speaker 1: Now I'm not going to tell you which super fun

619
00:29:18,000 --> 00:29:20,280
Speaker 1: to go with one because I'm a bit mean, but

620
00:29:20,440 --> 00:29:23,920
Speaker 1: also because I'm legally not allowed to. So if you

621
00:29:24,000 --> 00:29:26,360
Speaker 1: want to pick a super fund, do all your research,

622
00:29:26,520 --> 00:29:30,360
Speaker 1: understand what each fund does. Do a comparison. Often super

623
00:29:30,400 --> 00:29:34,280
Speaker 1: funds have comparisons on their website of them comparing themselves

624
00:29:34,320 --> 00:29:37,160
Speaker 1: to other super funds. Yep, don't take those as gospel

625
00:29:37,200 --> 00:29:40,280
Speaker 1: because they're often not comparing apples with apples.

626
00:29:40,320 --> 00:29:42,000
Speaker 2: Yes, a little bit of bias in there, I'm a

627
00:29:42,080 --> 00:29:42,720
Speaker 2: much just.

628
00:29:42,680 --> 00:29:45,920
Speaker 1: A little bit of bias. But then also people put

629
00:29:46,040 --> 00:29:48,880
Speaker 1: fees in in different ways, so they could say, hey,

630
00:29:48,960 --> 00:29:51,200
Speaker 1: our account fees are really low, but then they have

631
00:29:51,240 --> 00:29:54,600
Speaker 1: a really high administration fee, which they haven't disclosed because well,

632
00:29:54,640 --> 00:29:57,520
Speaker 1: it's not an account fee. Yes, it sneaky exactly. And

633
00:29:57,560 --> 00:30:00,440
Speaker 1: then some other super funds have performance fee, so if

634
00:30:00,440 --> 00:30:03,800
Speaker 1: they outperform the average, they take more, or some other

635
00:30:03,840 --> 00:30:06,480
Speaker 1: super funds have just a flat fee. So it's really

636
00:30:06,520 --> 00:30:09,440
Speaker 1: important to make sure that you're not comparing apples with pairs,

637
00:30:09,480 --> 00:30:11,520
Speaker 1: you're actually comparing apples with apples.

638
00:30:11,600 --> 00:30:14,480
Speaker 2: Alrighty V, this is making sense. So I now know

639
00:30:14,560 --> 00:30:17,280
Speaker 2: how I should be comparing my super funds by taking

640
00:30:17,320 --> 00:30:21,680
Speaker 2: into consideration risk profile, the insurances, the performance, and the fees.

641
00:30:22,080 --> 00:30:25,560
Speaker 2: Good work, wizard, thank you. But my last little question

642
00:30:26,120 --> 00:30:28,720
Speaker 2: is how much money I actually need in my super

643
00:30:28,720 --> 00:30:29,880
Speaker 2: fund to be able to retire?

644
00:30:30,080 --> 00:30:32,360
Speaker 1: So, G, I think this is a really interesting one

645
00:30:32,480 --> 00:30:35,600
Speaker 1: because it's very hard for us to start prioritizing something

646
00:30:35,760 --> 00:30:38,960
Speaker 1: if we don't have clarity on the final goal. I

647
00:30:39,000 --> 00:30:41,760
Speaker 1: harped on an episode or so ago about the importance

648
00:30:41,800 --> 00:30:44,560
Speaker 1: of setting smart goals, and it's really hard if we're

649
00:30:44,560 --> 00:30:47,600
Speaker 1: not specific about it. So to get into it, let's

650
00:30:47,600 --> 00:30:51,120
Speaker 1: be a little bit more technical. The ASFA estimates that

651
00:30:51,160 --> 00:30:55,520
Speaker 1: the average Australian superranuation balance needs to be six hundred

652
00:30:55,560 --> 00:30:58,479
Speaker 1: and forty thousand dollars for couples and five hundred and

653
00:30:58,520 --> 00:31:01,840
Speaker 1: forty thousand dollars through single which actually assumes that you

654
00:31:01,880 --> 00:31:04,640
Speaker 1: withdraw your superannuation as a lump sum and you receive

655
00:31:04,640 --> 00:31:08,239
Speaker 1: a part age pension. Now I'm pretty opinionated on this

656
00:31:08,400 --> 00:31:11,479
Speaker 1: because we are young, we have so much power and

657
00:31:11,480 --> 00:31:14,520
Speaker 1: the ability to create financial freedom for ourselves that I

658
00:31:14,560 --> 00:31:16,120
Speaker 1: don't necessarily agree with this.

659
00:31:16,680 --> 00:31:17,640
Speaker 2: Why don't you agree with that?

660
00:31:17,720 --> 00:31:21,440
Speaker 1: Fe So whilst they're saying that that's a comfortable retirement,

661
00:31:21,480 --> 00:31:23,680
Speaker 1: I think I need to contextualize it a little bit

662
00:31:23,720 --> 00:31:26,440
Speaker 1: so you understand why I think that. So, if you

663
00:31:26,480 --> 00:31:29,600
Speaker 1: had six hundred and forty thousand dollars invested within your

664
00:31:29,600 --> 00:31:33,840
Speaker 1: superannuation fund, that is making an average return of five percent,

665
00:31:34,000 --> 00:31:38,240
Speaker 1: that's about thirty two thousand dollars per year. And I

666
00:31:38,320 --> 00:31:41,840
Speaker 1: know that most of my clients and myself wouldn't be

667
00:31:41,960 --> 00:31:44,600
Speaker 1: very comfortable if I only had, between myself and my

668
00:31:44,640 --> 00:31:48,120
Speaker 1: partner thirty two thousand dollars to spend. So I think

669
00:31:48,120 --> 00:31:51,680
Speaker 1: it's important to look at this personally and work backwards.

670
00:31:52,040 --> 00:31:54,520
Speaker 1: Let's dream for a second, if you owned your family

671
00:31:54,560 --> 00:31:57,560
Speaker 1: home completely outright, which if that's a goal of yours,

672
00:31:57,680 --> 00:31:59,960
Speaker 1: let's do it. If you don't call let's just put

673
00:32:00,160 --> 00:32:03,280
Speaker 1: rent into the consideration later down the road. This is

674
00:32:03,320 --> 00:32:05,480
Speaker 1: going to change for each and every single person. So

675
00:32:05,520 --> 00:32:08,000
Speaker 1: some people might say, well, Victoria, thirty two thousand dollars

676
00:32:08,040 --> 00:32:10,080
Speaker 1: suits me fine, and I go okay, no problems as

677
00:32:10,120 --> 00:32:11,920
Speaker 1: long as you're on the same page and you know

678
00:32:11,960 --> 00:32:14,160
Speaker 1: what you're going to get at the end. Whereas I

679
00:32:14,240 --> 00:32:15,920
Speaker 1: have a lot of clients to say, well, Victoria, I

680
00:32:16,000 --> 00:32:18,280
Speaker 1: want to have a spending money of fifty thousand dollars

681
00:32:18,320 --> 00:32:20,360
Speaker 1: a year that I've done myself and I don't have

682
00:32:20,440 --> 00:32:23,120
Speaker 1: the age pension. Well, gee, that actually means that you

683
00:32:23,160 --> 00:32:25,920
Speaker 1: need to have a million dollars within your superannuation fund.

684
00:32:26,320 --> 00:32:29,000
Speaker 1: That's a lot more than what the average is recommending

685
00:32:29,080 --> 00:32:32,240
Speaker 1: for a couple. And if you extrapolate this out a

686
00:32:32,240 --> 00:32:34,400
Speaker 1: little bit, if you want an income of one hundred

687
00:32:34,520 --> 00:32:37,360
Speaker 1: thousand dollars a year, you actually need the goal of

688
00:32:37,440 --> 00:32:41,120
Speaker 1: having two million dollars combined in superannuation to achieve that.

689
00:32:41,280 --> 00:32:41,520
Speaker 2: Wow.

690
00:32:41,560 --> 00:32:45,560
Speaker 1: As an individual, and that's just super. As I mentioned

691
00:32:45,560 --> 00:32:49,120
Speaker 1: before on the podcast, I don't personally invest additional into

692
00:32:49,120 --> 00:32:53,160
Speaker 1: my superannuation fund. So my super maybe my values will change,

693
00:32:53,240 --> 00:32:55,680
Speaker 1: but my super isn't actually going to look like two

694
00:32:55,680 --> 00:32:58,280
Speaker 1: million dollars just yet, but that's as a whole. I

695
00:32:58,320 --> 00:33:01,720
Speaker 1: need two million dollars invested to generate that investment return,

696
00:33:02,000 --> 00:33:05,200
Speaker 1: and that's the investment return that replaces our salary. So

697
00:33:05,240 --> 00:33:08,000
Speaker 1: on the day you retire, you stop having an income

698
00:33:08,000 --> 00:33:11,520
Speaker 1: from an employer, and your investment takes over with the

699
00:33:11,520 --> 00:33:14,960
Speaker 1: dividends and the returns that it is making to supplement

700
00:33:15,040 --> 00:33:17,760
Speaker 1: the money that you were spending from your income. So

701
00:33:18,320 --> 00:33:20,880
Speaker 1: I think it's really important to point out we want

702
00:33:20,920 --> 00:33:23,200
Speaker 1: to enjoy that journey there as well. And I mentioned

703
00:33:23,240 --> 00:33:25,280
Speaker 1: before that I don't want to wait until I'm sixty

704
00:33:25,280 --> 00:33:27,680
Speaker 1: five to be able to access my funds. I want

705
00:33:27,720 --> 00:33:30,960
Speaker 1: people to have the freedom and flexibility that investment actually

706
00:33:31,000 --> 00:33:34,440
Speaker 1: affords us, so that means that my money is invested

707
00:33:34,480 --> 00:33:37,479
Speaker 1: outside of superannuation. I think it's important to point out

708
00:33:37,520 --> 00:33:40,920
Speaker 1: here that whilst the average life expectancy is increasing, the

709
00:33:40,960 --> 00:33:44,320
Speaker 1: potential retirement age is actually going to increase. There's a

710
00:33:44,320 --> 00:33:47,320
Speaker 1: lot of talk about that retirement age stretching out to

711
00:33:47,400 --> 00:33:50,760
Speaker 1: seventy exactly, and I think that we need to create

712
00:33:50,800 --> 00:33:53,600
Speaker 1: a life for ourselves that is financially stable, where we're

713
00:33:53,600 --> 00:33:55,920
Speaker 1: not dependent on an asset that we can only access

714
00:33:55,920 --> 00:33:59,160
Speaker 1: after a certain age, because let's be honest, getting to

715
00:33:59,200 --> 00:34:01,120
Speaker 1: the age of sixty five five is a privilege that

716
00:34:01,200 --> 00:34:04,120
Speaker 1: is actually denied to many people, and it's about the journey.

717
00:34:04,200 --> 00:34:06,320
Speaker 1: So how are we going to support ourselves before we

718
00:34:06,360 --> 00:34:09,319
Speaker 1: get to that age where we can access our superannuation.

719
00:34:09,680 --> 00:34:11,719
Speaker 1: So when I say if you want an income of

720
00:34:11,760 --> 00:34:14,440
Speaker 1: one hundred thousand dollars a year in retirement, that your

721
00:34:14,440 --> 00:34:17,719
Speaker 1: goal needs to be two million dollars in an investment,

722
00:34:17,840 --> 00:34:20,879
Speaker 1: I don't mean just in supranuation. That could be in

723
00:34:20,880 --> 00:34:24,759
Speaker 1: investments that you hold outside superranuation, but more often than not,

724
00:34:24,880 --> 00:34:26,920
Speaker 1: a bulk of what your future wealth is going to

725
00:34:26,920 --> 00:34:30,120
Speaker 1: be is going to be inside the superannuation vehicle. So

726
00:34:30,160 --> 00:34:33,480
Speaker 1: it's important to take that into consideration when you're investing

727
00:34:33,520 --> 00:34:36,359
Speaker 1: inside and outside of super and making sure that you're

728
00:34:36,400 --> 00:34:39,440
Speaker 1: prioritizing your super and looking after it in exactly the

729
00:34:39,480 --> 00:34:41,840
Speaker 1: same way you would if you were looking at an

730
00:34:41,920 --> 00:34:44,120
Speaker 1: investment that's held outside of superannuation.

731
00:34:47,640 --> 00:34:50,120
Speaker 2: Okay, now for the fun stuff. What good would a

732
00:34:50,160 --> 00:34:53,319
Speaker 2: money podcast be without the pervy bits. Now it's time

733
00:34:53,360 --> 00:34:55,120
Speaker 2: for money diary. Let's get into it.

734
00:34:55,160 --> 00:34:57,680
Speaker 4: I feel like my relationship with money is a pretty

735
00:34:57,719 --> 00:35:01,040
Speaker 4: positive one. My dad always was the one working and

736
00:35:01,080 --> 00:35:04,080
Speaker 4: my mum would stay at home, so I always wanted

737
00:35:04,120 --> 00:35:09,560
Speaker 4: to have my own money and be financially secure in myself.

738
00:35:09,640 --> 00:35:12,040
Speaker 4: I didn't want to have to depend on somebody else.

739
00:35:12,120 --> 00:35:15,000
Speaker 2: Today's money diary is from twenty two and self employed

740
00:35:15,080 --> 00:35:17,080
Speaker 2: who's just bought her first home.

741
00:35:17,239 --> 00:35:20,640
Speaker 4: I work in the beauty industry. I'm self employed and

742
00:35:20,880 --> 00:35:25,560
Speaker 4: I just rent a chair at somebody else's salon. However,

743
00:35:25,840 --> 00:35:28,320
Speaker 4: I'm in the process of building up my own brand

744
00:35:28,840 --> 00:35:32,000
Speaker 4: in the hopes of eventually working for myself in my

745
00:35:32,160 --> 00:35:36,960
Speaker 4: own salon. I'm currently living with my boyfriend and we've

746
00:35:37,160 --> 00:35:40,040
Speaker 4: just purchased a house and we settled last week.

747
00:35:40,280 --> 00:35:42,440
Speaker 2: Okay, so now we know what she does. Let's get

748
00:35:42,440 --> 00:35:44,880
Speaker 2: into the juicy stuff. How much does she earn and

749
00:35:45,000 --> 00:35:47,040
Speaker 2: how much is sitting in her bank account right now?

750
00:35:47,120 --> 00:35:51,040
Speaker 4: I earn around sixty thousand dollars a year, and my

751
00:35:51,160 --> 00:35:54,239
Speaker 4: partner earns about the same. I currently have about five

752
00:35:54,280 --> 00:35:57,759
Speaker 4: thousand dollars sitting in my savings account. However, if you

753
00:35:57,800 --> 00:36:00,279
Speaker 4: had asked me a couple of weeks ago, I would

754
00:36:00,280 --> 00:36:03,640
Speaker 4: have had forty thousand dollars saved. So I saved up

755
00:36:03,680 --> 00:36:06,520
Speaker 4: an extra amount just as a security blanket to fall

756
00:36:06,560 --> 00:36:09,480
Speaker 4: back on if anything had happened with the house. And

757
00:36:09,520 --> 00:36:12,000
Speaker 4: we were really fortunate that I had saved that amount

758
00:36:12,080 --> 00:36:14,360
Speaker 4: up because we had had a couple of issues with

759
00:36:14,480 --> 00:36:17,440
Speaker 4: getting our loan because I was self employed and I

760
00:36:17,520 --> 00:36:21,880
Speaker 4: needed to find thirty thousand dollars. So really fortunate to

761
00:36:21,960 --> 00:36:24,200
Speaker 4: have had that extra money there so we could cover

762
00:36:24,360 --> 00:36:26,720
Speaker 4: the rest of the loan and everything went through okay.

763
00:36:26,960 --> 00:36:29,560
Speaker 2: And what exactly happens to that money after it's been

764
00:36:29,600 --> 00:36:31,600
Speaker 2: deposited into her account.

765
00:36:31,280 --> 00:36:34,759
Speaker 4: After my money gets deposited into my bank account, I

766
00:36:34,800 --> 00:36:38,799
Speaker 4: have already automated transferred set up with my bank, so

767
00:36:39,360 --> 00:36:42,000
Speaker 4: the day that my money gets put into the three

768
00:36:42,080 --> 00:36:47,080
Speaker 4: separate bank accounts, money gets automatically transferred into my spending account,

769
00:36:47,080 --> 00:36:50,480
Speaker 4: our holiday account, and then our own personal savings accounts

770
00:36:50,520 --> 00:36:53,520
Speaker 4: as well, So all of that I don't have to touch.

771
00:36:53,840 --> 00:36:56,040
Speaker 4: I just have to make sure that I'm not going

772
00:36:56,080 --> 00:36:58,920
Speaker 4: over the amount that I've allocated for the week for

773
00:36:59,080 --> 00:37:02,200
Speaker 4: my own personal spending. I'm not really too sure about

774
00:37:02,239 --> 00:37:04,200
Speaker 4: where I should be putting that money that I am

775
00:37:04,239 --> 00:37:07,799
Speaker 4: putting aside for super whether I should be putting that

776
00:37:07,920 --> 00:37:11,240
Speaker 4: into a super fund or because I'm working for myself,

777
00:37:11,280 --> 00:37:13,680
Speaker 4: I'm lucky that I have options of where I want

778
00:37:13,719 --> 00:37:16,800
Speaker 4: to put it, whether I should be putting that into

779
00:37:16,840 --> 00:37:19,359
Speaker 4: my personal account or if I should be putting that

780
00:37:19,440 --> 00:37:20,600
Speaker 4: back into my business.

781
00:37:20,680 --> 00:37:24,040
Speaker 2: Okay, then, so how does twenty two and self employed

782
00:37:24,080 --> 00:37:27,200
Speaker 2: feel about investing? Does she invest? And if so, how?

783
00:37:27,440 --> 00:37:27,680
Speaker 1: Yes?

784
00:37:27,760 --> 00:37:31,160
Speaker 4: I do currently invest. However, I'm not investing too much

785
00:37:31,719 --> 00:37:35,400
Speaker 4: at the moment. I'm using a micro investing platform and

786
00:37:35,480 --> 00:37:38,040
Speaker 4: I have just thirty dollars a week coming out of

787
00:37:38,040 --> 00:37:41,960
Speaker 4: that into that account. Or so I use the roundup feature,

788
00:37:42,040 --> 00:37:44,640
Speaker 4: so whenever I pay for a coffee or whatever, it

789
00:37:44,840 --> 00:37:47,239
Speaker 4: just will add a little bit of money into my

790
00:37:47,360 --> 00:37:51,239
Speaker 4: investment account. I hadn't really been prioritizing it too much

791
00:37:51,320 --> 00:37:54,000
Speaker 4: as our main goal was to buy a house. So

792
00:37:54,080 --> 00:37:58,120
Speaker 4: we managed to save one hundred thousand dollars for our deposit.

793
00:37:58,640 --> 00:38:01,399
Speaker 4: So once we've said into the house and where used

794
00:38:01,440 --> 00:38:04,000
Speaker 4: to you know, how much is coming out? I'd like

795
00:38:04,080 --> 00:38:07,399
Speaker 4: to focus a little bit more about doing investing this year.

796
00:38:07,520 --> 00:38:10,360
Speaker 2: What about debts like credit cards or personal loans?

797
00:38:10,560 --> 00:38:14,080
Speaker 4: So I do have a mortgage, I'm currently owing five

798
00:38:14,160 --> 00:38:17,799
Speaker 4: hundred and eighty thousand dollars on the mortgage. I do

799
00:38:17,880 --> 00:38:20,600
Speaker 4: have a small hex debt which is about two five

800
00:38:20,680 --> 00:38:23,920
Speaker 4: hundred dollars, but it should get paid off by itself.

801
00:38:23,960 --> 00:38:26,280
Speaker 4: I'm not really focusing on paying that down.

802
00:38:26,480 --> 00:38:28,799
Speaker 2: Does twenty two and self employed have any good money

803
00:38:28,840 --> 00:38:30,279
Speaker 2: habits that she's especially proud of.

804
00:38:30,480 --> 00:38:33,120
Speaker 4: I would say that once I've set up a budget

805
00:38:33,320 --> 00:38:36,840
Speaker 4: and how much I'm allocating myself to spend, I won't

806
00:38:36,880 --> 00:38:39,840
Speaker 4: go over that. So I don't tend to take money

807
00:38:39,880 --> 00:38:43,040
Speaker 4: out of savings accounts or draw it out of other places.

808
00:38:43,560 --> 00:38:47,360
Speaker 4: I tend to try stick with how much I've allowed

809
00:38:47,400 --> 00:38:50,839
Speaker 4: myself to spend for the week. And also when we've

810
00:38:50,880 --> 00:38:53,720
Speaker 4: been trying to furnish the house, we've pretty much gotten

811
00:38:53,760 --> 00:38:57,960
Speaker 4: everything off Facebook Marketplace, so we've gotten everything secondhand. It's

812
00:38:58,000 --> 00:39:01,359
Speaker 4: all been really nice furniture and stuff. But before I

813
00:39:01,400 --> 00:39:06,160
Speaker 4: try buy anything new, I try look on Facebook Marketplace.

814
00:39:05,880 --> 00:39:07,719
Speaker 2: And what about her worst money habit?

815
00:39:07,800 --> 00:39:12,960
Speaker 4: So my worst money habit is definitely feeling anxiety around

816
00:39:13,120 --> 00:39:17,120
Speaker 4: spending money. I sometimes won't give myself permission to spend money,

817
00:39:17,239 --> 00:39:20,920
Speaker 4: or I'll feel really really guilty doing things like paying

818
00:39:21,080 --> 00:39:23,600
Speaker 4: to go to a holiday or you know, going out

819
00:39:23,640 --> 00:39:26,640
Speaker 4: for dinner. Or that sort of thing. So I'm really

820
00:39:26,680 --> 00:39:29,720
Speaker 4: trying this year to work on my mindset around money

821
00:39:29,800 --> 00:39:33,319
Speaker 4: and giving myself permission to spend and that, you know,

822
00:39:33,640 --> 00:39:36,239
Speaker 4: money is to be enjoyed. It's not just for me

823
00:39:36,360 --> 00:39:39,000
Speaker 4: to save. As long as I'm you know, setting future

824
00:39:39,080 --> 00:39:40,840
Speaker 4: me up, then that's good.

825
00:39:41,080 --> 00:39:44,359
Speaker 2: So what's Today's money Diarist actually saving for? What's her

826
00:39:44,440 --> 00:39:45,239
Speaker 2: big money goal?

827
00:39:45,400 --> 00:39:48,560
Speaker 4: My biggest goal was buying a house, so I'm really

828
00:39:48,600 --> 00:39:51,840
Speaker 4: fortunate to have been able to do that. So I

829
00:39:51,920 --> 00:39:55,640
Speaker 4: currently don't have any really big money goals. However, my

830
00:39:55,760 --> 00:39:57,759
Speaker 4: partner and I think that we would like to buy

831
00:39:57,760 --> 00:40:01,719
Speaker 4: an investment property within the next five years, and for

832
00:40:02,000 --> 00:40:05,920
Speaker 4: me personally, I would like to get into investing in shares.

833
00:40:06,120 --> 00:40:08,840
Speaker 2: So how would Today's Money Diarist rate her own relationship

834
00:40:08,880 --> 00:40:10,960
Speaker 2: with money if we forced her to give herself a greade?

835
00:40:11,239 --> 00:40:14,200
Speaker 4: I think I would give myself an A I've achieved

836
00:40:14,200 --> 00:40:16,759
Speaker 4: a lot that I've set out to do. However, I

837
00:40:16,800 --> 00:40:19,520
Speaker 4: would be more confident giving myself an A plus in

838
00:40:19,600 --> 00:40:22,440
Speaker 4: the future once I've gotten rid of a lot of

839
00:40:22,440 --> 00:40:26,040
Speaker 4: that anxiety around spending money, as well as once I'm

840
00:40:26,080 --> 00:40:28,960
Speaker 4: doing a little bit more of my own personal investments.

841
00:40:29,280 --> 00:40:33,520
Speaker 2: Twenty two and self employed. My goodness, Victoria, she is amazing.

842
00:40:33,880 --> 00:40:36,080
Speaker 1: She was incredible. Can you believe it?

843
00:40:36,239 --> 00:40:37,160
Speaker 2: No, I can't believe. You.

844
00:40:37,200 --> 00:40:39,920
Speaker 1: Imagine buying a house at twenty two, No, I cannot

845
00:40:40,000 --> 00:40:42,360
Speaker 1: and then being like, oh, okay, my next goal is

846
00:40:42,400 --> 00:40:45,000
Speaker 1: to buy an investment property. What an actual legend?

847
00:40:45,080 --> 00:40:45,480
Speaker 2: Baby?

848
00:40:45,760 --> 00:40:48,760
Speaker 1: Yeah, yeah, she's an absolute baby, but an absolute darling.

849
00:40:48,840 --> 00:40:52,520
Speaker 1: I cannot believe how well adjusted she is. And she's

850
00:40:52,600 --> 00:40:55,359
Speaker 1: just such a good saver. I'm so impressed that she's

851
00:40:55,360 --> 00:40:59,160
Speaker 1: self employed and totally across organizing her own tax and

852
00:40:59,200 --> 00:41:02,239
Speaker 1: her own suit and setting up separate bank accounts. And

853
00:41:02,280 --> 00:41:04,719
Speaker 1: I just feel like so many of us who are

854
00:41:04,760 --> 00:41:08,160
Speaker 1: self employed or thinking about it could learn a lot

855
00:41:08,200 --> 00:41:10,840
Speaker 1: from this. I mean, we did Outside Hustle's episode Yes

856
00:41:10,920 --> 00:41:13,000
Speaker 1: with Emma a couple of weeks ago, and that was

857
00:41:13,080 --> 00:41:15,480
Speaker 1: really really great and had some great tips. But I

858
00:41:15,600 --> 00:41:19,120
Speaker 1: just feel like this girl is really she's across it. Yeah,

859
00:41:19,120 --> 00:41:22,520
Speaker 1: she's totally across it already and totally doesn't need that episode.

860
00:41:23,440 --> 00:41:24,399
Speaker 2: Just regard that one.

861
00:41:24,440 --> 00:41:28,120
Speaker 1: No, just don't worry, don't waste your time, mate. No,

862
00:41:28,239 --> 00:41:30,160
Speaker 1: I thought that that was incredible, And what I love

863
00:41:30,200 --> 00:41:32,520
Speaker 1: the most is she actually put a priority on paying

864
00:41:32,600 --> 00:41:36,560
Speaker 1: super even though she said she didn't fully understand what

865
00:41:36,600 --> 00:41:38,120
Speaker 1: she was meant to be doing with it, or if

866
00:41:38,120 --> 00:41:39,960
Speaker 1: she should be doing more or if she should be

867
00:41:40,000 --> 00:41:42,800
Speaker 1: doing less. I think she probably should seek some advice

868
00:41:42,880 --> 00:41:45,360
Speaker 1: in that space so she knows exactly what she's doing

869
00:41:45,440 --> 00:41:48,480
Speaker 1: and she actually feels empowered around that decision. But the

870
00:41:48,520 --> 00:41:51,719
Speaker 1: fact that she's prioritizing it is genuinely something a lot

871
00:41:51,760 --> 00:41:56,160
Speaker 1: of freelancers and self employed people don't do because they

872
00:41:56,160 --> 00:41:58,279
Speaker 1: see cash flow coming into their business and they can

873
00:41:58,320 --> 00:42:01,360
Speaker 1: see more appropriate or more important thing that they believe

874
00:42:01,360 --> 00:42:04,239
Speaker 1: it needs to go to, and then they've missed out.

875
00:42:04,600 --> 00:42:07,200
Speaker 1: And that's actually future you missing out on it. And

876
00:42:07,239 --> 00:42:10,240
Speaker 1: I think it's really important to see that that's actually

877
00:42:10,280 --> 00:42:14,040
Speaker 1: a priority now because superannuation compounds, it grows. It is

878
00:42:14,080 --> 00:42:16,799
Speaker 1: something that we need to prioritize now. And given she's

879
00:42:16,840 --> 00:42:19,120
Speaker 1: twenty two and already across this, like, I have no

880
00:42:19,200 --> 00:42:21,040
Speaker 1: doubt she's going to be just fine.

881
00:42:21,520 --> 00:42:25,160
Speaker 2: Yes, was there anything you think she could improve upon?

882
00:42:25,360 --> 00:42:28,480
Speaker 1: I loved that her feedback was that she didn't give

883
00:42:28,480 --> 00:42:31,920
Speaker 1: herself an a plus yet not for any other reason

884
00:42:32,040 --> 00:42:34,280
Speaker 1: than she just wanted to get across her own personal

885
00:42:34,400 --> 00:42:37,640
Speaker 1: investing and wanted to feel more confident around money making decisions.

886
00:42:38,200 --> 00:42:40,480
Speaker 1: She mentioned that she got a little bit of anxiety

887
00:42:40,480 --> 00:42:43,200
Speaker 1: around making money decisions, and I just think that's a

888
00:42:43,320 --> 00:42:46,560
Speaker 1: really great thing to be aware of. It's something that

889
00:42:46,680 --> 00:42:49,440
Speaker 1: if you feel like that, reach out get help for that,

890
00:42:49,560 --> 00:42:51,680
Speaker 1: because that's something that a lot of people stick their

891
00:42:51,719 --> 00:42:54,600
Speaker 1: heads in the sand about and don't actually action change

892
00:42:54,640 --> 00:42:57,399
Speaker 1: off of. And if you're a little bit worried about

893
00:42:57,400 --> 00:43:00,919
Speaker 1: the small things, that also, just like investment, compound, so

894
00:43:01,040 --> 00:43:03,319
Speaker 1: the small things become bigger things, and then those big

895
00:43:03,360 --> 00:43:05,680
Speaker 1: things become really big things. So I think that her

896
00:43:05,760 --> 00:43:08,319
Speaker 1: getting on top of her money anxiety at the very

897
00:43:08,320 --> 00:43:10,799
Speaker 1: beginning of her journey is essential. And I really love

898
00:43:10,880 --> 00:43:12,040
Speaker 1: that she was self aware to know.

899
00:43:12,000 --> 00:43:14,200
Speaker 2: That she's amazing. It's a big tick from me twenty

900
00:43:14,200 --> 00:43:16,640
Speaker 2: two and self employed. I think you've got Victoria's approval

901
00:43:16,680 --> 00:43:17,640
Speaker 2: over there as well.

902
00:43:17,880 --> 00:43:21,120
Speaker 1: Absolutely, But I also think it's really important to note

903
00:43:21,160 --> 00:43:23,480
Speaker 1: she did live at home. You know, not everyone has that,

904
00:43:23,760 --> 00:43:26,920
Speaker 1: But she's obviously used the resources that she had access

905
00:43:27,000 --> 00:43:28,680
Speaker 1: to to the best.

906
00:43:28,800 --> 00:43:29,600
Speaker 2: Yeah, she's made the most.

907
00:43:29,680 --> 00:43:31,640
Speaker 1: Yeah, yeh, Yeah, she's absolutely made the most of them.

908
00:43:31,719 --> 00:43:34,200
Speaker 1: And I think that that's really impressive. So as much

909
00:43:34,239 --> 00:43:36,080
Speaker 1: as she is twenty two and has just brought her

910
00:43:36,120 --> 00:43:38,959
Speaker 1: first home, I think it's really important that we don't

911
00:43:38,960 --> 00:43:41,239
Speaker 1: then go, oh, well, I'm twenty two. I'm definitely not

912
00:43:41,320 --> 00:43:43,840
Speaker 1: in that city. Yeah, exactly, that's absolutely not the case.

913
00:43:44,080 --> 00:43:47,279
Speaker 1: Not everyone has access to the same resources and tools,

914
00:43:47,520 --> 00:43:49,279
Speaker 1: and we're all just doing the best that we can.

915
00:43:49,640 --> 00:43:52,200
Speaker 1: It's just really great for her that that's her situation,

916
00:43:52,600 --> 00:43:54,279
Speaker 1: and I'm so proud of that. I see that as

917
00:43:54,360 --> 00:43:55,279
Speaker 1: quite inspirational.

918
00:43:58,800 --> 00:44:01,760
Speaker 2: Thanks so much for the amazing twenty two and self employed.

919
00:44:01,800 --> 00:44:04,719
Speaker 2: For sharing You're a wizard. But sadly that is all

920
00:44:04,760 --> 00:44:07,399
Speaker 2: we have time for today. So just before we head off,

921
00:44:07,480 --> 00:44:10,440
Speaker 2: we're going to need to wrap de boring but important stuff.

922
00:44:10,800 --> 00:44:13,080
Speaker 2: The advice shared on She's on the Money is general

923
00:44:13,120 --> 00:44:16,680
Speaker 2: in nature and does not consider your individual circumstances. She's

924
00:44:16,719 --> 00:44:19,840
Speaker 2: on the Money exists purely for educational purposes and should

925
00:44:19,880 --> 00:44:22,960
Speaker 2: not be relied upon to make an investment or financial decision.

926
00:44:23,680 --> 00:44:26,759
Speaker 2: And yes, don't worry, we promise Victoria to find is

927
00:44:26,800 --> 00:44:31,399
Speaker 2: an authorized representative of Consultant Financial Advisors Proprietary Limited eighty

928
00:44:31,520 --> 00:44:34,279
Speaker 2: and sixty five double six three seven three double nine

929
00:44:34,320 --> 00:44:37,719
Speaker 2: to five AFSL two three zero three two three and

930
00:44:37,880 --> 00:44:40,000
Speaker 2: thank you, of course to our friend Ryan John for

931
00:44:40,080 --> 00:44:41,839
Speaker 2: helping us produce this episode.

932
00:44:41,880 --> 00:44:44,000
Speaker 1: We would love it if you joined our Facebook group,

933
00:44:44,040 --> 00:44:47,239
Speaker 1: where our community shares money tips and tricks every single day,

934
00:44:47,280 --> 00:44:49,960
Speaker 1: free of judgment. So She's on the Money on Facebook

935
00:44:50,000 --> 00:44:52,360
Speaker 1: and join us. If Facebook's not your thing, or you

936
00:44:52,400 --> 00:44:54,400
Speaker 1: want to find us on both, you can find us

937
00:44:54,400 --> 00:44:56,200
Speaker 1: on Instagram at She's on the Money.

938
00:44:56,640 --> 00:44:59,240
Speaker 2: Thanks so much for listening, guys, See you next week, See.

939
00:44:59,120 --> 00:45:00,280
Speaker 1: You next week.

940
00:45:00,160 --> 00:45:00,200
Speaker 2: K