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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's on

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Speaker 2: the Money, the podcast to millennials to on financial freedom.

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Speaker 2: My name is Georgia King. I'm a copywriter and journalism student,

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Speaker 2: and every Wednesday I sit down to chat cash with

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Speaker 2: millennial money expert Victoria Divine. Hello, Georgia King, my friend,

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Speaker 2: Hi Victoria Divine. Now today on the show, we are

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Speaker 2: going to be diving into health insurance. Do we really

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Speaker 2: need it or is it a little overrated? We'll also

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Speaker 2: be getting into the bottom of a money question from

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Speaker 2: someone deciding if they should choose income protection or health insurance,

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Speaker 2: and we have a money diarist who suffers from serious

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Speaker 2: comparison idis. Before that though, and before we head into

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Speaker 2: our money wins and confessions from the week, Victoria, there's

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Speaker 2: been a little bit going on for you this week,

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Speaker 2: my friend. Oh yes, there has been really exactly, namely

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Speaker 2: that you were announced as being in Financial Standards top

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Speaker 2: fifty financial Advisors of the year across the country.

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Speaker 1: That's pretty cool, right, Like that sounds cool, that sounds important.

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Speaker 1: I like it. I'll take it. Thank you Financial Standard,

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Speaker 1: my friends.

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Speaker 2: Very exciting. But the other thing, which everyone will also well,

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Speaker 2: we saw it in the Facebook group. People are going

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Speaker 2: off about this. You've announced your new venture, the Property Playbook,

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Speaker 2: tell us everything.

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Speaker 1: Oh my gosh, Yes, I'm so excited about this and

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Speaker 1: I'm the worst, Like my team will know this, Georgia.

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Speaker 1: You've known about this for a very long time. It

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Speaker 1: is absolutely no secret internally and it has It has

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Speaker 1: taken everything in my will to not share this publicly,

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Speaker 1: just because I'm so excited about working on it. But

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Speaker 1: the Property Playbook is essentially going to be the end

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Speaker 1: to end journey of finance when it comes to property,

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Speaker 1: and I'm so excited. I've partnered with Amy Lenardi, who

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Speaker 1: is a property whiz. She has had more than eight

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Speaker 1: years experience in the real estate industry. She's a buyer's advocate,

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Speaker 1: and essentially her job is to help people buy houses

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Speaker 1: like you have her. And this isn't a plug for Amy,

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Speaker 1: but like she's a genius. So her job is literally

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Speaker 1: buying houses for other people. And through that eight years

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Speaker 1: that she's worked in there, she has learned so much

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Speaker 1: and I'm so excited to kind of welcome her to

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Speaker 1: our team and welcome her to the She's on the

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Speaker 1: Money squad in the Property Playbook. We launched our Facebook

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Speaker 1: group over the weekend, and Georgia, oh my gosh, I

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Speaker 1: thought maybe we'd get a couple of hundred people, because

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Speaker 1: like she's on the Money community. Guys, it's nearly at

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Speaker 1: one hundred thousand people, so I was like, oh, you know,

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Speaker 1: some will transfer her over same day, six thousand of

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Speaker 1: you have joined. I could not be more grateful for

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Speaker 1: the support that you guys have for us, And like

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Speaker 1: here I am being like, oh, the Property Playbook is launched.

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Speaker 1: You guys are supporting us and you don't even know

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Speaker 1: what we're doing with it yet. I just I cannot

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Speaker 1: tell you how grateful I am that you guys are

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Speaker 1: in our court and on our team. Team, like, we

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Speaker 1: have so much to share with you and you know,

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Speaker 1: actually help you within twenty twenty one with the Property Playbook.

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Speaker 1: So keep your eyes peeled for everything that we do

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Speaker 1: have to announce about that. But yes, Georgia, you are right.

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Speaker 1: We have had some very exciting things happening.

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Speaker 2: This massive week. Is there are there any spoilers you

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Speaker 2: can give us? Be like, is it going to be

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Speaker 2: a podcast? Is it going to be a course? Is

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Speaker 2: it just going to be a Facebook group, like, no,

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Speaker 2: not any little tibbits so many.

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Speaker 1: Maybe it's some of those, maybe it's all of those.

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Speaker 1: Maybe you just have to keep in the loop and

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Speaker 1: sign up to the Property Playbook website and just see

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Speaker 1: where we're going with this because it will have everything,

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Speaker 1: I promise, everything you need when it comes to property.

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Speaker 2: Fabulous love it. Keep the people guessing. Okay, well let's

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Speaker 2: move on now the money wins confessions from the week.

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Speaker 2: What have you got for me?

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Speaker 1: Okay? So another thing that was very exciting from this week,

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Speaker 1: albeit not nearly as public. I had a money win

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Speaker 1: and I've already told you about this Georgia because I

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Speaker 1: was genuinely excited about it. But last season there was

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Speaker 1: address online I think it was from the brand steal YEP,

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Speaker 1: and I adored it and it was like four hundred

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Speaker 1: and fifty dollars. I was like, Nap'm not going to

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Speaker 1: get it expensive, gorgeous dress. But like, if you know

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Speaker 1: me personally or have me on socials, you will know

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Speaker 1: I'm a very big fan of a white dress, usually

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Speaker 1: a white cotton based dress. It's my go to casual outfit.

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Speaker 1: So I was like, I don't need another one of those.

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Speaker 1: But I found one online last one in my size

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Speaker 1: from the style from last season that I really want.

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Speaker 1: So if you guys were thinking, do you Victoria put

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Speaker 1: twenty four hours between you and your spending. No, my friends,

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Speaker 1: I put at least six months. So this dress was

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Speaker 1: actually marked down to seventy seven dollars, and then I

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Speaker 1: got an email from the website which had a twenty

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Speaker 1: dollars discount code because I'd never ordered from that website before,

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Speaker 1: So I ended up paying like fifty bucks for this

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Speaker 1: dress that I know I'm going to get epic wear

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Speaker 1: out of this summer, and I'm just really excited. And

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Speaker 1: I just feel like that's a massive money win because

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Speaker 1: it is something I wanted and to quote myself, shots guys,

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Speaker 1: for those of you who read out years later, that

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Speaker 1: was in line with my golden values. But Georgia King,

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Speaker 1: moving on from my white dresses, have you got a

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Speaker 1: money win or a confession for us?

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Speaker 2: Loved that dull and I'm excited to see that dress

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Speaker 2: on you, Like, not sure where you're gonna wear it

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Speaker 2: this summer, maybe you know.

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Speaker 1: To them it's very casual, so I think that I

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Speaker 1: could wear it to like the park or even just

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Speaker 1: like supermarket shop. Yeah, Like I feel like I've been

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Speaker 1: this tangent, but I keep buying dresses that are for

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Speaker 1: going out and I didn't have enough everyday casual wear dresses.

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Speaker 1: So I'm very excited about this.

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Speaker 2: Love it, love it.

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Speaker 1: You're welcome to she's on the fashion.

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Speaker 2: She's on the fashion. Okay, So mine is a confession

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Speaker 2: and it's quick, it's fun, it's painful. On Friday, so.

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Speaker 1: Drag it out.

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Speaker 3: What is it?

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Speaker 1: My friends?

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Speaker 2: On Friday, it was a public holiday here in Melbourne, guys,

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Speaker 2: twas indeed Grand Final weekend. You know all of that.

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Speaker 2: Go Tigers. Anyway, I bought a coffee for myself and

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Speaker 2: for my boyfriend to Lat's to Oat Lattes, and the

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Speaker 2: lady was.

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Speaker 1: Have you got your boyfriend on the oatmealkose, Well, he

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Speaker 1: loves it, he loves it.

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Speaker 2: He was a soy boy and now not.

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Speaker 1: A she's on the money episode unless you mentioned.

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Speaker 2: Exactly take another shot everyone. Anyway, the lady was like,

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Speaker 2: that'll be thirteen fifty please love and I was like no, no, no,

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Speaker 2: I didn't get a croissant as well, just the two coffees,

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Speaker 2: and she was like no, no, that that is what

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Speaker 2: you're paying for thirteen dollars fifty two coffees. Just have

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Speaker 2: to tap and get out of there, and like they

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Speaker 2: were good coffees, but good lord, I.

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Speaker 1: Feel like no coffee is worth that much money.

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Speaker 2: Georgia. It did sting, But like cafes are doing it tough,

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Speaker 2: are they? I don't know. I guess everyone's getting cofee Georgia.

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Speaker 1: King, Like, I know where you live, and I'd just

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Speaker 1: like to ask which suburb you purchase those coffees.

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Speaker 2: Well, I don't live there, but we did.

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Speaker 1: No, you don't live there, but I know that you're

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Speaker 1: it's within your five kilometer radius and it's probably now

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Speaker 1: in your twenty five kilomida RadioU Yeah, So where'd you

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Speaker 1: purchase those overpriced coffees too?

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Speaker 2: From Kings?

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Speaker 1: You guys?

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Speaker 2: Yeah, of course you yeah, but it's not my usual stomping.

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Speaker 1: You called me rude word last podcast. I believe you

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Speaker 1: called me an entitled beewee Here we are coffees in Portsy. Anyway,

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Speaker 1: Moving on friends.

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Speaker 2: Facebook group, there are more down to earth kind of people.

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Speaker 2: I don't know if I can say that the Facebook

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Speaker 2: group be What was your favorite from this week? All right?

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Speaker 1: All right, I've got one from Laura and I pulled

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Speaker 1: this out because I am so excited about it. I

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Speaker 1: started a side hustle during COVID and it's a nocky

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Speaker 1: home delivery service and Georgia. She's called it knocking NOCKI

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Speaker 1: I thought, and she said, first week we had a

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Speaker 1: couple of orders, but now it's really taken off with

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Speaker 1: weekly orders and now we are back at work. She's

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Speaker 1: just trying to work it around her whole life. But

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Speaker 1: she said last night, and this was like a couple

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Speaker 1: of hours ago, so like last night being this weekend friends,

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Speaker 1: she had a pop up restaurant which apparently went great

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Speaker 1: and it was booked out in a ticketed event. So

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Speaker 1: she said, thanks to the side hustle episode, I made

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Speaker 1: my partner listen to it and it gave us the

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Speaker 1: best motivation. We really need to figuring out tax and

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Speaker 1: accounts in everything like that. So, oh my gosh, our

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Speaker 1: community has a company in it called Knockin' Noki. I

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Speaker 1: am so excited.

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Speaker 2: I wonder if they're in Melbourne because noki is my

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Speaker 2: second favorite food after cheese. For cheese, noki is my

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Speaker 2: favorite food.

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Speaker 1: Flora and your partner, congratulations, that is so exciting and

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Speaker 1: the photos look it up in the group, guys look incredible,

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Speaker 1: mouth watering. All right, Georgia, have you got a money

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Speaker 1: win from the group that you would like to share

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Speaker 1: with us? I do.

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Speaker 2: Mine's from Rebecca and hers is a money win about Ikea, guys.

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Speaker 2: So I know a lot of people saw this in

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Speaker 2: the group. It wrapped up almost two thousand likes, I think.

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Speaker 2: But she's just moved into her own apartment and decided

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Speaker 2: it was time to change some of her furniture up.

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Speaker 2: And she noticed while reading a news article recently that

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Speaker 2: Ikia have a buyback program for their products as part

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Speaker 2: of their sustainability initiative, so that gives items a second

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Speaker 2: chance at life and avoiding landfill, which I didn't know

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Speaker 2: was a thing. But I love it.

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Speaker 1: I didn't know that this was a thing at all, actually,

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Speaker 1: until you are now telling me about it. How awesome

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Speaker 1: is that?

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Speaker 2: It's really cool? So she had a desk and a

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Speaker 2: bedside table in pretty close to perfect condition. She took

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Speaker 2: them back to be assessed and received one hundred and

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Speaker 2: twenty nine dollars for a store credit. Also, she bought

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Speaker 2: that furniture over ten years ago and still got that much,

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Speaker 2: which is ant gosh.

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Speaker 1: I don't think you could have sold it for that

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Speaker 1: much on Facebook market place.

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Speaker 2: I honestly don't think you could. Like that seems pretty impressive.

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Speaker 2: I mean, we don't know what she sold, but seems amazing.

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Speaker 2: Even better, Ikea has an azuth section filled with secondhand

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Speaker 2: goods returned through the buyback program, as well as other

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Speaker 2: discontinued items, which are all heavily reduced. So how cool

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Speaker 2: I keep not doing amazing money savvy things which I

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Speaker 2: was not across but now I am. So that's a

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Speaker 2: bit of a PSA for everyone.

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Speaker 1: Yeah, massive Ikea PSA like I love Ikea, still one

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Speaker 1: of my faves.

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Speaker 2: Anyway, I to go back when we can, Oh my gosh,

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Speaker 2: one day. Yeah, everybody gets down to Ikea. I remember

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Speaker 2: years ago I used to head there, you know, I

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Speaker 2: was at Uni and the meat balls I don't know,

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Speaker 2: I don't need them anymore, but like, I just remember

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Speaker 2: the meat balls being bomb.

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Speaker 1: Yeah.

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Speaker 2: They also have one dollar hot dogs, which I mean,

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Speaker 2: gee whiz, that's the money.

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Speaker 1: I don't know how that sustainable or look process meat

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Speaker 1: terrifies me. Please move forward a little.

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Speaker 2: Bit, okay, okay, onto the main topic. Of today's show, Guys,

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Speaker 2: is health insurance all hype or is it something we

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Speaker 2: truly need? Now? Before we drill down into this topic,

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Speaker 2: we want to flag early that our advice today is

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Speaker 2: very general in nature and is broadly catered towards millennials

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Speaker 2: without existing health conditions. So, as always, please do do

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Speaker 2: your own research beyond this podcast to find what is

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Speaker 2: right for your circumstance. The public healthcare system in Australia

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Speaker 2: is quite an enviable one on a global scale. We

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Speaker 2: have access to a free in quotation marks system that

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Speaker 2: covers us for most things like access to GPS and

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Speaker 2: hospitals when we need them, and we can also claim

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Speaker 2: cash back via many Care when visiting a private doctor's clinic.

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Speaker 2: Most tax paying Australians will pay a two percent Medicare

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Speaker 2: levy which helps fund that system. But in Australia, we

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Speaker 2: of course also have private health insurance now. Interestingly, figures

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Speaker 2: released in twenty eighteen revealed almost thirty four thousand Australians

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Speaker 2: age between twenty and twenty nine can to their private

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Speaker 2: health insurance, which we can kind of assume had something

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Speaker 2: to do with the rising premiums and young healthy people

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Speaker 2: questioning whether this is actually something like they need to

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Speaker 2: be spending money.

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Speaker 1: Off valid questions.

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Speaker 2: So Victoria, let's get straight into it. What is private

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Speaker 2: health insurance and do we need it or do we

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Speaker 2: not need it? Look great place to start, I think

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Speaker 2: harder question to answer.

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Speaker 1: Though, let's start here. So private health insurance in Australia.

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Speaker 1: I know we have now some international listeners which I'd

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Speaker 1: be so excited about. So this episode might not actually

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Speaker 1: be all that helpful for you, but for our Australian friends,

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Speaker 1: absolutely valid. But here in Australia it allows you to

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Speaker 1: be treated in a hospital as a private patient, and

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Speaker 1: it can help pay for health care costs that Medicare

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Speaker 1: doesn't cover, because Medicare isn't like an end to end system.

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Speaker 1: So these are things like optical and dental and physio.

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Speaker 1: So how much and what exactly it covers really depends

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Speaker 1: on the policy that you select. So some of them

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Speaker 1: have a really high level of cover and some of

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Speaker 1: them just have a lower level, you know, base level.

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Speaker 1: But we get into that. In June twenty nineteen, which

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Speaker 1: is the most recent data recorded by APRA, eleven point

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Speaker 1: two million Australians so Georgia that is forty four percent

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Speaker 1: of our population had some form of private patient hospital cover,

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Speaker 1: and thirteen point six million, which is fifty three percent

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Speaker 1: of the population, had some form of general treatment cover. Interestingly,

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Speaker 1: though the segment of the population covered by health insurance

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Speaker 1: was the lowest for the age bracket, a lot of

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Speaker 1: our listeners between the ages of twenty nine and twenty

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Speaker 1: five are which kind of makes sense when we talk

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Speaker 1: about the tax implications further along in this show. So

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Speaker 1: it's interesting as well because there are two different types

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Speaker 1: of cover here in Australia. We have hospital cover and

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Speaker 1: extress cover. You can also have both and choose to

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Speaker 1: combine cover, or you can choose to have separate policies

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Speaker 1: that fit you and your wants and your needs slash

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Speaker 1: take a shot your goals and value And depending on

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Speaker 1: what state you live in, there is also ambulance cover,

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Speaker 1: but that is often additional because this isn't free for

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Speaker 1: a lot of states, like it is in Queensland and

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Speaker 1: in Tasmania. So the main benefit of private health insurance

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Speaker 1: is that it gives you greater cover and greater choice,

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Speaker 1: and you can choose your hospital and your doctor and

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Speaker 1: stuff like that, and you won't have to pay as

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Speaker 1: much should you require the services of one of those

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Speaker 1: extra services that are on your policy. It is different

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Speaker 1: for everybody though, in terms of needing it or not

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Speaker 1: needing it. It really just depends on who you are,

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Speaker 1: how old you are, how healthy you are, and if

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Speaker 1: you're pregnant or not, or if you're not, if you're

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Speaker 1: planning on having a baby in the future. And there's

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Speaker 1: actually no right or wrong here. However, I really hope

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Speaker 1: that today's show is going to make it really clear

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Speaker 1: for our listeners to help figure out if it's right

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Speaker 1: or wrong for them. Because Georgia, we see this question

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Speaker 1: pop up all the time in our Facebook group, so

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Speaker 1: it was definitely time that we addressed it.

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Speaker 2: Yeah, exactly, it's a pretty big topic. My next question

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Speaker 2: for you here, Vee is how expensive is health insurance?

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Speaker 1: Okay, so again it really depends on how you choose

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Speaker 1: your cover and how you're assessed by the company in

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Speaker 1: terms of risk, but it is widely regarded as quite

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Speaker 1: an expensive thing. It's definitely not cheap. It's not like

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Speaker 1: five bucks a month. I wish. The average in Australia

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Speaker 1: does differ state by state, but for basic hospital and

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Speaker 1: extras cover it averages out to be about one hundred

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Speaker 1: and twenty bucks a month, which is definitely a very

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Speaker 1: significant fee for most of us, especially over the course

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Speaker 1: of twelve months. This does vary though, depending on you know,

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Speaker 1: the type of cover that you have, if it's just extra,

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Speaker 1: if it's combined, or if it's just basic hospital cover.

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Speaker 1: And as you said, George, lots of young people are

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Speaker 1: turning away from having private health insurance because essentially it's

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Speaker 1: really expensive and our incomes aren't increasing at the same

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Speaker 1: rate that the insurance premiums are. Let's be honest.

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Speaker 2: Off the back of that fee, I've read that insurance

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Speaker 2: premiums have risen thirty percent over the last decade, which

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Speaker 2: is crazy given the quality of the cover hasn't necessarily

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Speaker 2: enhanced in any way, Like it's still what it was

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Speaker 2: ten years ago.

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Speaker 1: And that's crazy because our incomes haven't increased at that

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Speaker 1: same rate, like I understand when insurance premiums increase. So essentially,

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Speaker 1: insurance premiums are going to increase because the level of

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Speaker 1: risk needs to be you know, controlled for, and it

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Speaker 1: means that you know, they just need more money to

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Speaker 1: cover the costs and the treatments that are happening, So

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Speaker 1: I kind of get that, But does that then raise

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Speaker 1: another question about whether it actually is something that becomes

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Speaker 1: an essential or like a super luxury to have, whereas

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Speaker 1: you know, ten years ago it wasn't as luxurious as

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Speaker 1: it is today.

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Speaker 2: Yeah, exactly right. So moving on, if we were to

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Speaker 2: opt for private health insurance, what would you say we

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Speaker 2: need and what don't we need?

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Speaker 1: Oh my gosh, this whole episode is me being like, ah,

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Speaker 1: it's a large to your goals and value friends, take

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Speaker 1: a shot. But again, it is so dependent on your circumstances.

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Speaker 1: A really good way of figuring out what you do

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Speaker 1: need and what might be worthwhile for you is to

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Speaker 1: have a really good think about how much money you

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Speaker 1: need to fork out to pay for services that aren't

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Speaker 1: covered by Medicare during the year. So for me, it

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Speaker 1: might be a few physio sessions a year, which maybe

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Speaker 1: is around like two hundred and fifty bucks, and then

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Speaker 1: maybe dentist which cost me around four hundred dollars a

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Speaker 1: year because I like going a couple of times. And

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Speaker 1: then you'd add that amount to the lifetime healthcare loading

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Speaker 1: and the Medicare levy surcharge that you have to pay

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Speaker 1: if you don't have private health insurance, and then if

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Speaker 1: that total is less than what you pay for health insurance,

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Speaker 1: then probably it's not worthwhile to have private health insurance

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Speaker 1: for you. But obviously that's just a roundabout way of

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Speaker 1: kind of working it out, and it's going to be

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Speaker 1: really personal. Here in Australia, we are so so lucky

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Speaker 1: to have the healthcare system that we do have and

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Speaker 1: a lot of what we do really need access to

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Speaker 1: is covered. But for lots of people who can afford

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Speaker 1: to do you know, private health insurance, it's a luxury

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Speaker 1: that affords us a number of different benefits.

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Speaker 2: Also, love that you go to the dentist a couple

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Speaker 2: of times a year. That's very I feel like it's

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Speaker 2: very adult and like you're very on top of it.

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Speaker 1: Thank you. I'm definitely someone who likes to look after

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Speaker 1: my teeth. Your teeth are beautiful. Thank you for showing

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Speaker 1: me that by a zoom And I think I told

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Speaker 1: you you guys recently. Four hundred dollars a year is

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Speaker 1: probably average. Like what is it like? Maybe I go

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Speaker 1: once a quarter. Maybe I go to the dentist once

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Speaker 1: a quarter to get like a d scale and a

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Speaker 1: clean because I really like clean fresh teeth, but more

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Speaker 1: recently money loss. I did start in visial line, which

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Speaker 1: is probably costing me around six thousand dollars guys, which

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Speaker 1: is insane, but again aligned to my goals and values.

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Speaker 1: Take a shot.

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Speaker 2: Yeah, yeap, love it. So you mentioned their lifetime healthcare

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Speaker 2: loading as a Medicare levy Searcharge, So can you talk

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Speaker 2: us through what these are and what the tax implications

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Speaker 2: are when it comes to having or not having health insurance?

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Speaker 1: Sure can, my friend, I think that these two things

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Speaker 1: make us feel really overwhelmed when it comes to private

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Speaker 1: health insurance and actually looking at it and pondering it.

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Speaker 1: So let's break it down. The lifetime healthcare loading is

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Speaker 1: a government initiative that encourages you to choose private healthcare

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Speaker 1: insurance earlier on in life, just like how we promote

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Speaker 1: getting insurance earlier. It's because you haven't experienced a number

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Speaker 1: of different health issues and just makes sense to get

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Speaker 1: it then so that you don't have it excluded from

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Speaker 1: your policy in the future. So if you haven't got

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Speaker 1: private health care cover from the year that you turn

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Speaker 1: thirty one, you will be made to pay a two

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Speaker 1: percent lifetime health care loading on top of your premium

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Speaker 1: for every year you are aged over thirty if you

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Speaker 1: do decide to invest in health insurance down the line,

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Speaker 1: so you can kind of see that it makes sense

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Speaker 1: to get it beforehand, because that can really compound. An

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Speaker 1: example would be if you took out private health care

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Speaker 1: cover when you were forty, you'd be having to pay

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Speaker 1: an extra twenty percent on the cost of this cover

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Speaker 1: per year for ten years. The maximum does cap out

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Speaker 1: as seventy percent, though for those of you playing long

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Speaker 1: at home, and once you have paid the loading for

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Speaker 1: ten years of consistent cover, the loading wraps up, so

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Speaker 1: it's not forever, but ten years is a long period

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Speaker 1: of time, and you don't have to pay the loading

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Speaker 1: if you're under thirty one, or if you're new to

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Speaker 1: Australia and are thirty one or over and purchase hospital

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Speaker 1: cover within the first twelve months of you being registered

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Speaker 1: for Medicare benefits here, so the loading only applies to

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Speaker 1: hospital insurance. It's rather than like all the general extras

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Speaker 1: as well. Just for the record, comparing that to the

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Speaker 1: Medicare levee searcharge, you might see this written down as

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Speaker 1: the MLS. This exists to encourage Australians to invest in

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Speaker 1: private health cover and to use the private hospital system

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Speaker 1: to take like the load and the pressure off the

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Speaker 1: public system because obviously for all using it, we'd have

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Speaker 1: to have more comprehensive facilities than we do. So there's

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Speaker 1: a lot of benefit for the government to kind of

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Speaker 1: push us into private health care purely because financially it

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Speaker 1: makes the most sense for them. Those who can afford

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Speaker 1: it should pay for it and you know, kind of

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Speaker 1: take the load off so those who can't afford it

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Speaker 1: can actually get access to better health care systems and

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Speaker 1: also get access to like shorter waiting periods, et cetera.

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Speaker 1: So if you earn over ninety thousand dollars and you

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Speaker 1: don't have private health care cover, you're going to have

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Speaker 1: to pay the Medicare levee searcharge. Don't worry about it.

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Speaker 1: If you earn less than ninety thousand dollars, though it

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Speaker 1: doesn't apply to you. Depending on what you earn, you

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Speaker 1: may actually have to pay up to an extra one

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Speaker 1: point five percent of your annual earnings to the ATO

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Speaker 1: for every year that you're not covered by private health insurance.

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Speaker 1: So that's something that you guys should look into too.

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Speaker 1: Because I know a couple of people have been like, oh,

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Speaker 1: I just pay it, and it's kind of like, well,

437
00:20:11,440 --> 00:20:14,760
Speaker 1: if you're just paying it, wouldn't it be more economical

438
00:20:14,800 --> 00:20:16,760
Speaker 1: to get the cover and at least you know you

439
00:20:16,800 --> 00:20:18,919
Speaker 1: are losing the money here or there, at least you've

440
00:20:18,960 --> 00:20:21,280
Speaker 1: got the cover and at least you have some level

441
00:20:21,280 --> 00:20:24,160
Speaker 1: of benefit, whereas there's literally no benefit. You don't get

442
00:20:24,160 --> 00:20:27,080
Speaker 1: anything out of paying this surcharge. It's literally a surcharge

443
00:20:27,119 --> 00:20:29,720
Speaker 1: because you don't have it. But this also comes into

444
00:20:29,720 --> 00:20:32,320
Speaker 1: effect if you and your partner have a combined income

445
00:20:32,359 --> 00:20:35,000
Speaker 1: of more than one hundred and eighty thousand dollars a year,

446
00:20:35,240 --> 00:20:37,040
Speaker 1: but you don't have to pay it if within your

447
00:20:37,040 --> 00:20:39,439
Speaker 1: family unit you earn less than twenty two thousand, eight

448
00:20:39,520 --> 00:20:42,560
Speaker 1: hundred and one dollars. So like the combined thing only

449
00:20:42,560 --> 00:20:45,400
Speaker 1: happens if you earn more than that. But very important

450
00:20:45,400 --> 00:20:48,040
Speaker 1: to take into consideration. So some people do take it

451
00:20:48,040 --> 00:20:49,760
Speaker 1: out because it saves the money and then they don't

452
00:20:49,760 --> 00:20:52,040
Speaker 1: even use their private health insurance, but you know, at

453
00:20:52,119 --> 00:20:54,720
Speaker 1: least they're covered for something. It just kind of makes sense.

454
00:20:54,760 --> 00:20:56,960
Speaker 1: It's the way our world works. So if you don't

455
00:20:57,000 --> 00:20:58,720
Speaker 1: need to worry about this and you're earning less than

456
00:20:58,760 --> 00:21:01,000
Speaker 1: ninety thousand dollars. It's just something to keep in mind

457
00:21:01,119 --> 00:21:03,760
Speaker 1: if and when you do go over that bracket, and

458
00:21:03,840 --> 00:21:06,000
Speaker 1: something that a lot of people just don't think about

459
00:21:06,040 --> 00:21:08,240
Speaker 1: when their boss calls them in and says, congrats, you've

460
00:21:08,240 --> 00:21:10,080
Speaker 1: got these pay rise or you take on a new job,

461
00:21:10,119 --> 00:21:11,920
Speaker 1: like health care is not the first thing we think

462
00:21:11,920 --> 00:21:14,680
Speaker 1: about because this is not America. We don't think about

463
00:21:14,720 --> 00:21:17,280
Speaker 1: health care when taking on a new role. But it's

464
00:21:17,320 --> 00:21:19,119
Speaker 1: something that we really should think about if you're going

465
00:21:19,160 --> 00:21:21,240
Speaker 1: to go over that bracket, so protect yourself.

466
00:21:21,600 --> 00:21:25,399
Speaker 2: You've said there that these certain things happen when you

467
00:21:25,720 --> 00:21:28,760
Speaker 2: approach the age of thirty, is that the age we

468
00:21:28,800 --> 00:21:32,800
Speaker 2: should be really seriously considering getting private health insurance.

469
00:21:33,160 --> 00:21:35,879
Speaker 1: Definitely, if you are close to turning thirty, like yours

470
00:21:35,920 --> 00:21:39,280
Speaker 1: truly ing, or if you are earning the larger amount

471
00:21:39,320 --> 00:21:42,199
Speaker 1: of money, it's definitely something to consider. But from a

472
00:21:42,240 --> 00:21:45,040
Speaker 1: health perspective, there are some other instances that I would

473
00:21:45,119 --> 00:21:47,719
Speaker 1: probably want you guys to be considering it. So the

474
00:21:47,760 --> 00:21:51,080
Speaker 1: first point here is if you're planning on starting a family, like,

475
00:21:51,160 --> 00:21:52,840
Speaker 1: of course you can have a baby through the public

476
00:21:52,880 --> 00:21:55,720
Speaker 1: healthcare system. It is a very well regarded system, but

477
00:21:55,880 --> 00:21:58,080
Speaker 1: private means that you are going to be able to

478
00:21:58,080 --> 00:22:00,320
Speaker 1: have your own room and have your own obstacle attrition,

479
00:22:00,560 --> 00:22:02,720
Speaker 1: and you know, just have a bit of a different experience.

480
00:22:02,760 --> 00:22:05,159
Speaker 1: You'll be more in control of it. And also, I

481
00:22:05,200 --> 00:22:07,080
Speaker 1: think it's really important to point out that if you

482
00:22:07,119 --> 00:22:09,880
Speaker 1: are planning on starting a family and want private health insurance,

483
00:22:10,080 --> 00:22:13,960
Speaker 1: you cannot leave it till you are pregnant because often

484
00:22:14,160 --> 00:22:17,640
Speaker 1: you need to have that cover for twelve months before

485
00:22:17,760 --> 00:22:21,120
Speaker 1: the baby is born, so it's you know, it would

486
00:22:21,160 --> 00:22:23,359
Speaker 1: be nine months if you got private health insurance when

487
00:22:23,400 --> 00:22:25,439
Speaker 1: you found out you were pregnant. Therefore you're not actually

488
00:22:25,440 --> 00:22:28,919
Speaker 1: covered for the maternity stuff associated with your policy. So

489
00:22:29,160 --> 00:22:31,359
Speaker 1: really important to know that if you are planning on

490
00:22:31,440 --> 00:22:34,480
Speaker 1: starting a family, maybe review policy and make sure it's there.

491
00:22:34,720 --> 00:22:37,199
Speaker 1: Because something that I've done personally because I do have

492
00:22:37,280 --> 00:22:40,119
Speaker 1: private health insurance is I'm not covered for anything to

493
00:22:40,160 --> 00:22:42,720
Speaker 1: do with maternity because i had no intention of having

494
00:22:42,760 --> 00:22:45,520
Speaker 1: a baby. But when I do decide to go down

495
00:22:45,560 --> 00:22:48,040
Speaker 1: that route, it's definitely something I will go in and

496
00:22:48,160 --> 00:22:51,800
Speaker 1: change before actually making the decision to get pregnant. So

497
00:22:52,240 --> 00:22:54,160
Speaker 1: you know, if you're in the fortunate position where you're

498
00:22:54,160 --> 00:22:57,000
Speaker 1: planning a pregnancy, then it's one of those things to

499
00:22:57,119 --> 00:23:00,639
Speaker 1: just take into consideration. Also, if you're someone who's very

500
00:23:00,680 --> 00:23:03,840
Speaker 1: athletic or like an athlete of some description who really

501
00:23:03,920 --> 00:23:07,320
Speaker 1: utilizes the extras like physio and cairo and all of

502
00:23:07,359 --> 00:23:10,560
Speaker 1: those fun things, then it could be actually more financially

503
00:23:10,600 --> 00:23:13,480
Speaker 1: savvy to go down the avenue of having private health insurance.

504
00:23:13,600 --> 00:23:15,000
Speaker 1: You just need to make sure that you weigh up

505
00:23:15,040 --> 00:23:17,680
Speaker 1: the cost against the savings before doing it, because sometimes

506
00:23:17,680 --> 00:23:20,639
Speaker 1: it doesn't actually end up being more beneficial. For example,

507
00:23:20,640 --> 00:23:22,360
Speaker 1: if you just went and got cover because you're like, oh,

508
00:23:22,359 --> 00:23:24,239
Speaker 1: I do go to the physio, but you're paying one

509
00:23:24,280 --> 00:23:26,120
Speaker 1: hundred and fifty bucks a month, but you only see

510
00:23:26,119 --> 00:23:28,560
Speaker 1: the physio once every quarter, and you're spending like maybe

511
00:23:28,680 --> 00:23:31,160
Speaker 1: four hundred dollars on it a year and you earn

512
00:23:31,240 --> 00:23:33,520
Speaker 1: less than ninety thousand dollars, maybe it's not something that

513
00:23:33,640 --> 00:23:35,600
Speaker 1: is of value to you, and you're actually just better

514
00:23:35,680 --> 00:23:39,240
Speaker 1: off paying in full for those physio sessions because it

515
00:23:39,240 --> 00:23:42,320
Speaker 1: actually just is more economical. Whereas often you and I

516
00:23:42,440 --> 00:23:43,919
Speaker 1: Georgia might look at it and be like, oh, of

517
00:23:43,960 --> 00:23:46,159
Speaker 1: course I want money back, and it's like, well, actually

518
00:23:46,160 --> 00:23:48,919
Speaker 1: money back is only good if in the grand scheme

519
00:23:48,960 --> 00:23:52,159
Speaker 1: of things, you are saving. Also, if you're in a

520
00:23:52,200 --> 00:23:55,120
Speaker 1: situation where you do not want to wait for elective surgery,

521
00:23:55,400 --> 00:23:58,959
Speaker 1: waiting times in the public system are significantly longer, so

522
00:23:59,000 --> 00:24:01,520
Speaker 1: you know, if you need your consoles out, for example,

523
00:24:01,800 --> 00:24:04,080
Speaker 1: you might go onto a waiting list in the public

524
00:24:04,080 --> 00:24:06,840
Speaker 1: system and that might be you know, nine, ten, twelve

525
00:24:06,880 --> 00:24:10,200
Speaker 1: months plus. Like, there are some pretty scary stories out

526
00:24:10,240 --> 00:24:13,439
Speaker 1: there of people having to wait for surgeries that you

527
00:24:13,480 --> 00:24:15,720
Speaker 1: know you would want to take into consideration, Whereas in

528
00:24:15,720 --> 00:24:17,720
Speaker 1: the private system, if you want your tonsils out, you

529
00:24:17,800 --> 00:24:20,000
Speaker 1: kind of just find a surgeon and book it in

530
00:24:20,040 --> 00:24:22,280
Speaker 1: and get it done at a time that suits you.

531
00:24:22,480 --> 00:24:25,280
Speaker 1: So it's really important to understand that. And also if

532
00:24:25,280 --> 00:24:27,159
Speaker 1: you have a chronic illness and you kind of like

533
00:24:27,280 --> 00:24:30,800
Speaker 1: are in hospital often, or you are potentially going to

534
00:24:30,800 --> 00:24:33,480
Speaker 1: be in hospital because of your chronic illness, then health

535
00:24:33,520 --> 00:24:36,360
Speaker 1: insurance is probably a very good idea for someone.

536
00:24:36,119 --> 00:24:38,600
Speaker 2: Like you because you rack up those fees absolutely.

537
00:24:38,600 --> 00:24:41,600
Speaker 1: And it's also Georgia a bit about risk management as well,

538
00:24:41,640 --> 00:24:45,040
Speaker 1: Like if you're chronically ill and you haven't been in

539
00:24:45,119 --> 00:24:47,639
Speaker 1: hospital before, but you know that that illness is just

540
00:24:47,720 --> 00:24:50,399
Speaker 1: going to you know, compound over time, and you will

541
00:24:50,440 --> 00:24:52,439
Speaker 1: have that. Maybe it's an important thing for you to

542
00:24:52,480 --> 00:24:54,800
Speaker 1: have in the beginning so that when that starts happening,

543
00:24:54,840 --> 00:24:57,520
Speaker 1: those costs aren't as crippling for you as what they

544
00:24:57,520 --> 00:24:59,159
Speaker 1: could have been if you didn't have the cover. So

545
00:24:59,200 --> 00:25:01,520
Speaker 1: I think it's just about forward planning and really understanding

546
00:25:01,520 --> 00:25:04,480
Speaker 1: your personal situation. If I'm honest, for sure, in terms

547
00:25:04,520 --> 00:25:08,200
Speaker 1: of elective surgery, say I did need my tonsils out,

548
00:25:08,359 --> 00:25:11,120
Speaker 1: would I need to have private health insurance a year

549
00:25:11,160 --> 00:25:14,439
Speaker 1: before making that decision, like the same as having a

550
00:25:14,440 --> 00:25:17,280
Speaker 1: baby or is it a different kettle of fish. No,

551
00:25:17,440 --> 00:25:20,640
Speaker 1: So it's it's a different kettle of fish, not necessarily

552
00:25:20,720 --> 00:25:23,400
Speaker 1: for all policies, and I obviously can't speak to all

553
00:25:23,400 --> 00:25:27,080
Speaker 1: policies because every single policy is different, but often the

554
00:25:27,119 --> 00:25:30,280
Speaker 1: weight times are different. So for example, I changed my

555
00:25:30,400 --> 00:25:33,720
Speaker 1: private health insurance at the start of this year, and

556
00:25:33,760 --> 00:25:36,640
Speaker 1: because I already had private health insurance but was kind

557
00:25:36,640 --> 00:25:39,399
Speaker 1: of like upgrading it and like sides stepping to a

558
00:25:39,480 --> 00:25:43,640
Speaker 1: different insurer, they actually waived my weight periods. So that's

559
00:25:43,680 --> 00:25:46,480
Speaker 1: something to ask about on the phone and just go hey, cool,

560
00:25:46,560 --> 00:25:49,240
Speaker 1: like I'm getting this for this reason. It's not that

561
00:25:49,280 --> 00:25:51,280
Speaker 1: they won't let you have it. They'll just say, oh, well,

562
00:25:51,320 --> 00:25:54,320
Speaker 1: there's a three month weight period on tonsil surgery or something.

563
00:25:54,840 --> 00:25:57,639
Speaker 1: Obviously that's a really generalized example, but I think it's

564
00:25:57,720 --> 00:26:01,480
Speaker 1: important to understand that for most things like general dental

565
00:26:01,560 --> 00:26:04,639
Speaker 1: and optical and physio, you can't just call up and

566
00:26:04,680 --> 00:26:07,080
Speaker 1: be like, hey, I want private health insurance and the

567
00:26:07,160 --> 00:26:10,640
Speaker 1: next day go to the dentist. Often to get the rebates,

568
00:26:10,640 --> 00:26:12,399
Speaker 1: you actually have to have been a member for a

569
00:26:12,400 --> 00:26:13,760
Speaker 1: certain period of time before that.

570
00:26:14,000 --> 00:26:17,320
Speaker 2: Cool, if that makes sense. Okay, So it sounds like

571
00:26:17,320 --> 00:26:20,800
Speaker 2: for the most part, for people like me, health insurance

572
00:26:21,119 --> 00:26:26,160
Speaker 2: isn't really something we are needing, like our younger listeners especially,

573
00:26:26,680 --> 00:26:29,280
Speaker 2: But for those who have listened today, and I'm thinking,

574
00:26:29,280 --> 00:26:31,680
Speaker 2: maybe it is the right move for them. Maybe they're

575
00:26:31,680 --> 00:26:34,720
Speaker 2: planning one of those things you just mentioned. What words

576
00:26:34,720 --> 00:26:36,040
Speaker 2: of wisdom? Would you leave them with?

577
00:26:36,240 --> 00:26:39,960
Speaker 1: Wise words of wisdom or another unnecessary ranch? Do you

578
00:26:40,000 --> 00:26:41,680
Speaker 1: have to have a shot for that or is after

579
00:26:41,720 --> 00:26:42,600
Speaker 1: I go on the ranch?

580
00:26:43,040 --> 00:26:44,600
Speaker 2: I think it's after you go on the rund.

581
00:26:45,480 --> 00:26:47,640
Speaker 1: For those of you playing along at home, Georgia King

582
00:26:47,880 --> 00:26:50,760
Speaker 1: made a drinking game about us and put it in

583
00:26:50,840 --> 00:26:54,320
Speaker 1: last week's newsletter. Unbeknownst to me, I just started seeing

584
00:26:54,400 --> 00:26:57,479
Speaker 1: people post on Instagram about it. Kind of just slipped

585
00:26:57,480 --> 00:27:00,000
Speaker 1: that one in there. Georgia king back on my ranch

586
00:27:00,000 --> 00:27:02,680
Speaker 1: and so important. Just pay for what you need. If

587
00:27:02,680 --> 00:27:05,280
Speaker 1: you're young, you probably don't need to be covered for

588
00:27:05,320 --> 00:27:07,840
Speaker 1: a potential hip replacement. I'm not gonna lie. Maybe you do,

589
00:27:07,960 --> 00:27:10,480
Speaker 1: but I think it's really important to understand your situation

590
00:27:10,720 --> 00:27:12,880
Speaker 1: and the cover that you are getting when it comes

591
00:27:12,960 --> 00:27:15,000
Speaker 1: to extras. Just don't pay for things that you might

592
00:27:15,040 --> 00:27:17,800
Speaker 1: not need, but like, reflect on what you have needed

593
00:27:17,880 --> 00:27:20,240
Speaker 1: over the last twelve months and consider whether you would

594
00:27:20,240 --> 00:27:23,080
Speaker 1: benefit from having those covered. I know, when I was

595
00:27:23,160 --> 00:27:25,119
Speaker 1: changing my health care, like, I looked at it and

596
00:27:25,160 --> 00:27:27,640
Speaker 1: I was like, oh, shiny, I'd love to have access

597
00:27:27,680 --> 00:27:30,000
Speaker 1: to a naturopath. Don't get me wrong, I've seen a

598
00:27:30,080 --> 00:27:33,359
Speaker 1: natural path historically, but the additional cover was like forty

599
00:27:33,400 --> 00:27:35,879
Speaker 1: additional dollars a month. Like, I'll just pay for my

600
00:27:36,280 --> 00:27:39,439
Speaker 1: eighty dollar naturopath session once a year outright, because it

601
00:27:39,560 --> 00:27:42,879
Speaker 1: just made more sense to not have that on board. Also,

602
00:27:43,040 --> 00:27:45,960
Speaker 1: ignore glossy sign up perks, like there are so many

603
00:27:46,040 --> 00:27:48,199
Speaker 1: of them going around At the moment, you're going to

604
00:27:48,280 --> 00:27:50,679
Speaker 1: end up paying more for things you don't need. And

605
00:27:51,040 --> 00:27:55,400
Speaker 1: this is probably topical because people have this, but personally,

606
00:27:55,520 --> 00:27:59,000
Speaker 1: I would say steer away from combined couples cover. The

607
00:27:59,000 --> 00:28:02,920
Speaker 1: reason for this is health insurance is surprisingly not cheaper.

608
00:28:03,440 --> 00:28:05,399
Speaker 1: If you do choose this route, you're both going to

609
00:28:05,400 --> 00:28:07,359
Speaker 1: be covered and paying for things that you might not need.

610
00:28:07,400 --> 00:28:09,240
Speaker 1: So if you're in a relationship with a male and

611
00:28:09,280 --> 00:28:11,840
Speaker 1: female like that male does not need to be covered

612
00:28:11,840 --> 00:28:14,919
Speaker 1: for maternity or gynecological issues, but it might be on

613
00:28:14,960 --> 00:28:17,320
Speaker 1: their policy. If you're a same sex couple, maybe you

614
00:28:17,400 --> 00:28:21,159
Speaker 1: do need gynecological cover, but you probably don't need prostate

615
00:28:21,240 --> 00:28:23,800
Speaker 1: cover on your couple's cover. So I think it's just

616
00:28:24,000 --> 00:28:26,800
Speaker 1: really important to have a look into the policies and

617
00:28:26,920 --> 00:28:29,240
Speaker 1: get something that works for you. I think it's important

618
00:28:29,280 --> 00:28:31,200
Speaker 1: here to also just share a bit about my experience

619
00:28:31,200 --> 00:28:33,639
Speaker 1: because that's a really good way to learn. My partner

620
00:28:33,720 --> 00:28:35,960
Speaker 1: and I have our own cover because he plays a

621
00:28:35,960 --> 00:28:38,640
Speaker 1: lot of sport I do not. We both just have

622
00:28:38,720 --> 00:28:41,520
Speaker 1: really different health concerns and things that we see as

623
00:28:41,520 --> 00:28:44,560
Speaker 1: attractive in a healthcare policy. So for us, we just

624
00:28:44,640 --> 00:28:47,440
Speaker 1: have things that are different. So I'm with one provider,

625
00:28:47,480 --> 00:28:49,920
Speaker 1: he's with another. It's a non issue. We just make

626
00:28:49,960 --> 00:28:52,960
Speaker 1: sure that it includes the things that are valuable to us.

627
00:28:53,280 --> 00:28:56,120
Speaker 1: Another thing while I'm mid Ranch, Georgia, is compare your

628
00:28:56,160 --> 00:28:58,600
Speaker 1: options and policies and don't just settle for the first

629
00:28:58,640 --> 00:29:01,160
Speaker 1: one that you find on Google. Like, do make use

630
00:29:01,200 --> 00:29:04,040
Speaker 1: of comparison websites to speed the process up for you,

631
00:29:04,360 --> 00:29:09,120
Speaker 1: but please be aware that most comparison websites are actually

632
00:29:09,200 --> 00:29:12,920
Speaker 1: an advertising platform and they are paid to rank things

633
00:29:12,960 --> 00:29:17,160
Speaker 1: in a certain order. Literally, private health insurance companies will

634
00:29:17,280 --> 00:29:19,720
Speaker 1: paid to come up at the top of that list

635
00:29:19,840 --> 00:29:22,480
Speaker 1: when you know you go on one of these websites.

636
00:29:22,840 --> 00:29:25,440
Speaker 1: So I think that's really important to take into consideration

637
00:29:25,520 --> 00:29:28,280
Speaker 1: and do your own research. Georgia. We're going to have

638
00:29:28,320 --> 00:29:30,960
Speaker 1: a thread in the Facebook group this week of policies

639
00:29:31,000 --> 00:29:33,240
Speaker 1: that other people in our community have and what they

640
00:29:33,400 --> 00:29:35,480
Speaker 1: like and dislike about it, which I think will be

641
00:29:35,520 --> 00:29:37,920
Speaker 1: really powerful and a really good tool for you guys

642
00:29:37,960 --> 00:29:40,680
Speaker 1: to help choose something that actually fits with your goals

643
00:29:40,720 --> 00:29:42,880
Speaker 1: and values, because what a better way to learn them

644
00:29:42,880 --> 00:29:44,960
Speaker 1: from people who have a non bias opinion, Like I

645
00:29:45,000 --> 00:29:47,560
Speaker 1: don't want to go straight to the comparison website where

646
00:29:47,560 --> 00:29:49,000
Speaker 1: someone's paying for it. I want to go to the

647
00:29:49,000 --> 00:29:51,280
Speaker 1: Facebook thread where people like, oh my gosh, I tried

648
00:29:51,320 --> 00:29:53,239
Speaker 1: to claim this and it didn't work, and you know

649
00:29:53,280 --> 00:29:56,400
Speaker 1: you read this and go but I need my tonsils out. Okay,

650
00:29:56,440 --> 00:29:58,600
Speaker 1: well that's not the policy for me, Like I think

651
00:29:58,640 --> 00:30:02,040
Speaker 1: that'll be really powerful. But also be sure to check

652
00:30:02,080 --> 00:30:04,920
Speaker 1: on your rates every single year because rates fluctuate, so

653
00:30:05,040 --> 00:30:08,480
Speaker 1: like they increase their policies often every year, just like

654
00:30:08,560 --> 00:30:10,640
Speaker 1: curR insurance, Call them up, have a chat with them,

655
00:30:10,680 --> 00:30:13,240
Speaker 1: see what you can negotiate. The worst thing they can

656
00:30:13,280 --> 00:30:16,360
Speaker 1: say is no. And then last on that, I mentioned

657
00:30:16,400 --> 00:30:19,520
Speaker 1: it before, but do not be afraid to use different providers.

658
00:30:20,040 --> 00:30:22,760
Speaker 1: It's often really easy to have everything clean in all

659
00:30:22,800 --> 00:30:25,560
Speaker 1: in one place, but you often might get some better

660
00:30:25,640 --> 00:30:29,000
Speaker 1: value by splitting your policy up between different providers. So

661
00:30:29,280 --> 00:30:32,440
Speaker 1: that's the wrap on my little rant. Georgia, take your shot.

662
00:30:32,240 --> 00:30:36,680
Speaker 2: Friends, Absolutely stunning. I feel like everyone would be pretty

663
00:30:36,720 --> 00:30:38,400
Speaker 2: tipsy after today's show.

664
00:30:38,480 --> 00:30:41,200
Speaker 1: Basically, if you're not, I'm disappointed, listen harder.

665
00:30:42,760 --> 00:30:45,240
Speaker 2: But I guess the moral of the story today, guys

666
00:30:45,360 --> 00:30:48,280
Speaker 2: is to really do your research, figure out if it's

667
00:30:48,320 --> 00:30:50,800
Speaker 2: worth it for you, depending on your circumstance, and then

668
00:30:50,880 --> 00:30:51,880
Speaker 2: just make the call from there.

669
00:30:52,200 --> 00:30:56,520
Speaker 1: Absolutely Georgia King, and also make use of the phone numbers.

670
00:30:56,600 --> 00:30:58,920
Speaker 1: I know, as a millennial, lots of us don't love

671
00:30:59,000 --> 00:31:02,000
Speaker 1: picking up the phone having a conversation, but the people

672
00:31:02,040 --> 00:31:05,480
Speaker 1: in the call centers are often incredibly well versed in

673
00:31:05,520 --> 00:31:08,280
Speaker 1: what's included and what's not included. Call them, ask them,

674
00:31:08,280 --> 00:31:11,120
Speaker 1: girl them, find out what is actually a value to

675
00:31:11,200 --> 00:31:14,280
Speaker 1: you and what's included and what's not included, because sometimes

676
00:31:14,280 --> 00:31:18,080
Speaker 1: these policy documents can be really overwhelming, So don't hesitate

677
00:31:18,120 --> 00:31:19,560
Speaker 1: to Just give them a buzz and be like, hey,

678
00:31:19,560 --> 00:31:21,640
Speaker 1: I've got some questions. Is this covered? Isn't it?

679
00:31:21,720 --> 00:31:21,800
Speaker 2: Like?

680
00:31:21,840 --> 00:31:24,160
Speaker 1: What's the best option here? What do you guys recommend

681
00:31:24,160 --> 00:31:26,000
Speaker 1: what do you think like? They're never going to be

682
00:31:26,000 --> 00:31:28,280
Speaker 1: able to give you a straight recommendation, so keep that

683
00:31:28,400 --> 00:31:30,560
Speaker 1: in mind. But you know what you can do, use

684
00:31:30,600 --> 00:31:33,160
Speaker 1: them to understand it. And you know, if you're paying

685
00:31:33,160 --> 00:31:35,440
Speaker 1: for a service, you better get good service.

686
00:31:35,880 --> 00:31:38,200
Speaker 2: Body Earth, I reckon, It's on to the listener question now.

687
00:31:38,280 --> 00:31:41,920
Speaker 1: VI. Hey, Eyles, I'm twenty five, we're working the beauty industry,

688
00:31:42,000 --> 00:31:44,160
Speaker 1: and I know Victoria's huge on income insurance, but.

689
00:31:44,080 --> 00:31:46,360
Speaker 3: I'm wondering am I better off to get health insurance?

690
00:31:46,680 --> 00:31:50,080
Speaker 2: Thank you? Victoria, what do you make of this one?

691
00:31:50,520 --> 00:31:52,360
Speaker 2: You are huge on income insurance.

692
00:31:52,720 --> 00:31:55,160
Speaker 1: This is a question that comes up all the time, Georgia,

693
00:31:55,240 --> 00:31:58,240
Speaker 1: and I'm so glad they have asked. These true things

694
00:31:58,280 --> 00:32:01,560
Speaker 1: are not the same. They are not con parable at all.

695
00:32:01,880 --> 00:32:05,360
Speaker 1: I can understand how there is confusion around health insurance

696
00:32:05,360 --> 00:32:08,920
Speaker 1: and income protection insurance, but they have very very different

697
00:32:08,960 --> 00:32:13,080
Speaker 1: reasons for existing. Health insurance exists so that you are

698
00:32:13,120 --> 00:32:16,480
Speaker 1: able to get access to healthcare when you need it.

699
00:32:16,480 --> 00:32:20,280
Speaker 1: It's actually not in existence to help you save money. Yes,

700
00:32:20,400 --> 00:32:22,280
Speaker 1: you can save money by doing it because you know

701
00:32:22,440 --> 00:32:24,440
Speaker 1: some of it will be covered, and like you know,

702
00:32:24,560 --> 00:32:26,840
Speaker 1: it is of a massive benefit. You know, if you're

703
00:32:26,840 --> 00:32:29,880
Speaker 1: going through a very significant health crisis and you need

704
00:32:29,960 --> 00:32:32,120
Speaker 1: help in that aspect and you know treatment is covered,

705
00:32:32,120 --> 00:32:36,560
Speaker 1: so absolutely financial in that aspect. But income protection insurance

706
00:32:36,640 --> 00:32:40,480
Speaker 1: exists to replace the income that you would lose because

707
00:32:40,480 --> 00:32:43,640
Speaker 1: you are going through that health crisis. So if you know,

708
00:32:43,840 --> 00:32:47,240
Speaker 1: let's say something awful happens and you end up with cancer,

709
00:32:47,880 --> 00:32:50,680
Speaker 1: you're going to go through this really traumatic period of

710
00:32:50,800 --> 00:32:54,400
Speaker 1: chemo maybe radiation, and be off work and not be

711
00:32:54,480 --> 00:32:57,120
Speaker 1: able to provide income for your family. Because if you

712
00:32:57,160 --> 00:32:58,960
Speaker 1: work in the beauty industry. I'm assuming that you go

713
00:32:59,000 --> 00:33:01,400
Speaker 1: to work most day, You're not going to have that

714
00:33:01,440 --> 00:33:04,400
Speaker 1: income Income protection is going to replace that. It's the

715
00:33:04,440 --> 00:33:07,520
Speaker 1: same as trauma insurance. So trauma insurance is a lump

716
00:33:07,600 --> 00:33:10,400
Speaker 1: sum payout when something bad happens to you to pay

717
00:33:10,440 --> 00:33:14,520
Speaker 1: for things like changes to lifestyle because you need to

718
00:33:15,000 --> 00:33:18,160
Speaker 1: change your life to this serious health condition, like maybe

719
00:33:18,160 --> 00:33:20,120
Speaker 1: you need to move into the city for a little

720
00:33:20,160 --> 00:33:22,960
Speaker 1: while because you live regionally and you need to lease

721
00:33:23,000 --> 00:33:25,440
Speaker 1: an apartment because it's closer to the hospital that you're

722
00:33:25,440 --> 00:33:28,520
Speaker 1: getting treatment at. A trauma policy is going to allow

723
00:33:28,560 --> 00:33:31,520
Speaker 1: you to do that without adding to financial stress at

724
00:33:31,520 --> 00:33:34,120
Speaker 1: the same time as you're going through a serious health crisis,

725
00:33:34,520 --> 00:33:37,520
Speaker 1: compounds it and makes it awful. So for me, income

726
00:33:37,600 --> 00:33:41,239
Speaker 1: insurance and health insurance like health insurance is negotiable and

727
00:33:41,320 --> 00:33:44,880
Speaker 1: you know, optional, whereas to me, income protection, every single

728
00:33:44,920 --> 00:33:47,920
Speaker 1: person in Australia should have this. I could get on

729
00:33:47,960 --> 00:33:50,240
Speaker 1: my high horse and I do on this podcast. That's

730
00:33:50,280 --> 00:33:53,040
Speaker 1: my thing. I don't mean to, but I just do.

731
00:33:53,320 --> 00:33:57,800
Speaker 1: But income protection is arguably more important than any other

732
00:33:57,920 --> 00:34:00,440
Speaker 1: insurance that you will ever hold. Like if you said

733
00:34:00,440 --> 00:34:03,560
Speaker 1: to me Georgia Victoria get Rid of every single insurance

734
00:34:03,560 --> 00:34:06,040
Speaker 1: policy that you hold, and Georgia, there's a fair bit

735
00:34:06,080 --> 00:34:08,680
Speaker 1: of insurance in my life at the moment, and keep one.

736
00:34:09,040 --> 00:34:12,240
Speaker 1: Income protection would be the thing that I keep because

737
00:34:12,320 --> 00:34:14,720
Speaker 1: let's compare it to car insurance. You've got car insurance

738
00:34:14,719 --> 00:34:16,640
Speaker 1: and you're paying twelve hundred bucks a year on that

739
00:34:16,840 --> 00:34:19,120
Speaker 1: and you lose your job, you know, he's your car

740
00:34:19,200 --> 00:34:21,839
Speaker 1: going to start supporting you. No, But if you have

741
00:34:21,920 --> 00:34:24,880
Speaker 1: income protection and you lose your car and you need

742
00:34:24,920 --> 00:34:26,680
Speaker 1: to pay for a new one, your income is going

743
00:34:26,719 --> 00:34:29,440
Speaker 1: to help you create a new one. So income and

744
00:34:29,480 --> 00:34:32,360
Speaker 1: cash flow is king because it's the one thing that

745
00:34:32,440 --> 00:34:35,280
Speaker 1: will be that consistent that can actually help you create

746
00:34:35,320 --> 00:34:38,160
Speaker 1: the life that you deserve. So for me, income protection,

747
00:34:38,520 --> 00:34:40,960
Speaker 1: income insurance, whatever we want to call it, is the

748
00:34:41,040 --> 00:34:44,680
Speaker 1: most important thing to me. So that's my high horse. No,

749
00:34:44,760 --> 00:34:46,879
Speaker 1: they're not the same. It's not better to get health

750
00:34:46,880 --> 00:34:50,360
Speaker 1: insurance instead of income protection. They are completely separate entities.

751
00:34:50,440 --> 00:34:52,920
Speaker 1: And I'll wrap my rap there or whatever we're going

752
00:34:52,960 --> 00:34:54,680
Speaker 1: to call it. Well, take a shot, friends.

753
00:34:55,200 --> 00:34:58,040
Speaker 2: I think that's really interesting. V And I know I

754
00:34:58,120 --> 00:35:00,800
Speaker 2: and probably a lot of our listeners would have thought

755
00:35:00,800 --> 00:35:03,960
Speaker 2: the same as this listener question that they kind of

756
00:35:04,000 --> 00:35:06,720
Speaker 2: are in the same bucket, but they are completely different things.

757
00:35:06,760 --> 00:35:09,319
Speaker 2: And once again, income insurance is number one, which is

758
00:35:09,320 --> 00:35:12,200
Speaker 2: what we learned in our insurance episode back in ses Queen.

759
00:35:12,840 --> 00:35:15,080
Speaker 2: I think it was, so, you know, I'm not surprised

760
00:35:15,080 --> 00:35:17,200
Speaker 2: by your answer, but yeah, I think it really drives

761
00:35:17,239 --> 00:35:17,879
Speaker 2: that message home.

762
00:35:18,000 --> 00:35:21,200
Speaker 1: So thanks for no problems. Tune in next week for

763
00:35:21,280 --> 00:35:22,239
Speaker 1: another rant by V.

764
00:35:27,880 --> 00:35:30,640
Speaker 2: Now let's take a sneak peek into the financial lives

765
00:35:30,640 --> 00:35:33,680
Speaker 2: of perfect strangers. It's time for money diaries.

766
00:35:34,040 --> 00:35:36,640
Speaker 3: I I'm twenty three and I'm learning the game, and

767
00:35:36,680 --> 00:35:37,680
Speaker 3: this is my money diary.

768
00:35:37,760 --> 00:35:39,560
Speaker 2: What does she do for work? How much does she

769
00:35:39,640 --> 00:35:42,320
Speaker 2: earn and how much does she have in her bank account?

770
00:35:42,520 --> 00:35:46,960
Speaker 3: So I'm a casual receptionist working about three days a week.

771
00:35:47,560 --> 00:35:51,160
Speaker 3: I make around sixty thousand dollars post tax a year.

772
00:35:51,600 --> 00:35:54,640
Speaker 3: I'm just about to finish university and I just got

773
00:35:54,680 --> 00:35:57,040
Speaker 3: a graduate role out of a canning firm in Melbourne.

774
00:35:57,400 --> 00:36:01,719
Speaker 3: And currently there's sixteen thousand dollars cross several bank accounts

775
00:36:02,080 --> 00:36:04,480
Speaker 3: and a fifteen thousand dollars share portfolio.

776
00:36:04,520 --> 00:36:06,000
Speaker 2: What happens to her money? You wants it to arrive

777
00:36:06,080 --> 00:36:06,800
Speaker 2: in her accounts.

778
00:36:06,880 --> 00:36:10,239
Speaker 3: So when the money first comes in, I put the

779
00:36:10,280 --> 00:36:13,239
Speaker 3: first portion to rent for the half of the month,

780
00:36:13,600 --> 00:36:16,839
Speaker 3: and then I put forty percent of what's left into

781
00:36:16,880 --> 00:36:22,760
Speaker 3: savings that's between my shares account ready to buy more

782
00:36:23,200 --> 00:36:26,600
Speaker 3: or my savings account in my bank account, and then

783
00:36:26,880 --> 00:36:29,520
Speaker 3: I put about ten percent into bills, and then the

784
00:36:29,560 --> 00:36:32,520
Speaker 3: rest is sort of just whatever I have leftover to

785
00:36:32,600 --> 00:36:33,320
Speaker 3: use for the week.

786
00:36:33,480 --> 00:36:37,080
Speaker 2: What are her investment plans? What are her attitudes towards investing?

787
00:36:37,400 --> 00:36:41,160
Speaker 3: My interest in it started with my uncles. They've all

788
00:36:41,200 --> 00:36:44,480
Speaker 3: been very into the stock market for as long as

789
00:36:44,520 --> 00:36:50,239
Speaker 3: I can remember, and I think sometimes I saw the

790
00:36:50,239 --> 00:36:53,720
Speaker 3: struggles that my parents had that their brothers and sisters

791
00:36:53,719 --> 00:36:57,720
Speaker 3: didn't have. So that was probably from where I went that.

792
00:36:57,719 --> 00:37:00,600
Speaker 3: That's where my independence with money sort of. I just

793
00:37:00,640 --> 00:37:03,759
Speaker 3: wanted to live comfortably, I guess. So, yeah, my take

794
00:37:03,800 --> 00:37:06,239
Speaker 3: on investing is that, yeah, definitely for the long term,

795
00:37:06,280 --> 00:37:09,919
Speaker 3: and I'm hoping to contribute about five thousand dollars. Yeah,

796
00:37:09,960 --> 00:37:13,600
Speaker 3: I'm only twenty three now, so by the time I retire,

797
00:37:14,600 --> 00:37:17,799
Speaker 3: it should be hopefully a nice portfolio sitting there, and

798
00:37:17,880 --> 00:37:20,200
Speaker 3: I hope, yeah, you use I guess that income as

799
00:37:20,239 --> 00:37:24,600
Speaker 3: passive income to fund holidays or just life.

800
00:37:24,239 --> 00:37:25,280
Speaker 2: Later on in life.

801
00:37:25,480 --> 00:37:32,200
Speaker 3: And currently I have three shares and two ETFs, which

802
00:37:33,360 --> 00:37:37,000
Speaker 3: the ets probably make up about seventy percent of my portfolio.

803
00:37:37,160 --> 00:37:40,000
Speaker 3: One of high growth ETF here in Australia and then

804
00:37:40,040 --> 00:37:42,720
Speaker 3: one actually tracks the nasdak over in the US.

805
00:37:42,880 --> 00:37:44,200
Speaker 2: Does she have any debts?

806
00:37:44,280 --> 00:37:46,920
Speaker 3: Just my hex debt at the moment, sitting at about

807
00:37:46,960 --> 00:37:50,960
Speaker 3: thirty one thousand dollars, But I've already made the choice

808
00:37:51,000 --> 00:37:54,200
Speaker 3: that I'll just pay that off as it comes around. Yeah,

809
00:37:54,239 --> 00:37:56,640
Speaker 3: I'm not really too fussed in paying that down too quickly.

810
00:37:56,960 --> 00:37:58,600
Speaker 2: What is her best money habit?

811
00:37:58,840 --> 00:38:01,720
Speaker 3: My best money habit? I want what I enjoy spending

812
00:38:01,760 --> 00:38:04,200
Speaker 3: money on, and I no longer feel guilty about it,

813
00:38:04,239 --> 00:38:06,920
Speaker 3: even if other people would tell me that that's probably

814
00:38:06,960 --> 00:38:09,920
Speaker 3: a waste. I like nice foods, so yeah, if I

815
00:38:09,960 --> 00:38:11,839
Speaker 3: want to go out for a night at Chin Chin,

816
00:38:12,040 --> 00:38:14,120
Speaker 3: I will and I won't feel bad about it.

817
00:38:14,239 --> 00:38:16,040
Speaker 2: And what is her worst money habit?

818
00:38:16,280 --> 00:38:19,680
Speaker 3: I'm very very bad at comparing myself to other people.

819
00:38:19,760 --> 00:38:23,080
Speaker 3: I think having left regional Victoria to move to Melbourne

820
00:38:23,160 --> 00:38:26,080
Speaker 3: to study, you always see people that yeare either younger

821
00:38:26,120 --> 00:38:28,000
Speaker 3: than you you're or the same age as you are.

822
00:38:28,239 --> 00:38:30,880
Speaker 3: Definitely ticking off a few life events a bit earlier,

823
00:38:31,480 --> 00:38:35,239
Speaker 3: So I think one is a bad money habit is

824
00:38:35,280 --> 00:38:36,480
Speaker 3: comparing myself.

825
00:38:36,120 --> 00:38:37,319
Speaker 2: What's her big money goal.

826
00:38:37,680 --> 00:38:39,839
Speaker 3: I think I would definitely like to own my own

827
00:38:39,880 --> 00:38:44,440
Speaker 3: home eventually. I think I have also made the choice

828
00:38:44,480 --> 00:38:48,400
Speaker 3: that I probably put more value into my share portfolio

829
00:38:48,440 --> 00:38:51,239
Speaker 3: at the current time being, just because if anything was

830
00:38:51,280 --> 00:38:53,239
Speaker 3: to ever happen in near future, Like, you can't sell

831
00:38:53,239 --> 00:38:56,640
Speaker 3: off a bathroom, but you can sell down shares if

832
00:38:56,800 --> 00:38:59,400
Speaker 3: it comes to that. So yeah, I think the long

833
00:38:59,520 --> 00:39:02,200
Speaker 3: term goal is just, yeah, to have enough passive income

834
00:39:02,239 --> 00:39:05,280
Speaker 3: to create a lifestyle or sustain a lifestyle.

835
00:39:05,400 --> 00:39:08,920
Speaker 2: What grade would twenty four and Learning the Game give herself?

836
00:39:09,440 --> 00:39:10,759
Speaker 2: Probably a B plus.

837
00:39:11,239 --> 00:39:15,239
Speaker 3: I think I have the right foundations in place, but

838
00:39:15,400 --> 00:39:17,520
Speaker 3: I really need to stop comparing myself to other people

839
00:39:17,560 --> 00:39:20,440
Speaker 3: because if I keep doing that, I'll probably never be

840
00:39:20,560 --> 00:39:21,840
Speaker 3: happy with my own situation.

841
00:39:22,040 --> 00:39:23,440
Speaker 1: So that's got to stop.

842
00:39:23,880 --> 00:39:28,200
Speaker 2: Vickid twenty three and learning the game more like twenty

843
00:39:28,239 --> 00:39:32,040
Speaker 2: three and nailing the game, but has too much self

844
00:39:32,080 --> 00:39:35,480
Speaker 2: doubt and wrote her self B plus. Talk me through

845
00:39:35,800 --> 00:39:37,920
Speaker 2: your thoughts on this money, Doris, because I have some

846
00:39:37,960 --> 00:39:39,600
Speaker 2: of my own, but I want to hear what you think.

847
00:39:39,400 --> 00:39:41,759
Speaker 1: I'll talk you through my thoughts if you promised to

848
00:39:41,800 --> 00:39:45,800
Speaker 1: never call me VICKI d again Georgie King. But I

849
00:39:45,840 --> 00:39:49,319
Speaker 1: loved her. It sounded like, you know, she's doing an

850
00:39:49,320 --> 00:39:52,840
Speaker 1: incredible job. She's a casual receptionist. What casual receptionist can

851
00:39:52,920 --> 00:39:55,680
Speaker 1: say that they make sixty grand after tax, Like that's

852
00:39:55,719 --> 00:39:58,239
Speaker 1: incredible to begin with. She's got a grad roll at

853
00:39:58,239 --> 00:40:02,760
Speaker 1: an accounting firm. Amazing, congratulations, scale pal, She's got sixteen

854
00:40:02,880 --> 00:40:07,000
Speaker 1: grand in savings and fifteen thousand dollars in a share portfolio. Like,

855
00:40:07,080 --> 00:40:09,759
Speaker 1: if that's not the definition of killing it at twenty three,

856
00:40:09,880 --> 00:40:12,960
Speaker 1: I don't know what is. I actually loved it, like

857
00:40:13,040 --> 00:40:15,160
Speaker 1: I love love loved it. I loved that she was

858
00:40:15,200 --> 00:40:17,960
Speaker 1: talking about passive income as well, because that seemed really

859
00:40:17,960 --> 00:40:20,080
Speaker 1: important to her, and that's something that I want all

860
00:40:20,120 --> 00:40:23,200
Speaker 1: of our listeners to start aspiring to. And I just

861
00:40:23,360 --> 00:40:25,560
Speaker 1: really liked that she kind of already had a plan.

862
00:40:25,800 --> 00:40:28,879
Speaker 1: She was like, oh, from memory, she said, I want

863
00:40:28,880 --> 00:40:30,719
Speaker 1: to contribute five thousand dollars a year and you know,

864
00:40:30,800 --> 00:40:33,560
Speaker 1: create that passive income. Like it wasn't just aspirational, it

865
00:40:33,600 --> 00:40:35,480
Speaker 1: was a plan that she'd kind of created. And I'm

866
00:40:35,480 --> 00:40:38,399
Speaker 1: sure that'll change and grow over time as her income does.

867
00:40:38,400 --> 00:40:40,600
Speaker 1: But like, I loved that that plan was there and

868
00:40:40,680 --> 00:40:43,520
Speaker 1: the reason she had that plan, but I don't know,

869
00:40:43,640 --> 00:40:46,720
Speaker 1: it sounded also a bit like she was feeling guilty

870
00:40:46,920 --> 00:40:49,680
Speaker 1: for her money habits, Like she said her worst money

871
00:40:49,680 --> 00:40:52,000
Speaker 1: habit was comparing herself. But then she also says she

872
00:40:52,040 --> 00:40:54,080
Speaker 1: doesn't feel guilty spending money, and I just think that

873
00:40:54,160 --> 00:40:56,600
Speaker 1: maybe she still feels a little bit guilty spending money,

874
00:40:56,600 --> 00:41:00,040
Speaker 1: but she shouldn't, And like, stop comparing yourself to the

875
00:41:00,080 --> 00:41:02,759
Speaker 1: journey of others, like Georgia King. How many times do

876
00:41:02,800 --> 00:41:03,480
Speaker 1: we say this on.

877
00:41:03,440 --> 00:41:06,279
Speaker 2: The pot comparison is the thief of joy? Is that

878
00:41:06,280 --> 00:41:07,160
Speaker 2: what you're gonna say.

879
00:41:07,000 --> 00:41:10,440
Speaker 1: Thank you, Roosevelt. That is very inspirational, but it's true.

880
00:41:10,560 --> 00:41:13,160
Speaker 1: And I just think that too many of us compare

881
00:41:13,200 --> 00:41:15,600
Speaker 1: ourselves to a journey that somebody else is going on

882
00:41:15,760 --> 00:41:19,200
Speaker 1: or have these really false aspirations of you know, you

883
00:41:19,239 --> 00:41:21,239
Speaker 1: look at an epic money win, and please don't get

884
00:41:21,280 --> 00:41:23,640
Speaker 1: me wrong, the money wins in our community are incredible

885
00:41:23,640 --> 00:41:25,719
Speaker 1: and I'm so grateful for them. You guys are an

886
00:41:25,760 --> 00:41:29,040
Speaker 1: absolute inspiration, like not just to other community, but like

887
00:41:29,120 --> 00:41:31,000
Speaker 1: to me, Like I read these and I'm like, oh,

888
00:41:31,040 --> 00:41:34,480
Speaker 1: my God, killing it, Like, I'm so grateful and so

889
00:41:35,440 --> 00:41:38,520
Speaker 1: lucky that I'm on this journey with you guys. I

890
00:41:38,520 --> 00:41:41,920
Speaker 1: think it's really important to just preface this with She's

891
00:41:41,960 --> 00:41:44,600
Speaker 1: on the Money listeners and that She's on the Money community.

892
00:41:44,680 --> 00:41:47,200
Speaker 1: Last year we did a general census, so I asked

893
00:41:47,200 --> 00:41:50,080
Speaker 1: you guys some perfect questions about your savings habits and

894
00:41:50,120 --> 00:41:51,440
Speaker 1: you know what you want to see from She's on

895
00:41:51,440 --> 00:41:53,680
Speaker 1: the Money, and we are about to launch that again

896
00:41:54,000 --> 00:41:55,960
Speaker 1: so you can give us some really great feedback. So

897
00:41:56,000 --> 00:41:58,239
Speaker 1: we'll put the link to that census. We'll put that

898
00:41:58,320 --> 00:42:00,279
Speaker 1: in the show bio below if you would love to

899
00:42:00,280 --> 00:42:03,080
Speaker 1: contribute to that, which we would adore. But to give

900
00:42:03,080 --> 00:42:05,880
Speaker 1: you guys a little bit of you know, insight, the

901
00:42:06,000 --> 00:42:09,800
Speaker 1: average She's on the Money community member has doubled the

902
00:42:09,840 --> 00:42:13,080
Speaker 1: amount of savings of the average Australian. So to break

903
00:42:13,080 --> 00:42:14,960
Speaker 1: that down a little bit more, because I think it's

904
00:42:14,960 --> 00:42:17,480
Speaker 1: so important to understand this stuff, like if you're listening

905
00:42:17,480 --> 00:42:20,240
Speaker 1: to a finance podcast, you are miles ahead of anybody

906
00:42:20,239 --> 00:42:22,520
Speaker 1: else that still has their head in the sand. Our

907
00:42:22,560 --> 00:42:25,479
Speaker 1: Money Diarist this week, Georgia was twenty three years old,

908
00:42:25,719 --> 00:42:29,440
Speaker 1: which makes her a gen Z and the average savings

909
00:42:29,680 --> 00:42:32,399
Speaker 1: for a twenty four year old Australian is only ten

910
00:42:32,920 --> 00:42:36,399
Speaker 1: one hundred and sixteen dollars. She's killing it. She's more

911
00:42:36,440 --> 00:42:39,080
Speaker 1: than double that with sixteen thousand dollars in savings and

912
00:42:39,120 --> 00:42:42,319
Speaker 1: fifteen grand in a share portfolio and plans to save

913
00:42:42,320 --> 00:42:45,239
Speaker 1: an invest five grand a year. Like she's doing amazingly,

914
00:42:45,280 --> 00:42:47,120
Speaker 1: And I think she needs to give herself more credit

915
00:42:47,480 --> 00:42:49,960
Speaker 1: to give that a little bit more context for listeners

916
00:42:49,960 --> 00:42:53,000
Speaker 1: who aren't twenty four years old, Jen, why Georgia King

917
00:42:53,239 --> 00:42:56,319
Speaker 1: like yourself and I people born between nineteen eighty and

918
00:42:56,400 --> 00:42:59,520
Speaker 1: nineteen ninety four, so twenty five years old to thirty

919
00:42:59,560 --> 00:43:02,520
Speaker 1: nine years old friends, they have an average amount of

920
00:43:02,520 --> 00:43:05,360
Speaker 1: savings of nineteen thousand, seven hundred and fifty two dollars.

921
00:43:05,719 --> 00:43:09,440
Speaker 1: Gen X, our friends who were born between nineteen sixty

922
00:43:09,480 --> 00:43:12,880
Speaker 1: and nineteen seventy nine, they have an average savings of

923
00:43:12,960 --> 00:43:16,080
Speaker 1: thirty four thousand, two hundred and fifty seven dollars and

924
00:43:16,120 --> 00:43:19,160
Speaker 1: their age between forty and fifty nine. And for our

925
00:43:19,200 --> 00:43:22,799
Speaker 1: baby boomer friends who were born in anything earlier than

926
00:43:22,920 --> 00:43:26,120
Speaker 1: nineteen fifty nine, so they're sixty years old and plus,

927
00:43:26,360 --> 00:43:29,839
Speaker 1: they on average have savings of forty two thousand and

928
00:43:30,000 --> 00:43:33,160
Speaker 1: forty three dollars, which, let's be honest, is not nearly

929
00:43:33,280 --> 00:43:36,480
Speaker 1: enough to save for investment and retirement. And I just

930
00:43:36,560 --> 00:43:38,279
Speaker 1: think that we really need to keep those things in

931
00:43:38,320 --> 00:43:41,759
Speaker 1: mind when we are comparing ourselves. Honestly, stop comparing yourselves

932
00:43:41,960 --> 00:43:44,920
Speaker 1: to the success that other people in our community have had.

933
00:43:45,200 --> 00:43:48,000
Speaker 1: Like they are inspirational, they are incredible. I don't want

934
00:43:48,040 --> 00:43:50,640
Speaker 1: to see those stories stop coming in. But I also

935
00:43:50,640 --> 00:43:54,160
Speaker 1: think it's really unreasonable to see somebody else's success and

936
00:43:54,280 --> 00:43:58,640
Speaker 1: assume that you're not successful because they're succeeding. Like we

937
00:43:58,680 --> 00:44:01,120
Speaker 1: don't look at flowers and go, oh my gosh, that

938
00:44:01,160 --> 00:44:02,799
Speaker 1: flowers not as good as that one. That one's a

939
00:44:02,880 --> 00:44:05,400
Speaker 1: daisy and that one's a rose, like they're completely different,

940
00:44:05,440 --> 00:44:07,840
Speaker 1: but they are so beautiful in their own right. And

941
00:44:07,920 --> 00:44:09,440
Speaker 1: I think that we just need to stay in our

942
00:44:09,480 --> 00:44:11,960
Speaker 1: own lanes, Like, just stay in your own lane, be

943
00:44:12,120 --> 00:44:15,239
Speaker 1: happy that other people are successful, but remember that other

944
00:44:15,280 --> 00:44:18,480
Speaker 1: people's success does not hinder yours. In fact, the more

945
00:44:18,520 --> 00:44:21,600
Speaker 1: inspired you are by other people's journeys, usually the more

946
00:44:21,600 --> 00:44:24,000
Speaker 1: successful you're able to be. And I think this tall

947
00:44:24,040 --> 00:44:26,839
Speaker 1: poppy syndrome thing that we've got in Australia just needs

948
00:44:26,880 --> 00:44:29,120
Speaker 1: to shut down. Like we are a community. We are

949
00:44:29,160 --> 00:44:31,600
Speaker 1: here for each other, and if one of us is succeeding,

950
00:44:31,640 --> 00:44:33,879
Speaker 1: we are all succeeding. Like the greater the we are,

951
00:44:34,080 --> 00:44:35,719
Speaker 1: the greater the community is. And I'm going to stop

952
00:44:35,719 --> 00:44:38,359
Speaker 1: the rout there because honestly, it's something that I'm so

953
00:44:38,520 --> 00:44:41,600
Speaker 1: passionate about. Like we are a community. We are not individuals.

954
00:44:41,719 --> 00:44:44,279
Speaker 1: Like you know, if you're saving or you're in debt,

955
00:44:44,600 --> 00:44:47,080
Speaker 1: or you know something's going on like that she's on

956
00:44:47,080 --> 00:44:49,760
Speaker 1: the money. Community is thousands of women who have your back.

957
00:44:50,040 --> 00:44:52,600
Speaker 1: How cool is that? Like it's not just you on

958
00:44:52,640 --> 00:44:55,279
Speaker 1: your own journey. Post in the group say you're having

959
00:44:55,320 --> 00:44:57,880
Speaker 1: a hard week, Like we're here for you. We'd like

960
00:44:57,960 --> 00:45:01,000
Speaker 1: the ultimate hype girls, We've got you, Like I love it,

961
00:45:01,080 --> 00:45:04,200
Speaker 1: like it's it's literally my favorite thing in the entire world. Also,

962
00:45:04,239 --> 00:45:06,239
Speaker 1: let's acknowledge that, you know, when I was doing a

963
00:45:06,280 --> 00:45:08,440
Speaker 1: little bit of research to answer this question and give

964
00:45:08,440 --> 00:45:12,640
Speaker 1: you those stats, the average savings for someone in metro

965
00:45:13,360 --> 00:45:16,680
Speaker 1: areas in Australia is thirty one, four hundred and eighty

966
00:45:16,760 --> 00:45:20,480
Speaker 1: nine dollars, whereas regional friends they are obviously a bit

967
00:45:20,480 --> 00:45:24,080
Speaker 1: more disadvantaged. So our regional friends have an average savings

968
00:45:24,080 --> 00:45:26,719
Speaker 1: of nineteen thousand, four hundred and seventy dollars, which is

969
00:45:26,760 --> 00:45:29,680
Speaker 1: obviously pretty significant. And I just want to point that

970
00:45:29,719 --> 00:45:32,920
Speaker 1: out because we're all working towards equality and everyone being

971
00:45:32,960 --> 00:45:35,680
Speaker 1: able to be on equal footing, but equal footing means

972
00:45:35,680 --> 00:45:39,200
Speaker 1: equal access to opportunities as well, and I think that,

973
00:45:39,280 --> 00:45:42,719
Speaker 1: you know, our community is all about facilidating that kind

974
00:45:42,719 --> 00:45:45,600
Speaker 1: of stuff, So maybe let's wrap it there. That money

975
00:45:45,680 --> 00:45:48,480
Speaker 1: diarist was incredible. Georgia King, do you have anything that

976
00:45:48,520 --> 00:45:50,360
Speaker 1: you want to add or are you just sick of

977
00:45:50,400 --> 00:45:52,160
Speaker 1: hearing me talk? No?

978
00:45:52,280 --> 00:45:54,880
Speaker 2: I just had a couple of things pretty much. Second,

979
00:45:54,920 --> 00:45:57,799
Speaker 2: everything you've said there, thank parison is the thief of

980
00:45:57,920 --> 00:46:01,440
Speaker 2: joy past that of your life asolutely, and just yeah,

981
00:46:01,520 --> 00:46:04,680
Speaker 2: keep in mind that with comparison we really only see

982
00:46:04,680 --> 00:46:06,960
Speaker 2: the end result for a lot of people's success. We're

983
00:46:06,960 --> 00:46:08,719
Speaker 2: not seeing all the struggles they've gone through on the way,

984
00:46:08,800 --> 00:46:12,560
Speaker 2: So keep that in mind. George's hot tip also amazing

985
00:46:12,600 --> 00:46:15,239
Speaker 2: that she doesn't have any debt, only her hex stat.

986
00:46:15,280 --> 00:46:19,200
Speaker 2: She's using all of your buzzwords, be passive income, ETF S, NASDAK.

987
00:46:19,239 --> 00:46:21,200
Speaker 1: You know, yes, Queen, I love that.

988
00:46:22,239 --> 00:46:24,520
Speaker 2: The other thing was that she loves Chin chin and

989
00:46:24,800 --> 00:46:26,880
Speaker 2: little known fact, VICKI.

990
00:46:26,760 --> 00:46:30,239
Speaker 1: D used to what we said about that, Georgia King.

991
00:46:30,360 --> 00:46:33,359
Speaker 2: Don't hit me. She wouldn't because we're on a zoom

992
00:46:33,360 --> 00:46:36,319
Speaker 2: call and you wouldn't do it anyway. Workplace violence? What

993
00:46:37,520 --> 00:46:41,240
Speaker 2: Chin chin You used to work there? That's my story.

994
00:46:41,719 --> 00:46:43,600
Speaker 1: I did used to work there back when I used

995
00:46:43,600 --> 00:46:46,200
Speaker 1: to hustle my butt off in hospitality. I'm not gonna

996
00:46:46,200 --> 00:46:50,480
Speaker 1: lie I loved hospitality. Oh I was the best waitress.

997
00:46:50,480 --> 00:46:53,000
Speaker 1: I'm not gonna lie. Oh such waitress. No, I'd be

998
00:46:53,080 --> 00:46:56,760
Speaker 1: terrible now. I feel like everybody who's worked in hospitality

999
00:46:56,760 --> 00:47:00,640
Speaker 1: and has left hospitality wouldn't be good at going back.

1000
00:47:00,719 --> 00:47:04,680
Speaker 1: But I'm really impressed it past me's patience that she

1001
00:47:04,880 --> 00:47:07,160
Speaker 1: had when she worked in that industry. I just don't

1002
00:47:07,200 --> 00:47:08,879
Speaker 1: think I'd be able to put up with much now.

1003
00:47:09,000 --> 00:47:12,160
Speaker 1: Absolutely so. Shout out to all my hospitality friends. One,

1004
00:47:12,239 --> 00:47:14,880
Speaker 1: I've been there, but two you guys are doing it

1005
00:47:14,920 --> 00:47:17,680
Speaker 1: pretty rough in Australia right now, and I just want

1006
00:47:17,760 --> 00:47:18,759
Speaker 1: to send you all my love.

1007
00:47:18,840 --> 00:47:21,560
Speaker 2: Love it B. Should we wrap the show?

1008
00:47:21,960 --> 00:47:25,200
Speaker 1: Yes, g let's wrap our show. How about that? All right?

1009
00:47:25,239 --> 00:47:27,759
Speaker 1: But before we wrap our show, one of the most

1010
00:47:27,800 --> 00:47:30,000
Speaker 1: important things on this podcast is this. We'd like to

1011
00:47:30,040 --> 00:47:32,920
Speaker 1: acknowledge and per respects to Australia's Aboriginal and terrest Rate

1012
00:47:33,000 --> 00:47:36,480
Speaker 1: Islander people's, the traditional custodians of the lands, the waterways

1013
00:47:36,480 --> 00:47:39,000
Speaker 1: and the skies all across Australia. We thank you for

1014
00:47:39,040 --> 00:47:40,960
Speaker 1: sharing and for caring for the land on which we

1015
00:47:41,000 --> 00:47:43,680
Speaker 1: are able to learn. We pay our respects to elders

1016
00:47:43,680 --> 00:47:46,799
Speaker 1: past and present, and we share our friendship and our kindness.

1017
00:47:46,840 --> 00:47:50,160
Speaker 2: And now onto the boring stuff. The advice shed on

1018
00:47:50,239 --> 00:47:52,440
Speaker 2: sheers on the money is general in nature and does

1019
00:47:52,520 --> 00:47:56,360
Speaker 2: not consider your individual circumstances. She's on the money exists

1020
00:47:56,400 --> 00:47:59,399
Speaker 2: purely for educational purposes and should not be relied upon

1021
00:47:59,400 --> 00:48:02,400
Speaker 2: to make it in or a financial decision. And we

1022
00:48:02,480 --> 00:48:06,800
Speaker 2: promise Victoria Devine is legit. She is an authorized representative

1023
00:48:06,840 --> 00:48:10,319
Speaker 2: of Australia Pacific Guns Management Propriors You Limited ABM three

1024
00:48:10,360 --> 00:48:12,640
Speaker 2: four one three two four six three two five seven

1025
00:48:12,680 --> 00:48:16,319
Speaker 2: AFSL three three nine one five one and a big

1026
00:48:16,360 --> 00:48:19,319
Speaker 2: thank you to Ryan John, our editor, for putting it

1027
00:48:19,320 --> 00:48:20,439
Speaker 2: together today's show.

1028
00:48:20,640 --> 00:48:23,200
Speaker 1: And guys, we would so love it if you joined

1029
00:48:23,200 --> 00:48:26,400
Speaker 1: our Facebook group where our community shares money, tips and

1030
00:48:26,440 --> 00:48:29,440
Speaker 1: tricks every single day, free of judgment. So she's on

1031
00:48:29,480 --> 00:48:31,880
Speaker 1: the money on Facebook and join us. If Facebook's not

1032
00:48:32,040 --> 00:48:34,440
Speaker 1: your thing, you can also find us on Instagram, where

1033
00:48:34,480 --> 00:48:37,200
Speaker 1: it She's on the money, AUS and friends. Just to

1034
00:48:37,280 --> 00:48:40,759
Speaker 1: link sudedly brag. We have a new Facebook group and

1035
00:48:40,840 --> 00:48:43,400
Speaker 1: it's all about property and if you're interested in that,

1036
00:48:43,560 --> 00:48:46,560
Speaker 1: search the Property Playbook and join us. There's forty six

1037
00:48:46,640 --> 00:48:49,320
Speaker 1: thousand of you and the conversations in there are wild

1038
00:48:49,440 --> 00:48:52,880
Speaker 1: and I'm so here for it. See you next week, though, friends,

1039
00:48:53,000 --> 00:49:03,840
Speaker 1: see it guy, see your friends.