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Speaker 1: She's on the Money. She's on the Money.

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

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Speaker 2: The Millennials who Want Financial Freedom? Maternity leave? What is it?

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Speaker 2: What are we entitled to financially and how can we

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Speaker 2: set ourselves up to be in the best financial position possible,

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Speaker 2: whether we plant the pregnancy or if it came along

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Speaker 2: a little sooner than expected. My name is Georgia King,

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Speaker 2: and joining me is financial advisor Victoria Devout. Who are you,

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Speaker 2: Victoria Divine's embarrassing? That's all right, we're what's your next question,

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Speaker 2: b I'm just going to start at the start, which

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Speaker 2: is often a good place to start. How does matt

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Speaker 2: leave work in Australia? What's our system? All right?

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Speaker 3: So, thank you, Georgia. I didn't realize I was so forgettable.

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Speaker 2: But here in Australia we have what.

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Speaker 3: We call parental leave, not maternity leave. Let's call it

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Speaker 3: parental leave because it is just a little bit more inclusive.

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Speaker 3: But that is leave that can be taken after employee

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Speaker 3: gives birth, or after an employee spouse or to facto

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Speaker 3: partner gives birth, or after an employee adobs a child

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Speaker 3: under the age of sixteen. Parental leave is actually quite

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Speaker 3: simple to apply for. You just sign into your micov

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Speaker 3: account and apply, which is very exciting. In terms of

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Speaker 3: the amount of time you get off, employees are entitled

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Speaker 3: to up to twelve months of unpaid parental leave, and

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Speaker 3: they can request an additional twelve months of unpaid parental leave,

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Speaker 3: so technically we're not talking about the financial side of things.

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Speaker 2: You can take up to two years off for.

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Speaker 3: Having a baby or acquiring one through various ways, which

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Speaker 3: is actually kind of cool in terms of employment because

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Speaker 3: not a lot of places in the world have that

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Speaker 3: level of flexibility. And when we talk about being able

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Speaker 3: to take that time off, you might be thinking, well,

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Speaker 3: v of course I can just say I'm not coming

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Speaker 3: back to my job, but essentially your job will hold

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Speaker 3: your role for that long, which is really nice to

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Speaker 3: know that when you want to go back to work, George,

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Speaker 3: you've got a job waiting for you, which is actually

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Speaker 3: really exciting. In terms of who is eligible, all employees

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Speaker 3: in Australia are entitled to it. It doesn't matter if

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Speaker 3: you are casual, part time, full time, freelancer, doesn't matter

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Speaker 3: if you are employed. You are entitled to parental leave.

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Speaker 3: But there are a few prerequisites. You do need to

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Speaker 3: have worked for the employer for at least twelve months

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Speaker 3: before the expected date of birth, or before the date

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Speaker 3: of adoption, or before the leave starts. And you either

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Speaker 3: have or will have the responsibility for caring for a child.

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Speaker 3: So you can't just take parental leave if you're not

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Speaker 3: the person looking after to the baby. You can't be like, oh,

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Speaker 3: my partner had a baby and he's taking all of

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Speaker 3: this time off, and I guess I'll just take it

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Speaker 3: off too, Like that's not how it works, sadly, but

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Speaker 3: that would be really nice. And in terms of if

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Speaker 3: you're a casual worker, as I said, you can still

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Speaker 3: get parental leave, but you need to have done two things.

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Speaker 3: The first is you need to have been working for

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Speaker 3: your employer on a regular basis for a minimum of

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Speaker 3: twelve months. And the second thing is that there needs

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Speaker 3: to be a reasonable expectation of continuing work for that

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Speaker 3: employer had you not had the child. So you can

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Speaker 3: find out so much more about the specifics of that

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Speaker 3: on the Fair Work website, which we obviously will link

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Speaker 3: in the show.

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Speaker 2: Notes as always be Okay, so that's kind of who

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Speaker 2: gets it and how long you can take off. Do

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Speaker 2: you get paid in this time be d dun dun duh,

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Speaker 2: Yes you do.

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Speaker 3: And I think that that's the most exciting thing and

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Speaker 3: something that I really want to point out.

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Speaker 2: As being quite special.

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Speaker 3: Like I know that a lot of places have better

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Speaker 3: parental leave policy is like I know overseas there are

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Speaker 3: a lot of places where you get a year and

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Speaker 3: you get like a whole heap of other benefits. But

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Speaker 3: at the end of the day, to know that our

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Speaker 3: government is supporting us to have a child is kind

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Speaker 3: of cool. To know that we're not going to be

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Speaker 3: in a position where we don't have any income at all.

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Speaker 3: So here in Australia we have access to parental leave pay,

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Speaker 3: which is what it's called, and it is pay based

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Speaker 3: on the minimum wage which you are able to receive

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Speaker 3: for up to eighteen weeks. Currently that pay is sitting

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Speaker 3: at seven hundred and seventy two dollars and fifty five

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Speaker 3: cents per week, which equates to about one hundred and

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Speaker 3: fifty four dollars and fifty one cents per day Georgia

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Speaker 3: with bore a tax. And it will be paid to

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Speaker 3: you either via your workplace or directly via sent link.

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Speaker 3: Depending on your personal situation, there is also dad and

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Speaker 3: partner pay which is available for your partner, which is

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Speaker 3: available for up to two weeks, which I think is

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Speaker 3: really cool as well to know that they can also

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Speaker 3: spend some time getting to know the memb. No in

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Speaker 3: saying that this is just the base amount of parental

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Speaker 3: leave that we would get as employees here in Australia.

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Speaker 3: Your employer might have a different schedule set out, like

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Speaker 3: you might work for the Australian Government, in which case

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Speaker 3: you might be able to take up to twelve months off,

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Speaker 3: which is wild and so cool, and get half pay

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Speaker 3: for that entire time. So we are not talking about

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Speaker 3: your specific employment situation, but rather the base level of

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Speaker 3: parental pay that exists here in Australia. And often it

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Speaker 3: doesn't happen in small businesses because they can't actually afford

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Speaker 3: to pay you well you're not there. But in bigger businesses,

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Speaker 3: companies and government based roles it is often a really

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Speaker 3: good carrot, honestick. And if I'm being honest, I know

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Speaker 3: a couple of people personally who have actually decided to

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Speaker 3: work in particular areas or go. You know what, I

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Speaker 3: have a skill set I'm going to work as this,

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Speaker 3: but I'm actually going to make sure I get a

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Speaker 3: job in government because they prioritized the parental leave policies

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Speaker 3: that they had, and I mean, I think that's pretty smart,

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Speaker 3: in addition to the fact that they always get like

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Speaker 3: minimum of fifteen percent superin government based roles, like maybe we.

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Speaker 2: All should work for the government.

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Speaker 3: I don't know, sounds smart, But also I think it's

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Speaker 3: really important to take into consideration and important to differentiate

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Speaker 3: the fact that we're not talking about like the parental

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Speaker 3: leave policy that impacts you, particularly Georgia, but more like

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Speaker 3: their base level of parental pay that we get.

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Speaker 2: Because I also know.

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Speaker 3: There are some employers out there that will give you

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Speaker 3: a full twelve months of pay to have a baby,

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Speaker 3: which is really cool, but also not something that is

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Speaker 3: financially viable for a lot of companies.

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Speaker 2: So in terms of who is eligible for parental leave pay,

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Speaker 2: who is Yeah, who is it? What tests?

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Speaker 3: So to be eligible, you do need to be the

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Speaker 3: primary care of that child. So as I said before,

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Speaker 3: g you can't just take the time off and your

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Speaker 3: partner is the primary care. You need to also meet

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Speaker 3: an income test, our work test, and residency rules, and

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Speaker 3: all of the information on that is available on the

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Speaker 3: MYGAV website. So to break it down a little bit more,

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Speaker 3: the income test means that you must have an individual

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Speaker 3: and in quotation marks, adjustable taxable income of either one

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Speaker 3: hundred and fifty thousand dollars or less in the twenty

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Speaker 3: nineteen to twenty twenty financial year or one hundred and

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Speaker 3: fifty one thousand and three hundred and fifty dollars or

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Speaker 3: less in the twenty twenty to twenty twenty one financial year.

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Speaker 3: So obviously you can't be making bank and also access

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Speaker 3: parental leave pay, which I know for actually a few

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Speaker 3: of our community members is quite frustrating. Then the work

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Speaker 3: test means that you'll need to have either worked for

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Speaker 3: ten of the thirteen months before birth or adoption, and

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Speaker 3: it needs have been for a minimum of three hundred

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Speaker 3: and thirty hours in that ten month stint, which we've

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Speaker 3: worked out to be about one day per week, So

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Speaker 3: it's not like you have to have been working full

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Speaker 3: time to access this, but you do need to have

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Speaker 3: roughly worked a day a week to be able to

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Speaker 3: get parental leave pay. And it's also worth noting too

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Speaker 3: that if you were a job Keeper at any stage

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Speaker 3: this also counts as work, so don't stress too much

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Speaker 3: if you've found yourself a situation where you're thinking about

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Speaker 3: taking parentally for you're like, oh my gosh, I've been

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Speaker 3: on job keeper this whole time. No, it counts as

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Speaker 3: work and that is okay. And there are actually a

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Speaker 3: few more stipulations to this that we're going to link

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Speaker 3: in the show notes, so if you do have further questions,

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Speaker 3: you can follow Services Australia up in our notes below.

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Speaker 3: And then when it comes to residency rules, this is

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Speaker 3: pretty simple. I'm sure you guys already know if you're

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Speaker 3: a resident or not, but you either need to be

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Speaker 3: an Australian citizen or you need a permanent visa or

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Speaker 3: a special category visa or a specific type of temporary

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Speaker 3: visa to access this, which again is all on the

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Speaker 3: MyGov website and very simple to work out whether you are.

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Speaker 2: Eligible or not. Now you did touch on this before,

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Speaker 2: v but does our employer pay us at all? Slash?

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Speaker 2: Do they pay us this money from the government? Like

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Speaker 2: what does that look like?

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Speaker 3: It can be pretty confusing because, as I said before,

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Speaker 3: like sometimes it's paid from your employer and they receive

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Speaker 3: the money from the government and then hand it to

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Speaker 3: you and then sometime it will come directly from sent

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Speaker 3: Link depending on your personal situation. But the way that

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Speaker 3: it works is that the Australian government makes the parental

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Speaker 3: leave payments to the employer more often than not, who

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Speaker 3: then pay that onto you in the same way that

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Speaker 3: the job keeper system worked for example. And then that said,

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Speaker 3: many employers have created their own policies around parental leave

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Speaker 3: that they might offer in addition, so this is often

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Speaker 3: why the government pays directly to the employer. So if

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Speaker 3: they are topping it up or they're doing something different,

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Speaker 3: they can absolutely pass that onto you in just one

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Speaker 3: payment instead of like having a number of different ones

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Speaker 3: and you having to go to centilink and a whole

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Speaker 3: heap of other workarounds. But in saying that you will

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Speaker 3: never get less than the minimum. So as we said

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Speaker 3: before Georgia the minimum was seven hundred and seventy two

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Speaker 3: dollars and fifty five cents per week. You will always

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Speaker 3: get that minimum. Your employer is not going to take

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Speaker 3: some off the top and then pass it on to you.

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Speaker 3: It's literally just for tax record keeping purposes and making

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Speaker 3: sure that it's actually the easiest and simple process for you.

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Speaker 3: So for getting less than that, maybe that's a little

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Speaker 3: red flag we need to look into. According to the WGEA,

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Speaker 3: which you know, George, I do love, they said on

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Speaker 3: their website and I quote leading practice organizations provide permanent

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Speaker 3: employees with a minimum of eight weeks of paid parental

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Speaker 3: leave at full pay for primary cares, and a minimum

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Speaker 3: of three weeks for secondary cares. And both women and

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Speaker 3: men must be given the opportunity, and both women and

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Speaker 3: men must be given the opportunity to identify as the

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Speaker 3: primary care. So I think that that's important to take

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Speaker 3: into consideration as well, because it's not saying that women

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Speaker 3: who have the baby more often than not, or people

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Speaker 3: who have wombs have the baby and then they are

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Speaker 3: the primary care. That essentially is telling us that if

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Speaker 3: the parent can just choose to be the primary care,

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Speaker 3: and we just need to let our employer know who

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Speaker 3: that's going to be and what that is going to

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Speaker 3: look like for us, which I think is really exciting

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Speaker 3: and definitely a little bit of a change of pace

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Speaker 3: to what it was historically.

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Speaker 2: Yeah, it would be interesting to look back. I haven't

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Speaker 2: got that in my line of questions for you b

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Speaker 2: but maybe we could follow that up this week somehow.

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Speaker 2: But yeah, it would be interesting to see how far.

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Speaker 3: These rules have come, I guess I think it would

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Speaker 3: be super exciting actually, And I'm just jumping this on

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Speaker 3: you here and now, a committing to our community that

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Speaker 3: you will post in the Facebook group, just asking if

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Speaker 3: they're the primary care or not, and what situations have

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Speaker 3: worked and what haven't worked. And I just think it's

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Speaker 3: so exciting and interesting. And I mean, I'm not having

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Speaker 3: kids anytime soon, hopefully in the future. I absolutely do

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Speaker 3: feel my life full of babies, but that is not

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Speaker 3: yet because she's on the money, probably playbooks business by

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Speaker 3: baby babies or my babies. Like, we have a lot

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Speaker 3: going on, like I've got Zella as well, Like you guys,

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Speaker 3: I'm a bit busy. But at the same time, I

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Speaker 3: just really want to know how people are working it.

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Speaker 3: I've got a couple of girlfriends actually g who have

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Speaker 3: taken some time off to have the baby and recover

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Speaker 3: and then they've gone straight back to work and then

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Speaker 3: their partner is the primary career for twelve months, And

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Speaker 3: I just I love the idea that people are changing

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Speaker 3: the way things were working because they're like, oh, yeah,

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Speaker 3: actually that doesn't work for us, or maybe the person

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Speaker 3: who is giving birth George is actually the breadwinner in

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Speaker 3: the family and they have to return to work, so

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Speaker 3: the other person is put in a situation where they're like, look,

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Speaker 3: I don't really want to be the primary care if

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Speaker 3: financially it made more sense, And so we as a

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Speaker 3: couple have made this decision for our family for it

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Speaker 3: to work this way. But in saying that, I also

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Speaker 3: have a couple of girlfriends who have returned to work

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Speaker 3: really quickly, and neither of them have stopped work at all,

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Speaker 3: and they've got care externally coming into the home to

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Speaker 3: help them. So it's just different for different people, and

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Speaker 3: I'm so pervy on what that looks like because more

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Speaker 3: often than not, let's be honest, Georgia, the reason we

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Speaker 3: make these decisions is financial.

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Speaker 2: It might be worth doing an episode V on returning

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Speaker 2: to work after had a family and strategies around. I agree.

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Speaker 3: I feel like that would be a really good episode,

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Speaker 3: especially after And you probably don't see this because you

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Speaker 3: don't get in the DMS of the She's on the

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Speaker 3: money Instagram like I do. But we got so much

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Speaker 3: good feedback after the Career's episode that I think we

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Speaker 3: might weasel some new ones in there. Yeah, everybody loved

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Speaker 3: that and I'm loving the feedback from it. So if

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Speaker 3: you have any other ap ideas, guys.

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Speaker 2: Let us let us lea.

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Speaker 3: We are all ears and we just want to educate

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Speaker 3: you guys for sure.

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Speaker 2: Okay, So if you're self employed, feed do things get

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Speaker 2: a lot more complicated? So yes, and no.

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Speaker 3: Self employed people are still entitled to take paid parental leave,

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Speaker 3: which is very very exciting, even if their business doesn't

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Speaker 3: currently make a profit, which is also a very nice thing.

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Speaker 3: You just need to ensure that you don't actively run

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Speaker 3: your business while you are on leave, as you will

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Speaker 3: then stop receiving payments as you'll be considered to have

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Speaker 3: returned to work, so you need to be really careful

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Speaker 3: about that. And the benefit to being self employed at

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Speaker 3: this time is that you can be more flexible with

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Speaker 3: the time that you take and often you aren't as restricted.

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Speaker 3: It's one of those things where no, you're not going

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Speaker 3: to miss out if you are self employed, and it

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Speaker 3: is so nice to know that you don't even need

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Speaker 3: to be turning a profit. You just have to have

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Speaker 3: been working in that business for a certain period of time, Like,

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Speaker 3: you can't just go, ah, I'd like to take that

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Speaker 3: I'm going to establish a business today, apply for it tomorrow.

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Speaker 2: It's not going to work like that.

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Speaker 3: You do have to have a legitimate business, but it's

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Speaker 3: really nice to know that that support exists there And

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Speaker 3: again in the same vein, when I talk about people

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Speaker 3: who are employed by other businesses, it's really important to

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Speaker 3: think about things like super and emergency funds and making

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Speaker 3: sure that you are financially Okay, but that would apply

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Speaker 3: to anybody regardless of how they are employed.

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Speaker 2: Okay, that's super interesting. In terms of actually receiving parental

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Speaker 2: leave payve do we take it all at once or

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Speaker 2: is it rationed out? What does that look like?

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Speaker 3: So as of July last year, so twenty twenty not

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Speaker 3: twenty twenty one, if you're eligible for parental leave payments,

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Speaker 3: you can claim it for one set period and one

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Speaker 3: flexible period. So what the hell does that mean? So

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Speaker 3: the first set period is a consecutive period of pay

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Speaker 3: for twelve weeks, which needs to be used over that

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Speaker 3: time within the first twelve months of having or adopting

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Speaker 3: a child. That second flexible parental leave of payment allows

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Speaker 3: you to use up to thirty days of that payment,

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Speaker 3: which can be used in a way that suits both

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Speaker 3: you and your employer, and it needs to be used

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Speaker 3: within twenty four months of the birth or adoption, and

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Speaker 3: it's typically started after the first set of PLP period

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Speaker 3: winds up. This flexible PLP, and I say PLP because

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Speaker 3: it's parental leave pay is really handy when you have

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Speaker 3: to start slowing back into work and maybe you want

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Speaker 3: to work two days a week and then have PLP

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Speaker 3: payments for the rest of the days if you want

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Speaker 3: to take half.

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Speaker 2: Days, etc.

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Speaker 3: So it just enables you to be more flexible with

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Speaker 3: your employer to make sure that you don't have to

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Speaker 3: be on parental leave or not if that makes it

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Speaker 3: so that you can actually come back into work in

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Speaker 3: a little bit.

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Speaker 2: More of a smoother process.

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Speaker 3: And it's really important to note that your unpaid parental

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Speaker 3: leave ends when you return to work, even if you

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Speaker 3: are going back and reduced hours all days.

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Speaker 2: Right, Okay, interesting, So it seems like it does change

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Speaker 2: from workplace to workplace. Would you say, other than listening

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Speaker 2: to this episode, be that it's a good idea just

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Speaker 2: to chat to HR to get.

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Speaker 3: A good absolute out it is and it hurts a

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Speaker 3: sticky situation, and gee, it shouldn't be this way. But

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Speaker 3: in saying that, maybe you don't want to talk to

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Speaker 3: HR yet, maybe you don't want to tell them about

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Speaker 3: your pregnancy yet or the fact that you're trying to

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Speaker 3: get pregnant, it might not be something that you're comfortable

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Speaker 3: sharing with your team or your boss or your employer.

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Speaker 3: So I totally get that. So the first thing I

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Speaker 3: would do is actually go and review my employment contract

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Speaker 3: and understand what that policy is. If your company is

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Speaker 3: big enough to have a HR department, you best believe

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Speaker 3: they're going to have a parental leave policy that you

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Speaker 3: can weasel out of somewhere and read up on and

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Speaker 3: make sure that you know what that.

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Speaker 2: Means for you.

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Speaker 3: And obviously, if there are other people in the business

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Speaker 3: who have taken parental leave, you could probably learn from

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Speaker 3: that experience and see what they did. But in saying that,

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Speaker 3: if you're comfortable have a chat with HR, but at

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Speaker 3: a base employees should actually alert their employer ten weeks

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Speaker 3: before intending to start leave of their situation. It needs

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Speaker 3: to be writing as well technically, and you need to

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Speaker 3: tell them how much leave you intend on taking and

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Speaker 3: your start and finish dates. At that point, obviously, you

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Speaker 3: can then work with your employer to make that more

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Speaker 3: flexible or change that if things change. And if you

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Speaker 3: can't give them that much notice, then just as much

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Speaker 3: notice as possible is recommended. But ten weeks is the

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Speaker 3: recommended amount from our friends at the government Georgia.

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Speaker 2: So B, what if you were like, I'm going to

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Speaker 2: take six months of leave of matt leave, pat leave,

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Speaker 2: but then you have your little ray of sunshine and

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Speaker 2: you're like, sweetheart, I want to spend two years with you.

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Speaker 2: Can you change your mind?

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Speaker 3: That's actually fine, g It actually happens all of the time.

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Speaker 3: And if you're intending on taking less than twelve months

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Speaker 3: of leave, you can actually then extend it up to

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Speaker 3: twelve months, but no more. You just need to give

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Speaker 3: your employer a minimum of four weeks of written notice

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Speaker 3: once you make that decision to extend it, so that

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Speaker 3: they can sort their stuff out and get somebody in

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Speaker 3: that role and make sure that everything is all good.

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Speaker 3: If you've taken twelve months and you want to extend

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Speaker 3: beyond that, though, you can actually tack up to another

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Speaker 3: twelve months on in total, but in total, it can't

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Speaker 3: be more than twenty four months. And again you also

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Speaker 3: need to give your employer four weeks notice if you're

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Speaker 3: intending to extend that in saying that, that is just

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Speaker 3: the legalities around it. And I'm sure that you could

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Speaker 3: work with your employer to say, oh, actually I want

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Speaker 3: to take some more time off, or I would like

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Speaker 3: to be more flexible, or actually.

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Speaker 2: Do you know what this whole parenting thing.

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Speaker 3: I thought it was going to be a dream thought

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Speaker 3: I'd want to stay at home with my little ray

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Speaker 3: of sunshine, but I miss my work friends. Can I

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Speaker 3: come back sooner? So it's going to be really flexible.

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Speaker 3: And again you just need to talk to your employer

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Speaker 3: about how that works. This is just the base amount

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Speaker 3: of understanding that you guys need to kind of like

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Speaker 3: springboard off and create your own plans with.

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Speaker 2: V You said there that you can potentially go back

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Speaker 2: earlier if you want to. What if there was someone

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Speaker 2: in your role though, like yes, so to actually be

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Speaker 2: the negotiating there to take place.

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Speaker 3: So often, if you're going to take matt lee for

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Speaker 3: a significant period of time, your employe is very likely

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Speaker 3: to find a Matt leave cover for that or distribute

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Speaker 3: your role within the team internally so that they can

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Speaker 3: pick up the slack. So again it's just about negotiating

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Speaker 3: that with your employer, and as I said before, it's

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Speaker 3: just about being mindful that there could be someone in

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Speaker 3: that role. So if they've actually signed a contract for

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Speaker 3: nine months, maybe you'll need to actually have them see

404
00:19:44,840 --> 00:19:49,439
Speaker 3: that entire maternity contract out before they leave, or you

405
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Speaker 3: could work with.

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Speaker 2: Your employee to come back on a part time basis.

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Speaker 3: Again, completely dependent, and I can't speak for every employer

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Speaker 3: in this situation, but sometimes you're able to negotiate that

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Speaker 3: in earlier or maybe longer, because more often than not,

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Speaker 3: if someone has taken a role as a twelvemonth Matt

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Speaker 3: leaf cover, they might be very comfortable to extend that

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Speaker 3: for three months and be like, oh, yeah, no problems

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Speaker 3: if you give them enough notice. Again, I know that

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Speaker 3: legally you only have to give them those four weeks

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Speaker 3: notice about extending it, but if you know someone is

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Speaker 3: in your role and they are on a matt leave cover,

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Speaker 3: the more time you give them, the more likely they

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Speaker 3: are to have been able to extend really comfortably. Because

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Speaker 3: I know personally if I took a mat leaf cover

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Speaker 3: role and my time was coming up, and it was

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Speaker 3: four weeks before the end of my Matt leaf cover

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Speaker 3: was ending. You best believe I'd probably have something lined

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Speaker 3: up already, and my employer would probably be a little

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Speaker 3: bit frustrated they didn't have more time to say, Hey, George,

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Speaker 3: Victoria is not coming back from parental leave on the time,

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Speaker 3: do you want to extend your contract for three months?

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Speaker 3: You might go, yeah, no props, but give them as

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Speaker 3: much notice as possible because it just makes everything easier

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Speaker 3: for everybody involved.

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Speaker 2: Question. Yes, if the person that replaced you in your

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Speaker 2: role while you're on MATT leave is better than you,

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Speaker 2: can they be like, see a gi no keeping you

433
00:21:07,560 --> 00:21:09,560
Speaker 2: need no no, that is that's illegal.

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Speaker 3: Yeah, and that is actually illegal, and that is the

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Speaker 3: whole point of making sure that that role is available

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Speaker 3: for you when you return. It's also why when we

437
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Speaker 3: talk about in the casual employment side of things, they

438
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Speaker 3: need to make sure that your role would actually be

439
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Speaker 3: enduring for you to actually be eligible for it. But

440
00:21:28,000 --> 00:21:29,880
Speaker 3: at the same time, it's one of those things where,

441
00:21:29,920 --> 00:21:33,400
Speaker 3: again I can't speak for every employer, but we've all

442
00:21:33,440 --> 00:21:37,040
Speaker 3: heard horror stories about this happening, and that's why it's

443
00:21:37,080 --> 00:21:39,600
Speaker 3: really important to have your emergency fund and have yourself

444
00:21:39,640 --> 00:21:42,159
Speaker 3: set up and potentially just be keeping in touch with

445
00:21:42,240 --> 00:21:45,000
Speaker 3: your employer during that time. I'm not saying that you

446
00:21:45,040 --> 00:21:47,240
Speaker 3: need to be working with your employer during that time,

447
00:21:47,280 --> 00:21:49,440
Speaker 3: but it's one of those things where it's actually flexible

448
00:21:49,480 --> 00:21:51,880
Speaker 3: and it's actually on your terms. And remember our friend

449
00:21:51,920 --> 00:21:55,200
Speaker 3: Rebecca Pritchard, she came in to talk about cost of

450
00:21:55,280 --> 00:21:58,119
Speaker 3: babies with us, and she's actually one of my dear friends,

451
00:21:58,200 --> 00:22:00,959
Speaker 3: and she recently had the baby she was pregnant with

452
00:22:01,040 --> 00:22:02,440
Speaker 3: when she was on the podcast.

453
00:22:02,640 --> 00:22:03,280
Speaker 2: Her name is.

454
00:22:03,280 --> 00:22:07,359
Speaker 3: Della, and she is delicious. She is such a just pudding. Yeah,

455
00:22:07,720 --> 00:22:10,920
Speaker 3: very very cute and very cute baby. But Rebecca had

456
00:22:10,960 --> 00:22:14,000
Speaker 3: her baby, but she's been negotiating with her employer to

457
00:22:14,040 --> 00:22:16,399
Speaker 3: still do some of the things that she really loved doing.

458
00:22:16,680 --> 00:22:19,639
Speaker 3: So Beck, just like me, is a financial adviser. We

459
00:22:19,720 --> 00:22:22,520
Speaker 3: love talking about money, we love keeping in contact with

460
00:22:22,560 --> 00:22:26,000
Speaker 3: our clients. So Beck had actually negotiated to have a

461
00:22:26,000 --> 00:22:29,879
Speaker 3: few workshops and stuff still in her contract to do

462
00:22:30,000 --> 00:22:32,800
Speaker 3: while she was on Matt Lee under the guys that

463
00:22:33,080 --> 00:22:36,639
Speaker 3: her employer knew that the baby would be involved, knew

464
00:22:36,680 --> 00:22:38,800
Speaker 3: that she would you know, maybe need a little bit

465
00:22:38,840 --> 00:22:42,000
Speaker 3: of back up, but also just to keep her skills

466
00:22:42,080 --> 00:22:44,400
Speaker 3: up and just to keep her engaged with her community

467
00:22:44,440 --> 00:22:47,920
Speaker 3: and her clients. So that is entirely possible as well,

468
00:22:47,960 --> 00:22:49,959
Speaker 3: if that is something you want to do. I've been

469
00:22:50,000 --> 00:22:52,600
Speaker 3: saying that not everybody feels that way about their job.

470
00:22:52,720 --> 00:22:55,240
Speaker 2: G Nah, exactly. For some people it's just.

471
00:22:55,200 --> 00:22:59,040
Speaker 3: A job, exactly, And you, like Victoria, that sounds crazy.

472
00:22:59,119 --> 00:23:01,399
Speaker 3: I do not want to hear from those people for

473
00:23:01,640 --> 00:23:03,760
Speaker 3: twelve months, like I'm looking.

474
00:23:03,480 --> 00:23:04,160
Speaker 2: Forward to it.

475
00:23:04,440 --> 00:23:07,960
Speaker 3: But again, it's just different for each and every single person,

476
00:23:08,040 --> 00:23:11,000
Speaker 3: and that's where we need to have that inherent confidence

477
00:23:11,280 --> 00:23:15,200
Speaker 3: to have those conversations with our employer and negotiate things

478
00:23:15,240 --> 00:23:18,040
Speaker 3: and bring things up and say, oh, hey, I know

479
00:23:18,160 --> 00:23:20,440
Speaker 3: that I'm taking Matt leaves, but like my favorite part

480
00:23:20,480 --> 00:23:22,919
Speaker 3: of the job is actually, you know, seeing what's going

481
00:23:22,960 --> 00:23:25,639
Speaker 3: to happen with this particular client project. Do you think

482
00:23:25,680 --> 00:23:27,719
Speaker 3: that I could just be looped in when that actually

483
00:23:27,760 --> 00:23:29,800
Speaker 3: settles so that I don't feel out of the loop,

484
00:23:29,920 --> 00:23:32,000
Speaker 3: or do you think that I could maybe attend one

485
00:23:32,040 --> 00:23:34,159
Speaker 3: of those meetings to stay on track and you know,

486
00:23:34,280 --> 00:23:36,960
Speaker 3: keep my skills up. I think it is really important

487
00:23:36,960 --> 00:23:38,840
Speaker 3: to know that you do have the power to ask that,

488
00:23:39,240 --> 00:23:41,800
Speaker 3: and more often than not, Like, let's flip this situation.

489
00:23:42,160 --> 00:23:44,880
Speaker 3: I'm an employer. Gee, if you went on parental leave

490
00:23:45,119 --> 00:23:47,359
Speaker 3: and I didn't hear from you, I'd be like, okay,

491
00:23:47,440 --> 00:23:49,600
Speaker 3: no problems. Absolutely can do that. But if you turned

492
00:23:49,600 --> 00:23:51,920
Speaker 3: around and said, oh, I'd love to be involved in X, Y,

493
00:23:51,960 --> 00:23:54,600
Speaker 3: and Z, I would bend over backwards to make sure

494
00:23:54,640 --> 00:23:56,800
Speaker 3: that you were included in on that because I know

495
00:23:57,240 --> 00:24:00,199
Speaker 3: how good that is for my business. I know that

496
00:24:00,240 --> 00:24:03,320
Speaker 3: you being committed to the business is such a beautiful thing.

497
00:24:03,440 --> 00:24:06,000
Speaker 3: And I also know how much value would bring to

498
00:24:06,040 --> 00:24:08,879
Speaker 3: our clients and our team. So I just think that

499
00:24:09,000 --> 00:24:12,600
Speaker 3: asking is not putting anybody out. It's actually bringing a

500
00:24:12,600 --> 00:24:14,199
Speaker 3: better work community together.

501
00:24:14,600 --> 00:24:17,800
Speaker 2: But also definitely no pressure in debt. No, you don't

502
00:24:18,000 --> 00:24:20,280
Speaker 2: have to still be there. Yeah, okay, good to know.

503
00:24:20,880 --> 00:24:22,760
Speaker 2: Before we head to the break feed. This has been

504
00:24:22,800 --> 00:24:26,840
Speaker 2: a very top heavy show. I feel like there was

505
00:24:27,080 --> 00:24:31,320
Speaker 2: news recently floating around about leave being approved for miscarriage.

506
00:24:31,359 --> 00:24:32,200
Speaker 2: Is that true?

507
00:24:32,320 --> 00:24:35,080
Speaker 3: Talk to about and it's actually really special, So you

508
00:24:35,160 --> 00:24:37,920
Speaker 3: are absolutely right. A few weeks ago, the Fair Work

509
00:24:37,960 --> 00:24:41,120
Speaker 3: Act of two thousand and nine was updated to include

510
00:24:41,200 --> 00:24:45,440
Speaker 3: miscarriage as a reason to access compassionate leave. So now

511
00:24:45,600 --> 00:24:49,040
Speaker 3: full time employees can access two days of paid leave

512
00:24:49,520 --> 00:24:52,520
Speaker 3: or unpaid leaf for casuals, and that applies to the

513
00:24:52,600 --> 00:24:55,800
Speaker 3: spouse or de facto partner as well. Obviously this is

514
00:24:55,880 --> 00:24:59,760
Speaker 3: incredibly important, and from my perspective, we're just interjecting a

515
00:24:59,800 --> 00:25:03,040
Speaker 3: whole her opinion right here. It's not enough time, but

516
00:25:03,080 --> 00:25:05,199
Speaker 3: it is a step in the right direction when it

517
00:25:05,200 --> 00:25:07,840
Speaker 3: comes to that. Miscarriage is so important to talk about

518
00:25:07,880 --> 00:25:10,960
Speaker 3: because it happens so often and it's actually a really

519
00:25:11,000 --> 00:25:13,960
Speaker 3: traumatic event. So I don't agree with the two days,

520
00:25:14,040 --> 00:25:15,840
Speaker 3: but I'm really glad that we are stepping in the

521
00:25:15,920 --> 00:25:18,600
Speaker 3: right direction and starting to include that. But I do

522
00:25:18,640 --> 00:25:21,280
Speaker 3: think it's something that employers need to be more flexible on,

523
00:25:21,560 --> 00:25:24,320
Speaker 3: and I also know, yes, in the Fair Work Act

524
00:25:24,359 --> 00:25:27,680
Speaker 3: you can access compassionately. But also I think that there

525
00:25:27,720 --> 00:25:29,439
Speaker 3: are a lot of employers who would be like, just

526
00:25:29,480 --> 00:25:32,320
Speaker 3: go and leave, we'll look after you. It's okay, because

527
00:25:32,359 --> 00:25:35,480
Speaker 3: that is something that is incredibly traumatic and you need

528
00:25:35,520 --> 00:25:38,040
Speaker 3: support during that time and it just doesn't take two

529
00:25:38,080 --> 00:25:39,680
Speaker 3: days to get over something like that.

530
00:25:39,960 --> 00:25:42,320
Speaker 2: So you think workplaces these days would be much more

531
00:25:42,359 --> 00:25:45,040
Speaker 2: open to granting you leave if you need it.

532
00:25:45,320 --> 00:25:48,520
Speaker 3: I would hope so, But in saying that, it's a

533
00:25:48,680 --> 00:25:51,639
Speaker 3: very hard topic to tackle because it's a topic that

534
00:25:51,880 --> 00:25:55,000
Speaker 3: more often than not, again I'm not an expert in

535
00:25:55,040 --> 00:25:58,240
Speaker 3: this situation, I just know enough about it I guess

536
00:25:58,760 --> 00:26:02,560
Speaker 3: to be having this conversation. Miscarriage happens more often than

537
00:26:02,560 --> 00:26:04,919
Speaker 3: not within the first twelve weeks of the pregnancy, so

538
00:26:04,960 --> 00:26:07,000
Speaker 3: you are very likely to not have even told your

539
00:26:07,040 --> 00:26:09,520
Speaker 3: employer that you were expecting a baby at any point

540
00:26:09,560 --> 00:26:12,400
Speaker 3: in the future. So for me, it's really good. It's

541
00:26:12,400 --> 00:26:15,159
Speaker 3: a step in the right direction. But as a community

542
00:26:15,320 --> 00:26:18,639
Speaker 3: and as a society, we need to be normalizing miscarriage

543
00:26:18,680 --> 00:26:22,840
Speaker 3: conversation and talking about this process because I know personally,

544
00:26:23,240 --> 00:26:26,080
Speaker 3: again I'm just taking this back personally, if I suffered

545
00:26:26,080 --> 00:26:28,639
Speaker 3: a miscarriage and I was working in a big corporate environment,

546
00:26:29,000 --> 00:26:31,879
Speaker 3: I would be very unlikely to share that with my team.

547
00:26:32,240 --> 00:26:34,760
Speaker 3: I would just take sickly for that period of time

548
00:26:34,800 --> 00:26:37,240
Speaker 3: because I just obviously need to work through that and

549
00:26:37,320 --> 00:26:40,320
Speaker 3: go through that process. But I wasn't ready to share

550
00:26:40,359 --> 00:26:41,840
Speaker 3: the fact that I was pregnant.

551
00:26:42,000 --> 00:26:43,440
Speaker 2: So I just I.

552
00:26:43,520 --> 00:26:46,560
Speaker 3: Really support obviously talking about it as soon as possible

553
00:26:46,600 --> 00:26:49,359
Speaker 3: and sharing it, but not every situation is like that,

554
00:26:49,400 --> 00:26:51,840
Speaker 3: and it's so beautiful that we can now access those

555
00:26:51,880 --> 00:26:54,359
Speaker 3: two days of bereavement leave. But at the same time,

556
00:26:54,520 --> 00:26:56,879
Speaker 3: it would mean talking to somebody about that, and I

557
00:26:57,000 --> 00:26:59,400
Speaker 3: just don't know as a society if we are ready

558
00:26:59,440 --> 00:27:02,679
Speaker 3: to have those conversations. Not that we're not, it's just

559
00:27:02,760 --> 00:27:05,080
Speaker 3: that most people in situations like that might not want

560
00:27:05,080 --> 00:27:07,360
Speaker 3: to talk about it with their employers, which is totally

561
00:27:07,400 --> 00:27:08,919
Speaker 3: fair and totally reasonable.

562
00:27:09,240 --> 00:27:11,600
Speaker 2: I assume if you went to HR, if you were

563
00:27:11,640 --> 00:27:14,080
Speaker 2: at a business that had an HR department, that it

564
00:27:14,080 --> 00:27:16,160
Speaker 2: would be confidential anyway. Yeah.

565
00:27:16,200 --> 00:27:19,240
Speaker 3: Absolutely, But it's one of those things where if you're

566
00:27:19,240 --> 00:27:23,680
Speaker 3: going through that, it's incredibly emotional, like you're experiencing significant

567
00:27:23,720 --> 00:27:26,359
Speaker 3: trauma and going, hey, George, can I pull you aside

568
00:27:26,400 --> 00:27:28,120
Speaker 3: for a minute. I'm just going through this and I'm

569
00:27:28,160 --> 00:27:30,960
Speaker 3: hoping I can access that. Like, I'm not sure about

570
00:27:30,960 --> 00:27:33,440
Speaker 3: the semantics of how that would work. I just think

571
00:27:33,440 --> 00:27:36,159
Speaker 3: we need to talk about miscarriage as a more open

572
00:27:36,200 --> 00:27:39,080
Speaker 3: topic than we currently do, because, at the same time

573
00:27:39,119 --> 00:27:41,760
Speaker 3: as being really grateful that we now have these two days,

574
00:27:41,760 --> 00:27:44,440
Speaker 3: two days is not enough, but also how many people

575
00:27:44,440 --> 00:27:46,520
Speaker 3: are going to willingly put up the hand and be like, oh, yeah,

576
00:27:46,560 --> 00:27:49,760
Speaker 3: I really need to access that because it happens so often,

577
00:27:50,040 --> 00:27:52,560
Speaker 3: and more often than not, it's something that you didn't

578
00:27:52,560 --> 00:27:53,240
Speaker 3: foresee coming.

579
00:27:53,800 --> 00:27:57,800
Speaker 2: Yeah. I've been listening to a really interesting podcast recently

580
00:27:57,880 --> 00:28:00,480
Speaker 2: V called Darling Shine. Not sure if you heard of it,

581
00:28:01,000 --> 00:28:04,600
Speaker 2: I haven't. It's by two best friends called Aldi Pullin

582
00:28:05,040 --> 00:28:10,520
Speaker 2: and Chloe Chapman, and basically it's them navigating stories of

583
00:28:10,560 --> 00:28:13,520
Speaker 2: grief and they've both had a really rough trot recently

584
00:28:13,680 --> 00:28:17,000
Speaker 2: in life, and one of the big themes is miscarriage.

585
00:28:17,040 --> 00:28:19,640
Speaker 2: So if you are like me and have never really

586
00:28:19,760 --> 00:28:22,880
Speaker 2: understood the kind of grief that that can bring upon

587
00:28:22,920 --> 00:28:26,320
Speaker 2: a person, that's a really good place to start. It's Yeah,

588
00:28:26,320 --> 00:28:29,720
Speaker 2: it's a really god it's a very emotional podcast, but.

589
00:28:31,720 --> 00:28:32,080
Speaker 3: That one.

590
00:28:32,240 --> 00:28:32,480
Speaker 2: Yeah.

591
00:28:32,600 --> 00:28:34,639
Speaker 3: At the same time, I think it's a topic that

592
00:28:34,680 --> 00:28:36,840
Speaker 3: we need to be talking about, and even if it's

593
00:28:36,840 --> 00:28:40,080
Speaker 3: something you haven't experienced, we need to understand that so

594
00:28:40,200 --> 00:28:42,240
Speaker 3: that we can support people who are going through that.

595
00:28:43,280 --> 00:28:46,840
Speaker 2: Let's head to a very short break, but after that

596
00:28:47,080 --> 00:28:50,200
Speaker 2: we will be back to chat about this expensive life

597
00:28:50,200 --> 00:28:53,800
Speaker 2: stage and of course, how we can safeguard our super

598
00:28:54,000 --> 00:29:02,240
Speaker 2: at this time, be right back, guys. Okay, they get

599
00:29:02,280 --> 00:29:07,040
Speaker 2: straight back into it. Hello, Hello, how hard is it

600
00:29:07,120 --> 00:29:10,560
Speaker 2: to adjust to having just one income when you've always

601
00:29:10,560 --> 00:29:13,080
Speaker 2: relied on two If you are in a partnership.

602
00:29:13,040 --> 00:29:16,080
Speaker 3: Ah, so it could be super bad. It's one of

603
00:29:16,120 --> 00:29:19,080
Speaker 3: those things where I think we should be trialing these

604
00:29:19,120 --> 00:29:22,120
Speaker 3: things before we actually jump in the deep end. So,

605
00:29:22,160 --> 00:29:25,320
Speaker 3: if you're planning on having a baby in the future,

606
00:29:25,760 --> 00:29:29,960
Speaker 3: potentially trying to whittle down your expenses to being able

607
00:29:30,040 --> 00:29:32,480
Speaker 3: to be paid for with one income is something you

608
00:29:32,520 --> 00:29:35,400
Speaker 3: can do to start preparing for it. But again, obviously

609
00:29:35,440 --> 00:29:39,120
Speaker 3: I would absolutely promote proper budgeting and proper cash flow

610
00:29:39,240 --> 00:29:42,320
Speaker 3: and making sure that you understand every single dollar coming

611
00:29:42,400 --> 00:29:44,360
Speaker 3: into your accounts and how it is being used and

612
00:29:44,360 --> 00:29:47,080
Speaker 3: where it is going, and obviously scale back on those

613
00:29:47,120 --> 00:29:50,440
Speaker 3: non essential spans. I think it's really important to really

614
00:29:50,720 --> 00:29:55,000
Speaker 3: reiterate what budgeting means, and budgeting isn't about restriction.

615
00:29:55,160 --> 00:29:56,320
Speaker 2: It's not about.

616
00:29:56,080 --> 00:29:59,000
Speaker 3: Going on a diet and stopping yourself from buying things

617
00:29:59,000 --> 00:30:03,160
Speaker 3: that you shouldn't be buy. It's actually about fully comprehending

618
00:30:03,520 --> 00:30:06,280
Speaker 3: how many dollars come into your account and how many

619
00:30:06,440 --> 00:30:09,520
Speaker 3: leave and or what, and whether that is actually in line.

620
00:30:09,320 --> 00:30:10,360
Speaker 2: With your values.

621
00:30:10,560 --> 00:30:12,240
Speaker 3: So if you're leading up to a period of time

622
00:30:12,240 --> 00:30:15,640
Speaker 3: where you're going to be functioning off one income, it

623
00:30:15,680 --> 00:30:18,040
Speaker 3: could be a good idea to start saving for that

624
00:30:18,200 --> 00:30:21,280
Speaker 3: period of time so that your expenses are covered during

625
00:30:21,280 --> 00:30:23,640
Speaker 3: that period of time. So, Gee, if you're planning on

626
00:30:23,720 --> 00:30:25,960
Speaker 3: taking six months off and we'd worked out that your

627
00:30:26,000 --> 00:30:28,920
Speaker 3: expenses were like five thousand dollars a month in total,

628
00:30:29,440 --> 00:30:32,280
Speaker 3: maybe we work out how to save that five thousand

629
00:30:32,280 --> 00:30:34,440
Speaker 3: dollars a month in total so that we know, yeah,

630
00:30:34,560 --> 00:30:36,760
Speaker 3: my partner is going to have their income coming in,

631
00:30:37,000 --> 00:30:39,640
Speaker 3: but we also know that that buffer exists and we

632
00:30:39,760 --> 00:30:42,120
Speaker 3: can pay for things as that happens so that we

633
00:30:42,280 --> 00:30:46,560
Speaker 3: don't feel like we are financially restricted or behind during

634
00:30:46,600 --> 00:30:49,240
Speaker 3: that period of time. So it's going to be different

635
00:30:49,280 --> 00:30:51,680
Speaker 3: for everybody. Some people will be listening to this and

636
00:30:51,720 --> 00:30:54,560
Speaker 3: going we already function of one income and save the

637
00:30:54,600 --> 00:30:55,400
Speaker 3: rest of it, and I'll be.

638
00:30:55,360 --> 00:30:58,600
Speaker 2: Like, Okay, you're a wizard. That's really cool.

639
00:30:58,880 --> 00:31:01,200
Speaker 3: But not a lot of people are in that situation.

640
00:31:01,320 --> 00:31:04,200
Speaker 3: So it's about planning for the bare minimums and maybe

641
00:31:04,200 --> 00:31:07,160
Speaker 3: even giving up some stuff during that period of time

642
00:31:07,400 --> 00:31:10,560
Speaker 3: that you are on leave that you don't necessarily need.

643
00:31:10,680 --> 00:31:12,320
Speaker 3: Doesn't mean you can't go back to it when you

644
00:31:12,400 --> 00:31:15,560
Speaker 3: have a dual income again. But you might go, oh yeah, actually,

645
00:31:15,600 --> 00:31:17,040
Speaker 3: all right, so we're going to cut back on our

646
00:31:17,040 --> 00:31:19,440
Speaker 3: streaming services. We're going to change this, We're going to

647
00:31:19,440 --> 00:31:21,200
Speaker 3: get rid of a subscription to that so that we

648
00:31:21,240 --> 00:31:24,640
Speaker 3: have really lean expenses during that period of time, so

649
00:31:24,680 --> 00:31:26,880
Speaker 3: we're not stressed. Because at the end of the day,

650
00:31:27,200 --> 00:31:30,440
Speaker 3: having a baby to look after is stressful enough. You

651
00:31:30,480 --> 00:31:33,920
Speaker 3: don't need to compound the stress by having even more

652
00:31:33,960 --> 00:31:35,480
Speaker 3: financial issues to deal with.

653
00:31:35,800 --> 00:31:38,840
Speaker 2: I assume if you're a single parent, obviously it's going

654
00:31:38,880 --> 00:31:41,320
Speaker 2: to be much harder. But would you just say absolutely,

655
00:31:41,520 --> 00:31:43,480
Speaker 2: Would you just say to manage it the same way

656
00:31:43,480 --> 00:31:46,080
Speaker 2: that you just did for yes, absolutely.

657
00:31:46,600 --> 00:31:48,440
Speaker 3: You might be in the situation where you may need

658
00:31:48,480 --> 00:31:50,440
Speaker 3: to go back to work sooner, and you might not

659
00:31:50,600 --> 00:31:53,600
Speaker 3: actually have the luxury of taking as long out of work,

660
00:31:53,720 --> 00:31:56,959
Speaker 3: especially given you only have the opportunity to receive that

661
00:31:57,040 --> 00:32:00,840
Speaker 3: parental leave pay for up to eighteen weeks. So you're

662
00:32:00,880 --> 00:32:03,600
Speaker 3: in this situation, I think it's also really important to

663
00:32:03,640 --> 00:32:06,040
Speaker 3: give yourself permission to go back to work like that

664
00:32:06,040 --> 00:32:07,960
Speaker 3: doesn't make you a bad mum, it doesn't make you

665
00:32:08,000 --> 00:32:10,400
Speaker 3: a bad parent. It actually makes you a really strong parent.

666
00:32:10,480 --> 00:32:12,800
Speaker 3: Because you're doing the right thing for you and your

667
00:32:12,840 --> 00:32:16,080
Speaker 3: financial situation, and it can be really hard, and I

668
00:32:16,080 --> 00:32:18,640
Speaker 3: think it's one of those things that we actually recently

669
00:32:18,680 --> 00:32:21,840
Speaker 3: spoke to Lucy on the podcast, and Lucy's the estate

670
00:32:21,920 --> 00:32:24,600
Speaker 3: planning lawyer from a couple of weeks ago, and she

671
00:32:24,800 --> 00:32:27,120
Speaker 3: was saying how some people do return to work earlier,

672
00:32:27,240 --> 00:32:29,560
Speaker 3: or you know, stay fully employed even though they're looking

673
00:32:29,640 --> 00:32:32,440
Speaker 3: after kids. And I just think it's really important to

674
00:32:32,560 --> 00:32:35,760
Speaker 3: realize that everybody's situation is different.

675
00:32:35,800 --> 00:32:38,520
Speaker 2: And having your kid in daycare is not a bad thing.

676
00:32:38,920 --> 00:32:41,400
Speaker 3: Having your child looked after doesn't mean that you're a

677
00:32:41,440 --> 00:32:44,400
Speaker 3: bad parent. In fact, filling your own cup and putting

678
00:32:44,400 --> 00:32:48,400
Speaker 3: yourself in a situation where you're creating financial security for

679
00:32:48,480 --> 00:32:51,200
Speaker 3: your family is one of the most important things that

680
00:32:51,280 --> 00:32:54,120
Speaker 3: you can do. And I know that it can be hard,

681
00:32:54,160 --> 00:32:56,920
Speaker 3: and I know that it can be stressful, but after

682
00:32:57,440 --> 00:33:00,760
Speaker 3: being in the position of being a financial advisor significant

683
00:33:00,760 --> 00:33:04,400
Speaker 3: period of time, it is so important to fill your

684
00:33:04,440 --> 00:33:08,320
Speaker 3: financial cup first, because that is going to lean towards

685
00:33:08,360 --> 00:33:12,080
Speaker 3: bringing up a child who values work ethic and values money,

686
00:33:12,320 --> 00:33:14,960
Speaker 3: and values the effort and energy you put in and

687
00:33:15,200 --> 00:33:18,320
Speaker 3: also feels secure because no one wants to be in

688
00:33:18,320 --> 00:33:20,680
Speaker 3: a situation where they can't afford things. At the end

689
00:33:20,680 --> 00:33:22,560
Speaker 3: of the day, it is the reality of a lot

690
00:33:22,600 --> 00:33:24,920
Speaker 3: of people. But you are doing the right thing for

691
00:33:24,960 --> 00:33:26,920
Speaker 3: you and your family. So I'm not saying you have

692
00:33:27,000 --> 00:33:29,280
Speaker 3: to do these things, but it's more I don't want

693
00:33:29,320 --> 00:33:31,600
Speaker 3: you to feel like you're making a decision because you're like, oh,

694
00:33:31,640 --> 00:33:34,160
Speaker 3: but like, I really should stay home because it's the

695
00:33:34,280 --> 00:33:37,240
Speaker 3: quote right thing to do, my friend. It is twenty

696
00:33:37,240 --> 00:33:39,360
Speaker 3: twenty one. There is no such thing as the right

697
00:33:39,480 --> 00:33:42,479
Speaker 3: thing to do. But there is such thing as the

698
00:33:42,600 --> 00:33:46,440
Speaker 3: right thing for you and your personal situation, and only

699
00:33:46,680 --> 00:33:51,280
Speaker 3: you can decide what that is. You do you, yeah,

700
00:33:51,280 --> 00:33:52,280
Speaker 3: you do you boo boo.

701
00:33:52,400 --> 00:33:58,880
Speaker 2: So if we have a mortgage and we're stressed about yeah, so,

702
00:33:59,640 --> 00:34:02,520
Speaker 2: now maybe we're in a partnership and we're going down

703
00:34:02,520 --> 00:34:05,440
Speaker 2: to one income, is there a way of reducing your

704
00:34:05,480 --> 00:34:08,600
Speaker 2: repayments or getting a better deal? Like, is that something

705
00:34:08,719 --> 00:34:09,319
Speaker 2: we can look at?

706
00:34:09,320 --> 00:34:13,000
Speaker 3: This genius question And this is again about going back

707
00:34:13,040 --> 00:34:15,040
Speaker 3: to the budget and working out what we can do.

708
00:34:15,200 --> 00:34:17,200
Speaker 3: But if you are in a situation where that is

709
00:34:17,239 --> 00:34:18,560
Speaker 3: not going to be enough.

710
00:34:18,800 --> 00:34:21,040
Speaker 2: It certainly is something you can do. So it's going

711
00:34:21,080 --> 00:34:21,719
Speaker 2: to vary.

712
00:34:21,520 --> 00:34:24,560
Speaker 3: From lender to lender, but many are going to allow

713
00:34:24,640 --> 00:34:27,279
Speaker 3: you to maybe make interest only payments. So if you're

714
00:34:27,320 --> 00:34:30,920
Speaker 3: currently paying principle and interest on your mortgage, maybe you're

715
00:34:30,920 --> 00:34:33,719
Speaker 3: going to choose to cut it back and pay less

716
00:34:33,760 --> 00:34:35,919
Speaker 3: on your mortgage for that period of time. And maybe

717
00:34:35,960 --> 00:34:37,360
Speaker 3: it's a good time to have a chat with a

718
00:34:37,360 --> 00:34:39,719
Speaker 3: broker to work out a situation that works best for you,

719
00:34:39,760 --> 00:34:42,120
Speaker 3: because you could change the structure if it's going to

720
00:34:42,160 --> 00:34:45,320
Speaker 3: significantly impact you having to pay that during that period

721
00:34:45,360 --> 00:34:48,480
Speaker 3: of time. But also, this is a cute little reminder.

722
00:34:48,560 --> 00:34:51,600
Speaker 3: G if you haven't refinanced your mortgage and it's been

723
00:34:51,640 --> 00:34:53,480
Speaker 3: a few years and you don't have a one or

724
00:34:53,640 --> 00:34:56,719
Speaker 3: two in front of your interest rate on your mortgage,

725
00:34:56,800 --> 00:34:59,719
Speaker 3: maybe it's time to check that and slide into our

726
00:34:59,760 --> 00:35:01,520
Speaker 3: DA and we can hook you up with a broker

727
00:35:01,600 --> 00:35:02,560
Speaker 3: that actually works for you.

728
00:35:03,000 --> 00:35:07,480
Speaker 2: Simply gorgeous. Okay, finally, be my last question for you today.

729
00:35:08,000 --> 00:35:10,279
Speaker 2: You and I chat about Super on this show more

730
00:35:10,320 --> 00:35:15,759
Speaker 2: than probably anything else. Maybe I love Souper. How do

731
00:35:15,840 --> 00:35:17,680
Speaker 2: we sort out our super at this time when we're

732
00:35:17,719 --> 00:35:18,560
Speaker 2: out of the workforce.

733
00:35:18,719 --> 00:35:22,480
Speaker 3: Okay, so first things first, I think, gee, springing this

734
00:35:22,560 --> 00:35:24,160
Speaker 3: on you as well. I think we're going to do

735
00:35:24,160 --> 00:35:26,760
Speaker 3: a mini super series in the not too distant future

736
00:35:27,160 --> 00:35:29,400
Speaker 3: because I want to talk about super in more detail

737
00:35:29,440 --> 00:35:32,560
Speaker 3: and actually have some wholesome conversations about like what it

738
00:35:32,600 --> 00:35:35,760
Speaker 3: means and what risk profiling is, and like really dig

739
00:35:35,880 --> 00:35:39,080
Speaker 3: into the nitty gritty of superannuation because I feel like

740
00:35:39,120 --> 00:35:41,920
Speaker 3: we know what it is and how much gets contributed

741
00:35:41,960 --> 00:35:44,640
Speaker 3: to it, and we know what compound interest is now

742
00:35:44,680 --> 00:35:47,560
Speaker 3: and we know how it grows, But like, how do

743
00:35:47,640 --> 00:35:49,799
Speaker 3: we make the right decisions for us? How do we

744
00:35:49,960 --> 00:35:53,320
Speaker 3: actually tangibly pick a super fund? At what point should

745
00:35:53,360 --> 00:35:55,600
Speaker 3: we be re reviewing our super fund? How do we

746
00:35:55,600 --> 00:35:57,560
Speaker 3: know if our super funds are bad super fund? Like,

747
00:35:57,560 --> 00:35:59,440
Speaker 3: I've just got a lot of questions that I know

748
00:35:59,560 --> 00:36:01,799
Speaker 3: you guys want me to answer, So putting that to

749
00:36:01,880 --> 00:36:06,200
Speaker 3: the side, we know Georgia that in Australia women retire

750
00:36:06,320 --> 00:36:10,319
Speaker 3: with significantly less super than men do, and our non

751
00:36:10,400 --> 00:36:15,440
Speaker 3: binary and our friends in the lgbtqia plus community also

752
00:36:15,800 --> 00:36:19,080
Speaker 3: retire out with even less than women do. But that

753
00:36:19,239 --> 00:36:21,120
Speaker 3: has a lot to do with this time in our

754
00:36:21,160 --> 00:36:23,480
Speaker 3: lives when we are starting families or taking time off

755
00:36:23,480 --> 00:36:27,080
Speaker 3: work or returning to work with reduced capabilities, So employers

756
00:36:27,120 --> 00:36:30,480
Speaker 3: aren't legally obliged to actually make SUPER payments in relation

757
00:36:30,920 --> 00:36:33,800
Speaker 3: to the paid parental leave, and we also don't accrue

758
00:36:33,880 --> 00:36:38,359
Speaker 3: leave entitlements during the paid parental leave period. So to

759
00:36:38,400 --> 00:36:40,320
Speaker 3: help out during this time, if you have a partner

760
00:36:40,320 --> 00:36:42,919
Speaker 3: who would still be working while you're off, you could

761
00:36:42,920 --> 00:36:46,279
Speaker 3: potentially ask them to help out by making voluntary contributions

762
00:36:46,280 --> 00:36:48,719
Speaker 3: to your SUPER, which is a conversation that is hard

763
00:36:48,760 --> 00:36:51,160
Speaker 3: to start, but I promise worth it in the long term.

764
00:36:51,440 --> 00:36:54,960
Speaker 3: But also again thinking about should we be increasing how

765
00:36:55,040 --> 00:36:57,960
Speaker 3: much we are contributing to SUPER? Is that of value

766
00:36:58,000 --> 00:37:00,799
Speaker 3: to you personally? Is that something that you should be

767
00:37:00,800 --> 00:37:03,160
Speaker 3: considering now or is it something that you're going to

768
00:37:03,200 --> 00:37:05,319
Speaker 3: consider when you go back to work, Like how are

769
00:37:05,360 --> 00:37:08,319
Speaker 3: we going to look after future us because we don't

770
00:37:08,400 --> 00:37:10,520
Speaker 3: have to be the statistics if we choose not to

771
00:37:10,560 --> 00:37:13,080
Speaker 3: be at an early stage. Like if we are saying

772
00:37:13,200 --> 00:37:17,719
Speaker 3: women statistically retire with less SUPER than men, Okay, I

773
00:37:17,760 --> 00:37:21,160
Speaker 3: don't want that, though, So how do I personally take

774
00:37:21,200 --> 00:37:23,640
Speaker 3: myself out of that bucket and put myself in a

775
00:37:23,640 --> 00:37:26,960
Speaker 3: different one that says I'm retiring with the on average

776
00:37:26,960 --> 00:37:30,080
Speaker 3: amount or I'm retiring with more. How do I do that?

777
00:37:30,120 --> 00:37:32,839
Speaker 3: What does that mean for me financially? And usually it's

778
00:37:32,920 --> 00:37:35,680
Speaker 3: not such a significant change that it is going to

779
00:37:35,719 --> 00:37:38,239
Speaker 3: financially cripple you. So I've just got lots to say,

780
00:37:38,440 --> 00:37:40,719
Speaker 3: that's what that mean? He's super seriously about Jae.

781
00:37:41,000 --> 00:37:44,839
Speaker 2: Can't wait? All right? Good f BD. Look we've gone

782
00:37:44,960 --> 00:37:49,000
Speaker 2: on and on end, but I've loved it. I think

783
00:37:49,040 --> 00:37:51,279
Speaker 2: the moral of the story is that there's a lot

784
00:37:51,360 --> 00:37:55,960
Speaker 2: available for you. You're legally entitled to a maximum of

785
00:37:56,040 --> 00:38:01,400
Speaker 2: two years off and that protects your role, but basically

786
00:38:01,440 --> 00:38:03,960
Speaker 2: it all comes down to your workplace as well. So

787
00:38:04,080 --> 00:38:06,400
Speaker 2: if you are confused you want more information, have a

788
00:38:06,480 --> 00:38:08,959
Speaker 2: chat to your HR department and they will be able

789
00:38:09,000 --> 00:38:09,640
Speaker 2: to help you out.

790
00:38:10,080 --> 00:38:13,120
Speaker 3: Or we check our show notes because we've got resources

791
00:38:13,200 --> 00:38:14,480
Speaker 3: linked just for you guys.

792
00:38:14,560 --> 00:38:15,879
Speaker 2: Absolutely gee.

793
00:38:16,000 --> 00:38:18,120
Speaker 3: As always, I think we've run out of time here.

794
00:38:18,320 --> 00:38:20,600
Speaker 3: I feel like we always run out of time really quickly.

795
00:38:20,840 --> 00:38:23,000
Speaker 3: But just before we head off, we'd really like to

796
00:38:23,040 --> 00:38:27,000
Speaker 3: acknowledge and pay respect to Australia's Aboriginal and torrist Ray Island.

797
00:38:27,040 --> 00:38:28,319
Speaker 2: To people's they're the.

798
00:38:28,280 --> 00:38:31,800
Speaker 3: Traditional custodians of the lands, the waterways and the skies

799
00:38:31,960 --> 00:38:35,040
Speaker 3: all across Australia. We thank you for sharing and for

800
00:38:35,120 --> 00:38:36,520
Speaker 3: caring for the land on which.

801
00:38:36,360 --> 00:38:37,440
Speaker 2: We are able to learn.

802
00:38:37,760 --> 00:38:40,440
Speaker 3: We pay our respect to elders past and present, and

803
00:38:40,440 --> 00:38:42,480
Speaker 3: we share our friendship and our kindness.

804
00:38:42,920 --> 00:38:45,280
Speaker 2: The advice shared on She's on the Money is general

805
00:38:45,360 --> 00:38:48,759
Speaker 2: in nature and does not consider your individual circumstances. She

806
00:38:48,880 --> 00:38:51,840
Speaker 2: Is on the Money exists purely for educational purposes and

807
00:38:51,880 --> 00:38:54,239
Speaker 2: should not be relied upon to make an investment or

808
00:38:54,280 --> 00:38:58,280
Speaker 2: a financial decision. No, sir, and we promise. Victoria Devine

809
00:38:58,440 --> 00:39:02,839
Speaker 2: is an authorized representative of Australia Pacific Funds Management Proprietary

810
00:39:02,840 --> 00:39:05,640
Speaker 2: Limited a b N three four one three two four

811
00:39:05,680 --> 00:39:09,200
Speaker 2: six three two five seven AFSL three three nine one

812
00:39:09,360 --> 00:39:11,120
Speaker 2: five one. See you next

813
00:39:11,120 --> 00:39:14,880
Speaker 3: Week, guys, Hi guys,