1 00:00:00,640 --> 00:00:04,880 Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr 2 00:00:04,920 --> 00:00:08,639 Speaker 1: the Order, Kernie Whoalbury and a waddery woman. And before 3 00:00:08,640 --> 00:00:11,119 Speaker 1: we get started on She's on the Money podcast, I 4 00:00:11,160 --> 00:00:14,280 Speaker 1: would like to acknowledge the traditional custodians of the land 5 00:00:14,400 --> 00:00:17,639 Speaker 1: of which this podcast is recorded on a wondery country, 6 00:00:18,120 --> 00:00:22,240 Speaker 1: acknowledging the elders, the ancestors and the next generation coming 7 00:00:22,280 --> 00:00:26,960 Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing 8 00:00:27,040 --> 00:00:30,080 Speaker 1: and the storytelling of you to make a difference for 9 00:00:30,200 --> 00:00:32,599 Speaker 1: today and lasting impact for tomorrow. 10 00:00:33,280 --> 00:00:36,519 Speaker 2: Let's get into it. She's on the Money. 11 00:00:36,720 --> 00:00:38,960 Speaker 3: She's on the Money. 12 00:00:57,680 --> 00:00:59,280 Speaker 2: Hello and welcome. 13 00:00:59,400 --> 00:01:02,040 Speaker 4: Just She's on the Money the podcast for millennials who 14 00:01:02,080 --> 00:01:07,399 Speaker 4: want financial freedom my friends. Today, unsurprisingly is Friday, which 15 00:01:07,440 --> 00:01:09,520 Speaker 4: means it is time to sit back with the girls 16 00:01:09,520 --> 00:01:12,280 Speaker 4: with a bev in hand, to unpack our favorite moments 17 00:01:12,280 --> 00:01:16,000 Speaker 4: of the week and of course to always celebrate you 18 00:01:16,280 --> 00:01:19,600 Speaker 4: ow incredible. She's on the Money community. As always, we're 19 00:01:19,600 --> 00:01:21,360 Speaker 4: going to be sharing our favorite money wins. We're going 20 00:01:21,400 --> 00:01:24,319 Speaker 4: to discuss what's making news in the finance world, and 21 00:01:24,440 --> 00:01:26,480 Speaker 4: this week we're going to be helping to answer a 22 00:01:26,600 --> 00:01:29,880 Speaker 4: juicy money question. This week all about the first Home 23 00:01:29,880 --> 00:01:33,160 Speaker 4: Super Savor scheme, but before we get there, it is 24 00:01:33,240 --> 00:01:37,160 Speaker 4: time to recap the week that was. As always, Miss Jizigerichi, 25 00:01:37,680 --> 00:01:39,319 Speaker 4: what happened on Monday. 26 00:01:39,080 --> 00:01:43,000 Speaker 5: This week's diarist was kind of an interesting look at 27 00:01:43,080 --> 00:01:45,920 Speaker 5: the experience from both sides. So she grew up in 28 00:01:45,959 --> 00:01:49,400 Speaker 5: a really privileged family. However, in her I think it 29 00:01:49,440 --> 00:01:53,880 Speaker 5: was her teenage years, they lost their income, they lost 30 00:01:53,880 --> 00:01:56,480 Speaker 5: their success, and she found herself on the other side 31 00:01:56,480 --> 00:01:59,320 Speaker 5: of things where she was all of a sudden going 32 00:01:59,360 --> 00:02:03,400 Speaker 5: from being really privileged to living a much more difficult life. 33 00:02:03,560 --> 00:02:05,440 Speaker 5: And as it was very interesting to hear from her 34 00:02:05,520 --> 00:02:08,239 Speaker 5: how that impacted her money story because now she says, 35 00:02:08,320 --> 00:02:11,799 Speaker 5: as an adult, her career and her stability is something 36 00:02:11,800 --> 00:02:14,560 Speaker 5: that she really really valued, which I thought, you know, 37 00:02:14,840 --> 00:02:17,679 Speaker 5: sometimes we talk about how when you grow up with privilege, 38 00:02:17,720 --> 00:02:19,720 Speaker 5: sometimes you don't see the value in things, and so 39 00:02:19,800 --> 00:02:23,320 Speaker 5: that experience kind of had the opposite impact where she said, 40 00:02:23,360 --> 00:02:26,760 Speaker 5: you know, sometimes that's what she's thinking about, is the 41 00:02:26,800 --> 00:02:29,560 Speaker 5: security and making sure that she's set up because she 42 00:02:29,600 --> 00:02:32,120 Speaker 5: never wants to find herself back in that position that 43 00:02:32,160 --> 00:02:33,880 Speaker 5: she first was in when she was younger. 44 00:02:34,240 --> 00:02:38,320 Speaker 3: That sounds juicy j Rix so interesting hearing from both sides, 45 00:02:38,360 --> 00:02:39,760 Speaker 3: like having been through both. 46 00:02:39,560 --> 00:02:40,680 Speaker 2: It was really interesting. 47 00:02:40,840 --> 00:02:43,239 Speaker 5: And as an adult, she works as a work cover 48 00:02:43,320 --> 00:02:46,640 Speaker 5: case manager, so it really came through how empathetic she 49 00:02:46,760 --> 00:02:50,440 Speaker 5: was and how much she cared about ensuring the security 50 00:02:50,480 --> 00:02:52,240 Speaker 5: of the people she was helping as well because she 51 00:02:52,320 --> 00:02:53,840 Speaker 5: kind of knew what it was like to be in 52 00:02:53,840 --> 00:02:56,200 Speaker 5: a tough spot, which I thought was really special on 53 00:02:56,240 --> 00:02:56,720 Speaker 5: that Jess. 54 00:02:56,760 --> 00:02:58,880 Speaker 3: In a couple of weeks time, we actually have a 55 00:02:58,919 --> 00:03:01,320 Speaker 3: deep dive coming up all of financial trauma, so I 56 00:03:01,320 --> 00:03:03,480 Speaker 3: feel like that could kind of be a nice complimentary 57 00:03:03,560 --> 00:03:04,680 Speaker 3: piece to that money diary. 58 00:03:04,760 --> 00:03:09,800 Speaker 2: Oh, I'm excited to listen coming up. Speaking of Wednesday episodes, 59 00:03:09,880 --> 00:03:11,920 Speaker 2: Miss Georgia King, Yes, what happened. 60 00:03:12,360 --> 00:03:17,680 Speaker 3: We spoke about the very exciting theme of recession, which 61 00:03:17,840 --> 00:03:21,040 Speaker 3: was terrifying, but I think we bashed it out. We 62 00:03:21,120 --> 00:03:24,560 Speaker 3: understood that it's not that scary. It's a little bit scary, 63 00:03:24,960 --> 00:03:25,600 Speaker 3: but that's. 64 00:03:25,440 --> 00:03:26,760 Speaker 2: Scary, Georgia King. 65 00:03:26,880 --> 00:03:29,360 Speaker 4: We've been doing this for so long, it's not scary. 66 00:03:29,400 --> 00:03:31,280 Speaker 4: We just don't have enough information. 67 00:03:30,960 --> 00:03:33,840 Speaker 3: Yet exactly right. So hopefully that kind of gave people 68 00:03:33,880 --> 00:03:36,080 Speaker 3: some clarity. And then next week on the show, we're 69 00:03:36,080 --> 00:03:40,000 Speaker 3: actually talking about preparing your finances and yourself for the 70 00:03:40,040 --> 00:03:43,440 Speaker 3: looming recession. We think it's looming. It's not confirmed because 71 00:03:43,440 --> 00:03:44,840 Speaker 3: we can't actually predict these things. 72 00:03:44,880 --> 00:03:45,440 Speaker 2: Am I right for you? 73 00:03:46,720 --> 00:03:49,880 Speaker 4: But some really smart economists are saying it's coming, But 74 00:03:49,960 --> 00:03:52,120 Speaker 4: in saying that, our politicians are like, no, no, no, 75 00:03:52,160 --> 00:03:54,160 Speaker 4: don't worry. Don't worry, guys. So who are we going 76 00:03:54,200 --> 00:03:56,760 Speaker 4: to believe? The politicians or the economists. 77 00:03:57,080 --> 00:03:59,560 Speaker 3: I'd go with the economists, yeah, but. 78 00:03:59,680 --> 00:04:02,640 Speaker 4: Like unbiased because I just like stats in facts and 79 00:04:02,760 --> 00:04:04,760 Speaker 4: data and not people pleasing so strange. 80 00:04:05,240 --> 00:04:08,119 Speaker 3: So just to make that really clear, guys, the best 81 00:04:08,120 --> 00:04:10,400 Speaker 3: way to listen to the episodes we have coming up 82 00:04:10,560 --> 00:04:12,360 Speaker 3: is to start with this week's because that explains what 83 00:04:12,400 --> 00:04:15,560 Speaker 3: a recession is, what the GFC was. It provides that context, 84 00:04:15,600 --> 00:04:17,560 Speaker 3: got the base. Next week we're going to be telling 85 00:04:17,560 --> 00:04:21,320 Speaker 3: you exactly how you can navigate the rocky waters ahead 86 00:04:21,560 --> 00:04:23,799 Speaker 3: rocky waters that's right expression. 87 00:04:23,800 --> 00:04:25,320 Speaker 4: But we know what I mean, I know what We're 88 00:04:25,320 --> 00:04:28,120 Speaker 4: gonna take it all right, Moving on from the week 89 00:04:28,160 --> 00:04:30,240 Speaker 4: that was in the She's on the Money Office, I 90 00:04:30,279 --> 00:04:32,400 Speaker 4: want to know about that She's on the Money community. 91 00:04:32,440 --> 00:04:34,760 Speaker 4: Can you share with us some of your budget direct 92 00:04:34,800 --> 00:04:35,320 Speaker 4: money wins. 93 00:04:35,320 --> 00:04:36,360 Speaker 2: What have you got this way? 94 00:04:36,400 --> 00:04:39,479 Speaker 3: Because I can some absolute crackers as usual, ladies. The 95 00:04:39,560 --> 00:04:42,640 Speaker 3: first win of the week it comes from Sarah money Win. 96 00:04:42,880 --> 00:04:45,040 Speaker 3: I was cleaning out my cupboard and found an old 97 00:04:45,120 --> 00:04:48,159 Speaker 3: going out bag I'd forgotten about and it had two 98 00:04:48,200 --> 00:04:49,120 Speaker 3: hundred dollars cash. 99 00:04:49,279 --> 00:04:51,680 Speaker 2: Hundred dollars. It comes home from a night out with 100 00:04:51,760 --> 00:04:56,240 Speaker 2: two hundred dollars in impressive. It's very impressive. Nobody does that. 101 00:04:56,279 --> 00:04:58,480 Speaker 3: What a money win, huge money mean and the bonus 102 00:04:58,520 --> 00:05:00,040 Speaker 3: wit of finding your old going out bad we I 103 00:05:00,120 --> 00:05:02,960 Speaker 3: love it. The next wind comes from Selini. I found 104 00:05:03,080 --> 00:05:05,400 Speaker 3: a huge monsteria plant hidden at the back of the 105 00:05:05,480 --> 00:05:07,880 Speaker 3: nursery for less than half the price of what it 106 00:05:08,000 --> 00:05:09,760 Speaker 3: usually is for for that size. 107 00:05:10,279 --> 00:05:15,279 Speaker 2: Twenty five dollars for a monster hot deal. Very nice, 108 00:05:15,440 --> 00:05:16,040 Speaker 2: very nice. 109 00:05:16,160 --> 00:05:18,800 Speaker 3: The next wind comes from Gemma money Win. I entered 110 00:05:18,800 --> 00:05:22,280 Speaker 3: a competition to try, review and keep a Barista coffee 111 00:05:22,279 --> 00:05:26,279 Speaker 3: machine worth nearly one thousand dollars, and I completely forgot 112 00:05:26,320 --> 00:05:28,960 Speaker 3: about it and came home from working a thirteen and 113 00:05:29,000 --> 00:05:32,920 Speaker 3: a half hour nursing shift to a large delivery. I 114 00:05:32,920 --> 00:05:35,640 Speaker 3: thought maybe I had a secret Admira, but turns out 115 00:05:35,680 --> 00:05:36,760 Speaker 3: I won the competition. 116 00:05:37,120 --> 00:05:37,560 Speaker 4: How is that. 117 00:05:39,600 --> 00:05:40,599 Speaker 2: Got to be in it to win it? 118 00:05:40,760 --> 00:05:43,000 Speaker 3: That's it, Well done to you, Gemma. The next wind 119 00:05:43,000 --> 00:05:46,279 Speaker 3: comes from Rachel. I found no limit street parking seven 120 00:05:46,360 --> 00:05:48,760 Speaker 3: hundred and fifty meters from my work. That means I 121 00:05:48,800 --> 00:05:51,560 Speaker 3: saved twelve dollars fifty a day and I'm getting some 122 00:05:51,640 --> 00:05:52,520 Speaker 3: extra steps in. 123 00:05:52,560 --> 00:05:54,239 Speaker 2: That's huge. That is huge. 124 00:05:54,279 --> 00:05:56,560 Speaker 4: I love when you get extra steps. I make my 125 00:05:56,600 --> 00:05:59,680 Speaker 4: team get extra steps by walking places. But since we 126 00:05:59,720 --> 00:06:02,120 Speaker 4: went overseas, Jess, I reckon, we need to use those 127 00:06:02,160 --> 00:06:03,880 Speaker 4: line scooters more often. 128 00:06:04,560 --> 00:06:05,279 Speaker 5: They were very fun. 129 00:06:05,320 --> 00:06:06,760 Speaker 2: I don't need steps if I'm on a scoop. 130 00:06:06,839 --> 00:06:08,640 Speaker 3: Did I tell you guys that Harperbroke is wrists on 131 00:06:08,680 --> 00:06:09,120 Speaker 3: one of those. 132 00:06:09,320 --> 00:06:09,599 Speaker 1: No? 133 00:06:10,040 --> 00:06:12,280 Speaker 3: Yeah, but he was drunk and it was two thirty 134 00:06:12,320 --> 00:06:17,720 Speaker 3: as kind deserved it four half, very harp. The next 135 00:06:17,720 --> 00:06:19,800 Speaker 3: weeing it comes from a net money win. I got 136 00:06:19,839 --> 00:06:21,960 Speaker 3: a free bus ride to my book club's dinner as 137 00:06:21,960 --> 00:06:24,160 Speaker 3: the Mikey readers were all broken. How good is that? 138 00:06:24,200 --> 00:06:24,719 Speaker 2: We love a. 139 00:06:24,720 --> 00:06:27,080 Speaker 4: Broke We love tore the money on our Mikey cuds 140 00:06:27,120 --> 00:06:29,440 Speaker 4: as well. So I feel like it drains all the time. 141 00:06:29,760 --> 00:06:32,000 Speaker 4: I feel like it's every second day. I have automatic 142 00:06:32,160 --> 00:06:34,159 Speaker 4: like top ups on right, and I feel like I 143 00:06:34,200 --> 00:06:37,359 Speaker 4: get a notification from Mikey like daily being like I 144 00:06:37,400 --> 00:06:38,080 Speaker 4: have tapped. 145 00:06:38,880 --> 00:06:41,400 Speaker 2: Stop it, stop taking my money. 146 00:06:42,880 --> 00:06:45,599 Speaker 3: The next wind comes from Audrey money whin. I landed 147 00:06:45,600 --> 00:06:49,560 Speaker 3: a full time job. Well done, Audrey. The next one 148 00:06:49,600 --> 00:06:52,520 Speaker 3: comes from Amara. I started door dash this weekend. I 149 00:06:52,560 --> 00:06:55,080 Speaker 3: worked six hours on and off and I earned almost 150 00:06:55,160 --> 00:06:58,320 Speaker 3: three hundred dollars forty four dollars an hour, She's said, 151 00:06:58,680 --> 00:06:59,880 Speaker 3: and she was really proud of herself. 152 00:07:00,160 --> 00:07:02,000 Speaker 2: I was really proud of her. I didn't know it 153 00:07:02,040 --> 00:07:02,400 Speaker 2: was lush. 154 00:07:03,800 --> 00:07:06,080 Speaker 4: I mean, I'm pretty sure it's all about like capacity, 155 00:07:06,200 --> 00:07:08,560 Speaker 4: like if you're doing a few deliveries, but you might 156 00:07:08,600 --> 00:07:11,080 Speaker 4: like sign in sometimes and like not be able to 157 00:07:11,080 --> 00:07:13,200 Speaker 4: get that many because people aren't ordering that many burgers. 158 00:07:13,560 --> 00:07:16,440 Speaker 2: So I think it's dependent. But like that's pretty good, and. 159 00:07:16,360 --> 00:07:18,680 Speaker 4: On average that would equal out to a nice amount 160 00:07:18,720 --> 00:07:19,800 Speaker 4: of money, especially as. 161 00:07:19,760 --> 00:07:22,440 Speaker 2: Little side hustle side hustle. 162 00:07:22,920 --> 00:07:26,240 Speaker 3: The final win slash loss today comes from Jade Guys. 163 00:07:26,240 --> 00:07:29,040 Speaker 3: It is a loss, but it is very wholesome money loss. 164 00:07:29,040 --> 00:07:29,880 Speaker 2: I paid for a. 165 00:07:29,960 --> 00:07:33,560 Speaker 3: Stranger's Uber because he was an elderly gentleman who was lost. 166 00:07:33,880 --> 00:07:35,680 Speaker 3: I gave him my number, so he could call me 167 00:07:35,760 --> 00:07:37,640 Speaker 3: if he needed me. But I made a friend out 168 00:07:37,680 --> 00:07:39,480 Speaker 3: of it, so I'm going to count it as a win. 169 00:07:40,120 --> 00:07:42,960 Speaker 4: That's so bad and what goes around comes around exactly, 170 00:07:43,200 --> 00:07:45,040 Speaker 4: it's a good karma coming your way. 171 00:07:45,400 --> 00:07:47,200 Speaker 5: I would say that's not a loss. I would say 172 00:07:47,240 --> 00:07:48,440 Speaker 5: that's just a nice thing to do. 173 00:07:48,520 --> 00:07:51,040 Speaker 2: Absolutely, I agree. I agree, not a loss. That's a win. 174 00:07:51,200 --> 00:07:53,880 Speaker 4: I'm celebrating that one this week, Georgia King. As always, 175 00:07:53,920 --> 00:07:57,080 Speaker 4: it has been great celebrating some of your budget Direct 176 00:07:57,160 --> 00:08:00,320 Speaker 4: money wins. Budget Direct winner of Canstars in Shue of 177 00:08:00,360 --> 00:08:04,800 Speaker 4: the Year Award twenty twenty two, Budget Direct Insurance solved. 178 00:08:05,160 --> 00:08:07,320 Speaker 4: All right with that, my friends, how about we go 179 00:08:07,360 --> 00:08:09,760 Speaker 4: to a very snappy break and on the flip side, 180 00:08:09,760 --> 00:08:11,600 Speaker 4: we're going to talk about the first Home super Saver 181 00:08:12,040 --> 00:08:14,760 Speaker 4: and we have some gender pay gap starts to share 182 00:08:14,760 --> 00:08:15,120 Speaker 4: with you. 183 00:08:15,200 --> 00:08:22,480 Speaker 2: Don't go anywhere, all right, guys. 184 00:08:22,560 --> 00:08:27,800 Speaker 5: The ATO recently shared some information around the top paid jobs, 185 00:08:27,920 --> 00:08:30,760 Speaker 5: or specifically the top paige jobs for men, and then 186 00:08:30,800 --> 00:08:34,520 Speaker 5: alongside that, they shared a comparison of how much women 187 00:08:34,640 --> 00:08:36,760 Speaker 5: in the same role were making, which I thought was 188 00:08:36,800 --> 00:08:40,120 Speaker 5: really interesting because historically, when we have spoken about the 189 00:08:40,160 --> 00:08:41,439 Speaker 5: gender pay gap, it's. 190 00:08:41,320 --> 00:08:43,959 Speaker 2: Not real, I don't know what you're talking about. Yeah, 191 00:08:44,000 --> 00:08:45,760 Speaker 2: it wasn't this debunked years ago. 192 00:08:46,120 --> 00:08:49,480 Speaker 5: We get met with a lot of resistance, I would say, 193 00:08:49,559 --> 00:08:52,600 Speaker 5: And I thought, you know, the ATO is obviously the 194 00:08:52,679 --> 00:08:56,320 Speaker 5: Australian Taxation Office, so they would have the best, most accurate, 195 00:08:56,400 --> 00:08:59,160 Speaker 5: most up to date information when it comes to income 196 00:08:59,280 --> 00:09:00,000 Speaker 5: in these roles. 197 00:09:00,160 --> 00:09:02,800 Speaker 4: So absolutely, it's August now and all of your employers 198 00:09:02,800 --> 00:09:06,560 Speaker 4: submitted your income information at the end of June, so those. 199 00:09:06,400 --> 00:09:09,120 Speaker 2: Stats are pretty up to date. Guys. Yeah, so seems 200 00:09:09,120 --> 00:09:09,840 Speaker 2: pretty legit. 201 00:09:10,360 --> 00:09:12,679 Speaker 5: And so I thought maybe I could run you through 202 00:09:12,720 --> 00:09:15,520 Speaker 5: the top five or so and then give you the 203 00:09:15,600 --> 00:09:19,720 Speaker 5: interesting insight into just how significant some of the gaps 204 00:09:19,760 --> 00:09:20,840 Speaker 5: are in those industries. 205 00:09:21,000 --> 00:09:22,840 Speaker 4: The thing that annoys me most we were talking about 206 00:09:22,880 --> 00:09:25,240 Speaker 4: this off air before we got here, is I know 207 00:09:25,280 --> 00:09:27,400 Speaker 4: you're about to take us through it, but there was 208 00:09:27,559 --> 00:09:31,160 Speaker 4: not one area on that top paying role where a 209 00:09:31,200 --> 00:09:32,480 Speaker 4: woman out earned a man. 210 00:09:32,800 --> 00:09:34,920 Speaker 2: Yeah, what the hell, guys, it is. 211 00:09:35,000 --> 00:09:37,319 Speaker 5: It's pretty wild to think about, And if you want 212 00:09:37,320 --> 00:09:39,200 Speaker 5: to have a look, definitely head to the AHO website 213 00:09:39,200 --> 00:09:41,160 Speaker 5: because they put it all together in a nice little graph. 214 00:09:41,240 --> 00:09:42,880 Speaker 5: For those of us who are visual learners, maybe we'll 215 00:09:42,920 --> 00:09:43,959 Speaker 5: pop link in the show notes. 216 00:09:44,040 --> 00:09:46,000 Speaker 4: Yeah, and we'll pop some stuff on socials as well, 217 00:09:46,000 --> 00:09:47,880 Speaker 4: because I think it's really important to talk about this. 218 00:09:48,240 --> 00:09:51,120 Speaker 5: Yes, So, starting at the tenth highest paying job for men, 219 00:09:51,440 --> 00:09:55,000 Speaker 5: financial investment advisors or managers. We love to see it. 220 00:09:56,160 --> 00:09:59,960 Speaker 5: Number nine you had mining engineers. Number eight were barrassed, 221 00:10:00,720 --> 00:10:05,679 Speaker 5: seven were judicial or other legal professions. Sixth was psychiatrists. 222 00:10:06,160 --> 00:10:10,560 Speaker 5: Fifth was other medical practitioners. So just I guess general 223 00:10:10,559 --> 00:10:13,959 Speaker 5: people who maybe didn't make this list. Fifth were finance 224 00:10:14,120 --> 00:10:14,880 Speaker 5: dealers VD. 225 00:10:15,320 --> 00:10:17,400 Speaker 4: I don't know what a financial dealer is, I want 226 00:10:17,400 --> 00:10:19,040 Speaker 4: to say. I looked at that list and I was like, 227 00:10:19,040 --> 00:10:20,559 Speaker 4: do you mean like mortgage brokers? 228 00:10:20,559 --> 00:10:22,440 Speaker 2: Like finance brokers. 229 00:10:21,920 --> 00:10:24,719 Speaker 4: But like, I don't know what a finance dealer is. 230 00:10:25,200 --> 00:10:27,839 Speaker 4: It's very suspicious and there's not enough information on the 231 00:10:27,880 --> 00:10:30,160 Speaker 4: ATO website to give me a job outline. 232 00:10:30,240 --> 00:10:32,000 Speaker 2: So leave it with me, guys, leave it with me. 233 00:10:32,280 --> 00:10:33,680 Speaker 5: I feel like I might have got my numbers mixed up. 234 00:10:33,679 --> 00:10:38,000 Speaker 5: But the next on the list was internal medicine specialists. Okay, 235 00:10:38,120 --> 00:10:42,360 Speaker 5: Then second highest were anethetists. That right, Oh, I thought 236 00:10:42,360 --> 00:10:44,400 Speaker 5: they would have been number one. I've always thought that 237 00:10:44,440 --> 00:10:46,960 Speaker 5: they were the number one paid doctor. It was very 238 00:10:47,080 --> 00:10:50,440 Speaker 5: very close, So just over ten thousand dollars between them 239 00:10:50,559 --> 00:10:54,760 Speaker 5: and the top spot who this year went to surgeons. Okay, alright, 240 00:10:55,000 --> 00:10:57,640 Speaker 5: doesn't seem super surprising now right at the top, if 241 00:10:57,679 --> 00:11:00,880 Speaker 5: we're looking at surgeons, the average, which I believe this 242 00:11:01,040 --> 00:11:04,760 Speaker 5: graph is showing for the income for men was four 243 00:11:04,840 --> 00:11:08,160 Speaker 5: hundred and forty five thousand dollars, which is an absurd 244 00:11:08,240 --> 00:11:08,880 Speaker 5: amount of money. 245 00:11:08,960 --> 00:11:09,800 Speaker 2: That's so much money. 246 00:11:09,880 --> 00:11:13,520 Speaker 5: I was very much money for women though, the average 247 00:11:13,559 --> 00:11:15,760 Speaker 5: income only came out at two hundred and. 248 00:11:15,760 --> 00:11:16,680 Speaker 2: Fifty five thousand. 249 00:11:16,880 --> 00:11:20,600 Speaker 5: That's not on so a huge gap, not quite half, 250 00:11:20,640 --> 00:11:23,640 Speaker 5: but getting pretty close. And you know, the argument that 251 00:11:23,679 --> 00:11:25,960 Speaker 5: we hear a lot from people when we're talking about 252 00:11:25,960 --> 00:11:28,600 Speaker 5: the gender pay gap is people say, oh, it's because 253 00:11:28,640 --> 00:11:30,120 Speaker 5: women take lower paying jobs. 254 00:11:30,200 --> 00:11:32,080 Speaker 2: You know, women are like female surgeon. 255 00:11:32,360 --> 00:11:34,920 Speaker 5: Yeah, so through the start, so you know, the roles 256 00:11:34,960 --> 00:11:37,440 Speaker 5: that historically, you know, have been helped by women are 257 00:11:37,559 --> 00:11:41,400 Speaker 5: caregivers or teachers or nurses, and so people like to say, oh, 258 00:11:41,440 --> 00:11:44,440 Speaker 5: but men are surgeons and laborers and all of these things, 259 00:11:44,480 --> 00:11:46,920 Speaker 5: which is a flawed argument in and of itself, and 260 00:11:46,960 --> 00:11:48,880 Speaker 5: I'm not even going to touch it right now. However, 261 00:11:49,040 --> 00:11:52,000 Speaker 5: we're directly comparing here people doing the exact same job, 262 00:11:52,080 --> 00:11:54,800 Speaker 5: and there's you know, almost a two hundred thousand dollar 263 00:11:54,960 --> 00:11:59,080 Speaker 5: disparity between people just because of their gender, and I 264 00:11:59,160 --> 00:12:01,480 Speaker 5: really can't see any good reason why that might be 265 00:12:01,520 --> 00:12:02,040 Speaker 5: the case. 266 00:12:02,440 --> 00:12:05,520 Speaker 4: It actually really upsets me purely because I look at 267 00:12:05,520 --> 00:12:07,400 Speaker 4: it and I just go, this is insane to me 268 00:12:07,559 --> 00:12:11,280 Speaker 4: to think that women are not earning as much as men. 269 00:12:11,960 --> 00:12:13,600 Speaker 4: But then we go into it, right, and we go, 270 00:12:13,640 --> 00:12:15,720 Speaker 4: all right, well, there's obviously so much more to it, 271 00:12:15,760 --> 00:12:17,120 Speaker 4: and I think we need to take a little bit 272 00:12:17,160 --> 00:12:19,480 Speaker 4: of a step back and actually just talk about what 273 00:12:19,640 --> 00:12:21,920 Speaker 4: the difference is. So there's pay gap, and then there's 274 00:12:21,920 --> 00:12:24,080 Speaker 4: gender pay gap, and then there's equal payday and all 275 00:12:24,120 --> 00:12:26,680 Speaker 4: of this other stuff, But specifically, when we talk about 276 00:12:26,840 --> 00:12:30,520 Speaker 4: gender pay gap, we're specifically talking about the difference between 277 00:12:30,559 --> 00:12:33,439 Speaker 4: the average earnings of women and men in the workforce. 278 00:12:33,720 --> 00:12:37,280 Speaker 4: And the gender pay gap is essentially an internationally established 279 00:12:37,320 --> 00:12:41,400 Speaker 4: measure of women's position in the economy compared to a man. 280 00:12:41,880 --> 00:12:44,440 Speaker 4: So we're not talking about like, oh, are they putting 281 00:12:44,480 --> 00:12:47,120 Speaker 4: in more time, energy and effort, or just that argument 282 00:12:47,160 --> 00:12:50,439 Speaker 4: of like, oh, women take on more caregiving roles. We're 283 00:12:50,480 --> 00:12:52,760 Speaker 4: just doing like, for like, if a woman is a 284 00:12:52,800 --> 00:12:55,960 Speaker 4: surgeon and a man is a surgeon. On average, female 285 00:12:56,000 --> 00:12:58,319 Speaker 4: surgeons at the same level get paid less, and it 286 00:12:58,480 --> 00:13:01,720 Speaker 4: just it really rough my feathers. And you guys have 287 00:13:01,760 --> 00:13:04,319 Speaker 4: probably seen it recently on social media when I post 288 00:13:04,320 --> 00:13:06,560 Speaker 4: about the gender pay gap or anything to do with 289 00:13:06,640 --> 00:13:09,839 Speaker 4: women's rights and pay, men jump down my throat and 290 00:13:09,840 --> 00:13:12,280 Speaker 4: they're like, this was debunked. This is because women don't 291 00:13:12,320 --> 00:13:12,840 Speaker 4: want to work. 292 00:13:13,040 --> 00:13:14,080 Speaker 2: No, no, no, The. 293 00:13:14,520 --> 00:13:17,720 Speaker 4: Gender pay gap is quite literally like for like roles, 294 00:13:18,000 --> 00:13:21,520 Speaker 4: and we now have some hard and fast statistics straight 295 00:13:21,600 --> 00:13:24,559 Speaker 4: from the ato proving that fact. And like, Jess, you're 296 00:13:24,559 --> 00:13:26,719 Speaker 4: putting them on the table like it is what it is. 297 00:13:26,760 --> 00:13:29,920 Speaker 4: We're not talking about, Oh, women on average get paid less. 298 00:13:30,160 --> 00:13:32,520 Speaker 4: They do, and there are a lot of factors at play, 299 00:13:32,559 --> 00:13:34,880 Speaker 4: but the stats you're bringing to the table, Jess, are 300 00:13:34,920 --> 00:13:37,600 Speaker 4: really just like for like jobs, women are earning less 301 00:13:37,600 --> 00:13:39,560 Speaker 4: than men for doing the same job. I thought that 302 00:13:39,640 --> 00:13:43,120 Speaker 4: was illegal though it absolutely is illegal. And that's why 303 00:13:43,160 --> 00:13:45,760 Speaker 4: we need to be talking about these things because what 304 00:13:45,920 --> 00:13:48,480 Speaker 4: plays into the gender pay gap, And Jess, you talk 305 00:13:48,520 --> 00:13:52,000 Speaker 4: about this a lot. Women aren't as confident to negotiate 306 00:13:52,040 --> 00:13:55,040 Speaker 4: for themselves. Women aren't as likely to be given the 307 00:13:55,080 --> 00:13:58,040 Speaker 4: promotion when a man is there. Because you know, Jess, 308 00:13:58,080 --> 00:14:00,520 Speaker 4: you and I were talking about unconscious bias yesterday, and 309 00:14:00,800 --> 00:14:04,319 Speaker 4: it exists for everybody. However, a man is just in 310 00:14:04,400 --> 00:14:06,880 Speaker 4: general going to be more likely to be picked for 311 00:14:06,920 --> 00:14:10,480 Speaker 4: a pay rise because that is seen as a better option. 312 00:14:10,640 --> 00:14:13,000 Speaker 4: It doesn't mean it is the right option. It is 313 00:14:13,120 --> 00:14:17,640 Speaker 4: just underlyingly from our unconscious bias the right decision to make. 314 00:14:17,720 --> 00:14:20,720 Speaker 4: Like women are never seen as being as capable in 315 00:14:20,840 --> 00:14:24,480 Speaker 4: roles like that as men, even though it's unequivocally untrue. 316 00:14:24,960 --> 00:14:27,880 Speaker 3: Isn't a big part of the gender pay gap as well? 317 00:14:27,960 --> 00:14:31,440 Speaker 3: The way that society is structured. So we have roles 318 00:14:31,480 --> 00:14:35,000 Speaker 3: like teaching nursing for example, they're the two easiest that 319 00:14:35,040 --> 00:14:38,680 Speaker 3: spring to mind. They're grossly underpaid for what they contribute 320 00:14:38,720 --> 00:14:40,960 Speaker 3: to society, and we saw that through the pandemic, no 321 00:14:41,000 --> 00:14:44,400 Speaker 3: one worked harder than those people. Yeah, agreed, and compared 322 00:14:44,640 --> 00:14:49,320 Speaker 3: to more male dominated fields. So surgeons, for example, they're 323 00:14:49,400 --> 00:14:51,200 Speaker 3: just there is more male surgence is in it. 324 00:14:51,320 --> 00:14:52,520 Speaker 2: You are not wrong, Jooria King. 325 00:14:52,640 --> 00:14:57,000 Speaker 3: So isn't it kind of valuing male dominated roles above 326 00:14:57,360 --> 00:15:01,360 Speaker 3: female dominated industries more so than just a likeful like 327 00:15:01,440 --> 00:15:03,680 Speaker 3: comparison that's what I thought the gender pay gap is. 328 00:15:03,920 --> 00:15:07,840 Speaker 5: It also, I think goes beyond that, and it starts 329 00:15:08,040 --> 00:15:10,680 Speaker 5: when we're young. Like if you think about the toys 330 00:15:10,880 --> 00:15:13,160 Speaker 5: that kids are typically given. I was in came out 331 00:15:13,200 --> 00:15:15,040 Speaker 5: the other day one of my beautiful friends, her baby 332 00:15:15,040 --> 00:15:17,280 Speaker 5: just turned one, little gordous baby boy, and we were 333 00:15:17,280 --> 00:15:20,400 Speaker 5: looking for gifts, and you know, when you're looking for girls, 334 00:15:20,800 --> 00:15:26,400 Speaker 5: it's dolls and babies and costumes and little outfits or kitchens. 335 00:15:27,000 --> 00:15:29,560 Speaker 5: And when you're looking at the toys for boys, there 336 00:15:29,600 --> 00:15:33,920 Speaker 5: were medical kids and tool kids. And it starts so 337 00:15:34,120 --> 00:15:37,320 Speaker 5: young where we're kind of setting up this concept of 338 00:15:37,640 --> 00:15:40,600 Speaker 5: gender roles, and you know, women are in those caregiving 339 00:15:40,720 --> 00:15:43,680 Speaker 5: roles and men are in those you know, more complex 340 00:15:43,880 --> 00:15:48,720 Speaker 5: or quote unquote skilled roles. And it starts really young, 341 00:15:48,920 --> 00:15:51,400 Speaker 5: you know. And it's when a boy says, oh, I 342 00:15:51,440 --> 00:15:53,120 Speaker 5: want to be a princess when I grow up, and 343 00:15:53,320 --> 00:15:55,320 Speaker 5: they're told, oh, no, you can't be a princess, that's 344 00:15:55,320 --> 00:15:55,760 Speaker 5: not a thing. 345 00:15:56,080 --> 00:15:58,560 Speaker 3: But when don't put on a skirt, yeah, But. 346 00:15:58,520 --> 00:16:01,600 Speaker 5: When girls say the same thing, absolutely, you know, you're 347 00:16:01,640 --> 00:16:05,400 Speaker 5: so pretty at it. It starts at such a young age. 348 00:16:05,520 --> 00:16:08,480 Speaker 5: I think that by the time where adults that unconscious 349 00:16:08,520 --> 00:16:12,480 Speaker 5: bias is really present, but also so deeply ingrained in 350 00:16:12,600 --> 00:16:15,560 Speaker 5: us that we're really not aware that it's there. And 351 00:16:15,640 --> 00:16:19,120 Speaker 5: so that's why these industries are dominated by men rather 352 00:16:19,160 --> 00:16:22,080 Speaker 5: than women. It's not even necessarily always about women not 353 00:16:22,120 --> 00:16:24,120 Speaker 5: asking for the pay rise. Maybe they do ask and 354 00:16:24,160 --> 00:16:26,920 Speaker 5: they don't get it, but it's you know, when people 355 00:16:27,000 --> 00:16:30,840 Speaker 5: leave school, we have programs to encourage females to study 356 00:16:30,920 --> 00:16:34,760 Speaker 5: in industries like tech women in STEM because they just 357 00:16:34,840 --> 00:16:37,960 Speaker 5: never thought that they could, because they were never encouraged 358 00:16:38,080 --> 00:16:41,080 Speaker 5: to do it. That goes for a multitude of industries 359 00:16:41,120 --> 00:16:44,560 Speaker 5: where it's more socially acceptable or more common for men 360 00:16:44,640 --> 00:16:46,480 Speaker 5: to go out to be trades people, or for men 361 00:16:46,520 --> 00:16:49,160 Speaker 5: to go out and be lawyers or surgeons or these 362 00:16:49,480 --> 00:16:53,640 Speaker 5: high paying roles. And it comes back to all of 363 00:16:53,680 --> 00:16:57,040 Speaker 5: those little microaggressions or micro habits that we have all 364 00:16:57,120 --> 00:16:59,720 Speaker 5: throughout our formative years that by the time we get 365 00:16:59,720 --> 00:17:02,720 Speaker 5: there go, oh, of course, like men are taking on 366 00:17:02,760 --> 00:17:05,000 Speaker 5: these roles because they're better at it, but it's not 367 00:17:05,840 --> 00:17:07,760 Speaker 5: And then I guess not to go on to be grand. 368 00:17:07,760 --> 00:17:10,600 Speaker 5: But if you zoom out again, that's what being in 369 00:17:10,680 --> 00:17:13,760 Speaker 5: a patriarchy is, right, Like, there's so many factors in play, 370 00:17:13,760 --> 00:17:15,359 Speaker 5: and it's that concept of you know, women are going 371 00:17:15,400 --> 00:17:17,040 Speaker 5: to be the child bearers and at a certain age 372 00:17:17,080 --> 00:17:18,680 Speaker 5: we're going to step out of the workforce and we're 373 00:17:18,680 --> 00:17:20,320 Speaker 5: going to raise the babies because that's what we were 374 00:17:20,320 --> 00:17:22,680 Speaker 5: born to do. But at the same time, men are 375 00:17:23,040 --> 00:17:25,520 Speaker 5: working on that career trajectory and getting years under their 376 00:17:25,520 --> 00:17:29,800 Speaker 5: belt and taking it further. And the whole thing, the 377 00:17:29,840 --> 00:17:32,240 Speaker 5: whole society, and we've spoken about this before, is really 378 00:17:32,280 --> 00:17:34,800 Speaker 5: structured to be a man's world, and that's what we're 379 00:17:34,840 --> 00:17:38,159 Speaker 5: working to break. But the statistics show that we're definitely 380 00:17:38,200 --> 00:17:39,280 Speaker 5: not quite there yet. 381 00:17:39,680 --> 00:17:41,560 Speaker 4: Like, there's so much to it, jes Like, I like 382 00:17:41,640 --> 00:17:43,679 Speaker 4: the rand. I'm going to continue the rant. It's a 383 00:17:43,720 --> 00:17:46,720 Speaker 4: good place to be. There's just so much to it. 384 00:17:46,840 --> 00:17:47,000 Speaker 1: Right. 385 00:17:47,080 --> 00:17:49,439 Speaker 4: Like we talk about, you know, men and women earning 386 00:17:49,520 --> 00:17:53,080 Speaker 4: different amounts of money, I actually don't mind that we 387 00:17:53,160 --> 00:17:55,600 Speaker 4: earn different amounts of money if we're choosing that, Like, 388 00:17:55,680 --> 00:17:57,280 Speaker 4: if you want to stay at home and do that, 389 00:17:57,359 --> 00:17:57,800 Speaker 4: you do you. 390 00:17:58,160 --> 00:17:59,520 Speaker 2: What I actually. 391 00:17:59,080 --> 00:18:01,320 Speaker 4: Want for our community, and what I actually want for 392 00:18:01,400 --> 00:18:04,360 Speaker 4: women in general, is equal opportunity. I want my friend 393 00:18:04,440 --> 00:18:06,280 Speaker 4: to go and work as a surgeon in a hospital 394 00:18:06,280 --> 00:18:08,840 Speaker 4: and be paid for what the role demands, not necessarily 395 00:18:08,880 --> 00:18:12,400 Speaker 4: what they think they should pay a female. And inherently, 396 00:18:12,480 --> 00:18:14,919 Speaker 4: that to me, is what we're fighting for. We're not 397 00:18:15,000 --> 00:18:17,280 Speaker 4: fighting for women to earn the same as men. We're 398 00:18:17,280 --> 00:18:21,200 Speaker 4: actually just fighting for women to earn what that job demands. 399 00:18:21,480 --> 00:18:23,760 Speaker 4: And I think that's a really fair position to be in. 400 00:18:23,840 --> 00:18:26,159 Speaker 4: But going back to the stereotypes and stuff, Jess, like, 401 00:18:26,520 --> 00:18:29,399 Speaker 4: I look at my industry and it being twenty twenty 402 00:18:29,400 --> 00:18:31,960 Speaker 4: two and we're trying to push it forward, and financial 403 00:18:32,000 --> 00:18:35,200 Speaker 4: advisors have always been men. I think if we look 404 00:18:35,240 --> 00:18:37,760 Speaker 4: at it, the average financial advisor is a forty five 405 00:18:37,840 --> 00:18:40,680 Speaker 4: year old male who lives in Melbourne, And like that's 406 00:18:40,760 --> 00:18:43,680 Speaker 4: fine and well and good, but there's just this narrative 407 00:18:43,840 --> 00:18:47,040 Speaker 4: that still that is a manned space. I go to conferences, 408 00:18:47,080 --> 00:18:49,160 Speaker 4: I go to talks, I talk to people, and it's 409 00:18:49,240 --> 00:18:52,840 Speaker 4: just so male dominated. Like the other day I got 410 00:18:52,840 --> 00:18:56,359 Speaker 4: an invitation in my inbox for a networking event on 411 00:18:56,400 --> 00:18:59,159 Speaker 4: a golf course. Is that where we're at still? Is 412 00:18:59,200 --> 00:19:01,920 Speaker 4: that what we're doing? There are only twenty two point 413 00:19:01,960 --> 00:19:05,040 Speaker 4: five percent of women in my industry like that are 414 00:19:05,080 --> 00:19:09,119 Speaker 4: authorized accredited financial planners in Australia, Like what on earth 415 00:19:09,200 --> 00:19:12,840 Speaker 4: is going on? Because this industry, if you actually know 416 00:19:12,920 --> 00:19:15,919 Speaker 4: it deeply, I feel like women thrive in it, like 417 00:19:15,960 --> 00:19:18,800 Speaker 4: we do so well, but we've been consistently told this 418 00:19:18,840 --> 00:19:21,359 Speaker 4: isn't really a man's space. And growing up, I didn't 419 00:19:21,400 --> 00:19:23,920 Speaker 4: think i'd be in finance, Like I didn't think that 420 00:19:23,920 --> 00:19:25,959 Speaker 4: that was even in a career that I was interested as 421 00:19:25,960 --> 00:19:28,240 Speaker 4: a boy's job. And I know that that's not a 422 00:19:28,280 --> 00:19:29,800 Speaker 4: good thing to say, but it's just. 423 00:19:29,760 --> 00:19:31,520 Speaker 2: The way we grow up. But it's the stories we 424 00:19:31,600 --> 00:19:32,159 Speaker 2: get told. 425 00:19:32,200 --> 00:19:35,720 Speaker 4: And I'm so grateful to have parents who were like, oh, 426 00:19:35,840 --> 00:19:38,040 Speaker 4: you want trucks, you want lego great, Like I had 427 00:19:38,040 --> 00:19:40,280 Speaker 4: those things, and I had the doctors set and I 428 00:19:40,400 --> 00:19:42,320 Speaker 4: was just pushed to do whatever I wanted to do. 429 00:19:42,640 --> 00:19:45,560 Speaker 4: But that's not the narrative that was forced on my parents. 430 00:19:45,600 --> 00:19:48,919 Speaker 4: That's a narrative my parents genuinely chose for me. And 431 00:19:48,960 --> 00:19:51,520 Speaker 4: I've had that conversation with my mum. She's like, no, no, no. 432 00:19:51,560 --> 00:19:53,240 Speaker 4: Growing up, I wanted you to know that you could 433 00:19:53,280 --> 00:19:56,440 Speaker 4: do whatever a boy could do, and that's a choice 434 00:19:56,480 --> 00:19:57,880 Speaker 4: she made and that's so beautiful. 435 00:19:57,920 --> 00:19:59,679 Speaker 2: But you know, we just get fed it like we 436 00:19:59,680 --> 00:20:00,960 Speaker 2: get f did it, KMA, right? 437 00:20:01,320 --> 00:20:04,560 Speaker 5: Yeah, and it's hard because, like I said, I could 438 00:20:04,600 --> 00:20:06,840 Speaker 5: and I did buy a kitchen for my friends when 439 00:20:06,920 --> 00:20:09,159 Speaker 5: year old little boy, but it was in the aisle 440 00:20:09,400 --> 00:20:10,959 Speaker 5: that was for the girls. 441 00:20:11,080 --> 00:20:12,879 Speaker 2: And that's where such a joke, right. 442 00:20:13,320 --> 00:20:18,199 Speaker 3: For anyone who wants to learn more about this huge topic, 443 00:20:18,240 --> 00:20:19,679 Speaker 3: and we could talk about it all day, but we 444 00:20:19,720 --> 00:20:23,600 Speaker 3: have other things to chat about, head to the WGEA website. 445 00:20:23,640 --> 00:20:25,119 Speaker 3: We're going to link it in the show notes, but 446 00:20:25,160 --> 00:20:27,479 Speaker 3: all of the starts and figures are there. It provides 447 00:20:27,480 --> 00:20:30,200 Speaker 3: a lot more context as to why the gap exists, 448 00:20:30,240 --> 00:20:31,800 Speaker 3: and it goes into a lot of details, so I'd 449 00:20:31,840 --> 00:20:34,440 Speaker 3: really recommend a read of that after this chat. Shall 450 00:20:34,480 --> 00:20:37,080 Speaker 3: we now listen to our money dilemma ladies? 451 00:20:37,280 --> 00:20:37,840 Speaker 2: Let's do it. 452 00:20:40,320 --> 00:20:41,720 Speaker 5: Hi there, have you got. 453 00:20:41,600 --> 00:20:44,040 Speaker 3: Up money dilemma you just can't solve that. She's on 454 00:20:44,080 --> 00:20:46,679 Speaker 3: the Money Team is here to help. Every week, we 455 00:20:46,720 --> 00:20:49,320 Speaker 3: tackle your dilemmas, both big and small, to answer your 456 00:20:49,359 --> 00:20:53,280 Speaker 3: most burning money, career and life questions. To get involved, 457 00:20:53,320 --> 00:20:55,320 Speaker 3: simply head to our website and leave us a quick 458 00:20:55,359 --> 00:20:58,320 Speaker 3: voice recording and you may just find yourself on the show. Now, 459 00:20:58,440 --> 00:21:00,520 Speaker 3: let's take a listen to today's money dilemma. 460 00:21:01,840 --> 00:21:04,080 Speaker 6: Hi, there, I'm looking to buy a property in the 461 00:21:04,080 --> 00:21:06,440 Speaker 6: next couple of years, and I was thinking about using 462 00:21:06,480 --> 00:21:09,919 Speaker 6: the first home super Saver scheme and Seleary Sacrifice to 463 00:21:10,040 --> 00:21:14,000 Speaker 6: build up my savings in my superannuation account. But I'm 464 00:21:14,080 --> 00:21:16,879 Speaker 6: just wondering, given the current state of the market, what 465 00:21:16,920 --> 00:21:20,960 Speaker 6: are the implications of using that to build up savings 466 00:21:20,960 --> 00:21:22,639 Speaker 6: and would I be better just keeping my money in 467 00:21:22,680 --> 00:21:24,360 Speaker 6: a regular based savings account. 468 00:21:24,560 --> 00:21:25,399 Speaker 2: Thank you? 469 00:21:25,480 --> 00:21:28,760 Speaker 4: Ooh, this is a good question one I can't answer 470 00:21:28,920 --> 00:21:31,800 Speaker 4: because I can't say, hey, you should do this instead 471 00:21:31,840 --> 00:21:32,119 Speaker 4: of this. 472 00:21:32,280 --> 00:21:34,040 Speaker 2: But do you know what we can do? Guys? What 473 00:21:34,359 --> 00:21:35,720 Speaker 2: stats and facts and numbers. 474 00:21:36,680 --> 00:21:40,000 Speaker 4: But before we get to the stats and facts and numbers, Jess, 475 00:21:40,320 --> 00:21:42,960 Speaker 4: you're on the first home buying journey. Is this this 476 00:21:43,040 --> 00:21:45,760 Speaker 4: scheme that you're considering using or using or planning to 477 00:21:45,920 --> 00:21:48,320 Speaker 4: or what what are your thoughts as a first home buyer. 478 00:21:48,480 --> 00:21:52,120 Speaker 5: So I have put money into utilize the fastation, done it? Yeah, 479 00:21:52,160 --> 00:21:54,560 Speaker 5: So I maxed out because obviously we've discussed these in 480 00:21:54,560 --> 00:21:56,960 Speaker 5: more detail previously. But I've maxed out for the last 481 00:21:56,960 --> 00:21:58,960 Speaker 5: financial year and I probably will do the same this 482 00:21:59,040 --> 00:22:02,000 Speaker 5: financial year. And the reason that I did that was 483 00:22:02,000 --> 00:22:05,520 Speaker 5: because there are significant tax benefits. So you know, when 484 00:22:05,560 --> 00:22:08,560 Speaker 5: you put it in, you get it charged at the 485 00:22:08,720 --> 00:22:11,919 Speaker 5: fifteen percent tax rate that SUPER is generally taxed at, 486 00:22:12,040 --> 00:22:13,919 Speaker 5: rather than your marginal tax rate. So for me, that 487 00:22:14,040 --> 00:22:17,320 Speaker 5: was close to a fifty percent saving on tax. 488 00:22:17,359 --> 00:22:20,480 Speaker 2: Which so you make good money. Yeah when shares on 489 00:22:20,480 --> 00:22:22,800 Speaker 2: the money must be good employeers. Yeah, she just went 490 00:22:22,840 --> 00:22:24,280 Speaker 2: wow wow. Yeah. 491 00:22:24,280 --> 00:22:25,639 Speaker 5: So for me it made a lot of sense. And 492 00:22:25,680 --> 00:22:29,320 Speaker 5: obviously I looked at the bigger picture. I'm not salary sacrificing, 493 00:22:29,560 --> 00:22:32,880 Speaker 5: so that wasn't something that I considered. But I understand 494 00:22:32,880 --> 00:22:35,920 Speaker 5: where she's coming from because like, for example, my superannuation 495 00:22:36,320 --> 00:22:38,760 Speaker 5: is down a little bit from where it was, say 496 00:22:38,960 --> 00:22:41,960 Speaker 5: a year or two ago, because the market is down, but. 497 00:22:41,880 --> 00:22:44,600 Speaker 2: You don't have less shares. It's just currently valued it less, 498 00:22:44,600 --> 00:22:47,040 Speaker 2: which is which is fine. We love that correct. 499 00:22:47,160 --> 00:22:51,760 Speaker 5: And so you can withdraw the same dollar value as 500 00:22:51,800 --> 00:22:53,720 Speaker 5: what you put in. I believe, so if I count 501 00:22:53,760 --> 00:22:57,080 Speaker 5: fifteen thousand dollars in in a year or two years, 502 00:22:57,119 --> 00:22:58,760 Speaker 5: or whenever I finally get to buy a house, I 503 00:22:58,800 --> 00:23:04,399 Speaker 5: can withdraw fifteen thousand dollars out. And so theoretically, and 504 00:23:04,680 --> 00:23:06,520 Speaker 5: I don't know if I'm getting this wrong, please correct 505 00:23:06,520 --> 00:23:08,560 Speaker 5: me if I'm wrong, but theoretically, like I'm getting out 506 00:23:08,600 --> 00:23:12,679 Speaker 5: what I'm putting in. If those shares are valued at less, 507 00:23:12,840 --> 00:23:15,960 Speaker 5: it takes a little bit of a hit. But what 508 00:23:16,080 --> 00:23:19,080 Speaker 5: I already had in super so my superannuation that's actually 509 00:23:19,080 --> 00:23:23,000 Speaker 5: being in played my actual retirement fund. Yes, those shares 510 00:23:23,320 --> 00:23:26,040 Speaker 5: shouldn't really have changed too much. Like, even if they're 511 00:23:26,080 --> 00:23:29,040 Speaker 5: valued it less, I'm not withdrawing those shares specifically, they 512 00:23:29,040 --> 00:23:31,399 Speaker 5: will sit there and hopefully with time they will recover. 513 00:23:32,000 --> 00:23:35,959 Speaker 5: But the money that I'm pulling out unless the market 514 00:23:36,119 --> 00:23:39,960 Speaker 5: fully tanks and goes completely bally up, which. 515 00:23:39,840 --> 00:23:41,920 Speaker 4: Is not going to because I've looked at your super 516 00:23:42,000 --> 00:23:44,920 Speaker 4: my love, you're you're pretty invested in blue chip stocks. 517 00:23:45,119 --> 00:23:48,119 Speaker 5: Yeah, like unless things go right off the rails. I 518 00:23:48,160 --> 00:23:50,359 Speaker 5: think for me, ultimately, the amount that I was saving 519 00:23:50,400 --> 00:23:53,320 Speaker 5: in tax seemed like way more than what I was 520 00:23:53,520 --> 00:23:55,920 Speaker 5: likely to lose even if the market, you know, did 521 00:23:55,920 --> 00:23:56,600 Speaker 5: it want ady. 522 00:23:56,600 --> 00:23:59,879 Speaker 4: Yeah, absolutely so. I think it's interesting because I have 523 00:24:00,119 --> 00:24:02,080 Speaker 4: been talking to people in our community and some people 524 00:24:02,080 --> 00:24:03,680 Speaker 4: are like, oh, it's not worth it, you know, it's 525 00:24:03,680 --> 00:24:05,640 Speaker 4: too much work, it's this, it's that's the other. It's 526 00:24:05,640 --> 00:24:09,040 Speaker 4: actually not we answered the process question. I think last 527 00:24:09,080 --> 00:24:11,639 Speaker 4: week or the week before on the show about how 528 00:24:11,680 --> 00:24:13,480 Speaker 4: you do it and when you need to call your 529 00:24:13,520 --> 00:24:15,800 Speaker 4: super fund and set it up. When the reality is not, 530 00:24:15,960 --> 00:24:19,439 Speaker 4: you just start chucking some money in. And Super is 531 00:24:19,520 --> 00:24:22,560 Speaker 4: actually much easier to contribute to than a lot of 532 00:24:22,600 --> 00:24:23,400 Speaker 4: people assume. 533 00:24:23,520 --> 00:24:23,760 Speaker 2: Right. 534 00:24:24,160 --> 00:24:27,040 Speaker 4: You actually just need the BSB an account number or 535 00:24:27,160 --> 00:24:29,720 Speaker 4: just a be paid biller code and you just transfer 536 00:24:29,800 --> 00:24:30,280 Speaker 4: money there. 537 00:24:30,320 --> 00:24:34,120 Speaker 2: Popula. Yeah, it's actually so easy. That's so weird. It's crazy. 538 00:24:34,280 --> 00:24:37,200 Speaker 4: Yeah, it's I think that there's just this because Super 539 00:24:37,240 --> 00:24:40,720 Speaker 4: feels so far away from us and disconnected, we just 540 00:24:40,760 --> 00:24:43,880 Speaker 4: assume that the process must be really confusing. It's not. 541 00:24:43,920 --> 00:24:46,959 Speaker 4: You just be pay it over and when bam, thank you, ma'am. 542 00:24:47,000 --> 00:24:49,800 Speaker 4: I would personally check my account after to make sure 543 00:24:49,840 --> 00:24:53,280 Speaker 4: that it went through because I'm anxious goal. But at 544 00:24:53,320 --> 00:24:55,200 Speaker 4: the end of the day, like you just log into 545 00:24:55,200 --> 00:24:57,320 Speaker 4: your super and they'll give you the deats to transfer 546 00:24:57,400 --> 00:25:00,600 Speaker 4: it over. There's no complex forms, there's nothing too hard 547 00:25:00,680 --> 00:25:03,840 Speaker 4: or heavy about it, which I think is it's interesting 548 00:25:04,160 --> 00:25:07,119 Speaker 4: in saying that we're not talking about additional contributions to 549 00:25:07,240 --> 00:25:09,960 Speaker 4: Superhero about whether they're a good idea or not. We're 550 00:25:10,000 --> 00:25:12,520 Speaker 4: talking specifically about the first Home Super Savior scheme. So 551 00:25:12,560 --> 00:25:14,600 Speaker 4: even though it's really easy to contribute, you need to 552 00:25:14,640 --> 00:25:16,879 Speaker 4: work out whether that's a good idea for your financial 553 00:25:16,880 --> 00:25:18,480 Speaker 4: circumstances or not. 554 00:25:19,040 --> 00:25:20,600 Speaker 2: Because as much as Jess you're. 555 00:25:20,440 --> 00:25:22,159 Speaker 4: Like, this is a great return and you're able to 556 00:25:22,160 --> 00:25:24,400 Speaker 4: pull it out for First Home Super Saviors scheme, if 557 00:25:24,440 --> 00:25:27,840 Speaker 4: you were just additionally contributing to super, you'd need to 558 00:25:27,840 --> 00:25:29,720 Speaker 4: make sure that that was aligned to your goals and 559 00:25:29,800 --> 00:25:33,200 Speaker 4: values of it being locked away until age of retirement. 560 00:25:33,280 --> 00:25:35,280 Speaker 4: So it's not a bad thing, it's just we need 561 00:25:35,320 --> 00:25:38,240 Speaker 4: to know the semantics of the situation. But I've done 562 00:25:38,280 --> 00:25:41,320 Speaker 4: some quick maths for you guys and Jess knowing your 563 00:25:41,320 --> 00:25:43,440 Speaker 4: marginal tax, right, we're just going to use you as 564 00:25:43,480 --> 00:25:45,960 Speaker 4: an example here, all right, Jess, Let's say that you 565 00:25:45,960 --> 00:25:48,600 Speaker 4: have an average income, which means that you are earning 566 00:25:48,680 --> 00:25:52,200 Speaker 4: between forty five thousand and one twenty. This, I reckon 567 00:25:52,280 --> 00:25:54,159 Speaker 4: is where most of our community falls, so this might 568 00:25:54,200 --> 00:25:56,720 Speaker 4: be a good example, which means that you are going 569 00:25:56,760 --> 00:25:59,600 Speaker 4: to be paying five thousand and ninety two dollars in 570 00:25:59,680 --> 00:26:03,679 Speaker 4: tax plus thirty two point five cents for every dollar 571 00:26:03,720 --> 00:26:06,240 Speaker 4: that you earn over forty five thousand dollars. So that's 572 00:26:06,320 --> 00:26:08,600 Speaker 4: just the ato's rules. That's our marginal. 573 00:26:08,240 --> 00:26:09,120 Speaker 2: Tax rate bracket. 574 00:26:09,480 --> 00:26:12,680 Speaker 4: So at thirty two point five percent as a marginal 575 00:26:12,720 --> 00:26:16,240 Speaker 4: tax bracket. If we use ten thousand dollars as an example, 576 00:26:16,440 --> 00:26:19,679 Speaker 4: because you know that's a nice, round, easy number, If 577 00:26:19,760 --> 00:26:23,040 Speaker 4: you earned ten thousand dollars pre super and then took 578 00:26:23,040 --> 00:26:25,359 Speaker 4: it out and put it into your savings account, that 579 00:26:25,400 --> 00:26:28,679 Speaker 4: would equate after tax to six thousand, seven hundred and 580 00:26:28,760 --> 00:26:31,560 Speaker 4: fifty dollars in your bank account. Had you put that 581 00:26:31,640 --> 00:26:35,240 Speaker 4: money into superannuation instead, that would be worth eight and 582 00:26:35,240 --> 00:26:38,680 Speaker 4: a half thousand dollars. That is a difference of twenty 583 00:26:38,880 --> 00:26:42,320 Speaker 4: one percent. Ye, you got twenty one percent returns this 584 00:26:42,440 --> 00:26:45,520 Speaker 4: year on your superest freaking weird. No, did you get 585 00:26:45,560 --> 00:26:48,880 Speaker 4: it in your investment portfolio? Where else can you get 586 00:26:48,880 --> 00:26:51,840 Speaker 4: a return of twenty one percent? That's basically guaranteed? 587 00:26:52,119 --> 00:26:52,399 Speaker 5: Yeah? 588 00:26:52,480 --> 00:26:53,639 Speaker 2: Yeah, look, I think that. 589 00:26:53,960 --> 00:26:55,760 Speaker 4: You know, I'm not saying, oh my gosh, it'll work 590 00:26:55,800 --> 00:26:58,680 Speaker 4: for absolutely everybody. But if you're doing the first Home 591 00:26:58,720 --> 00:27:01,080 Speaker 4: Super Savior scheme and you want to put yourself ahead, 592 00:27:01,400 --> 00:27:04,879 Speaker 4: you're putting yourself twenty one percent ahead on your savings 593 00:27:04,960 --> 00:27:08,640 Speaker 4: goals if you use that scheme. So extrapolating that out 594 00:27:08,680 --> 00:27:11,760 Speaker 4: for different marginal tax brackets, if you were at thirty 595 00:27:11,800 --> 00:27:15,080 Speaker 4: seven percent, you'd actually be twenty six percent ahead. If 596 00:27:15,119 --> 00:27:17,640 Speaker 4: you earn more than one eighty, you're doing real well, 597 00:27:17,680 --> 00:27:21,480 Speaker 4: my friend, you're actually thirty five percent ahead by using 598 00:27:21,520 --> 00:27:24,320 Speaker 4: this scheme. And Jess, if we then add that up 599 00:27:24,400 --> 00:27:26,080 Speaker 4: and I know that you're not going to use the 600 00:27:26,119 --> 00:27:28,000 Speaker 4: full amount, so what are you going to use? You're 601 00:27:28,000 --> 00:27:30,520 Speaker 4: probably going to use two financial years worth of. 602 00:27:30,800 --> 00:27:33,000 Speaker 5: Yeah, if I'm able to buy before the end of 603 00:27:33,040 --> 00:27:36,879 Speaker 5: this financial year, i'll have done two Yeah, two contributions 604 00:27:36,880 --> 00:27:39,560 Speaker 5: maxed our contributions. Yeah, so you'll be ahead, which is 605 00:27:39,600 --> 00:27:42,440 Speaker 5: a money win. However, if you're in a circumstance where 606 00:27:42,440 --> 00:27:43,679 Speaker 5: you're like, I don't know if I should use it 607 00:27:43,760 --> 00:27:46,679 Speaker 5: or not, the goalposts have recently changed to being fifty 608 00:27:46,760 --> 00:27:52,640 Speaker 5: thousand dollars instead of thirty, So Jess, in your particular circumstance, 609 00:27:53,080 --> 00:27:54,919 Speaker 5: I don't know if you've done the numbers yet or not. 610 00:27:55,160 --> 00:27:58,040 Speaker 5: But by using it for two financial years, which means 611 00:27:58,119 --> 00:28:01,480 Speaker 5: you're contributing fifteen thousand each year to a total of 612 00:28:01,520 --> 00:28:04,879 Speaker 5: thirty thousand dollars. When you take that out, Jess, you 613 00:28:05,000 --> 00:28:07,760 Speaker 5: personally are going to be six thousand, six hundred dollars 614 00:28:07,800 --> 00:28:10,960 Speaker 5: better off for using that. Extrapolate that out and say 615 00:28:11,040 --> 00:28:13,240 Speaker 5: Jess has even more time up her sleeve and wants 616 00:28:13,240 --> 00:28:15,880 Speaker 5: to use that cap of the full fifty grand. 617 00:28:15,560 --> 00:28:18,439 Speaker 4: That she can put in super. If she had done that, 618 00:28:18,520 --> 00:28:21,760 Speaker 4: she'd be eleven thousand dollars better off. That's a whole 619 00:28:21,800 --> 00:28:25,400 Speaker 4: heap of money, like eleven thousand dollars towards your home deposit. 620 00:28:25,480 --> 00:28:29,200 Speaker 4: If you're using that scheme, that's like basically free money 621 00:28:29,280 --> 00:28:31,400 Speaker 4: by popping it through your super fund, if you've got 622 00:28:31,400 --> 00:28:32,400 Speaker 4: the time to do it. 623 00:28:32,480 --> 00:28:34,520 Speaker 2: So we're not saying yes or no, is it a 624 00:28:34,520 --> 00:28:35,639 Speaker 2: good idea? Is it not? 625 00:28:36,520 --> 00:28:38,800 Speaker 4: Do keep in mind that when you put this money 626 00:28:38,880 --> 00:28:41,400 Speaker 4: into super you don't actually have to take it out. 627 00:28:41,400 --> 00:28:43,800 Speaker 4: You could leave it there, You could pull it out later. 628 00:28:43,880 --> 00:28:45,400 Speaker 4: You do need to do a form Go back and 629 00:28:45,400 --> 00:28:47,600 Speaker 4: listen to last week's Friday Drinks if you want some 630 00:28:47,640 --> 00:28:50,600 Speaker 4: more info on how, when, and what that actually looks like. 631 00:28:51,160 --> 00:28:54,160 Speaker 4: But when you look at it just based purely on 632 00:28:54,200 --> 00:28:57,080 Speaker 4: the numbers, doesn't make sense in the current market to 633 00:28:57,320 --> 00:28:59,680 Speaker 4: reach for a goal of being able to be twenty 634 00:28:59,720 --> 00:29:02,360 Speaker 4: one sent better off when buying a house. 635 00:29:02,800 --> 00:29:03,200 Speaker 2: I don't know. 636 00:29:03,400 --> 00:29:05,320 Speaker 4: That's up to you, my friend, because I can't say 637 00:29:05,360 --> 00:29:07,440 Speaker 4: go use it or not. But what I can do 638 00:29:07,520 --> 00:29:09,920 Speaker 4: is give you some facts and some stats about is 639 00:29:09,920 --> 00:29:12,080 Speaker 4: it easy to access, is it actually going to put 640 00:29:12,120 --> 00:29:12,480 Speaker 4: your head? 641 00:29:12,520 --> 00:29:14,320 Speaker 2: What are the numbers? If you know. We look at 642 00:29:14,400 --> 00:29:15,360 Speaker 2: Jess as example. 643 00:29:15,720 --> 00:29:18,320 Speaker 4: I think, Jess, you've decided that works really well for you. 644 00:29:18,440 --> 00:29:21,800 Speaker 4: But it's again a finance decision, which is a personal 645 00:29:21,840 --> 00:29:24,360 Speaker 4: decision whether you use it or not. I wish i'd 646 00:29:24,440 --> 00:29:26,680 Speaker 4: used it, but at the point in buying I just 647 00:29:26,760 --> 00:29:29,560 Speaker 4: didn't have the ability to do that, so it wasn't 648 00:29:29,600 --> 00:29:31,600 Speaker 4: an option for me. But do I wish I had 649 00:29:31,640 --> 00:29:33,400 Speaker 4: an extra you know, six and a half grand? 650 00:29:33,400 --> 00:29:34,920 Speaker 2: Of course, I do hate to. 651 00:29:34,880 --> 00:29:38,240 Speaker 3: Put a pin in it. Ladies, very interesting chats today, 652 00:29:38,400 --> 00:29:40,560 Speaker 3: but we have run out of time, so I'm going 653 00:29:40,640 --> 00:29:43,840 Speaker 3: to wrap us up with the boring but important stuff. 654 00:29:44,000 --> 00:29:45,040 Speaker 2: I love that for us. 655 00:29:45,680 --> 00:29:47,800 Speaker 3: Please remember, guys, that the advice shed on She's on 656 00:29:47,840 --> 00:29:50,200 Speaker 3: the Money is general in nature and does not consider 657 00:29:50,320 --> 00:29:53,800 Speaker 3: your individual circumstances. She's on the Money exists purely for 658 00:29:53,920 --> 00:29:56,600 Speaker 3: educational purposes and should not be relied upon to make 659 00:29:56,640 --> 00:30:00,280 Speaker 3: an investment or a financial decision. And We promise Tori 660 00:30:00,360 --> 00:30:03,560 Speaker 3: divine and she's on the money. Are authorized representatives in 661 00:30:03,640 --> 00:30:07,880 Speaker 3: Focused Securities Australia Proprietary Limited ABN four seven zero nine 662 00:30:07,960 --> 00:30:10,200 Speaker 3: seven seven nine seven zero four nine A four S 663 00:30:10,480 --> 00:30:13,960 Speaker 3: two three six five two three. We'll see you on Monday, guys. 664 00:30:14,160 --> 00:30:15,880 Speaker 2: Fine, next week, guys,