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Speaker 1: She's on the Money. She's on the Money. Hello, and

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Speaker 1: welcome to She's on the Money, the podcast the Millennials

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Speaker 1: to What Financial Breeding. My name is Georgia King. I'm

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Speaker 1: a copywriter and journalism student with a lots left alone money. Luckily,

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Speaker 1: as always, I'm joined by Millennial Money We's financial advisor

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Speaker 1: Victoria de Band. Hello, Georgia King. Now today on the show,

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Speaker 1: we are going to be talking through exactly what happens

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Speaker 1: to our money when we die. Now it may sound

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Speaker 1: a little morose, but the fact is the world keeps

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Speaker 1: on spinning long after we've left it. So where do

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Speaker 1: our hard earned coppers end up when we're no longer

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Speaker 1: here to control what happens to them? Today we'll be

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Speaker 1: revealing all. But before we get there, Victoria, let's talk

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Speaker 1: money wins and confessions for the week. What have you

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Speaker 1: been up to?

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Speaker 2: Well, I'll tell you my money win in two seconds.

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Speaker 2: But I just like to know do you actually call

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Speaker 2: money coppers?

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Speaker 3: Like?

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Speaker 1: No? I don't you thought that was fun? I have

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Speaker 1: a more creative way of saying money.

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Speaker 2: Fine, I really like it.

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Speaker 4: You did?

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Speaker 3: Well? Ye?

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Speaker 2: Would you like to know my money win or confession?

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Speaker 2: I have a money win for you, which is really

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Speaker 2: exciting because I feel like there was a streak there

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Speaker 2: where I just had confessions, which was not so good.

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Speaker 2: This week, I have a money win related to coffee.

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Speaker 2: I drink a lot of coffee. We could probably both agree,

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Speaker 2: Georgia King, but I'm a bit of a coffee snob.

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Speaker 2: I'm not sorry about that. But I also feel like

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Speaker 2: my bank account might be anyway. My money win is

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Speaker 2: that recently Minor Figures, who I don't know if you

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Speaker 2: guys know, are my favorite oat milk. This is absolutely

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Speaker 2: not sponsored, by the way, I'm just obsessed with them.

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Speaker 2: Minor Figures have recently made their way to Coals, which

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Speaker 2: is very exciting. Not only is their oatmelk available now

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Speaker 2: to purchasing Coals, which sounds really like they literally haven't

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Speaker 2: even sent me free product for me to say this,

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Speaker 2: but I'm really excited about it because it is much

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Speaker 2: cheaper than my local grosser that I have been purchasing

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Speaker 2: Minor Figures at. But the exciting party they also stock

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Speaker 2: the Mind of Figures latte, which is oat milk mixed

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Speaker 2: with coffee cold brew coffee and it is delicious. Really yes,

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Speaker 2: So now in my fridge I have the one leader

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Speaker 2: packet for like five dollars of oat milk glaste that

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Speaker 2: I pour over ice in the mornings instead of walking

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Speaker 2: to the cafe. So, George King, have you got a

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Speaker 2: money win or a confession?

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Speaker 1: For us? It's a money win and I'm really scraping

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Speaker 1: the bottom of the barrel once.

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Speaker 2: I'm feeling more recently you have been really scraping the barrel.

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Speaker 1: Well, there's like there's not a lot going on in

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Speaker 1: G's life. Been spending a lot of time watching free

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Speaker 1: to air television. And that's my money win today, guys,

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Speaker 1: is free to air television.

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Speaker 2: Are you joking?

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Speaker 1: I'm not joking.

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Speaker 2: You weren't joking about the bottom of the barrel? Where

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Speaker 2: are you, Georgia Kie?

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Speaker 1: No, I want to use the platform that we have

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Speaker 1: to give a little shout out to the programs like Mastership.

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Speaker 1: It's over now, but that got me through a very

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Speaker 1: stressful time to.

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Speaker 2: A lot of people through master we stop talking about

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Speaker 2: your unemployed life as well, like I do actually employ you,

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Speaker 2: but okay, it turns out her other part time job.

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Speaker 3: No.

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Speaker 1: So I also wanted to give a shout out to

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Speaker 1: bond I Rescue because that do love it show since

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Speaker 1: like the nineties, that's not true, but my god, it

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Speaker 1: holds up. Guys anyway, It's all there. So forget foxtail,

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Speaker 1: forget Netflix, I forget stan You've got it all right

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Speaker 1: there on your teap. What are money when Georgia Ki,

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Speaker 1: thanks so much. Okay, so that was pretty terrible. But

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Speaker 1: you know who's not terrible, Victoria Facebook. You knew where

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Speaker 1: it was going. Victoria. Which post stood out to you

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Speaker 1: this week?

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Speaker 2: If any so, I have one, As we all know,

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Speaker 2: I do love an alternative milk and so just exactly,

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Speaker 2: and so does Jamie. Jamie has posted money win. McDonald's

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Speaker 2: sell milk, lab arm and milk for three dollars per

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Speaker 2: one liter bottle, and if you guys know, that actually

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Speaker 2: sells for six dollars and ninety eight cents at office

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Speaker 2: works and at any other kind of like supermarket, So

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Speaker 2: that is significant. Obviously McDonald's is making the most of

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Speaker 2: wholesale pricing from them, but this is amazing and you

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Speaker 2: can get it through drive through. So Jamie is now

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Speaker 2: making almond milk iced lattes at home now and saving

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Speaker 2: probably lots of money, given I know they're not that.

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Speaker 1: Cheap through drive for exactly. Well, are we assuming that

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Speaker 1: that is a part of the kind of covid macas

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Speaker 1: setup where they're selling like bread and milk and stuff.

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Speaker 1: I think that's what it would be from I don't

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Speaker 1: think they would have always done that.

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Speaker 2: I didn't know they were selling bread and milk as well,

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Speaker 2: but that's quite fort Yeah. The only thing I buy

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Speaker 2: Macca's drive through is a large fries. Yeah, we're good

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Speaker 2: at that, aren't we, Georgia King, What have you got

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Speaker 2: from our Facebook group?

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Speaker 3: Yes?

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Speaker 1: So mine is from Courtney who has a money win

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Speaker 1: with a couple of bigetts framing that text. So she's

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Speaker 1: written in that on a similar theme to the homemade

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Speaker 1: con butcher post, which I actually mentioned a few episodes ago.

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Speaker 1: She's made her own bread, which I most of Australia's done

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Speaker 1: it at this point, but she's shared the photo and

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Speaker 1: it looks incredible. She's written that when you consider a

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Speaker 1: loaf of quality soured opread will set you back around

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Speaker 1: ten dollars, which is very true. She's considering this a win.

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Speaker 1: She hasn't actually said what she's spending, but I'm assuming

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Speaker 1: you know all you need is yeast, flower water and

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Speaker 1: a good attitude. And you're away. I don't know. I

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Speaker 1: don't know how to make bread. All right? Shall we

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Speaker 1: move along? Yes, absolutely, let's move along all right. So

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Speaker 1: to the main topic of today's show, what happens to

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Speaker 1: our money when we die? So in preparation for today's episode,

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Speaker 1: I asked around my friendship group. So none of them

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Speaker 1: actually have wills or know what happens to their money

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Speaker 1: when they die. But given that death is the one

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Speaker 1: certainty in life, surely this is something we need to

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Speaker 1: be organizing and taking the time to actually think about.

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Speaker 1: Recent stats also show us that slightly over fifty percent

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Speaker 1: of Australian adults don't have a will, despite the fact

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Speaker 1: that one hundred percent of us will die. So, Victoria

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Speaker 1: de Vine, sorry to get a little bit more bit there,

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Speaker 1: but to start us off, can you please give me

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Speaker 1: some sense as to why so many Australians don't yet

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Speaker 1: have wills? Like, is it as simplistic as they're not

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Speaker 1: really caring about their money when they go because they're

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Speaker 1: gone and it doesn't matter, or is there more to

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Speaker 1: it than that? Also, full disclosure, I don't have will,

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Speaker 1: so let's not be too judgmental.

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Speaker 2: Oh my god, don't you Okay, we'll get off this podcast. No,

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Speaker 2: I think that's really interesting. I'm glad that you looked

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Speaker 2: up statistic that one hundred percent of.

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Speaker 1: Us will die. Yes, good research.

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Speaker 2: I actually think this is so important to talk about

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Speaker 2: estate planning, which is what organizing a will is, is

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Speaker 2: something that not enough of us put a priority on

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Speaker 2: when we really should. Now I can completely understand that

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Speaker 2: if you are really young and don't have any assets,

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Speaker 2: it doesn't make a lot of sense to have already

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Speaker 2: gone and organized a will. But I think it's really

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Speaker 2: good to get in the habit of organizing a will

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Speaker 2: when you're young, so that you just updated as things go.

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Speaker 2: I do think it also goes a bit back to

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Speaker 2: psychology as well, Georgia, because no one is prepared to

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Speaker 2: think about the fact that they are going to die.

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Speaker 2: And I'm quite blunt with this. I do talk about

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Speaker 2: death in my job often. Every single client that I have,

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Speaker 2: I have talked about estate planning. I've talked about wills.

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Speaker 2: I've talked about Okay, well, what happens when you die.

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Speaker 2: Let's just be really blunt here. It's not rude to

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Speaker 2: talk about it. Think that we actually need to open

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Speaker 2: the conversation up around this because it's such a tabero topic. Again,

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Speaker 2: much like money, it is something that we need to

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Speaker 2: talk about because we actually need to prioritize it because

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Speaker 2: it is incredibly important, and it actually creates a massive

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Speaker 2: headache further down the track if you don't have one

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Speaker 2: in place, and then you have assets that need to

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Speaker 2: be dispersed and children, potential partners that you've separated from

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Speaker 2: and a new partner like it can get incredibly messy.

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Speaker 2: But a good will and estate plan make that really

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Speaker 2: clear and more practically, Georgia, not many of us actually

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Speaker 2: even know how to establish a will or talk about

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Speaker 2: a state planning. Who do you go to? Where do

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Speaker 2: you go? What do you do? What do you say?

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Speaker 1: We don't know.

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Speaker 2: And then on top of that, I don't know anybody

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Speaker 2: who loves paperwork and the fact that they have to

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Speaker 2: then consider their own mortality. I think the fact that

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Speaker 2: a will is hard is because it's often dismissed. It's

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Speaker 2: popped in the two hard basket instead of taking some initiative,

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Speaker 2: taking some responsibility, and putting it in place.

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Speaker 1: So lots of my gol when I was talking to them,

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Speaker 1: also mentioned that they think they don't have enough money

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Speaker 1: to even worry about a will? Is that something else

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Speaker 1: stopping people from going ahead and doing it.

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Speaker 2: So a will is so much more than just how

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Speaker 2: much money you have. It's about the assets that you have.

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Speaker 2: It's about who gets those assets. It's about you know

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Speaker 2: what you want to happen after you pass away. It

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Speaker 2: can literally be anything from Hey, Victoria, I would really

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Speaker 2: like in my will for it to say that all

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Speaker 2: of my money goes to the Lost Dogs Home. And

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Speaker 2: I've got a client like that, and the Lost Dogs

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Speaker 2: Home is going to benefit significantly when this Burston passes away.

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Speaker 2: But it makes sure that you know, we've put in

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Speaker 2: place all of these values, and you know we've been

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Speaker 2: working towards living by our values. We've outlined them for

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Speaker 2: while we're alive. Why would our values change for the

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Speaker 2: money that we have once we pass away. So for me,

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Speaker 2: it's obviously about going, Okay, well this person gets this,

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Speaker 2: but it's also about what do you want to happen?

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Speaker 2: And I think that that is a really important conversation

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Speaker 2: to have because so many people don't know the power

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Speaker 2: of a will. It's not hey, give all my money

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Speaker 2: to Georgia. It's hey, can you please give my money

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Speaker 2: to Georgia and my other assets to my sister and

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Speaker 2: make sure that Georgie is set up for life in

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Speaker 2: this way. So like in a will, you are actually

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Speaker 2: able to stipulate the structure in which it's held as well.

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Speaker 2: So I might say Georgia can have my money, but

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Speaker 2: she can only have one hundred dollars of it every

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Speaker 2: single year, because that's how I want her to have it,

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Speaker 2: rather than she gets everything and can run a mark.

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Speaker 2: So I think it's really important to talk about it.

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Speaker 2: It's also just remembering that it's not just what's in

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Speaker 2: our bank account. It's also about superannuation. It's also about,

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Speaker 2: you know, the assets that we have might be about

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Speaker 2: our pets, it might be about our children. Like while

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Speaker 2: we are young, you're right, it might not be super

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Speaker 2: important to you, but the second you have any responsibility,

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Speaker 2: it's really important to make this a priority, all righty.

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Speaker 1: So that gives us some context as to why so

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Speaker 1: many people don't have wills. And we will talk about

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Speaker 1: what exactly they are and how we can be creating

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Speaker 1: them soon. But we will talk about wills. It's okay,

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Speaker 1: we will. Before we get there. Where does our money

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Speaker 1: go immediately after we die, Georgia.

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Speaker 2: That depends on whether or not you have a will,

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Speaker 2: as you probably gathered from what I've already spoken about.

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Speaker 2: Technically speaking, a will is a legal instrument that directs

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Speaker 2: how and to whom your estate should be divided. Technically speaking,

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Speaker 2: and in the event that you pass away. If you

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Speaker 2: do pass away and you do have a will in place,

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Speaker 2: your wishes are articulated within that legal document, and the

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Speaker 2: money and assets that you actually have right now will

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Speaker 2: be allocated accordingly from there, and often you'll have a

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Speaker 2: legal representative that helps facilitate that. All of your bits cumulatively,

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Speaker 2: that's a big word. I don't know why I wrote

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Speaker 2: that down, but they are called your estate. So this

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Speaker 2: includes real estate shares, money that you have in a bank, artwork, investments,

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Speaker 2: your engagement ring, jewelry, vehicles, even your Facebook account and

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Speaker 2: your email accounts become a part of your estate. If

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Speaker 2: you do not have a will in place, Georgia. This

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Speaker 2: is where it gets a little bit interesting because most

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Speaker 2: just assume that money just goes to our families. However,

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Speaker 2: that's not actually the case. If you die without a will, though, Georgia,

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Speaker 2: you're classifiers having died intestate. This means assets and possessions

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Speaker 2: are distributed by the government in a specific order. Generally,

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Speaker 2: that order and I've written it down, follows like this,

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Speaker 2: spouses or defactive partners, then children, then grandchildren or great grandchildren,

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Speaker 2: their parents, then siblings, their nephews and nieces, then grandparents,

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Speaker 2: then uncles and aunts, then first connisans, and then after

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Speaker 2: that anyone else that the court may appoint. So that

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Speaker 2: kind of seems like the hierarchy of it all. So

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Speaker 2: once one of the people in that list that I

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Speaker 2: have just read out is living and able to inherit

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Speaker 2: the assets, the entire estate will go to them. Assets

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Speaker 2: can be divided among a wide range of extended family

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Speaker 2: members up to first cousins and Georgia. If there isn't

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Speaker 2: actually any living family members to inherit your estate, then

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Speaker 2: the state, I either government may actually inherit your assets.

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Speaker 2: So I think it's really important to work out what

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Speaker 2: this actually means. And obviously that list that I read

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Speaker 2: out was quite arduous, But if none of those exist

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Speaker 2: for you, your assets might end up going to the state.

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Speaker 2: And I think that that's really important to point out

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Speaker 2: because that's kind of the default, right.

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Speaker 1: Yeah, And I feel like no one would really want

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Speaker 1: that outcome. It just seems a bit like anticlimactic, I guess, yeah.

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Speaker 2: And I just feel like if that is the case

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Speaker 2: for you and that's what you want, sure you can

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Speaker 2: donate to charities and things that are really close to

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Speaker 2: your heart or things that you want to have an

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Speaker 2: impact with. So I think that there's just so many

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Speaker 2: things you could do with it if you don't have

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Speaker 2: a family member or a person that you want to

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Speaker 2: pass it on to.

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Speaker 1: Yeah, So it sounds like wills are definitely the way

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Speaker 1: to go, Victoria. Do you have any experience in actually

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Speaker 1: creating a will? How do we do that?

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Speaker 3: So?

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Speaker 2: I'm a financial advisor, not a solicitor, so I don't

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Speaker 2: actually create wills for my clients at this point. As

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Speaker 2: a financial advisor, though, I do ask my clients if

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Speaker 2: they have a will or an a state plan, and

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Speaker 2: I do help them facilitate that to a point where

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Speaker 2: I help them get to a solicitor, and often I

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Speaker 2: actually will work in collaboration with the solicitor to make

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Speaker 2: sure that the client is completely across their financial affairs

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Speaker 2: and that we can properly articulate their wishes their wishes,

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Speaker 2: because sometimes clients are like, oh, I don't really know

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Speaker 2: what this solicitor actually means by this, and you know

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Speaker 2: what are my options? And often I've had a really

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Speaker 2: good conversation with my clients about wills and estate planning

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Speaker 2: before it gets to there, and then I do actually

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Speaker 2: help a lot of my clients in the estate planning

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Speaker 2: space with distributing income to children and grandchildren, etc. So no,

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Speaker 2: I don't write wills, but do I have a little

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Speaker 2: bit of experience, yes, but would I take me as gospel?

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Speaker 2: Absolutely know. One thing that is really important here though Georgia,

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Speaker 2: is that you do actually need to be overatained to

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Speaker 2: have a will. You need to be an adult, So

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Speaker 2: do our younger listeners. Don't stress, but do listen and

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Speaker 2: have a think about it so that you know what

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Speaker 2: to do when you are of that age. You can

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Speaker 2: create a will in a whole heap of different ways,

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Speaker 2: according to your wealth bracket and the complexity of the

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Speaker 2: assets that you're actually having your name, so you don't

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Speaker 2: always need a lawyer to help write one. I do

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Speaker 2: recommend it though, if you have dependent so if you've

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Speaker 2: got kids. Honestly, the best thing you can do is

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Speaker 2: see a lawyer and have a chat about this. And

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Speaker 2: if you do have a bigger estate, it definitely makes

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Speaker 2: sense to start talking to people about this because it

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Speaker 2: doesn't matter how young you are, the worst things can happen.

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Speaker 2: And I know that that sounds quite dramatic, but I

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Speaker 2: think that we really need to make sure that everything's

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Speaker 2: in line and we are very comfortable with what's going

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Speaker 2: to happen. So first things first, you can totally write

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Speaker 2: a will yourself. You can do it for free. It's

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Speaker 2: super easy to follow an online template. All you need

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Speaker 2: to do is write down your intentions with your finances

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Speaker 2: on a piece of favor and sign it in the

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Speaker 2: presence of two witnesses. I wouldn't recommend this though. It's

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Speaker 2: the bare minimum, like the absolute bare minimum. This is

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Speaker 2: like the thing that you should do. But for the

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Speaker 2: average Joe George, I feel like that's a catchphrase you

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Speaker 2: might use often. And you have a really straightforward a state.

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Speaker 2: It's easy to buy a DIY we all kit. And

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Speaker 2: I know so many people solicitors are going to be

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Speaker 2: listening to this. They're going to jump down my throat

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Speaker 2: and go Victoria will Kitser, the devil. I'm gonna go look,

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Speaker 2: I hear you, but it is better than nothing. So

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Speaker 2: this template, which you can pick up at Australia Post,

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Speaker 2: actually essentially provides you with a template to follow and

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Speaker 2: instructions on how to explain your wishes properly. You still

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Speaker 2: need to sign it on the front with two witnesses.

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Speaker 2: You can buy them online or again through oz Post,

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Speaker 2: but then you submit it and that gets documented. I

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Speaker 2: genuinely think this is a bare minimum. I think it's

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Speaker 2: like thirty five dollars from memory. Don't quote me on that,

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Speaker 2: but I think it's about thirty five dollars to do this.

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Speaker 2: So to me, it's really important. But at the end

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Speaker 2: of the day, I'm talking about people who are in

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Speaker 2: a situation where they are single, had no other partners,

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Speaker 2: and they have no complexity to their financial situation. They

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Speaker 2: have no dependence. If you have dependence, honestly, talk to

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Speaker 2: a solicitor. Get this in place properly, because it is

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Speaker 2: incredibly important. And finally that me leads me into actually

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Speaker 2: talking to a solicitor. If you are dealing with more

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Speaker 2: complex set's hilia to help you out. This could be

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Speaker 2: a specialist estate planner, a solicitor, family lawyer. These experts

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Speaker 2: have a very good idea of what's going on and

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Speaker 2: know the process from A to Z and they can

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Speaker 2: actually act as one of the two required witnesses, which

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Speaker 2: is a bonus. But I think it's really important to

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Speaker 2: just stay yep, cool Whilst I'm advocating four wheel kits

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Speaker 2: and saying that that's a simple way, honestly it's the

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Speaker 2: bare minimum.

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Speaker 3: Okay.

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Speaker 1: Can wills be overridden? I feel like you hear about

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Speaker 1: that sometimes, like say, your great auntie left all of

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Speaker 1: her money to the dogs home, bless but some people

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Speaker 1: might feel they have a claim to that money. Is

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Speaker 1: that something you've seen in your line of work. A

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Speaker 1: will's always set in stone? No, not necessarily so.

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Speaker 2: According to the Australian Government guidelines, a will is valid

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Speaker 2: so long as it is prepared by someone who is

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Speaker 2: over the age of eighteen, is of sound mind, and

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Speaker 2: witnessed by two people who will not inherit from that estate,

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Speaker 2: and a majority of the time the allocations outlined in

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Speaker 2: that will will be upheld. However, there are some occasions

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Speaker 2: where people can contest what is written in a will,

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Speaker 2: and people will go to court and fight for what

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Speaker 2: they believe is owed to them or is theirs, So

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Speaker 2: it's not Honestly, it can get really messy, and it

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Speaker 2: does get really messy, and I have seen it for

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Speaker 2: some of my clients get really hectic. So from clients

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Speaker 2: who have had you know, parents' wills contested all the

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Speaker 2: way through to clients who had a parent who had

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Speaker 2: a large amount of assets that needed to be divided

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Speaker 2: but they didn't have a will in place. They actually

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Speaker 2: needed to go through the Supreme Court, even though there

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Speaker 2: was absolutely no reason to override anything. It was just

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Speaker 2: the Supreme Court making sure that those assets were being

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Speaker 2: inherited by the right people and there was no argument.

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Speaker 2: It was, you know, going to this one daughter who

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Speaker 2: it made a lot of sense. But because there was

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Speaker 2: no will in place, it took more than twelve months

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Speaker 2: through the court system, which is crazy and obviously a

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Speaker 2: lot of paperwork for that person going through that situation,

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Speaker 2: which is arguable an incredibly stressful situation to begin with,

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Speaker 2: because they've just lost a lot of sit It's an

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Speaker 2: emotional time as it is, right one hundred percent, So yes,

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Speaker 2: wills can be argued with, but more often than not,

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Speaker 2: if you've got a really solid will.

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Speaker 1: That's quite hard to do, Okay. What happens to our

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Speaker 1: debts though, Victoria like, do we die with them? Does

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Speaker 1: someone else have to pay for them?

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Speaker 2: Interesting question because remember on our Hex and Help episode

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Speaker 2: we talked about how help debt was the only debt

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Speaker 2: that actually died with you. So backtracking a little bit,

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Speaker 2: so first things first, The first thing that happens once

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Speaker 2: the death has been registered and the bank is notified,

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Speaker 2: et cetera, is that all outstanding debts will actually be

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Speaker 2: paid with whatever money or assets that you currently have.

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Speaker 2: So any debts are paid off with the money in

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Speaker 2: the will, and then the money that is left over

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Speaker 2: in the will will go to the people that is

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Speaker 2: meant to be inherited by. I think this is really

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Speaker 2: important because it means that there could sometimes be absolutely

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Speaker 2: nothing left in the will because it's used to pay

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Speaker 2: off debt, and sometimes they could be debt left over.

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Speaker 1: What happens to our superannuation?

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Speaker 2: So Georgia superannuation is not actually a part of your estate.

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Speaker 2: It's a separate little entity and it's treated as one.

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Speaker 2: So when you pass away, your super will go to

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Speaker 2: your binding death nomination in your superannuation fund, and that

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Speaker 2: could be different to the people who inherit your money

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Speaker 2: in your will. So when someone super is paidd after

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Speaker 2: their death, it's called a death benefit, which consists of

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Speaker 2: the deceased person's super account balance and if they had

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Speaker 2: death cover any insurance benefits that were associated with this.

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Speaker 2: This essentially means that even if the person who has

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Speaker 2: passed away didn't have much in their super, their insurance

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Speaker 2: payment could actually be quite substantial, as in many thousands

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Speaker 2: or even sometimes hundreds of thousands of dollars. So I

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Speaker 2: think it's really important to think about this and also

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Speaker 2: know that these two things are treated very separately.

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Speaker 3: Hi.

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Speaker 1: There, you've breached that ses on the Money mailbox. Money

427
00:20:00,359 --> 00:20:01,800
Speaker 1: problem you want to help solving? You? Do you have

428
00:20:01,800 --> 00:20:04,040
Speaker 1: a money Dylan Lama you just want to chat about.

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Speaker 1: Victoria is here to help. Make a quick recording on

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00:20:07,040 --> 00:20:09,280
Speaker 1: your phone and send it through to podcast, and she's

431
00:20:09,320 --> 00:20:11,640
Speaker 1: on money dot comt to you. You might even find

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00:20:11,640 --> 00:20:14,880
Speaker 1: yourself on the show. But for now, here's today's listener question.

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Speaker 3: Hello. Hello, A bit of a heavy one, but I'm

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Speaker 3: hoping you can help me out. I've just inherited a

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Speaker 3: bigger amount of money from the passing of my uncle,

436
00:20:24,480 --> 00:20:27,879
Speaker 3: and now I have thirty K out of nowhere. Feels

437
00:20:27,920 --> 00:20:30,480
Speaker 3: like real bonus money, as I didn't really expect to

438
00:20:30,480 --> 00:20:33,560
Speaker 3: be in his will at all. So I'm wondering what

439
00:20:33,600 --> 00:20:35,919
Speaker 3: you would suggest is the best thing to do with

440
00:20:35,960 --> 00:20:39,040
Speaker 3: that money. I am twenty nine and I have fifteen

441
00:20:39,119 --> 00:20:42,520
Speaker 3: K in savings with the long term goal of buying

442
00:20:42,560 --> 00:20:45,639
Speaker 3: a house. If that helps with some context. Thanks for

443
00:20:45,680 --> 00:20:47,879
Speaker 3: your help and all you guys do for the community.

444
00:20:48,520 --> 00:20:51,840
Speaker 1: Alrighty, Victoria kick us off. Where on earth does she

445
00:20:51,880 --> 00:20:53,200
Speaker 1: begin with all of this inheritance?

446
00:20:53,720 --> 00:20:55,440
Speaker 2: As much as this is going to feel really foreign

447
00:20:55,480 --> 00:20:58,439
Speaker 2: to a lot of people, it's actually not that uncommon

448
00:20:58,680 --> 00:21:01,520
Speaker 2: to receive an inheritance. And as much as it sounds

449
00:21:01,560 --> 00:21:04,040
Speaker 2: really good and really nice, there's actually a lot of

450
00:21:04,080 --> 00:21:07,040
Speaker 2: components to this that we need to talk about. No

451
00:21:07,119 --> 00:21:11,439
Speaker 2: one ever receives an inheritance under positive circumstances. There is

452
00:21:11,600 --> 00:21:16,320
Speaker 2: always a compromise, and unfortunately, that compromise is the loss

453
00:21:16,320 --> 00:21:20,359
Speaker 2: of life of somebody else. And I know that I

454
00:21:20,440 --> 00:21:22,800
Speaker 2: know that whenever I talk to someone who has received

455
00:21:22,840 --> 00:21:25,800
Speaker 2: an inheritance, they would give all of the money back

456
00:21:25,840 --> 00:21:28,240
Speaker 2: to have that person back in their lives. So I

457
00:21:28,240 --> 00:21:31,640
Speaker 2: would love to talk about inheritance in more of a

458
00:21:31,840 --> 00:21:35,280
Speaker 2: sentimental and legacy way as well as a constructive way,

459
00:21:35,280 --> 00:21:38,280
Speaker 2: because it's obviously a great opportunity, but it doesn't come

460
00:21:38,320 --> 00:21:41,280
Speaker 2: without some level of sacrifice, And to me, that really

461
00:21:41,320 --> 00:21:44,639
Speaker 2: needs to be recognized at the beginning because this is

462
00:21:44,720 --> 00:21:49,320
Speaker 2: important and I think that too many times people say, oh, Wow,

463
00:21:49,400 --> 00:21:51,919
Speaker 2: they're so lucky they got a massive inheritance, but they

464
00:21:51,920 --> 00:21:55,320
Speaker 2: don't see the loss behind that inheritance. And I've got

465
00:21:55,359 --> 00:21:59,200
Speaker 2: a number of clients who have received inheritances, but I

466
00:21:59,280 --> 00:22:01,720
Speaker 2: guarantee you they would give it all back in a

467
00:22:01,720 --> 00:22:03,800
Speaker 2: heartbeat to have their mum or their dad or their

468
00:22:03,840 --> 00:22:07,399
Speaker 2: grandparents back. So for me, that's really important to just

469
00:22:07,480 --> 00:22:09,760
Speaker 2: kind of like outline at the start because I think

470
00:22:09,800 --> 00:22:14,480
Speaker 2: that it's really important. But also Georgia, in the next

471
00:22:14,680 --> 00:22:20,320
Speaker 2: twenty years, we are going to experience the largest intergenerational

472
00:22:20,359 --> 00:22:24,560
Speaker 2: wealth transfer in history, which sounds massive because it is

473
00:22:24,920 --> 00:22:29,120
Speaker 2: because there is an estimated three point five trillion dollars

474
00:22:29,119 --> 00:22:33,080
Speaker 2: of wealth that will be transferred in Australia, not internationally,

475
00:22:33,359 --> 00:22:37,280
Speaker 2: in Australia from the baby boomer generation to the generations

476
00:22:37,320 --> 00:22:40,520
Speaker 2: below it. That is massive and I feel like that's

477
00:22:40,560 --> 00:22:44,960
Speaker 2: also worthy of recognition, and according to the HSBC's Global

478
00:22:45,000 --> 00:22:49,320
Speaker 2: Future of Retirement Report, Australians will pass on an average

479
00:22:49,359 --> 00:22:52,840
Speaker 2: inheritance of five hundred and sixty one thousand, six hundred

480
00:22:52,880 --> 00:22:57,200
Speaker 2: and thirty six Australian dollars, which is to me massive,

481
00:22:57,640 --> 00:23:00,679
Speaker 2: and it's something that obviously, you know, on the receiving

482
00:23:00,760 --> 00:23:03,439
Speaker 2: end of that, that's an opportunity to create wealth. But

483
00:23:03,520 --> 00:23:06,120
Speaker 2: then it's also something that I don't think a lot

484
00:23:06,119 --> 00:23:09,560
Speaker 2: of us will ever comprehend because you know, that doesn't

485
00:23:09,600 --> 00:23:12,000
Speaker 2: mean that every single individual will receive that amount. It's

486
00:23:12,040 --> 00:23:14,560
Speaker 2: usually divided up among a number of different people and

487
00:23:14,680 --> 00:23:17,480
Speaker 2: uncles and aunts and cousins and sisters and brothers and

488
00:23:17,560 --> 00:23:20,879
Speaker 2: all of that. But that's the amount that is actually

489
00:23:20,880 --> 00:23:24,199
Speaker 2: going to be transferred within the next twenty years. And

490
00:23:24,240 --> 00:23:26,480
Speaker 2: I think that we really need to start talking more

491
00:23:26,520 --> 00:23:30,679
Speaker 2: openly about how to have these conversations.

492
00:23:29,680 --> 00:23:32,000
Speaker 1: Something that we really don't talk about. And I think

493
00:23:32,040 --> 00:23:35,280
Speaker 1: there's probably a perception out there that inheritance is just

494
00:23:35,320 --> 00:23:37,639
Speaker 1: like bonus money, like you don't really need to be

495
00:23:37,680 --> 00:23:39,520
Speaker 1: thinking about what you're doing with it. But I know

496
00:23:39,600 --> 00:23:42,640
Speaker 1: you're going to say that that's absolutely incorrect, right.

497
00:23:42,760 --> 00:23:44,920
Speaker 2: Yeah, put that put that opinion in the bin. It's

498
00:23:44,920 --> 00:23:47,840
Speaker 2: not bonus money. I mean it's something that it's an

499
00:23:47,840 --> 00:23:51,680
Speaker 2: absolute bonus. It's an absolute blessing to have. But again

500
00:23:52,160 --> 00:23:55,040
Speaker 2: it doesn't come without some level of loss, and we

501
00:23:55,160 --> 00:23:58,199
Speaker 2: really need to recognize that. But the first thing you

502
00:23:58,280 --> 00:24:02,119
Speaker 2: need to do, whether you're inherenting thirty thousand dollars like

503
00:24:02,160 --> 00:24:06,000
Speaker 2: our listener question, or you're inheriting three hundred thousand dollars,

504
00:24:06,840 --> 00:24:10,359
Speaker 2: is think clearly, go slowly. If you've had someone in

505
00:24:10,400 --> 00:24:13,800
Speaker 2: your life pass away, you're not thinking clearly enough to

506
00:24:13,880 --> 00:24:18,080
Speaker 2: make big decisions. And the best thing in most cases

507
00:24:18,160 --> 00:24:20,400
Speaker 2: is you don't actually have to make a big decision

508
00:24:20,440 --> 00:24:23,800
Speaker 2: to begin with. I think it's really important to sit

509
00:24:23,840 --> 00:24:27,200
Speaker 2: it to the side, get some advice from the right people,

510
00:24:27,400 --> 00:24:31,560
Speaker 2: understand what you can actually achieve, Understand what your options are,

511
00:24:32,000 --> 00:24:36,040
Speaker 2: and run like hell Georgia from anybody who says that

512
00:24:36,160 --> 00:24:39,280
Speaker 2: you need to make a decision really quickly. There is

513
00:24:39,359 --> 00:24:42,480
Speaker 2: always going to be another opportunity. If a financial advisor,

514
00:24:42,560 --> 00:24:45,920
Speaker 2: a friend, a family member says, oh, you've got an inheritance,

515
00:24:46,000 --> 00:24:50,040
Speaker 2: you need to invest it in this as soon as possible. No, no,

516
00:24:50,160 --> 00:24:51,240
Speaker 2: you absolutely do not.

517
00:24:51,800 --> 00:24:52,080
Speaker 3: For me.

518
00:24:52,680 --> 00:24:56,720
Speaker 2: Good investment means that we invest for the long term,

519
00:24:56,800 --> 00:24:59,120
Speaker 2: not for the short term, and we make a lot

520
00:24:59,119 --> 00:25:02,879
Speaker 2: of decision but with a lot of education, so we

521
00:25:02,960 --> 00:25:05,600
Speaker 2: don't have to take it quickly. So if you've received

522
00:25:05,640 --> 00:25:07,159
Speaker 2: a lump sum of money and you just want it

523
00:25:07,200 --> 00:25:10,400
Speaker 2: to sit in a savings account with absolutely no interest rate,

524
00:25:10,640 --> 00:25:13,479
Speaker 2: that's fine. I would obviously recommend a high interest savings

525
00:25:13,480 --> 00:25:16,920
Speaker 2: account for the short term, but there is absolutely nothing

526
00:25:16,960 --> 00:25:19,720
Speaker 2: wrong with letting your inheritance sit to the side for

527
00:25:19,760 --> 00:25:22,400
Speaker 2: a little while while you make a good decision about it.

528
00:25:22,920 --> 00:25:26,040
Speaker 2: For me, it's also really important to have a think

529
00:25:26,080 --> 00:25:28,600
Speaker 2: about what you want to do with your inheritance received.

530
00:25:28,840 --> 00:25:30,719
Speaker 2: I haven't got stats in front of me, but I

531
00:25:30,840 --> 00:25:34,879
Speaker 2: know for sure that too often people blow their inheritances

532
00:25:35,280 --> 00:25:37,800
Speaker 2: and they essentially just don't make use of them in

533
00:25:37,840 --> 00:25:40,400
Speaker 2: the way that they should. So I think it's important

534
00:25:40,440 --> 00:25:43,399
Speaker 2: to remember where it came from. Someone worked really hard

535
00:25:43,440 --> 00:25:46,159
Speaker 2: to achieve this wealth and to be able to share

536
00:25:46,200 --> 00:25:49,040
Speaker 2: that with you and essentially change your life, and it

537
00:25:49,200 --> 00:25:52,399
Speaker 2: is honoring a massive legacy to essentially put that to

538
00:25:52,480 --> 00:25:55,639
Speaker 2: work as hard as possible. So keep in mind that

539
00:25:56,000 --> 00:25:58,879
Speaker 2: you have another level of responsibility. Don't just blow it

540
00:25:58,920 --> 00:26:02,560
Speaker 2: on something that is not going to essentially provide wealth

541
00:26:02,560 --> 00:26:05,440
Speaker 2: into the future. I mean, your money, your decision. These

542
00:26:05,480 --> 00:26:08,120
Speaker 2: are all just my personal opinions, but I think it's

543
00:26:08,160 --> 00:26:10,040
Speaker 2: really important to not go out and just buy a

544
00:26:10,119 --> 00:26:12,359
Speaker 2: new car or go out and you know, spend it

545
00:26:12,400 --> 00:26:14,960
Speaker 2: on a massive holiday. Like I want you to create

546
00:26:15,080 --> 00:26:17,280
Speaker 2: wealth and I want you to put it towards something

547
00:26:17,600 --> 00:26:21,080
Speaker 2: that helps you in the future, as opposed to just

548
00:26:21,119 --> 00:26:22,800
Speaker 2: going all right, well, I got a new car and

549
00:26:22,800 --> 00:26:24,199
Speaker 2: that's a depreciating asset.

550
00:26:24,520 --> 00:26:27,720
Speaker 1: So, based on the listener question today, V should she

551
00:26:27,800 --> 00:26:29,680
Speaker 1: be putting that money towards a house deposit.

552
00:26:30,000 --> 00:26:33,440
Speaker 2: Absolutely she could. I think what's important to note here,

553
00:26:33,760 --> 00:26:36,080
Speaker 2: and this is probably more personal opinion, but it is

554
00:26:36,119 --> 00:26:39,280
Speaker 2: really constructive to understand, is that if you put an

555
00:26:39,320 --> 00:26:43,480
Speaker 2: inheritance towards a home deposit, yes, it's absolutely going to

556
00:26:43,480 --> 00:26:46,240
Speaker 2: help you get into a home faster, but essentially that

557
00:26:46,359 --> 00:26:48,359
Speaker 2: is going to lock you into a mortgage for the

558
00:26:48,400 --> 00:26:52,280
Speaker 2: next thirty years. So I often see people getting lump

559
00:26:52,400 --> 00:26:55,440
Speaker 2: sums one hundred thousand dollars, maybe two hundred thousand dollars,

560
00:26:55,440 --> 00:26:57,520
Speaker 2: and they put that towards their home deposit or that

561
00:26:57,560 --> 00:27:01,440
Speaker 2: becomes their entire home deposit, then they have a mortgage

562
00:27:01,480 --> 00:27:04,640
Speaker 2: or payment that they can't really afford, or they're put

563
00:27:04,680 --> 00:27:06,560
Speaker 2: in a position where they're like, oh, like now I

564
00:27:06,720 --> 00:27:08,880
Speaker 2: have to, you know, put all of this money into

565
00:27:08,920 --> 00:27:12,160
Speaker 2: a mortgage that essentially they didn't have or that they

566
00:27:12,160 --> 00:27:14,000
Speaker 2: didn't want to be paying for yet. So I'm not

567
00:27:14,040 --> 00:27:17,320
Speaker 2: saying it's a bad idea, but had they invested that

568
00:27:17,320 --> 00:27:19,639
Speaker 2: one hundred or two hundred thousand dollars or thirty thousand

569
00:27:19,680 --> 00:27:22,639
Speaker 2: dollars in the case of our listener this week, I

570
00:27:22,680 --> 00:27:24,800
Speaker 2: think that that puts them in a position where they're

571
00:27:24,800 --> 00:27:29,159
Speaker 2: creating wealth, but they aren't necessarily having to contribute to

572
00:27:29,200 --> 00:27:32,359
Speaker 2: that wealth. It's not impacting their future life, it's not

573
00:27:32,440 --> 00:27:35,719
Speaker 2: impacting their ability to save and achieve goals that they

574
00:27:35,760 --> 00:27:38,280
Speaker 2: already had. If a home deposit is your goal and

575
00:27:38,359 --> 00:27:41,720
Speaker 2: it's just essentially turbocharging that, they're okay, no problems. But

576
00:27:41,880 --> 00:27:45,639
Speaker 2: I recommend in every situation of inheritance that you go

577
00:27:45,760 --> 00:27:49,280
Speaker 2: and get some solid advice from a financial advisor. Honestly,

578
00:27:49,359 --> 00:27:52,960
Speaker 2: it'll be worth its weight in gold, because often we

579
00:27:53,080 --> 00:27:56,000
Speaker 2: don't have the Nolson. We just don't have the financial

580
00:27:56,080 --> 00:27:59,199
Speaker 2: literacy to know what the best option for us is

581
00:27:59,240 --> 00:28:01,480
Speaker 2: when it comes to lump sums of cash.

582
00:28:01,840 --> 00:28:04,119
Speaker 1: As you said before, be as well people who do

583
00:28:04,240 --> 00:28:08,080
Speaker 1: receive large amounts of money in a lump some can

584
00:28:08,200 --> 00:28:10,040
Speaker 1: receive a lot of advice from a lot of different

585
00:28:10,040 --> 00:28:14,440
Speaker 1: people who aren't necessarily the people who should be distributing

586
00:28:14,480 --> 00:28:18,920
Speaker 1: that advice. So yeah, I would stick to the professionals.

587
00:28:18,480 --> 00:28:21,359
Speaker 2: One hundred percent. And I think that everybody's got an

588
00:28:21,400 --> 00:28:24,000
Speaker 2: opinion when it comes to money. And I think that

589
00:28:24,560 --> 00:28:27,760
Speaker 2: it's really nice that Uncle Jim wants to give you

590
00:28:27,800 --> 00:28:30,639
Speaker 2: some advice on what to do with your new found inheritance.

591
00:28:31,080 --> 00:28:34,159
Speaker 2: But take his advice absolutely, be grateful for it. Listen,

592
00:28:34,240 --> 00:28:36,480
Speaker 2: don't cut someone off and be like, oh, I'm just

593
00:28:36,520 --> 00:28:39,200
Speaker 2: going to get advice from professionals. Take on the opinions,

594
00:28:39,240 --> 00:28:41,880
Speaker 2: but know that they're not the only ones that count.

595
00:28:42,320 --> 00:28:44,640
Speaker 2: Know that you need to put yourself first, and you

596
00:28:44,720 --> 00:28:47,240
Speaker 2: need to consider whether each option is actually got to

597
00:28:47,280 --> 00:28:48,920
Speaker 2: suit your personal situation or not.

598
00:28:49,400 --> 00:28:53,160
Speaker 1: For sure, inheritance is something that you deal with a

599
00:28:53,160 --> 00:28:54,360
Speaker 1: lot in your line of work.

600
00:28:54,480 --> 00:28:57,280
Speaker 2: Yes, it's actually something I deal with quite often. I

601
00:28:57,360 --> 00:29:00,240
Speaker 2: have clients come to me, often for the first time

602
00:29:00,400 --> 00:29:03,040
Speaker 2: because they have inherited an amount of money that they

603
00:29:03,080 --> 00:29:05,560
Speaker 2: need some advice on, and for me, I feel really

604
00:29:05,640 --> 00:29:07,480
Speaker 2: special that I get to be a part of that

605
00:29:07,560 --> 00:29:11,360
Speaker 2: process of honoring the legacy of someone who has passed away,

606
00:29:11,400 --> 00:29:13,840
Speaker 2: but also setting you up for future success so that

607
00:29:13,960 --> 00:29:17,400
Speaker 2: none of it gets wasted. I think around inheritance, there's

608
00:29:17,440 --> 00:29:20,760
Speaker 2: actually a really large amount of guilt, and I know

609
00:29:20,880 --> 00:29:23,440
Speaker 2: that if you haven't gotten an inheritance, you might be

610
00:29:23,520 --> 00:29:26,480
Speaker 2: thinking like, oh, why be guilty, Like it's a nice thing,

611
00:29:27,000 --> 00:29:29,800
Speaker 2: but it's actually a really big burden for a lot

612
00:29:29,800 --> 00:29:32,080
Speaker 2: of people. And I think that you need to also

613
00:29:32,160 --> 00:29:35,480
Speaker 2: speak to someone who understands that and wants to talk

614
00:29:35,520 --> 00:29:38,479
Speaker 2: that through with you, because one of the best ways

615
00:29:38,520 --> 00:29:41,480
Speaker 2: to get rid of the guilt that's associated with your

616
00:29:41,680 --> 00:29:45,360
Speaker 2: inheritance is to understand that that's the thing that the

617
00:29:45,440 --> 00:29:48,760
Speaker 2: person who's passed or wanted, that's what they wanted to do.

618
00:29:48,800 --> 00:29:50,920
Speaker 2: They wanted to set you up. And the best way

619
00:29:50,960 --> 00:29:53,000
Speaker 2: that you can show respect to them and not feel

620
00:29:53,000 --> 00:29:56,160
Speaker 2: guilty about that is honoring that legacy and live it

621
00:29:56,200 --> 00:29:58,480
Speaker 2: out and make sure that you're putting it to work

622
00:29:58,520 --> 00:30:02,080
Speaker 2: and making it work is hard as they worked for it.

623
00:30:02,200 --> 00:30:05,200
Speaker 2: So for me, it's a really special space to work in.

624
00:30:05,480 --> 00:30:08,440
Speaker 2: I feel like it's something that I really enjoy doing

625
00:30:08,560 --> 00:30:11,240
Speaker 2: because I feel like it's really impactful to the people

626
00:30:11,280 --> 00:30:14,480
Speaker 2: that I end up working with, and it's so diverse

627
00:30:14,520 --> 00:30:18,240
Speaker 2: as well. Like inheritance isn't always money. It could be

628
00:30:18,280 --> 00:30:21,200
Speaker 2: an asset like a house, and you then have to

629
00:30:21,240 --> 00:30:23,600
Speaker 2: make the decision around whether you move into it, whether

630
00:30:23,640 --> 00:30:25,520
Speaker 2: you rent it out, whether you sell it. It could

631
00:30:25,600 --> 00:30:29,400
Speaker 2: be shares, it could be other assets like bonds. It

632
00:30:29,400 --> 00:30:33,280
Speaker 2: could be a collection of cars, It could be anything.

633
00:30:33,560 --> 00:30:37,280
Speaker 2: So I think that understanding what inheritance actually means and

634
00:30:37,280 --> 00:30:39,920
Speaker 2: getting some good advice on it is really important.

635
00:30:43,280 --> 00:30:45,520
Speaker 4: Hi, I'm a twenty nine year old six figure saver

636
00:30:45,840 --> 00:30:47,080
Speaker 4: and this is my money diary.

637
00:30:47,400 --> 00:30:49,600
Speaker 1: Now for the pun stuff. What good would a money

638
00:30:49,600 --> 00:30:52,920
Speaker 1: podcast be without the perby bits? It's time for money diaries.

639
00:30:53,200 --> 00:30:57,320
Speaker 4: So I guess my attitude to money is healthy and

640
00:30:57,760 --> 00:31:00,080
Speaker 4: strategically thinking.

641
00:30:59,760 --> 00:31:01,760
Speaker 1: What is that six figure saver do? How much does

642
00:31:01,800 --> 00:31:03,719
Speaker 1: she earn and how much is in her bank account?

643
00:31:03,800 --> 00:31:04,320
Speaker 1: Right now?

644
00:31:04,640 --> 00:31:08,800
Speaker 4: I'm a librarian. How much I make? It's sister five

645
00:31:08,880 --> 00:31:12,160
Speaker 4: thousand prandum, but I work part time, so I actually

646
00:31:12,240 --> 00:31:15,840
Speaker 4: only get paid about fifty grand a year, which equates

647
00:31:15,880 --> 00:31:18,280
Speaker 4: to about I think fourteen hundred into home bank account

648
00:31:18,320 --> 00:31:21,920
Speaker 4: in a fortnite, and then how much do I have

649
00:31:22,000 --> 00:31:24,840
Speaker 4: in my bank account? I have ten thousand dollars in

650
00:31:24,960 --> 00:31:30,840
Speaker 4: like an emergency fund. I've got a managed fund, like

651
00:31:31,320 --> 00:31:35,600
Speaker 4: a Vanguard managed shares fund, which is pre COVID was

652
00:31:35,600 --> 00:31:39,240
Speaker 4: one hundred grand, but host COVID, it's probably sitting at

653
00:31:39,240 --> 00:31:42,959
Speaker 4: about eighty thousand dollars, I imagine. And there's a few

654
00:31:43,080 --> 00:31:47,360
Speaker 4: thousand dollars floating around with transaction accounts and other things.

655
00:31:47,520 --> 00:31:49,920
Speaker 1: So when did our twenty nine year old six figures

656
00:31:49,920 --> 00:31:51,480
Speaker 1: sab start becoming interested in money?

657
00:31:51,640 --> 00:31:54,760
Speaker 4: So the reason I first got into money was a

658
00:31:54,800 --> 00:31:56,720
Speaker 4: book on my dad's bookshelf.

659
00:31:56,720 --> 00:31:57,880
Speaker 1: It was Noel.

660
00:31:57,680 --> 00:32:03,959
Speaker 4: Whittaker's Making Money Made Easy, I believe the title was,

661
00:32:04,160 --> 00:32:06,200
Speaker 4: and I just sat down and started reading it one

662
00:32:06,280 --> 00:32:11,200
Speaker 4: day and I learned about the magic of compounding interest

663
00:32:11,240 --> 00:32:14,480
Speaker 4: in that book, which was really cool. And from there

664
00:32:14,600 --> 00:32:18,960
Speaker 4: I've just continued reading and listening to things and developing

665
00:32:19,000 --> 00:32:21,400
Speaker 4: my knowledge, as well as talking to my dad, who

666
00:32:21,520 --> 00:32:26,600
Speaker 4: is quite well informed when it comes to finances.

667
00:32:25,800 --> 00:32:28,080
Speaker 1: And what happens to her income when she gets paid.

668
00:32:28,320 --> 00:32:31,840
Speaker 4: I get fourteen hundred dollars a fortnight into my bank account.

669
00:32:32,320 --> 00:32:36,560
Speaker 4: Before that goes in, I put some money into Super

670
00:32:36,640 --> 00:32:40,040
Speaker 4: so my salary sacrifice. I think that's about two hundred

671
00:32:40,160 --> 00:32:44,440
Speaker 4: and eighty dollars a fortnite. I live about fifty percent

672
00:32:44,520 --> 00:32:50,719
Speaker 4: of my income, so twenty percent goes to a shares

673
00:32:50,800 --> 00:32:53,360
Speaker 4: portfolio which I've just set up, which is separate from

674
00:32:53,360 --> 00:32:55,160
Speaker 4: my managed fund.

675
00:32:55,680 --> 00:32:59,760
Speaker 5: Twenty percent goes to a house savings deposit, and the

676
00:32:59,800 --> 00:33:04,520
Speaker 5: other is for like fun ledges like buying a man

677
00:33:04,640 --> 00:33:06,600
Speaker 5: buy or anything like that, going.

678
00:33:06,480 --> 00:33:08,280
Speaker 1: Traveling, what her thoughts are investing.

679
00:33:08,520 --> 00:33:14,920
Speaker 4: I have quite aris positive profile as an investor. Being younger,

680
00:33:14,960 --> 00:33:18,200
Speaker 4: I'm obviously in it for the long term. When I

681
00:33:18,360 --> 00:33:21,560
Speaker 4: was about it would have been my late teens to

682
00:33:21,600 --> 00:33:24,920
Speaker 4: early twenties, I set up a Vanguard managed fund account.

683
00:33:25,560 --> 00:33:29,360
Speaker 4: And I did that because my parents invited me to

684
00:33:29,400 --> 00:33:34,360
Speaker 4: come along to their financial advisors meeting with them, and

685
00:33:34,800 --> 00:33:37,800
Speaker 4: the financial advisor let me ask him a few questions

686
00:33:37,840 --> 00:33:40,120
Speaker 4: at the end, and it was one of the products

687
00:33:40,160 --> 00:33:42,440
Speaker 4: he recommended. So I did a bit of research after

688
00:33:42,480 --> 00:33:43,600
Speaker 4: that and got into it.

689
00:33:43,600 --> 00:33:44,600
Speaker 1: Does she have any debts?

690
00:33:44,920 --> 00:33:47,440
Speaker 4: No, I've actually never had any debts in my life.

691
00:33:48,160 --> 00:33:50,280
Speaker 4: I made a deal with my parents that if I

692
00:33:50,320 --> 00:33:52,880
Speaker 4: paid all my unique fees up front, I could stay

693
00:33:53,000 --> 00:33:55,840
Speaker 4: home with like rent free, and I did that.

694
00:33:56,000 --> 00:33:57,520
Speaker 1: What is her big money goal?

695
00:33:57,680 --> 00:34:00,800
Speaker 4: And my big money goal is to do just in

696
00:34:02,120 --> 00:34:06,360
Speaker 4: having the freedom to live life well. Money for me

697
00:34:06,560 --> 00:34:12,040
Speaker 4: is all about enabling opportunities. A good example of this

698
00:34:12,200 --> 00:34:14,960
Speaker 4: for me was so I've always been a really good saver.

699
00:34:15,160 --> 00:34:19,040
Speaker 4: So when I was sixteen, there was a little pamphlet

700
00:34:19,080 --> 00:34:22,120
Speaker 4: I saw in the school news bulletin about a summer

701
00:34:22,160 --> 00:34:27,400
Speaker 4: exchange to Belgium and Germany, and I was able to

702
00:34:27,440 --> 00:34:29,480
Speaker 4: go do that. I paid for it myself. My parents

703
00:34:29,560 --> 00:34:31,760
Speaker 4: didn't give me any money for it cost me about

704
00:34:31,800 --> 00:34:34,720
Speaker 4: ten grant. I was just able to do it because

705
00:34:34,760 --> 00:34:36,240
Speaker 4: I can then I had the money.

706
00:34:37,920 --> 00:34:38,800
Speaker 1: So yeah, it's.

707
00:34:38,640 --> 00:34:44,239
Speaker 4: Really about providing opportunities for me. Obviously, one day I'd

708
00:34:44,320 --> 00:34:46,680
Speaker 4: like to own my own house, but I want to

709
00:34:46,719 --> 00:34:49,200
Speaker 4: move around a little bit more before I settled down.

710
00:34:50,120 --> 00:34:54,080
Speaker 4: And my dad also retired early. He retired when he

711
00:34:54,239 --> 00:34:56,960
Speaker 4: was fifty, so I'd like to be able to do something.

712
00:34:56,760 --> 00:34:59,279
Speaker 1: Like that as well. And what's her best money Habit.

713
00:35:00,040 --> 00:35:05,120
Speaker 4: Definitely a really good saver. And I'm really good at

714
00:35:06,160 --> 00:35:09,719
Speaker 4: self awareness and that comes with reflection of how I'm

715
00:35:09,760 --> 00:35:14,360
Speaker 4: going with my finances, so I regularly reflect and plan

716
00:35:14,680 --> 00:35:18,960
Speaker 4: and work out if I need to change direction or

717
00:35:19,680 --> 00:35:24,080
Speaker 4: change what I'm doing in order to reach my goals,

718
00:35:24,120 --> 00:35:24,920
Speaker 4: whatever they may be.

719
00:35:25,239 --> 00:35:27,240
Speaker 1: And what is her worst money habit?

720
00:35:27,520 --> 00:35:30,680
Speaker 4: So my bad money habit is kind of also my

721
00:35:30,840 --> 00:35:34,319
Speaker 4: good money habit. So growing up I was a bit

722
00:35:34,360 --> 00:35:38,239
Speaker 4: of a tight ass, but I've certainly worked on that

723
00:35:38,320 --> 00:35:41,520
Speaker 4: in the last eight to ten years, and I really

724
00:35:41,560 --> 00:35:44,920
Speaker 4: feel that I've got the right balance of being a

725
00:35:45,000 --> 00:35:50,080
Speaker 4: saver but also enjoying life and spending money and having

726
00:35:50,120 --> 00:35:54,839
Speaker 4: a good time and not worrying about if someone owes

727
00:35:54,880 --> 00:35:56,200
Speaker 4: me ten bucks or not.

728
00:35:56,800 --> 00:35:59,600
Speaker 1: What would our six be your saver? Great her money habits?

729
00:36:00,080 --> 00:36:04,680
Speaker 4: Look, I have to give myself an A plus. The

730
00:36:04,920 --> 00:36:10,040
Speaker 4: only area in which I could probably really improve is

731
00:36:10,719 --> 00:36:16,640
Speaker 4: my income. So I'm on quite a low wage at

732
00:36:16,640 --> 00:36:20,520
Speaker 4: the moment, particularly compared with my experience and my skills.

733
00:36:20,600 --> 00:36:23,640
Speaker 4: So that's one thing I could work on improving. And

734
00:36:23,680 --> 00:36:25,160
Speaker 4: I also need you, my will.

735
00:36:25,320 --> 00:36:28,400
Speaker 1: Victoria Devine, Is that not the most perfect money diarist

736
00:36:28,480 --> 00:36:30,239
Speaker 1: we've ever had in our time here at She's on

737
00:36:30,280 --> 00:36:30,640
Speaker 1: the money?

738
00:36:30,920 --> 00:36:33,960
Speaker 2: I think that's a true a class. I'm not sure

739
00:36:33,960 --> 00:36:36,720
Speaker 2: how we would describe that in any other way, except

740
00:36:36,719 --> 00:36:39,000
Speaker 2: for the fact that I'm sure that there are a

741
00:36:39,000 --> 00:36:42,160
Speaker 2: fair few listeners that, after listening to that Money Diary,

742
00:36:42,239 --> 00:36:46,120
Speaker 2: were slightly annoyed at her for being I guess too perfect,

743
00:36:46,960 --> 00:36:50,279
Speaker 2: which not a problem, but I can't relate to that

744
00:36:50,360 --> 00:36:51,800
Speaker 2: if I'm being brutally honest.

745
00:36:53,880 --> 00:36:56,680
Speaker 1: Well, that's the thing. We don't want people to listen

746
00:36:56,719 --> 00:36:59,040
Speaker 1: to this and feel like, oh my god, I'll never

747
00:36:59,120 --> 00:37:01,960
Speaker 1: get there. But I think in what she said, there

748
00:37:01,960 --> 00:37:04,439
Speaker 1: were so many tips and tricks that we can all

749
00:37:04,560 --> 00:37:06,920
Speaker 1: pick up on to apply to our own lives so

750
00:37:06,920 --> 00:37:09,880
Speaker 1: that we can hopefully strive to be where she is currently,

751
00:37:09,880 --> 00:37:12,319
Speaker 1: which is in a very good spot at a very

752
00:37:12,320 --> 00:37:12,759
Speaker 1: young age.

753
00:37:12,840 --> 00:37:13,000
Speaker 3: Right.

754
00:37:13,239 --> 00:37:16,440
Speaker 2: Absolutely, and I think she's achieved a lot, and congratulations

755
00:37:16,480 --> 00:37:19,560
Speaker 2: to her, and I think it's definitely worthy of recognition.

756
00:37:20,000 --> 00:37:22,239
Speaker 2: But I also wanted to point out that this is

757
00:37:22,360 --> 00:37:26,120
Speaker 2: not the average, This is not what usually happens. But

758
00:37:26,840 --> 00:37:29,080
Speaker 2: I thought it was something that we really should be

759
00:37:29,160 --> 00:37:32,719
Speaker 2: having on the podcast because it's totally doable.

760
00:37:32,920 --> 00:37:33,640
Speaker 1: Like she just.

761
00:37:33,560 --> 00:37:36,239
Speaker 2: Started early, she's in it for the long term. She

762
00:37:36,360 --> 00:37:38,840
Speaker 2: was talking about the type of investments she was making

763
00:37:38,880 --> 00:37:40,960
Speaker 2: and saying that you know, she wants to write it

764
00:37:41,000 --> 00:37:43,840
Speaker 2: out and potentially retire at fifty like her dad did.

765
00:37:44,320 --> 00:37:48,480
Speaker 2: For me. That is so awesome because, honestly, it proves

766
00:37:48,520 --> 00:37:51,319
Speaker 2: that anything is achievable on any salary if you put

767
00:37:51,360 --> 00:37:54,120
Speaker 2: your mind to it. Like she said, she gets paid

768
00:37:54,160 --> 00:37:57,080
Speaker 2: what was it, fourteen hundred dollars a fortnight, and for

769
00:37:57,160 --> 00:37:59,080
Speaker 2: her to be living off half of that and then

770
00:37:59,160 --> 00:38:03,759
Speaker 2: allocating the other half towards savings and investments and achieving

771
00:38:03,800 --> 00:38:07,839
Speaker 2: her goals, that, honestly, it's awesome to see and she's

772
00:38:07,920 --> 00:38:11,040
Speaker 2: absolutely on the right path, and.

773
00:38:11,040 --> 00:38:13,479
Speaker 1: It is it is so encouraging to see someone that's

774
00:38:13,560 --> 00:38:17,239
Speaker 1: not earning, you know, six figures and still has that

775
00:38:17,320 --> 00:38:20,879
Speaker 1: amount in her savings or in her Vanguard account. Can

776
00:38:20,920 --> 00:38:23,359
Speaker 1: you talk to me a little bit about what that means,

777
00:38:23,360 --> 00:38:25,320
Speaker 1: because when she mentioned that, I was like, I don't

778
00:38:25,320 --> 00:38:26,880
Speaker 1: know what you're talking about.

779
00:38:27,000 --> 00:38:30,600
Speaker 2: So, Georgia Vanguard is a company, and it's not a

780
00:38:30,600 --> 00:38:34,160
Speaker 2: particular investment. It's actually a company, and they have a

781
00:38:34,280 --> 00:38:37,960
Speaker 2: number of different investment options. They have index funds, they

782
00:38:38,000 --> 00:38:41,840
Speaker 2: have ETFs, they have bond index funds, they have lots

783
00:38:41,840 --> 00:38:45,040
Speaker 2: of different options. What I really liked when she was

784
00:38:45,080 --> 00:38:48,399
Speaker 2: talking about her investments, though, is that she was saying, look,

785
00:38:48,440 --> 00:38:50,359
Speaker 2: there was about one hundred grand in there, and then

786
00:38:50,680 --> 00:38:53,479
Speaker 2: over COVID it's about eighty now. And she didn't seem

787
00:38:53,520 --> 00:38:55,560
Speaker 2: too phased about that, And I thought that that was

788
00:38:55,680 --> 00:38:59,799
Speaker 2: really important to note, because that's just how they share

789
00:38:59,800 --> 00:39:02,880
Speaker 2: my is performing. At the moment we're going through a crisis,

790
00:39:03,040 --> 00:39:05,719
Speaker 2: it makes sense that her shares would decrease in value,

791
00:39:06,280 --> 00:39:09,360
Speaker 2: But what that means is that they've decreased in value

792
00:39:09,440 --> 00:39:12,319
Speaker 2: if she was to sell. It does not mean that

793
00:39:12,400 --> 00:39:15,560
Speaker 2: she has any less shares than she has before. And

794
00:39:15,600 --> 00:39:17,920
Speaker 2: as she said, she's still contributing to her shares. She's

795
00:39:17,920 --> 00:39:20,520
Speaker 2: still putting twenty percent of her income each and every

796
00:39:20,520 --> 00:39:23,160
Speaker 2: single fortnite into her shares. And I think that that's

797
00:39:23,239 --> 00:39:26,879
Speaker 2: important because that's how she is creating wealth. That's how

798
00:39:26,920 --> 00:39:29,719
Speaker 2: she is compounding interest. For me, that makes a whole

799
00:39:29,719 --> 00:39:32,600
Speaker 2: heap of sense and is something that a smart investor

800
00:39:32,680 --> 00:39:33,680
Speaker 2: does and.

801
00:39:33,760 --> 00:39:38,120
Speaker 1: Just a little refresher for maybe new listeners or people

802
00:39:38,160 --> 00:39:42,520
Speaker 1: like me who have just forgotten compounding interests. What is that?

803
00:39:43,040 --> 00:39:43,600
Speaker 1: So for me?

804
00:39:43,680 --> 00:39:46,480
Speaker 2: Georgia, Compound interest is where the interest is paid at

805
00:39:46,480 --> 00:39:50,280
Speaker 2: regular intervals that build on top of earlier interest paid,

806
00:39:50,400 --> 00:39:52,840
Speaker 2: So it essentially means that the money that your money

807
00:39:52,880 --> 00:39:56,800
Speaker 2: makes then starts making you money, and those things increase.

808
00:39:56,840 --> 00:39:59,320
Speaker 2: And we've all heard this example from me before because

809
00:39:59,360 --> 00:40:01,399
Speaker 2: I feel like a broken record when I say it,

810
00:40:01,520 --> 00:40:03,120
Speaker 2: but I want to drill it into all of your

811
00:40:03,200 --> 00:40:06,120
Speaker 2: heads because it makes sense, and to me, this is

812
00:40:06,320 --> 00:40:09,520
Speaker 2: one of the simplest ways to understand it is if

813
00:40:09,560 --> 00:40:12,799
Speaker 2: you started investing at the age of twenty one, and

814
00:40:12,920 --> 00:40:15,200
Speaker 2: from the sounds of it, our money diarist this week

815
00:40:15,440 --> 00:40:19,120
Speaker 2: was actually investing way before that, you would have by

816
00:40:19,160 --> 00:40:24,520
Speaker 2: the time you reach retirement age, saved about two hundred

817
00:40:24,560 --> 00:40:28,000
Speaker 2: and forty thousand dollars, which sounds really exciting. That's a

818
00:40:28,120 --> 00:40:31,120
Speaker 2: very big number to begin with. But had you invested

819
00:40:31,160 --> 00:40:33,560
Speaker 2: it in the share market with an average return of

820
00:40:33,600 --> 00:40:37,840
Speaker 2: about seven point five percent, including compound interest, that means

821
00:40:37,880 --> 00:40:41,000
Speaker 2: that the interest earned each year gets added to your

822
00:40:41,080 --> 00:40:44,480
Speaker 2: sum that is invested each year, you would actually have

823
00:40:44,520 --> 00:40:49,000
Speaker 2: an investment portfolio worth about one point two million dollars.

824
00:40:49,320 --> 00:40:51,279
Speaker 2: And I know you've heard this before, but to me,

825
00:40:51,480 --> 00:40:54,799
Speaker 2: that is incredibly important to understand because that is the

826
00:40:54,920 --> 00:40:59,360
Speaker 2: power of compounding interest. Whereas if you saved every single

827
00:40:59,440 --> 00:41:03,120
Speaker 2: year in stace dead of investing and getting a compounding return,

828
00:41:03,480 --> 00:41:06,360
Speaker 2: you would actually only have two hundred and forty thousand dollars.

829
00:41:06,400 --> 00:41:09,920
Speaker 2: So that is a massive difference between just saving or

830
00:41:09,920 --> 00:41:12,279
Speaker 2: investing for the long term. Does that make sense?

831
00:41:12,520 --> 00:41:14,680
Speaker 1: Yeah, no, it does. And I think that this story

832
00:41:14,760 --> 00:41:18,440
Speaker 1: is pretty much the perfect example of just being sensible

833
00:41:18,880 --> 00:41:21,319
Speaker 1: with your investing. And that's why she does have that

834
00:41:21,640 --> 00:41:25,400
Speaker 1: massive amount in her investments is because of the compound

835
00:41:25,480 --> 00:41:26,279
Speaker 1: right absolutely.

836
00:41:26,280 --> 00:41:29,080
Speaker 2: And I'm sure she's contributed a lot, Like she's twenty nine,

837
00:41:29,120 --> 00:41:32,400
Speaker 2: and if she's been investing for the last ten issues,

838
00:41:32,440 --> 00:41:35,560
Speaker 2: like if she started at nineteen, then it makes sense

839
00:41:35,640 --> 00:41:38,560
Speaker 2: that her savings or her investment would be at that level.

840
00:41:38,880 --> 00:41:41,520
Speaker 2: And she said that she was investing about twenty percent

841
00:41:41,560 --> 00:41:44,359
Speaker 2: of her income each and every single fortnite. That means

842
00:41:44,360 --> 00:41:46,359
Speaker 2: that every fortnight she's putting that two hundred and eighty

843
00:41:46,440 --> 00:41:49,800
Speaker 2: dollars into her share portfolio, she's already got one hundred grand.

844
00:41:50,200 --> 00:41:52,799
Speaker 2: If her annual interest rate is sitting at about seven

845
00:41:52,840 --> 00:41:54,960
Speaker 2: and a half percent, which as we know is the

846
00:41:55,000 --> 00:42:00,520
Speaker 2: Australian average, and she's investing until retirement, so thirty years away, Georgia,

847
00:42:00,800 --> 00:42:03,759
Speaker 2: that means that in the future she will have a

848
00:42:03,800 --> 00:42:08,520
Speaker 2: total investment portfolio worth one point seventy five million dollars.

849
00:42:09,200 --> 00:42:11,520
Speaker 2: That's pretty attractive, I think.

850
00:42:11,360 --> 00:42:13,120
Speaker 1: And I think that's soolute to me.

851
00:42:13,440 --> 00:42:16,600
Speaker 2: That's where the power of compounding interest is because if

852
00:42:16,640 --> 00:42:19,960
Speaker 2: we look at it in even more depth, over this

853
00:42:20,080 --> 00:42:23,760
Speaker 2: period of time, she's obviously put in or she's obviously

854
00:42:23,760 --> 00:42:27,040
Speaker 2: already got one hundred thousand dollars, her regular deposits from

855
00:42:27,080 --> 00:42:29,600
Speaker 2: here on in will be about two hundred and eighteen

856
00:42:29,719 --> 00:42:33,959
Speaker 2: thousand dollars, which means her investment is going to make

857
00:42:34,000 --> 00:42:37,200
Speaker 2: her one point four million dollars. That is one point

858
00:42:37,200 --> 00:42:40,040
Speaker 2: four million dollars that her money is making her. She's

859
00:42:40,080 --> 00:42:43,280
Speaker 2: not earning that, she's not saving that, it's just because

860
00:42:43,280 --> 00:42:46,480
Speaker 2: she's exposed to the market for the next thirty years,

861
00:42:46,760 --> 00:42:49,920
Speaker 2: she is essentially making free money. Like I shouldn't be

862
00:42:50,000 --> 00:42:52,360
Speaker 2: referring to it as free money because it is earned

863
00:42:52,480 --> 00:42:54,879
Speaker 2: and you are investing for the long term, et cetera,

864
00:42:54,960 --> 00:42:57,640
Speaker 2: et cetera. But that is one point four million dollars

865
00:42:58,040 --> 00:42:59,959
Speaker 2: that she didn't have to go to work and earn,

866
00:43:00,120 --> 00:43:02,320
Speaker 2: and I think that that is incredible. But it's also

867
00:43:02,360 --> 00:43:05,759
Speaker 2: why I'm so passionate about investing early and investing for

868
00:43:05,800 --> 00:43:06,640
Speaker 2: the long term.

869
00:43:06,960 --> 00:43:09,520
Speaker 1: I think we can probably wrap it there V because

870
00:43:09,520 --> 00:43:11,959
Speaker 1: we have been talking about this wonderful human for quite

871
00:43:11,960 --> 00:43:15,400
Speaker 1: some time now. But I think probably the last little

872
00:43:15,440 --> 00:43:17,760
Speaker 1: note to leave it on would be that she should

873
00:43:17,840 --> 00:43:21,319
Speaker 1: definitely get around to doing her will. It is our

874
00:43:22,080 --> 00:43:24,120
Speaker 1: what happens to your money when you die? Episode, so

875
00:43:24,120 --> 00:43:27,759
Speaker 1: I think that ties him quite perfectly. But apart from that,

876
00:43:27,840 --> 00:43:29,480
Speaker 1: I think she's good to go.

877
00:43:29,920 --> 00:43:32,440
Speaker 2: One hundred percent. And I think it's also important to

878
00:43:32,520 --> 00:43:35,880
Speaker 2: again reiterate this is not the norm. She's incredible. I

879
00:43:35,920 --> 00:43:38,759
Speaker 2: want to celebrate her. She absolutely deserves to be on

880
00:43:38,800 --> 00:43:41,239
Speaker 2: the podcast, but I would hate for anyone who is

881
00:43:41,280 --> 00:43:43,399
Speaker 2: also twenty nine to be listening to this and going,

882
00:43:43,440 --> 00:43:45,680
Speaker 2: oh my gosh, she's achieved so much more. Well, yes,

883
00:43:45,840 --> 00:43:48,760
Speaker 2: but we're all in different situations, we're all on different journeys.

884
00:43:48,920 --> 00:43:51,520
Speaker 2: There's no way that I, who is also a twenty

885
00:43:51,640 --> 00:43:54,120
Speaker 2: nine year old, has achieved the same thing or had

886
00:43:54,120 --> 00:43:56,440
Speaker 2: the same type of restraint. I cannot say. And do

887
00:43:56,440 --> 00:43:58,480
Speaker 2: you know what I wish? I could say that I'd

888
00:43:58,640 --> 00:44:00,719
Speaker 2: been investing since I turned sick, seen and had my

889
00:44:00,800 --> 00:44:03,000
Speaker 2: first job, but that's just not the truth and it

890
00:44:03,080 --> 00:44:05,319
Speaker 2: is just not what I have done. And I think

891
00:44:05,360 --> 00:44:07,600
Speaker 2: that you know, everyone's a little bit different, but how

892
00:44:07,680 --> 00:44:09,680
Speaker 2: awesome is it that we are able to learn from

893
00:44:09,680 --> 00:44:11,000
Speaker 2: her great points?

894
00:44:11,000 --> 00:44:14,200
Speaker 1: There Victoria as always, but it is time to wrap

895
00:44:14,280 --> 00:44:14,880
Speaker 1: up the show.

896
00:44:15,280 --> 00:44:17,520
Speaker 2: Just before we head off, we'd like to acknowledge and

897
00:44:17,560 --> 00:44:21,440
Speaker 2: pay respect to Australia's Aboriginal and torrest Right Islander people's,

898
00:44:21,680 --> 00:44:25,840
Speaker 2: the traditional custodians of the lands, waterways and skies across Australia.

899
00:44:26,200 --> 00:44:28,479
Speaker 2: We thank you for sharing and caring for the land

900
00:44:28,520 --> 00:44:30,719
Speaker 2: on which we are able to learn. We pay our

901
00:44:30,760 --> 00:44:33,920
Speaker 2: respects to elders past and present and share our friendship

902
00:44:33,960 --> 00:44:34,759
Speaker 2: and kindness.

903
00:44:34,960 --> 00:44:37,800
Speaker 1: Now let's quickly wrap the boring but important stuff. The

904
00:44:37,880 --> 00:44:40,000
Speaker 1: advice shed on She's on the Money is general in

905
00:44:40,120 --> 00:44:43,759
Speaker 1: nature and does not consider your individual circumstances. She's on

906
00:44:43,800 --> 00:44:47,080
Speaker 1: the Money exists purely for educational purposes and should not

907
00:44:47,160 --> 00:44:50,080
Speaker 1: be relied upon to make an investment or a financial decision.

908
00:44:50,600 --> 00:44:54,080
Speaker 1: And relaxed. We promised Victoria to mine is an authorized

909
00:44:54,160 --> 00:44:57,920
Speaker 1: representative of Australia Pacific Trance Management, but prior to limited

910
00:44:58,000 --> 00:45:02,239
Speaker 1: ab and three four one three two seven ASL three

911
00:45:02,320 --> 00:45:05,880
Speaker 1: three nine and as always, a big thank you to

912
00:45:05,960 --> 00:45:07,960
Speaker 1: Ryme John for putting together today's podcast.

913
00:45:08,160 --> 00:45:10,439
Speaker 2: We would love it if you joined our Facebook group,

914
00:45:10,440 --> 00:45:13,799
Speaker 2: where our community shares money tips and tricks every single day,

915
00:45:13,840 --> 00:45:16,640
Speaker 2: free of judgment. So She's on the Money on Facebook

916
00:45:16,680 --> 00:45:18,799
Speaker 2: and join us if Facebook's not your thing, or you

917
00:45:18,840 --> 00:45:20,719
Speaker 2: also want to find us on the ground We're at

918
00:45:20,800 --> 00:45:22,200
Speaker 2: She's on the Money a us.

919
00:45:22,719 --> 00:45:25,600
Speaker 1: Also, if you do love the show, please rate, review

920
00:45:25,680 --> 00:45:29,760
Speaker 1: and subscribe because that really helps us out in the charts,

921
00:45:29,760 --> 00:45:30,200
Speaker 1: doesn't it be?

922
00:45:30,520 --> 00:45:31,040
Speaker 4: It does.

923
00:45:31,400 --> 00:45:34,440
Speaker 2: The more you rate, review and subscribe, the more we trend.

924
00:45:34,520 --> 00:45:36,240
Speaker 2: And that is what we want to do, guys.

925
00:45:36,600 --> 00:45:39,080
Speaker 1: And sometimes it's just nice to read the nice little reviews,

926
00:45:39,120 --> 00:45:39,520
Speaker 1: isn't it.

927
00:45:39,520 --> 00:45:41,080
Speaker 2: It is so nice to read nice reviews.

928
00:45:42,080 --> 00:45:44,840
Speaker 1: Alrighty, guys, we'll leave it there. We'll see you next Wednesday.

929
00:45:44,920 --> 00:45:47,680
Speaker 2: See you next week, guys.