1 00:00:00,200 --> 00:00:02,000 Speaker 1: She's on the Money. 2 00:00:02,160 --> 00:00:19,440 Speaker 2: She's on the Money. 3 00:00:23,400 --> 00:00:26,680 Speaker 3: Hello, and welcome to She's on the Money, the podcast 4 00:00:26,720 --> 00:00:29,320 Speaker 3: for millennials who want financial freedom. 5 00:00:29,760 --> 00:00:32,199 Speaker 4: Welcome back to another one of our Friday. 6 00:00:31,840 --> 00:00:34,960 Speaker 3: Drinks episodes where we celebrate the money wins from our 7 00:00:35,080 --> 00:00:36,400 Speaker 3: She's on the Money community. 8 00:00:36,560 --> 00:00:38,320 Speaker 4: Have a chat with Tony and Jeffs. 9 00:00:38,680 --> 00:00:41,360 Speaker 3: There are so many great wins and confessions that are 10 00:00:41,360 --> 00:00:44,240 Speaker 3: shared every single week in our She's on the Money community. 11 00:00:44,440 --> 00:00:46,600 Speaker 3: This week, Tony's going to take us across. 12 00:00:46,280 --> 00:00:46,840 Speaker 4: All of them. 13 00:00:47,240 --> 00:00:50,560 Speaker 3: But before we get there, Tony, what happened this week 14 00:00:50,600 --> 00:00:51,599 Speaker 3: on Money Diaries. 15 00:00:52,200 --> 00:00:55,080 Speaker 1: So this week we chatted to a young woman who 16 00:00:55,160 --> 00:00:59,120 Speaker 1: titled herself late blooming law student, and she kind of 17 00:00:59,160 --> 00:01:01,520 Speaker 1: shared how she would feeling like she'd been really left 18 00:01:01,520 --> 00:01:04,360 Speaker 1: behind because she hadn't really settled on a career until 19 00:01:04,400 --> 00:01:07,240 Speaker 1: a few years after she'd left school, and you know, 20 00:01:07,280 --> 00:01:09,760 Speaker 1: her friends were buying houses and having babies, and she 21 00:01:09,840 --> 00:01:12,320 Speaker 1: felt a bit you know, left behind and have that 22 00:01:12,440 --> 00:01:14,959 Speaker 1: fomo vibe that it's so easy to get, especially with 23 00:01:15,040 --> 00:01:19,280 Speaker 1: social media. And she also chatted about, you know, going 24 00:01:19,319 --> 00:01:22,160 Speaker 1: to UNI and growing up with quite a wealthy family 25 00:01:22,200 --> 00:01:25,840 Speaker 1: and how that's changed her outlook on on life. And 26 00:01:25,920 --> 00:01:28,000 Speaker 1: what she wants to get out of her career. So 27 00:01:28,440 --> 00:01:32,000 Speaker 1: it was a really nice change of a money diary 28 00:01:32,040 --> 00:01:33,680 Speaker 1: to kind of be like, you know what, it's all 29 00:01:33,760 --> 00:01:36,280 Speaker 1: right to have that fomo sometimes as long as we 30 00:01:36,319 --> 00:01:38,800 Speaker 1: don't rely on it all the time, and we remember 31 00:01:38,800 --> 00:01:41,240 Speaker 1: that everyone's running their own race, and it's totally fine 32 00:01:41,280 --> 00:01:43,440 Speaker 1: if I'm not doing what Jess is doing, or Jess 33 00:01:43,480 --> 00:01:45,920 Speaker 1: isn't doing what her other friends are doing, it doesn't matter. 34 00:01:46,120 --> 00:01:48,000 Speaker 1: As long as you're happy with where are at, that's 35 00:01:48,000 --> 00:01:49,280 Speaker 1: all that matters, agreed. 36 00:01:49,360 --> 00:01:52,560 Speaker 3: And I really liked that episode for exactly that reason. 37 00:01:52,920 --> 00:01:56,680 Speaker 3: And I guess overlaid on that she was explaining how 38 00:01:56,840 --> 00:01:59,160 Speaker 3: her family are actually in the cares of her younger 39 00:01:59,200 --> 00:02:02,560 Speaker 3: cousin who has significant developmental disabilities, and I just thought 40 00:02:02,600 --> 00:02:05,360 Speaker 3: it was a really special episode that showed, you know, 41 00:02:05,520 --> 00:02:08,360 Speaker 3: a number of facets of different areas of life, and 42 00:02:08,560 --> 00:02:10,320 Speaker 3: you know, it was just a goodie tone. 43 00:02:10,480 --> 00:02:11,400 Speaker 1: Yeah, it was. 44 00:02:11,919 --> 00:02:14,639 Speaker 3: And just what happened on Wednesday's episode with Georgia King. 45 00:02:15,639 --> 00:02:18,680 Speaker 5: So this week, you guys spoke about one of our 46 00:02:18,680 --> 00:02:20,480 Speaker 5: favorite things to talk about, which is debt. 47 00:02:21,160 --> 00:02:23,200 Speaker 3: We talk about it's actually one of our favorite things. 48 00:02:23,200 --> 00:02:24,840 Speaker 3: I thought you were gonna be we love to talk 49 00:02:24,880 --> 00:02:29,160 Speaker 3: about it, or like something else, and you were like, debt, okay. 50 00:02:29,400 --> 00:02:31,280 Speaker 5: We love to talk about it because we love to 51 00:02:31,320 --> 00:02:33,680 Speaker 5: see people paying it down. And so we were talking 52 00:02:33,840 --> 00:02:38,600 Speaker 5: specifically around how to prioritize those debts because there's so 53 00:02:38,639 --> 00:02:41,640 Speaker 5: many different kinds. You can obviously have good debt, like 54 00:02:41,680 --> 00:02:44,760 Speaker 5: your hectet or your mortgage, and then you can have 55 00:02:44,840 --> 00:02:47,680 Speaker 5: things like credit card debt, buying our pay later debt, 56 00:02:47,720 --> 00:02:50,480 Speaker 5: which is a form of debt. We saw some conversations 57 00:02:50,480 --> 00:02:52,639 Speaker 5: in our comments on Instagram a couple of weeks ago. 58 00:02:53,000 --> 00:02:55,200 Speaker 5: Buying now pay later is a form of debt you 59 00:02:55,240 --> 00:02:58,000 Speaker 5: owe money to someone. That's kind of what a debt is, 60 00:02:58,080 --> 00:03:01,600 Speaker 5: but that there's all different kinds and it can sometimes 61 00:03:01,639 --> 00:03:04,359 Speaker 5: feel overwhelming when you go to pay them down figuring 62 00:03:04,360 --> 00:03:07,440 Speaker 5: out where to go first. If you have one hundred 63 00:03:07,440 --> 00:03:10,200 Speaker 5: dollars owings here and a thousand there and five hundred here, 64 00:03:10,720 --> 00:03:13,400 Speaker 5: it can be very intimidating. And there are a number 65 00:03:13,400 --> 00:03:15,480 Speaker 5: of different ways that we can prioritize those based on 66 00:03:15,520 --> 00:03:18,120 Speaker 5: our personalities and our goals and all those kinds of things. 67 00:03:18,160 --> 00:03:20,440 Speaker 5: So it was a really interesting episode to listen to, 68 00:03:21,200 --> 00:03:24,520 Speaker 5: particularly someone who has been in the consumer debt hole. 69 00:03:24,480 --> 00:03:27,040 Speaker 3: And it can be really overwhelming when you're in that place. 70 00:03:27,080 --> 00:03:28,840 Speaker 3: But to have a couple of strategies that can. 71 00:03:28,800 --> 00:03:30,480 Speaker 4: Lean on and see which one works for you. 72 00:03:30,840 --> 00:03:32,840 Speaker 3: Just knowing that there is a light at the end 73 00:03:32,880 --> 00:03:35,160 Speaker 3: of the tunnel and that you're following a plan and 74 00:03:35,160 --> 00:03:37,080 Speaker 3: that it's going to work out in the end is 75 00:03:37,120 --> 00:03:39,839 Speaker 3: definitely something that I think we all deserve, especially while 76 00:03:39,880 --> 00:03:41,760 Speaker 3: we're in the midst of it, because sometimes it can 77 00:03:41,760 --> 00:03:43,720 Speaker 3: feel like it's never ever going away. 78 00:03:44,520 --> 00:03:45,160 Speaker 4: Yeah, for sure. 79 00:03:45,600 --> 00:03:48,120 Speaker 1: Something that you said in that episode V that I 80 00:03:48,200 --> 00:03:50,200 Speaker 1: really liked and I think will be such a good 81 00:03:50,200 --> 00:03:53,960 Speaker 1: way for people to realize what they're actually spending their 82 00:03:53,960 --> 00:03:56,280 Speaker 1: money on. And it's a great way to reframe it. 83 00:03:56,320 --> 00:03:58,840 Speaker 1: Is like bad debt is considered bad debt when it 84 00:03:58,920 --> 00:04:01,800 Speaker 1: isn't contributing to your future wealth. So the way that 85 00:04:01,840 --> 00:04:03,680 Speaker 1: we say like it's good debt if it's a mortgage, 86 00:04:03,680 --> 00:04:06,200 Speaker 1: because you're creating an asset for yourself that one day 87 00:04:06,240 --> 00:04:09,240 Speaker 1: you can live in for free or sell and make 88 00:04:09,280 --> 00:04:11,920 Speaker 1: a heap of money or whatever. And I think it 89 00:04:12,000 --> 00:04:15,080 Speaker 1: just makes you so much more aware and conscious when 90 00:04:15,120 --> 00:04:17,920 Speaker 1: you are spending for people, especially that are thinking, you know, 91 00:04:18,000 --> 00:04:20,640 Speaker 1: like after pay it's not debt, it's just a borrow 92 00:04:20,960 --> 00:04:23,640 Speaker 1: or using a credit card isn't really debt because I'm 93 00:04:23,640 --> 00:04:26,359 Speaker 1: not going to use it for everything, but it's not 94 00:04:26,640 --> 00:04:28,720 Speaker 1: contributing to your future wealth. And if you look around 95 00:04:28,720 --> 00:04:31,080 Speaker 1: and you've got heaps of nicer pairs of shoes, but 96 00:04:31,680 --> 00:04:33,880 Speaker 1: you've got heaps of credit card debt, then it's probably 97 00:04:33,920 --> 00:04:36,279 Speaker 1: not really going to contribute to your future wealth, unless 98 00:04:36,320 --> 00:04:39,120 Speaker 1: like you're Michael Jordan or something, and then you can 99 00:04:39,200 --> 00:04:41,560 Speaker 1: sell your shoes after which someone might be into I 100 00:04:41,600 --> 00:04:41,880 Speaker 1: don't know. 101 00:04:42,240 --> 00:04:45,400 Speaker 3: Yeah, well you're completely really rich and you solely invest 102 00:04:45,400 --> 00:04:48,680 Speaker 3: in Birken handbags and so therefore you're just going to 103 00:04:48,720 --> 00:04:52,200 Speaker 3: resell them. But that's a really niche investment strategy that 104 00:04:52,279 --> 00:04:56,320 Speaker 3: I probably wouldn't recommend, so you're not I would recommend though. 105 00:04:56,480 --> 00:04:59,880 Speaker 3: Moving on, so let's move on to community wins. If 106 00:04:59,880 --> 00:05:01,320 Speaker 3: the week, Tony, what have you. 107 00:05:01,320 --> 00:05:02,239 Speaker 4: Got for us? 108 00:05:02,560 --> 00:05:06,640 Speaker 1: Okay, so Caitlin says, I found a random two six 109 00:05:06,720 --> 00:05:08,400 Speaker 1: hundred dollars in my account. 110 00:05:08,720 --> 00:05:10,840 Speaker 4: Oh yeah, so it really happens. 111 00:05:10,520 --> 00:05:13,160 Speaker 1: All the time, and came home to a letter from 112 00:05:13,320 --> 00:05:16,480 Speaker 1: NAB saying I had automatically been included in a class 113 00:05:16,520 --> 00:05:19,400 Speaker 1: action suit that I had been charged too much interest 114 00:05:19,400 --> 00:05:23,800 Speaker 1: in twenty eighteen, and so they refunded the money automatically, 115 00:05:23,960 --> 00:05:25,680 Speaker 1: so she ended up with this extra two and a 116 00:05:25,720 --> 00:05:27,800 Speaker 1: half grand. Such a good money win. 117 00:05:27,920 --> 00:05:29,680 Speaker 4: Oh my gosh, that is an epic money win. 118 00:05:30,000 --> 00:05:32,880 Speaker 3: I hope that everyone in our community can take a 119 00:05:32,880 --> 00:05:36,280 Speaker 3: page out of Jessica Riach's book and manifest. 120 00:05:35,800 --> 00:05:39,720 Speaker 1: That manifested they paid too much interest and hope that 121 00:05:39,760 --> 00:05:40,480 Speaker 1: they get it back. 122 00:05:40,800 --> 00:05:42,520 Speaker 4: No, no, just manifest free money. 123 00:05:42,720 --> 00:05:48,239 Speaker 3: Oh okay, sorry, that amounts of money posited into your account. 124 00:05:48,279 --> 00:05:52,800 Speaker 1: Tony Melon says sports Girl had fifty percent of already 125 00:05:52,880 --> 00:05:56,360 Speaker 1: reduced items and bought an eyeshadow palette, a top, and 126 00:05:56,400 --> 00:05:58,440 Speaker 1: a pair of earrings for ten dollars. 127 00:05:58,680 --> 00:06:00,320 Speaker 4: Oh what go win? 128 00:06:00,600 --> 00:06:04,279 Speaker 1: Basically spare change for new clothes, which we love. Of course, 129 00:06:05,480 --> 00:06:08,560 Speaker 1: Tess says, money win. It's my husband's birthday next week, 130 00:06:08,560 --> 00:06:10,279 Speaker 1: and I've been putting money away for a while to 131 00:06:10,320 --> 00:06:13,680 Speaker 1: cover his presence. It's a milestone birthday, so his presents 132 00:06:13,680 --> 00:06:16,920 Speaker 1: are more financially significant than usual. I've now been able 133 00:06:17,000 --> 00:06:19,960 Speaker 1: to buy his presence, organize a cake and a dinner party, 134 00:06:20,120 --> 00:06:22,560 Speaker 1: and it's all been covered by the specific savings that 135 00:06:22,600 --> 00:06:25,560 Speaker 1: I had set aside. We get questions about this in 136 00:06:25,600 --> 00:06:28,200 Speaker 1: the group all the time. How do you put money 137 00:06:28,240 --> 00:06:31,240 Speaker 1: aside for gifts and how do you prioritize when random 138 00:06:31,279 --> 00:06:34,440 Speaker 1: birthdays pop up and Christmas especially, which we've talked about 139 00:06:34,480 --> 00:06:37,440 Speaker 1: how much money we'd need to save. But it's great 140 00:06:37,480 --> 00:06:40,120 Speaker 1: seeing that people are putting this into practice, because those 141 00:06:40,160 --> 00:06:42,800 Speaker 1: birthdays do creep up and you think, oh, I'll buy 142 00:06:42,880 --> 00:06:45,359 Speaker 1: my friend or partner or mum or something like a 143 00:06:45,360 --> 00:06:48,440 Speaker 1: beautiful gift, and then you're like, hang on, can't afford that. 144 00:06:48,680 --> 00:06:51,080 Speaker 1: I can't afford that because that's then going to come 145 00:06:51,120 --> 00:06:52,800 Speaker 1: out of my fun money. And then when I want 146 00:06:52,800 --> 00:06:54,240 Speaker 1: to go and have fun, I'm going to take that 147 00:06:54,320 --> 00:06:56,640 Speaker 1: out of my you know, emergency but not really an 148 00:06:56,640 --> 00:06:59,240 Speaker 1: emergency fund, and then you know, you end up in 149 00:06:59,279 --> 00:07:02,839 Speaker 1: a bit of a pickle. Literally. We have good advice 150 00:07:03,000 --> 00:07:05,560 Speaker 1: for how to budget for those things. If it's is 151 00:07:05,600 --> 00:07:07,560 Speaker 1: it just something that you do need to put into your. 152 00:07:07,440 --> 00:07:10,520 Speaker 3: Budget, yeah, like the advisor's budget for those things and 153 00:07:10,640 --> 00:07:13,440 Speaker 3: actually put them in and be realistic about it. I 154 00:07:13,440 --> 00:07:16,120 Speaker 3: think it's a really romantic way of looking at budgeting 155 00:07:16,120 --> 00:07:18,280 Speaker 3: when you're like, oh, right, I'm going to allocate fifty 156 00:07:18,280 --> 00:07:21,320 Speaker 3: dollars per present when in reality that's not what you do. 157 00:07:21,480 --> 00:07:24,320 Speaker 3: Like it just sounds easy, but I know, Tony, you're 158 00:07:24,360 --> 00:07:27,400 Speaker 3: a very big gift giver. You love giving gifts. Yeah, 159 00:07:27,440 --> 00:07:29,240 Speaker 3: I think something that you could do is go back 160 00:07:29,280 --> 00:07:31,680 Speaker 3: and just see what you're spending, not judging yourself, not 161 00:07:31,720 --> 00:07:34,400 Speaker 3: doing anything other than that, but just saying, all right, 162 00:07:34,440 --> 00:07:36,240 Speaker 3: well what am I actually spending on gifts, so that 163 00:07:36,280 --> 00:07:38,160 Speaker 3: I can put that aside so that I'm never in 164 00:07:38,200 --> 00:07:41,280 Speaker 3: a pickle again, Because if you're budgeting fifty dollars per 165 00:07:41,320 --> 00:07:44,320 Speaker 3: gift but you're actually closer to eighty, that's never going 166 00:07:44,360 --> 00:07:46,200 Speaker 3: to work for you, and you're always going to find 167 00:07:46,200 --> 00:07:49,920 Speaker 3: yourself dipping into emergency savings or into your savings in general. 168 00:07:50,040 --> 00:07:52,440 Speaker 3: And nobody wants to be in that situation. So I 169 00:07:52,440 --> 00:07:56,200 Speaker 3: think it's about actually just being quite realistic when we 170 00:07:56,280 --> 00:07:59,720 Speaker 3: do set a budget, because a budget isn't necessarily about 171 00:08:00,120 --> 00:08:02,720 Speaker 3: restricting ourselves and saying, oh, this is all we can spend, 172 00:08:02,960 --> 00:08:05,880 Speaker 3: but more, this is actually what I spend so that 173 00:08:06,000 --> 00:08:09,360 Speaker 3: I can be in charge of that flow of cash. 174 00:08:09,440 --> 00:08:11,480 Speaker 3: It's not necessarily saying all right, well, I'm going to 175 00:08:11,560 --> 00:08:14,480 Speaker 3: restrict myself and save more money. It's actually okay, Well, 176 00:08:14,600 --> 00:08:18,360 Speaker 3: I know x y Z's birthday is in four months, 177 00:08:18,400 --> 00:08:20,400 Speaker 3: and I'm gonna want eighty bucks for it. And you 178 00:08:20,400 --> 00:08:22,440 Speaker 3: know what, if you get around to that point in 179 00:08:22,520 --> 00:08:25,840 Speaker 3: time and you don't spend that eighty dollars money, win 180 00:08:26,280 --> 00:08:29,080 Speaker 3: Like you're in a position where you have leftover. But 181 00:08:29,160 --> 00:08:32,000 Speaker 3: what we don't want is the opposite where you undervalued 182 00:08:32,000 --> 00:08:34,040 Speaker 3: how much you would spend and then you found that 183 00:08:34,080 --> 00:08:37,720 Speaker 3: you're actually going over that significantly. So it's just about 184 00:08:37,920 --> 00:08:40,800 Speaker 3: really keeping track of every dollar that comes in and 185 00:08:40,840 --> 00:08:41,680 Speaker 3: out of your account. 186 00:08:41,760 --> 00:08:43,240 Speaker 4: As unsexy as that. 187 00:08:43,280 --> 00:08:47,040 Speaker 1: Sound, but it is something that we get asked about 188 00:08:47,120 --> 00:08:49,559 Speaker 1: in the group a lot. How do you budget for gifts? 189 00:08:49,559 --> 00:08:51,719 Speaker 1: So hopefully people take a bit of a leaf out 190 00:08:51,760 --> 00:08:56,320 Speaker 1: of Tess's book and caught by surprise when those birthdays 191 00:08:56,320 --> 00:08:56,840 Speaker 1: come around. 192 00:08:56,960 --> 00:08:59,760 Speaker 4: Tests is a wizard, Sarah. 193 00:08:59,440 --> 00:09:03,160 Speaker 1: Says, expected money in moved house and changed my address 194 00:09:03,200 --> 00:09:05,720 Speaker 1: for my car insurance and they sent me a refund 195 00:09:05,800 --> 00:09:08,200 Speaker 1: of one hundred and fifty dollars because it's a safer 196 00:09:08,240 --> 00:09:09,040 Speaker 1: place to live. 197 00:09:09,679 --> 00:09:13,240 Speaker 5: What this This makes me so mad because I live 198 00:09:13,280 --> 00:09:16,679 Speaker 5: out in the suburbs and I live like quite like 199 00:09:17,000 --> 00:09:21,439 Speaker 5: I would say borderline rule. I didn't qualify as regional big, 200 00:09:21,600 --> 00:09:24,480 Speaker 5: but it's borderline rule. And I pay more money for 201 00:09:24,559 --> 00:09:27,240 Speaker 5: my car insurance out here than I did i lived 202 00:09:27,440 --> 00:09:31,400 Speaker 5: closer in. It's just because the insurances, like I suppose 203 00:09:31,400 --> 00:09:33,560 Speaker 5: they base it off a series of statistics of like 204 00:09:33,720 --> 00:09:36,520 Speaker 5: crime or I don't know exactly how they come to it, 205 00:09:36,600 --> 00:09:40,920 Speaker 5: but they will essentially delegate. I believe every like suburb 206 00:09:41,040 --> 00:09:44,600 Speaker 5: a rating, and based on that rating, that's like you 207 00:09:44,640 --> 00:09:47,560 Speaker 5: will pay more or less because they determined that if 208 00:09:47,600 --> 00:09:50,679 Speaker 5: you live in that area it's higher or lower risk, 209 00:09:50,960 --> 00:09:53,040 Speaker 5: and so if you live in a higher risk area, 210 00:09:53,080 --> 00:09:55,719 Speaker 5: you're more likely to have your car damage. Thus your 211 00:09:55,760 --> 00:09:58,520 Speaker 5: premium is higher, which makes me really angry because I 212 00:09:58,600 --> 00:10:02,000 Speaker 5: feel like, even if it is based on statistics, on 213 00:10:02,080 --> 00:10:05,720 Speaker 5: some level, I don't know how accurately that like reflects things, 214 00:10:05,720 --> 00:10:07,400 Speaker 5: because what if you keep a car in a garage 215 00:10:07,559 --> 00:10:08,559 Speaker 5: or something like that. 216 00:10:09,960 --> 00:10:13,720 Speaker 1: But because there's now insurance pl like not sponsored, but 217 00:10:14,000 --> 00:10:17,400 Speaker 1: there's places like UI where they actually take into consideration 218 00:10:17,520 --> 00:10:20,200 Speaker 1: like how many days a week you drive your car 219 00:10:20,280 --> 00:10:23,680 Speaker 1: and things like that, that's so yeah, and especially through 220 00:10:23,760 --> 00:10:26,480 Speaker 1: lockdown when people were like I'm actually only using my 221 00:10:26,559 --> 00:10:29,280 Speaker 1: car on a Saturday to go and do my groceries. Yeah, 222 00:10:29,320 --> 00:10:31,640 Speaker 1: would have really affected the way that people drove and 223 00:10:31,720 --> 00:10:33,880 Speaker 1: used their cars, and they would have been a bit 224 00:10:34,000 --> 00:10:36,480 Speaker 1: like UJESS and u V, like driving into the office 225 00:10:36,520 --> 00:10:38,880 Speaker 1: every day where now like your car sits there until 226 00:10:38,880 --> 00:10:40,400 Speaker 1: you need to go and get groceries or go to 227 00:10:40,400 --> 00:10:41,640 Speaker 1: the doctors or something like. 228 00:10:42,000 --> 00:10:43,960 Speaker 5: It's been great for my petrol budget, but now that 229 00:10:44,000 --> 00:10:46,320 Speaker 5: you mention it is like quite frustrating to go, Oh, 230 00:10:46,440 --> 00:10:49,960 Speaker 5: like my car is barely being used, like mine does 231 00:10:49,960 --> 00:10:52,000 Speaker 5: sit in a garage and I drive it, yeah to 232 00:10:52,040 --> 00:10:54,880 Speaker 5: go calls like two kilometers down the road. And so 233 00:10:55,080 --> 00:10:57,240 Speaker 5: I'm paying all this money for insurance, and insurance is 234 00:10:57,240 --> 00:10:58,199 Speaker 5: obviously really worth. 235 00:10:58,040 --> 00:11:00,040 Speaker 4: It and whatever really worth it. 236 00:11:00,360 --> 00:11:05,359 Speaker 5: Whatever, it's an annoying thing to pay for sure. 237 00:11:06,360 --> 00:11:09,720 Speaker 1: Nicky says moneym in. I emailed my gym asking really 238 00:11:09,840 --> 00:11:12,800 Speaker 1: nicely if I can extend not paying for my membership 239 00:11:13,000 --> 00:11:15,280 Speaker 1: until at least April next year so I don't have 240 00:11:15,360 --> 00:11:18,480 Speaker 1: to cancel then rejoin after having my baby, and they 241 00:11:18,520 --> 00:11:21,640 Speaker 1: allowed it. Saves twenty something dollars a fortnight and no 242 00:11:21,840 --> 00:11:22,800 Speaker 1: rejoining fees. 243 00:11:23,600 --> 00:11:24,600 Speaker 4: Hey that's a money. 244 00:11:24,840 --> 00:11:29,880 Speaker 1: Yes, I'm assuming that their membership is currently on hold 245 00:11:30,000 --> 00:11:32,080 Speaker 1: because of COVID and she must have just called them 246 00:11:32,080 --> 00:11:34,960 Speaker 1: and said, hey, I'm not paying that the moment, could 247 00:11:35,000 --> 00:11:36,960 Speaker 1: you just flick it out a little bit, and they've agreed, 248 00:11:37,000 --> 00:11:38,480 Speaker 1: which never ever happens. 249 00:11:39,080 --> 00:11:40,839 Speaker 4: Look, I'm on the Ryan John train here. 250 00:11:40,880 --> 00:11:44,280 Speaker 3: I don't necessarily believe that that actually happened, because Jim, 251 00:11:44,559 --> 00:11:47,240 Speaker 3: they don't usually let you get away with not paying 252 00:11:47,320 --> 00:11:51,520 Speaker 3: for anything. So I don't know how falsified that story was, 253 00:11:52,000 --> 00:11:53,000 Speaker 3: but I'm willing. 254 00:11:52,720 --> 00:11:54,280 Speaker 4: To accept it on this occasion. 255 00:11:54,679 --> 00:11:56,800 Speaker 5: It's a plant by a gym owner to try and 256 00:11:56,840 --> 00:11:58,600 Speaker 5: make Jims look yeah, like. 257 00:11:58,600 --> 00:12:00,120 Speaker 3: It was a plan that was a gym I re 258 00:12:00,240 --> 00:12:01,959 Speaker 3: placing that he would never allow it. 259 00:12:02,559 --> 00:12:04,760 Speaker 1: The replies were like, oh my gosh, where Jim is this. 260 00:12:04,840 --> 00:12:09,280 Speaker 3: So it's worked, and it's like wow, the numbers right there. 261 00:12:09,440 --> 00:12:10,160 Speaker 4: Wow great. 262 00:12:11,080 --> 00:12:14,120 Speaker 1: Rovnat says, money Win. My work gave us all two 263 00:12:14,200 --> 00:12:16,920 Speaker 1: hundred and fifty dollars FOS gift cards because we all 264 00:12:16,960 --> 00:12:21,080 Speaker 1: got vaccinated, which is so cool. I guess it's like 265 00:12:21,200 --> 00:12:24,080 Speaker 1: nice at they're encouraged to do the right thing for 266 00:12:24,120 --> 00:12:26,360 Speaker 1: the community and then also like they get a little 267 00:12:26,360 --> 00:12:29,240 Speaker 1: something out of it, and I think that's pretty cool. 268 00:12:29,640 --> 00:12:30,959 Speaker 4: Yeah, that is pretty cool. 269 00:12:31,000 --> 00:12:34,800 Speaker 3: Apologies, so your cards buster got lost in them. 270 00:12:35,040 --> 00:12:40,360 Speaker 1: I assume it's coming. It's fine. And finally, Ruby says, 271 00:12:40,480 --> 00:12:44,840 Speaker 1: and jess you'll like this one. A perfect condition white 272 00:12:44,920 --> 00:12:50,719 Speaker 1: wicker outdoor lounge setting for free on for free the 273 00:12:50,960 --> 00:12:54,200 Speaker 1: side of the road, just as her and her mum 274 00:12:54,320 --> 00:12:58,320 Speaker 1: were moving into a new house and all they needed 275 00:12:58,920 --> 00:13:04,480 Speaker 1: was an outdoors cushions and her rints with a hose. 276 00:13:04,640 --> 00:13:07,880 Speaker 1: A similar one would be about twelve hundred dollars at 277 00:13:07,920 --> 00:13:09,640 Speaker 1: amat Manifest. 278 00:13:09,800 --> 00:13:13,560 Speaker 5: It is so expensive. Pro tip on the cushions. Go 279 00:13:13,640 --> 00:13:16,640 Speaker 5: to a place like Clark Rubber. Where they do. You 280 00:13:16,640 --> 00:13:20,080 Speaker 5: can buy foam by the meter, so it's quite affordable. Yeah, 281 00:13:20,120 --> 00:13:23,000 Speaker 5: you can buy just like foam and the density that 282 00:13:23,160 --> 00:13:23,760 Speaker 5: I could. 283 00:13:23,520 --> 00:13:26,680 Speaker 3: Have just asked you instead of calling Freedom a million 284 00:13:26,720 --> 00:13:30,000 Speaker 3: times asking how I replace the foam or my outdoor lounge. 285 00:13:30,280 --> 00:13:32,200 Speaker 4: Yes, that is exactly. 286 00:13:32,480 --> 00:13:34,959 Speaker 5: Go to Clark Rubber or like any kind of similar 287 00:13:35,000 --> 00:13:37,120 Speaker 5: place and then you can either cut it down to 288 00:13:37,200 --> 00:13:40,560 Speaker 5: standardized size and just buy pre made outdoor cushion covers, 289 00:13:40,679 --> 00:13:43,439 Speaker 5: or if you're feeling spicy, you can diy them. 290 00:13:43,520 --> 00:13:45,680 Speaker 3: And so eah, that's what Jessica reed she would do. 291 00:13:45,840 --> 00:13:46,880 Speaker 3: She would diy it. 292 00:13:47,400 --> 00:13:49,600 Speaker 1: And The thing that I've learned from working here is 293 00:13:49,679 --> 00:13:52,360 Speaker 1: you know, I mean things about finance and insurance or whatever, 294 00:13:52,720 --> 00:13:56,520 Speaker 1: but it's that before calling anybody, you should call Jess 295 00:13:56,920 --> 00:14:00,640 Speaker 1: because she's really because she's just always it's got some 296 00:14:00,720 --> 00:14:04,000 Speaker 1: weird solution to every problem and I just love it. 297 00:14:04,440 --> 00:14:07,600 Speaker 1: You need phone called Jess. You need to manifest something 298 00:14:07,720 --> 00:14:08,520 Speaker 1: you called Jes. 299 00:14:08,840 --> 00:14:11,280 Speaker 3: Do you need to know about Wika on the internet? 300 00:14:11,400 --> 00:14:15,240 Speaker 3: Jess probably knows. She need eat like literally, she fixes everything. 301 00:14:15,280 --> 00:14:17,559 Speaker 3: Do you want to know how to grout and retile 302 00:14:17,600 --> 00:14:18,520 Speaker 3: a bedside table? 303 00:14:18,679 --> 00:14:20,160 Speaker 1: She got you, She's you got. 304 00:14:20,320 --> 00:14:22,320 Speaker 3: I didn't even know that that was the information I 305 00:14:22,440 --> 00:14:22,960 Speaker 3: needed yet. 306 00:14:23,040 --> 00:14:27,800 Speaker 4: Jess knows like a mom that hasn't had kids yet. 307 00:14:28,120 --> 00:14:30,280 Speaker 5: But yeah, little fun tip. I would love to see 308 00:14:30,280 --> 00:14:32,680 Speaker 5: a photo. If you read us, please share it. 309 00:14:32,680 --> 00:14:34,600 Speaker 3: It will get shared in the She's on the Money 310 00:14:34,640 --> 00:14:37,640 Speaker 3: newsletter because anything DIY, we are all over. 311 00:14:38,200 --> 00:14:39,080 Speaker 4: We love to see it. 312 00:14:44,440 --> 00:14:46,920 Speaker 1: So over the last couple of weeks, I've noticed a 313 00:14:47,000 --> 00:14:50,160 Speaker 1: lot of people talking about superannuation. And it's one of 314 00:14:50,200 --> 00:14:52,640 Speaker 1: those things that's not really that sexy, but it is 315 00:14:52,680 --> 00:14:55,160 Speaker 1: super important and when you know about it and you 316 00:14:55,240 --> 00:14:58,480 Speaker 1: care about it, which you should, it can be very 317 00:14:58,520 --> 00:15:01,640 Speaker 1: very satisfying to watch grow. But I know that there's 318 00:15:01,680 --> 00:15:04,479 Speaker 1: been a few changes coming and a few like upheoples 319 00:15:04,480 --> 00:15:07,080 Speaker 1: in the industry, Can you explain them because I don't 320 00:15:07,160 --> 00:15:08,320 Speaker 1: understand words. 321 00:15:08,600 --> 00:15:12,040 Speaker 4: You don't understand words. I love that for you. 322 00:15:12,440 --> 00:15:16,320 Speaker 3: So, Tony, a lot has been changing in the superannuation space, 323 00:15:16,360 --> 00:15:19,480 Speaker 3: and there's not been a recent update per se. But 324 00:15:19,600 --> 00:15:22,680 Speaker 3: I think that the thing that has been happening recently. 325 00:15:22,360 --> 00:15:24,600 Speaker 4: Is the ramifications of decisions that were. 326 00:15:24,440 --> 00:15:27,000 Speaker 3: Made about twelve months ago are starting to come to 327 00:15:27,080 --> 00:15:29,800 Speaker 3: light for a number of people. And this has meant 328 00:15:29,800 --> 00:15:32,240 Speaker 3: that a number of superannuation funds over the last few 329 00:15:32,280 --> 00:15:36,480 Speaker 3: weeks have sent letters to their members to say, hey, yeah, 330 00:15:36,520 --> 00:15:40,200 Speaker 3: so we're underperforming and the government's going to shut us down, 331 00:15:40,680 --> 00:15:42,960 Speaker 3: so you're going to have to pick a new superfund. 332 00:15:43,200 --> 00:15:46,320 Speaker 3: And that obviously sends people into a spin because they're like, what, 333 00:15:46,320 --> 00:15:50,880 Speaker 3: what like, my superfund's one underperformed, not great? Two I've 334 00:15:50,880 --> 00:15:52,760 Speaker 3: got to pick a new superfund and I don't know 335 00:15:52,800 --> 00:15:54,960 Speaker 3: how to do that, but three how do we end 336 00:15:55,040 --> 00:15:58,920 Speaker 3: up here? So essentially last year, this is like way 337 00:15:58,960 --> 00:16:03,600 Speaker 3: back in December twenty Australia's biggest superranuation lobby group got 338 00:16:03,640 --> 00:16:07,160 Speaker 3: together and asked the federal government to impose tougher penalties 339 00:16:07,200 --> 00:16:10,440 Speaker 3: on super funds that were failing to deliver strong investment 340 00:16:10,480 --> 00:16:14,520 Speaker 3: returns and ask them to consider immediately shutting down anyone 341 00:16:14,520 --> 00:16:18,360 Speaker 3: who was an underperformer. So obviously this couldn't happen asap, 342 00:16:18,760 --> 00:16:20,760 Speaker 3: and a number of super funds have been tapped on 343 00:16:20,760 --> 00:16:24,120 Speaker 3: the shoulder as being underperforming and having to manage their 344 00:16:24,120 --> 00:16:28,280 Speaker 3: members out because they can't just delete their superfund and go, oh, great, 345 00:16:28,400 --> 00:16:32,000 Speaker 3: like Tony's with super fund XYZ and XYZ's done, so 346 00:16:32,120 --> 00:16:35,360 Speaker 3: we'll just remove it. They've actually got to transition their 347 00:16:35,400 --> 00:16:39,080 Speaker 3: clients out to new super funds because where's your money 348 00:16:39,120 --> 00:16:42,640 Speaker 3: going to be managed? And given they are underperforming, it 349 00:16:42,640 --> 00:16:45,360 Speaker 3: wouldn't be the right decision for them to just choose 350 00:16:45,400 --> 00:16:49,800 Speaker 3: where you move, Tony, So as a consumer, you're going 351 00:16:49,800 --> 00:16:50,480 Speaker 3: to have to make. 352 00:16:50,360 --> 00:16:51,600 Speaker 4: That decision yourself. 353 00:16:52,360 --> 00:16:55,800 Speaker 3: Admin And yeah, Admin, But I think that that's what's 354 00:16:55,840 --> 00:16:58,160 Speaker 3: happening at the moment, and that's why you guys in 355 00:16:58,200 --> 00:17:01,600 Speaker 3: the community are seeing a surge of people asking questions 356 00:17:01,600 --> 00:17:03,760 Speaker 3: about how do I pick a super fund and what does. 357 00:17:03,600 --> 00:17:04,360 Speaker 4: That actually mean? 358 00:17:04,440 --> 00:17:08,120 Speaker 3: Because one it's really stressful, but two it's something you're 359 00:17:08,160 --> 00:17:10,560 Speaker 3: going to have to do. Like if you're in an 360 00:17:10,680 --> 00:17:13,680 Speaker 3: underperforming super fund, you have to pick a new one. 361 00:17:13,680 --> 00:17:16,760 Speaker 3: You don't have any choice. But often, and I'm not 362 00:17:16,800 --> 00:17:20,399 Speaker 3: going to draw conclusions here, but if you've been in 363 00:17:20,480 --> 00:17:24,000 Speaker 3: and underperforming super fund, I'm going to assume that superannuation 364 00:17:24,200 --> 00:17:27,560 Speaker 3: hasn't been a priority of yours until now, because I 365 00:17:27,560 --> 00:17:29,959 Speaker 3: wouldn't have stayed with that if it was. If that 366 00:17:30,000 --> 00:17:32,520 Speaker 3: makes any sense, So what does that actually mean? How 367 00:17:32,520 --> 00:17:35,840 Speaker 3: does that actually work? But recently our friends at Canstar 368 00:17:35,960 --> 00:17:38,040 Speaker 3: did a really big piece of research and I think 369 00:17:38,040 --> 00:17:40,680 Speaker 3: it's important to talk about because these are big numbers, 370 00:17:40,800 --> 00:17:44,160 Speaker 3: like scary numbers, And one of the things that they 371 00:17:44,240 --> 00:17:48,840 Speaker 3: found was that are staggering three in four Australians are 372 00:17:49,000 --> 00:17:53,000 Speaker 3: unsure about how much their superannuation balance grew in the 373 00:17:53,119 --> 00:17:57,560 Speaker 3: past financial year. So they had no idea, which means 374 00:17:57,600 --> 00:18:00,480 Speaker 3: that these guys could be missing out on hundreds of 375 00:18:00,600 --> 00:18:04,359 Speaker 3: thousands of dollars going into their supranuation at retirement. Like 376 00:18:04,440 --> 00:18:07,439 Speaker 3: I'm not being dramatic here when I say hundreds of 377 00:18:07,480 --> 00:18:09,960 Speaker 3: thousands of dollars, Like you are going to have a 378 00:18:10,040 --> 00:18:13,120 Speaker 3: massive impact on your supranuation if you pick the right 379 00:18:13,200 --> 00:18:16,040 Speaker 3: fund for yourself and if you pick the right portfolio 380 00:18:16,160 --> 00:18:18,560 Speaker 3: for your risk profile. And I'm not saying there's a 381 00:18:18,640 --> 00:18:20,919 Speaker 3: right and wrong. There are ways that we can do this. 382 00:18:20,960 --> 00:18:23,320 Speaker 3: There are government comparison tools that you guys can go 383 00:18:23,400 --> 00:18:25,639 Speaker 3: and have a look at and make a decision based on. 384 00:18:26,080 --> 00:18:30,000 Speaker 3: But essentially, this survey by can Start really shocked me. 385 00:18:30,080 --> 00:18:33,399 Speaker 3: Because I don't know, maybe you guys won't be as shocked. 386 00:18:33,680 --> 00:18:35,879 Speaker 3: So how that I ask you how you feel about 387 00:18:35,920 --> 00:18:40,119 Speaker 3: the stats? So CANSTA found that forty nine percent? So 388 00:18:40,640 --> 00:18:43,159 Speaker 3: I'm just going to round that up to half of 389 00:18:43,320 --> 00:18:47,280 Speaker 3: Australians don't remember the rate of return on their supranuations. 390 00:18:47,520 --> 00:18:49,360 Speaker 3: Do you guys think that that's about right? 391 00:18:50,160 --> 00:18:53,919 Speaker 1: I mean, I hate to be a statistic here, but 392 00:18:56,200 --> 00:18:58,240 Speaker 1: I think we all know where this is going. I 393 00:18:58,280 --> 00:18:58,680 Speaker 1: don't know. 394 00:18:58,680 --> 00:19:02,520 Speaker 4: Mine, Tony Louise Lodge, I know. 395 00:19:02,840 --> 00:19:05,320 Speaker 1: Like, how bad is that? I mean, please just tell 396 00:19:05,400 --> 00:19:06,920 Speaker 1: me that you're in the same boat so I don't 397 00:19:06,920 --> 00:19:07,800 Speaker 1: look like a donkey. 398 00:19:08,760 --> 00:19:11,200 Speaker 5: The only reason that I'm kind of familiar with mine 399 00:19:11,240 --> 00:19:14,359 Speaker 5: is because I recently changed super funds when I did 400 00:19:14,400 --> 00:19:17,560 Speaker 5: all my insurances and everything with Zella, So prior to that, 401 00:19:17,640 --> 00:19:19,240 Speaker 5: I would have been in that boat as well. But 402 00:19:19,320 --> 00:19:23,159 Speaker 5: think about how many people start working young. Like my 403 00:19:23,680 --> 00:19:26,560 Speaker 5: super fund that I changed from was the same superfund 404 00:19:26,720 --> 00:19:31,359 Speaker 5: that I had had since I first started working at 405 00:19:31,520 --> 00:19:32,120 Speaker 5: like fifteen. 406 00:19:32,320 --> 00:19:34,320 Speaker 1: Most people would been in the same boat for that, 407 00:19:34,440 --> 00:19:37,280 Speaker 1: because said and forget yeah, that'd be fine. How much 408 00:19:37,320 --> 00:19:38,240 Speaker 1: difference can it make? 409 00:19:38,680 --> 00:19:41,240 Speaker 5: Yeah, or every time you start with a new employer 410 00:19:41,320 --> 00:19:43,239 Speaker 5: you join their fund. If you're going to do that, 411 00:19:43,280 --> 00:19:45,520 Speaker 5: please remember to roll over so that you're not paying 412 00:19:45,520 --> 00:19:50,000 Speaker 5: fees in multiple places. But I can totally see how, like, 413 00:19:50,280 --> 00:19:54,359 Speaker 5: especially the younger generations, like, it's not something that historically 414 00:19:54,359 --> 00:19:56,240 Speaker 5: we've been taught. It's not something that I knew a 415 00:19:56,240 --> 00:19:59,080 Speaker 5: lot about before joining the She's on the money community, 416 00:19:59,119 --> 00:20:01,160 Speaker 5: and obviously even more so now that I work here. 417 00:20:02,320 --> 00:20:07,000 Speaker 5: But it doesn't entirely surprise me because even if you 418 00:20:07,040 --> 00:20:08,880 Speaker 5: do set up you're super and you do the right 419 00:20:08,880 --> 00:20:10,520 Speaker 5: thing and you roll it all together and blah blah 420 00:20:10,520 --> 00:20:14,119 Speaker 5: blah blah, you're not necessarily going back in and checking 421 00:20:14,160 --> 00:20:14,440 Speaker 5: on it. 422 00:20:14,520 --> 00:20:17,520 Speaker 3: I don't not. So turns out not everyone is like me, 423 00:20:17,760 --> 00:20:20,119 Speaker 3: an on a weekly basis. They're just checking in on 424 00:20:20,200 --> 00:20:23,560 Speaker 3: everything and seeing what they's doubt up to and going, oh, 425 00:20:23,800 --> 00:20:25,240 Speaker 3: that's nice, and. 426 00:20:25,280 --> 00:20:27,160 Speaker 1: Even if I opened it, to be honest, I don't 427 00:20:27,200 --> 00:20:28,240 Speaker 1: even know what I'm looking for. 428 00:20:28,520 --> 00:20:31,399 Speaker 3: Yeah, And that's that's the stecond statistic that I was 429 00:20:31,440 --> 00:20:34,720 Speaker 3: actually going to bring up, and that is that twenty 430 00:20:34,920 --> 00:20:37,800 Speaker 3: seven percent of all Australians don't even know where to 431 00:20:37,800 --> 00:20:39,879 Speaker 3: find that information if they were looking for it. 432 00:20:40,520 --> 00:20:43,000 Speaker 1: And I'm about to give us another stat and I'm over. 433 00:20:42,840 --> 00:20:48,280 Speaker 3: Three No, not three for three no, unfortunately not. I 434 00:20:48,320 --> 00:20:50,639 Speaker 3: won't stats heavy you. I do have an example that 435 00:20:50,680 --> 00:20:52,400 Speaker 3: I want to give you guys in a second, though, 436 00:20:52,640 --> 00:20:55,520 Speaker 3: But that really upsets me because at the end of 437 00:20:55,520 --> 00:21:01,040 Speaker 3: the day, superanuation can be incredibly easy to understand these days, 438 00:21:01,080 --> 00:21:03,920 Speaker 3: the super platforms that exist, and please don't get me wrong, 439 00:21:04,119 --> 00:21:07,720 Speaker 3: when you started work, Jess, super would have been really confusing, 440 00:21:08,040 --> 00:21:10,440 Speaker 3: and it would have been confusing because it was confusing 441 00:21:10,480 --> 00:21:12,960 Speaker 3: to me as a fourteen years and nine month old 442 00:21:13,080 --> 00:21:17,440 Speaker 3: child starting work. They didn't really have the online portals 443 00:21:17,480 --> 00:21:20,119 Speaker 3: that they have today. So I feel like that was 444 00:21:20,160 --> 00:21:23,040 Speaker 3: our experience and now we've just carried that as it's 445 00:21:23,080 --> 00:21:23,480 Speaker 3: too hard. 446 00:21:23,520 --> 00:21:24,400 Speaker 4: It's just confusing. 447 00:21:24,440 --> 00:21:26,119 Speaker 3: I don't even know where to find my member number 448 00:21:26,119 --> 00:21:28,280 Speaker 3: to put on my new employe's application, So I'm just 449 00:21:28,320 --> 00:21:29,720 Speaker 3: going to like not put it there and hope for 450 00:21:29,760 --> 00:21:31,920 Speaker 3: the best and then you find yourself with another superfund 451 00:21:31,960 --> 00:21:36,080 Speaker 3: because that's how they fix that situation. But I just 452 00:21:36,240 --> 00:21:38,960 Speaker 3: genuinely feel like a lot of people feel like it's 453 00:21:38,960 --> 00:21:41,840 Speaker 3: really overwhelming, when in reality you can just like go 454 00:21:41,960 --> 00:21:44,320 Speaker 3: log into Australian super and it's like right there on 455 00:21:44,359 --> 00:21:47,000 Speaker 3: a dashboard and it shows you exactly what you're up 456 00:21:47,040 --> 00:21:49,680 Speaker 3: to and how that works, and it can actually be 457 00:21:49,760 --> 00:21:53,400 Speaker 3: really empowering if we take charge of it. Because superannuation 458 00:21:53,680 --> 00:21:56,919 Speaker 3: is our money, like it is your investment portfolio. I 459 00:21:57,040 --> 00:21:59,040 Speaker 3: want you to go look at that and see what 460 00:21:59,080 --> 00:22:02,199 Speaker 3: that means for you because the difference in caring and 461 00:22:02,320 --> 00:22:05,199 Speaker 3: not caring can be huge. And the way I'm going 462 00:22:05,280 --> 00:22:08,400 Speaker 3: to explain that in a way that hopefully drives home 463 00:22:08,440 --> 00:22:10,720 Speaker 3: the impact of this, and this is again going back 464 00:22:10,760 --> 00:22:14,320 Speaker 3: to research by Canstar, so I'm absolutely not taking credit 465 00:22:14,560 --> 00:22:19,720 Speaker 3: for this, but essentially Canstar analyzed the estimated retirement balance 466 00:22:19,760 --> 00:22:21,960 Speaker 3: of a thirty five year old with an annual income 467 00:22:22,080 --> 00:22:25,600 Speaker 3: of on average seventy four five hundred dollars and a 468 00:22:25,680 --> 00:22:30,000 Speaker 3: superbalance of sixty one thousand dollars who decided to retire. 469 00:22:29,640 --> 00:22:30,960 Speaker 4: At the age of sixty seven. 470 00:22:31,040 --> 00:22:34,040 Speaker 3: So that's pretty realistic for most people in our community, 471 00:22:34,080 --> 00:22:37,080 Speaker 3: I think, because that's about average in terms of superbalance, 472 00:22:37,119 --> 00:22:41,320 Speaker 3: but also income. And then the retirement savings were calculated 473 00:22:41,400 --> 00:22:45,240 Speaker 3: based on a low middle and high performing fund. And 474 00:22:45,359 --> 00:22:48,800 Speaker 3: those people who were in that situation that that thirty 475 00:22:48,800 --> 00:22:51,479 Speaker 3: five year old was in, if they had stuck with 476 00:22:51,560 --> 00:22:55,640 Speaker 3: that low performing fund throughout their working life, not changed it, 477 00:22:55,760 --> 00:22:57,920 Speaker 3: not gone and had a look at what they can do, 478 00:22:58,160 --> 00:23:01,120 Speaker 3: or changed it to something that maybe suited their values 479 00:23:01,240 --> 00:23:04,480 Speaker 3: or their risk profile a bit better, they would retire 480 00:23:04,520 --> 00:23:07,920 Speaker 3: with a superbalance of approximately six hundred and seventy seven 481 00:23:07,960 --> 00:23:11,600 Speaker 3: thousand dollars, which doesn't sound too bad like that, all right, 482 00:23:11,680 --> 00:23:13,040 Speaker 3: That sounds about average. 483 00:23:13,320 --> 00:23:15,760 Speaker 4: However, somebody in. 484 00:23:15,760 --> 00:23:19,520 Speaker 3: Exactly the same starting position, had they decided to go 485 00:23:19,640 --> 00:23:22,680 Speaker 3: and put their money in a high performing fund, would 486 00:23:22,680 --> 00:23:26,480 Speaker 3: have retired with nine hundred and thirty eight thousand dollars 487 00:23:26,960 --> 00:23:30,399 Speaker 3: saving by retirement, a whopping difference of two hundred and 488 00:23:30,400 --> 00:23:33,520 Speaker 3: sixty one thousand dollars. So when I say the difference 489 00:23:33,600 --> 00:23:36,800 Speaker 3: is literally worth hundreds of thousands of dollars, I'm not 490 00:23:36,960 --> 00:23:39,400 Speaker 3: overestimating that like that is not a. 491 00:23:39,440 --> 00:23:41,240 Speaker 4: Joke and it's so much funny. 492 00:23:41,560 --> 00:23:44,120 Speaker 3: Yes, but you didn't even have to contribute an additional 493 00:23:44,200 --> 00:23:46,879 Speaker 3: dollar to create that. You just had to care today 494 00:23:47,000 --> 00:23:50,359 Speaker 3: about where your superannuation is sitting and who's going to 495 00:23:50,440 --> 00:23:53,240 Speaker 3: manage that, and what type of risk profile you're in 496 00:23:53,480 --> 00:23:55,720 Speaker 3: and whether it actually suits your age. So I'm not 497 00:23:55,720 --> 00:23:58,520 Speaker 3: here going, oh, it's wizardry, like joke's on you. You 498 00:23:58,600 --> 00:24:01,199 Speaker 3: have to work out what fun is actually performing, and 499 00:24:01,240 --> 00:24:02,840 Speaker 3: you're like Victoria, I don't know how to do that. 500 00:24:03,160 --> 00:24:06,320 Speaker 3: There are government comparison tools that you can use for 501 00:24:06,359 --> 00:24:08,760 Speaker 3: free to go and work that out for yourself. 502 00:24:09,160 --> 00:24:13,080 Speaker 5: I can totally see how someone who hasn't looked into 503 00:24:13,119 --> 00:24:16,800 Speaker 5: their superhistorically could feel quite overwhelmed if this letter just 504 00:24:16,840 --> 00:24:19,560 Speaker 5: turns up at their door one day and says, hey, dude, 505 00:24:19,880 --> 00:24:23,360 Speaker 5: your super fund is closing. Good luck figuring it out. 506 00:24:23,359 --> 00:24:25,520 Speaker 1: The way it was crap for the last five years. 507 00:24:25,720 --> 00:24:28,320 Speaker 1: But the people are getting. 508 00:24:28,080 --> 00:24:31,600 Speaker 4: At the moment, Jess, and that would be so scary. 509 00:24:32,080 --> 00:24:35,400 Speaker 5: So what would your suggestions be to help people make 510 00:24:35,440 --> 00:24:37,880 Speaker 5: sure that if they are in that position, or even 511 00:24:37,920 --> 00:24:39,600 Speaker 5: if they just want to kind of review the super 512 00:24:39,640 --> 00:24:42,960 Speaker 5: that they have now to ensure that they're finding the 513 00:24:42,960 --> 00:24:44,680 Speaker 5: best thing for them, Like, is this something I need 514 00:24:44,720 --> 00:24:45,840 Speaker 5: to go see an advisor for? 515 00:24:46,800 --> 00:24:49,760 Speaker 3: So yes, Jess, absolutely, you who go see a financial 516 00:24:49,760 --> 00:24:52,399 Speaker 3: advisor and they could say, Jess, this is a super 517 00:24:52,400 --> 00:24:54,880 Speaker 3: fund you should be in. And as you mentioned before, Jess, 518 00:24:54,880 --> 00:24:57,920 Speaker 3: you've literally just done that process. You have a financial 519 00:24:57,960 --> 00:25:00,879 Speaker 3: advisor through Zella, and she's sat down and explain to 520 00:25:00,880 --> 00:25:03,359 Speaker 3: you all the insurances you need and all of the 521 00:25:03,400 --> 00:25:06,000 Speaker 3: investments that we're going to potentially look at, and she's 522 00:25:06,040 --> 00:25:08,639 Speaker 3: explained what super fun you need to be in. But 523 00:25:09,359 --> 00:25:11,560 Speaker 3: I mean it works for you because you're an employee 524 00:25:11,560 --> 00:25:14,199 Speaker 3: if she's on the money, so little as free. But 525 00:25:14,600 --> 00:25:18,320 Speaker 3: that process of seeing a financial advisor is going to 526 00:25:18,480 --> 00:25:21,840 Speaker 3: cost you for that recommendation and for the whole statement 527 00:25:21,840 --> 00:25:24,600 Speaker 3: of advice process a minimum of three and a half 528 00:25:24,640 --> 00:25:28,879 Speaker 3: thousand dollars. So that is not feasible for everybody. But 529 00:25:28,960 --> 00:25:30,880 Speaker 3: there is a way that you can make that decision 530 00:25:30,880 --> 00:25:32,680 Speaker 3: on your own. You don't need to be a financial 531 00:25:32,720 --> 00:25:35,919 Speaker 3: advisor to work out what your super actually looks like. 532 00:25:36,400 --> 00:25:38,639 Speaker 3: And if you were going to look at it yourself, 533 00:25:38,720 --> 00:25:41,960 Speaker 3: the first place I would go is the your super website. 534 00:25:42,240 --> 00:25:45,320 Speaker 3: So the website is your super dot gov dot au. 535 00:25:45,600 --> 00:25:49,040 Speaker 3: And you guys know, I absolutely adore government based websites 536 00:25:49,080 --> 00:25:51,720 Speaker 3: because they're not biased and they're actually existing to put 537 00:25:51,760 --> 00:25:54,240 Speaker 3: you in a better situation. And there's no sponsors on 538 00:25:54,280 --> 00:25:57,280 Speaker 3: the back end. And this is absolutely not a sponsored mention, 539 00:25:57,440 --> 00:25:59,720 Speaker 3: like you're super and not paying me today to say 540 00:25:59,760 --> 00:26:02,400 Speaker 3: that is a good website by any stretch of the imagination. 541 00:26:02,680 --> 00:26:03,200 Speaker 4: I mean, at this. 542 00:26:03,200 --> 00:26:06,560 Speaker 3: Point in my life, I've literally never even spoken to them. 543 00:26:06,680 --> 00:26:10,760 Speaker 3: But your super website is your super dot gov dot au. 544 00:26:10,840 --> 00:26:12,879 Speaker 3: And will put the link in the show notes. But 545 00:26:13,080 --> 00:26:16,800 Speaker 3: essentially it shows you what to look at when you're 546 00:26:16,840 --> 00:26:19,800 Speaker 3: looking at superranuation funds, and it shows you what the 547 00:26:19,880 --> 00:26:22,560 Speaker 3: reform is going to look like. It's a super easy 548 00:26:22,640 --> 00:26:27,600 Speaker 3: website to use, but it also helps you compare superanuation 549 00:26:27,760 --> 00:26:31,200 Speaker 3: funds with what they call the super Stacker. So they've 550 00:26:31,240 --> 00:26:35,560 Speaker 3: got this Superstacker tool where you can put your superranuation 551 00:26:35,760 --> 00:26:38,040 Speaker 3: in and compare it to other super funds to make 552 00:26:38,080 --> 00:26:41,040 Speaker 3: the right decision for you. But as we've discussed before, 553 00:26:41,160 --> 00:26:44,280 Speaker 3: go listen to our old Superranuation episodes. Jess and I 554 00:26:44,280 --> 00:26:46,280 Speaker 3: are talking at the moment about doing some more super 555 00:26:46,320 --> 00:26:48,520 Speaker 3: episodes because we just think it's about time, and I 556 00:26:48,520 --> 00:26:51,760 Speaker 3: mean after June thirty, the super guarantee amount changed to 557 00:26:51,840 --> 00:26:53,919 Speaker 3: ten percent, so I think it's worthy of having an 558 00:26:53,960 --> 00:26:58,240 Speaker 3: updated discussion. But you can make that decision. So go 559 00:26:58,359 --> 00:27:01,480 Speaker 3: listen to the episodes about super Go understand what your 560 00:27:01,560 --> 00:27:03,440 Speaker 3: risk profile is, and if you don't know what I'm 561 00:27:03,480 --> 00:27:06,920 Speaker 3: talking about, go listen to the risk profile episode. Work 562 00:27:06,960 --> 00:27:08,879 Speaker 3: out where you sit on that. Have a look at 563 00:27:08,920 --> 00:27:13,119 Speaker 3: the different superannuation funds, and once you've decided the top three, 564 00:27:13,680 --> 00:27:16,399 Speaker 3: call them, have a chat with them, say hey, Tony, 565 00:27:16,720 --> 00:27:19,520 Speaker 3: what's your super fund? Why should I go with you? 566 00:27:19,520 --> 00:27:22,359 Speaker 3: You have every right in the world. I'm not going 567 00:27:22,400 --> 00:27:25,080 Speaker 3: to say to waste their time, but to have a 568 00:27:25,160 --> 00:27:26,800 Speaker 3: chat with them on the phone and say like, hey, 569 00:27:26,840 --> 00:27:28,639 Speaker 3: I'm just inquiring. I'd love to know a little bit 570 00:27:28,680 --> 00:27:31,119 Speaker 3: more about your super funds. You don't have to immediately apply. 571 00:27:31,520 --> 00:27:33,720 Speaker 3: You can go get some advice. You can ask like, 572 00:27:33,920 --> 00:27:36,680 Speaker 3: what's the difference between the different you know, risk profiles 573 00:27:36,680 --> 00:27:39,480 Speaker 3: that you have. You know, what percentage is this? What 574 00:27:39,520 --> 00:27:42,119 Speaker 3: does that look like? You are absolutely well and truly 575 00:27:42,160 --> 00:27:44,960 Speaker 3: within your rights to ask a million questions before making 576 00:27:45,000 --> 00:27:48,360 Speaker 3: that decision, because, as we said before, the difference between 577 00:27:48,480 --> 00:27:51,880 Speaker 3: going into a high performing fund and a low performing 578 00:27:51,920 --> 00:27:54,760 Speaker 3: fund could literally be about two hundred and sixty thousand 579 00:27:54,840 --> 00:27:58,160 Speaker 3: dollars in your retirement. I promise you that is worth 580 00:27:58,200 --> 00:28:00,160 Speaker 3: an additional ten minutes on the phone, Tony. 581 00:28:00,359 --> 00:28:02,639 Speaker 1: And we've said it a million times as well. Like 582 00:28:02,880 --> 00:28:05,440 Speaker 1: the people that work in the call centers and are 583 00:28:05,480 --> 00:28:07,719 Speaker 1: answering the phone when you call your super fund, call 584 00:28:07,760 --> 00:28:10,880 Speaker 1: your insurance provider, whoever it is, they are real people 585 00:28:10,960 --> 00:28:13,879 Speaker 1: and they do actually want to help. So I know 586 00:28:13,920 --> 00:28:17,320 Speaker 1: we say it all the time, but honestly, just call 587 00:28:17,400 --> 00:28:19,520 Speaker 1: them because they do want to help. And if it 588 00:28:19,520 --> 00:28:22,280 Speaker 1: makes you a cheeky two hundred and sixty k, I mean, oh. 589 00:28:22,200 --> 00:28:25,240 Speaker 3: My god, you know what I mean, pick up the 590 00:28:25,240 --> 00:28:26,840 Speaker 3: phone for two hundred and sixty grand. 591 00:28:27,080 --> 00:28:28,600 Speaker 1: So there's not a lot I wouldn't do. 592 00:28:30,560 --> 00:28:34,280 Speaker 3: M need to slide into th dms, but it's one 593 00:28:34,320 --> 00:28:36,639 Speaker 3: of those things where you actually need to take this 594 00:28:36,680 --> 00:28:38,840 Speaker 3: stuff seriously. And I don't know how much more I 595 00:28:38,880 --> 00:28:41,760 Speaker 3: can jump up and down about the importance of superannuation 596 00:28:42,200 --> 00:28:43,200 Speaker 3: for your future. 597 00:28:43,480 --> 00:28:44,640 Speaker 4: But my job as. 598 00:28:44,520 --> 00:28:47,880 Speaker 3: A financial advisor, I've said it before on the podcast, 599 00:28:48,160 --> 00:28:51,680 Speaker 3: can be distilled down so boringly. My job is to 600 00:28:51,720 --> 00:28:55,120 Speaker 3: get my clients to a safe and comfortable retirement. And 601 00:28:55,160 --> 00:28:58,080 Speaker 3: if I could do that for more than just my clients, 602 00:28:58,680 --> 00:29:01,959 Speaker 3: I would retire a very happy woman, like knowing that 603 00:29:02,240 --> 00:29:06,480 Speaker 3: our community is in a safer, better, more financially secure 604 00:29:06,600 --> 00:29:09,680 Speaker 3: situation just because I'm like, call a super fund, have 605 00:29:09,760 --> 00:29:12,600 Speaker 3: a chat with them. Maybe you didn't know you were allowed, 606 00:29:12,720 --> 00:29:15,000 Speaker 3: or maybe you thought that call would be charged, or 607 00:29:15,040 --> 00:29:18,440 Speaker 3: maybe you just weren't sure who to call. I've literally 608 00:29:18,480 --> 00:29:21,480 Speaker 3: given you a number of options. There is no excuses anymore. 609 00:29:21,480 --> 00:29:25,120 Speaker 5: My friends question, we said that the government released this 610 00:29:25,240 --> 00:29:30,080 Speaker 5: report sharing the lowest performing funds. Did that report also 611 00:29:30,200 --> 00:29:33,160 Speaker 5: share some of the top performing funds? Is that information 612 00:29:33,320 --> 00:29:35,360 Speaker 5: out there for people to be able to use to 613 00:29:35,440 --> 00:29:36,680 Speaker 5: maybe assist them and make. 614 00:29:36,600 --> 00:29:37,760 Speaker 4: Sure absolutely it is. 615 00:29:37,960 --> 00:29:40,520 Speaker 3: One of the important things, though, is to not just 616 00:29:40,600 --> 00:29:45,160 Speaker 3: pick a superannuation fund based on its performance, because performance 617 00:29:45,240 --> 00:29:46,480 Speaker 3: is not the b ll end all. 618 00:29:46,520 --> 00:29:47,480 Speaker 4: But yes, Jess, that is. 619 00:29:47,520 --> 00:29:51,000 Speaker 3: Publicly listed information. And in the same way that you 620 00:29:51,040 --> 00:29:53,280 Speaker 3: can find the bottom performing funds, you can go find 621 00:29:53,280 --> 00:29:55,360 Speaker 3: the top performing funds, and if you really wanted to, 622 00:29:55,600 --> 00:29:57,920 Speaker 3: you could just pick based on that if you really 623 00:29:57,960 --> 00:30:02,000 Speaker 3: wanted to. Would I advise it lutely not? But it's 624 00:30:02,120 --> 00:30:04,760 Speaker 3: my job to tell you do your research. But as 625 00:30:04,800 --> 00:30:06,960 Speaker 3: a part of doing your research, you can find that information. 626 00:30:07,320 --> 00:30:09,840 Speaker 3: I'm not going to be listing it here though, because 627 00:30:09,880 --> 00:30:13,280 Speaker 3: I genuinely feel like if I started dropping names, it 628 00:30:13,320 --> 00:30:16,440 Speaker 3: would sway your decision and what you're actually going to choose, 629 00:30:16,520 --> 00:30:19,520 Speaker 3: and I can't do that, Like feasibly, I can't do that. 630 00:30:19,760 --> 00:30:21,840 Speaker 3: What I can do is guide you to water. I 631 00:30:21,880 --> 00:30:23,240 Speaker 3: just can't force you to drink, you know. 632 00:30:23,680 --> 00:30:27,520 Speaker 1: And on that as well. Just before everybody posts in 633 00:30:27,520 --> 00:30:29,560 Speaker 1: the group and says, hey, well, I'm with this fund, 634 00:30:29,720 --> 00:30:33,959 Speaker 1: should I go to this one, we actually cannot have 635 00:30:34,080 --> 00:30:37,640 Speaker 1: those posts because it is personal financial advice. We need 636 00:30:37,680 --> 00:30:39,440 Speaker 1: to know your situation and all of that. 637 00:30:39,560 --> 00:30:41,120 Speaker 4: Oh yeah, it's so hard. Yeah. 638 00:30:41,160 --> 00:30:43,320 Speaker 1: So even though we would love to sit down with 639 00:30:43,360 --> 00:30:45,160 Speaker 1: every single person and say go to this fund, go 640 00:30:45,200 --> 00:30:48,760 Speaker 1: to this fun we actually can't unfortunately. So all we 641 00:30:48,800 --> 00:30:51,320 Speaker 1: can do is, as you said, lead you to the water, 642 00:30:51,520 --> 00:30:53,960 Speaker 1: and you can go and make your own decisions. But 643 00:30:54,080 --> 00:30:57,120 Speaker 1: unfortunately we aren't able to give you that information or 644 00:30:57,160 --> 00:30:58,440 Speaker 1: allow you to ask those questions. 645 00:30:58,960 --> 00:30:59,959 Speaker 4: Yeah, but again you can. 646 00:31:00,000 --> 00:31:02,600 Speaker 3: You can go to your super comparison tool and it 647 00:31:02,640 --> 00:31:05,240 Speaker 3: will literally compare all of them. You don't even have 648 00:31:05,320 --> 00:31:07,520 Speaker 3: to pick the fund that you're in. You can just 649 00:31:07,600 --> 00:31:11,239 Speaker 3: go to your super comparison tool and sort it by 650 00:31:11,360 --> 00:31:13,960 Speaker 3: performance if you really wanted to. You can sort it 651 00:31:14,000 --> 00:31:16,080 Speaker 3: by performance. You can sort it by and your fee. 652 00:31:16,120 --> 00:31:18,760 Speaker 3: You can sort it by the seven year net return. 653 00:31:18,880 --> 00:31:22,400 Speaker 3: You can even shortlist products and actually come up with 654 00:31:22,480 --> 00:31:25,080 Speaker 3: a number, like a little shortlist of what you've decided 655 00:31:25,160 --> 00:31:25,840 Speaker 3: you want to use. 656 00:31:25,920 --> 00:31:26,840 Speaker 4: And I find it to. 657 00:31:26,760 --> 00:31:30,120 Speaker 3: Be a really really useful tool. Again, that link is 658 00:31:30,160 --> 00:31:31,080 Speaker 3: in the show notes. 659 00:31:31,240 --> 00:31:32,720 Speaker 4: Go and educate. 660 00:31:32,400 --> 00:31:35,800 Speaker 3: Yourselves on what that means, because I promise it's not 661 00:31:35,960 --> 00:31:38,480 Speaker 3: nearly as overwhelming as it often feels. 662 00:31:39,000 --> 00:31:41,360 Speaker 1: So I'm gonna go and have a play with this because, 663 00:31:41,400 --> 00:31:43,760 Speaker 1: like I said, I don't know anything about my superannuation 664 00:31:43,960 --> 00:31:47,360 Speaker 1: or my fund. But what should I actually be looking 665 00:31:47,400 --> 00:31:49,880 Speaker 1: out for, Like, if it's not just based on performance 666 00:31:49,960 --> 00:31:53,080 Speaker 1: or whatever, what can I how do I like use 667 00:31:53,120 --> 00:31:55,240 Speaker 1: this information and actually make a decision. 668 00:31:56,040 --> 00:31:59,280 Speaker 3: Yeah, And obviously performance does come into it because we 669 00:31:59,360 --> 00:32:02,640 Speaker 3: know that the has said the underperforming fees are being 670 00:32:02,680 --> 00:32:05,320 Speaker 3: gotten rid of. So obviously performance is a very key 671 00:32:05,400 --> 00:32:09,240 Speaker 3: factor because if it doesn't perform, we don't get compound interest, 672 00:32:09,280 --> 00:32:11,680 Speaker 3: and well we don't get compound interest. We're not getting 673 00:32:11,720 --> 00:32:12,920 Speaker 3: money on the money that. 674 00:32:12,800 --> 00:32:15,680 Speaker 4: We have earned. We are shooting ourselves in the feet. 675 00:32:16,200 --> 00:32:17,800 Speaker 4: So what we want to look at is. 676 00:32:17,760 --> 00:32:20,360 Speaker 3: A number of different things. So the first thing is 677 00:32:20,440 --> 00:32:23,160 Speaker 3: competitive fees, So we want to make sure that the 678 00:32:23,240 --> 00:32:27,600 Speaker 3: fees are competitive. But I'm also of the opinion controversially 679 00:32:28,200 --> 00:32:32,440 Speaker 3: that if you pay peanuts, you get monkeys. So we're 680 00:32:32,440 --> 00:32:36,280 Speaker 3: not just going for the lowest fee, but potentially you 681 00:32:36,320 --> 00:32:39,040 Speaker 3: know a fee that is reasonable. And obviously, if you 682 00:32:39,120 --> 00:32:42,720 Speaker 3: don't have much in your superannuation fund, fees are even 683 00:32:42,760 --> 00:32:46,480 Speaker 3: more important because fees can eat away at your super 684 00:32:46,520 --> 00:32:49,200 Speaker 3: fund balance. So have a think about this and make 685 00:32:49,240 --> 00:32:52,560 Speaker 3: sure that you're choosing a superanuation fund with competitive fees. 686 00:32:53,160 --> 00:32:54,840 Speaker 3: The next is investment options. 687 00:32:55,200 --> 00:32:56,120 Speaker 4: So if you've. 688 00:32:55,960 --> 00:32:59,800 Speaker 3: Listened to our risk profile episode, you would know what 689 00:32:59,800 --> 00:33:02,720 Speaker 3: you risk profile potentially is because we told you how 690 00:33:02,720 --> 00:33:07,440 Speaker 3: to ascertain that. And if your superannuation fund doesn't offer 691 00:33:07,520 --> 00:33:11,040 Speaker 3: a risk profile that's aligned to you, Tony, for example, 692 00:33:11,080 --> 00:33:13,360 Speaker 3: if you were an aggressive growth but they don't have 693 00:33:13,400 --> 00:33:16,520 Speaker 3: an aggressive growth portfolio, so maybe that might not be 694 00:33:16,560 --> 00:33:18,760 Speaker 3: the right fit for you. So having a look at 695 00:33:18,760 --> 00:33:22,480 Speaker 3: what type of investment options are included in the superannuation 696 00:33:22,680 --> 00:33:25,760 Speaker 3: fund is really important. So it could include a mix 697 00:33:25,800 --> 00:33:29,840 Speaker 3: of like bonds, cash, property, Australian shares or international shares, 698 00:33:30,160 --> 00:33:32,320 Speaker 3: or it might be a mixture of all these different 699 00:33:32,360 --> 00:33:36,480 Speaker 3: asset classes. There are a lot of superanuation investment options 700 00:33:36,480 --> 00:33:38,600 Speaker 3: and strategies that are available, so just make sure you 701 00:33:38,640 --> 00:33:41,520 Speaker 3: do your research before you dive in without any type 702 00:33:41,520 --> 00:33:41,960 Speaker 3: of plan. 703 00:33:42,640 --> 00:33:43,720 Speaker 4: The next is track. 704 00:33:43,560 --> 00:33:47,360 Speaker 3: Record, and that kind of is like performance, but we're 705 00:33:47,360 --> 00:33:49,680 Speaker 3: not just talking how much did it return last year? 706 00:33:49,840 --> 00:33:51,800 Speaker 3: How much did it return over the last seven years, 707 00:33:51,880 --> 00:33:54,400 Speaker 3: over the last ten years. Have they existed in the 708 00:33:54,400 --> 00:33:57,040 Speaker 3: marketplace for a really long time. I'm not saying that 709 00:33:57,120 --> 00:34:00,200 Speaker 3: new superfunds are something to be wary of, but but 710 00:34:00,280 --> 00:34:02,520 Speaker 3: I'm sure that you'd feel a lot more secure if you're, like, 711 00:34:02,560 --> 00:34:04,800 Speaker 3: you know what, they might be new, they might be shining, 712 00:34:04,840 --> 00:34:08,600 Speaker 3: they might have really nice like fees, but maybe you'd 713 00:34:08,640 --> 00:34:10,640 Speaker 3: feel a little bit safer if you knew that they've 714 00:34:10,680 --> 00:34:12,560 Speaker 3: been in the industry for the last twenty years, doing 715 00:34:12,560 --> 00:34:15,320 Speaker 3: a good job and had lots of healthy and happy clients. 716 00:34:15,719 --> 00:34:18,279 Speaker 3: So for me, that would be something to take into consideration. 717 00:34:19,160 --> 00:34:21,720 Speaker 3: And Jess is going to see this coming a million 718 00:34:21,800 --> 00:34:26,480 Speaker 3: miles off insurance options on offer, so making sure that 719 00:34:26,520 --> 00:34:30,480 Speaker 3: you completely understand what types of insurance options would be 720 00:34:30,520 --> 00:34:34,799 Speaker 3: potentially offered as a part of your superanuation. So sometimes 721 00:34:34,840 --> 00:34:39,319 Speaker 3: superanuation includes life insurance policies or a TPD policy which 722 00:34:39,360 --> 00:34:42,520 Speaker 3: is a total and permanent disability insurance, or even income 723 00:34:42,600 --> 00:34:47,040 Speaker 3: protection insurance. So it is absolutely worth your time looking 724 00:34:47,080 --> 00:34:50,640 Speaker 3: into that, potentially calling them asking what that means. But 725 00:34:50,840 --> 00:34:53,960 Speaker 3: also you'll find that information in the PDS, which is 726 00:34:54,000 --> 00:34:57,520 Speaker 3: the product disclosure statement, and I promise you they are 727 00:34:57,600 --> 00:35:00,600 Speaker 3: very overwhelming, but you can always have a bit skim 728 00:35:00,840 --> 00:35:03,080 Speaker 3: and then do a bit of a control f to 729 00:35:03,160 --> 00:35:06,000 Speaker 3: see control LEF insurance, see if it's included or not. 730 00:35:06,080 --> 00:35:07,960 Speaker 3: You don't need to read every single I mean I 731 00:35:08,040 --> 00:35:11,440 Speaker 3: would argue and absolutely recommend that you read every single 732 00:35:11,440 --> 00:35:13,919 Speaker 3: word in that. You should always read every single word 733 00:35:13,960 --> 00:35:16,320 Speaker 3: in that, but I know a lot of people aren't 734 00:35:16,320 --> 00:35:20,600 Speaker 3: going to, so please just do the bare minimum, please, 735 00:35:21,080 --> 00:35:24,400 Speaker 3: And then obviously take into consideration any other services that 736 00:35:24,440 --> 00:35:27,400 Speaker 3: are really important to you. So Jess, you might be like, oh, 737 00:35:27,520 --> 00:35:30,400 Speaker 3: I really want online access, make sure that's there, or 738 00:35:30,440 --> 00:35:33,279 Speaker 3: maybe you really want the ability to make extra contributions 739 00:35:33,320 --> 00:35:36,920 Speaker 3: to your superannuation, so make sure that that's easy and accessible. 740 00:35:37,320 --> 00:35:40,680 Speaker 3: Or maybe you want access to a financial advisor, because 741 00:35:40,719 --> 00:35:42,879 Speaker 3: some super funds have one on call that you could 742 00:35:42,880 --> 00:35:45,239 Speaker 3: call and ask questions to. So maybe that's something that 743 00:35:45,320 --> 00:35:47,920 Speaker 3: you really want included, so make sure it's there. Or 744 00:35:47,960 --> 00:35:50,880 Speaker 3: maybe you just want calculators or predictions for the future 745 00:35:51,000 --> 00:35:53,719 Speaker 3: or educational guides. I don't know what you're looking for, 746 00:35:54,040 --> 00:35:56,399 Speaker 3: but if it is of value to you, write those 747 00:35:56,400 --> 00:35:59,040 Speaker 3: things down and make sure that that is included in 748 00:35:59,080 --> 00:36:03,080 Speaker 3: the fund that you pick. And that's my fifty cents, 749 00:36:03,080 --> 00:36:04,600 Speaker 3: because I was going to say two cents, but I 750 00:36:04,640 --> 00:36:05,799 Speaker 3: went on for way too long. 751 00:36:06,000 --> 00:36:08,160 Speaker 1: Hey, you must have had a really good return on 752 00:36:08,200 --> 00:36:10,320 Speaker 1: your super fun if you put in two and you 753 00:36:10,400 --> 00:36:11,239 Speaker 1: got fifty back. 754 00:36:11,440 --> 00:36:11,680 Speaker 4: Yeah. 755 00:36:11,840 --> 00:36:15,200 Speaker 3: Literally, you guys are above and beyond all right, that 756 00:36:15,360 --> 00:36:18,440 Speaker 3: is enough from my fifty cents worth of super Jessica 757 00:36:18,560 --> 00:36:20,080 Speaker 3: and Tony, So I. 758 00:36:20,000 --> 00:36:22,560 Speaker 4: Think that that is genuinely all we have time for. 759 00:36:22,800 --> 00:36:26,000 Speaker 3: I've used up all the time talking about superannuation, which 760 00:36:26,440 --> 00:36:29,400 Speaker 3: not the first time this has happened. But just before 761 00:36:29,400 --> 00:36:31,960 Speaker 3: we head off, we'd like to acknowledge and pay respect 762 00:36:31,960 --> 00:36:35,759 Speaker 3: to Australia's Aboriginal and torrest rate islander peoples. They're the 763 00:36:35,800 --> 00:36:39,360 Speaker 3: traditional custodians of the lands, the waterways and the skies 764 00:36:39,480 --> 00:36:42,719 Speaker 3: all across Australia. We thank you for sharing at the 765 00:36:42,840 --> 00:36:44,440 Speaker 3: caring for the land on which. 766 00:36:44,239 --> 00:36:45,359 Speaker 4: We are able to learn. 767 00:36:45,719 --> 00:36:48,319 Speaker 3: We pay our respects to elders past and present, and 768 00:36:48,360 --> 00:36:50,400 Speaker 3: we share our friendship and our kindness. 769 00:36:50,440 --> 00:36:52,759 Speaker 1: See if I shared on She's on the Money is 770 00:36:52,840 --> 00:36:56,400 Speaker 1: general in nature and does not consider your individual circumstances. 771 00:36:56,760 --> 00:37:00,080 Speaker 1: She's on the Money exists purely for educational purposes and 772 00:37:00,120 --> 00:37:02,360 Speaker 1: should not be relied upon to make an investment or 773 00:37:02,400 --> 00:37:06,239 Speaker 1: any financial decision. And we promise that Victoria Divine is 774 00:37:06,280 --> 00:37:10,800 Speaker 1: an authorized representative of Australia Pacific Funds Management Proprietary Limited 775 00:37:10,880 --> 00:37:13,640 Speaker 1: ABN three four one three two four six three two 776 00:37:13,640 --> 00:37:16,839 Speaker 1: five seven AFSL three three nine one five one. 777 00:37:17,239 --> 00:37:18,400 Speaker 4: See you next week, guys. 778 00:37:18,680 --> 00:37:24,600 Speaker 5: Bye bye bye