1 00:00:00,200 --> 00:00:19,480 Speaker 1: She's on the Money. She's on the Money. 2 00:00:23,079 --> 00:00:26,000 Speaker 2: Hello, and welcome to She's on the Money, the podcast 3 00:00:26,000 --> 00:00:30,520 Speaker 2: the Millennials who want Financial Freedom. After almost two years, 4 00:00:30,560 --> 00:00:34,519 Speaker 2: the world is finally opening up. And if you're someone 5 00:00:34,560 --> 00:00:37,080 Speaker 2: who is planning on packing up your life and moving 6 00:00:37,120 --> 00:00:41,040 Speaker 2: overseas to work and live, then this episode for you. 7 00:00:41,080 --> 00:00:44,199 Speaker 2: One day today, we are chatting through exactly what you 8 00:00:44,240 --> 00:00:47,479 Speaker 2: need to think about financially before you book your flights. 9 00:00:47,840 --> 00:00:50,840 Speaker 2: My name is Georgia King and joining me as per 10 00:00:51,080 --> 00:00:54,640 Speaker 2: is Victoria divine v as you just hinted at before 11 00:00:54,760 --> 00:00:58,440 Speaker 2: you know, I am terribly keen to get my little 12 00:00:58,480 --> 00:00:59,200 Speaker 2: bot off to. 13 00:00:59,720 --> 00:01:02,720 Speaker 3: Lun I'm going to be so sad. I swear if 14 00:01:02,720 --> 00:01:05,880 Speaker 3: you can't podcast from London, we're gonna have talks. 15 00:01:05,920 --> 00:01:07,880 Speaker 2: George. We'll sort it out. We'll sort it out. 16 00:01:07,920 --> 00:01:12,280 Speaker 3: Yeah, well we'll be an international podcast by then, George, amazing, 17 00:01:12,480 --> 00:01:15,960 Speaker 3: only because we record internationally, not because we'll be that. Yeah. 18 00:01:16,440 --> 00:01:20,560 Speaker 2: Just climate disclaimer. Have you ever lived overseas? 19 00:01:21,280 --> 00:01:24,160 Speaker 3: Yes and no, so I've never lived overseas officially, but 20 00:01:24,240 --> 00:01:28,120 Speaker 3: I did do an exchange to France. I lived in Grandable, 21 00:01:28,319 --> 00:01:31,319 Speaker 3: which is in the south of France, and did part 22 00:01:31,400 --> 00:01:34,360 Speaker 3: of my NBA over there. I wouldn't say that I've 23 00:01:34,480 --> 00:01:37,119 Speaker 3: officially lived overseas though that felt like a bit more 24 00:01:37,160 --> 00:01:40,120 Speaker 3: of a holiday, But I have lots of friends who 25 00:01:40,200 --> 00:01:42,559 Speaker 3: have done this. I actually have clients who are currently 26 00:01:42,640 --> 00:01:46,400 Speaker 3: living overseas, and I've also, you know, worked with clients 27 00:01:46,480 --> 00:01:50,440 Speaker 3: to prepare themselves to get overseas and relocate, also worked 28 00:01:50,440 --> 00:01:52,600 Speaker 3: with clients once they get back to make sure that 29 00:01:52,720 --> 00:01:55,080 Speaker 3: we are on top of things like zuperanuation because you 30 00:01:55,120 --> 00:01:57,920 Speaker 3: don't have that overseas. But yes, a fair bit of 31 00:01:58,000 --> 00:02:01,160 Speaker 3: experience preparing for it, not so much actually getting to 32 00:02:01,240 --> 00:02:01,920 Speaker 3: do it personally. 33 00:02:02,040 --> 00:02:04,640 Speaker 2: G Yeah, cool. Well, I am very invested in this 34 00:02:04,760 --> 00:02:08,359 Speaker 2: episode because I am quite keen. But we should preface 35 00:02:08,400 --> 00:02:10,359 Speaker 2: today's chat, I guess by saying that this isn't like 36 00:02:11,000 --> 00:02:14,359 Speaker 2: a checklist for your first stint back at BALI. It's 37 00:02:14,520 --> 00:02:17,080 Speaker 2: more if you're moving somewhere for six months or longer 38 00:02:17,320 --> 00:02:19,359 Speaker 2: and kind of setting up your life somewhere else what 39 00:02:19,440 --> 00:02:22,000 Speaker 2: we need to be thinking about which I haven't done, 40 00:02:22,240 --> 00:02:24,359 Speaker 2: so like, not sure if you want advice from someone 41 00:02:24,400 --> 00:02:26,519 Speaker 2: who hasn't done it, But I have done it for clients. 42 00:02:26,560 --> 00:02:29,160 Speaker 3: I've set them up so honestly, gee, who better to 43 00:02:29,320 --> 00:02:32,079 Speaker 3: help you today, exactly right. So many tickets, so many 44 00:02:32,160 --> 00:02:34,080 Speaker 3: tickets from this side of the table today. 45 00:02:36,919 --> 00:02:40,520 Speaker 2: The first thing I want to talk about v is tax. 46 00:02:41,160 --> 00:02:42,919 Speaker 2: How does that work when we head overseas? 47 00:02:43,080 --> 00:02:45,760 Speaker 3: All right, So, if you are an Australian resident, which 48 00:02:45,760 --> 00:02:49,320 Speaker 3: I'm assuming you are because that's this podcast's audience. Hi 49 00:02:49,400 --> 00:02:53,080 Speaker 3: Australian friends, if you're heading over staves and you're going 50 00:02:53,160 --> 00:02:55,880 Speaker 3: to stay as an Australian resident, then you are still 51 00:02:56,000 --> 00:02:59,720 Speaker 3: obliged to lodge an Australian tax return. But please do 52 00:02:59,840 --> 00:03:03,280 Speaker 3: not be scared of having to do that, because if 53 00:03:03,320 --> 00:03:06,519 Speaker 3: you're working overseas, you will have to let the a 54 00:03:06,639 --> 00:03:08,640 Speaker 3: too know of all the foreign income that you are 55 00:03:08,720 --> 00:03:11,280 Speaker 3: going to be making. But don't worry. You will be 56 00:03:11,360 --> 00:03:14,520 Speaker 3: exempt from paying tax on that if you have paid 57 00:03:14,600 --> 00:03:18,040 Speaker 3: tax on that income in another country. So as long 58 00:03:18,120 --> 00:03:20,760 Speaker 3: as it has been taxed in the right country that 59 00:03:20,919 --> 00:03:22,960 Speaker 3: you earned it in, you will not have to pay 60 00:03:22,960 --> 00:03:25,799 Speaker 3: Australian tax on it. So one question I've gotten a 61 00:03:25,880 --> 00:03:28,440 Speaker 3: lot historically is like, are we going to be taxed 62 00:03:28,480 --> 00:03:30,880 Speaker 3: twice Georgia? Are we going to be taxed twice? 63 00:03:31,440 --> 00:03:31,480 Speaker 1: No? 64 00:03:32,000 --> 00:03:34,240 Speaker 2: Well sometimes though, yeah, look. 65 00:03:34,160 --> 00:03:38,480 Speaker 3: Sometimes, so it's pretty unusual to be taxed twice, so 66 00:03:38,640 --> 00:03:41,480 Speaker 3: don't stress too much, but definitely always check because we 67 00:03:41,520 --> 00:03:43,280 Speaker 3: don't want to be that person that ends up in 68 00:03:43,400 --> 00:03:46,760 Speaker 3: that pickle. In Australia, we have what's called tax treaties 69 00:03:46,800 --> 00:03:49,520 Speaker 3: which sound kind of cute, which are formal arrangements between 70 00:03:49,600 --> 00:03:53,360 Speaker 3: two different jurisdictions, and currently we have treaties in place 71 00:03:53,440 --> 00:03:57,080 Speaker 3: with more than forty different jurisdictions. And these treaties are 72 00:03:57,120 --> 00:04:00,480 Speaker 3: also known as a double tax agreement and in place 73 00:04:00,560 --> 00:04:03,960 Speaker 3: to literally prevent people from being taxed twice. So that's 74 00:04:04,040 --> 00:04:04,600 Speaker 3: kind of nice. 75 00:04:05,000 --> 00:04:08,480 Speaker 2: So do you get taxed from like the new country 76 00:04:08,480 --> 00:04:10,480 Speaker 2: that you're living in or from the Australian government. 77 00:04:10,680 --> 00:04:13,080 Speaker 3: So if you're living in a country that has one 78 00:04:13,120 --> 00:04:16,360 Speaker 3: of those tax treaties, like if you move to England Georgia, 79 00:04:16,600 --> 00:04:19,440 Speaker 3: like I think you want to live in London, then 80 00:04:19,520 --> 00:04:21,360 Speaker 3: you would have a tax treaty in place, which means 81 00:04:21,400 --> 00:04:23,200 Speaker 3: you would pay tax over there and not have to 82 00:04:23,240 --> 00:04:24,240 Speaker 3: pay it over Okay. 83 00:04:24,120 --> 00:04:27,440 Speaker 2: Cool, good to know. How do we assort our taxes 84 00:04:27,480 --> 00:04:28,560 Speaker 2: out when we're away though? 85 00:04:28,800 --> 00:04:31,640 Speaker 3: So you will have your miagov account set up which 86 00:04:31,800 --> 00:04:34,840 Speaker 3: is easy in twenty twenty one to organize my dad 87 00:04:34,960 --> 00:04:37,000 Speaker 3: lived overseas. I think it was like in the eighties, 88 00:04:37,440 --> 00:04:39,960 Speaker 3: seventies or eighties, who knows, it could have been the forties. 89 00:04:40,120 --> 00:04:43,800 Speaker 3: I can't remember how my daddies, but that would have 90 00:04:43,839 --> 00:04:45,960 Speaker 3: been much harder. But in twenty twenty one, you just 91 00:04:46,040 --> 00:04:48,960 Speaker 3: log on online. You've got a miagov account, it's established 92 00:04:49,120 --> 00:04:51,960 Speaker 3: with the ATO, everything's all linked and you just have 93 00:04:52,120 --> 00:04:54,720 Speaker 3: to make sure that you're lodging a tax return each year, 94 00:04:55,080 --> 00:04:56,800 Speaker 3: so you'll be able to stay on top of that 95 00:04:57,120 --> 00:04:59,440 Speaker 3: very easily and you can manage your super from that 96 00:04:59,520 --> 00:05:02,080 Speaker 3: as well all the other tax little bits and pieces, 97 00:05:02,720 --> 00:05:05,040 Speaker 3: and of course an accountant will be more than happy 98 00:05:05,120 --> 00:05:07,040 Speaker 3: to help you out during this period of time if 99 00:05:07,120 --> 00:05:09,120 Speaker 3: that's a bit daunting for you or you just don't 100 00:05:09,200 --> 00:05:11,760 Speaker 3: want to do it yourself, so do not be afraid 101 00:05:11,839 --> 00:05:13,880 Speaker 3: to seek help. That could potentially save you a good 102 00:05:13,880 --> 00:05:17,000 Speaker 3: amount of money in the long term. But stipulation on that, 103 00:05:17,200 --> 00:05:21,280 Speaker 3: if you are going to be approaching an Australian tax agent, 104 00:05:21,920 --> 00:05:25,320 Speaker 3: they can't lodge like your UK or US tax return. 105 00:05:25,720 --> 00:05:28,159 Speaker 3: They can only let you know what you are meant 106 00:05:28,240 --> 00:05:30,719 Speaker 3: to do for Australia and let you know like oh gee, 107 00:05:30,839 --> 00:05:33,800 Speaker 3: like don't worry. You've already been taxed over there. It's 108 00:05:33,800 --> 00:05:36,040 Speaker 3: all good. You just have to tell them what's happened. 109 00:05:36,560 --> 00:05:38,440 Speaker 3: But they're not going to be able to lodge your 110 00:05:38,480 --> 00:05:40,560 Speaker 3: tax return in the US or the UK, so you 111 00:05:40,640 --> 00:05:42,880 Speaker 3: might have to engage a tax agent over there. If 112 00:05:42,920 --> 00:05:43,800 Speaker 3: that's what you're looking for. 113 00:05:43,920 --> 00:05:48,080 Speaker 2: Help on right, Okay, perfect. Let's move on to Superannuation 114 00:05:48,480 --> 00:05:49,880 Speaker 2: then via our favorite topic. 115 00:05:50,320 --> 00:05:51,440 Speaker 3: It's my favorite topic. 116 00:05:51,520 --> 00:05:54,520 Speaker 2: I love super How does that work when we're living 117 00:05:54,600 --> 00:05:55,840 Speaker 2: abroad and working over there? 118 00:05:55,839 --> 00:05:58,680 Speaker 3: Okay, so you're super fund. We will just tick along 119 00:05:58,760 --> 00:06:02,240 Speaker 3: while you're overseas, still growing. You still can't access it 120 00:06:02,400 --> 00:06:04,360 Speaker 3: in the same way that you can't access it while 121 00:06:04,400 --> 00:06:06,640 Speaker 3: you're here before the age of sixty five, and you 122 00:06:06,760 --> 00:06:10,880 Speaker 3: will still be charged the same fees in Australia. As 123 00:06:10,960 --> 00:06:13,320 Speaker 3: you know, we are obliged to pay ten percent of 124 00:06:13,400 --> 00:06:16,520 Speaker 3: our earnings to Super And if you're working for the 125 00:06:16,560 --> 00:06:19,120 Speaker 3: same company but you're just doing that abroad, then it's 126 00:06:19,240 --> 00:06:21,440 Speaker 3: very likely that nothing is going to be changing and 127 00:06:21,560 --> 00:06:23,800 Speaker 3: you are actually going to still be earning Super So 128 00:06:23,960 --> 00:06:27,160 Speaker 3: that is a money win. But please, please please, if 129 00:06:27,240 --> 00:06:30,360 Speaker 3: you're in that situation, clarify that that is in your 130 00:06:30,480 --> 00:06:34,320 Speaker 3: agreement because some companies like to be a little crafty 131 00:06:34,880 --> 00:06:38,280 Speaker 3: and drop the superanuation component of your income because they think, oh, 132 00:06:38,320 --> 00:06:40,880 Speaker 3: it's all right, she's overseas, she doesn't need it, but 133 00:06:41,400 --> 00:06:44,000 Speaker 3: you deserve it if you are not working for an 134 00:06:44,000 --> 00:06:47,120 Speaker 3: Australian employer, though when you're overseas, then this is going 135 00:06:47,200 --> 00:06:50,040 Speaker 3: to change. They do not have any obligation to pay 136 00:06:50,080 --> 00:06:53,400 Speaker 3: you superannuation, so that's something that you are on your 137 00:06:53,520 --> 00:06:57,040 Speaker 3: own for and I absolutely would be making sure that 138 00:06:57,120 --> 00:07:00,760 Speaker 3: your superannuation does not slip behind because I do. And 139 00:07:00,839 --> 00:07:03,440 Speaker 3: I'm sorry, I know these clients actually listen to the show, 140 00:07:03,560 --> 00:07:05,920 Speaker 3: so hey there. I have a few clients who have 141 00:07:06,000 --> 00:07:08,440 Speaker 3: lived overseas at ten plus years and we are in 142 00:07:08,520 --> 00:07:11,440 Speaker 3: a situation where we are aggressively trying to build back 143 00:07:11,520 --> 00:07:14,000 Speaker 3: their super to make sure that they aren't missing out 144 00:07:14,120 --> 00:07:16,720 Speaker 3: for the lost time and lost super contributions that they 145 00:07:17,280 --> 00:07:19,920 Speaker 3: missed while they were over there. But they were actually 146 00:07:20,040 --> 00:07:22,240 Speaker 3: in the financial position where they could have just been 147 00:07:22,280 --> 00:07:24,840 Speaker 3: paying it the entire time. So if you were in 148 00:07:24,920 --> 00:07:28,040 Speaker 3: that position, great, But often when you move overseas g 149 00:07:28,360 --> 00:07:32,000 Speaker 3: it's pretty expensive, like living in the UK can be 150 00:07:32,200 --> 00:07:35,360 Speaker 3: quite pricey, so you might not be able to afford it. 151 00:07:35,720 --> 00:07:38,480 Speaker 3: So if you're a few years off actually this move, 152 00:07:38,720 --> 00:07:41,920 Speaker 3: or you're a few years off planning it, maybe upping 153 00:07:41,960 --> 00:07:45,600 Speaker 3: your superannuation contribution now so that you don't have to 154 00:07:45,680 --> 00:07:48,640 Speaker 3: come home and do it might be a crafty little 155 00:07:48,720 --> 00:07:49,360 Speaker 3: idea for you. 156 00:07:49,560 --> 00:07:51,480 Speaker 2: That's a good idea, yeah, which. 157 00:07:51,440 --> 00:07:53,760 Speaker 3: Is something that you can do through your HR department 158 00:07:53,800 --> 00:07:55,480 Speaker 3: at work. All you have to do is say, hey, 159 00:07:55,560 --> 00:07:58,880 Speaker 3: can I please make some additional contributions or you could 160 00:07:59,040 --> 00:08:01,560 Speaker 3: just be pay it to your account and make them 161 00:08:01,640 --> 00:08:03,680 Speaker 3: on your own. So there are a number of ways 162 00:08:03,720 --> 00:08:06,240 Speaker 3: you can do it. But essentially, please look after your 163 00:08:06,280 --> 00:08:10,760 Speaker 3: superanuation because it's literally there for your retirement. And as 164 00:08:10,800 --> 00:08:14,440 Speaker 3: I've said before, my personal job can be stilled down 165 00:08:14,520 --> 00:08:18,040 Speaker 3: George into the most boring sounding job ever, and that 166 00:08:18,280 --> 00:08:21,520 Speaker 3: is as a financial advisor. My job is to get 167 00:08:21,600 --> 00:08:23,920 Speaker 3: you to a safe and comfortable retirement. 168 00:08:24,280 --> 00:08:24,560 Speaker 2: That's it. 169 00:08:24,880 --> 00:08:26,680 Speaker 3: I just want you to be in a position where 170 00:08:26,720 --> 00:08:29,960 Speaker 3: you can retire comfortably. There's obviously lots of goal setting 171 00:08:30,000 --> 00:08:32,240 Speaker 3: and all of the other stuff along the journey, but 172 00:08:32,600 --> 00:08:36,120 Speaker 3: superanuation is a really key component of that. So please 173 00:08:36,160 --> 00:08:37,920 Speaker 3: don't forget about it. I'll leave that there. 174 00:08:38,080 --> 00:08:40,400 Speaker 2: I can imagine a lot of people do let that 175 00:08:40,520 --> 00:08:43,439 Speaker 2: slide though when they travel overseas phoebe, because like it's 176 00:08:43,679 --> 00:08:45,440 Speaker 2: you know, it's something that we have to worry about, 177 00:08:45,480 --> 00:08:47,360 Speaker 2: like way down the line, Why would I stress about 178 00:08:47,360 --> 00:08:47,560 Speaker 2: it now? 179 00:08:47,720 --> 00:08:48,520 Speaker 3: Yeah, don't worry. 180 00:08:49,040 --> 00:08:51,640 Speaker 2: What are the impacts of not contributing to your super 181 00:08:51,720 --> 00:08:52,720 Speaker 2: for one or two years? 182 00:08:52,880 --> 00:08:55,400 Speaker 3: So one or two years isn't the worst thing in 183 00:08:55,480 --> 00:08:58,040 Speaker 3: the world. And it's when you move overseas for one 184 00:08:58,160 --> 00:09:00,439 Speaker 3: or two years and you're like, oh, just going to 185 00:09:00,440 --> 00:09:02,600 Speaker 3: be away for a year, and then you end up 186 00:09:02,679 --> 00:09:05,680 Speaker 3: living away for ten fifteen years and then you come back. 187 00:09:06,000 --> 00:09:08,959 Speaker 3: It's essentially like you've been out of the workforce for 188 00:09:09,120 --> 00:09:12,880 Speaker 3: ten to fifteen years because you don't have those contributions 189 00:09:13,360 --> 00:09:16,760 Speaker 3: and money. And the way that compound interest works is 190 00:09:16,800 --> 00:09:19,800 Speaker 3: it compounds over time. So the sooner it gets into 191 00:09:19,880 --> 00:09:23,679 Speaker 3: your account, the sooner it's compounding, the more compounding it's 192 00:09:23,760 --> 00:09:26,600 Speaker 3: going to be able to do over time. So essentially, 193 00:09:26,640 --> 00:09:30,880 Speaker 3: if you're not making those contributions, you're not accessing that compounding, 194 00:09:31,000 --> 00:09:33,400 Speaker 3: and it means that you're going to have to contribute 195 00:09:33,600 --> 00:09:36,800 Speaker 3: more later to reach the same goals you would have 196 00:09:36,920 --> 00:09:39,199 Speaker 3: reached had you contributed less. Earlier. 197 00:09:39,679 --> 00:09:42,000 Speaker 2: Right, Okay, so don't forget about that. 198 00:09:42,280 --> 00:09:44,640 Speaker 3: Yeah, don't forget about it. And as I said, it 199 00:09:44,760 --> 00:09:47,640 Speaker 3: can be as simple as up in your contributions now 200 00:09:48,080 --> 00:09:50,360 Speaker 3: because you know in the future that's something that you 201 00:09:50,520 --> 00:09:53,120 Speaker 3: want to do and you're just covering yourself. I've got 202 00:09:53,160 --> 00:09:55,199 Speaker 3: a couple of clients who have done that. They've done 203 00:09:55,200 --> 00:09:57,800 Speaker 3: it without my advice as well. They just somehow were 204 00:09:57,840 --> 00:10:00,480 Speaker 3: geniuses and did it. But they did that, and they've 205 00:10:00,559 --> 00:10:03,160 Speaker 3: gone overseas and when they get back, they'll probably keep 206 00:10:03,240 --> 00:10:06,240 Speaker 3: that contribution level up just so that they are actually 207 00:10:06,320 --> 00:10:08,760 Speaker 3: in a better position than they were in before. It's 208 00:10:08,880 --> 00:10:11,720 Speaker 3: all in your hands, like you have the power to choose. 209 00:10:12,200 --> 00:10:14,480 Speaker 3: And even if you bumped it up a couple of percent, 210 00:10:14,840 --> 00:10:17,520 Speaker 3: because it comes out of your pre tax income, it's 211 00:10:17,760 --> 00:10:20,560 Speaker 3: very likely that it's not going to impact your take 212 00:10:20,640 --> 00:10:24,400 Speaker 3: home income too significantly. So it's definitely something I would 213 00:10:24,440 --> 00:10:27,360 Speaker 3: consider looking into. Because it's not like I'm here saying 214 00:10:27,559 --> 00:10:30,320 Speaker 3: put thousands of dollars aside each and every single month 215 00:10:30,400 --> 00:10:32,160 Speaker 3: so that you don't miss out, Like that's not it 216 00:10:32,320 --> 00:10:34,439 Speaker 3: at all. It could be a few dollars that in 217 00:10:34,600 --> 00:10:37,839 Speaker 3: the long term actually turn into thousands. 218 00:10:37,760 --> 00:10:41,720 Speaker 2: Right, Okay, so that's tax covered, and that's super covered. 219 00:10:42,160 --> 00:10:45,400 Speaker 2: What happens to our HEX debts when we're away? Ha hah? 220 00:10:46,400 --> 00:10:50,199 Speaker 3: Just you and jeerking moving overseas and does not get 221 00:10:50,280 --> 00:10:53,079 Speaker 3: you out of paying your student debts. You can't run 222 00:10:53,160 --> 00:10:56,320 Speaker 3: away from them. So long as the income you're making 223 00:10:56,360 --> 00:11:00,520 Speaker 3: when you're abroad is above the minimum threshold, then you 224 00:11:00,600 --> 00:11:04,120 Speaker 3: still need to make repayments on your hex's debt as 225 00:11:04,240 --> 00:11:06,880 Speaker 3: you would if you were at home. So that kind 226 00:11:06,920 --> 00:11:10,960 Speaker 3: of sucks because often, as we said before, in Australia, 227 00:11:11,280 --> 00:11:14,320 Speaker 3: your help debt is taken out of your pre tax income, 228 00:11:14,360 --> 00:11:16,719 Speaker 3: so you don't feel it as much. Whereas if you're 229 00:11:16,760 --> 00:11:18,959 Speaker 3: going to move overseas, this is going to be a 230 00:11:19,040 --> 00:11:22,079 Speaker 3: voluntary contribution that comes from you know, could be the 231 00:11:22,200 --> 00:11:24,400 Speaker 3: US dollar that you earn, It could be pounds that 232 00:11:24,520 --> 00:11:27,000 Speaker 3: you earn, it could be yen. You're going to have 233 00:11:27,120 --> 00:11:28,600 Speaker 3: to save for that to make sure that you can 234 00:11:28,640 --> 00:11:31,520 Speaker 3: make that repayment. And again this is for people who 235 00:11:31,559 --> 00:11:34,000 Speaker 3: are moving overseas long term, not for a few months. 236 00:11:34,120 --> 00:11:35,720 Speaker 3: If it's for a few months, don't stress. 237 00:11:35,800 --> 00:11:39,000 Speaker 2: Two months stressful though, be I imagine if people aren't 238 00:11:39,240 --> 00:11:42,400 Speaker 2: paying their HEX as they go then tax time could 239 00:11:42,400 --> 00:11:45,120 Speaker 2: be quite like a nasty shot. Yes, and that's why 240 00:11:45,200 --> 00:11:47,040 Speaker 2: we want to talk to an accountant or someone who 241 00:11:47,080 --> 00:11:48,920 Speaker 2: can help us stay on top of it, if that's 242 00:11:49,000 --> 00:11:51,360 Speaker 2: something that you want to do, just because we want 243 00:11:51,400 --> 00:11:53,360 Speaker 2: to feel like we're in the right position. And I've 244 00:11:53,400 --> 00:11:57,240 Speaker 2: seen too many times people just go moving overseas so romantic, 245 00:11:57,440 --> 00:11:59,800 Speaker 2: like so many great ideas, and they just forget that 246 00:12:00,120 --> 00:12:03,160 Speaker 2: tax and hex and just life happens in the background. 247 00:12:03,600 --> 00:12:05,480 Speaker 3: Unfortunately that doesn't stop. 248 00:12:05,559 --> 00:12:08,960 Speaker 2: Gotcha, all right? My last little question before we head 249 00:12:09,000 --> 00:12:13,240 Speaker 2: to the break here is how healthcare works when we're overseas. 250 00:12:13,440 --> 00:12:13,640 Speaker 1: Yeah. 251 00:12:13,760 --> 00:12:16,800 Speaker 2: I know, obviously like it'll change depending on where exactly 252 00:12:16,840 --> 00:12:19,000 Speaker 2: you are and the different healthcare systems that are set up. 253 00:12:19,080 --> 00:12:21,240 Speaker 2: But how can we just make sure that we're covered 254 00:12:21,320 --> 00:12:22,800 Speaker 2: financially if something goes wrong? 255 00:12:22,920 --> 00:12:24,800 Speaker 3: Yeah, so first thing first, I would be making sure 256 00:12:24,840 --> 00:12:27,280 Speaker 3: that you have insurance when you go overseas, Like we 257 00:12:27,440 --> 00:12:30,000 Speaker 3: have spoken about travel insurance. If it's for a few months, 258 00:12:30,080 --> 00:12:32,679 Speaker 3: absolutely consider that. If it's for a few years, have 259 00:12:32,800 --> 00:12:34,920 Speaker 3: a look into some options that might work for you. 260 00:12:35,200 --> 00:12:37,079 Speaker 3: It's hard for me to comment because I don't know 261 00:12:37,160 --> 00:12:40,480 Speaker 3: what countries you are going to and it's different everywhere, 262 00:12:40,800 --> 00:12:44,080 Speaker 3: but because we are Australian's g we have what's called 263 00:12:44,120 --> 00:12:48,319 Speaker 3: a reciprocal healthcare agreement. So in Australia we are lucky 264 00:12:48,400 --> 00:12:51,559 Speaker 3: enough to have agreements in place with eleven different countries 265 00:12:51,800 --> 00:12:56,000 Speaker 3: where we are able to access publicly funded medically necessary care. 266 00:12:56,440 --> 00:13:00,680 Speaker 3: So those countries are the UK, Sweden, Slovenia, Iland, Norway, 267 00:13:00,800 --> 00:13:04,839 Speaker 3: New Zealand, the Netherlands, Maulti, Italy, Finland and Belgium. So 268 00:13:04,960 --> 00:13:08,559 Speaker 3: apologies to our us friends, that's where you would absolutely 269 00:13:08,679 --> 00:13:10,160 Speaker 3: need to be making sure that you have your own 270 00:13:10,200 --> 00:13:14,040 Speaker 3: insurances in place. In saying that, in addition, health insurance 271 00:13:14,240 --> 00:13:17,959 Speaker 3: is really really important, especially if you are overseas, so 272 00:13:18,280 --> 00:13:20,160 Speaker 3: even if you are going to one of the countries 273 00:13:20,200 --> 00:13:23,400 Speaker 3: I just mentioned, they absolutely don't cover everything, and you 274 00:13:23,559 --> 00:13:25,839 Speaker 3: just don't want to be slugged with enormous fees and 275 00:13:25,960 --> 00:13:28,000 Speaker 3: like I've seen it before and you guys have seen 276 00:13:28,040 --> 00:13:30,520 Speaker 3: it before as well. One of our money diaries was 277 00:13:30,559 --> 00:13:33,680 Speaker 3: about someone's partner who had to be flown back from 278 00:13:33,760 --> 00:13:36,640 Speaker 3: overseas and it was hundreds of thousands of dollars worth 279 00:13:36,640 --> 00:13:39,920 Speaker 3: of debt that they ended up slugged with because they 280 00:13:40,040 --> 00:13:44,440 Speaker 3: didn't have insurance. So please make sure you have insurance. 281 00:13:44,480 --> 00:13:46,640 Speaker 3: It's one of those things that people like, Oh, it's 282 00:13:46,720 --> 00:13:49,320 Speaker 3: not worth it, I'm not going to use it. It's like, yes, 283 00:13:49,920 --> 00:13:53,040 Speaker 3: in a perfect world, George, I hope that absolutely nothing 284 00:13:53,120 --> 00:13:56,160 Speaker 3: happens to you. I actually want insurance to be the 285 00:13:56,240 --> 00:13:59,319 Speaker 3: biggest waste of money you ever spend money on, because 286 00:14:00,200 --> 00:14:03,199 Speaker 3: that you didn't actually have anything negative happened to you, 287 00:14:03,600 --> 00:14:07,440 Speaker 3: and that's better. But if something does happen, we don't 288 00:14:07,480 --> 00:14:09,839 Speaker 3: need to end up with enormous amounts of debt that 289 00:14:10,080 --> 00:14:12,640 Speaker 3: is going to take years to pay off. It's not 290 00:14:12,800 --> 00:14:16,200 Speaker 3: worth it. So in all honestyg I want your insurance 291 00:14:16,240 --> 00:14:17,480 Speaker 3: to be a big waste of money. 292 00:14:17,679 --> 00:14:18,800 Speaker 2: I know that that's not what. 293 00:14:19,120 --> 00:14:21,440 Speaker 3: Every insurance advisory is going to want me to say. 294 00:14:21,800 --> 00:14:24,480 Speaker 3: But in a perfect world, you're not slugged with it. 295 00:14:24,960 --> 00:14:29,280 Speaker 3: But it's something that as a financial advisor I see 296 00:14:29,360 --> 00:14:32,120 Speaker 3: all the time because I have to manage claims and 297 00:14:32,240 --> 00:14:34,720 Speaker 3: I have to phone to clients who say, hey, the 298 00:14:35,200 --> 00:14:37,880 Speaker 3: can you help me. I've just been diagnosed with cancer, 299 00:14:38,040 --> 00:14:40,200 Speaker 3: or I've just gone through this traumatic event, or something 300 00:14:40,240 --> 00:14:43,280 Speaker 3: has happened and I'm going through that. So I guess 301 00:14:43,360 --> 00:14:46,560 Speaker 3: from my perspective, it's absolutely worth it because when sit 302 00:14:46,680 --> 00:14:49,560 Speaker 3: does hit the fan, George, it hits it pretty. 303 00:14:49,320 --> 00:14:52,400 Speaker 2: Hard, it does. And Murphy's law, like if it can happen, 304 00:14:52,480 --> 00:14:54,400 Speaker 2: it will happen, you know, like's just cover yourself, just 305 00:14:54,480 --> 00:14:56,360 Speaker 2: get it, just play it safe, get it done. 306 00:14:56,600 --> 00:14:59,440 Speaker 3: And remember it's not about is it worth it? We 307 00:14:59,600 --> 00:15:00,920 Speaker 3: want it to to be a waste of money? 308 00:15:01,520 --> 00:15:05,760 Speaker 2: Yeah, we do want that smart a potato question maybe 309 00:15:05,840 --> 00:15:10,000 Speaker 2: here v Yeah, I prefer chips over Chris just to 310 00:15:10,120 --> 00:15:13,800 Speaker 2: jump in salt and vinegar, of course the way to go. No, 311 00:15:14,320 --> 00:15:16,520 Speaker 2: I don't know about overrated. 312 00:15:16,800 --> 00:15:21,160 Speaker 3: Pringles are overrated. This is unsolicited advice that maybe you 313 00:15:21,240 --> 00:15:23,600 Speaker 3: want to add to this week's newsletter. Talk to me 314 00:15:23,880 --> 00:15:28,400 Speaker 3: Cole's brand sour cream and chive chips over Pringles. They're 315 00:15:28,520 --> 00:15:32,360 Speaker 3: like the old Pringles. Really, you know how they've gone smaller, 316 00:15:32,480 --> 00:15:35,960 Speaker 3: skinnier tubes. They're trying to do just yeah, old Pringles. 317 00:15:36,760 --> 00:15:38,520 Speaker 2: So wait, are they in a Pringle jar? Are they 318 00:15:38,520 --> 00:15:39,240 Speaker 2: in a packet? Yep? 319 00:15:39,320 --> 00:15:41,240 Speaker 3: No, They're in a Pringle container and everything it just 320 00:15:41,240 --> 00:15:45,240 Speaker 3: says coals on the front, sour cream child, He's stunning 321 00:15:45,280 --> 00:15:45,920 Speaker 3: across it, all. 322 00:15:45,880 --> 00:15:49,320 Speaker 2: Right, that's my appointment after this. I'm sorry for bringing 323 00:15:49,360 --> 00:15:51,960 Speaker 2: potatoes up. I shouldn't have said it. But if we 324 00:15:52,160 --> 00:15:55,800 Speaker 2: were overseas and we had like a cold or something, 325 00:15:56,240 --> 00:15:58,480 Speaker 2: are we allowed to go to the doctors and just 326 00:15:58,600 --> 00:16:00,000 Speaker 2: pay money? Like that's okay? 327 00:16:00,160 --> 00:16:03,080 Speaker 3: Yes, you absolutely can. In different countries that could be 328 00:16:03,240 --> 00:16:06,760 Speaker 3: very expensive though, and it's not like in Australia where 329 00:16:06,800 --> 00:16:09,720 Speaker 3: we just have bulk billing systems, so we can walk 330 00:16:09,760 --> 00:16:12,120 Speaker 3: into the doctors because we've got our Medicare card, we 331 00:16:12,200 --> 00:16:14,480 Speaker 3: can just get a bog build and it's free. You're 332 00:16:14,600 --> 00:16:16,880 Speaker 3: very likely to have to pay for it, and that's 333 00:16:16,960 --> 00:16:20,240 Speaker 3: why we want insurance. So definitely do a quick Google 334 00:16:20,320 --> 00:16:24,640 Speaker 3: search if you're going to Slovenia, look up Slovenia Healthcare Australia. 335 00:16:24,760 --> 00:16:27,360 Speaker 3: There's going to be expat forums and stuff like that 336 00:16:27,560 --> 00:16:30,600 Speaker 3: that you can read through online about what's worked for 337 00:16:30,680 --> 00:16:33,800 Speaker 3: other people. Also, another hot tip before we go to 338 00:16:33,880 --> 00:16:35,720 Speaker 3: a break, which I know you are rearing to get 339 00:16:35,760 --> 00:16:38,960 Speaker 3: to g Facebook groups are a really great place to 340 00:16:39,040 --> 00:16:41,240 Speaker 3: start as well. So there are going to be Facebook 341 00:16:41,240 --> 00:16:43,760 Speaker 3: groups like Ossie's living in the US or Ossie's living 342 00:16:43,800 --> 00:16:46,680 Speaker 3: in the UK. Have a look at joining those because 343 00:16:46,720 --> 00:16:48,760 Speaker 3: I know that they're a wealth of knowledge as well, 344 00:16:48,800 --> 00:16:51,040 Speaker 3: because it can be a bit daunting doing all of 345 00:16:51,160 --> 00:16:53,640 Speaker 3: the research on your own, and sometimes you just don't 346 00:16:53,680 --> 00:16:54,320 Speaker 3: know what you don't know. 347 00:16:54,520 --> 00:16:56,640 Speaker 2: Yeah, for sure, And that can make the information just 348 00:16:56,720 --> 00:16:59,440 Speaker 2: so much more digestible just hearing it from people that 349 00:16:59,520 --> 00:17:00,520 Speaker 2: have done it exactly. 350 00:17:00,680 --> 00:17:02,640 Speaker 3: And also the ability to just like, oh, I co 351 00:17:02,680 --> 00:17:04,480 Speaker 3: a question up and someone's like this is the one 352 00:17:04,520 --> 00:17:06,400 Speaker 3: I went with and why and you're like, great, I'll 353 00:17:06,440 --> 00:17:09,160 Speaker 3: do my research sat instead of having to work out 354 00:17:09,280 --> 00:17:12,000 Speaker 3: what this is and what that is. Because for me, 355 00:17:12,640 --> 00:17:15,800 Speaker 3: it's like you and I know the big brands in Australia, right, 356 00:17:15,920 --> 00:17:18,080 Speaker 3: Like we know what the big four banks are in Australia, 357 00:17:18,200 --> 00:17:20,480 Speaker 3: we know what they look like, we know what safety 358 00:17:20,520 --> 00:17:22,680 Speaker 3: looks like, we know the dodgy ones that we probably 359 00:17:22,720 --> 00:17:25,440 Speaker 3: want to avoid. I wouldn't be able to say the 360 00:17:25,520 --> 00:17:26,880 Speaker 3: same for the US or the UK. 361 00:17:27,160 --> 00:17:28,200 Speaker 2: Yeah, I've got the idea. 362 00:17:28,280 --> 00:17:31,000 Speaker 3: I've never lived there. I don't have that brand experience. 363 00:17:31,320 --> 00:17:34,200 Speaker 3: So sometimes it's just really nice to ask somebody who's 364 00:17:34,200 --> 00:17:34,920 Speaker 3: willing to share. 365 00:17:35,280 --> 00:17:37,920 Speaker 2: Yeah, amazing. All right, guys, we will be back after 366 00:17:38,040 --> 00:17:40,480 Speaker 2: a very short break to talk about investing when we're 367 00:17:40,520 --> 00:17:43,840 Speaker 2: abroad and also whether or not V thinks we should 368 00:17:43,960 --> 00:17:47,760 Speaker 2: have a job lined up before we go don't go anywhere, saucy. 369 00:17:48,040 --> 00:17:52,159 Speaker 2: Alrighty V. How does investing work if we're overseas? 370 00:17:52,359 --> 00:17:55,960 Speaker 3: Okay, big question, long answer. I am going to summarize it. 371 00:17:56,359 --> 00:17:59,720 Speaker 3: It depends how long you're staying overseas for and what 372 00:17:59,760 --> 00:18:03,440 Speaker 3: your plans are and how you are generating income. So 373 00:18:03,840 --> 00:18:06,400 Speaker 3: if you're investing g five hundred bucks seat in every 374 00:18:06,480 --> 00:18:09,320 Speaker 3: single month, you can still do that in Australia. If 375 00:18:09,320 --> 00:18:12,159 Speaker 3: you're planning on being overseas for a year, that's fine. 376 00:18:12,560 --> 00:18:16,080 Speaker 3: But if you're planning on moving overseas, it might be 377 00:18:16,200 --> 00:18:20,800 Speaker 3: worth not doing that anymore in Australia and actually investing overseas. 378 00:18:21,320 --> 00:18:23,720 Speaker 3: In saying that, there are a number of people in 379 00:18:23,800 --> 00:18:26,920 Speaker 3: our community who have asked this question, and it's hard 380 00:18:27,000 --> 00:18:29,440 Speaker 3: to say because it's going to be different for everybody's 381 00:18:29,480 --> 00:18:34,159 Speaker 3: personal situation, but essentially it's about the ultimate outcome. Are 382 00:18:34,200 --> 00:18:37,160 Speaker 3: you planning on coming back to Australia, in which case, 383 00:18:37,440 --> 00:18:40,000 Speaker 3: why would we go to all of the effort of 384 00:18:40,080 --> 00:18:43,520 Speaker 3: setting up investments in the UK in a different currency 385 00:18:44,160 --> 00:18:45,840 Speaker 3: so that then we have to wrap them up at 386 00:18:45,880 --> 00:18:48,239 Speaker 3: some point to move them to Australia to manage them 387 00:18:48,240 --> 00:18:51,280 Speaker 3: in the future. From my perspective, I would be thinking 388 00:18:51,359 --> 00:18:53,960 Speaker 3: about future US and what they're going to need and 389 00:18:54,040 --> 00:18:56,760 Speaker 3: what they're going to want, because it might sound really 390 00:18:56,840 --> 00:18:58,960 Speaker 3: sexy to do it over there, but it could be 391 00:18:59,080 --> 00:19:02,800 Speaker 3: creating a lot more admin and hassle in saying that 392 00:19:03,040 --> 00:19:05,680 Speaker 3: you could always stop investing if you can't afford to 393 00:19:05,760 --> 00:19:08,320 Speaker 3: do that for that period of time, which is okay. 394 00:19:08,600 --> 00:19:12,200 Speaker 3: As I've said before, it's completely flexible. Yes, we want 395 00:19:12,240 --> 00:19:15,680 Speaker 3: to be investing regularly and continuously, but that's not feasible 396 00:19:15,720 --> 00:19:19,320 Speaker 3: for each and every single person. And then also you 397 00:19:19,440 --> 00:19:21,560 Speaker 3: could be making a plan to not invest while you're 398 00:19:21,560 --> 00:19:24,080 Speaker 3: over there, but invest aggressively when you get back, or 399 00:19:24,359 --> 00:19:28,359 Speaker 3: a completely different option. Again, the outcome is really based 400 00:19:28,400 --> 00:19:32,720 Speaker 3: on what future use going to need and want. But legally, yes, 401 00:19:32,840 --> 00:19:35,720 Speaker 3: you are able to still continue to invest in Australia 402 00:19:35,920 --> 00:19:37,199 Speaker 3: if you don't live here, and what. 403 00:19:37,280 --> 00:19:39,600 Speaker 2: If you were just starting. So maybe we've got an 404 00:19:39,600 --> 00:19:42,240 Speaker 2: Australian living in London right now who's found the pod 405 00:19:42,320 --> 00:19:44,840 Speaker 2: wants to start investing. How should they go about doing. 406 00:19:44,800 --> 00:19:48,040 Speaker 3: That completely depends on what you are set up to do. 407 00:19:48,359 --> 00:19:51,000 Speaker 3: So if you don't have Australian bank accounts, it's going 408 00:19:51,080 --> 00:19:54,480 Speaker 3: to be very hard to invest in Australia because they 409 00:19:54,640 --> 00:19:58,320 Speaker 3: usually require you to sink those things together, prove residency 410 00:19:58,359 --> 00:20:01,360 Speaker 3: and all of that other fun stuff. But again, you're 411 00:20:01,359 --> 00:20:03,240 Speaker 3: more than welcome to invest in the US or in 412 00:20:03,280 --> 00:20:05,359 Speaker 3: the UK. If there's a micro investing platform that you 413 00:20:05,480 --> 00:20:08,200 Speaker 3: want to play with over there, go for it. But again, 414 00:20:08,320 --> 00:20:10,320 Speaker 3: if you're going to go see a financial advisor and 415 00:20:10,440 --> 00:20:13,320 Speaker 3: have a full financial advice plan set up and it's 416 00:20:13,359 --> 00:20:15,640 Speaker 3: in the UK, but you know in like five years 417 00:20:15,680 --> 00:20:18,120 Speaker 3: you're going to move back here, I would probably say 418 00:20:18,200 --> 00:20:21,360 Speaker 3: that's not the smartest idea because you're going to run 419 00:20:21,400 --> 00:20:23,520 Speaker 3: into a few issues trying to move it back over 420 00:20:23,800 --> 00:20:27,639 Speaker 3: because remember, we lose money potentially if we sell our 421 00:20:27,800 --> 00:20:30,480 Speaker 3: investments too early, and you're going to have to do 422 00:20:30,680 --> 00:20:34,120 Speaker 3: that and probably pay capital gains tax on the assets 423 00:20:34,160 --> 00:20:37,040 Speaker 3: if they've increased in value to then bring them back 424 00:20:37,080 --> 00:20:40,080 Speaker 3: into Australia. So it depends on where you're at or 425 00:20:40,160 --> 00:20:42,560 Speaker 3: what you want to do. But essentially the world is 426 00:20:42,600 --> 00:20:45,160 Speaker 3: you're always in twenty twenty one or now twenty twenty 427 00:20:45,240 --> 00:20:48,320 Speaker 3: two nearly, and you can invest from wherever you are. 428 00:20:48,600 --> 00:20:50,639 Speaker 3: So if you've got an Australian bank account, you can 429 00:20:50,680 --> 00:20:54,119 Speaker 3: still invest in Australia, but it's completely up to you 430 00:20:54,240 --> 00:20:55,440 Speaker 3: in your personal situation. 431 00:20:55,760 --> 00:20:58,960 Speaker 2: Let's talk about bank accounts now, fee. How do you 432 00:20:59,080 --> 00:21:01,879 Speaker 2: go about SEP when you're overseas and do you actually 433 00:21:02,000 --> 00:21:03,719 Speaker 2: need to do that or can you just use your 434 00:21:03,800 --> 00:21:05,879 Speaker 2: Aussie ones? And I don't know transfer, So. 435 00:21:06,160 --> 00:21:09,240 Speaker 3: It depends again how long you're going to be there for. 436 00:21:09,840 --> 00:21:12,639 Speaker 3: So I have a couple of different options that I 437 00:21:12,680 --> 00:21:17,520 Speaker 3: speak through with clients. Obviously, international fees are really expensive, 438 00:21:17,800 --> 00:21:19,720 Speaker 3: so if you go overseas just for like a month, 439 00:21:19,960 --> 00:21:22,000 Speaker 3: I'm not going to say go set up an entirely 440 00:21:22,119 --> 00:21:24,880 Speaker 3: new bank account. Even if it was three months, I'd 441 00:21:24,960 --> 00:21:27,440 Speaker 3: really wonder if that is worth it. But again it 442 00:21:27,520 --> 00:21:30,480 Speaker 3: could be for you, So I would be thinking about 443 00:21:30,680 --> 00:21:33,800 Speaker 3: what you actually need to do if you're moving to 444 00:21:33,880 --> 00:21:36,520 Speaker 3: the UK g because this is where you want to 445 00:21:36,600 --> 00:21:39,439 Speaker 3: go and you're going to be paying rent and bills, 446 00:21:39,600 --> 00:21:42,160 Speaker 3: it's going to be much easier to have a UK 447 00:21:42,359 --> 00:21:46,119 Speaker 3: bank account. It's also potentially going to be necessary for 448 00:21:46,240 --> 00:21:50,199 Speaker 3: whatever employer you join. So as we said before, if 449 00:21:50,200 --> 00:21:53,240 Speaker 3: you're transferring overseas with than an Australian company, it might 450 00:21:53,320 --> 00:21:55,560 Speaker 3: be that you need to transfer money over and you're 451 00:21:55,600 --> 00:21:58,640 Speaker 3: spending Australian dollars and living in the UK like you're 452 00:21:58,720 --> 00:22:00,760 Speaker 3: on holiday. In a way, you might still just be 453 00:22:00,880 --> 00:22:03,800 Speaker 3: using your normal bank cards. But if you're moving overseas 454 00:22:03,840 --> 00:22:05,600 Speaker 3: and you're going to put down some roots, I absolutely 455 00:22:05,640 --> 00:22:09,040 Speaker 3: would recommend getting a bank account over there. Again, some 456 00:22:09,320 --> 00:22:11,480 Speaker 3: rules apply. We will be trying to make sure that 457 00:22:11,600 --> 00:22:14,440 Speaker 3: we have minimal to note fees and it's with a 458 00:22:14,560 --> 00:22:18,800 Speaker 3: reputable bank. So again, do some research into what is 459 00:22:18,960 --> 00:22:23,160 Speaker 3: reputable in your country and what is going to work. Well. Gee, 460 00:22:23,200 --> 00:22:26,000 Speaker 3: if you're moving overseas and you're moving in with some housemates, 461 00:22:26,200 --> 00:22:28,800 Speaker 3: potentially ask them who are you banking with? Who should 462 00:22:28,800 --> 00:22:31,080 Speaker 3: I be banking with, what should I be doing and 463 00:22:31,160 --> 00:22:34,639 Speaker 3: they will be able to help you. Again, Facebook groups 464 00:22:34,640 --> 00:22:36,800 Speaker 3: are going to be really helpful as well, full of 465 00:22:36,840 --> 00:22:39,200 Speaker 3: expats who might have already done it before. 466 00:22:39,520 --> 00:22:41,960 Speaker 2: Brilliant. Do you know if you would need a job 467 00:22:42,200 --> 00:22:45,240 Speaker 2: first before you can open a bank account or like 468 00:22:45,400 --> 00:22:48,520 Speaker 2: even have a residential address like that? 469 00:22:48,880 --> 00:22:51,240 Speaker 3: I don't know, and I think it is very different 470 00:22:51,400 --> 00:22:54,280 Speaker 3: for very different countries. When I've been doing some research, 471 00:22:54,400 --> 00:22:56,920 Speaker 3: it seems to be here there and everywhere. But the 472 00:22:57,000 --> 00:22:58,800 Speaker 3: one thing I can say is no, you don't need 473 00:22:59,000 --> 00:23:02,120 Speaker 3: a job to set up a bank account. I think 474 00:23:02,200 --> 00:23:04,480 Speaker 3: you just need to prove that you've got an address 475 00:23:04,560 --> 00:23:06,399 Speaker 3: there and it makes sense for you to do that. 476 00:23:06,600 --> 00:23:09,760 Speaker 3: So work that out however you will. And I hate 477 00:23:09,800 --> 00:23:12,800 Speaker 3: to do this again to youg Facebook groups and next platform. 478 00:23:13,000 --> 00:23:14,680 Speaker 2: Yeah, it's helpful, it's good, it's good. 479 00:23:15,040 --> 00:23:19,160 Speaker 3: Well, it's really helpful. And learning from other people's experiences, honestly, 480 00:23:19,240 --> 00:23:20,080 Speaker 3: there's nothing like it. 481 00:23:20,160 --> 00:23:23,160 Speaker 2: Okay, I am excited to pivot this conversation a little 482 00:23:23,160 --> 00:23:26,800 Speaker 2: bit towards career stuff now. V from a career and 483 00:23:26,920 --> 00:23:30,880 Speaker 2: finance perspective, what are your thoughts on finding a job 484 00:23:31,080 --> 00:23:34,440 Speaker 2: before you head over or if you like, can you 485 00:23:34,560 --> 00:23:36,600 Speaker 2: just do it when you're there? What's your take on 486 00:23:36,680 --> 00:23:37,040 Speaker 2: that you. 487 00:23:37,080 --> 00:23:39,280 Speaker 3: Could do either? And I don't think that there is 488 00:23:39,320 --> 00:23:41,080 Speaker 3: a right and I don't think that there is a wrong. 489 00:23:41,240 --> 00:23:42,920 Speaker 3: It's all about your financial situation. 490 00:23:43,040 --> 00:23:43,320 Speaker 2: Okay. 491 00:23:43,440 --> 00:23:46,520 Speaker 3: If you cannot afford to be without a job, I 492 00:23:46,600 --> 00:23:49,920 Speaker 3: would absolutely say, please don't move to another country without 493 00:23:49,960 --> 00:23:52,479 Speaker 3: having a job secured in the first place. But if 494 00:23:52,480 --> 00:23:55,119 Speaker 3: you've got more of an emergency fund and some savings 495 00:23:55,160 --> 00:23:56,880 Speaker 3: and you're like you know what, I'm going to move overseas. 496 00:23:57,080 --> 00:23:59,040 Speaker 3: I'm going to go to all these interviews and find 497 00:23:59,040 --> 00:24:02,200 Speaker 3: the right fit for me. Great, you do you, But 498 00:24:02,320 --> 00:24:04,159 Speaker 3: the important thing is to have a think about your 499 00:24:04,200 --> 00:24:07,640 Speaker 3: financial situation before you do that, because I think as well, 500 00:24:08,320 --> 00:24:12,000 Speaker 3: especially going through COVID and coming out the other side, 501 00:24:12,520 --> 00:24:15,119 Speaker 3: we don't know what the future job markets look like. 502 00:24:15,480 --> 00:24:17,920 Speaker 3: We know here in Australia lots of people have lost 503 00:24:17,960 --> 00:24:21,320 Speaker 3: their jobs. The same will be true internationally, so I 504 00:24:21,440 --> 00:24:24,000 Speaker 3: don't know what the job markets look like. So from 505 00:24:24,040 --> 00:24:27,920 Speaker 3: my perspective, I'm conservative. I do some research first, see 506 00:24:27,960 --> 00:24:29,800 Speaker 3: how hard it is, and then if I was in 507 00:24:29,880 --> 00:24:33,440 Speaker 3: the financial position to just move and then find a job, great, 508 00:24:33,640 --> 00:24:37,280 Speaker 3: more than welcome to do that. But again, gee, I'm conservative. 509 00:24:37,359 --> 00:24:38,000 Speaker 3: I lack knowing. 510 00:24:38,119 --> 00:24:40,119 Speaker 2: I'd be that person that wants a job before I go. 511 00:24:40,600 --> 00:24:45,480 Speaker 2: But you do, you, my friends, brilliant. Okay, last question 512 00:24:45,840 --> 00:24:49,720 Speaker 2: for you today. V If anyone is listening and they're like, oh, 513 00:24:49,880 --> 00:24:52,399 Speaker 2: I really want to live over seas. I want to 514 00:24:52,560 --> 00:24:55,359 Speaker 2: have that experience, but I'm worried that it's going to 515 00:24:55,400 --> 00:24:59,280 Speaker 2: put me behind financially and maybe career wise, what would 516 00:24:59,280 --> 00:25:00,560 Speaker 2: you say to that. It's your advice. 517 00:25:00,640 --> 00:25:04,480 Speaker 3: There behind what, George, behind your expectations, behind what other 518 00:25:04,520 --> 00:25:06,760 Speaker 3: people are doing. They're questioning means, why are we comparing 519 00:25:06,800 --> 00:25:10,800 Speaker 3: ourselves to the journeys of other people? Because if you 520 00:25:10,880 --> 00:25:12,480 Speaker 3: want to move overseas and you want that to be 521 00:25:12,560 --> 00:25:14,960 Speaker 3: a part of your journey, why are you behind? Aren't 522 00:25:14,960 --> 00:25:16,960 Speaker 3: you ahead because you're actually doing the thing that you 523 00:25:17,080 --> 00:25:20,480 Speaker 3: want to do. So from my perspective, I really don't 524 00:25:20,560 --> 00:25:22,800 Speaker 3: think that you're going to be in a worse off position. 525 00:25:23,119 --> 00:25:26,719 Speaker 3: And if the last eighteen months has taught us anything George, 526 00:25:26,960 --> 00:25:29,840 Speaker 3: it's that life's pretty unpredictablesome and we need to make 527 00:25:29,880 --> 00:25:32,439 Speaker 3: the most of opportunities while we have them. Gee, your 528 00:25:32,520 --> 00:25:34,800 Speaker 3: career is going to fall into place as it's meant to. 529 00:25:35,040 --> 00:25:39,120 Speaker 3: Plus employees definitely look fondly at job applications that include 530 00:25:39,200 --> 00:25:42,720 Speaker 3: time spent overseas because you know more experience. It sounds 531 00:25:42,760 --> 00:25:45,600 Speaker 3: like you're a go getter. And look, at the end 532 00:25:45,600 --> 00:25:47,200 Speaker 3: of the day, probably not the advice you want to 533 00:25:47,240 --> 00:25:49,640 Speaker 3: hear from your friendly financial advisor, but there's always time 534 00:25:49,680 --> 00:25:52,280 Speaker 3: to make more money. It's just set yourself up, make 535 00:25:52,320 --> 00:25:54,359 Speaker 3: sure that you aren't in mountains of debt to go 536 00:25:54,840 --> 00:25:57,320 Speaker 3: and enjoy yourself and live the life that you deserve 537 00:25:57,400 --> 00:25:59,880 Speaker 3: to live. I think it's more about going and living 538 00:26:00,119 --> 00:26:02,119 Speaker 3: life you want, not going, oh my gosh, I'm not 539 00:26:02,200 --> 00:26:04,720 Speaker 3: going to be super super rich. Like I don't think 540 00:26:04,720 --> 00:26:07,280 Speaker 3: I've ever met someone who says, oh, I really regret 541 00:26:07,400 --> 00:26:10,840 Speaker 3: living overseas for eighteen months. Yeah, I really regret that. 542 00:26:11,640 --> 00:26:14,400 Speaker 3: Like I really, I've never met that person. 543 00:26:14,280 --> 00:26:17,280 Speaker 2: Now one hundred percent. I definitely get the stress of 544 00:26:17,320 --> 00:26:19,320 Speaker 2: feeling like there's pressure on your back to like nail 545 00:26:19,400 --> 00:26:22,720 Speaker 2: all of these goals. But yeah, from my perspective, I 546 00:26:22,800 --> 00:26:25,879 Speaker 2: think that you just learn so much from I mean, 547 00:26:25,920 --> 00:26:27,800 Speaker 2: I haven't done it yet, Hopefully I will learn so 548 00:26:27,960 --> 00:26:29,040 Speaker 2: much from living over there. 549 00:26:29,080 --> 00:26:32,440 Speaker 3: But you learn from experience, right, yeah, exactly, and from 550 00:26:32,560 --> 00:26:35,840 Speaker 3: somebody who's always put a lot of pressure on themselves 551 00:26:36,200 --> 00:26:40,439 Speaker 3: to perform. I suppose like school, I was very stressed 552 00:26:40,440 --> 00:26:43,639 Speaker 3: about getting good marks. University I was very stressed about, 553 00:26:43,920 --> 00:26:46,399 Speaker 3: you know, again getting good marks. But I went straight 554 00:26:46,440 --> 00:26:50,399 Speaker 3: from school to university, and for me, the idea of 555 00:26:50,520 --> 00:26:52,240 Speaker 3: a gap year, I was like, no, I can't be 556 00:26:52,359 --> 00:26:54,760 Speaker 3: sad on anything. Life's gonna leave me behind. I have 557 00:26:54,840 --> 00:26:57,320 Speaker 3: to go straight to UNI. I kind of regret that 558 00:26:57,520 --> 00:27:00,359 Speaker 3: mindset in a way. As I've said before, don't regret anything, 559 00:27:00,440 --> 00:27:02,399 Speaker 3: but I just wished someone had sat me down and 560 00:27:02,440 --> 00:27:04,320 Speaker 3: said that it's not as important as you think it is, 561 00:27:04,440 --> 00:27:06,719 Speaker 3: Like go live life, you know, spend a year abroad, 562 00:27:06,840 --> 00:27:09,760 Speaker 3: go work overseas, it doesn't matter what you're doing. Get 563 00:27:09,880 --> 00:27:12,320 Speaker 3: some life experience and do that. And I'm not saying 564 00:27:12,720 --> 00:27:15,560 Speaker 3: that I don't have life experience, but I think, you know, 565 00:27:15,960 --> 00:27:18,680 Speaker 3: having gone through that and now looking at my little 566 00:27:18,760 --> 00:27:21,320 Speaker 3: sister who took a gap year, lived her best life 567 00:27:21,359 --> 00:27:23,840 Speaker 3: and now has a great career, I'm like, cool, So 568 00:27:24,040 --> 00:27:26,160 Speaker 3: you're saying it wouldn't have changed anything, and I would 569 00:27:26,160 --> 00:27:29,520 Speaker 3: have got an awesome experience during a period of time 570 00:27:29,720 --> 00:27:33,120 Speaker 3: that I could have really enjoyed it. I was young, 571 00:27:33,440 --> 00:27:36,600 Speaker 3: I was single, I didn't have any financial commitments, like 572 00:27:36,960 --> 00:27:39,879 Speaker 3: I kind of wish i'd embrace that. Whereas I was 573 00:27:39,960 --> 00:27:42,920 Speaker 3: the type of person that I actually looked at like 574 00:27:43,080 --> 00:27:46,320 Speaker 3: my ATAR score as being a reflection of my personality. 575 00:27:46,520 --> 00:27:49,159 Speaker 3: And if I didn't get a good ATI score for me, 576 00:27:49,520 --> 00:27:52,080 Speaker 3: it felt like I wasn't maybe a good person, And 577 00:27:52,200 --> 00:27:56,399 Speaker 3: that's absolutely preposterous and the stupidest thing in the entire world. 578 00:27:56,760 --> 00:27:59,960 Speaker 3: But I think we all need to remember that experience 579 00:28:00,359 --> 00:28:03,440 Speaker 3: is worth so much more than money sometimes and giving 580 00:28:03,520 --> 00:28:06,600 Speaker 3: ourselves that space to grow and learn as a human 581 00:28:07,000 --> 00:28:09,879 Speaker 3: like we deserve that. It's not all about wealth creation. 582 00:28:10,280 --> 00:28:12,600 Speaker 3: I know we're on a wealth podcast, but it's not 583 00:28:12,720 --> 00:28:16,000 Speaker 3: all about wealth creation. Yes, let's care about super let's 584 00:28:16,080 --> 00:28:18,760 Speaker 3: do everything in the right way. Doesn't mean you can't 585 00:28:18,840 --> 00:28:21,080 Speaker 3: have fun. Doesn't mean you can't live overseas and leave 586 00:28:21,119 --> 00:28:22,159 Speaker 3: your best life though. 587 00:28:22,520 --> 00:28:26,280 Speaker 2: After this episode has made me so excited, But I 588 00:28:26,280 --> 00:28:28,480 Speaker 2: guess the key things we need to remember are to 589 00:28:28,600 --> 00:28:33,120 Speaker 2: consider tax super remember how investing works when we're heading 590 00:28:33,160 --> 00:28:35,800 Speaker 2: over there, Remember the rules and laws in different countries. 591 00:28:36,600 --> 00:28:38,640 Speaker 2: Make sure you do research according to the region that 592 00:28:38,760 --> 00:28:41,960 Speaker 2: you're moving to make the most of those forums. Ah, 593 00:28:42,520 --> 00:28:43,440 Speaker 2: there's a lot to take on. 594 00:28:43,840 --> 00:28:46,640 Speaker 3: Literally, just go do a hygiene check. What do you 595 00:28:46,720 --> 00:28:49,520 Speaker 3: need to get in order before you go? Because hex 596 00:28:50,000 --> 00:28:53,480 Speaker 3: super tax, all of that is going to work while 597 00:28:53,520 --> 00:28:55,440 Speaker 3: you're over there. You just have to set it up 598 00:28:55,480 --> 00:28:57,560 Speaker 3: properly and know what you're on top of. It's not 599 00:28:57,680 --> 00:29:00,240 Speaker 3: going to require any additional effort while you're over they're 600 00:29:00,240 --> 00:29:02,760 Speaker 3: living your best life. But do future you a good 601 00:29:02,840 --> 00:29:05,200 Speaker 3: service and set yourself up before you go. It's a 602 00:29:05,240 --> 00:29:08,760 Speaker 3: bit of admin for long term gain. But g I 603 00:29:08,840 --> 00:29:10,760 Speaker 3: think we've done. We're done here, but just before we 604 00:29:10,800 --> 00:29:13,240 Speaker 3: head off, we'd like to acknowledge and pay respects to 605 00:29:13,320 --> 00:29:18,280 Speaker 3: Australia's Aboriginal and Torros Strait Islander people's, the traditional custodians 606 00:29:18,320 --> 00:29:22,400 Speaker 3: of the lands, the waterways and disguise all across Australia. 607 00:29:22,840 --> 00:29:24,920 Speaker 3: We thank you for sharing and the caring for the 608 00:29:25,040 --> 00:29:27,880 Speaker 3: land on which we are able to learn. We pay 609 00:29:27,920 --> 00:29:30,560 Speaker 3: our respects to elders past and present, and we share 610 00:29:30,600 --> 00:29:32,200 Speaker 3: our friendship and our kindness. 611 00:29:32,520 --> 00:29:34,920 Speaker 2: And remember, guys, that the advice shared on She's on 612 00:29:35,000 --> 00:29:37,600 Speaker 2: the Money is general in nature and does not consider 613 00:29:37,720 --> 00:29:41,400 Speaker 2: your individual circumstances. She's on the Money exists purely for 614 00:29:41,600 --> 00:29:44,280 Speaker 2: educational purposes and should not be relied upon to make 615 00:29:44,280 --> 00:29:48,120 Speaker 2: an investment or a financial decision. And we promise Victoria 616 00:29:48,160 --> 00:29:52,000 Speaker 2: Divine is an authorized representative of Australia Pacific Funds Management 617 00:29:52,280 --> 00:29:55,560 Speaker 2: Proprietary Limited ABN three four one three two four six 618 00:29:55,640 --> 00:29:58,520 Speaker 2: three two five seven AFOSL three three nine one five 619 00:29:58,680 --> 00:30:01,960 Speaker 2: onex WAK guys by guys 620 00:30:11,760 --> 00:30:12,240 Speaker 3: Mhmm