Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it. She's on the Money, She's on
Speaker 2: the Money. Hello, and welcome to She's on the Money,
Speaker 2: the podcast for millennials who want financial freedom. Today is Friday,
Speaker 2: which means it is time to get the team together
Speaker 2: and celebrate you our incredible She's on the Money community.
Speaker 2: And before we get there, we're just letting you know one,
Speaker 2: welcome to twenty twenty three whew. But two, we're shaking
Speaker 2: up the format of our Friday episodes to make them
Speaker 2: more engaging and wait wait, more juicier. So today, not
Speaker 2: only will we be sharing our favorite money wins, which
Speaker 2: just does as always we were never going to cut
Speaker 2: that part out. We'll be helping to answer a juicy
Speaker 2: money question, which this week is all about superannuation, but
Speaker 2: we are also going to unpack a spicy money dilemma
Speaker 2: one of our community members has had recently about sharing
Speaker 2: money and sharing an emergency fund with her partner. So
Speaker 2: we'll get to.
Speaker 3: All of that.
Speaker 2: But before we get there, miss jessic RICI, welcome back.
Speaker 2: I'm so excited that we're here doing more pods.
Speaker 4: Oh my gosh, happy news here everybody.
Speaker 3: My gosh, she knew.
Speaker 4: Who's that?
Speaker 3: Who's that?
Speaker 2: Who were we you?
Speaker 4: Oh?
Speaker 3: Sorry, I just I snuck in here.
Speaker 5: My name is Beck, sired and I believe I am
Speaker 5: joining your team this year.
Speaker 2: I don't know. She made it obvious before. She hasn't
Speaker 2: signed anything, and I was like, oh, it's probably good
Speaker 2: for both of us, sir, so not bad, not bad.
Speaker 3: But this is a decider this episode right here.
Speaker 2: Yeah. If Jess doesn't agree, we'll have to talk after
Speaker 2: the show. So perform. Well, Beck, welcome to the show.
Speaker 5: Thank you so much. It's really nice to be here
Speaker 5: with you both.
Speaker 2: Oh my gosh. Beck. Obviously the community knows Jess because
Speaker 2: Jess is our dy money queen. Also, they know me,
Speaker 2: but they don't know you. Can you do like a
Speaker 2: little introduction, like we're going around in circles and you're
Speaker 2: put on the spot and have to be like, oh, hi,
Speaker 2: my name's Beck, and these are my hobbies and these
Speaker 2: are my interests and this is what I do for work,
Speaker 2: Like ready, set.
Speaker 3: Go, okay, wow, pressures on.
Speaker 5: This is the you know when you start like a
Speaker 5: new job or something and they ask you these Just honest,
Speaker 5: I'm not prepared and I but I was going to
Speaker 5: say that I really really hate these kind of questions.
Speaker 2: That's why we're asking you, not vice versa. That's why
Speaker 2: volunteer Jess or I to answer first. I'm going to
Speaker 2: do a surprise one on both of you. Are okay,
Speaker 2: but no, just kidding.
Speaker 5: I won't.
Speaker 3: But my name's Beck.
Speaker 5: Of course, as you guys know, and hopefully everyone listening
Speaker 5: now knows, I've worked.
Speaker 3: With you guys, but behind the scenes about.
Speaker 2: It about a year I could say, Yeah, we were
Speaker 2: like Beck has big Beck energy, we need be on
Speaker 2: the pod.
Speaker 5: B B B just kind of crept up on me
Speaker 5: and I'm really really stoked about it.
Speaker 2: Oh, I'm so excited that you love these.
Speaker 3: I'm so excited.
Speaker 5: I've done a little bit basically, you know, to give
Speaker 5: everyone context, I've not done anything in the radio world before,
Speaker 5: but I've worked basically, I've worked in radio, just not
Speaker 5: kind of behind the mic, and I've recorded demos with
Speaker 5: you guys before and all this kind of stuff, So
Speaker 5: I guess it kind of it makes sense on paper
Speaker 5: that you get to go here, that I'm here now, Well,
Speaker 5: it's just because you're nice, Like you weren't picked because
Speaker 5: you worked in radio. No, I mean when we met
Speaker 5: because you worked in radio. But then we're like, that's SOMEVB.
Speaker 3: That's BBA. Come on the pod.
Speaker 2: What about your money knowledge? Are you a financial advisor?
Speaker 2: You mortgage broker? Did you go do maths at university?
Speaker 4: Like?
Speaker 2: Where are we at?
Speaker 5: Oh no, I don't think you're gonna like this, But
Speaker 5: I have no idea what I'm doing financially right now.
Speaker 5: I have minus seventeen dollars in my bank account and
Speaker 5: I have previously been bankrupt, so I guess I'm starting
Speaker 5: from scratch.
Speaker 2: I love this. When Jess joined that she's on the
Speaker 2: money team, she was doing very well on her own,
Speaker 2: so I'm not saying that the circumstances are the same,
Speaker 2: but I feel like Jess joined him Like Victoria, I
Speaker 2: don't know about being on the podcast. I have no idea,
Speaker 2: And now I basically am redundant on a lot of
Speaker 2: the podcast because Jess could run it for me because
Speaker 2: she's basically smarter than me. Now done, I would because
Speaker 2: sometimes just would be like, oh, hey, they just want
Speaker 2: to run this past you because we're doing something for work,
Speaker 2: and I'll be like, yeah, that's actually much better than
Speaker 2: what I could have produced, So I'll just see myself
Speaker 2: at Wow. I have high hopes. But also I'm so
Speaker 2: so excited to have you on the team, not only
Speaker 2: because I know the community is going to love you,
Speaker 2: not only because you don't have a lot of financial
Speaker 2: knowledge yet, but because I'm just putting myself in the
Speaker 2: control seat here. I get to be on this journey
Speaker 2: with you, or we all get to be on this
Speaker 2: journey with you of educating you and getting your budget
Speaker 2: up to scratch and like talking about investing and savings
Speaker 2: and Beck we just recorded in an episode that's going
Speaker 2: to drop next week about lipstick index and recession. And
Speaker 2: I think the thing that I loved about your involvement
Speaker 2: in that episode. Was you just being like 'so recession?
Speaker 2: Like I just I don't know where I'm at And
Speaker 2: as much as a lot of our shees on the
Speaker 2: money community has been with us for three years and
Speaker 2: would go, oh, I know what that is. Our community
Speaker 2: is always growing and always evolving and there are going
Speaker 2: to be so many people that are exactly in the
Speaker 2: same position as you that maybe reset a goal for
Speaker 2: twenty twenty three to absorb more money. Content would have
Speaker 2: been thinking that. So I feel like your job, my
Speaker 2: friend big Boots, to feel you're the voice of the community.
Speaker 2: Ah okay, I hope that you do them justice.
Speaker 3: I hope so.
Speaker 2: But I know you will because I'm so excited to
Speaker 2: have you on the team, and I know Jesse's as well. Yes,
Speaker 2: but Jess g Ricci is your time to shine. We
Speaker 2: were speaking about the community and Jess spends a lot
Speaker 2: of time in the community and solving all their money
Speaker 2: wins and confessions and chatting to them basically every single day. So, Jess,
Speaker 2: I want a quick whip around, what are your favorite
Speaker 2: money wins and confessions that you've dragged out of our
Speaker 2: community from this week?
Speaker 4: All right, first one comes from our friend Lindsey, and
Speaker 4: I feel like this is a very timely reminder. At
Speaker 4: the start of the yar, she says, I finally bit
Speaker 4: the bullet and reviewed my insurance with the staff discounts
Speaker 4: I get moving my insurance to where I work. I've
Speaker 4: saved almost one hundred and sixty dollars a month across
Speaker 4: our two cars and contents insurance. Is that time of
Speaker 4: year everyone's renewing, They're coming around. They've probably jacked the
Speaker 4: prices up. They always do, they always do. Yeah, I
Speaker 4: was about to say, isn't that what happened to you?
Speaker 4: And you called them and you just got a discount
Speaker 4: immediately exactly. And if you need help, there's a script
Speaker 4: on our website if you're a little don't like being
Speaker 4: on the phone, can relate, read it word for word
Speaker 4: and hopefully they'll knock it back down for you.
Speaker 2: I was talking about this on TikTok the other day
Speaker 2: because someone said as like a question on one of
Speaker 2: my videos, like, oh, well, how do I deal with this?
Speaker 2: And I think a lot of the time the responses are, oh,
Speaker 2: just like have big dog energy and just tell them no,
Speaker 2: Like if you've got to like negotiate something or change something.
Speaker 2: I'm not like that, like, yeah, exactly. If I have
Speaker 2: a big conversation to have, or a conversation that I
Speaker 2: believe is going to be big for me, I actually
Speaker 2: want a little bit of like a script to follow,
Speaker 2: like if I'm asking for a discount for my insurance
Speaker 2: or something, I don't just want to go into it
Speaker 2: completely blind and go, oh, well, I just called an
Speaker 2: asked for a discount, Like I'm not that girl. I
Speaker 2: need the script to be like, hey, I just want
Speaker 2: to chat about this, like I do know it can
Speaker 2: be really simple, but just having that in front of
Speaker 2: you while you make the call can make you feel
Speaker 2: so much more empowered, which is why we wrote it,
Speaker 2: jess And it just puts you back in the control seat.
Speaker 2: So don't feel bad if you don't have the big
Speaker 2: dog energy that everybody else on TikTok seems to have
Speaker 2: where they just negotiate off the bat like not everyone
Speaker 2: is like that, no at all, And definitely check to
Speaker 2: see if your premiums went up. Kids next win comes
Speaker 2: from Jessica great Name, who said I just applied for
Speaker 2: the new South Wales Creative Kids and Active Kids vouchers.
Speaker 2: Now I have another child enrolled in school. It's one
Speaker 2: hundred dollars voucher that you each get, so four hundred
Speaker 2: dollars in total for two kids that can go towards
Speaker 2: dance fees. Dances expensive, So that's a massive win. What
Speaker 2: I didn't even know that existed. Do you know if
Speaker 2: there's something like in Victoria or in other states that
Speaker 2: is similar.
Speaker 4: I don't know off the top of my head, but
Speaker 4: I would say to people definitely check your local government
Speaker 4: website because I know that there were things like this
Speaker 4: when I was a kid. They're trying to encourage active
Speaker 4: living and you know, kids getting out and doing fun things,
Speaker 4: which can be super expensive. So have a look at
Speaker 4: your local state website. And if you're in New South Wales,
Speaker 4: I would be applying that is.
Speaker 2: If you've got kids getting on that that sounds a
Speaker 2: lot like free money to me, and I love.
Speaker 3: Free love, free money.
Speaker 4: All next win comes from Lazar, who said I made
Speaker 4: a resolution to put twenty four hours between my non
Speaker 4: essential purchases, put two outfits in my basket, waited until
Speaker 4: the next day, and was rewarded with a twenty percent
Speaker 4: off sale money.
Speaker 2: When I feel like that often happens. The other thing
Speaker 2: that I think happens sometimes is like retail is quite smart, right,
Speaker 2: so they can see that you put those things in
Speaker 2: your bas yes, right, and then they're like, oh my gosh,
Speaker 2: like Beck didn't check out. I wonder what it was.
Speaker 2: Maybe we need to send you a little carrot to
Speaker 2: get her to check out. And then they send you
Speaker 2: like ten or twenty percent off because they're like, oh,
Speaker 2: did you forget your basket? His little carrot to get
Speaker 2: you to go through with the sale works every time, exactly.
Speaker 2: So definitely, leaving twenty four hours between you and making
Speaker 2: an online purchase not bad. Double that up with your
Speaker 2: shop back, and we're just basically now making money.
Speaker 3: Yeah, exactly.
Speaker 4: Next one I have for you comes from Rhiannon, who says,
Speaker 4: I made my husband call out bank to see if
Speaker 4: they could do better with our interest rate on our
Speaker 4: mortgage and they got it down over one percent. Thank
Speaker 4: you Kate from Zeala money for the tip.
Speaker 2: Oh was that actually? Oh? I love that. That's Kate
Speaker 2: from our team. And do you know what getting your
Speaker 2: mortgage down one percent in this current economic environment, that's
Speaker 2: big dog.
Speaker 4: Energy, Big dog energy.
Speaker 2: I feel like I need to stop s big dog energy,
Speaker 2: but like, that's the energy I chose to take into
Speaker 2: twenty twenty three.
Speaker 3: I mean, else, who do you explain it?
Speaker 2: B b E b B BECK energy, Like that's what
Speaker 2: we want to embrace.
Speaker 4: Well, my very last win for this week definitely embraces
Speaker 4: the bd bb E energy. It comes from Peter And
Speaker 4: she said, my first year debt free since domestic violence.
Speaker 4: I have over two hundred dollars a week in my
Speaker 4: pocket now, And I just wanted to say, Peter, I'm
Speaker 4: so proud and so excited for you. That is freaking incredible, amazing,
Speaker 4: What a good way to start the r p B
Speaker 4: E for sure, Oh my gosh, I love that.
Speaker 2: That is actually such a wholesome way to end the
Speaker 2: community money wins. As always, I have loved hearing them,
Speaker 2: and I think in addition to bb we're going to
Speaker 2: add WWJD. And like I think a lot of people
Speaker 2: are like, oh, what would Jesus do?
Speaker 3: No, no enough, what would just would just do?
Speaker 2: And I feel like that's a good way to live
Speaker 2: your life. In twenty twenty three, I ask myself that
Speaker 2: every single time I'm going to get a bracelets made
Speaker 2: like everybody is really on top of this. All right,
Speaker 2: let's go to a quick break and after the break,
Speaker 2: we're going to be answering your juicy money question about stuperrenuation,
Speaker 2: and we're also going to be talking about hiding your
Speaker 2: savings from your partner. Don't go anywhere.
Speaker 4: Welcome back to our shining New Friday with our shining
Speaker 4: new team member. I hope you guys are enjoying bb
Speaker 4: BB for sure.
Speaker 3: I'm loving this.
Speaker 1: On me.
Speaker 2: I love this guys.
Speaker 4: I think we have a really fun money dilemma to
Speaker 4: answer today. Should we take a listen?
Speaker 2: Yes?
Speaker 3: Please go.
Speaker 2: Hi there. Have you got a money dilemma you just
Speaker 2: can't solve? The She's on the Money team is here
Speaker 2: to help. Every week we tackle your dilemmas, both big
Speaker 2: and small, to answer your most burning money, career and
Speaker 2: life questions. To get involved, simply head to our website
Speaker 2: and leave us a short voice recording and you might
Speaker 2: just find yourself on the show. Now, let's take a
Speaker 2: listen to this week's money dilemma.
Speaker 6: Hey you v and happy near to the She's on
Speaker 6: the Money fanbam.
Speaker 4: I love you guys.
Speaker 6: This is the most amazing community.
Speaker 3: My name's loan.
Speaker 6: I recently scored a great opportunity at my work, which
Speaker 6: equals to more money and some commission. I'm super excited,
Speaker 6: but it got me thinking. Up until now, all of
Speaker 6: my super has been going into a retail worker like
Speaker 6: specific super fun. But now I'm not working in retail anymore.
Speaker 6: I'm making more money. I'm wondering if this is the
Speaker 6: best option for me. So my money dilemma is where
Speaker 6: do I go to find good super advice because I'm
Speaker 6: super confused. Is this something a financial adviser would be
Speaker 6: able to help me with? Or where do I go?
Speaker 6: Thank you so much for helping me out.
Speaker 4: They loved the little pun she slipped on a mess.
Speaker 4: I love that.
Speaker 2: She was like, I love you guys. I'm like, I
Speaker 2: love you do Lauren? I really sweet? Also, how good
Speaker 2: is it she got a new job and now she
Speaker 2: gets commissions. I have so much to say about budgeting
Speaker 2: and like living on your base salary and then using
Speaker 2: your commissions to save and invest and create financial freedom.
Speaker 2: But that wasn't actually what the question was about, yess So, Jess,
Speaker 2: as I said before, Beck, basically a finance wizard. Where
Speaker 2: would you start, jess Oh.
Speaker 4: I feel like, she's definitely right in the looking at
Speaker 4: the different super options out there is a way to start,
Speaker 4: because I was the same I started in retail. I
Speaker 4: remember when you reviewed my super V you were like, oh,
Speaker 4: who are you with? And I was like blah blah blah,
Speaker 4: and you were like and I was like what, And
Speaker 4: You're like, they're not good?
Speaker 2: But also they weren't good. It's not to say that
Speaker 2: all fun but I think.
Speaker 4: A lot of the time potentially they're just kind of
Speaker 4: going one size fits all, right, And you have thousands,
Speaker 4: arguably of employees working across the country for a retail company.
Speaker 4: If you're picking one super fun for all of them,
Speaker 4: very good chance that it's not going to work for everyone.
Speaker 4: So I guess the place to type would be the Google.
Speaker 2: The Google. Yeah, start Google seems like a good before
Speaker 2: I respect, What would you do? What do you do
Speaker 2: about your super funny?
Speaker 5: You ask V because I actually used to work in
Speaker 5: super You did not disclose that in your interview.
Speaker 2: I know when we said earlier on the podcast, like, oh,
Speaker 2: what do you ring to the table you financial advisorge,
Speaker 2: You're like, nah, I was broke, and we were like, oh, okay,
Speaker 2: no worries. Thanks for sharing. Now, Now, Jess, she's like, oh, yeah,
Speaker 2: actually I used to work in super anyway.
Speaker 5: Financial advisor. No, I was scared I would be too
Speaker 5: qualified for this position. Oh I didn't mention it, but no,
Speaker 5: I used to work in super and I kind of realized,
Speaker 5: I don't know if everyone else has this as well,
Speaker 5: but i'd like seven different super accounts that really common,
Speaker 5: really and so like I really didn't know who to
Speaker 5: go for. But yeah, I just googled it and it
Speaker 5: was like, you know, you know, you get the I
Speaker 5: don't know what's it can Star or something. Yeah, yeah,
Speaker 5: I just like went to the number one. I didn't
Speaker 5: even check anything. I just thought, that's the number one
Speaker 5: super company. I'm going to go with that one.
Speaker 4: And so that essays don't do that.
Speaker 2: That is actually exactly what we're not going to do.
Speaker 2: So we're not going to do that. And I'll give
Speaker 2: you a reason why because I think in your situation,
Speaker 2: and that makes so much sense, right because cancer that's reputable.
Speaker 4: Right.
Speaker 2: They give other companies like awards and stuff for being
Speaker 2: the best super company, and I would think that that's
Speaker 2: really good. The thing you want to be aware of
Speaker 2: and I'm not saying that can Star is bad. Finder
Speaker 2: is the same, though. The thing that I would want
Speaker 2: you to know about that is they are actually basically
Speaker 2: an advertising company. So obviously they do lots of other things,
Speaker 2: but superannuation companies pay them to appear on the tops
Speaker 2: of their charts or be in their articles or yeah exactly.
Speaker 2: So from my perspective, yeah, there might be a fine
Speaker 2: super company because legitimate super companies they do advertise to
Speaker 2: get more clients like you, Beck. But what you probably
Speaker 2: didn't realize is that that quote best super company came
Speaker 2: up because they were very likely paying for that ad space,
Speaker 2: and that's what got you. That doesn't necessarily mean that
Speaker 2: you're in the best position. So I would also go
Speaker 2: back to what Jess said and use the Google. But
Speaker 2: what I would be using when it comes to the
Speaker 2: Google is I would google ATO your super comparison And
Speaker 2: the reason I would google that is because the ATO
Speaker 2: last year, the start of twenty twenty two, released your
Speaker 2: super Comparison tool, and that takes all of the work
Speaker 2: out of it in terms of is this advertised, is
Speaker 2: this a paid partnership? You know? All of that stuff
Speaker 2: is really hard to see through. This is actually a
Speaker 2: government run website that is going to just enable you
Speaker 2: to compare apples with apples. When you compare on a
Speaker 2: platform like Cansterer or Finder, you're not usually comparing apples
Speaker 2: with apples. You're comparing the features and benefits that company
Speaker 2: wants to showcase with the features and benefits of a
Speaker 2: maybe less superior company. That you go, ah, well, you're right,
Speaker 2: that one is much better, and you feel good about
Speaker 2: your decision. But it's actually just advertising. So the ATO
Speaker 2: website has it. It is free. And the thing I
Speaker 2: would do before that, though, is because you mentioned, oh,
Speaker 2: I'm in a retail super fund, that doesn't necessarily mean
Speaker 2: that that retail super fund is bad like you might
Speaker 2: be with like host plus or rest or something like that,
Speaker 2: and they are legitimate super companies. The first thing I
Speaker 2: would actually do is log into my mygove portal and
Speaker 2: actually have a look at what super funds I have, because,
Speaker 2: just like you, Beck, you might have seven accounts that
Speaker 2: you didn't know about. Because if you jump around from
Speaker 2: casual employment to casual employment, especially when you're a bit younger,
Speaker 2: often you starting a super fund. Yeah, tick the box,
Speaker 2: you know what I can't One time I ended up
Speaker 2: with a new superfund because I literally couldn't be bothered
Speaker 2: going and finding my old super fund the information. Yeah right,
Speaker 2: I could.
Speaker 4: What does it matter.
Speaker 2: It doesn't matter. I don't have any money like that
Speaker 2: was the mentality that I had. And that's not okay,
Speaker 2: we don't do that. That is not BB scrapping it.
Speaker 2: That is not what Jess would do these days. So
Speaker 2: we are going to compare it. If you have a
Speaker 2: number of super funds, I would be having a look
Speaker 2: at all of them, making sure that there aren't any
Speaker 2: important insurances in them, because if you are leaving a
Speaker 2: superannuation fund that has default insurances, that can actually be
Speaker 2: a negative thing. And it's a negative thing because sometimes
Speaker 2: our default insurances are actually really powerful. I'm going to
Speaker 2: use Jess as an example here because Jess, you are
Speaker 2: very active, way more active than I would ever be.
Speaker 2: You play frisbee, right, So say you've got a default
Speaker 2: insurance inside superannuation, but you did your ACL playing fuz
Speaker 2: be really common.
Speaker 4: Actually yeah that like I know like six different people
Speaker 4: who have done it.
Speaker 2: Oh ill, But say you did your ACL like one
Speaker 2: of your friends, and you went to another insurer and
Speaker 2: you were like okay, cool, Like, hey, brand new super fund,
Speaker 2: I need some insurance. I now need to apply because
Speaker 2: default insurance isn't that common these days, but it was
Speaker 2: ten years ago when you got that super fund. I
Speaker 2: want to apply and they go, no worries, Jess, what
Speaker 2: previous health conditions if you had and you're like, oh,
Speaker 2: I'm really healthy. I just did an ACL one time,
Speaker 2: They're like, okay, cool, no worries, Jess, We're just not
Speaker 2: going to cover you for your ACL. So that means
Speaker 2: that if ever you have to take time off work
Speaker 2: or go through an incident, if it's ever related to
Speaker 2: your ACL, they will not give you an insurance payout.
Speaker 2: And that can actually be really negative. And that's why
Speaker 2: default insurance could be really good, especially in the example
Speaker 2: of Jess, where you might go, oh, I've done my ACL.
Speaker 2: Maybe I'll have a look at the other insurances see
Speaker 2: if I can change without any you know, negative impact.
Speaker 2: But if I can't, maybe I keep that insurance to
Speaker 2: make sure. You know, if I do the other ACL,
Speaker 2: or I do something that's related to that part of
Speaker 2: my body, I'm not upshit Creek without a battle. Does
Speaker 2: that make sense? Yeah, So you need to take that
Speaker 2: into consideration. And the next thing I do is I
Speaker 2: actually step back and go what are my values? What
Speaker 2: are my thoughts? What do I actually want to achieve? Here?
Speaker 2: Like superannuation these days is so customizable, Like you could
Speaker 2: go and investing a superfund that only has crude oil.
Speaker 2: Not that sexy if you're in cheese on the money
Speaker 2: because you probably have similar aligned values to us. But
Speaker 2: have a think about what type of asset classes? Do
Speaker 2: you want an ethical fund that's completely possible, do you
Speaker 2: want you know, really well diversified asset classes. Do you
Speaker 2: want access to bonds? Do you actually want to have
Speaker 2: more say or do you just want a really good
Speaker 2: cookie cut of fund that's going to work for you
Speaker 2: in this moment for your risk profile and your age
Speaker 2: and what you earn. So you really need to think
Speaker 2: about that. And then that's when I go to your
Speaker 2: super comparison tool and start looking, well, where are your
Speaker 2: funds that you're already in performing, because maybe it's a
Speaker 2: good fund for you, but the thing you need to
Speaker 2: change is your risk profile on that fund. So maybe
Speaker 2: instead of being imbalanced, you've done your risk profile and
Speaker 2: you're actually a high growth investor, so you might stay
Speaker 2: with that fund, but just change your profile, in which
Speaker 2: case that's a good outcome too, and you've reviewed your
Speaker 2: super properly, or you might go, oh, that fund is
Speaker 2: not good. In fact, I've been ignoring those letters that
Speaker 2: they're fincening me saying they're closing because they're that bad
Speaker 2: and you need to find a new one, in which
Speaker 2: case we're not just finding a new super fund, we're
Speaker 2: also looking at our risk profile and going if I'm
Speaker 2: moving to, for example, Australian super which one of their
Speaker 2: seven risk profiles am I going to fall into? You
Speaker 2: need to actually spend the time looking at that because
Speaker 2: they all perform differently. A balanced super fund is going
Speaker 2: to have a very different performance to a conservative super
Speaker 2: fund and a high growth super fund. So there's a
Speaker 2: lot to take into consideration. Just because you were in
Speaker 2: a retail fund doesn't mean you shouldn't stay there. But
Speaker 2: what we're going to do is our research, and if
Speaker 2: we're going to do our research, we're not going to
Speaker 2: be swayed by advertising. Does that wrap it up, Jess?
Speaker 3: I think so.
Speaker 4: I think I know what Beck's going to do tonight.
Speaker 2: Yeah, from her face, that's not what she's going to do.
Speaker 3: Tonight, I'm going to have been seven super funds.
Speaker 4: Yeah, I really want to get into the spicy stuff
Speaker 4: because we said we're making the episode even more community
Speaker 4: centric this year, which I am pumped for, and that
Speaker 4: means we want to kind of bring some of the
Speaker 4: conversations that we're having in our dms to life on
Speaker 4: the pod for people to kind of weigh in because
Speaker 4: they mean more better, right, No, more opinions.
Speaker 2: Is more better?
Speaker 4: Yeah?
Speaker 2: Yehote just Gricci twenty twenty.
Speaker 4: Three put that on a mug and drink out of it.
Speaker 4: But this week we have a really interesting dilemma. Do
Speaker 4: you want me to read it out so everyone.
Speaker 2: Com we're talking about. Course, we obviously screenshot it and
Speaker 2: put it on our stories obviously deidentified, so we could
Speaker 2: get your opinions as well. But Beck, you haven't heard
Speaker 2: this yet, so jess what have we got?
Speaker 4: All right? Our community member says, HEYV I have a
Speaker 4: little bit of a sticky situation. My partner and I
Speaker 4: have a joint account and share majority of our finances. Lately,
Speaker 4: I've started to feel a bit guilty because my boyfriend'
Speaker 4: said something to me about not having any other savings
Speaker 4: outside of our joint savings. Of course I have an
Speaker 4: emergency fund, and while I haven't necessarily been hiding it,
Speaker 4: I also haven't been forthcoming and mentioned it to him.
Speaker 4: I have just under fifteen K in my personal emergency fund.
Speaker 4: Do you think I should be sharing this with him?
Speaker 4: Or should I be keeping it for a rainy day? Advice?
Speaker 4: Appreciate it?
Speaker 2: What do you reckon she means when she says sharing
Speaker 2: it with him? Does she mean like sharing the money
Speaker 2: or sharing the fact she has it?
Speaker 4: I think reading that, I'm reading it as she hasn't
Speaker 4: told him that she has that money stashed away, so
Speaker 4: he doesn't know it exists. That's how I'm interpreting the
Speaker 4: message anyway.
Speaker 2: So it's a tricky, oh splicy, But also I think
Speaker 2: that's great. Like I mean, if she's feeling like it's
Speaker 2: a little bit deceptive, I think maybe just in PARSI
Speaker 2: being like, oh, yeah, like I do have an emergency fund,
Speaker 2: and then maybe suggesting that he gets one as well,
Speaker 2: because it's really important to have individual financial freedom, regardless
Speaker 2: of whether you have shared finances. Maybe that's how I
Speaker 2: deal with it. If an emergency fund is so ingrained
Speaker 2: in the way that you've been doing budget and cash flow,
Speaker 2: then you know, maybe it just didn't come up because
Speaker 2: it actually wasn't a joint asset. It wasn't a part
Speaker 2: of the joint decision making. Like you know, if you're
Speaker 2: saving for a house, like you're not going to use
Speaker 2: your emergency fund to go towards the house. So maybe
Speaker 2: it's not a valid conversation to have and that's why
Speaker 2: it didn't come up. I don't think she's being sneaky.
Speaker 3: No, no, I don't know.
Speaker 5: I think if she has any reservations, if she's a
Speaker 5: little bit stressed, or she wants that there for whatever
Speaker 5: reason she feels like just in case it goes bad
Speaker 5: or whatever, and she kind of wants to keep it
Speaker 5: a secret, keep.
Speaker 3: It a secret. I don't think that's sneaky at all.
Speaker 2: I don't think that's bad.
Speaker 3: I don't think that's bad.
Speaker 2: If you had fifteen grand in a savings account that
Speaker 2: was like away for a rainy day, would you tell
Speaker 2: a future partner about it?
Speaker 5: If I had fifteen k saved and a long term partner,
Speaker 5: I wouldn't feel obliged to tell them because I don't
Speaker 5: think it's absolutely necessary essential to tell your partner because
Speaker 5: it is it really is your money? We can keep
Speaker 5: things separate, you know what I mean. I don't think
Speaker 5: that she needs to say anything. I don't think it's sneaky.
Speaker 5: I think it's actually very clever and it's very safe,
Speaker 5: and I'll probably keep it that way to be honest,
Speaker 5: just in case you just don't know. Yeah, you never
Speaker 5: know what's going to happen, Jess, what would you do?
Speaker 4: I think, like, I'm very pro sharing that you have it.
Speaker 4: I'm also very pro keeping it entirely individual. As you said,
Speaker 4: I think everybody should have access to money that only
Speaker 4: they can touch, and I think she should keep it
Speaker 4: that way. I guess to kind of play Devil's advocate.
Speaker 4: If you're in a partnership and you are planning your finances,
Speaker 4: and she said that she's sharing a lot of finances
Speaker 4: with her partner, I guess when you're doing, say your
Speaker 4: budget for the art, if you're saving for a house.
Speaker 4: If we're using that example, you would kind of be going, okay, well,
Speaker 4: where are you contributing your money? In my mind, to
Speaker 4: be able to set that up properly, you kind of
Speaker 4: have to go okay, well, I Jess, trying to put
Speaker 4: fifteen thousand in an emergency fund. My partner, you've already
Speaker 4: got fifteen thousand, so you don't need to be allocating
Speaker 4: any more money there. You potentially can be contributing more
Speaker 4: to the house fund. Yes, I feel like knowing what's
Speaker 4: going on with each other enables you to get a
Speaker 4: better picture of how you can best reach your shared goals,
Speaker 4: because they do have those. As I said, I don't
Speaker 4: think he should have access to it by any structure
Speaker 4: of the imagination. But I also think that if this
Speaker 4: is your long term partner, I would be questioning why
Speaker 4: don't you want to share that with him? Is it
Speaker 4: because you don't trust him or her? Is it because
Speaker 4: you're feeling anxious because of something that you've seen that's
Speaker 4: a part of your money story. Is that something you
Speaker 4: need to work through? Because I don't think fundamentally there
Speaker 4: is anything wrong with telling them that that's there. Are
Speaker 4: you worried that they're going to feel entitled to that money?
Speaker 4: If so, is that a bit of a red flag
Speaker 4: I do we need to be.
Speaker 1: So?
Speaker 4: I think it's a bit bigger than should you should
Speaker 4: you not tell them? It's why do you feel like
Speaker 4: you should or shouldn't tell them.
Speaker 3: Yeah, it's a good point.
Speaker 2: We put it out to our community earlier this week
Speaker 2: to say, well, what would you guys say, and we
Speaker 2: did actually have a few people say red flag. I
Speaker 2: think that that's definitely a red flag. But I also
Speaker 2: wasn't sure if it's a red flag that you're hiding
Speaker 2: it or it's a red flag, do you know what
Speaker 2: I mean? I think, in my circumstance, you should probably
Speaker 2: be encouraging your partner to actually get one. And Jess,
Speaker 2: your example before was really good where you're like, oh, well,
Speaker 2: if they already have their emergency fund, maybe they contribute
Speaker 2: in a different way. But should they have dipped into
Speaker 2: their emergency fund for something, then maybe the budget changes
Speaker 2: a bit for them to top that back up until
Speaker 2: we're back on track. But I do think your partner,
Speaker 2: actually the conversation's probably more around like, oh, hey, well
Speaker 2: I have an emergency fund, and I actually assumed you
Speaker 2: had one, and you probably should be working towards it. Jess,
Speaker 2: what was some call outs that you saw the community have.
Speaker 4: I liked what one person said, which was, my emergency
Speaker 4: fund isn't hidden, but my partner knows that he has
Speaker 4: no claim to it, and that that money is solely
Speaker 4: for my discretion, which I think shows that they've said
Speaker 4: really clear boundaries. You know, they've gone, yes, I have it,
Speaker 4: Yes you can know about it, but that's not for you,
Speaker 4: that's mine. And so you need to have your own
Speaker 4: emergency fund for your own emergencies.
Speaker 3: Yeah, I agree.
Speaker 2: Someone else said, I don't think it's healthy in a
Speaker 2: healthy relationship to have separate money, and I think that
Speaker 2: that's a hot take.
Speaker 3: Yet that is strong hot take.
Speaker 2: And as somebody who I think I'm in a healthy relationship,
Speaker 2: just I think you're in a healthy relationship. Both of
Speaker 2: us have our own emergency funds that our partners can't touch,
Speaker 2: and I feel like that actually keeps it healthy. And yes,
Speaker 2: you know, looking at this circumstance, you know you might
Speaker 2: be a little bit apprehensive to tell your partner, but
Speaker 2: like should he not be supportive of you being financially free,
Speaker 2: Like should you not be like supporting each other in that,
Speaker 2: Like shouldn't you be wanting your partner to also have that.
Speaker 2: Steve knows about my emergency fund. He knows it exists
Speaker 2: because we've talked about it before. But you know what,
Speaker 2: now thinking about it, I don't think he knows how
Speaker 2: much is in it. Yeah, he just knows I've got
Speaker 2: it because I've always had it, well not always, but
Speaker 2: I've always had it in the relationship that we've been in.
Speaker 2: So he's kind of like, Yep, she has that, And
Speaker 2: do you know what. I couldn't tell you what's in
Speaker 2: his but I know he's got a fund that I
Speaker 2: can't touch.
Speaker 4: And does that give you a bit of comfort knowing that?
Speaker 2: I think it's important.
Speaker 4: Yeah, I feel it is.
Speaker 5: You need to know that if anything happens in the
Speaker 5: relationship that both of you, yeah, are going to be okay.
Speaker 3: Yeah, absolutely, not just you, not just them.
Speaker 4: Interestingly, someone else said not everything needs to be shared
Speaker 4: when it comes to money, and I was like, oh,
Speaker 4: that's another hot take.
Speaker 2: That's a good point. And I mean, you know, I
Speaker 2: always use my relationship as an example because I don't
Speaker 2: want to say that there's a right and wrong thing.
Speaker 2: It's just how Steve and I've fallen out to do it.
Speaker 2: We do share our finances, I say, we share everything,
Speaker 2: but also it's really controlled, so like we don't just
Speaker 2: have our pay automatically put into the one account. So
Speaker 2: you know, if she'd hit the fan we wouldn't be okay,
Speaker 2: Like every single month he goes in and transfers his
Speaker 2: pay to the shared account, So if something happened, he
Speaker 2: could just stop doing that and it wouldn't go into
Speaker 2: our shared Does that make sense? Like yeah, and vice versa.
Speaker 2: Like I obviously am my own business owner and I
Speaker 2: don't have a PAYG salary, but like I pay myself
Speaker 2: and I transfer the money into the account on a
Speaker 2: monthly basis, so that we have joint funds. I think
Speaker 2: at any point both of us have our own control
Speaker 2: over our incomes and where that might be going. So
Speaker 2: if something happened, that would be okay. Just in your relationship,
Speaker 2: you have shared money, but you definitely do it differently
Speaker 2: to me.
Speaker 4: Yeah, we don't actually have a joint account. It's something
Speaker 4: that I have been saying for eightes. Oh, we need
Speaker 4: to set one up just for like groceries and stuff.
Speaker 4: We just haven't gotten around to it. Like we split
Speaker 4: most of our shared expenses fifty to fifty and annoyingly
Speaker 4: right now, like I'll just be like, you owe me
Speaker 4: two hundred dollars for transfer it us. So definitely not
Speaker 4: the best.
Speaker 2: It would just be easier to have an account.
Speaker 4: Exactly right, But yeah, I think that like for us,
Speaker 4: that's what works, and it is such a personal thing,
Speaker 4: like if you want to keep it totally separate, keep
Speaker 4: it totally separate, but it Yeah, I think it's a
Speaker 4: bigger question about where do you see the relationship going.
Speaker 4: How comfortable are you talking? And if you're not company talking,
Speaker 4: maybe that's a conversation to be had. So this one
Speaker 4: says you don't have to tell him how much is there?
Speaker 4: Maybe just tell him you how of emergency cash money?
Speaker 4: I feel like that's a happy medium, right, That is
Speaker 4: a happy medium.
Speaker 3: I really like that.
Speaker 2: Yeah, no, I like that, But I also think it
Speaker 2: plays into like how your partner responds, Like not everything
Speaker 2: should be a test, but I do think it would
Speaker 2: be interesting to see how your partner responds to finding
Speaker 2: out that you have an emergency fund and going, oh, yeah,
Speaker 2: like I've got some cash stashed away for a rainy
Speaker 2: day if anything should happen. I think you need to
Speaker 2: have it. I think it would be supportive if they
Speaker 2: turn around and said, oh great, no worries, like that's fine,
Speaker 2: but like a massive red flag if they're like, how much,
Speaker 2: why isn't it in our savings. What's going on? How
Speaker 2: does that work?
Speaker 3: Why do you need it?
Speaker 2: Why do you need that? Why do you think that?
Speaker 2: You know, why do you think you need a rainy
Speaker 2: day fund? Like, I think that could be a really
Speaker 2: big friend flag.
Speaker 3: That's a good way.
Speaker 2: Not a test. It's not a test.
Speaker 3: That's a good.
Speaker 5: Way to gauge, it's a gage.
Speaker 2: I imagine if that happened in your relationship, where you
Speaker 2: partner found out you had an emergency fund and they're like,
Speaker 2: why why do you need that? You're like, this is why,
Speaker 2: exactly why? Oh my gosh. I feel like these answers
Speaker 2: having pretty spicy, a lot of people saying, you know,
Speaker 2: there's nothing wrong with having it, let's just be open
Speaker 2: and honest, all the way through to people being like
Speaker 2: red flag, red flag, and then people saying, no, keep
Speaker 2: it hidden, don't tell your partner. I don't know. I
Speaker 2: think it's just whatever you feel comfortable with. But I
Speaker 2: think the general consensus at this table while recording is
Speaker 2: it is important to have access to your own funds,
Speaker 2: regardless of whether you save money or not. Could we
Speaker 2: say that that's the summary of this conversation Jess and Beck, Yes,
Speaker 2: I believe so.
Speaker 4: That was so fun. I really enjoyed hearing everybody's hot takes.
Speaker 4: Keep an eye out on our Instagram if you don't
Speaker 4: follow us, We're at Cheese on the Money a US
Speaker 4: because we're going to be doing more of these. I
Speaker 4: feel like it's really fun to bring these daties to lie, but.
Speaker 2: I also want to know the community's opinion on what's
Speaker 2: going on and how it works. I mean, it's a
Speaker 2: judgment free zone. Everybody is going to manage money in
Speaker 2: a different way. But it's so interesting to go like, oh, Jess,
Speaker 2: like you don't even have your bank account set up yet,
Speaker 2: and I'm just assuming it's because you've been lazy. Yeah, yeah, correct,
Speaker 2: all the way through to like, oh, we actually share
Speaker 2: absolutely everything because we've had this question before on the
Speaker 2: pod where people are like, oh, like having listened to
Speaker 2: the pod and only just starting my financial literacy journey
Speaker 2: and I've been married for twenty years, Like how do
Speaker 2: I tell my partner I want an emergency fund because
Speaker 2: they could take it the wrong way. I think seeing
Speaker 2: from the community what your thoughts and feelings are is
Speaker 2: going to help validate a lot. But also, who doesn't
Speaker 2: love a perview question about somebody else's relationship.
Speaker 3: God, I love it.
Speaker 2: I love it so good.
Speaker 4: Great first episode, Beck, thank you, that was so much fun.
Speaker 3: Yeah, that we love it.
Speaker 4: But I reckon, it's about time we get out all
Speaker 4: out of here, ladies.
Speaker 2: Is it time for a little bit of rage?
Speaker 3: Oh god, it's about time.
Speaker 4: T G.
Speaker 3: I F M A right, you know what?
Speaker 2: No, no, no, no, no, no no no. Beck told
Speaker 2: me earlier today that sometimes she goes to the pub
Speaker 2: and just order soda water, So like, is that lame?
Speaker 5: Yeah?
Speaker 2: Like, I mean it's very budget friendly. But like Jess
Speaker 2: and I were having an approall, if you would like
Speaker 2: to join us for that, you are more than welcome.
Speaker 3: Okay, ten out of ten give me ten.
Speaker 4: See you next week, guys, have you good weekend.
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