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Your Superannuation Glow-Up Part 2: The Small Add-Ons That Could Make You a Millionaire · She's On The Money

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Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations
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Speaker 1: woman and I'm here to acknowledge country t Glenn Young
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Speaker 1: Ganya nianar Kaka yah Ya bin Ahaka nian Our gay
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Speaker 1: in Nimbina, yakarum jar Dominyamiga Umagahawakaman damon Imlan Bumba, bang
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Speaker 1: Gadabomba in and now in wakah ghana on yak rum
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Speaker 1: jar Watnadaa. Hello, beautiful friends, we gather on the lands
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Speaker 1: of the Aboriginal people. We thank acknowledge and respect the
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Speaker 1: Aberiginal people's land that we're gathering on today. Take pleasure
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Speaker 1: in all the land and respect all that you see.
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Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,
0:40
Speaker 1: bringing you the tools, knowledge and resources for you to thrive.
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Speaker 2: She's on the Money. She's on the Money. Hello, and
1:08
Speaker 2: welcome to She's on the Money, the podcast that's here
1:10
Speaker 2: to make sure you're living your best life in retirement.
1:13
Speaker 2: So you might remember our last super episode come out
1:16
Speaker 2: so much I did. It was just so there's a
1:19
Speaker 2: lot to take in. And I know that whoever was
1:21
Speaker 2: listening probably thought the same. And if you didn't I'm
1:24
Speaker 2: so sorry, And here is the second part. So we
1:26
Speaker 2: did have to split into two parts, and you guys
1:28
Speaker 2: have been begging for part two, so today is the
1:30
Speaker 2: follow up episode you've been waiting for. I'm begsited and
1:34
Speaker 2: with me is the biggest fan of Super I've probably
1:36
Speaker 2: ever met, Victoria Devine.
1:38
Speaker 3: I love Superannuation so sexy.
1:42
Speaker 2: Yeah, I think it can be.
1:44
Speaker 3: And I feel like my energy towards Super hopefully rubs
1:49
Speaker 3: off on our community a little bit, even if it
1:51
Speaker 3: means you go, what is she talking about?
1:54
Speaker 2: Why is she so excited about it?
1:55
Speaker 3: Maybe I'll just check to like, maybe I'll just have
1:58
Speaker 3: a little look see, Yeah, what's.
1:59
Speaker 2: All the hype about it?
2:00
Speaker 1: Yeah?
2:00
Speaker 3: And then you log into your Superinuation platform after doing
2:04
Speaker 3: like what full password resets and like a code on
2:06
Speaker 3: your phone or something, and.
2:07
Speaker 2: You'll be like, this is actually boring. It's not worth it.
2:11
Speaker 2: It's not worth it, but I promise it is.
2:13
Speaker 3: And I've been so excited to be allowed to be
2:16
Speaker 3: let loose on episode two because I think once you
2:20
Speaker 3: realize how much impact even very small amounts and very
2:24
Speaker 3: small tweaks can have, it stops feeling boring and something
2:29
Speaker 3: that is for older people or something that is for
2:31
Speaker 3: future you or an issue you'll deal with later, and
2:34
Speaker 3: it starts to feel really powerful because especially like you
2:38
Speaker 3: and I are talking about it all the time. Back
2:40
Speaker 3: life's expensive. Yeah, absolutely, our budgets are cooked. Like I'm
2:44
Speaker 3: talking to people in our community every single day, and
2:47
Speaker 3: that's hard, like not talking to you guys. I love
2:49
Speaker 3: that part, But like money is hard at the moment,
2:52
Speaker 3: and none of us feel like we're getting ahead, like
2:55
Speaker 3: we all just go hold on. I want to start
2:57
Speaker 3: my investing journey and that's fantastic, But you might not
2:59
Speaker 3: have any free cash flow because how the hell are
3:01
Speaker 3: groceries costing you two hundred bucks a week and you're single?
3:04
Speaker 3: You know, like I just I really truly get it.
3:08
Speaker 3: But that's where superranuation can make you feel quite powerful
3:12
Speaker 3: because these tweaks.
3:13
Speaker 2: Not a dollar. It's not going to cost you anything.
3:15
Speaker 3: I just want you to like clean house, make sure
3:18
Speaker 3: everything's where it needs to be, and that your money's
3:20
Speaker 3: growing so that future you doesn't have to worry about
3:22
Speaker 3: money in the way that current you is.
3:24
Speaker 2: And like Beck, that's kind of low key sexy. Absolutely, Lie,
3:28
Speaker 2: I think it's quite comforting knowing that even if you're
3:31
Speaker 2: really broke right now, there's a time in this life,
3:35
Speaker 2: hopefully we get to see it where you actually have
3:38
Speaker 2: money just waiting there.
3:39
Speaker 3: For you, exactly, and like its slow and steady wins
3:42
Speaker 3: the race, Like I wish that I could waive a
3:45
Speaker 3: magic wand and like make it really easy for you.
3:48
Speaker 3: But the reality of money and the reality of superannuation
3:51
Speaker 3: and the reality of honestly life is it's tiny steps
3:55
Speaker 3: in the right direction that when you look back, you go,
3:57
Speaker 3: oh my god, I've come so far, but not going
4:00
Speaker 3: to wake up tomorrow and be like, oh my god,
4:02
Speaker 3: you're right, I'm finally good at money exactly.
4:05
Speaker 2: It doesn't happen like that.
4:07
Speaker 3: And I guess you're my favorite example of this, not
4:09
Speaker 3: because of superannuation, but because of investing in general. Yes,
4:12
Speaker 3: like sorry, you now have a little investment portfolio and
4:17
Speaker 3: you've never been that financially secure before.
4:20
Speaker 2: Totally. Did that happen overnight though?
4:22
Speaker 3: No?
4:23
Speaker 2: And the thing is too, is that like, I still
4:25
Speaker 2: am completely broke, I don't have any savings, but you're.
4:29
Speaker 3: Starting to build your financial security.
4:32
Speaker 2: Yeah, of different ways and exact things, And it's very empowering,
4:36
Speaker 2: it's very very empowering. So it does exactly. It does
4:38
Speaker 2: not happen overnight. It's very small and there's like there's
4:40
Speaker 2: a change pie. I guess that someone showed me recently
4:44
Speaker 2: where it's like thinking about maybe doing something is still
4:48
Speaker 2: part of the change cycle, and it's like you've been
4:50
Speaker 2: thinking about it.
4:51
Speaker 3: Listening to you listening to this episode like you're doing
4:54
Speaker 3: really close.
4:55
Speaker 2: Absolutely, that's really cool. So before we jump in, can
4:57
Speaker 2: you give us a quick recap of part one?
4:59
Speaker 3: I would love to, but I'd also love for you
5:01
Speaker 3: to go and listen to that episode if you haven't.
5:03
Speaker 3: If you have, I'm going to give you a recaps.
5:06
Speaker 3: So we covered what I would call the foundations, so
5:09
Speaker 3: the base level of things that you need to understand
5:11
Speaker 3: about super. So I told you about how you can
5:14
Speaker 3: check your balance, what my gove is, how that works,
5:17
Speaker 3: How to check and make sure that your employer is
5:19
Speaker 3: actually contributing twelve percent and that it's actually being paid
5:23
Speaker 3: to you. How to use and this is one of
5:25
Speaker 3: my favorite tools, the Government's your super tool to check
5:28
Speaker 3: your fund's performance and the fees and whether it's aligned
5:31
Speaker 3: to your.
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Speaker 2: Goals and values.
5:32
Speaker 3: How to set up your risk profile for your age
5:35
Speaker 3: and your goals and what that might look like, and
5:37
Speaker 3: most importantly, why even like one percent returns can mean
5:43
Speaker 3: thirty five percent more money in retirement, because I think
5:46
Speaker 3: so many of us are like, what's the point, Like,
5:48
Speaker 3: even if I change it and go on this, you know,
5:50
Speaker 3: bloody Victoria's your super tool that she keeps harping on about,
5:54
Speaker 3: I'll get one percent more. I can't be bothered. But
5:56
Speaker 3: like one percent until retirement is thirty five percent more
6:01
Speaker 3: in your superannuation, girl, that's more than a third more,
6:04
Speaker 3: like literally not giving another dollar up. Yeah, you just
6:08
Speaker 3: have to change some boxes and tick something like, sorry,
6:12
Speaker 3: do it? Just sorry, sorry, I'm not putting up with that.
6:18
Speaker 2: That is so fair and really makes sense. Just set
6:22
Speaker 2: some time aside, and I promise in thirty five years
6:25
Speaker 2: you'll thank yourself.
6:26
Speaker 3: Yes, but you will still.
6:28
Speaker 2: Thank yourself, Yes you will exactly.
6:30
Speaker 3: So we kind of just recapped what I think is
6:32
Speaker 3: the starting point, and then you cut me off and said, VI,
6:35
Speaker 3: I just think that's enough for today. Let's wrap it,
6:38
Speaker 3: because I think you're being a little bit overwhelming, And
6:40
Speaker 3: I was like always I would never. If you haven't
6:44
Speaker 3: listened yet, please hit pause, go back and check it
6:46
Speaker 3: out with linked in the show notes as well. I
6:48
Speaker 3: have tried to make it as easy as possible source.
6:51
Speaker 2: So I have obviously listened to part one because I
6:54
Speaker 2: was here. You actually created it with me. I created
6:57
Speaker 2: it with you, and I know my balance. I'm happy
6:59
Speaker 2: with my fund. I have like my portfolio set to
7:02
Speaker 2: the right risk profile, growth option, all that kind of stuff,
7:05
Speaker 2: and it does. It does Again. If this doesn't make
7:07
Speaker 2: sense to you, go back and keep one. What should
7:09
Speaker 2: I be doing next?
7:10
Speaker 3: All right, So the next step is contributions. So we're
7:14
Speaker 3: going to talk about the money that goes into your
7:16
Speaker 3: account because your employers twelve percent is honestly a fantastic foundation.
7:21
Speaker 3: But if you want to put future you in the
7:24
Speaker 3: best possible position, you might be considering adding some more.
7:28
Speaker 3: You might be adding even a small amount to make
7:31
Speaker 3: sure that this is a game changing solution for you.
7:35
Speaker 3: Do you need to do this? I just want to
7:37
Speaker 3: preface no, because for some of us, we might go, Wow,
7:40
Speaker 3: like I've actually worked from fourteen years nine months had
7:43
Speaker 3: this whole twelve percent the entire time, Like everything is
7:46
Speaker 3: smooth saling, Like my projections are looking really good. V
7:49
Speaker 3: This like small amount that I could be adding to
7:52
Speaker 3: my super would be more powerful elsewhere.
7:54
Speaker 2: Because I have said before.
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Speaker 3: And this is just me going off on a side tangent,
8:00
Speaker 3: I personally and this is personal. It is not financial advice.
8:05
Speaker 3: I do not contribute more to my superannuation than I
8:09
Speaker 3: have to, so like when I started my businesses, again,
8:13
Speaker 3: complete side note, but I think everyone's pervy, like you
8:16
Speaker 3: want to know about my money? Right, I started my
8:19
Speaker 3: businesses and I didn't take my own advice because I
8:22
Speaker 3: couldn't afford to take my own advice.
8:24
Speaker 2: So did I believe that I should be paying myself super? Yes?
8:28
Speaker 2: Did I have any cash?
8:30
Speaker 4: No?
8:31
Speaker 3: No, I actually chose to hire Jesse Ricci instead of
8:34
Speaker 3: paying myself a full wage. I think I was paying
8:37
Speaker 3: myself thirty eight thousand dollars because I'd done my numbers
8:40
Speaker 3: and worked out that's how much I needed to contribute
8:43
Speaker 3: to rent and bills and like that would keep food
8:45
Speaker 3: on the table and the lights on, and you know,
8:46
Speaker 3: I could build my business. But I had no superannuation
8:50
Speaker 3: contributions either, but I kept track of it and I've
8:53
Speaker 3: since paid that back to myself. But I don't go
8:56
Speaker 3: above and beyond that, so I'm quote on track for
8:59
Speaker 3: my aid, but not for what you would probably look
9:03
Speaker 3: at my financial situation. I think a lot of you
9:07
Speaker 3: would be like I thought V would have a really
9:09
Speaker 3: stacked super No. And that's because I've looked at all
9:12
Speaker 3: of this and been like, great, this is a fantastic foundation.
9:16
Speaker 3: But I also want access to money outside super because,
9:19
Speaker 3: as you know, once it goes in, it doesn't come
9:20
Speaker 3: out until you are at preservation age, and that's over
9:24
Speaker 3: the age of sixty five. And for me, I want
9:27
Speaker 3: an investment portfolio that I can retire at fifty with.
9:30
Speaker 3: So that's where all my cash is going back. Cool,
9:32
Speaker 3: So like, am I investing Hell? Yes, but am I
9:35
Speaker 3: investing more in my super No? Do you know what?
9:37
Speaker 3: As I get older, I think I might do a
9:39
Speaker 3: bit more. I'm about to purchase a new house with
9:42
Speaker 3: my husband, hopefully fingers crossed, and once we work out
9:46
Speaker 3: the financials of that, so like you know what our
9:48
Speaker 3: actual purchase price is, what our mortgage repayments will be,
9:51
Speaker 3: I think I might consider it just to top it
9:53
Speaker 3: up early, because the earlier you do it, the less
9:56
Speaker 3: contributions you need to make for the long term. Sure,
10:00
Speaker 3: like I might add another one hundred dollars a month
10:02
Speaker 3: or something. Sure, but that's actually the same as somebody
10:05
Speaker 3: ten years from now adding five hundred dollars a month. Yeah, gotcha.
10:10
Speaker 3: So like, I'm just gonna make sure the maths works
10:12
Speaker 3: and I actually have some free cash flow that I
10:14
Speaker 3: can know realocate, but right now feels weird because I'm
10:17
Speaker 3: like in this financial limbo of not knowing what our
10:20
Speaker 3: mortgage or payments are going to be and like moving,
10:23
Speaker 3: you know what I mean. It's a bit, it's a bit,
10:25
Speaker 3: you know, Iffy. Anyway, that was a side note because
10:27
Speaker 3: I think that people are pervy, and I also just
10:30
Speaker 3: want to say if you can't contribute extra, great, that's fantastic.
10:35
Speaker 3: But you're listening to this episode and you're not gonna
10:37
Speaker 3: bloody turn it off because I want you to know
10:39
Speaker 3: what that means. So if you get to that financial position,
10:41
Speaker 3: you already got the knowledge, you already got the education.
10:43
Speaker 2: God, she's good, right.
10:44
Speaker 3: So one of my reasons for loving extra contributions into
10:48
Speaker 3: superannuation save money on tax. You guys have all just
10:54
Speaker 3: done your tax returns. I know you have because you
10:57
Speaker 3: wanted your cash back. You all want tax savings, and
11:00
Speaker 3: you don't care about super sit down, My god, so true, Beck,
11:04
Speaker 3: How quickly did you file your tax return to get
11:05
Speaker 3: your tax back?
11:06
Speaker 2: Literally July one?
11:07
Speaker 3: So why don't you care about the sexiest tax environment
11:10
Speaker 3: in the country. Yes, literally, salary sacrifice before tax contributions
11:16
Speaker 3: are taxed at only fifteen percent instead of your full
11:20
Speaker 3: marginal tax rate.
11:21
Speaker 1: Yes.
11:21
Speaker 3: So, for example, if you had a ninety thousand dollar income,
11:26
Speaker 3: your marginal tax rate is thirty percent plus you would
11:29
Speaker 3: be paying a Medicare levey. I just feel like I
11:31
Speaker 3: need to add extra context of like two percent. So
11:34
Speaker 3: every one thousand dollars that you sacrifice into your superannuation
11:39
Speaker 3: only gets hit with one hundred and fifty dollars worth
11:41
Speaker 3: of tax instead of three hundred and twenty dollars of tax.
11:45
Speaker 3: So your money's working hard a few instant return I see,
11:48
Speaker 3: because you're taking app before you get your pay slips.
11:53
Speaker 3: You've got your payslip and it was in your bank
11:54
Speaker 3: account and you put it in your Supercome tax time,
11:57
Speaker 3: you'd get that fifteen percent back from the tax man.
12:00
Speaker 2: Yeah, so you'd get a better tax return. Oh great.
12:02
Speaker 3: So it's like either an no hour or later. Yeah,
12:04
Speaker 3: so you will get it back either way. So if
12:06
Speaker 3: you're doing it before tax, like you went to your
12:07
Speaker 3: employer and said, you, vickid, I want to contribute more
12:10
Speaker 3: to my super and I go, great, no worries how much?
12:12
Speaker 2: And you say one thousand dollars.
12:14
Speaker 3: You'd only be taxed one hundred and fifty dollars on that, yes,
12:16
Speaker 3: And I would work all of that out for you
12:19
Speaker 3: come out in the wash. But if you were like, oh,
12:21
Speaker 3: I don't really know, I might need that cash for
12:23
Speaker 3: now for later, and then you're trying to make a
12:24
Speaker 3: decision on some money inside your bank account and you're like,
12:28
Speaker 3: actually I want to put it in my super, you
12:30
Speaker 3: would have already paid three hundred and twenty dollars on tax. Yeah,
12:34
Speaker 3: but come tax time you would have put your hand
12:36
Speaker 3: up and said, hey, tax man, I actually popped some
12:38
Speaker 3: money in my souper this year, and they would give
12:40
Speaker 3: you the difference back.
12:41
Speaker 2: Oh my god.
12:42
Speaker 1: Yeah.
12:42
Speaker 2: So you're not going to miss out regardless of where
12:45
Speaker 2: it goes.
12:45
Speaker 3: Cool.
12:45
Speaker 2: So I just want to quickly sum it up in
12:47
Speaker 2: case it sounds busy, because I think in my brain
12:49
Speaker 2: it is.
12:49
Speaker 3: A very little bit at making it complex. Yes, that's okay.
12:53
Speaker 3: I think you've done a very good job explaining it.
12:56
Speaker 3: But for salary sacrificing, I believe this is the term.
12:58
Speaker 3: If you say, like it paid four thousand dollars every
13:01
Speaker 3: month after tax, then instead you put a salary sacrifice,
13:05
Speaker 3: like a little bit of money towards SUPER before that
13:09
Speaker 3: money lands in your bank acount before the tax is
13:11
Speaker 3: kind of like added to that pace lit.
13:13
Speaker 2: Yes, that's tax to fifteen percent. Yeah, and then after
13:16
Speaker 2: I let's say you're like I don't want to do that.
13:18
Speaker 2: You wait for your money to land your bank account
13:21
Speaker 2: that's after tax, and then you can put money in
13:24
Speaker 2: your super yourself that can come back.
13:26
Speaker 3: To your attack. So you're you're going to yes the
13:29
Speaker 3: tax savings one way or another. It just depends which way.
13:32
Speaker 2: It just depends.
13:33
Speaker 3: And like, not all of us are in positions where
13:35
Speaker 3: we can call up our employer and make consistent contributions.
13:39
Speaker 2: But you might have gotten like some cash on the side.
13:42
Speaker 3: Like a lot of our community recently have been talking
13:44
Speaker 3: about superannuation and some of them are like, oh, well,
13:47
Speaker 3: I got in inheritance or you know something like that.
13:50
Speaker 3: I came into a lump sum of money and I
13:52
Speaker 3: want to put a little bit into my super because
13:54
Speaker 3: obviously I want to boost myself up. At that point
13:57
Speaker 3: you would.
13:57
Speaker 2: Get tax back.
13:58
Speaker 3: So I think it's important to just know that it's okay.
14:02
Speaker 3: It'll come out in the wash, but you know, you
14:04
Speaker 3: don't get to see it until tax time and you
14:06
Speaker 3: actually do your tax and you see it on paper,
14:08
Speaker 3: and then you know it hits your account. But also,
14:10
Speaker 3: the other thing I want to talk about here is
14:12
Speaker 3: government boosts. So the government does a lot to try
14:16
Speaker 3: and incentivize us to get more money into superannuation. Personally,
14:21
Speaker 3: I don't think they do the best job ever at
14:23
Speaker 3: articulating that because most of us don't know about it.
14:26
Speaker 2: It's going to say they do everything they can accept
14:28
Speaker 2: for educators and let us know that this is a
14:31
Speaker 2: the Yeah.
14:32
Speaker 3: So that's why I go and read the ATOS website
14:35
Speaker 3: and then I call you out and I'm like, beg,
14:36
Speaker 3: this is so sexy.
14:37
Speaker 1: Yeah.
14:38
Speaker 3: Don't read it on the Idea website though, because as
14:40
Speaker 3: much as it makes sense, because their website's great, it's
14:43
Speaker 3: just not the most esthetic website.
14:45
Speaker 2: Yes, but if you're a LISTO, so that is.
14:49
Speaker 3: A low income super tax offset person, so it means
14:53
Speaker 3: that you earn less than thirty seven thousand dollars per year.
14:58
Speaker 3: You can get refunds up to five hundred dollars of
15:02
Speaker 3: the fifteen percent contributions tax on concessional contributions paid by
15:07
Speaker 3: you or your employee.
15:08
Speaker 2: I see you get five hundred bucks, you have five
15:11
Speaker 2: a bars. You can get up to five hundred up
15:13
Speaker 2: to okay, And the concessional is what I'm hearing a lot,
15:17
Speaker 2: and I actually don't know the difference, like non concessional
15:20
Speaker 2: and concessional contributions. What does that mean?
15:23
Speaker 3: Concession cards? So you know how you get your concession card?
15:27
Speaker 4: Yep.
15:27
Speaker 3: What do you get when you get a concession card? Discount? Discount?
15:31
Speaker 3: So concession is a discount, non concession, non discount. Ah,
15:37
Speaker 3: so just say it like that, just like anyway, we'll
15:40
Speaker 3: move on. If you earn forty seven, four hundred and
15:44
Speaker 3: eighty eight dollars or less and put in at least
15:47
Speaker 3: one thousand dollars after tax, the government will chip in
15:51
Speaker 3: a co contribution for you of five hundred dollars. Oh okay,
15:55
Speaker 3: So that's a good deal. That co contribution gradually reduces.
15:59
Speaker 3: If you're income is between forty seven thousand, four hundred
16:02
Speaker 3: and eighty eight dollars and sixty two thousand, four hundred
16:05
Speaker 3: and eighty eight dollars. Why is it that number? I
16:07
Speaker 3: don't know. I don't make the rules. I just report
16:09
Speaker 3: on them. And then if your partner or your spouse
16:13
Speaker 3: earns thirty seven thousand dollars or less, you can actually
16:17
Speaker 3: go and make a contribution to their supranuation account and
16:20
Speaker 3: claim a spouse contribution tax offset of up to five
16:23
Speaker 3: hundred and forty dollars, which I think a lot of
16:26
Speaker 3: you are like, that doesn't actually add that much, but go,
16:29
Speaker 3: It's five hundred and forty dollars of like literal free
16:32
Speaker 3: money by doing something for future you.
16:36
Speaker 4: Yeah.
16:36
Speaker 3: Sorry, it's been a weak a good deal, and I
16:38
Speaker 3: mean a lot of you especially, And I like, I
16:41
Speaker 3: look at it and I go, what the hell, like,
16:42
Speaker 3: do you know what? Personally, I don't know anyone who
16:45
Speaker 3: currently earns thirty seven thousand dollars and has some extra
16:48
Speaker 3: cash to contribute to superannuation totally. Let's just keep it
16:52
Speaker 3: real as well. But this does work often if you're
16:56
Speaker 3: on maternity leaf or if you are taking leave, you
17:00
Speaker 3: aren't working full time, and your partner is a higher
17:03
Speaker 3: income earner, that is a really good strategy to just
17:06
Speaker 3: like boost your super a little bit money in right, Yeah, absolutely,
17:10
Speaker 3: So it's I guess.
17:11
Speaker 2: Like what I want to do. Is it really worth
17:13
Speaker 2: putting more into super on top of what my employer
17:15
Speaker 2: is already paying. I guess it kind of depends on
17:18
Speaker 2: your personal situation. And I gave you the context that
17:20
Speaker 2: I haven't done it.
17:21
Speaker 3: Yes, And I think that that's a really important piece
17:24
Speaker 3: of context because I can't tell you whether it's worth
17:28
Speaker 3: it or not on paper one hundred percent. Yeah, Like
17:31
Speaker 3: if we do the maths, the maths maths. Yeah, And
17:34
Speaker 3: the thing I want everyone to know is it doesn't
17:36
Speaker 3: actually have to be hundreds of dollars a week to
17:38
Speaker 3: make any type of difference. We see it in our
17:40
Speaker 3: community all the time. So, like I had a girl
17:43
Speaker 3: message me and she's like, Victoria, I you know, I
17:45
Speaker 3: want to share this with you. But I have been
17:47
Speaker 3: putting ten dollars a week extra into my stuperannuation since
17:50
Speaker 3: I got my first job because my dad told me to.
17:53
Speaker 3: Oh my god, I don't know why, but like that's
17:54
Speaker 3: just what I've always done, and like I've boosted it up.
17:57
Speaker 3: I'm now making one hundred dollars a week as an
17:59
Speaker 3: additional contribution because it's like just crept up and she
18:02
Speaker 3: hasn't noticed it, and she has like one hundred and
18:04
Speaker 3: fifty thousand dollars in Super now wow, and she's like
18:07
Speaker 3: twenty six. That's amazing, right, Like, just from little things,
18:11
Speaker 3: big things grow, and the power of compounding means even small,
18:16
Speaker 3: regular contributions can change your retirement balance by literally hundreds
18:21
Speaker 3: of thousands of dollars. Like and honestly, the sooner you
18:26
Speaker 3: start contributing, the longer and better the impact. Right, because
18:31
Speaker 3: if we look at the rule of seventy two, which
18:34
Speaker 3: we might do a whole podcast on, but it's basically
18:36
Speaker 3: that money doubles every seven to ten years. Let's take
18:40
Speaker 3: our twenty five year old friend, yeah, thirty five. If
18:43
Speaker 3: she didn't make an additional contribution to her super three
18:46
Speaker 3: hundred grand forty five, six hundred grand at the age
18:50
Speaker 3: of forty five, she already has more superannuation than most
18:53
Speaker 3: women in Australia retire with.
18:56
Speaker 2: Oh my god, and.
18:57
Speaker 3: That's a forty five, yeah, fifty five, one point two
19:02
Speaker 3: million dollars back.
19:04
Speaker 2: That's insane.
19:04
Speaker 3: Let's stop it, and she's going to keep contributing, so like,
19:08
Speaker 3: don't get me wrong, we don't all have one hundred
19:09
Speaker 3: and fifty thousand dollars. But like if you're just like, okay, cool,
19:12
Speaker 3: well I can't do much, but this is what I
19:13
Speaker 3: can do.
19:14
Speaker 2: Yeah, pop off? Yeah, do you know what I mean?
19:17
Speaker 3: Like, it's just let's do what we can do, and
19:19
Speaker 3: if we can't do anything, let's also not shame ourselves
19:22
Speaker 3: because we're doing the best that we can.
19:23
Speaker 2: Yeap so true?
19:25
Speaker 3: So yes, I think it is, and I've got another.
19:27
Speaker 3: I wrote down another example for you using I think
19:30
Speaker 3: some more numbers, because you know, our community member is
19:33
Speaker 3: a good example, but I don't know her tax right,
19:35
Speaker 3: So let's just use the medium balance from our community.
19:39
Speaker 3: So as you guys know, we always ask you questions
19:43
Speaker 3: because you're our listeners. Relying on ATO and asset data
19:49
Speaker 3: can be good, but I don't think it's reflective of
19:52
Speaker 3: people who care about their money as much as the
19:54
Speaker 3: average Australian. So our averages are a little bit higher
19:58
Speaker 3: because you guys are actual bosses and I love it.
20:00
Speaker 3: But the medium balance from our community for twenty nine
20:05
Speaker 3: to thirty two year olds is about eighty eight thousand,
20:08
Speaker 3: five hundred dollars. Well, I'm also going to use the
20:12
Speaker 3: median Australian wage, which is about eighty eight thousand, four
20:15
Speaker 3: hundred dollars a year. That way, it's not I don't know,
20:18
Speaker 3: some made up number. It's where a lot of people
20:21
Speaker 3: and our audience are actually sitting right now, like that's
20:24
Speaker 3: just what happens. So, if you're just stuck with your
20:27
Speaker 3: employer's twelve percent contributions that they have to pay you,
20:31
Speaker 3: by the time you retire at the age of sixty seven,
20:34
Speaker 3: which is our preservation age, you'd have around two million,
20:38
Speaker 3: four hundred and twenty three thousand, nine hundred and thirty
20:41
Speaker 3: three dollars in superannuation. WHOA, and that is assuming a
20:46
Speaker 3: rate of return of six point five percent. Oh so
20:50
Speaker 3: it could be more, which I think is not a
20:53
Speaker 3: great return. Do you know what, That's a great return
20:55
Speaker 3: if you are in a balanced fund.
20:57
Speaker 2: Yeah, but most of us don't.
20:59
Speaker 3: We're not. Those's not that's not my journey. It might
21:02
Speaker 3: not be your journey, and it could be your journey,
21:03
Speaker 3: and that's okay. I just I mean, I would be
21:06
Speaker 3: disappointed if my super was only returning six point five percent,
21:10
Speaker 3: But that's the deal, right, I still want to retire
21:12
Speaker 3: with about two point four mil. But if you had
21:14
Speaker 3: some extra cash back, Let's say that you had twenty
21:16
Speaker 3: five dollars a week extra instead of two point four million,
21:20
Speaker 3: you'd end up with two million, six hundred and nine thousand,
21:23
Speaker 3: five hundred and five dollars, which is about one hundred
21:27
Speaker 3: and eighty five thousand, five hundred and seventy three dollars
21:32
Speaker 3: more at the time of retirement, even though you only
21:35
Speaker 3: contributed about forty eight thousand dollars extra your entire working life.
21:39
Speaker 1: Yeah.
21:39
Speaker 2: Wow, okay, okay, okay.
21:41
Speaker 3: That's like one hundred and forty thousand dollars worth of
21:44
Speaker 3: free money. That is nearly a four times return on
21:47
Speaker 3: the contribution you made thanks to compounding and the amount
21:50
Speaker 3: of time in the market. Yeah yeah, yeah, just because
21:52
Speaker 3: you made a good investment and you like you know,
21:55
Speaker 3: whent and bought bitcoin and you got the best return ever. Sorry,
21:57
Speaker 3: that's with a six point five percent return. Yeah. The
22:01
Speaker 3: average rate of return of the Australian market is about
22:03
Speaker 3: nine point eight percent at this point in time. So
22:06
Speaker 3: like we're just being real conservative totally. And I prefer
22:09
Speaker 3: to be conservative because I'd prefer to underpromise over deliver. Yeah,
22:13
Speaker 3: but I'm telling you, right, now, if you do this
22:15
Speaker 3: and you retire and you're sixty seven, you have to
22:18
Speaker 3: call me up and be like, Va, oh you are coffee.
22:20
Speaker 2: Can I ask you something that's probably it's not personal advice.
22:24
Speaker 3: I think I just want I think it's an ask
22:26
Speaker 3: personal advice, so I'll deflect it.
22:27
Speaker 2: Thank you so very well. I think I just want
22:29
Speaker 2: peace of mind because I and this might shock you,
22:31
Speaker 2: but I'm thirty three years old and that part won't
22:34
Speaker 2: shock you, the fact that I'm thirty three actually, but
22:36
Speaker 2: because I look probably older. But I have, like I
22:39
Speaker 2: think I have seventeen thousand dollars in my super. Okay,
22:41
Speaker 2: do you feel like there's there's if I started right now,
22:44
Speaker 2: there's chance of me to be one hundred percent. Why
22:47
Speaker 2: would that not?
22:47
Speaker 3: That's very company like, Sorry, that's gonna happen for you anyway. Okay,
22:52
Speaker 3: So I'm quite aggressive when it comes to being your friend.
22:55
Speaker 3: I made you get an investment portfolio, and the next
22:59
Speaker 3: step was to cost you on your superannuation. Yes, yes, perfect, okay,
23:03
Speaker 3: co Well, just small contributions, because think about it, if
23:07
Speaker 3: we look at your super, you are behind yep. Is
23:10
Speaker 3: that the worst thing in the world. No, you're thirty three. Sorry,
23:14
Speaker 3: we've got thirty plus years before you retire. I've got
23:17
Speaker 3: all the time in the world. I also know that
23:21
Speaker 3: taking you as an individual, and this is not meant
23:23
Speaker 3: to be offensive, Taking you as an individual one of
23:27
Speaker 3: the best things. And again this isn't personal advice. This
23:31
Speaker 3: is just an example. One of the best things I
23:33
Speaker 3: can do is automate that for you. Yeah, because I
23:37
Speaker 3: know that if you came to me and said, Victoria,
23:39
Speaker 3: how do I do it? I want to contribute twenty
23:41
Speaker 3: five dollars extra to my super every single week. I go,
23:44
Speaker 3: that's a great idea, Beck. I'm glad that you had
23:46
Speaker 3: that and came up with that idea.
23:47
Speaker 2: All of them your own.
23:48
Speaker 3: It wasn't financial advice. So you came up with that
23:50
Speaker 3: idea and you came to me, I could say, well,
23:53
Speaker 3: you know, it's really easy. All you do is transfer
23:56
Speaker 3: every single week twenty five dollars.
23:57
Speaker 2: Yeah, are you going to do that? Probably not an
24:00
Speaker 2: my own? No, no, no, And that's okay.
24:02
Speaker 3: So we go, what's the best strategy for Beck at
24:05
Speaker 3: this point and for you personally? Knowing you well enough,
24:09
Speaker 3: I think out of sight, out of mind is the
24:11
Speaker 3: best strategy. So what we're going to do is talk
24:14
Speaker 3: to your employer and say, hey, employer, you've got all
24:18
Speaker 3: my superanuation details. You're going to email your HR and say,
24:22
Speaker 3: I would like to contribute an additional twenty five dollars
24:25
Speaker 3: a week or one hundred dollars a month to my superanuation.
24:27
Speaker 3: Can you please set that up so that every single month,
24:30
Speaker 3: before my pay comes into my account, it comes out beforehand,
24:33
Speaker 3: totally make sure I have no But I love and
24:38
Speaker 3: know you very well. I know you would give me
24:41
Speaker 3: a month and you already would have forgot that you
24:42
Speaker 3: set that up. But it's ticking away in the background,
24:45
Speaker 3: and twenty five dollars per week after tax like into
24:51
Speaker 3: your account. Honestly, I don't think personally you would notice
24:55
Speaker 3: it because I know your money type, because I know
24:57
Speaker 3: your spending type. It's not that you don't earn a
25:00
Speaker 3: good income, it's just if it's in your account, you
25:02
Speaker 3: offend it. So I'm just not going to let it
25:03
Speaker 3: hit your account. Yeah yeah, yeah, right, like I just
25:06
Speaker 3: took it off you already.
25:07
Speaker 2: Oh my god, thank you. V.
25:08
Speaker 3: So I think you just need to talk to yourself
25:11
Speaker 3: about what strategy is going to work here, Okay, because
25:14
Speaker 3: there are some people that are incredibly empowered by going
25:17
Speaker 3: in every single week and updating their spreadsheet and making
25:20
Speaker 3: these manual transfers and pop off queens. That could never
25:24
Speaker 3: be my ADHD journey. I wouldn't do to.
25:27
Speaker 1: I love it.
25:28
Speaker 3: I love the idea that I would update my spreadsheet
25:30
Speaker 3: every week. Yeah I don't. I just go back maybe
25:35
Speaker 3: once a month, and then update it quote on a
25:37
Speaker 3: weekly basis, so that I've got all the information. Yet
25:40
Speaker 3: it takes me a lot longer because I did it
25:42
Speaker 3: every month instead of every week, because I always let
25:44
Speaker 3: that stuff lapse. Of course, you just have to know
25:47
Speaker 3: yourself well enough to be honest with yourself.
25:50
Speaker 2: So are you behind?
25:51
Speaker 3: Yes?
25:51
Speaker 2: Does that matter?
25:52
Speaker 3: Absolutely not.
25:53
Speaker 2: That's cool.
25:54
Speaker 3: That is so comfidible. I don't care that you're behind.
25:56
Speaker 3: I care that you're sitting in this chair. I care
25:57
Speaker 3: that you're listening to this podcast yourself in the best
26:00
Speaker 3: possible position. And you know what, there are lots of
26:02
Speaker 3: people that are thirty three that don't even have seventeen
26:05
Speaker 3: thousand dollars in their super Yeah.
26:07
Speaker 2: So sorry, you're starting from somewhere exactly, and it's never
26:11
Speaker 2: too late to start if you start right now. Today
26:14
Speaker 2: I saw this lame.
26:15
Speaker 3: I don't know if it's lame. It's lame that I'm
26:17
Speaker 3: sharing it, but it wasn't a lame quote. The other
26:19
Speaker 3: day someone said, you're not starting again, You're just starting
26:21
Speaker 3: from here. Yeah, And I think that that's so much
26:24
Speaker 3: nicer than expecting that, Oh, Beck, start again, like wipe
26:28
Speaker 3: your slate clean. Yeah, and I'm just starting here. Yes, good,
26:32
Speaker 3: I just start from here.
26:33
Speaker 2: Oh my god, there's a way better way to look
26:36
Speaker 2: at it. So sorry. I hope that that helped.
26:39
Speaker 3: But we just had to know ourselves and our strategy
26:41
Speaker 3: and what would work best for us. And the only
26:43
Speaker 3: reason I know the answer to yours is because I
26:45
Speaker 3: know you so well. Yes, that other people might resonate
26:49
Speaker 3: with that and go, oh my god, like that's so
26:50
Speaker 3: me as well. Yeah, like if it was in my account,
26:52
Speaker 3: bloody spend it. But if you took it off me. Also,
26:56
Speaker 3: what's the harm in trying? What if we did that
27:00
Speaker 3: strategy for you, Beck, because that's what you personally decided,
27:04
Speaker 3: and then you're like, well, I'm actually short of cash
27:06
Speaker 3: every single month. Yeah, so let's email HR and turn
27:10
Speaker 3: it off totally.
27:11
Speaker 2: And then that money hasn't gone to waste. It's just practiced.
27:14
Speaker 2: We just tried it exactly.
27:16
Speaker 3: Okay.
27:16
Speaker 2: I really like that, Thank you, V. So tell me
27:18
Speaker 2: more about the options and like the portfolios and things
27:21
Speaker 2: like that.
27:22
Speaker 3: So like, I have not always been good at money,
27:24
Speaker 3: which I hope everybody knows. Like I wasn't born a
27:27
Speaker 3: financial advisor. I was born a finance girl, but didn't
27:30
Speaker 3: want to identify as a finance girl. I should have
27:33
Speaker 3: known from the start. My dad's an accountant. I'm born
27:35
Speaker 3: on the thirtieth of June. Like I was in athletics.
27:39
Speaker 2: That's so cute.
27:41
Speaker 3: I just I was real cool at school anyway. I
27:44
Speaker 3: just had my head in the sand about all of
27:46
Speaker 3: that because the school system that I grew up in
27:49
Speaker 3: didn't teach us about superannuation, So how else was I
27:52
Speaker 3: supposed to know? And I personally was using a balance
27:55
Speaker 3: to portfolio for a very long time because it was
28:00
Speaker 3: just when I filled in my superforms at my first
28:05
Speaker 3: ice cream shop job. That's just what I ticked because
28:08
Speaker 3: it said it was the most common, right, So I
28:10
Speaker 3: was like, yeah, all right, And I used a balance
28:12
Speaker 3: to portfolio in that first example because that's where most
28:16
Speaker 3: people default too. But I also have an example of
28:19
Speaker 3: what happens if you took that exact same person and
28:23
Speaker 3: she was going to retire with one hundred and eighty
28:25
Speaker 3: five ish thousand dollars more anyway, and switched to a
28:28
Speaker 3: growth option. Because remember before I was like, oh, I
28:30
Speaker 3: don't know if I would accept six point five. You
28:32
Speaker 3: might and that's fine, but I'm just opinionated and I'm
28:36
Speaker 3: just a growth girlye right. Remember, we are only doing
28:40
Speaker 3: employer contributions. The balance option landed at them having about
28:45
Speaker 3: two point four mil in retirement. But if they'd chosen
28:49
Speaker 3: the growth option from age let's call it thirty beck. Yeah,
28:52
Speaker 3: because we're not all starting at the age of eighteen,
28:55
Speaker 3: and I think that we need to get rid of
28:57
Speaker 3: examples like that because most of our listeners are not eighteen. Yes,
29:00
Speaker 3: it's gone through our late teens, and then we went
29:02
Speaker 3: through our early twenties and then maybe we've decided we
29:05
Speaker 3: need to get our shit together because thirty is real close.
29:07
Speaker 3: So let's use that as an example. Same salary, no
29:10
Speaker 3: extra money going in, Yes, so their balance could be
29:13
Speaker 3: four point eight nine million dollars. Wow, that's yeah, that's
29:18
Speaker 3: more than double and double. Yeah, it's more than double
29:20
Speaker 3: the outcome just from going in and changing her risk setting,
29:24
Speaker 3: not from putting in a single dollar.
29:26
Speaker 2: That's crazy, and that would have taken like if you
29:28
Speaker 2: remember your password and all your log in details that
29:31
Speaker 2: which you can reset your password. It's really annoying. Yeah,
29:34
Speaker 2: but that would take thirty seconds.
29:35
Speaker 3: Yeah, And we're not saying go in and change No,
29:38
Speaker 3: we're saying, go and do your risk profile and like
29:40
Speaker 3: make sure that that suits you. And then if it
29:42
Speaker 3: does suit you and you find that you are a
29:45
Speaker 3: growth investor, well why the hell you imbalanced? Totally you're
29:49
Speaker 3: in the wrong room, babe.
29:50
Speaker 2: You're in the wrong room. You walked into the wrong
29:52
Speaker 2: class at school, exactly. You got to get up and
29:54
Speaker 2: get out.
29:55
Speaker 3: Otherwise you're not learning what you need to learn, and
29:57
Speaker 3: you're not accessing what you need to access.
29:59
Speaker 2: And it's cost to yeah.
30:00
Speaker 3: Yeah, And so that just shows how small choices can
30:04
Speaker 3: make massive impact over decades. Like none of this and
30:07
Speaker 3: I'm really sorry. In twenty twenty five, we are all
30:11
Speaker 3: instant gratification girlies. This is long term gratification, and that's okay,
30:16
Speaker 3: But you don't have to suddenly throw thousands of dollars
30:19
Speaker 3: into souper. Sometimes it's just about checking that you're in
30:22
Speaker 3: the right investment option and making like one tiny tweak
30:25
Speaker 3: and then saying say good night and then wake up
30:29
Speaker 3: thirty years later in WHOA.
30:30
Speaker 2: That's so true, right, I have to know what if
30:33
Speaker 2: the growth option added twenty five.
30:35
Speaker 3: Dollars week, so you're like making extra contributions in addition, yes,
30:39
Speaker 3: in addition, So like, let's do the same example. We
30:42
Speaker 3: already know that that person, if they're inside the growth option,
30:45
Speaker 3: are at the age of sixty seven.
30:47
Speaker 2: Our preservation age crazy word, Yes.
30:50
Speaker 3: But I'm trying to like drill it into you so
30:51
Speaker 3: that you understand it, because that's how the government communicates
30:54
Speaker 3: with us. Yes, so they talk about your preservation age,
30:56
Speaker 3: and if they are talking about that, that's the age
30:59
Speaker 3: at which you're able to access every single dollar in
31:01
Speaker 3: your superannuation tax free. Yes, ma'am preservation. That's great because
31:05
Speaker 3: I'm so old I need to be preserved exactly. So
31:10
Speaker 3: they would retire at the age of sixty seven with
31:12
Speaker 3: four point eight nine million dollars, yes, right, so then
31:16
Speaker 3: that's just base contributions. Then they're like, I really want
31:19
Speaker 3: to add twenty five dollars extra because I heard the
31:21
Speaker 3: example Beck and v were talking about, Yeah, that balance
31:24
Speaker 3: actually grows to five point two to two million dollars. Okay,
31:27
Speaker 3: so that's an extra three hundred and thirty thousand dollars.
31:32
Speaker 3: But for the same contribution she made when she didn't
31:34
Speaker 3: have a high growth portfolio, she had balanced to forty
31:37
Speaker 3: eight thousand dollars. Yeah, so over that time, you can
31:39
Speaker 3: make a decision, right, So do you want to save
31:42
Speaker 3: your money or do you want to invest your money back?
31:44
Speaker 3: If you save your money, you'll end up with forty
31:46
Speaker 3: eight thousand dollars. If you invest your money over the
31:49
Speaker 3: same period of time, three hundred and thirty thousand dollars.
31:51
Speaker 2: Which one would you like to take home?
31:53
Speaker 3: Well, that's a hard one.
31:54
Speaker 2: Yeah, we can't give you advice, but like, you make
31:57
Speaker 2: a decision for you, right. That's crazy.
32:00
Speaker 3: Just to put that into perspective, the person who stayed
32:03
Speaker 3: in that balanced option with no extras, so still in balance, yeap,
32:08
Speaker 3: would have about two point four to two million.
32:10
Speaker 2: Dollars, which ain't anything to sneeze at.
32:12
Speaker 3: And then the person who switched to growth and then
32:14
Speaker 3: was like, oh, I really want to do an extra
32:15
Speaker 3: twenty five dollars a week Like that wouldn't you know,
32:18
Speaker 3: blow my budget out. Yeah, they retire with five point
32:21
Speaker 3: two two million dollars. That's like a difference of two
32:26
Speaker 3: point eight million dollars for the same starting balance, the
32:29
Speaker 3: same salary, only twenty five dollars a week extra. So
32:33
Speaker 3: remember those ads, you remember the hest ads like but
32:37
Speaker 3: do this and stand at the escalators and ones going
32:39
Speaker 3: up the escalator and the others on the broken escalator. Yes,
32:42
Speaker 3: that's what we're thinking. I see. Oh my god.
32:45
Speaker 2: Okay, So it's a lot of numbers. It's a lot
32:47
Speaker 2: of numbers.
32:48
Speaker 3: But what I want you to take from this is
32:50
Speaker 3: if you take action and you put yourself in the
32:53
Speaker 3: right possible position, there's a lot more numbers in your
32:56
Speaker 3: bank account. Yes, I see.
32:58
Speaker 2: Okay, So I think this was a good time to
33:00
Speaker 2: let our brains kind of have a little rest. Let's
33:02
Speaker 2: take a second to process it, take a really quick break.
33:05
Speaker 3: Oh and a little sub note from me, because my
33:08
Speaker 3: financial advisor, or my ex financial advisor hat goes on.
33:12
Speaker 3: I also need to say past performance is not a
33:15
Speaker 3: reliable predictor of future performance, which has been drilled into
33:18
Speaker 3: me time and time again, really legally, because if we're
33:22
Speaker 3: going to start talking about you know, performance and returns
33:25
Speaker 3: and consistent returns like go, go, look at the Vanguard
33:28
Speaker 3: index chart. We know that people who invest consistently over
33:33
Speaker 3: a thirty plus year period of time do not lose
33:36
Speaker 3: money in the market. But we also can't predict what's
33:39
Speaker 3: going to happen into the future. So I don't want
33:41
Speaker 3: you being like, wow, I listened to this podcast and
33:43
Speaker 3: it's an absolute guarantee, Like I just have to put
33:46
Speaker 3: my financial advisor hat on it, and I'm going to
33:48
Speaker 3: take it off because we're going to talk about some
33:50
Speaker 3: like fun stuff after it go to a break, and
33:53
Speaker 3: on the flip side, we'll dive back in and I'll
33:55
Speaker 3: be less formal. Right before the break, I threw a
34:01
Speaker 3: lot of numbers and a big disclaimer at you. But
34:03
Speaker 3: the key takeaway, my friend, is that tiny contributions plus
34:07
Speaker 3: the right risk option can literally add millions to your
34:10
Speaker 3: supranuation balance. That's crazy. I want to be rich. I
34:13
Speaker 3: don't know about you. That sounds like a terrible thing
34:15
Speaker 3: to say sometimes, but like, do you want to be
34:17
Speaker 3: rich too? Yeah? I think i'd like that. Yeah, I
34:18
Speaker 3: think it'd be good. Like imagine not thinking before you
34:22
Speaker 3: tap your cart.
34:22
Speaker 2: Oh my god, the amount of times I have to
34:24
Speaker 2: I always transfer myself first, I'm like, where am I
34:27
Speaker 2: going to take.
34:27
Speaker 4: It out of?
34:27
Speaker 1: Now?
34:27
Speaker 2: It's like to be financially comfortable.
34:30
Speaker 3: But also sorry, now we've got these options and Beck,
34:33
Speaker 3: you're only thirty three, Like we can actually plan to
34:36
Speaker 3: be rich. Yeah yeah, sorry, it's actually not beyond you
34:39
Speaker 3: to just get rich af Yeah, so like let me
34:42
Speaker 3: help you do that? Oh my god, because like then
34:44
Speaker 3: you could be your own sugar mamma. That's a good deal, right,
34:48
Speaker 3: thank you. Also, I want to remind you that the
34:51
Speaker 3: free tool we spoke about in that first episode, it's
34:55
Speaker 3: called how much super do I really Need? That is
34:58
Speaker 3: a very very cool tool that we're going to revisit.
35:00
Speaker 3: Right So, in the Government's Money Smart super Calculator, there's
35:04
Speaker 3: like a little section where you can actually play around
35:08
Speaker 3: with adding different contribution amounts and it will actually calculate
35:11
Speaker 3: the difference it will make to your superbalance over the
35:14
Speaker 3: long term. Because you might go, well, V, I can't
35:16
Speaker 3: afford an extra twenty five bucks a week, and I go, yeah,
35:19
Speaker 3: like I get it, I really do. I'm just giving
35:21
Speaker 3: you examples and want you to be excited about maybe
35:25
Speaker 3: doing this and you go, well, I could do five bucks. Great, Great,
35:29
Speaker 3: that's somewhere to start, because then maybe a couple of
35:32
Speaker 3: months later, you've got a little bit extra wiggle room
35:34
Speaker 3: and at seven dollars, like, we're not talking that you
35:37
Speaker 3: have to make these big, grand commitments. I mean you
35:39
Speaker 3: might turn around and be like, fire out. My partner
35:43
Speaker 3: and I we're double income, no kids. Why aren't we
35:46
Speaker 3: doing this while we're in a more luxurious position? Yeah,
35:50
Speaker 3: good question. Yeah, but if you are hamstrng goal like
35:53
Speaker 3: gets it? Yeah? I just I feel like I just
35:56
Speaker 3: don't want anyone to listen to our content back and
35:58
Speaker 3: be like, wow, that wasn't for me. Yeah, totally. Like
36:01
Speaker 3: even if you don't have extra cash, have you not
36:03
Speaker 3: got the education? Now? Like if your friend's like, oh
36:06
Speaker 3: my god, I've started saving extra twenty five bucks at
36:08
Speaker 3: your new friend Olivia's Bark or Jernie's Queer Bar, which
36:12
Speaker 3: we're very excited about. But it's got beautiful branding.
36:15
Speaker 2: Who did that? Oh well, I could say a little
36:19
Speaker 2: non paid graphic design named ex head.
36:22
Speaker 3: I think you might get a few drinks out of
36:24
Speaker 3: that though, Yeah, a couple of little cheeky soda waters
36:28
Speaker 3: where she could do. But if you're at Bernie's Bar
36:31
Speaker 3: and your friend is like, oh, I've got like some
36:33
Speaker 3: stuff I've started to save, I can almost guarantee you'll
36:36
Speaker 3: be like, so have you thought about Super?
36:38
Speaker 2: Or so have you been investing?
36:39
Speaker 3: Like these conversations are going to happen and we benefit
36:42
Speaker 3: the whole community totally.
36:44
Speaker 2: You don't even have to be doing it yourself.
36:46
Speaker 3: It might not benefit you right now because we just
36:48
Speaker 3: don't have the cash and we're relying on the free
36:50
Speaker 3: soda waters.
36:51
Speaker 2: Absolutely in the future, it will. A penny saved is
36:55
Speaker 2: a penny. And they say, exactly are the rules on
36:57
Speaker 2: how much you can add to your superreachier? Is there
36:59
Speaker 2: a cap or a minimum?
37:00
Speaker 3: Good question back, because there are government caps on literally
37:04
Speaker 3: how much you can put into Super and it changed.
37:07
Speaker 3: You're before tax contributions like the Super guarantee, salary sacrificing
37:12
Speaker 3: or anything that you are claiming a deduction for. The
37:15
Speaker 3: cap is thirty thousand dollars a year from July twenty
37:19
Speaker 3: twenty five. Okay, that's increased, which is kind of sexy.
37:23
Speaker 3: This includes your employers twelve percent, So that's where it's
37:27
Speaker 3: not like an additional thirty grand which would be nice.
37:30
Speaker 2: Unrelatable, but nice.
37:32
Speaker 3: So for example, if you're on like a median wage
37:35
Speaker 3: of eighty eight thousand, four hundred dollars, that's already about
37:39
Speaker 3: ten thousand, six hundred dollars that's going into your SUPER.
37:42
Speaker 3: So that then leaves you with nineteen than four hundred
37:45
Speaker 3: dollars worth of extra wiggle room if you want a
37:48
Speaker 3: salary sacrifice. Okay. There's also a very cool rule which
37:53
Speaker 3: you might not care so much about when you're young,
37:55
Speaker 3: but as you get a little bit older and maybe
37:57
Speaker 3: you haven't been making the most of your caps or
37:59
Speaker 3: your life, Oh my god, what do I do? Like,
38:02
Speaker 3: you know, I've got all of this cash saved because
38:04
Speaker 3: I was being real conservative and I'm just not you know,
38:06
Speaker 3: I wasn't ready to put it in Super, but now
38:08
Speaker 3: I really want it in Super. There's a really cool
38:10
Speaker 3: rule called the carry forward rule. Okay, and if your
38:14
Speaker 3: superanuation balance is under five hundred thousand dollars, you can
38:18
Speaker 3: actually use easy any of your unused concessional cap space
38:23
Speaker 3: from the past five years. Really yep, So if every year, like,
38:26
Speaker 3: let's go back to that eighty eight thousand dollar example,
38:29
Speaker 3: so your salary's eighty eight grand. You're making about ten
38:33
Speaker 3: six hundred dollars of contributions just as you're twelve percent,
38:36
Speaker 3: and you've got nineteen thousand left every single year. You
38:40
Speaker 3: could do nineteen nineteen nineteen and then bring it all
38:44
Speaker 3: forward if you had a heap of savings or you
38:46
Speaker 3: got a inheritance or came into a lump sum of
38:49
Speaker 3: money and drop it in and still only pay fifteen
38:52
Speaker 3: percent taps.
38:53
Speaker 2: So good.
38:54
Speaker 3: The important thing is when you drop it in, you
38:56
Speaker 3: need to let your superanuation know that you will be
38:59
Speaker 3: claiming that on tax, and that's a separate form. Yeah, okay,
39:03
Speaker 3: miss it, lose it, yep, don't get to claim it.
39:06
Speaker 3: And that's bullshit. Yeah yeah, So I'm just calling it
39:10
Speaker 3: out if you're like, that's a great thing. I didn't
39:12
Speaker 3: realize I could do that, and you just dump it
39:13
Speaker 3: in your super and then you do not tell your
39:15
Speaker 3: superannuation company that you're planning on claiming that on your
39:19
Speaker 3: tax return this year, and then it passes and you
39:21
Speaker 3: haven't done your tax. There's not a lot of wiggle room.
39:24
Speaker 2: That's so mean. Yeah, yeah, but this is huge.
39:28
Speaker 3: So this is huge for people who have had time
39:31
Speaker 3: off work or you're only starting to contribute later.
39:33
Speaker 2: Like it's like the catch up.
39:35
Speaker 3: So you know how you were saying before V I
39:36
Speaker 3: only have bloody seventeen thousand dollars in my SuperM I behind. Yeah, well,
39:40
Speaker 3: yes you're behind. But hypothetically you can also use your
39:44
Speaker 3: unused cap if you wanted to into the future. Yeah,
39:47
Speaker 3: so like we can top it up, we can work
39:49
Speaker 3: it out if we have access to cash. Absolutely. Now,
39:52
Speaker 3: our non concessional contributions these are our after tax moneies
39:58
Speaker 3: that you deposit into a super count, and the cap
40:01
Speaker 3: for this is one hundred and twenty thousand dollars a year,
40:05
Speaker 3: which is a lot of money, unrelatable but like just
40:08
Speaker 3: good to know. Or up to three hundred and sixty
40:11
Speaker 3: thousand dollars at once. Okay, if you trigger the carry
40:14
Speaker 3: forward rule and your balance is below the threshold.
40:17
Speaker 2: Before or after or it doesn't matter. What do you mean,
40:19
Speaker 2: Like if you put the three hundred sixty thousand dollars
40:21
Speaker 2: for example, and then now it's over.
40:24
Speaker 3: Yeah, the threshold yep, so you can dump it in
40:27
Speaker 3: if your income plus super contribution is over like two
40:31
Speaker 3: hundred and fifty thousand dollars, your concessional contributions are actually
40:35
Speaker 3: taxed at thirty percent instead of the fifteen. Oh, so
40:39
Speaker 3: that's still a better deal. That's still a better deal. So,
40:41
Speaker 3: like you're paying close to like forty five percent tax
40:44
Speaker 3: at that rate, so you're still getting a discount, but
40:46
Speaker 3: it's definitely not that fifteen percent. Sure, So like that
40:49
Speaker 3: is probably why it's unrelatable, because like, I don't know
40:52
Speaker 3: that many people unless I have worked with like high
40:55
Speaker 3: income earners or I've worked with, you know, people who
40:58
Speaker 3: have inheritances who are dropping in three hundred and sixty
41:01
Speaker 3: thousand at once.
41:01
Speaker 2: Yes, but I've seen it, like it happens.
41:04
Speaker 3: You're just on a non favorable tax rate, but it's
41:07
Speaker 3: still better than the tax rate you'd pay. Totally, it's
41:10
Speaker 3: better than to kick in the pants, you know, absolutely. Okay, Well,
41:14
Speaker 3: I gotta tell you it's a lot to take in.
41:15
Speaker 3: But I do want to move on to this next
41:18
Speaker 3: one because we get this question constantly community.
41:22
Speaker 2: They always want to know should they be putting extra
41:25
Speaker 2: into this super or investing outside of super. I can't
41:29
Speaker 2: tell you.
41:30
Speaker 3: I can't say I can't tell you, but I think
41:33
Speaker 3: that I've given a little bit of context along the way, right, Yeah, great,
41:37
Speaker 3: Like I've told you what I do, Yes, And I
41:39
Speaker 3: think that might be helpful, especially if you're trying to
41:41
Speaker 3: make your own decisions, not because you want to copy me,
41:44
Speaker 3: but because it's good to kind of crowdsource. Oh what
41:46
Speaker 3: are you doing, Becko? What are you doing?
41:47
Speaker 1: Then?
41:47
Speaker 3: Like you just find things that you might be comfortable with,
41:50
Speaker 3: or you might find things you're like, I'm not comfortable
41:52
Speaker 3: with that. Like someone might be listening to this beck
41:54
Speaker 3: and being like, holy shared, Victoria. Did you know she
41:57
Speaker 3: doesn't take advantage of super in the world that she could, Like.
42:01
Speaker 2: That's so dumb.
42:03
Speaker 3: That's fine, totally, Like there's actually no right or wrong
42:07
Speaker 3: when it comes to what's happening, And it really depends
42:10
Speaker 3: on your personal goals and your personal timing. So if
42:13
Speaker 3: you need and this is just all general, just like
42:16
Speaker 3: what usually happens in financial advice land.
42:19
Speaker 2: If you need the money before you're sixty years old, that's.
42:22
Speaker 3: When you should look at investing outside of super Yes, Okay,
42:26
Speaker 3: if your goal is to purchase your first home. For
42:29
Speaker 3: first home buyers, the first Home super Savor scheme let's
42:32
Speaker 3: you save up to fifteen thousand dollars a year, or
42:35
Speaker 3: a total of fifty grand through SUPER that you can
42:38
Speaker 3: then withdraw later. So you might want to be making
42:41
Speaker 3: those non concessional contributions. Yeah, okay, so that you can
42:44
Speaker 3: draw down on them later.
42:46
Speaker 2: For a home deposit, I've always wondered what the benefit
42:48
Speaker 2: of that. Do you also get the interest that's paid
42:51
Speaker 2: onto it, Oh, fifteen percent super? So you like yes.
42:55
Speaker 3: So let's say you've got your house deposit saved and
42:58
Speaker 3: like you know, you're slowly chipping away and you've got
43:00
Speaker 3: fifteen grand sitting there, pop it into SUPER and then
43:04
Speaker 3: pull it out for your house and you've got an
43:06
Speaker 3: extra fifteen percent back on that money. So true, it's
43:09
Speaker 3: like legal money laundering. Wow. When I put it that way,
43:14
Speaker 3: it gets a little bit sexier, a little bit riskier.
43:16
Speaker 1: Yeah.
43:17
Speaker 3: Yeah yeah. So inside superannuation you are taxed on fifteen
43:21
Speaker 3: percent on earnings versus your marginal tax rate outside in
43:25
Speaker 3: retirement phase up to two million dollars is completely tax free,
43:29
Speaker 3: my god. And then outside of SUPER, like you've got
43:32
Speaker 3: more flexibility, Like obviously you can access it before the
43:36
Speaker 3: age of sixty, but you also pay your marginal tax
43:40
Speaker 3: rate with capital gains tess counts and franking credits and
43:43
Speaker 3: all of that and we try and make it make
43:44
Speaker 3: as much sense and make it as beneficial as possible,
43:47
Speaker 3: but goal you're still paying your marginal tax rate. Absolutely.
43:50
Speaker 2: And for those who have no idea franking credits that,
43:54
Speaker 2: we have an episode about that.
43:55
Speaker 3: Yeah, we have a whole episode of franking credits. If
43:58
Speaker 3: you want a cute little like tld A, frankin credit
44:01
Speaker 3: is an IOU that comes with your return to say,
44:05
Speaker 3: this company that I've invested in has already paid tax
44:09
Speaker 3: on my behalf, so please don't.
44:11
Speaker 2: Double tax me.
44:12
Speaker 3: Yes, okay, yep, yep, yep, I owe you that's connected
44:16
Speaker 3: to your share.
44:16
Speaker 2: I see, I see, I see okay, So what about
44:19
Speaker 2: insurance and super? Can you explain how?
44:20
Speaker 3: Okay, Okay, I'm glad you brought that up because I
44:23
Speaker 3: have in stress in balls because so many people hopefully
44:28
Speaker 3: are like, oh my god, they beck, we're so inspired.
44:30
Speaker 3: We want to go and change our super immediately. But
44:32
Speaker 3: please don't do that very quickly, because historically default insurance
44:38
Speaker 3: was just a given on your super. So you'd like
44:40
Speaker 3: sign up. When I was younger, I would sign up
44:42
Speaker 3: for a Super and then I would immediately have insurances
44:44
Speaker 3: attached to that, and those insurances are.
44:47
Speaker 2: Like Hen's teeth. They are.
44:50
Speaker 3: I'm not going to say they're the best insurance in
44:52
Speaker 3: the entire world, because like they might not be. But
44:55
Speaker 3: you didn't have to do any health check for that, Beck. Yeah. True.
44:59
Speaker 3: So like I'm I'm going to give you a really
45:01
Speaker 3: morbid example that's going to make a lot of sense. Yes,
45:04
Speaker 3: I'm going to use you as an example, but yes,
45:05
Speaker 3: I love you, But also I think you'll find it funny.
45:08
Speaker 2: Beck gloves of ape.
45:09
Speaker 3: We know Beck gloves of ape, right, Yeah, absolutely?
45:11
Speaker 2: Yeah.
45:11
Speaker 3: So if I sent you down to my friends at
45:14
Speaker 3: Skywealth and said, do Beck's insurances, they would do your
45:18
Speaker 3: health questionnaire and you would tell them, yeah, I vape,
45:22
Speaker 3: and then the insurance company would say, okay, Beck, thanks
45:25
Speaker 3: for that information. So what we're going to do is
45:28
Speaker 3: exclude lung cancer and not cover you for lung cancer
45:32
Speaker 3: in the event that that happens, because you're personally choosing
45:36
Speaker 3: to vape, and you know, obviously we just don't want
45:39
Speaker 3: to pay for that. It's too much risk, but we'll
45:41
Speaker 3: give you the insurance, but there's this exclusion for that. Right.
45:44
Speaker 3: The same thing could happen if you were like a
45:46
Speaker 3: Keen netballer and you had a really bad knee injury.
45:49
Speaker 3: And then we go and do that same health questionnaire,
45:52
Speaker 3: and your insurer is going to go, look, you're a
45:54
Speaker 3: pretty high risk of another knee injury because you already
45:57
Speaker 3: have like basically a compromised body part. So we'll cover
46:00
Speaker 3: you for everything except for your knee. Ye.
46:02
Speaker 2: Right.
46:02
Speaker 3: So they have these things called exclusions, and for a
46:06
Speaker 3: lot of us, you might go, well, I'm fit and
46:08
Speaker 3: healthy and fine, okay, fine, pop off, queen, go get
46:11
Speaker 3: your insurances done while you are. For some of us,
46:14
Speaker 3: we get mental health exclusions because we've been very honest
46:18
Speaker 3: about our situation men in therapy, and there's been a
46:20
Speaker 3: lot going on. But most funds, so most super funds,
46:24
Speaker 3: if we have this default insurance, go. You could go
46:27
Speaker 3: and get lung cancer and still be covered because it
46:30
Speaker 3: was default and they just gave you blanket insurance. They
46:33
Speaker 3: didn't do the health questionnaire, they didn't check your knee,
46:35
Speaker 3: they didn't check pre existing conditions. And you know what,
46:38
Speaker 3: if you have a pre existing condition, or you do
46:40
Speaker 3: something more risk averse, like a vape. And I'm just
46:44
Speaker 3: using that as an example because I do not endorse
46:46
Speaker 3: vaping and I know you don't either. Well, no, but
46:49
Speaker 3: you still like it. That can do it. You can't.
46:53
Speaker 3: But most super funds automatically include some level of insurance,
46:57
Speaker 3: and if you go and change your super fund today,
47:00
Speaker 3: it just cancels that insurance. And the way that the
47:03
Speaker 3: legalities of the super industry and the insurance industry happens,
47:07
Speaker 3: you don't automatically.
47:08
Speaker 2: Get it in your new fund anymore.
47:10
Speaker 3: Yeah, okay, So I need you to make sure that
47:13
Speaker 3: if you have income protection, if you have life insurance,
47:17
Speaker 3: or you have some type of total and permanent disability
47:19
Speaker 3: or TPD inside your super maybe let's check if we
47:23
Speaker 3: need to keep that. And at that point, if you
47:27
Speaker 3: still want to keep that and move super, you can.
47:29
Speaker 3: I actually have two super funds for this reason. So
47:32
Speaker 3: I have one superanuation fund that is my old super
47:35
Speaker 3: that has a good insurance policy for life insurance inside
47:38
Speaker 3: of it, and I actually keep I think it's like
47:41
Speaker 3: two thousand dollars in that super fund, yeah, just to
47:43
Speaker 3: pay the fees and make sure it never dips below
47:45
Speaker 3: and that you know, I get to keep that insurance.
47:47
Speaker 3: And then all of my other super is in my
47:49
Speaker 3: preferred superannuation fund. Yeah. Nice, but if you didn't know,
47:53
Speaker 3: you would just go and roll over to a different
47:55
Speaker 3: fund and then miss out on something that could potentially
47:58
Speaker 3: change yours or your families life if something bad happened. Yeah, right,
48:02
Speaker 3: So I would say it is absolutely worth being aware
48:05
Speaker 3: about what your soup, like what you've got in your super,
48:08
Speaker 3: because if you change or you consolidate funds without checking,
48:11
Speaker 3: like that insurance disappears. You can't just go back and
48:13
Speaker 3: be like, oh, hey, sorry, that was an accident. I
48:15
Speaker 3: didn't yea, I didn't want that. They're gonna be like,
48:17
Speaker 3: absolutely not, We're glad you're gone. Like they're going to
48:20
Speaker 3: be like, we've been trying to get people out of
48:22
Speaker 3: this because we didn't do the health check and now
48:25
Speaker 3: a lot.
48:25
Speaker 1: Of us do.
48:26
Speaker 3: Yeah. So yeah, if you were through the gates, don't
48:29
Speaker 3: come back out without like a stamp on your wrist,
48:31
Speaker 3: because they're not going to let you back in the club. No,
48:33
Speaker 3: oh my god.
48:34
Speaker 1: You know.
48:34
Speaker 2: So you can also set up.
48:36
Speaker 3: Policies outside of superannuation that are tailored to you, but
48:39
Speaker 3: still have like premiums deducted from your super as well.
48:42
Speaker 3: I don't know if lots of people notice that, you
48:44
Speaker 3: could go do your insurances and have it paid from
48:47
Speaker 3: your super since not coming out of your cash flow,
48:49
Speaker 3: so that way you don't lose the cash flow, but
48:52
Speaker 3: you also get the cover that you need. And I
48:55
Speaker 3: guess that's where you know, calling your fund or working
48:58
Speaker 3: with we've had feels from sky Wealth on the show before,
49:02
Speaker 3: can actually help you. They'll walk you through what cover
49:05
Speaker 3: you've got, what you might need, and I guess how
49:07
Speaker 3: to structure that to protect you without paying for extras
49:10
Speaker 3: that you don't need. And I guess that's a shameless
49:12
Speaker 3: plug for sky Wealth basically because they're my financial advisors
49:17
Speaker 3: for my personal insurances. They did mine, they did my husband's,
49:21
Speaker 3: They've updated it since I had Harvey. They update it
49:23
Speaker 3: when I get, you know, different debt situations. Slack and
49:27
Speaker 3: most of my team have gone through them as well,
49:29
Speaker 3: and we actually refer a lot of people in our
49:31
Speaker 3: community there just because they do good and they be
49:33
Speaker 3: good and I don't know, sometimes you just want a
49:36
Speaker 3: good recommendation. You can also top up your super to
49:39
Speaker 3: cover insurance if you're like, oh, well, I don't want
49:41
Speaker 3: it eating away at my returns. VE like, I want
49:44
Speaker 3: more insurance, but I don't want it at the compromise
49:46
Speaker 3: of my you know, retirement. Well, you could top up
49:50
Speaker 3: your super with those additional contributions so that you get
49:53
Speaker 3: the tax savings. We pay for it inside super and
49:56
Speaker 3: it's fifteen percent instead of thirty. Oh clever, got he's clever.
49:59
Speaker 2: Yeah.
49:59
Speaker 3: But so your financial advisor, like if you went and
50:02
Speaker 3: saw Skywealth, that just tell you how to do that properly.
50:04
Speaker 2: Absolutely, so you can call your super fun for literally
50:08
Speaker 2: anything appearances.
50:10
Speaker 3: Yeah, you could ask them about everything. I mean, they're
50:12
Speaker 3: probably not that good at giving life advice. They do
50:16
Speaker 3: often offer free financial advice, yes, but it's constrained to
50:20
Speaker 3: your super funds. They can't be like, oh, yeah, Beck,
50:22
Speaker 3: he's how to save for your next holiday to Thailand
50:25
Speaker 3: because you enjoyed that so much. But you could call
50:28
Speaker 3: them up and ask them to explain your options, your
50:30
Speaker 3: fees and like your insurances in plain English. They are
50:34
Speaker 3: just people that work there and know it really well.
50:37
Speaker 3: They could also help you set up a salary sacrifice.
50:40
Speaker 3: They could also model things for you, so you can
50:42
Speaker 3: get them like get them to work. Yeah, you give
50:44
Speaker 3: me an example of what an extra twenty dollars a
50:46
Speaker 3: week could look like over the next decade.
50:48
Speaker 2: What about twenty five. What about thirty, Like put them
50:51
Speaker 2: to work.
50:52
Speaker 3: They're not going to like me saying that, but you're
50:53
Speaker 3: paying super fees so that you access this service.
50:56
Speaker 2: Use the service. I just think that we should be
50:58
Speaker 2: using it. Okay, Well, I don't know about you, but
51:01
Speaker 2: my brain is full in a good way.
51:04
Speaker 3: I'm not gonna lie. I think I need a cup
51:05
Speaker 3: of tea.
51:06
Speaker 2: Yeah, it might be nice.
51:07
Speaker 3: I feel like I need to just I've been yapping.
51:09
Speaker 3: I'm so excited about this, and I guess my hope
51:12
Speaker 3: for this episode is that if you were starting to
51:15
Speaker 3: feel like you were a little bit behind, you finished
51:17
Speaker 3: this episode and you're like, oh, it's actually not that bad.
51:20
Speaker 3: Like I have a pretty clear idea of what I'm doing.
51:22
Speaker 3: I'm a very capable human being. I could totally set
51:25
Speaker 3: this up, and you're ready to take another small step
51:28
Speaker 3: in the right direction for Future You. So if that happened,
51:32
Speaker 3: please go and do that, like yes, follow the momentum.
51:35
Speaker 3: And if you loved this episode, obviously please hit subscribe
51:39
Speaker 3: because we've got plenty more episodes coming that are going
51:42
Speaker 3: to put future You in the best possible position. And
51:45
Speaker 3: share it with your bestie so that you can both
51:46
Speaker 3: be holidaying in Europe together in retirement, like you're.
51:49
Speaker 2: Already yacht or something.
51:50
Speaker 3: I don't know.
51:50
Speaker 2: Absolutely, we'll see you guys on Friday. Bye bye.
52:01
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52:03
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52:07
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