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The Secret to Managing Your Super — And It’s Not an SMSF! · She's On The Money

0:00
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yor
0:04
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
0:22
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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Speaker 1: and the storytelling of you to make a difference for
0:30
Speaker 1: today and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it.
0:34
Speaker 3: She's on the Money, She's on the Money.
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Speaker 4: Hello and welcome to She's on the Money. The podcast
1:00
Speaker 4: is about the bank balance of future you as much
1:02
Speaker 4: as today you do. You ever see the letters SMSF
1:06
Speaker 4: and wonder what does that stand for? But you kind
1:08
Speaker 4: of hear people talking about it and setting up their
1:11
Speaker 4: own self managed super fun and have you ever thought like,
1:14
Speaker 4: am I supposed to be doing that?
1:15
Speaker 1: Well?
1:15
Speaker 4: Honestly kind of same. I am excited and joining me
1:19
Speaker 4: today our expert in all things finance and the woman
1:22
Speaker 4: asking themselves turned to when they needed the lowdown on
1:25
Speaker 4: millennials and their superannuation. Victoria Devine.
1:28
Speaker 2: That's such a flex, isn't it. I know that's actually
1:30
Speaker 2: it was like probably my biggest career flex that is
1:33
Speaker 2: really really cood. Oh well, as wanted my advice.
1:36
Speaker 4: So it's like Jesus coming to you and be like, hey,
1:39
Speaker 4: what should I write in the Bible?
1:41
Speaker 2: No it's not, but I'm not gonna correct you. I
1:44
Speaker 2: love that for us. I get asked about SMSF or
1:47
Speaker 2: self managed super all the time. You know, when you
1:49
Speaker 2: get super motivated and you're gonna do a really big
1:52
Speaker 2: DIY project, but then halfway through, you're like me deep
1:55
Speaker 2: in paint. You're standing there and you're.
1:57
Speaker 4: Like, why did I decide.
1:59
Speaker 2: To do this? I don't know what I'm doing. I've
2:01
Speaker 2: messed so much up. I need to hire a pro,
2:04
Speaker 2: and it might now cost me a bit more because
2:06
Speaker 2: I've made all these mistakes that need unwinding. Well that's
2:10
Speaker 2: kind of what an SMSF can feel like. Yeah, sure
2:14
Speaker 2: you get to do it all yourself, beck absolutely, but
2:16
Speaker 2: sometimes it's a lot more work than it's worth. So
2:21
Speaker 2: today I decided it was time we're going to break
2:24
Speaker 2: down why managing your own super fund It sounds great
2:27
Speaker 2: in theory, but it can often turn more into a
2:31
Speaker 2: DIY nightmare than a dream. And I think that that
2:34
Speaker 2: is very poignant at the moment, because I've seen a
2:37
Speaker 2: lot of people in our community asking should I have
2:40
Speaker 2: an SMSF my friends set up one, or my parents
2:43
Speaker 2: set up one, or most alarming to me, someone approached
2:46
Speaker 2: me and said I could use the entire and mounting
2:50
Speaker 2: my superannuation and buy a property with it. There are
2:53
Speaker 2: red flags flying, Beck, they are flying, They're flying high.
2:57
Speaker 4: Yes, I used to think the same thing as well.
2:59
Speaker 4: I wanted to start my own I'm like, if I
3:00
Speaker 4: have full access to my super and no one's gonna
3:03
Speaker 4: ask me questions, it's not the case. I realize it's very,
3:05
Speaker 4: very illegal.
3:06
Speaker 2: It's very scary. I mean, it's not illegal to have
3:08
Speaker 2: access and invest on your own terms, absolutely.
3:10
Speaker 4: Not right, but to use it for your groceriason.
3:13
Speaker 2: Oh, no, we're not doing that, babe, Yes, absolutely not.
3:16
Speaker 4: I thought it sounded really good, but then yes, I
3:18
Speaker 4: realized I'm not allowed to do that. But I've always
3:20
Speaker 4: wanted to know about it because it kind of sounds fancy,
3:22
Speaker 4: and like, who doesn't want more control? Should we start
3:24
Speaker 4: with what a self managed super fund actually is.
3:26
Speaker 2: I think it sounds really glamorous. Like when I used
3:29
Speaker 2: to be a financial advisor, I'd have people come in
3:31
Speaker 2: and they would say, I really want to have a
3:33
Speaker 2: self managed super fund, and I feel like people thought
3:36
Speaker 2: that was a flex. So I used to have people
3:39
Speaker 2: come in and they would be like, well, I want
3:41
Speaker 2: to have complete control. And I'd be thinking in the
3:43
Speaker 2: back of my mind, like you do have complete control,
3:46
Speaker 2: and they'd be like, I need this, this, this, and this.
3:48
Speaker 2: And I used to have this friend they had a
3:50
Speaker 2: self managed super fund and they would always tell me
3:52
Speaker 2: how silly I was for having managed funds, and I'd
3:56
Speaker 2: be like, oh, okay, like you're talking to a legitimate
3:58
Speaker 2: financial advice. So do you think I haven't thought about
4:01
Speaker 2: this as an option and of all people to do
4:04
Speaker 2: it as cheap as possible, it's me because I owned
4:06
Speaker 2: the practice. I could have had my own team set
4:09
Speaker 2: that up for me for not that much, and I
4:12
Speaker 2: still didn't do it. So I feel like that tells
4:15
Speaker 2: you a fair bit about like how much work much
4:18
Speaker 2: goes into it. Work goes into it. But let's go
4:21
Speaker 2: back to basics. I suppose, so a self managed superfund.
4:24
Speaker 2: It allows people to manage their own superinvestments, which is
4:29
Speaker 2: a lot deeper than having like a management company or
4:32
Speaker 2: a superannuation company doing that for you. You do have
4:35
Speaker 2: a lot more control today, So we'll get into that
4:37
Speaker 2: a little bit later, but essentially members are then responsible
4:40
Speaker 2: for managing their own funds, their own investment strategy, their
4:44
Speaker 2: own compliance with regulations. That's on your shoulders and any
4:48
Speaker 2: admin associated with it and SMSF it's very different from
4:53
Speaker 2: having a retail or a industry fund which are managed
4:57
Speaker 2: by proper professional trustee s, which I like that. So
5:01
Speaker 2: approximately four percent of Australians have smsfs, so they're not
5:05
Speaker 2: that common, and they account actually for twenty eight percent
5:10
Speaker 2: of Australia's total super assets.
5:12
Speaker 4: Wait a minute, that's like out of one hundred percent
5:15
Speaker 4: of the funds that are available that are super.
5:18
Speaker 2: It actually makes a lot of sense. So smsfs are
5:22
Speaker 2: often associated with high net wealth individuals because of their
5:25
Speaker 2: complexity and the costs that's involved managing them. It's not
5:29
Speaker 2: something that is completely preposterous, right, Like I'm not here
5:34
Speaker 2: saying smsfs are a terrible idea. When I was a
5:37
Speaker 2: financial advisor, I did have clients that had very practical smsfs,
5:43
Speaker 2: like they would have oodles and I'm talking like tens
5:46
Speaker 2: of millions of dollars back of family money that was
5:50
Speaker 2: being managed through an SMSF, like they would have massive
5:53
Speaker 2: property portfolios. I had one client who had a vintage
5:57
Speaker 2: car collection inside his SMSF. That was wild actually because
6:01
Speaker 2: complete side note, when you sell cars, if you sell
6:07
Speaker 2: them for a profit, you don't have to pay capital
6:09
Speaker 2: gains tax. So there's like a little loophole that basically
6:14
Speaker 2: only applies to the wealthy because you can't just go
6:16
Speaker 2: buy a nice little credola and hope that this happens.
6:20
Speaker 4: Say, for example, like sold my really really ugly old
6:23
Speaker 4: no window Toyota Echo downstairs for fifty bucks.
6:27
Speaker 2: Toyota Echo is an elite car.
6:29
Speaker 4: It actually is an incredible car, and it's fuel.
6:31
Speaker 2: Efficient, and because it's a Toyota, she's good.
6:33
Speaker 4: For she's good for it. But if I sold it
6:36
Speaker 4: for fifty bucks, I would have to pay.
6:38
Speaker 2: No, no, no, Whereas if you bought a house, for example,
6:41
Speaker 2: and you paid fifty bucks for it and sold it
6:44
Speaker 2: for one hundred, you would be up for capital gains tax.
6:46
Speaker 2: And that's a whole other conversation. But on cars, you
6:50
Speaker 2: don't pay that. So if you like super rich because
6:53
Speaker 2: obviously the Corolla, the Echo, it's not going to do
6:56
Speaker 2: it for us. But I have had clients who have
6:59
Speaker 2: purchased luxury and vintage cars. They might like buy an
7:03
Speaker 2: old Porsche nine to eleven and redo it and sell
7:07
Speaker 2: it for a profit. That profit is their profit to keep.
7:09
Speaker 2: They don't pay CGT on it, right, So like little tipbit,
7:12
Speaker 2: but this client used to have vintage cars in his
7:16
Speaker 2: SMSF and you know this is not earn investing one
7:18
Speaker 2: oh one with Viba, Like it's interesting the amount vintage
7:22
Speaker 2: car's return in comparison to the Australian share market is astronomical.
7:27
Speaker 2: You have to be good at it. But he used
7:28
Speaker 2: to flip cars, and I remember thinking, oh my god,
7:33
Speaker 2: Like I thought this was going to be an absolute
7:36
Speaker 2: shit show because like I looked over archingly, he's an
7:40
Speaker 2: SMSF looking, what's it made up? Off cars? Far out? Okay,
7:44
Speaker 2: Like I'm going to work with his part, like what's
7:46
Speaker 2: going on? And obviously did all my research and I
7:48
Speaker 2: remember looking at it going what the hell? This guy's
7:51
Speaker 2: a genius, Like he talked me through it. And he
7:53
Speaker 2: was really good at it, like he ultimately, because it
7:56
Speaker 2: was so wealthy, he actually funded the setup of a
7:59
Speaker 2: whole work shop that he hired staff for that did
8:02
Speaker 2: it for everybody else, like it was a legit business.
8:05
Speaker 2: But he did that so that it really brought down
8:08
Speaker 2: the cost of him fixing up his cars. He had
8:11
Speaker 2: somewhere to keep them, like anyway, whole different thing, but
8:14
Speaker 2: just really quickly, Yes, if you have cars in an SMSF,
8:17
Speaker 2: does that mean you just like the estimated value of
8:19
Speaker 2: that is what's.
8:20
Speaker 4: In your SMSF or.
8:22
Speaker 2: Yeah, don't forget to access an investment, it either has
8:26
Speaker 2: to provide you with an income. A car is not
8:28
Speaker 2: going to do that. He just had an asset, so
8:30
Speaker 2: in order for it to provide him in income, he
8:32
Speaker 2: had to sell the asset. So you'd have an average
8:34
Speaker 2: value of what those cars were worth. But ultimately, a
8:37
Speaker 2: car or a house is actually only worth what the
8:40
Speaker 2: market will pay on the day that you sell it.
8:42
Speaker 2: So if you go, oh, well it's worth three hundred grand,
8:45
Speaker 2: I'm feeling safe, Well, it's only worth three hundred thousand
8:48
Speaker 2: dollars if the market is willing to pay for that,
8:50
Speaker 2: Like you'd have to find a buyer. Right, so there's
8:52
Speaker 2: a lot more strategy and that's a side note. But
8:54
Speaker 2: back to this, I feel like smsfs can be very costly.
9:00
Speaker 2: They can be very fun. Like, don't get me wrong,
9:02
Speaker 2: I don't want this entire episode to be these warning us.
9:06
Speaker 2: They can be fun, but in certain circumstances.
9:09
Speaker 4: Right, So it sounds like it is a lot of work,
9:12
Speaker 4: but there are some benefits this. So what's the actual
9:15
Speaker 4: catch with smsfs then why would everyone just jump on board?
9:18
Speaker 4: If it's all about like kind of like being controlled.
9:20
Speaker 2: You put your echo in your SMSF.
9:23
Speaker 4: I would put my echo in my SMSFAL mouthful.
9:26
Speaker 3: Isn't it.
9:26
Speaker 2: Yeah, it's like she sells seashells by the sea shop.
9:30
Speaker 4: That can also go on your SMSF.
9:31
Speaker 2: Ye can't haven't seen it, but happy to be corrected.
9:35
Speaker 2: Managing an SMSF is a lot of work. It's basically
9:39
Speaker 2: like running a tiny small business. So you're responsible for
9:42
Speaker 2: meeting all the legal obligations. You're then responsible for making
9:47
Speaker 2: sure that it is compliant with tax laws. You're responsible
9:50
Speaker 2: for making sure that your fund gets audited every single year.
9:54
Speaker 2: So like you need to pay someone an accountant to
9:56
Speaker 2: audit your fund, and so many more. I won't say
9:58
Speaker 2: hidden costs because they're not hidden, you just probably don't
10:01
Speaker 2: know about them when you learn what an SMSF is.
10:04
Speaker 2: And this isn't obviously my opinion, but our friends at
10:08
Speaker 2: ASIK recommend that you have at least half a million
10:10
Speaker 2: dollars in super before even considering setting up an SMSF
10:14
Speaker 2: to justify the costs. Right, So, if you don't have
10:18
Speaker 2: more than that and you're considering it, I would wonder
10:21
Speaker 2: why to be rude for a hot second. Is it
10:23
Speaker 2: your ego? Do you want to be in control and
10:26
Speaker 2: you're not willing to do the research into all of
10:29
Speaker 2: the industry and super funds that you could work with
10:31
Speaker 2: that are actually aligned to your values and allow you
10:34
Speaker 2: to have a bit of a play around with the
10:36
Speaker 2: amounts of different things. Or do you have somebody in
10:40
Speaker 2: the back of your mind who's like, oh, we're a
10:42
Speaker 2: company that sets up an SMSF, accesses your superannuation, helps
10:46
Speaker 2: you invest it in property and wham maam, thank you, ma'am,
10:49
Speaker 2: you're going to get an off the plan apartment. And
10:51
Speaker 2: I think that we need to talk about these things
10:55
Speaker 2: a little bit more because it could be all sunshine
10:58
Speaker 2: and roses like I could sell it to you now,
11:00
Speaker 2: And dodgy financial advisors, which, thankfully after the Royal Commission,
11:05
Speaker 2: can't exist anymore. Dodgy financial advisors used to set them
11:09
Speaker 2: up and then work with a property developer that they'd
11:12
Speaker 2: clipped the ticket on. Like if I said to you, Beck, oh, well,
11:15
Speaker 2: actually that financial advisor who said set up an SMSF
11:19
Speaker 2: actually is making five percent of your property purchase. Oh right, Okay,
11:23
Speaker 2: that used to happen. Yeah, So there's a lot of
11:25
Speaker 2: hesitancy in the market when it comes to talking about smsfs.
11:31
Speaker 2: But there's also a lot of people just like me
11:33
Speaker 2: who are or were financial advisors who've just wound up
11:38
Speaker 2: more of them than we've ever set up, because we
11:40
Speaker 2: just get new clients who maybe weren't happy with their advisor,
11:44
Speaker 2: or they'd gotten a few years into their SMSF and
11:46
Speaker 2: it was not working for them. And I would then
11:49
Speaker 2: look at it and be like, who let you do
11:51
Speaker 2: this in the first place? Oh, here's the advice I got,
11:53
Speaker 2: And you'd read the advice and you'd just be like,
11:55
Speaker 2: I knew in the back of my mind that there
11:57
Speaker 2: was probably a referral going on and someone was clipping
12:00
Speaker 2: the ticket because otherwise it made no sense to give
12:02
Speaker 2: that advice.
12:03
Speaker 4: Sneaky, sneaky snake.
12:04
Speaker 3: Yeah.
12:04
Speaker 2: So there's also the cost factor. Yeah, so back to
12:07
Speaker 2: what Acik was saying, smsfs can be really expensive to
12:11
Speaker 2: set up and they're maintain and the ATO says that
12:13
Speaker 2: the average annual cost of running an SMSF is between
12:16
Speaker 2: three and ten thousand dollars, depending on the complexity of it.
12:20
Speaker 4: Okay, so that's not small change, that's for sure. Because
12:24
Speaker 4: here I am thinking, if you're doing it yourself, no fees,
12:27
Speaker 4: no anything.
12:28
Speaker 2: No, so there's still fees, right, there's not no fees,
12:31
Speaker 2: And they think that that's where we need to talk
12:33
Speaker 2: about it, because even though beck Acik has said, oh, well,
12:38
Speaker 2: you'd have to have a minimum of five hundred thousand
12:40
Speaker 2: dollars to consider setting one up, that's where people, I think,
12:44
Speaker 2: start thinking deeply about it. Right. So, like, on average,
12:48
Speaker 2: the cost of managing funds in Australia is give or
12:52
Speaker 2: take one percent. So like, if you've got a balance
12:55
Speaker 2: of five hundred thousand dollars in your superannuation, which must
12:59
Speaker 2: be nice, you you're probably paying at least five thousand
13:04
Speaker 2: dollars in fees already, right, and when your superstatement comes in,
13:08
Speaker 2: you're going to look at that and be like five
13:10
Speaker 2: grand in fees for what And the answer is administration management,
13:15
Speaker 2: ongoing portfolio management. Probably some insurance is built into that.
13:19
Speaker 2: So it's very easy to just see the bottom line
13:21
Speaker 2: and go, well, I'm spending five grand on this, why
13:23
Speaker 2: wouldn't I go spend three to ten thousand dollars on
13:26
Speaker 2: just having my own I could sell it to you
13:28
Speaker 2: if I wanted to, but I'm not going to.
13:31
Speaker 4: So it's not really something that the average person maybe
13:33
Speaker 4: like I was gonna say you or I, but actually
13:35
Speaker 4: just I who just wants to kind of invest smarter, Like,
13:38
Speaker 4: it's probably not something that they should do. I know
13:41
Speaker 4: you can't really give personal as advice, but.
13:43
Speaker 2: No, of course not. But you're exactly right, Like, if
13:46
Speaker 2: you don't have a huge balance, or you're not investing
13:48
Speaker 2: in really complex assets like property, there are much more
13:53
Speaker 2: simple ways for you to manage your superannuation very cost
13:56
Speaker 2: effectively and also structure effectively. Most now traditional super funds
14:03
Speaker 2: actually allow you to pick your investment strategy, which we
14:06
Speaker 2: know because I talk about that all the time. And
14:07
Speaker 2: then they tailor it to your risk level, so you
14:10
Speaker 2: still have a lot more control than you think you
14:13
Speaker 2: do without all the admin stress. Like Beck, it is
14:16
Speaker 2: twenty twenty four right now, and even if you're listening
14:20
Speaker 2: to this in twenty twenty five, you have so much
14:23
Speaker 2: power in superannuation. And I'll use Australian Super as an example,
14:27
Speaker 2: not as a recommendation, but as an example. Because they're
14:31
Speaker 2: a top performing fund. I feel like everyone's heard of them.
14:34
Speaker 2: They are very trusted in our industry, and I think
14:37
Speaker 2: that because of that, you automatically assume that they must
14:40
Speaker 2: be a little bit fuddy duddy. But the reality is
14:43
Speaker 2: inside Australian Super, yes, you can pick your investment strategy
14:47
Speaker 2: and you can pick it and tailor it to your
14:49
Speaker 2: risk profile, which if you haven't is a reminder to
14:51
Speaker 2: please log in and make sure you know what those
14:53
Speaker 2: things are. But they also allow you to take some
14:56
Speaker 2: of the money inside your superannuation and pick an ETF
14:59
Speaker 2: that you like, so you can actually have so much
15:02
Speaker 2: control and allow that portfolio to reflect your values. And
15:06
Speaker 2: if you don't know that, you don't know, and you
15:08
Speaker 2: might think that the only way to have ultimate control
15:11
Speaker 2: is to take it all out and have it in
15:14
Speaker 2: your own fund. But the reality is you can control
15:17
Speaker 2: so much. And if Australian super is not for you,
15:20
Speaker 2: maybe you want an all women super fund or you
15:23
Speaker 2: want to invest in something completely different, like there's a
15:25
Speaker 2: super fund for everyone nowadays. Yeah, definitely find a company
15:30
Speaker 2: that aligns with your values if that's what you're looking
15:32
Speaker 2: for before you jump into well, I have to have
15:34
Speaker 2: ultimate control and it must be all on my shoulders.
15:36
Speaker 4: Right, Yeah, that's so true. Actually I did jump into
15:39
Speaker 4: mind and I kind of like move my investments around
15:41
Speaker 4: or like mine, this feels like I'm fully you go
15:45
Speaker 4: in and check it, and it's like I feel in
15:47
Speaker 4: control of this. So it does sound like a much
15:49
Speaker 4: simpler option for most of us. And I love that
15:51
Speaker 4: you can still like kind of take charge that needing
15:53
Speaker 4: to be a super fun manager yourself.
15:55
Speaker 2: And I mean, would you call a super fun manager
15:59
Speaker 2: to fix your taps if they were broken? Beck, No,
16:02
Speaker 2: I'd call a plumber. Like I want somebody who is
16:05
Speaker 2: an expert running the show. And given it's so affordable
16:10
Speaker 2: to do, so, why aren't you just getting the expert involved?
16:13
Speaker 1: Right?
16:13
Speaker 2: They know what they're doing, they know what they're doing
16:15
Speaker 2: and like it's the plumber that has a leaky tap.
16:18
Speaker 2: So like I knew that if I ever set up
16:19
Speaker 2: an SMSF myself, I'd probably let it go by the wayside,
16:22
Speaker 2: not do the right thing by it, not check everything
16:24
Speaker 2: because I'm so busy getting in everybody else's business. Don't
16:28
Speaker 2: they say the plumber always has a leaky tap, like
16:30
Speaker 2: I don't know? So true. We are all about actionable
16:33
Speaker 2: tips here at Cheese on the Money, and we're going
16:35
Speaker 2: to take a really quick break and when we come back,
16:37
Speaker 2: we're going to give you the lowdown on how you
16:39
Speaker 2: can manage your super within your super fund. So don't
16:42
Speaker 2: go anywhere.
16:47
Speaker 4: Welcome back everyone. So V, what are the steps our
16:50
Speaker 4: listeners can take to stay in control of their super
16:52
Speaker 4: without getting sucked into the SMSF hype.
16:55
Speaker 2: So first things, Verse Beck, I don't think that you'll
16:57
Speaker 2: be surprised. I want to talk about why it's important
17:00
Speaker 2: firstly be in control of your super, but secondly the
17:03
Speaker 2: importance of being in control of your super, especially as
17:06
Speaker 2: a woman. Here's the thing. On average, Australian women retire
17:11
Speaker 2: with twenty eight percent less superanuation than their male counterparts.
17:16
Speaker 2: And while that is not fair, and a lot of
17:19
Speaker 2: people could have some arguments about you know, oh my gosh,
17:22
Speaker 2: like the gap doesn't exist. I will cut you, like,
17:25
Speaker 2: I'm so done with that conversation because the gap exists
17:29
Speaker 2: and I can prove it, and it's usually ignorance and
17:33
Speaker 2: people being literally rude. Like if somebody puts their hand
17:37
Speaker 2: up back and says I'm experiencing disadvantage, do you go no,
17:41
Speaker 2: you not sit down? Yeah, like what why aren't we
17:43
Speaker 2: getting behind it? Like I would much prefer to be like, oh, okay,
17:47
Speaker 2: maybe this conversation isn't for me. I'm gonna dip out,
17:50
Speaker 2: but let everybody else have a platform to share their thoughts, feelings,
17:54
Speaker 2: beliefs and values. Absolutely because no one's.
17:57
Speaker 4: Experience is exact same as yours. And if it was,
17:59
Speaker 4: and everyone will be like you.
18:00
Speaker 2: Do you know what kills me the most? Beck complete
18:02
Speaker 2: side note again, and like this is me just calling
18:05
Speaker 2: people in my DMS out. I cannot stand when a
18:09
Speaker 2: woman of all people messages mean says well, I don't
18:12
Speaker 2: think this gender gap is real. I've literally not experienced it.
18:16
Speaker 2: That's not the same for everyone survivors bias.
18:19
Speaker 4: Yeah, and also like it might not be true they
18:21
Speaker 4: might not know that they could be being paid more
18:23
Speaker 4: even though they're being paid but.
18:25
Speaker 2: Like, even if they're like, oh, it's completely transparent, Like
18:28
Speaker 2: I am on the same salary as all of my
18:31
Speaker 2: male counterparts, and I have been since the day I
18:33
Speaker 2: graduated complete TRANSPARENCYV. Your argument is flawed. Why do you
18:39
Speaker 2: think that your experience means that everybody's experience is reflective
18:43
Speaker 2: of that? It actually drives me insane to think that
18:46
Speaker 2: you are so naive that you think because your experience was,
18:50
Speaker 2: yours must be the same for everybody else. Totally, It's
18:53
Speaker 2: how dull would the world be if that were true?
18:55
Speaker 4: If that were true, and also, where did this conversation
18:58
Speaker 4: come from?
18:59
Speaker 1: Then?
18:59
Speaker 4: If it doesn't exists, there.
19:00
Speaker 2: Are a lot better things to advocate for, yes than
19:03
Speaker 2: closing a gap.
19:04
Speaker 4: Yes, Like I.
19:05
Speaker 2: Am saying here, I just want the same thing and
19:09
Speaker 2: the same opportunities that are extended to my male colleagues.
19:12
Speaker 2: I'm not saying I want more or better, like Beck.
19:15
Speaker 2: If this didn't exist, there is a whole heap of
19:17
Speaker 2: stuff I could be like, oh my gosh, women, we
19:20
Speaker 2: need like three days off a week, Like I could
19:22
Speaker 2: find some stuff to come up with and a pretty
19:24
Speaker 2: convincing argument, but like closing a gap and asking for
19:28
Speaker 2: equality bare minimum, the gap isn't because we're bad at
19:31
Speaker 2: managing money. It's mostly due to things like career breaks
19:34
Speaker 2: and having kids or unsurprisingly being paid less in the
19:39
Speaker 2: first place. And basically we see it here at Choose
19:43
Speaker 2: on the Money as the hidden tax that we pay
19:45
Speaker 2: just for being women. What a privileged But we don't
19:48
Speaker 2: have to let it stay that way, right, So I've
19:51
Speaker 2: got a few steps of how we can take back
19:54
Speaker 2: our power when it comes to our superannuation. And the
19:56
Speaker 2: first is I want you to check your superbalance. Do
20:00
Speaker 2: you know what is in your superannuation today? I think,
20:02
Speaker 2: don't have to tell me the amount, sure, but do
20:05
Speaker 2: you know? I think so that is good And most
20:07
Speaker 2: people in our community would be like, oh yes, maybe no,
20:12
Speaker 2: Like if you're erring on the side of caution, babe,
20:15
Speaker 2: it's time to log into your superfund and just check.
20:18
Speaker 2: Just check it. It will take five minutes and you
20:20
Speaker 2: will be a lot more financially literate. There is research
20:23
Speaker 2: out there that says when we know our numbers, we
20:27
Speaker 2: are I think it's like eighty two percent more likely
20:30
Speaker 2: to achieve financial security than when we don't know our numbers.
20:34
Speaker 2: That's very true, and that is just you knowing, not
20:37
Speaker 2: actually about doing anything or saving anything. We haven't even
20:39
Speaker 2: got to the part where I make you take actual action.
20:41
Speaker 2: Most of us don't check regularly, and I want this
20:44
Speaker 2: to become part of your financial hygiene checklist. I want
20:49
Speaker 2: you to do it at least every quarter. Knowing your
20:51
Speaker 2: balance and how it's performing is going to put you
20:53
Speaker 2: in the best possible position. Do you need to be
20:56
Speaker 2: considering a different fund? The next is I want you
20:58
Speaker 2: to review your funds, fees and the performance that your
21:02
Speaker 2: fund has.
21:03
Speaker 4: Perfect Now, just really quickly on fees. I do want
21:05
Speaker 4: to know. I understand why superannuation companies charge fees.
21:09
Speaker 2: Yeah, but I'm struggling.
21:10
Speaker 4: To find where fees come from. If you're managing your
21:13
Speaker 4: superfund yourself.
21:14
Speaker 2: It's a good question, to be honest, and that comes
21:16
Speaker 2: from all of the external support that you need. Okay,
21:19
Speaker 2: So where does the SMSF come from? In the first place,
21:23
Speaker 2: it needs to be established by an accountant, So setting
21:26
Speaker 2: up the structure, registering it with the ATO and ASSIC
21:30
Speaker 2: is going to cost you money. So getting that fund,
21:34
Speaker 2: it's kind of like setting up a trust. As we
21:36
Speaker 2: said before. I think I referred to an SMSF being
21:39
Speaker 2: like a small business. It's like a small business cost.
21:41
Speaker 2: So you need to register your small business. You need
21:43
Speaker 2: to register your SMSF. You're going to need to have
21:46
Speaker 2: an accountant. Legally, if you're a small business back you
21:49
Speaker 2: could go, but I'm going to do the accounting myself.
21:51
Speaker 2: That makes sense, But in an SMSF you actually can't.
21:55
Speaker 2: You need an external auditor to perform an audit each
21:58
Speaker 2: and every single year, and that audit beck can be
22:01
Speaker 2: anywhere from three to eight thousand dollars. Oh, I see,
22:05
Speaker 2: So that's what I'm talking about. When it comes to fees.
22:08
Speaker 2: It's not oh, you're going to save so much because
22:10
Speaker 2: you don't have the underlying management fee, like there might
22:13
Speaker 2: be underlying management fees that then sit inside your super
22:16
Speaker 2: as well, because what would happen is, let's just get
22:18
Speaker 2: the laundry list going. You've got to register it to
22:20
Speaker 2: begin with, so charge there. You've got to pay for
22:23
Speaker 2: your annual audit every year. Great, are you an investing wizard? Like,
22:28
Speaker 2: let's be honest, let's pretend you're following assex rules. You
22:31
Speaker 2: had a minimum of five hundred thousand dollars in your
22:33
Speaker 2: super before you decided to go and get an SMSF fantastic.
22:37
Speaker 2: You've got five hundred grand to invest? How are you
22:39
Speaker 2: investing it? Are you going to go see a financial advisor?
22:42
Speaker 2: Maybe you do right. Financial advice fees in Australia sit
22:46
Speaker 2: between three and ten thousand dollars each and every single year,
22:50
Speaker 2: So you've got to pay for that. You've got to
22:52
Speaker 2: pay ongoing management fees for that financial advisor you for
22:55
Speaker 2: you're using them if you're smarter than the average financial
22:58
Speaker 2: advisor and you're like, well vo and a manage it myself.
23:00
Speaker 2: If you buy ETFs, you're going to have the underlying
23:03
Speaker 2: fees for owning that ETF. If you're buying direct shares,
23:07
Speaker 2: you're going to have underlying fees for brokerage and ongoing
23:10
Speaker 2: platform support.
23:12
Speaker 4: Truly only up it does. And that's where I.
23:14
Speaker 2: Go, like, this isn't as easy as you think it is.
23:18
Speaker 2: And all of these fees might slip through the cracks,
23:20
Speaker 2: and when I say that, you might not remember they're
23:22
Speaker 2: there because like brokerage might happen and you go, well,
23:24
Speaker 2: I paid fifty bucks in brokerage to make that transaction.
23:27
Speaker 2: You've already forgotten about it. You haven't accounted for it.
23:29
Speaker 2: Like these things over time add up. So we want
23:32
Speaker 2: to make sure that we're making the right decision. And
23:34
Speaker 2: when we say I want you to review your fees
23:37
Speaker 2: for your currency branuation, I want you to look at
23:41
Speaker 2: retail and industry funds, check the fees, check the investment returns,
23:45
Speaker 2: and have a look at what am I getting the
23:47
Speaker 2: level of control that I want to make sure that
23:49
Speaker 2: you're in the right account because their fees are going
23:52
Speaker 2: to be a lot cleaner. And I'm not saying they're
23:54
Speaker 2: better or worse, but just a lot cleaner to review, yeah,
23:56
Speaker 2: because they're going to go down the bottom of your sheet. Basically,
24:00
Speaker 2: you're paying this amount in fees, this amount of insurance,
24:02
Speaker 2: and this amount in management because more often than not,
24:06
Speaker 2: if that superannuation fund invests in a Vanguard ETF for example,
24:12
Speaker 2: they are going to pass that management fee onto you.
24:15
Speaker 2: So if Vanguard charges zero point eight percent, you are
24:18
Speaker 2: going to pay that point eight percent, But then you're
24:19
Speaker 2: also going to pay your super fund fees for them
24:22
Speaker 2: to manage that for you. So I don't think it's
24:24
Speaker 2: a way of money you're paying someone to make sure
24:26
Speaker 2: that you're getting good returns money. In the next thing
24:29
Speaker 2: I want you to do, Beck, how many super funds
24:32
Speaker 2: do you have?
24:33
Speaker 4: You might be shocked by this, but I used to
24:34
Speaker 4: have like four. Now I have one.
24:35
Speaker 2: So you've console a day they're ready. That is the
24:38
Speaker 2: next hot tip. According to the ATO, about a quarter
24:42
Speaker 2: of super fund holders actually have multiple accounts, So that
24:45
Speaker 2: means basically twenty five percent of people listening right now
24:48
Speaker 2: have multiple super funds and they are paying multiple sets
24:51
Speaker 2: of fees. So we just talked about fees and how
24:54
Speaker 2: they can add up. Imagine if you had to pay
24:56
Speaker 2: double Beck while you're there. Also, can you please check
24:59
Speaker 2: if you have any claimed super so sometimes and this
25:03
Speaker 2: is more historical because now we are better at data matching,
25:06
Speaker 2: but there's about eighteen billion dollars right now sitting Beck,
25:11
Speaker 2: Oh my god, in an account that the ATO manages,
25:14
Speaker 2: and it's lost in unclaimed superannuation that people haven't gone
25:17
Speaker 2: and picked up. How do you find that online? So
25:20
Speaker 2: you need to do some data matching. Three DATO website
25:23
Speaker 2: super easy though, because the government actually doesn't want this.
25:26
Speaker 2: They can't spend it right, they want to give it
25:28
Speaker 2: back to you.
25:28
Speaker 4: That's very nice.
25:29
Speaker 2: Like yes, but it's also all legality, right, Like it's lost.
25:32
Speaker 2: It's kind of gone into lost and Found box and
25:34
Speaker 2: you can't just go and raid the lost and Found
25:36
Speaker 2: box and take whatever you want. That's theft. So they
25:38
Speaker 2: actually want to give it back to you, so they're
25:40
Speaker 2: making it as easy as possible. But I would have
25:43
Speaker 2: a look at it. I would also urge your parents
25:45
Speaker 2: to look at it, because it's more likely that they
25:48
Speaker 2: are going to have lost super than you do because
25:50
Speaker 2: data matching. You know, you and I are a bit
25:52
Speaker 2: younger back then, they might have had different names, they
25:55
Speaker 2: might have gotten married, they might have not provided enough
25:58
Speaker 2: information on a super fund form for it to become lost.
26:01
Speaker 2: So just maybe helping made out.
26:04
Speaker 4: Yeah, oh my god, I'm going to Google after this, all.
26:06
Speaker 2: Right, please do, And then we're going to assess our
26:10
Speaker 2: investment options. Right. So we spoke before about what different
26:13
Speaker 2: super funds can do, and it's a lot more powerful
26:16
Speaker 2: than it used to be. But most super funds of
26:19
Speaker 2: our different investment strategies that you can pick from, and
26:22
Speaker 2: often I would say they're labeled like high growth, balanced,
26:25
Speaker 2: or conservative, and most of you if you log into
26:28
Speaker 2: your super fund and you've done nothing until this point.
26:31
Speaker 2: No shame, look at you doing it now. Absolutely, But
26:34
Speaker 2: I can almost guarantee that when you go in, you'll
26:36
Speaker 2: see that you're in a balanced fund. Nice, okay, right
26:40
Speaker 2: in the middle. What does that mean though? It means
26:42
Speaker 2: that you probably got your super fund forms when you've
26:45
Speaker 2: got your first job or a job that you had
26:48
Speaker 2: to sign super funds for, and you're like, I don't
26:50
Speaker 2: know what to pick, because if I said, Becky, your conservative,
26:53
Speaker 2: you'd be like, no, high growth, Oh that sounds scary.
26:56
Speaker 2: Then they're a little box and it says balanced beside it.
26:59
Speaker 2: What one are you most comfortable ticking if you don't
27:02
Speaker 2: have the financial literacy you deserve to make the best
27:04
Speaker 2: decisions for you.
27:05
Speaker 4: All balanced for sure, one.
27:06
Speaker 2: Hundred percent, And we all did it. All of my
27:09
Speaker 2: super funds were balanced at one point. I have since
27:11
Speaker 2: changed it. Don't worry. I'm a very high growth investor.
27:15
Speaker 2: But most of you are imbalanced because it was the
27:18
Speaker 2: safest option at the time. But I can almost guarantee
27:21
Speaker 2: that if we went and did a risk profile, which
27:24
Speaker 2: we have done an entire episode on for the community,
27:27
Speaker 2: So go and we'll put the information in the show notes.
27:29
Speaker 2: But there is an entire episode on how to work
27:32
Speaker 2: out what your risk profile is. I can almost guarantee
27:35
Speaker 2: because of age and a few other factors, and the
27:38
Speaker 2: fact that people are in the shees on the money community.
27:40
Speaker 2: They're not balanced investors. They're probably growth or high growth.
27:44
Speaker 2: They want more out of their money than just sitting
27:46
Speaker 2: a lot of it in cash. Yeah, okay, so do
27:48
Speaker 2: you know how much that costs you?
27:49
Speaker 3: Though?
27:50
Speaker 4: To check? How much?
27:51
Speaker 2: Nothing? It's free? Oh my god. So you can go
27:54
Speaker 2: and do this and put future you in the best
27:56
Speaker 2: possible financial position. And you could spend some money on
28:00
Speaker 2: a coffee and be like, but that coffee and did
28:03
Speaker 2: a lot for future me.
28:04
Speaker 4: Yes, that's so true, exactly right. Okay. My next question
28:07
Speaker 4: B is how do you know how much you'll need
28:09
Speaker 4: in your super and how do you get there?
28:11
Speaker 1: Like?
28:11
Speaker 2: How much cash do you need? How by the time
28:12
Speaker 2: you retire?
28:13
Speaker 4: Ideally it's a.
28:14
Speaker 2: Good question, right. So the AFSA suggests that people will
28:19
Speaker 2: need about five hundred and ninety five thousand dollars in
28:22
Speaker 2: super savings at the age of sixty seven. Okay, but
28:26
Speaker 2: couples need six hundred and ninety thousand dollars combined. It's
28:31
Speaker 2: nice to have some clean numbers, right.
28:33
Speaker 4: It is nice.
28:33
Speaker 2: It's nice to not have somebody turn around and be like,
28:35
Speaker 2: oh well, it's up to you and your values and
28:37
Speaker 2: your morals. Like at a minimum, the AFSA has recommended
28:40
Speaker 2: that single people need about six hundred grand in their account. Sure,
28:44
Speaker 2: So working then backwards, we need to work out our
28:46
Speaker 2: lifestyle goals. What that looks like. Maybe you want to
28:49
Speaker 2: travel around Australia and have some tinnies and you know,
28:53
Speaker 2: maybe get an old caravan and have a sick life.
28:56
Speaker 2: Or maybe you're like, we'll be Actually, I've been working
28:58
Speaker 2: in the background and I want yacht. Those two things
29:01
Speaker 2: cost very different amounts of money, and that is okay.
29:04
Speaker 2: But that's where we then have to overlay our values
29:07
Speaker 2: and what we are trying to achieve. So I know
29:10
Speaker 2: that personally that's not going to be enough for me.
29:12
Speaker 2: So I need to do a little bit of working backwards.
29:15
Speaker 2: And if we work backwards cleanly, I work on about
29:19
Speaker 2: five percent, and I work on five percent because it's
29:22
Speaker 2: really conservative and I love to underpromise over deliver a
29:26
Speaker 2: beck of course, if I say, on average, you withdraw
29:30
Speaker 2: five percent from your retirement fund each and every single
29:34
Speaker 2: year and you want an income of sixty grand in retirement,
29:39
Speaker 2: that would mean that you need an investment portfolio of
29:42
Speaker 2: one point two million dollars. WHOA, So you need to
29:46
Speaker 2: take everything that the AFSA says with a grain of
29:49
Speaker 2: salt because that's on average across Australia. And obviously there's
29:52
Speaker 2: people with really high incomes and then there's people on
29:54
Speaker 2: lower incomes, and that's all fine. But I would work out,
29:58
Speaker 2: you know, out a five percent or downrate, like how
30:01
Speaker 2: much do you want If it's sixty grand, you need
30:03
Speaker 2: one point two million dollars and do some maths yourself.
30:05
Speaker 2: You can just google it if you want to as well,
30:07
Speaker 2: and work backwards. If you want eighty grand, it's more like,
30:11
Speaker 2: have a look at that. So what do you need
30:13
Speaker 2: in super is very different, but how you get there
30:17
Speaker 2: is to me the most important part, right, So the
30:19
Speaker 2: first thing you want to do is set some goals.
30:22
Speaker 2: So working backwards, like you're already contributing to SUPER. And
30:25
Speaker 2: I'm going to use you as an example because you
30:27
Speaker 2: are a payg employee. So every month you get your
30:31
Speaker 2: payslip and on that pay slip it says, beck, here's
30:34
Speaker 2: how much cash we put in your bank account, and Beck,
30:36
Speaker 2: here's how much cash were put in your superannuation? Sure
30:40
Speaker 2: is that amount that is being contributed enough for you?
30:44
Speaker 2: Like you did some working backwards? How much did you
30:46
Speaker 2: need to contribute each and every single month. I've spoken
30:49
Speaker 2: about it on the podcast before. My favorite website is
30:52
Speaker 2: the money Smart website, and on that website is a
30:55
Speaker 2: compound interest calculator where you can put in the percentage amount,
30:58
Speaker 2: you can put in how much your plan on contributing,
31:01
Speaker 2: and you can play with the timeline and from that
31:04
Speaker 2: you can go, well, if I contributed five hundred dollars
31:07
Speaker 2: a month, this is how much I'd have at retirement.
31:09
Speaker 2: If I contributed ten dollars a month, this is how
31:12
Speaker 2: much extra I would have. You can play with that.
31:14
Speaker 2: Does that mean that you need to contribute more to
31:16
Speaker 2: super right now? Not necessarily, but it means that you
31:19
Speaker 2: know that the contributions that are currently being made are
31:22
Speaker 2: either going to help you get to retirement or you
31:25
Speaker 2: might need to do some more work. And that's really helpful,
31:28
Speaker 2: might be disengaging. You might be like, oh my gosh,
31:31
Speaker 2: but isn't it good to know now and we can
31:33
Speaker 2: make a plan instead of getting to sixty seven and
31:35
Speaker 2: going hey, Bex, so you know how you thought that
31:37
Speaker 2: you'd just ret higher? Yeah? No, Umm, I.
31:40
Speaker 4: Want to ask really quickly. This is mainly for my mummy,
31:43
Speaker 4: who is one of those people that unfortunately didn't know
31:45
Speaker 4: about X mom Ibex Mom. Now, I don't imagine she'll
31:48
Speaker 4: have much or if anything. Yep, and pensions still exists, right.
31:51
Speaker 2: Really good question if you're retiring with not enough superinnuation. Sure,
31:55
Speaker 2: the government in Australia is brilliant. There is a pension.
31:58
Speaker 2: You can apply for it. There's obviously whole heap of
32:00
Speaker 2: poops that you need to get through. You can't obviously
32:02
Speaker 2: have a massive investment portfolio, but they're no super They're
32:05
Speaker 2: going to look at your assets and they're going to
32:08
Speaker 2: work out whether you qualify for it. But it's definitely
32:10
Speaker 2: something to look into and I think that that is
32:13
Speaker 2: privilege of living in Australia, right, Like I am really
32:16
Speaker 2: glad that we support our economy and I'm really glad
32:19
Speaker 2: that we support people who are aging. The other thing
32:21
Speaker 2: I want to say is superanuation only became mandatory in
32:25
Speaker 2: nineteen ninety two. Yes, so when I was born in
32:28
Speaker 2: nineteen ninety one, my mom didn't have compulsory subranuation, so
32:34
Speaker 2: my mom in her thirties only started earning SUPER. You
32:39
Speaker 2: and I and a lot of our community have had
32:41
Speaker 2: the pleasure of you know, if I was born in
32:43
Speaker 2: ninety one and superannuation was mandatory by nineteen ninety two,
32:46
Speaker 2: by the time I was fourteen years old, in nine months,
32:49
Speaker 2: I was making supranuation. Yes, so I have a one
32:52
Speaker 2: up on my mom. Yes, so I got super from
32:54
Speaker 2: fourteen years and nine months. My mom did not, So
32:57
Speaker 2: I think that there's also this really big gap in this.
33:00
Speaker 2: This is why the biggest demographic of people becoming homeless
33:07
Speaker 2: is women in their sixties and seventies. And it makes
33:10
Speaker 2: sense because they didn't have a lot of contributions going
33:13
Speaker 2: into superannuation. A lot of them are, you know, deciding
33:16
Speaker 2: to leave their partners. That's the number one driver behind homelessness.
33:20
Speaker 2: It's not they're bad with money, it's not that they
33:23
Speaker 2: didn't have good careers or good jobs. It's not because
33:25
Speaker 2: they've done the wrong thing. It's actually because they are behind.
33:29
Speaker 2: And that breaks my heart. But that's where I kind
33:32
Speaker 2: of want to talk about this as well and be
33:33
Speaker 2: like okay, cool, Like you mentioned your mum, but also like,
33:36
Speaker 2: let's give that community a lot of grace as well,
33:39
Speaker 2: because they didn't have the things that we had now. Yes,
33:42
Speaker 2: of course, and I know that if I looked at
33:43
Speaker 2: your super, Beck, you would have contributions from your entire
33:46
Speaker 2: working life, Like you may or may not have dipped
33:49
Speaker 2: into it during COVID and that's so fine, but you
33:52
Speaker 2: would have been making consistent contributions. And I can almost
33:55
Speaker 2: guarantee that you're in a better place right now than
33:58
Speaker 2: your mum at her age, And that's point privilege, and
34:01
Speaker 2: I wanted to call that out, so I do apologize.
34:03
Speaker 2: But then back on track, we were talking about working
34:07
Speaker 2: out how much money you need. If you want, you
34:10
Speaker 2: can make additional contributions and if it's right for you,
34:13
Speaker 2: have a chat to your payroll department about maybe signing
34:16
Speaker 2: up some salary sacrificing which means it comes out before tax,
34:19
Speaker 2: which is quite sexy. And this allows you to send
34:22
Speaker 2: extra money to your superannuation directly from your pay reducing
34:26
Speaker 2: your taxable income, which we like to Then also, do
34:30
Speaker 2: you know how Beck to make a contribution to your super,
34:33
Speaker 2: Like if you say, had an extra fifty bucks and
34:35
Speaker 2: you're like, I want to put into my SUPERV Do
34:37
Speaker 2: you know how to do that?
34:38
Speaker 4: It's pretty easy if you log in. They kind of
34:40
Speaker 4: make it very very clear. But I like it that
34:42
Speaker 4: if you don't even know where you're super EA is,
34:44
Speaker 4: you don't know where to start. I guess like googling
34:46
Speaker 4: is the best option. But if you have a better.
34:48
Speaker 2: No, you are absolutely correct. So the best place to
34:51
Speaker 2: start would be the ATO website because you can log
34:54
Speaker 2: in and it will show you where everything is and
34:57
Speaker 2: you can go from there. If you've forgotten your member number,
34:59
Speaker 2: you can contact the super fund that the ATO says
35:02
Speaker 2: you've got money with and go through that process. But
35:04
Speaker 2: once you're able to log in and whatnot, transferring post
35:07
Speaker 2: taxing gum so whatever is in your bank account, if
35:10
Speaker 2: you go, I'd love that to be a super contribution.
35:12
Speaker 2: It's a b pay like it is so simple. You
35:15
Speaker 2: could even save them as a payee so that if
35:18
Speaker 2: you were like, oh, V, I don't really know if
35:20
Speaker 2: I'm financially able to contribute more to my super Well,
35:25
Speaker 2: why don't you just set yourself up for success? Why
35:27
Speaker 2: don't you just add them as a payee on your
35:29
Speaker 2: bank account so that if ever you do decide to
35:31
Speaker 2: do that. You can then transfer the cash really quickly.
35:35
Speaker 2: Keep track of it though, because you'll claim it at
35:36
Speaker 2: tax time and you get the tax back on it.
35:38
Speaker 4: True, that's a bit of a money with so you
35:40
Speaker 4: can claim it it's before tax. You can't claim it.
35:42
Speaker 2: Well, you can't claim it because you wouldn't have paid.
35:44
Speaker 4: Tax, right, And that makes so much sense.
35:45
Speaker 2: We can't claim tax we didn't earn or didn't pay.
35:49
Speaker 2: It's a shame. I mean, people have tried, but it's
35:52
Speaker 2: not going to work. The last thing I want to
35:53
Speaker 2: say here back because I feel like I have yapped
35:55
Speaker 2: and the second you let me talk about a topic
35:57
Speaker 2: that I'm passionate about, she goes on and on. I
36:00
Speaker 2: would consider getting financial advice if you're really worried about this,
36:04
Speaker 2: so to make sure that your super aligns with your
36:06
Speaker 2: long term goals. If you haven't done all of the
36:08
Speaker 2: stuff that I've recommended, like you haven't sat down and
36:10
Speaker 2: been like, oh, well, how much should I contribute? Like
36:13
Speaker 2: this heaps of free content on superannuation on our podcast.
36:15
Speaker 2: There's heaps of free resources floating around the internet. The
36:18
Speaker 2: money Smart website is my favorite. But if you're super
36:21
Speaker 2: stressed about it, like, get some financial advice and ensure
36:24
Speaker 2: that your super aligns with your long term goals. And
36:27
Speaker 2: one thing I will say is you can more often
36:30
Speaker 2: than not pay for your financial advice out of your superannuation.
36:33
Speaker 4: There you go.
36:34
Speaker 2: And I'm not saying that you should just pay for
36:36
Speaker 2: everything out of your super, but if it's advice that's
36:38
Speaker 2: putting you in the best possible position in my head,
36:41
Speaker 2: you're investing a portion of that into the advice, so
36:43
Speaker 2: you super count go further.
36:45
Speaker 4: That's actually a really good idea. I've got a few
36:47
Speaker 4: things to share, some got hit your tricks, Okay, but
36:50
Speaker 4: I feel like that's probably enough from us, right, Yeah.
36:53
Speaker 4: I feel like it's a really good place to leave it.
36:54
Speaker 4: Do you feel satisfied?
36:55
Speaker 2: Not yet. I really want to yap on and on
36:57
Speaker 2: about super but I feel like we should leave it
36:59
Speaker 2: there and leave some content for another day. Okay, Yeah, perfect,
37:03
Speaker 2: let's do that. Let's go have a little coffee, absolutely, Beck.
37:06
Speaker 2: And the last thing I want to leave you with
37:08
Speaker 2: is it is not complicated. I promise. Like when you
37:12
Speaker 2: log in. Beck said it before, like, oh, my super
37:14
Speaker 2: fund's really easy to understand. You just log in. They've
37:16
Speaker 2: got everything that you need. Like, it's not hard. It's
37:20
Speaker 2: often the mental challenge of just taking a leap and
37:23
Speaker 2: actually just getting it done. But I promise future you
37:25
Speaker 2: is going to thank you and then stick to the basics.
37:29
Speaker 2: So just check your balance, review your fees, maybe consolidate
37:32
Speaker 2: your accounts, and choose an investment strategy that aligns with
37:35
Speaker 2: your value. So keep it simple, stupid like that kiss methodology.
37:39
Speaker 2: I promise will pay dividends. And also while I'm here,
37:43
Speaker 2: I'm just going to say, don't forget to hit subscribe
37:46
Speaker 2: so that you never miss an episode. And it also
37:47
Speaker 2: really helps our show. And it also, I don't know,
37:51
Speaker 2: Loki should help with you staying on top of your
37:53
Speaker 2: money and making confident financial decisions. So like what a
37:57
Speaker 2: better call out?
37:58
Speaker 4: Absolutely, that's a great notification. That's why follow me you'd
38:00
Speaker 4: be rich. Yes, yes, that's a great motto. I love
38:04
Speaker 4: her to follow you.
38:04
Speaker 2: All right, thank you, thank you, all right, have a
38:06
Speaker 2: good day. We'll catch you on Friday.
38:08
Speaker 4: Bye guys.
38:14
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