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Your Superannuation Glow-Up Part 1: The $0 Tweaks That Could Change Your Retirement · 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 Niana, Kaka yah y and beIN Ahaka Nian our
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Speaker 1: gay In Mbina, yakarum jar dominyamiga Umagahawakaman damon imlan Bumba
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Speaker 1: bang Gadabomba in and now in wakah ghana on yak
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Speaker 1: rum jar Watnadaa. Hello, beautiful friends, we gather on the
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Speaker 1: lands of the Aboriginal people. We thank acknowledge and respect
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Speaker 1: the Abiginal people's land that we're gathering on today. Take
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Speaker 1: pleasure 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,
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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.
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Speaker 3: Hello, and welcome to She's on the Money, the podcast
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Speaker 3: that's here to tell you whether your super is giving
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Speaker 3: future freedom or coasting.
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Speaker 2: Without a game plan yet.
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Speaker 3: One of our most popular episodes this year was about
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Speaker 3: how much super you should have? So today we're doing
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Speaker 3: a follow up and tackling your most asked questions I'm
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Speaker 3: excited and with me is our go to for all
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Speaker 3: things money. Victoria de vine, Hi, Hello, I'm really excited.
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Speaker 3: But also I was just saying to you off air,
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Speaker 3: I was like, I'm exhausted today. Yes, see know what
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Speaker 3: I'm coming at you with facts, no funny, no business,
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Speaker 3: Like I just don't have the energy for that right now.
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Speaker 2: But I'm very excited but also very tired.
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Speaker 3: Yeah, so fair. I can't complain though, Like, what a
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Speaker 3: privilege to be exhausted of something I chose to do.
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Speaker 3: It's fulfilling, but it's still You're tired.
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Speaker 2: Your body's tired.
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Speaker 3: What can you do?
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Speaker 2: Your body is not a happy camper?
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Speaker 3: Right, No, and that's okay. You need two pandles tune
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Speaker 3: your and you need to back it up with two coffees,
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Speaker 3: But that is okay. I'm very excited because I love
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Speaker 3: nothing more than seeing people literally care about their retirement
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Speaker 3: and then getting to thrive during that period of time,
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Speaker 3: because I just think that everybody deserves that. Now. You
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Speaker 3: guys absolutely loved seeing how you're super compared to other Australians,
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Speaker 3: which I think is really fun because I think so
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Speaker 3: many of us we just google it once six years
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Speaker 3: ago and feel a little bit behind and then never
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Speaker 3: think about it again. We actually collected the data from
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Speaker 3: our own community over the last twelve months, so I
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Speaker 3: thought that we could just start by sharing that. And
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Speaker 3: I'm really excited about this because I feel like this
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Speaker 3: data is a little bit more gritty, a little bit
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Speaker 3: more comparable to like where we are as listeners. Like
2:43
Speaker 3: if you think about our average listener and the average
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Speaker 3: person or they're not actually the average Australian, Like the
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Speaker 3: average Australian maybe doesn't care so much about their super,
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Speaker 3: doesn't care about finance, is probably not trying to put
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Speaker 3: themselves in the best possible position. So here's a little
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Speaker 3: bit of a snapshot from our Shees on the Money community,
3:00
Speaker 3: and I've just done by age bands, so I've copied
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Speaker 3: what the superannuation companies do so that you could like
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Speaker 3: compare it to your supercompany if you wanted to later.
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Speaker 3: And we'll obviously use this information to create like a
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Speaker 3: social tile so you can go back to it and
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Speaker 3: like see it visually, because it's like not the same
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Speaker 3: as just having it read out to you. Right, So
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Speaker 3: if you're between twenty and twenty four in the She's
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Speaker 3: on the money community, the average is twenty six thousand dollars,
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Speaker 3: and then the median is twenty two thousand dollars. Yes,
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Speaker 3: So just to quickly talk about why I as a
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Speaker 3: statz nerd. I don't know if everybody knows this, but
3:31
Speaker 3: way back when I was at university, I studied statistics.
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Speaker 3: It's one of my mind is because I am just
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Speaker 3: a really big nerd, I always talk about the average
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Speaker 3: and then the median. I actually think that the median
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Speaker 3: is a better reflection. But most people talk about the
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Speaker 3: average because you go, oh, ve what's the average, It's like, well,
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Speaker 3: that's good. But what happens with the averages? You take
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Speaker 3: every single number, So say there's like one hundred people
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Speaker 3: in our sample. There's actually thousands, But say there's one
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Speaker 3: hundred people. You add all of their numbers together and
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Speaker 3: then you divide it by one hundred. So you're getting
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Speaker 3: like the lowest of the low and then the highest
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Speaker 3: of the high. And what happens with that is if
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Speaker 3: we're all similar, probably not a big issue. But if
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Speaker 3: you've got someone who has you know, they're twenty one,
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Speaker 3: and they for some reason have a heap of money
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Speaker 3: in their superannuation and they've got millions. And then you
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Speaker 3: also have people who maybe you know, have never worked
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Speaker 3: a day in their life and they're in the sample,
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Speaker 3: so they've got zero dollars. We're taking those numbers into consideration,
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Speaker 3: and if I ask you, do you feel like that's
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Speaker 3: comparable to your situation, I think.
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Speaker 2: You go probably not.
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Speaker 3: So the median is the number that just sit smack
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Speaker 3: bang in the middle. So it's not like adding them
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Speaker 3: all together and dividing them. It's going, okay, cool, if
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Speaker 3: there's one hundred people, we're going to fifty, like what
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Speaker 3: is that fiftieth number? And that is the person that's
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Speaker 3: sitting in the middle of all of that. So they're
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Speaker 3: not the highest of the high, they're not the lowest
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Speaker 3: of the low. That's where a lot of us probably
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Speaker 3: want to see comparable numbers, because we go, what's you know,
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Speaker 3: sitting smack bang in the middle. You know, when you
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Speaker 3: think of a bell curve, it's like the bell curve
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Speaker 3: numbers like the one at the top of that.
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Speaker 2: So often you will.
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Speaker 3: See the average is often higher than what the median is.
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Speaker 3: And that's why I like to work off a median
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Speaker 3: instead of an average, because I think an average can
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Speaker 3: not be as accurate anyway. That's a little bit of
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Speaker 3: a statistics side note. If you're between the age of
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Speaker 3: twenty five and twenty eight, the average is forty three thousand,
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Speaker 3: and the median is thirty four thousand. Twenty nine and
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Speaker 3: thirty two average is now ninety four thousand, whereas the
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Speaker 3: median is eighty eight thousand, five hundred. Thirty three to
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Speaker 3: thirty seven average is one hundred and seven thousand, and
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Speaker 3: then the median is one hundred and six thousand. So
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Speaker 3: we're actually getting a bit closer with that one, but
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Speaker 3: then it does dive away. At thirty eight to forty one,
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Speaker 3: the average is one hundred and seventy three thousand, five hundred,
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Speaker 3: and the median is one hundred and fifty five thousand,
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Speaker 3: and then between the ages of forty two and forty six,
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Speaker 3: the average is two hundred and thirty thousand, and then
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Speaker 3: the median is two hundred thousand.
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Speaker 2: But can you see why, Yes.
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Speaker 3: I probably would prefer if like, comparison is a thief
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Speaker 3: of joy, right, Oh, so like we need to also
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Speaker 3: say that because here I am being like, here's some
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Speaker 3: numbers to compare yourself to, but also don't compare yourself,
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Speaker 3: Like we want to be on track and we want
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Speaker 3: to feel like we can compare ourselves.
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Speaker 2: But that's where I go.
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Speaker 3: I'd probably be comparing myself to the media and not
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Speaker 3: necessarily the average, usually because it's more.
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Speaker 2: Accurate, but also it makes me feel better about myself.
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Speaker 3: Absolutely, as I'm looking at this, I'm like, Okay, there's
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Speaker 3: some numbers that I think I need to get on
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Speaker 3: top of some things. If you're listening to this and
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Speaker 3: you're kind of like worried, just know that that's why
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Speaker 3: you're here and we can fix this. But like it
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Speaker 3: wasn't that cool because like the people that are listening
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Speaker 3: to this show, they actually just want better for themselves. Yeah,
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Speaker 3: Like even if you're like, oh, I don't stuck up
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Speaker 3: at all, think about all the people that aren't even
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Speaker 3: considering that and the fact that you have so much
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Speaker 3: time ahead of you to like fix that or put
6:48
Speaker 3: yourself in a different position, like what a position to
6:51
Speaker 3: be in? Exactly, you've already maken the right first step.
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Speaker 2: I mean, the hardest thing is to listen to me,
6:56
Speaker 2: so like you're already past it.
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Speaker 3: Can confirm no, just kidding, So what does this tell
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Speaker 3: us Okay, So when looking at this information for our
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Speaker 3: community specifically, it says that the biggest jump is in
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Speaker 3: your late twenties to early thirties. And if you look
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Speaker 3: at it, superannuation balances actually almost double, like they more
7:18
Speaker 3: than double.
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Speaker 2: And this is the magic of compound interest. So you
7:21
Speaker 2: know how, I'm like, oh, it takes time.
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Speaker 3: Back, like you know, you've started your shares's account and
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Speaker 3: you're like investing consistently, but you wouldn't have seen it
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Speaker 3: just double. But that starts to kick in after ten
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Speaker 3: ish years. So like compound interest, its power is in
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Speaker 3: the long term. So after ten plus years, that's where
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Speaker 3: you really start to see stuff doubling. And if you
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Speaker 3: think about late twenties, you've probably had nearly ten years
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Speaker 3: of really solid contributions late thirties. You know, not all
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Speaker 3: of us were, you know, contributing for the start of
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Speaker 3: our twenties, So that kind of makes sense, Like that
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Speaker 3: data makes sense, And by mid thirties, most people are
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Speaker 3: actually hitting six figures, like and that's really normal and
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Speaker 3: that's really exciting. Then in your forties, if we kind
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Speaker 3: of go down the data set a little bit, the
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Speaker 3: gap between average and medium, it really does widen and
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Speaker 3: I pointed that out when I was reading it out.
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Speaker 3: But that's literally life events in your forties. That's when
8:19
Speaker 3: we start to see the real impact of you taking
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Speaker 3: a career break, because you've had uneven contributions. So whether
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Speaker 3: you took time off for yourself, whether you took time
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Speaker 3: off to have kids, that's when we really start to
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Speaker 3: see the difference. And you saw that gap gotch you. Okay, God,
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Speaker 3: that's scary. It's really good to see that ease. But
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Speaker 3: like data is telling us a story, and you know
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Speaker 3: what we can do with stories. Learn from that absolutely,
8:42
Speaker 3: and this is why putting is so important. But that's
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Speaker 3: a story. That's another conversation and a whole other episode
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Speaker 3: where we'll do all episodes. Okay, So if I want
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Speaker 3: to sort of my super which I do, what's the
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Speaker 3: first thing I should be doing. I think I've said
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Speaker 3: it on the show before and it's not the sexiest
8:56
Speaker 3: way of putting it, but like, we're going to do
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Speaker 3: a hygiene check. Yep, we're just going to clean house, right,
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Speaker 3: So that hygiene check means we log into our supernuation account.
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Speaker 3: I want you to know your balance, I want you
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Speaker 3: to know how many fees you're paying and whether you're
9:08
Speaker 3: comfortable with that. I want you to have a look
9:11
Speaker 3: at whether you have insurance or not. And if you
9:13
Speaker 3: don't think about getting it, I cannot, like I cannot
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Speaker 3: drive home. The importance of insurances. Don't get me wrong,
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Speaker 3: it's going to look different for everybody. If you're in
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Speaker 3: your early twenties and you're still lucky enough to live
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Speaker 3: at home, you don't have any debts, you probably don't
9:30
Speaker 3: need a lot of insurance. But if you're like me,
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Speaker 3: and you know, I'm thirty four, that's terrifying and I
9:36
Speaker 3: have a kid, and I have a husband and have
9:38
Speaker 3: a mortgage. If I wasn't here anymore, I've just lumped
9:41
Speaker 3: a whole heap of responsibility on someone who can't pay
9:44
Speaker 3: for that, right, So we want to make sure that
9:46
Speaker 3: that's okay. And then the last thing I want you
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Speaker 3: to look at in your superanuation account is your portfolio type.
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Speaker 2: So what's your risk appetite.
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Speaker 3: Are you in a balanced fund? Are you in a
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Speaker 3: high growth fund? Are you in a conservative fund? If so,
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Speaker 3: why have you done their questionnaire? Have you looked at
10:02
Speaker 3: how much impact that can have over the long term
10:05
Speaker 3: of not doing it because this is going to give
10:07
Speaker 3: you a really good idea of just where are you
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Speaker 3: starting from, because like how many of us just have
10:11
Speaker 3: our heads in the sand about super Maybe you know
10:13
Speaker 3: the number because you recently did your tax return, but
10:16
Speaker 3: a lot of us also have no idea. Yes, that's
10:19
Speaker 3: so true. So once we familiarize ourselves with the numbers,
10:22
Speaker 3: what do.
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Speaker 2: We do next?
10:24
Speaker 3: All right, So what I want you to do and
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Speaker 3: I have mentioned this tool a number of times on
10:29
Speaker 3: our show before, but I want you to use your
10:31
Speaker 3: Super Comparison Tool, which is a free tool provided by
10:34
Speaker 3: the Australian government. So it's like not bias, it's not
10:38
Speaker 3: built by a super company, like they're not trying to
10:40
Speaker 3: sell you anything.
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Speaker 2: It's just going to do the job right.
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Speaker 3: And to get to it, you go to Mygove, You
10:45
Speaker 3: go to the ATO portal, you click super and it
10:48
Speaker 3: will take you through to your Super Comparison Tool.
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Speaker 2: You can also just Google it, but personally I like.
10:53
Speaker 3: Going through the Mygove platform because it means you would
10:55
Speaker 3: have had to see what your balance.
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Speaker 2: Was to begin with, you I'd avoid it. And then
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Speaker 2: this tool is.
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Speaker 3: Going to line up all the my superproducts in the
11:03
Speaker 3: country and it's going to show you a few things.
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Speaker 3: So it's going to show you the net returns are
11:08
Speaker 3: over five and then over ten years. It's going to
11:10
Speaker 3: show you what you'd have if you'd been in each
11:14
Speaker 3: fund with a fifty k balance. It just like shows
11:16
Speaker 3: you the differences and which funds have failed the upper
11:21
Speaker 3: performance test. So to me, that's really important because it's
11:25
Speaker 3: kind of like a hygiene factor. Again, can we just
11:27
Speaker 3: make sure we're not in a fund that failed, like,
11:30
Speaker 3: because then maybe I would be.
11:32
Speaker 2: Very very interested in changing.
11:35
Speaker 3: Yeah, I can't give you advice and say get out
11:38
Speaker 3: of that fund because if for some reason it aligns
11:40
Speaker 3: with your values, maybe you do you. But like I
11:43
Speaker 3: know that if my fund failed the performance test, I'd
11:46
Speaker 3: be out. Ah ah, But no advice give it. Just
11:50
Speaker 3: read between the lines. Okay, let's go on a really
11:52
Speaker 3: quick break because it's a lot to take in it is,
11:55
Speaker 3: and we'll dive back in on the food side. All right,
12:01
Speaker 3: we are backback and we are talking all things superannuation,
12:05
Speaker 3: and I feel like I have just yapped and yapped
12:07
Speaker 3: and yapped. And the thing that I like with your
12:09
Speaker 3: super comparison tool is it compares like for like options
12:13
Speaker 3: like I don't want you to look at different things
12:16
Speaker 3: that are being put in front of you for marketing purposes.
12:19
Speaker 3: So we know that there are a lot of other
12:21
Speaker 3: comparison websites where if you google like compare the best supers,
12:25
Speaker 3: it's very likely to show you the ones that the
12:28
Speaker 3: superannuation companies are paying for and then not show you
12:31
Speaker 3: the super companies that are doing well but haven't paid
12:33
Speaker 3: for that type of marketing. So don't compare a conservative
12:36
Speaker 3: option either to like a fund with a growth option.
12:40
Speaker 3: So make sure that if you are comparing, we're just
12:43
Speaker 3: doing apples to apples. So that's why you before went
12:45
Speaker 3: and worked out what your risk profile was, because like,
12:48
Speaker 3: let's pretend beck your growth risk profile.
12:51
Speaker 2: Why are we looking at conservative options?
12:53
Speaker 3: Gotcha? But just filter it by growth, like be like,
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Speaker 3: I know I'm growth, so I'm only going to look
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Speaker 3: at the funds growth options and then I'm to look
13:00
Speaker 3: at all of the funds and compare their growth options.
13:02
Speaker 3: So I'm getting apples with apples instead of going, oh, well,
13:05
Speaker 3: you know, I compared the Australian Super Conservative to the
13:08
Speaker 3: UNI Super Growth, Like what those aren't actually comparable, They're
13:12
Speaker 3: not on the same page, like they're for different people
13:14
Speaker 3: and different things. So if you have done your risk
13:17
Speaker 3: profile and you are conservative, we're only looking at conservative options.
13:21
Speaker 3: If you are high growth, we're only looking at high
13:23
Speaker 3: growth options.
13:24
Speaker 2: And do you know what that does?
13:25
Speaker 3: Makes your life six million times easier because like less options,
13:29
Speaker 3: less worry, absolutely statistically six million times easier. So I
13:33
Speaker 3: always throw these things around, like where we talk about
13:36
Speaker 3: growth and conservative, So I would say the most common
13:40
Speaker 3: term in the industry when it comes to risk profile
13:42
Speaker 3: because it's like the default is balanced options. So you
13:46
Speaker 3: might have heard of that before, where people go, oh,
13:49
Speaker 3: that's the superannuation balanced option, and that I feel like
13:53
Speaker 3: people are attracted to the word balanced.
13:55
Speaker 2: Yeah, feel safe, right? It does feel safe, yeah, but
13:58
Speaker 2: it might not be a real like give of your
14:00
Speaker 2: goals and your values.
14:01
Speaker 1: Right.
14:02
Speaker 3: But that typically only holds or I should say holds
14:05
Speaker 3: not only holds, but that holds sixty to seventy percent
14:09
Speaker 3: growth assets.
14:10
Speaker 2: What does that mean?
14:11
Speaker 3: If you're pie chart, which is one hundred percent, sixty
14:14
Speaker 3: to seventy percent will be shares. The rest will be
14:16
Speaker 3: capital stable assets, which are things like term deposits and
14:20
Speaker 3: cash and bonds. I see, Whereas if you look at
14:24
Speaker 3: a growth option, that pie chart becomes ninety percent shares, yeah,
14:29
Speaker 3: and then like ten percent more stable assets, and like
14:33
Speaker 3: they're different for every single option, So don't go, oh
14:35
Speaker 3: Victoria said that a growth option would have ninety percent.
14:38
Speaker 3: It's actually different per serrounuation company. So the way that
14:42
Speaker 3: and I'm just using these as examples so that you
14:45
Speaker 3: don't go, what are you talking about? Like, if you
14:46
Speaker 3: look at Australian super for example, their percentages in their
14:50
Speaker 3: pie charts are very different to a unisuper or arrest
14:54
Speaker 3: or a host plus They're like, they're just very different
14:57
Speaker 3: because they all have different methodologies of ascertaining what is
15:01
Speaker 3: like the best breakdown. But on average, I would say
15:04
Speaker 3: growth options like eighty to ninety percent growth assets. Sure,
15:07
Speaker 3: and if that aligns with your values, that's all we're
15:10
Speaker 3: looking at.
15:11
Speaker 2: Okay, got you? So, Beck, if you came out as
15:14
Speaker 2: growth and hypothetically your.
15:15
Speaker 3: Growth, your returns might look higher, but that actually just
15:18
Speaker 3: might be the risk profile, not your fund doing a
15:21
Speaker 3: better job. You might go, oh, well, I came out
15:24
Speaker 3: as conservative and then all of a sudden, I'm saying
15:26
Speaker 3: better returns in the growth one. Well yeah, you're always
15:30
Speaker 3: not always, but like, the more risk you take on,
15:33
Speaker 3: the higher the returns. High risk Curry war exactly. So
15:37
Speaker 3: usually when you look at it, it might go, oh,
15:39
Speaker 3: like the you know, conservative portfolio is returning six percent
15:43
Speaker 3: on average, you know, the medium growth is returning like
15:46
Speaker 3: seven or eight percent, and then the like high growth
15:49
Speaker 3: is nine or ten percent.
15:50
Speaker 2: You go, but why I want nine or ten?
15:52
Speaker 3: Well, then maybe you need to go back to your
15:53
Speaker 3: risk profile if you don't like the six percent option
15:56
Speaker 3: you came out with, so like.
15:57
Speaker 2: Work out what works for you.
15:59
Speaker 3: Sure, sure, okay, and what next?
16:01
Speaker 2: Okay? So boring, but just understand the fees.
16:05
Speaker 3: Boring now boring, always like it was never good.
16:08
Speaker 2: And as a financial advisor, I used.
16:09
Speaker 3: To have to do this for clients and I would
16:11
Speaker 3: always be like, look like I didn't like doing it
16:14
Speaker 3: either because this isn't the sexy part of like super
16:17
Speaker 3: because I should know about my growth. Oh ees boring,
16:20
Speaker 3: But also on those also, I need you to know
16:23
Speaker 3: what you're paying to make sure that you're not getting stooged.
16:25
Speaker 3: And the reason that we care about these things is
16:28
Speaker 3: because it eats into your growth. So like, if you're
16:31
Speaker 3: paying more for something, you're getting less in return or
16:34
Speaker 3: I do say, often pay peanuts, get monkeys. But if
16:37
Speaker 3: you're paying more fees than necessary for the same return
16:40
Speaker 3: as another fund, maybe you.
16:41
Speaker 2: Want to switch, right.
16:43
Speaker 3: But also I would say that most of the really
16:45
Speaker 3: big superannuation funds fees are average. Like I don't think
16:49
Speaker 3: I've ever seen one that I'm like, oh my god,
16:51
Speaker 3: Like that's so awful. I would never go with that
16:53
Speaker 3: super company because their fees are astronomical. Right, They're all
16:56
Speaker 3: going to be like semi similar, but I want you
16:59
Speaker 3: to understand them. Right, So every single fund will charge
17:03
Speaker 3: two different types of fees on average, So like, please
17:06
Speaker 3: don't again bucket me. But this is what usually happens
17:09
Speaker 3: in most funds. So you've got admin fees and then
17:12
Speaker 3: investment fees. And admin fees cover the administration of your account,
17:17
Speaker 3: and then investment fees are going to be different based
17:20
Speaker 3: during your risk profile, because if you're more risky, we're.
17:22
Speaker 2: Paying more because we're investing more.
17:24
Speaker 3: If you're more conservative, they're like, well, we're not going
17:26
Speaker 3: to charge you through the no, so something that you're
17:27
Speaker 3: not really using, that's so nice, right, Well yeah, let's
17:30
Speaker 3: pretend it's nice. So an admin fee, I would say,
17:33
Speaker 3: is usually a fixed it's either a weekly or monthly
17:37
Speaker 3: amount is what they will report on. So it might
17:40
Speaker 3: be like your admin fee is a dollar fifty a week,
17:43
Speaker 3: or it might be seventy eight dollars a year. And
17:45
Speaker 3: then your investment fees, yes, but also like just is
17:49
Speaker 3: what it is? An investment fee is usually actually a
17:52
Speaker 3: percentage of your balance. So you know, if they say, oh,
17:57
Speaker 3: your investment fee, and I would say one of the
17:59
Speaker 3: most common is like point six percent, you go, well,
18:02
Speaker 3: what's that mean fee? It means if you've got one
18:04
Speaker 3: hundred thousand dollars in your cubernuation account, you will pay
18:08
Speaker 3: six hundred dollars each year for an investment fee. Okay,
18:11
Speaker 3: And that would extrapolate out as an ex financial advisor.
18:16
Speaker 3: Is six percent good bad? I don't really have an opinion,
18:19
Speaker 3: but if it got close to one percent, I would
18:21
Speaker 3: be quite wary. Like the closer to one percent it is,
18:25
Speaker 3: the more I'm like, oh, like, what are you doing
18:28
Speaker 3: to add extra value? Because I'd say six percent is
18:30
Speaker 3: pretty normal in the industry, like because people always like
18:34
Speaker 3: is that good?
18:34
Speaker 2: Is it bad?
18:35
Speaker 3: And I'm like, it's all relative, yeah, based on the
18:39
Speaker 3: value you're getting out of something.
18:40
Speaker 2: Right, But people love numbers.
18:43
Speaker 3: So if I said, you know, and you're looking at
18:44
Speaker 3: your investment fees, you might go will be just as
18:47
Speaker 3: er point six percent?
18:48
Speaker 2: What's that even mean?
18:49
Speaker 3: I would say that's pretty average. If it got closer
18:52
Speaker 3: to like a full one percent, I'd be like, oh,
18:54
Speaker 3: what are you paying for? Like that's more of a
18:56
Speaker 3: like very active managed fund fee. And these fees you
19:00
Speaker 3: can kind of compare to like an ETF and they
19:03
Speaker 3: would usually be I would say, relatively comparable. And why
19:06
Speaker 3: are they so cheap, because that's actually cheap for investment.
19:09
Speaker 3: It's because they're doing it on mass, right, Like they're
19:12
Speaker 3: doing it for hundreds of thousands of people in this fund,
19:16
Speaker 3: so they get to charge you a lower price point.
19:18
Speaker 3: If you went to an individual to do that, it
19:21
Speaker 3: would be much much more expensive. Also, in the your
19:24
Speaker 3: super tool, it's going to show you a total annual fee,
19:29
Speaker 3: so like that's just the way they report it, but
19:31
Speaker 3: it is coming from those two fees combined. It will
19:34
Speaker 3: show you a total annual fee for that fifty thousand
19:36
Speaker 3: dollars example, or that fifty thousand dollars balance, which I
19:39
Speaker 3: think is a pretty handy benchmark for each like different
19:42
Speaker 3: fund and then you know, just again for contexts industry funds,
19:48
Speaker 3: I would say point six percent is pretty normal, but
19:51
Speaker 3: zero point five two point eight I would say is
19:53
Speaker 3: really normal. Sure, between that, retail funds can be often
19:58
Speaker 3: more than one percent, which I would be weary of,
20:03
Speaker 3: and I'm consistently weary of, because you know, you might go,
20:06
Speaker 3: what's the difference between points six percent one percent?
20:08
Speaker 2: Victoria? Well, over the long term really goes up thousands
20:12
Speaker 2: of dollars? Like it's not.
20:14
Speaker 3: It might be like, you know, we just talked about
20:16
Speaker 3: seventy eight dollars a year. You might go, whatever, like
20:19
Speaker 3: it's just coming out of my super I'm not even
20:20
Speaker 3: seeing it. But from little things, big things grow. I
20:23
Speaker 3: should care about this. If it's over one percent, I'm.
20:25
Speaker 2: Like a bit wary. Yes, I can't give advice, but like,
20:28
Speaker 2: if I'm a bit weary, what are you thinking?
20:31
Speaker 3: You know exactly exactly shocking question? What comes next? So
20:36
Speaker 3: the next thing you're going to do is check upra's
20:38
Speaker 3: and your performance test. Now you've probably heard of UPRA before.
20:42
Speaker 3: I think like that gets thrown around a lot, but
20:44
Speaker 3: what the heck is UPRAH? It's the Australian Prudential regulation
20:48
Speaker 3: Authority or does that actually mean though? So they're kind
20:54
Speaker 3: of like the big dogs, but they're an independent. So
20:58
Speaker 3: they're an independent and they look at at banks, credit unions,
21:02
Speaker 3: they look at building societies, they look at insurers and
21:06
Speaker 3: most members of the superannuation industry and they supervise them. Okay,
21:11
Speaker 3: so they make sure that they're doing the right things
21:13
Speaker 3: and basically ensuring that these institutions they maintain financial soundness
21:19
Speaker 3: is what it says on their website. Just making sure
21:21
Speaker 3: like if they're making money, it's going to the right places,
21:25
Speaker 3: making sure that if they promise their customers something they
21:28
Speaker 3: actually do it. Making sure that you know, they're stable
21:31
Speaker 3: and they're actually good for their consumers.
21:33
Speaker 2: So APRA is for us.
21:35
Speaker 3: It's not like HR at work, which is actually right,
21:38
Speaker 3: you know, like a unionization. Yeah, APRA is actually like
21:41
Speaker 3: holding them accountable. Cool. So every single year, OPRA runs
21:45
Speaker 3: like benchmarking tests on the mysuperproducts. So they go all right,
21:49
Speaker 3: comparison time, big job. But if your fund fails, they
21:53
Speaker 3: have to write to you and say hey, beck, So
21:57
Speaker 3: like they don't apologize, which is rude, but they will say, hey,
22:00
Speaker 3: we failed the test. So if they fail at one time,
22:03
Speaker 3: it's a warning, like an official warning. Two consecutive fails
22:07
Speaker 3: means that that fund's not allowed to take on any
22:09
Speaker 3: new members. Oh how do they? How do you fail?
22:12
Speaker 3: Like you just like you don't meet your requirements, so
22:14
Speaker 3: you don't meet your obligations. You don't you're not doing
22:17
Speaker 3: what you said you were going to do financially. Sound
22:20
Speaker 3: like I see someone.
22:22
Speaker 2: Imagine if that was on Tinder.
22:24
Speaker 3: Like, I just think that if people on Bumble could
22:27
Speaker 3: get barred, it would be a better life. Oh, absolutely
22:30
Speaker 3: for everybody, right really, And then every single August publishes
22:34
Speaker 3: this full list, so like every single August, I really
22:37
Speaker 3: ratten on people.
22:38
Speaker 2: Oh yeah, Like I'm here for the drama. Like, don't
22:40
Speaker 2: get me wrong, I have publicly said before I'm nosy.
22:43
Speaker 2: I want to know, Like I need to know did
22:45
Speaker 2: you fail?
22:45
Speaker 3: If you did judging, and then if your fund is underperforming,
22:49
Speaker 3: because that's not very sexy, A short list of alternative
22:52
Speaker 3: funds that actually match your risk profile and show stronger
22:56
Speaker 3: long term nets is going to be suggested.
23:00
Speaker 2: It's kind of good.
23:01
Speaker 3: That's painful thing that I want you to do, though, Yeah.
23:05
Speaker 2: I cannot drive home the importance of insurance. I just can't.
23:09
Speaker 3: But before moving, I want you to check your insurance
23:11
Speaker 3: cover because sometimes you move and you go, oh, the.
23:14
Speaker 2: Performance is whack. I don't want to be here anymore.
23:16
Speaker 3: But you had some really good default insurance, and lots
23:19
Speaker 3: of people unknowingly cancel income protection or TPD while they're
23:23
Speaker 3: rolling over, and then they lose it because they can't
23:26
Speaker 3: get it in their new fund because they don't meet
23:28
Speaker 3: the criteria. So that's where sometimes, even when I was
23:31
Speaker 3: a financial advisor, I would like recommend this is a hypothetical.
23:35
Speaker 2: I'd be like, oh, beck, I actually.
23:37
Speaker 3: Want you to have two super funds. Like that goes
23:39
Speaker 3: against a lot of the advice that I give because
23:42
Speaker 3: double fees, whatever. But you're going to keep like a
23:45
Speaker 3: really minimal amount of money in this first super fund
23:48
Speaker 3: that basically doesn't perform. But the reason we're keeping the
23:51
Speaker 3: money there is to pay for the insurances on that
23:53
Speaker 3: account because we can't get rid of them. And then
23:54
Speaker 3: we're going to put all of our money in this
23:56
Speaker 3: better fund that is actually going to perform, So you
23:59
Speaker 3: would keep both. In that instance, the best option, or
24:02
Speaker 3: I would say the safest way to do this is
24:05
Speaker 3: open the new fund. First, because just opening the new
24:07
Speaker 3: fund doesn't cancel your old one. We would hopefully replicate
24:11
Speaker 3: the insurance if you need it, and then roll your
24:14
Speaker 3: balance over and update your employer payroll details. Then but
24:18
Speaker 3: if you can't replicate your insurance because it hasn't been
24:21
Speaker 3: accepted or they say, oh, like sorry, we don't offer that,
24:24
Speaker 3: at least you haven't burnt the bridge to begin with. Yeah, got,
24:28
Speaker 3: we can actually move super funds without deleting the other one,
24:32
Speaker 3: do you know what I mean? Like, we're not telling
24:33
Speaker 3: the other one that we're already seeing someone new. And
24:36
Speaker 3: that's okay, cheeky okay. So once I've checked performance, what
24:40
Speaker 3: do I do next? All right, So I've jumped up
24:42
Speaker 3: and down about this, but so many people and most
24:46
Speaker 3: people in Australia default to balanced.
24:49
Speaker 2: But that's not always right for them.
24:50
Speaker 3: They default to balance because you know, when you're filling
24:53
Speaker 3: out your superforms when you get a new job, it
24:55
Speaker 3: often has these little like italic words below your superannuation
24:59
Speaker 3: choice that say balanced is the most popular option or
25:01
Speaker 3: something to that effect, and like if you don't know
25:03
Speaker 3: what you're talking about, which I didn't know what I
25:05
Speaker 3: was talking about when I was doing these Before I
25:07
Speaker 3: was an advisor.
25:08
Speaker 2: I was just like, Okay, well I guess I'll go
25:11
Speaker 2: with that.
25:12
Speaker 3: Yeah. It doesn't feel like a big decision in that moment,
25:15
Speaker 3: right because like the biggest and hardest thing about that
25:17
Speaker 3: whole process for me was like, well, what is my TFN?
25:20
Speaker 2: How do I go and find that? Is it in
25:21
Speaker 2: my email?
25:22
Speaker 3: You know, like I'm not really thinking about it, but
25:24
Speaker 3: that makes a massive difference. So let's talk a little
25:28
Speaker 3: bit about growth versus balanced versus like a conservative account.
25:33
Speaker 3: I want you to imagine the pie chart, because I
25:35
Speaker 3: feel like everyone can imagine a pie chart, right, I
25:38
Speaker 3: love a pie chart. One hundred percent in a pie
25:41
Speaker 3: chart growth option. It's going to have eighty to ninety
25:44
Speaker 3: percent growth options.
25:46
Speaker 2: What does that mean?
25:47
Speaker 3: Eighty to ninety percent of the money in your superannuation
25:50
Speaker 3: is going to be directly invested into shares, whether that
25:53
Speaker 3: is Australian shares or international shares. It will be different
25:56
Speaker 3: per fund. But then between twenty or ten and twenty
26:00
Speaker 3: percent of that fund is going to be in more
26:02
Speaker 3: conservative assets. So it's going to maybe be sitting in cash,
26:06
Speaker 3: it might be sitting in a term deposit, it might
26:08
Speaker 3: be in a bond. But these are more conservative options.
26:13
Speaker 3: And now the thing I want you to remember is
26:15
Speaker 3: just the percentages, because I think a lot of people
26:19
Speaker 3: just assume when I say growth assets, you think it's
26:21
Speaker 3: more risky shares.
26:23
Speaker 2: It's not.
26:24
Speaker 3: It's just a higher saturation of shares. So if we
26:27
Speaker 3: jump back down and compare it to like the balanced option,
26:32
Speaker 3: like which is the default, and we look at our
26:34
Speaker 3: high chart again, sixty to seventy percent are quote growth assets,
26:38
Speaker 3: So sixty to seventy percent of that is made up
26:40
Speaker 3: of shares. They're the same shares that are in the
26:44
Speaker 3: growth asset. You just hold more when you're growth and
26:47
Speaker 3: less when you're balanced, So like you would just carry
26:51
Speaker 3: more cash if you're balanced and have more of a
26:54
Speaker 3: percentage of assets that aren't performing as well. And I'm
26:56
Speaker 3: not saying that that's a bad thing, but I think
26:59
Speaker 3: a lot of people will assume, oh, if I go growth,
27:01
Speaker 3: the assets are more risky.
27:03
Speaker 2: It's not.
27:04
Speaker 3: It's exactly the same ETFs. It's exactly the same shares.
27:07
Speaker 3: Like you know, if Australian super has picked all of
27:10
Speaker 3: those shares for their portfolios. Well, in the balanced option
27:13
Speaker 3: you get seventy percent and in the growth option you
27:16
Speaker 3: get ninety do you know what I mean? So it's
27:19
Speaker 3: more about, well, if you're investing for the future and
27:22
Speaker 3: you're like, well, I'm going to be in it for
27:24
Speaker 3: thirty plus years, how comfortable are you? And you need
27:27
Speaker 3: to ask yourself this question, how comfortable are you with
27:31
Speaker 3: thirty percent of your portfolio just sitting in like cash
27:33
Speaker 3: and bonds that perform less. Like I think when you
27:36
Speaker 3: start to contextualize that, people go, oh, growth isn't as scary,
27:39
Speaker 3: and like, I hate the terminology around investing because often
27:45
Speaker 3: it seems scary, right, aggressive portfolio some companies, you know
27:49
Speaker 3: what do they call it that? It's like, that's scary.
27:50
Speaker 3: I don't want to exactly, So we probably aren't going
27:53
Speaker 3: to pick that just because of the naming the chess.
27:55
Speaker 3: So when you go back to a growth option, higher risk,
28:02
Speaker 3: like we need to really outline that the more risk
28:04
Speaker 3: you take, the more returns you might get.
28:08
Speaker 2: And more often than not, I would see a.
28:10
Speaker 3: Growth portfolio being more suitable for younger members who don't
28:14
Speaker 3: touch their super for years. So if you're sixty, I'm
28:18
Speaker 3: probably going to be like, oh, I'd stick clear of
28:20
Speaker 3: that because like the market goes up and down, and
28:22
Speaker 3: do we want to be part of that? But when
28:23
Speaker 3: you're young, you have time on your site, so I
28:26
Speaker 3: would be expecting more ups and downs along the way,
28:29
Speaker 3: but better long term compounding. Yes. So then the balanced option.
28:34
Speaker 3: We've talked about this before. This is usually the default.
28:37
Speaker 3: This is just what you fell into to begin with.
28:39
Speaker 3: And if you've never looked at your super I can
28:40
Speaker 3: almost guarantee that this is what you're in. Moderate volatility,
28:44
Speaker 3: moderate returns. We're not complaining, you're still getting a return.
28:49
Speaker 2: Is it what you want it to be?
28:51
Speaker 3: It's totally fine if you're risk averse, like you might
28:54
Speaker 3: look at it and be like, be uncomfortable with that.
28:55
Speaker 2: I'm not saying it's bad. I'm literally not.
28:58
Speaker 3: I'm just saying, let's make sure you have the education
29:00
Speaker 3: so you can make the right decision for you, because
29:03
Speaker 3: in retirement it could mean hundreds of thousands of dollars
29:06
Speaker 3: of difference. But if you've got thirty plus years ahead,
29:09
Speaker 3: you might be leaving some cash on the table, right, Okay, okay,
29:13
Speaker 3: And like, I don't want you to leave cash on
29:15
Speaker 3: the table. No, Then there's the conservative option, and we're
29:18
Speaker 3: going back to our pie chart again. But of that
29:22
Speaker 3: pie chart, thirty to forty percent of your money that
29:25
Speaker 3: is in your superannuation will be invested into the share market.
29:30
Speaker 3: The rest is conservative options, so low volatility, low return.
29:35
Speaker 3: I would say it's a much safer option when you're
29:38
Speaker 3: closer to retirement because your risk and reward profile actually
29:41
Speaker 3: changes over your lifetime. So like right now, Beck, I
29:44
Speaker 3: would assume that you're probably sitting more growth just knowing you,
29:48
Speaker 3: and the closer you get to retirement you might drop
29:50
Speaker 3: back to a balanced and then you know, when you're
29:52
Speaker 3: sixty or so, you might go to conservative because it's
29:55
Speaker 3: not so much about growing your wealth whence you're sixty,
29:57
Speaker 3: it's more about conserving it and just like it in
30:00
Speaker 3: loading it, in making sure that it's there for the
30:03
Speaker 3: long term. So it's I would say safer if you're
30:05
Speaker 3: closer to retirement and you want to protect what you've built.
30:08
Speaker 3: But it probably like, and this is stereotyping again, because
30:11
Speaker 3: I could never give you advice. It's probably not ideal
30:14
Speaker 3: if you're like twenty five and you're going to access
30:17
Speaker 3: your super for thirty five years. Yeah, I see, but
30:20
Speaker 3: the superannuation company is not going to call you up
30:22
Speaker 3: and be like, hey, beg, we saw you picked this.
30:24
Speaker 3: You sure like they're not going to do that, because
30:26
Speaker 3: they're just going to go, okay, well that's what she
30:28
Speaker 3: picked and like what she wants exactly, but.
30:30
Speaker 2: You might not know what you don't know.
30:32
Speaker 3: Yes, So sequencing risk kind of matters closer to retirement
30:37
Speaker 3: because being too aggressive close to retirement could mean you
30:41
Speaker 3: go into a market dip and then you have to
30:43
Speaker 3: wait another five or six years before you can actually retire,
30:45
Speaker 3: and I just I don't want that for you, you know,
30:48
Speaker 3: and like even a one percent higher return, so you
30:51
Speaker 3: might go, oh, well, you know, I'll just pick one bit,
30:54
Speaker 3: Like the more conservative one is like only one percent difference,
30:57
Speaker 3: Like who cares over thirty years, that's thirty five percent
31:01
Speaker 3: of your superannuation balance. Oh we like that.
31:05
Speaker 2: That's a lot.
31:06
Speaker 3: Yeah, but that's thirty five percent more returns that you
31:08
Speaker 3: would have. So you've kind of got to contextualize it
31:11
Speaker 3: because like one percent today, I don't care if you
31:14
Speaker 3: don't pay me one percent. Thirty five years later, I've
31:17
Speaker 3: lost thirty five percent. And you know what if I
31:19
Speaker 3: see something that's thirty five percent off, I'm like that's.
31:21
Speaker 2: A good deal.
31:22
Speaker 3: Absolutely, it's a big chunk of money, right, And then
31:25
Speaker 3: I also want to talk about the power of time,
31:27
Speaker 3: because we've just like touched on retirement and like maybe
31:30
Speaker 3: not picking a more aggressive option when you're closer to retirement,
31:33
Speaker 3: but if you're younger, like, you've got time on your side,
31:35
Speaker 3: and I can't drive that fact home any harder than
31:40
Speaker 3: I do. So for example, if you're like, let's say
31:43
Speaker 3: you're twenty five, and you've got a balanced portfolio right now,
31:47
Speaker 3: so you're earning let's just say six percent, but the
31:52
Speaker 3: growth option in the same super funds, so you're not
31:54
Speaker 3: changing funds, you're just like going in and flicking over
31:57
Speaker 3: to growth that's seven percent, So like you would go vida,
32:01
Speaker 3: that's not much of a difference, like kind of who
32:03
Speaker 3: cares over thirty five years, As I was saying, one
32:06
Speaker 3: percent different compounds to thirty five percent more money. So hypothetically,
32:11
Speaker 3: if you had one hundred thousand dollars, that's the difference
32:15
Speaker 3: of retiring with seven hundred and sixty thousand dollars or
32:20
Speaker 3: one point oh three million dollars. Wow, Okay, So like
32:24
Speaker 3: we're not talking like, oh, it's just a couple of dollars.
32:27
Speaker 3: Like these decisions could mean hundreds of thousands of dollars
32:32
Speaker 3: for you, but you didn't have to contribute anymore for that. Sorry,
32:35
Speaker 3: are we not all going into our super and just
32:37
Speaker 3: fixing it or making it reflective of what we want?
32:40
Speaker 3: And I'm not saying, oh, go pick the growth option,
32:43
Speaker 3: but like I am speaking to a community right now
32:47
Speaker 3: and individuals who you know.
32:49
Speaker 2: I know you because I survey you.
32:51
Speaker 3: I am in our Facebook group all the time, and
32:55
Speaker 3: most people that I talk to go, oh my god.
32:57
Speaker 3: I was in the balanced option, and then when I
32:59
Speaker 3: finally read up on it, I finally did the questionnaire.
33:01
Speaker 3: I finally you know, took the test on the super
33:04
Speaker 3: fund website that was free, found out I was growth.
33:07
Speaker 3: Like the amount of times I have that conversation is crazy. Yes,
33:10
Speaker 3: I'm also having that conversation where people will say, oh,
33:13
Speaker 3: well I was in balance and then I did it
33:14
Speaker 3: and I was balanced. So like, I don't know what
33:16
Speaker 3: you were harping on about.
33:17
Speaker 2: Sure, well at least you know exactly right like a
33:20
Speaker 2: last you did it.
33:21
Speaker 3: So risk settings actually do really really matter because the
33:25
Speaker 3: difference between one percent.
33:26
Speaker 2: You might go today whatever, but.
33:28
Speaker 3: Sorry, we're in the middle of cozy lives like we're
33:31
Speaker 3: all trying to you know, cut back, we're all trying
33:34
Speaker 3: to save money. If you are feeling really stressed about
33:37
Speaker 3: finances right now, and the groceries are hard, rents hard,
33:40
Speaker 3: bills are hard. Do you know what you can do
33:42
Speaker 3: something for future you? You can still care about your finances.
33:47
Speaker 3: It just doesn't have to be in saving what's coming
33:49
Speaker 3: into your bank account because that's sometimes too hard.
33:52
Speaker 2: But pull your finger out, go and fix your super.
33:55
Speaker 3: Go fix your super FORBA, please and thank you. And
33:58
Speaker 3: I'll give you three questions because I know about to
34:00
Speaker 3: try and wrap me up because I'm a super yappa.
34:03
Speaker 3: But I want you to ask yourself three questions. Beck,
34:06
Speaker 3: So I want you to ask, well, how many years
34:08
Speaker 3: until I access Super? Because I want to know or
34:12
Speaker 3: I want you to know what your preservation age is.
34:15
Speaker 3: So that's not when you're quote planning to retire. That's
34:18
Speaker 3: when you can actually get your little dirty fingers on
34:21
Speaker 3: that money yeap without paying tax. Because like you know,
34:25
Speaker 3: I could have arguments with lots of people who are like,
34:27
Speaker 3: well you could access you super early? Yeah cool, But
34:30
Speaker 3: hopefully I'm fit and healthy and don't have to right
34:33
Speaker 3: what age? And it's usually the age of sixty seven?
34:37
Speaker 3: Can I access that completely tax free? And I want
34:40
Speaker 3: you to ask yourself right now, like beck, zoom out.
34:44
Speaker 3: We're just going to use you as an example. What
34:46
Speaker 3: would happen if tomorrow you logged into your superannuation account
34:50
Speaker 3: and your balance HA crash twenty percent? I would I
34:55
Speaker 3: would sit on it? Yeah, But like what would happen?
34:57
Speaker 3: Would you freak out? Would you like switch to panic mode?
35:01
Speaker 3: All those things?
35:02
Speaker 2: But what would happen?
35:03
Speaker 3: Oh? I don't know?
35:06
Speaker 2: But like, how does that impact you financially right now?
35:08
Speaker 1: Right now? No?
35:09
Speaker 2: What does it do to your life?
35:11
Speaker 3: Well?
35:11
Speaker 2: Can you still afford your bills and your rent and stuff?
35:14
Speaker 3: Because guess you're super right now, have any sway on
35:16
Speaker 3: your finances? No? Okay, So I need you to talk
35:19
Speaker 3: to yourself about that and whether if you dove into
35:23
Speaker 3: your super account and found it was down yep, one, Yeah, okay,
35:26
Speaker 3: you're allowed to panic. Like I have said before on
35:29
Speaker 3: the show ex Financial Advisor, I talk about money all
35:31
Speaker 3: the time. If I log into my share trading platform
35:34
Speaker 3: and I find that my money is down, I get
35:37
Speaker 3: that pit in the bottom of my stomach because do
35:39
Speaker 3: you know what people hate losing money? Absolutely I hate
35:42
Speaker 3: it too, But then I can zoom out and go, Okay,
35:45
Speaker 3: let's look at the big picture. I still have like
35:47
Speaker 3: thirty years before I'm even retiring. I'm meant to be
35:50
Speaker 3: looking at this like shares or on sale. I'm meant
35:53
Speaker 3: to be looking at this in a different way. And
35:55
Speaker 3: you know what, I'm not saying it's instantaneous. I'm not like,
35:57
Speaker 3: oh I'm so silly and that I walk off. I'm
35:59
Speaker 3: still I like, I don't really like this, and I
36:02
Speaker 3: still feel yuck about it. But maybe I'm doing a
36:05
Speaker 3: little bit more research. Maybe I'm doing some googling. But
36:07
Speaker 3: ultimately I know that my job is to sit and wait.
36:12
Speaker 3: But if that's something that you couldn't deal with, you
36:16
Speaker 3: need to have a think about that. And then the
36:18
Speaker 3: next one is what is my plan to shift later
36:21
Speaker 3: in life?
36:22
Speaker 2: Do I have one?
36:23
Speaker 3: Am I going to be growth until I am sixty seven?
36:26
Speaker 3: Or am I going to you know, go all right,
36:28
Speaker 3: I'm feeling really good about this right now, but if
36:31
Speaker 3: I was like fifty, I probably wouldn't want to be here.
36:34
Speaker 3: They're the times that we're starting to reflect and go okay, cool,
36:37
Speaker 3: Like maybe I would need to revisit my risk profile
36:42
Speaker 3: at that time. But I actually kind of would love, like,
36:45
Speaker 3: in my perfect world, you're actually revisiting it annually. You're
36:49
Speaker 3: like kind of just doing a like finance health check.
36:51
Speaker 3: You're like, am I in the right place? It should
36:52
Speaker 3: be kind of a tick box exercise.
36:54
Speaker 2: I do it for myself.
36:55
Speaker 3: I redo the survey, and I'm like, yeap, what a surprise.
36:59
Speaker 3: I'm still and growth person, but that might change over
37:03
Speaker 3: my lifetime, and the second it does, I want to
37:05
Speaker 3: make sure that my super and all of my investments
37:07
Speaker 3: are reflective of that. So those are my questions that
37:09
Speaker 3: you're asking yourself because I tried to cap myself at
37:12
Speaker 3: just three, but there's lots of other questions.
37:14
Speaker 2: My god, why am I even here?
37:16
Speaker 1: You know?
37:16
Speaker 3: Okay, So I feel like this is a really good
37:19
Speaker 3: place to leave it. I don't want to overwhelm people,
37:21
Speaker 3: so I agree. But I have so much to tell you.
37:26
Speaker 3: But we didn't even talk about contribution caps. We didn't
37:29
Speaker 3: even talk about like tax like there's just a lot
37:32
Speaker 3: to it. But I would actually prefer You're right, I
37:35
Speaker 3: would prefer to like cut it. You ruminate on that,
37:38
Speaker 3: go do all of these things, do your homework, yes,
37:40
Speaker 3: and then we'll come back and we'll talk about it,
37:42
Speaker 3: because I'll make another part for a two parta a tuparta.
37:45
Speaker 3: Yeah that sounds great, thank you.
37:47
Speaker 2: I love that kind it.
37:48
Speaker 3: Also, I just want to point out I'm not making
37:51
Speaker 3: these super episodes. And I think you guys already know this.
37:53
Speaker 3: Maybe you know how sometimes just tell people how to
37:55
Speaker 3: suck eggs. Apologies, but like, I'm not making these episodes
37:59
Speaker 3: because I you to feel overwhelmed, Like I want you
38:02
Speaker 3: to have all of the tools in your toolkit so
38:05
Speaker 3: that you can create your financial future that you deserve
38:09
Speaker 3: on your own. Like these are the things that you
38:12
Speaker 3: know you could go see a financial advisor, but goal
38:15
Speaker 3: you could do it yourself. Like it's not about being
38:17
Speaker 3: the smartest, it's not about like having a finance education.
38:21
Speaker 3: It's just about logging in all of these things on
38:24
Speaker 3: these superanuation websites are written in plain English for us,
38:28
Speaker 3: but we don't know that unless we go there, like
38:31
Speaker 3: and I promise, like this is probably I don't know,
38:34
Speaker 3: is this is a mean thing to say, But like
38:36
Speaker 3: in Australia, we have to operate on the idea that
38:39
Speaker 3: we are talking to the silliest person in the room. Yes,
38:42
Speaker 3: so like, when you create content, especially finance content, you
38:47
Speaker 3: have to make sure that it's applicable to the person
38:50
Speaker 3: who literally has absolutely no education on it. And that's
38:52
Speaker 3: the way superanuation companies create content. So if you've been
38:56
Speaker 3: feeling overwhelmed because you're like, I'm going to go to
38:57
Speaker 3: the super company and it's not going to make any sense,
39:00
Speaker 3: Promise you it's much easier than you think it is.
39:02
Speaker 3: And like even if you just pick one thing, whether
39:05
Speaker 3: that's like you're deciding to just check your your balance
39:09
Speaker 3: on the MyGov app, or you might pick up the
39:11
Speaker 3: phone and I say this all the time.
39:13
Speaker 2: Call your super fund. Like Beck used to work at
39:15
Speaker 2: a super fund.
39:16
Speaker 1: I did.
39:16
Speaker 3: When you pick up the phone to call the super fund,
39:18
Speaker 3: Am I talking to the CEO or someone condescending?
39:21
Speaker 2: Oh you took to us?
39:22
Speaker 3: You talking to you?
39:23
Speaker 2: And like you can be like, what's my balance? And
39:25
Speaker 2: you can be like, let me have a look for you,
39:27
Speaker 2: Victoria girl.
39:28
Speaker 3: Like people who work at super funds have your back,
39:31
Speaker 3: and like people don't take jobs at super funds if
39:34
Speaker 3: they don't want to be helpful. So anyway, call them,
39:36
Speaker 3: because you're already paying the fees on that account. As
39:38
Speaker 3: we talked about in this episode, and that's paying their
39:41
Speaker 3: salaries and free advice. Absolutely, I love that for us.
39:46
Speaker 3: Or maybe you're like wanting to take it a step
39:48
Speaker 3: further and you're like, I'm going to add some extra
39:50
Speaker 3: contributions because future you deserves that.
39:53
Speaker 2: You're already going to be in a better spot.
39:55
Speaker 3: Right and if you haven't already, my friends, please hit follow, tap, subscribe,
40:00
Speaker 3: but do all the things because we've got plenty more
40:02
Speaker 3: episodes that are coming in the future that are going
40:04
Speaker 3: to put future in the best possible position. And like
40:06
Speaker 3: I was born to talk about finance. You're doing good,
40:10
Speaker 3: but also not God's work. This is so self indulgent.
40:12
Speaker 2: I love it.
40:13
Speaker 3: Imagine just yapping about the things that you love all day.
40:17
Speaker 3: It does sound good and somehow it's my job. Yeah,
40:19
Speaker 3: that's so lucky. She's blessed.
40:21
Speaker 2: Super is so sexy. Anyway, we'll see you next week, guys.
40:24
Speaker 3: Bye,