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MONEY DIARIES: Climbing One Rung At A Time! · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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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,
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Speaker 1: acknowledging the elders, the ancestors and the next generation coming
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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
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Speaker 1: today and lasting impact for tomorrow.
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Speaker 2: Let's get into it.
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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
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Speaker 4: Millennials who want financial freedom. Welcome back to another shop
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Speaker 4: back Money Diary Monday, where we get to chat to
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Speaker 4: a beautiful community member to learn about them and also
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Speaker 4: more interestingly, their finances. Victoria, Yes, I have a really
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Speaker 4: interesting one for you this week. He ready, all right,
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Speaker 4: take it away, how dire says After watching my parents
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Speaker 4: go from being wealthy to losing their business, I got
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Speaker 4: a taste of both worlds growing up, experiencing the life
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Speaker 4: of the privileged and the not self privileged. My money
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Speaker 4: story has shaped my approach on money and in turn,
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Speaker 4: my own career goals. I'm now a senior case manager
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Speaker 4: in work cover, trying to climb my way up the
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Speaker 4: corporate ladder so I can reach those goals.
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Speaker 5: I love that money Diarist. Welcome to the show.
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Speaker 2: Thank you so much for having me, ladies. I'm so excited. Ah,
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Speaker 2: I'm excited to have you.
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Speaker 5: I mean mainly because we just did that insurance episode
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Speaker 5: and we've got one million and one work cover questions
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Speaker 5: coming through.
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Speaker 2: So maybe we can just.
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Speaker 5: Like Railroad this entire money diary and just do workover right.
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Speaker 4: Yes, absolutely, I'm all about it, all.
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Speaker 5: Right, Well, actually I'm not. So let's go on because
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Speaker 5: they're my favorite time of the week, and let's start
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Speaker 5: off this money diary like we do every single other one,
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Speaker 5: and that is asking you, money Diarist, Can you tell
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Speaker 5: us a little bit about your money story?
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Speaker 2: Yeah, sure, so I think growing up, Look, we were
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Speaker 2: quite privileged. And when I say we, I mean my
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Speaker 2: brother and I. My parents run a successful business in
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Speaker 2: the early two thousands. They were able to send us
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Speaker 2: to a private grammar school as a result, and we
2:26
Speaker 2: were able to travel a lot and go on yearly,
2:29
Speaker 2: I guess, holidays overseas and so growing up, we were very,
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Speaker 2: very lucky, very privileged kids, and I guess my money
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Speaker 2: story took a bit of a dive. I guess in
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Speaker 2: two thousand and nine when the GFC hit, our family
2:42
Speaker 2: business did also take a dive as well, and so
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Speaker 2: that caused us to go a little bit backwards. And unfortunately,
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Speaker 2: my family did have to pull us out of private school,
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Speaker 2: and so that was during VCE as well, which was
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Speaker 2: super difficult for me.
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Speaker 1: No.
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Speaker 2: Yeah, so I remember as well, you know, we had
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Speaker 2: our debutantes in year eleven and I wasn't able to
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Speaker 2: do one because my mum couldn't afford to pay for it,
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Speaker 2: and so things like that just really did take a toll,
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Speaker 2: I guess on me and my brother growing up. So yeah,
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Speaker 2: I guess, you know, we really just took it. It
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Speaker 2: just took a dive, and from there I really just
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Speaker 2: had to learn the value of money. And I think,
3:27
Speaker 2: looking back now on my money story, if my parents
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Speaker 2: never did have that dive in their business, would we
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Speaker 2: or would I be the person that I am today
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Speaker 2: when it comes to money, Because now my outlook is,
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Speaker 2: you know, just making sure that I'm budgeting correctly and
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Speaker 2: that I am really working hard for my money and
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Speaker 2: really knowing the value of my money as well. So
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Speaker 2: I think, all in all, after what had happened I
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Speaker 2: guess to us growing up, it's actually made me a
3:56
Speaker 2: better person today. I would say, Oh.
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Speaker 5: That's such a beautiful view on it. Your parents okay, now,
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Speaker 5: yeah they are okay.
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Speaker 2: They're doing well, and yeah we're back on track, which
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Speaker 2: is awesome. So I mean, I just feel really lucky
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Speaker 2: to have, I guess, gone through such a privileged life
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Speaker 2: and then also to still have the roof over our
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Speaker 2: heads even when it took a downturn. So yeah, everything
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Speaker 2: is good so far.
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Speaker 5: Yeah wow, all right, Money diarists tell us what do
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Speaker 5: you currently do for work and how much money do
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Speaker 5: you earn?
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Speaker 2: So I am a senior case manager in insurance, specifically
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Speaker 2: work cover, and I earn an eighty seven thousand dollars
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Speaker 2: salary package. I am on track for another five grand
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Speaker 2: increase on my base salary just based on a recent
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Speaker 2: promotion I got, so that will go up again. And yeah,
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Speaker 2: my role is basically to support injured workers back to work,
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Speaker 2: So that's really my passion as well, very cool.
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Speaker 5: So tell us do you get paid monthly, weekly, fortnightly
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Speaker 5: and how much hits your out?
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Speaker 2: So I get paid fortnightly and what hits my account
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Speaker 2: is about twenty one and fifty net.
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Speaker 5: Very exciting. You're making good money for your age. I
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Speaker 5: love that. Next question is money, drost. What is your
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Speaker 5: big money goal?
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Speaker 2: So at the moment, my partner and I are building
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Speaker 2: our first house. Yeah, so my big money goal at
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Speaker 2: the moment is to get our house built, of course,
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Speaker 2: and I guess once that is built, which is scheduled
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Speaker 2: to be completed by December January at this stage January
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Speaker 2: twenty twenty three, that would be then from there it
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Speaker 2: would be really putting money towards our wedding. So that's
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Speaker 2: the next money hurdle.
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Speaker 5: Oh, excittly, have you booked the wedding or is it
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Speaker 5: a pipe dream at this point?
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Speaker 2: Victoria, it's a pipe dream at this point, if I'm
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Speaker 2: honest with you, or now I'm not engaged yet, but
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Speaker 2: one of one of those, but so joy. But we
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Speaker 2: definitely are talking about it, and I'm aware that it
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Speaker 2: is going to occur sometime in the next I don't know,
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Speaker 2: a couple of months, hopefully, so we are defeated.
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Speaker 5: So fine, I resonate my friend. Like, I knew my
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Speaker 5: partner had a ring for more than a year before
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Speaker 5: he proposed, and by the time he proposed, I found
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Speaker 5: out he'd had it in his wardrobe for two and
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Speaker 5: a half years. So like when you know it's coming,
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Speaker 5: you know it's coming, and you kind of just get
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Speaker 5: antsy because you're like, sir, this is a really big
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Speaker 5: financial commitment, and I want to start planning and I
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Speaker 5: want to start organizing. But is it kind of creepy
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Speaker 5: if I start burning my wedding before I'm engaged.
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Speaker 2: I don't know.
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Speaker 5: That was the question going through my head. But I
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Speaker 5: think you and I would get along like a house
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Speaker 5: on fire. Love it absolutely all right, Next money question,
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Speaker 5: do you currently have any investments?
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Speaker 2: So look, other than, as you say, Victoria superannuation, I
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Speaker 2: do have super get it, get it. But other than that,
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Speaker 2: I don't actually invest. And that's probably my biggest concern
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Speaker 2: about myself is that I haven't actually put my foot
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Speaker 2: in the door to invest in the stock market. So look,
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Speaker 2: other than yeah, as I said the super, I do not.
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Speaker 2: It is absolutely one of my goals, and I guess
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Speaker 2: That alluds to the next questions coming.
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Speaker 5: Up, which is how much debt do you have, if
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Speaker 5: you have any, and what is it for.
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Speaker 2: So at the moment that my debt is my home
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Speaker 2: loan of course, so paying a mortgage now we are building,
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Speaker 2: but you obviously pay a loan still whilst the house
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Speaker 2: is building. So I currently have a five hundred and
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Speaker 2: forty thousand dollar mortgage. That is my debt. Other than that,
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Speaker 2: I have hex stets. I did study before I went
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Speaker 2: into full time work, so I do have a hex
7:37
Speaker 2: stet as well. And that's about it. I don't have
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Speaker 2: any personal debt. I've never pulled out any personal loans.
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Speaker 2: So I'm really proud of myself for that.
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Speaker 5: That is so good. I want to be really pervy.
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Speaker 5: You said you have a five hundred and forty thousand
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Speaker 5: dollar mortgage. How much does that cost you every fortnight?
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Speaker 2: So at the moment, our repayments are two and one
7:59
Speaker 2: hundred eight months, so I would have to calculate that
8:03
Speaker 2: Victoria that we have an offset account.
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Speaker 5: That's all right. It's nice to chat about it because
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Speaker 5: I think a lot of us in the community go,
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Speaker 5: oh wow, she has a mortgage, she's got it. All together.
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Speaker 5: But that does end up putting some serious financial strain
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Speaker 5: on being able to say for this future wedding that
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Speaker 5: we're planning one day and everything else you're doing, and
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Speaker 5: like the things that you're about to go through arguably
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Speaker 5: are really expensive. And I always like being a little
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Speaker 5: bit pervy and being like, well, how much does that
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Speaker 5: cost you? Because it does put on some financial strain
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Speaker 5: and to know that that's the amount. It's literally what
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Speaker 5: you earn every fortnight, right, so like half of your
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Speaker 5: wage is going towards your mortgage.
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Speaker 2: But do you split that with your partner? I was
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Speaker 2: just going to say, I do split that with my partner.
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Speaker 2: So my partner and I have put in half half,
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Speaker 2: so equal fifty percent for the house, and we did
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Speaker 2: put money aside for a twenty percent deposit as well,
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Speaker 2: so we're really proud of ourselves that we won't be
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Speaker 2: paying alami on our loans. So yeah, ye, I do
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Speaker 2: split it. I can't say it's all of my wage
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Speaker 2: of course.
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Speaker 5: All right, Well, I'm coming back to that question because
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Speaker 5: I want to know all about your house deposit and
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Speaker 5: how you got there, because twenty percent is an achievement
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Speaker 5: that not many of us make these days, especially with
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Speaker 5: housing prices the way they are. But we're going to
9:15
Speaker 5: carry on.
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Speaker 2: Next question, do you use shop back? I do use
9:19
Speaker 2: shop back. I have downloaded the extension and so I
9:23
Speaker 2: do use it wherever I can when I online shop.
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Speaker 2: I did actually check before in preparation for this podcast,
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Speaker 2: and I've got twenty dollars.
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Speaker 5: I love that. Stop it just how much it's twenty dollars.
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Speaker 5: It's not a lot, but I have twenty dollars, so
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Speaker 5: that's staging money than you had from not using it,
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Speaker 5: So money you in money win. I love that you've
9:41
Speaker 5: downloaded the extension because that's the only way it really
9:43
Speaker 5: works for me. I mean, lots of people do lots
9:45
Speaker 5: of things, but I hate the hurdle of having to
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Speaker 5: go on my phone and then like you know, shopping
9:51
Speaker 5: through that.
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Speaker 2: I find it challenging.
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Speaker 5: The extension, I just click the button and it applies
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Speaker 5: to my cart that I've already put together, which is
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Speaker 5: a money win.
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Speaker 2: We love that for us asolutely.
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Speaker 5: All right, Next question, what is your best money habit?
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Speaker 2: Jess spoiler.
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Speaker 5: I think it might be saving haha.
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Speaker 2: Not at all. No, it is absolutely When my partner
10:13
Speaker 2: and I decided to buy an build a house. We
10:16
Speaker 2: set aside a goal of how much we want to save,
10:20
Speaker 2: of course, so that we can achieve our twenty percent
10:22
Speaker 2: deposit that is, And I stuck to my goal, and
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Speaker 2: I had X amount that I would put in each
10:28
Speaker 2: savings account every fortnight when I was paid, And yeah,
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Speaker 2: I've just been really diligent in saving towards that goal,
10:36
Speaker 2: and so absolutely it would be saving. If I have
10:39
Speaker 2: a goal, I certainly will make sure that I achieve it,
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Speaker 2: and whatever it takes, I'll absolutely put that money aside.
10:45
Speaker 2: So it's not percentage base that I portion everything out
10:47
Speaker 2: into my savings, but I have a set amount that
10:49
Speaker 2: I've worked out works for me and my goals. So yeah,
10:52
Speaker 2: absolutely I love that.
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Speaker 5: And have you always been that way or is that
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Speaker 5: something that you've just learned?
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Speaker 3: See?
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Speaker 2: I think I learned that just through I guess what
11:01
Speaker 2: I've seen from my family in terms of how they
11:04
Speaker 2: stayed afloat after their business sort of went downhill. So
11:09
Speaker 2: I really think I've just taken on that sort of
11:11
Speaker 2: feedback from just my upbringing and you know, into my twenties,
11:16
Speaker 2: definitely has been something that I've sort of been really
11:19
Speaker 2: strong and really good at doing.
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Speaker 5: Air pig all right. To bring the mood down, what
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Speaker 5: is your worst money habit?
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Speaker 2: So I would say my worst money habit is I
11:30
Speaker 2: have a tendency to not skimp out on food and
11:33
Speaker 2: good food add good coffee. It's a vibe. I would
11:37
Speaker 2: say that. Yeah, for me, health is number one. So
11:40
Speaker 2: if I am going to buy, you know, good food,
11:43
Speaker 2: I don't care how much it costs because I know
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Speaker 2: it's good for me and good for my body, and
11:48
Speaker 2: I think that there's no price on health. So yeah,
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Speaker 2: that would be, I guess my bad money habit.
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Speaker 5: I don't think that's a bad money habit because let's
11:56
Speaker 5: be honest, the more you care about your health, the
11:58
Speaker 5: less likely you're going to have to spend money on
12:00
Speaker 5: healthcare laiter down the track. So like, let's see this
12:03
Speaker 5: as an investment in future us.
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Speaker 2: Yeah. Absolutely, I do want to say as well, Look,
12:08
Speaker 2: I can be a little bit impulsive at times with
12:11
Speaker 2: purchases for clothing, So I just want to put that
12:13
Speaker 2: out there. That is definitely something I'm still working on.
12:17
Speaker 2: If I see something I love, I really have to,
12:19
Speaker 2: you know, reel myself back, and I guess make sure
12:22
Speaker 2: that it does align with my values. And my budget.
12:26
Speaker 2: So yeah, it's something I'm working on as well. But
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Speaker 2: I love clothes.
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Speaker 5: Relatable, very relatable. Now, last question before we go to
12:33
Speaker 5: a quick break, what would you grade yourself if we
12:36
Speaker 5: forced you to give yourself a money grade?
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Speaker 2: I would say, I want to give myself a bee.
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Speaker 2: The reason I say that is because I have wanted
12:46
Speaker 2: to invest and I haven't. It's been something that I've
12:50
Speaker 2: been listening to your podcast for quite literally three years,
12:53
Speaker 2: and you know, Vial, you talk about it so much,
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Speaker 2: and I feel that, you know, I just haven't that
13:00
Speaker 2: step in the right direction for me, and so that
13:03
Speaker 2: would be the next big thing. If I could give
13:05
Speaker 2: myself any higher grade, I would really want to make
13:07
Speaker 2: sure that I'm investing before that happens. So yeah, I
13:11
Speaker 2: want to know.
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Speaker 5: I feel like Jess. We've heard this from a few
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Speaker 5: money dirests recently. They've said, Look, I've listened to the
13:17
Speaker 5: podcast for so long, and I think women in general
13:21
Speaker 5: feel like they're not educated enough to take that next step.
13:24
Speaker 5: Like we just want to know everything and we need
13:26
Speaker 5: to know all the risks and what it looks like
13:28
Speaker 5: and how it works. But I want to know what's
13:30
Speaker 5: been stopping you from taking that step and on the converse,
13:34
Speaker 5: what would help you take that step?
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Speaker 2: So I think I feel a lack of education in
13:41
Speaker 2: this space, even though I've you know, quite literally have listened,
13:46
Speaker 2: of course to this podcast and also tried to do
13:48
Speaker 2: my own research, try to take feedback on from my
13:51
Speaker 2: family that also invests, my partner invests. I have tried
13:54
Speaker 2: to take on feedback, but I just feel that I
13:58
Speaker 2: don't know, I'm scared. I think I'm scared to take
14:01
Speaker 2: that next step. And I think it's just all about
14:03
Speaker 2: putting yourself in the deep end and just and doing it.
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Speaker 2: And yeah, I just feel that I think it's it's
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Speaker 2: maybe quite apprehensive that I don't just put myself in
14:13
Speaker 2: the deep end.
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Speaker 5: I love that. I feel like it's really relatable. But
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Speaker 5: I also love asking questions like that because I'm like, well,
14:21
Speaker 5: what is stopping you? What would make you feel really
14:24
Speaker 5: empowered to take that next step? Like what's missing from
14:27
Speaker 5: this journey?
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Speaker 2: I would say, I need to just maybe do a
14:30
Speaker 2: little bit more research in what I actually want to
14:33
Speaker 2: invest in. And then I think I'm a type of
14:37
Speaker 2: person that if I do put myself out there and
14:40
Speaker 2: I do just take a leap of faith that I
14:43
Speaker 2: know it will flow on from there. And so I
14:45
Speaker 2: just feel that, Yeah, I just need to feel confident
14:49
Speaker 2: in my decision. And then once I do reach that
14:52
Speaker 2: confidence just putting myself out there, and I do think
14:55
Speaker 2: I will feel empowered, and I do think that it
14:57
Speaker 2: will be, you know, great for me. I just I
15:00
Speaker 2: feel a little bit, I guess less educated at this stage.
15:03
Speaker 5: Great feedback. Let's go to a quick break and after
15:06
Speaker 5: I am going to hound you about how to save
15:08
Speaker 5: a twenty percent deposit? All right, money, Doris.
15:15
Speaker 4: I want to start at the start and ask you
15:17
Speaker 4: about the contrast that you brought up in your original
15:20
Speaker 4: email between living that more privileged life that you had,
15:24
Speaker 4: you know, prior to the GFC and your parents' business
15:27
Speaker 4: taking a little bit of a hit, and then the
15:28
Speaker 4: life that you led afterwards. And you obviously said it
15:32
Speaker 4: happened at a really pivotal time for you. You were
15:34
Speaker 4: doing VCE or you know, a kind of later teenager,
15:37
Speaker 4: which we all know is a really tough time to
15:38
Speaker 4: just be a human in general, and then you're going
15:41
Speaker 4: through a massive change at the same time. What changes
15:45
Speaker 4: did you notice your parents making and you as well
15:48
Speaker 4: when it came to your lifestyle.
15:49
Speaker 5: What things did they give up?
15:50
Speaker 4: Because I think right now we're heading towards a recession
15:54
Speaker 4: and a lot of people are going to be looking
15:56
Speaker 4: to make changes. So what kind of things did they
15:59
Speaker 4: implement for you?
16:00
Speaker 2: Yeah? Absolutely, look, of course, other than what I said,
16:04
Speaker 2: I was pulled out of my private schooling, A lot
16:08
Speaker 2: of the changes were I guess the lifestyle that we had.
16:11
Speaker 2: The holidays did stop, and you know, I guess all
16:14
Speaker 2: those luxuries that we did have when I was a teenager.
16:18
Speaker 2: I guess I noticed that my parents were probably not
16:22
Speaker 2: spending that much on food and groceries and going out
16:26
Speaker 2: for dinners and things like that did stop when I
16:29
Speaker 2: was younger. So I noticed that also, of course, my
16:34
Speaker 2: family business had closed down, and so my parents, my
16:37
Speaker 2: mum specifically had to find a new job, and so
16:40
Speaker 2: that was also a big, I guess, pivotal moment in
16:43
Speaker 2: all of this. And you know, I did see them
16:45
Speaker 2: vicariously saving just to keep our family home and our
16:49
Speaker 2: roof over our heads. So I guess, just from seeing
16:53
Speaker 2: the changes in our household, then it sort of, I guess,
16:57
Speaker 2: sparked a drive in me to make sure that when
17:00
Speaker 2: I do start working, which I then I guess I
17:03
Speaker 2: got my first job at fifteen, but I stopped working
17:06
Speaker 2: through BC and then I started working again when I
17:08
Speaker 2: was eighteen. Casually, I just wanted to make sure that
17:11
Speaker 2: every dollar that I earned I was saving. And I
17:15
Speaker 2: think I also just wanted to make sure that I
17:18
Speaker 2: don't live a life struggling like I saw in my parents.
17:22
Speaker 2: So it was just really important to me that I
17:25
Speaker 2: just took on what I saw as a teenager and
17:28
Speaker 2: just made sure that my twenties weren't going to be
17:31
Speaker 2: like that.
17:32
Speaker 4: For me, that makes a lot of sense. You said
17:34
Speaker 4: it played a really big part in your money story.
17:36
Speaker 4: Do you think that that is feeding a little bit
17:39
Speaker 4: into your hesitation around investing because it's not something that
17:42
Speaker 4: you can control. You know, you can save your paycheck
17:44
Speaker 4: and you can do that really diligently, and you can
17:46
Speaker 4: see your savings increase and it feels quite safe. Do
17:50
Speaker 4: you think that that's partially why you are a little
17:53
Speaker 4: bit hesitant.
17:54
Speaker 2: Yeah, look, definitely, I mean I haven't taken that leap
17:59
Speaker 2: of faith. I think part of the reason is because
18:01
Speaker 2: I have. Yeah, I'm quite a diligent saver, and so
18:04
Speaker 2: I don't really want to I guess portion my money
18:08
Speaker 2: off into investing in a way because I want to
18:12
Speaker 2: make sure that I'm seeing my savings grow, and portioning
18:14
Speaker 2: that off into investing I think scares me a little
18:17
Speaker 2: bit because that's my income that I put aside every fortnight.
18:21
Speaker 2: So I guess that definitely does play a role.
18:24
Speaker 4: Yeah, that's really interesting, and there's no you know, there's
18:27
Speaker 4: no right or wrong we say all the time. So
18:29
Speaker 4: I think it's good that you can see where you're
18:32
Speaker 4: coming from. And you know, you said before that there
18:34
Speaker 4: were steps you wanted to take before you got there,
18:36
Speaker 4: and I think it's really nice that you have kind
18:38
Speaker 4: of a clear path and understanding of where you want
18:40
Speaker 4: to be, which is awesome to.
18:42
Speaker 5: Jump in about the business. Often when parents are running
18:45
Speaker 5: a business, they hide a lot of, you know, what's
18:48
Speaker 5: going on, and maybe they're not so good things from
18:50
Speaker 5: their kids, right, Like, no one wants to come home
18:52
Speaker 5: and say, hey, kids, we're gonna have to take you
18:54
Speaker 5: out of private schooling. But what were your first points
18:58
Speaker 5: of I guess realization that maybe the family business wasn't
19:01
Speaker 5: doing as well And how did that impact you? Because
19:03
Speaker 5: I'm sure that apart from like winding back financially, that
19:07
Speaker 5: would have been a very stressful period of time to
19:09
Speaker 5: go through, right.
19:11
Speaker 2: Yeah, definitely. So it was really hard seeing mum come
19:14
Speaker 2: home and just seeing her so down, and you know,
19:17
Speaker 2: seeing her breakdown to dad as well. I think that was,
19:20
Speaker 2: you know, a really big indication. And as a young child,
19:23
Speaker 2: you know, seeing that in your parents is so difficult,
19:26
Speaker 2: and that sort of made me question, you know, what
19:29
Speaker 2: was sort of happening in the background, and I guess
19:33
Speaker 2: from there it was just seeing, you know, or hearing
19:37
Speaker 2: my family talk about finances more openly than I guess
19:40
Speaker 2: they did beforehand as well, and I think that they
19:43
Speaker 2: definitely tried to shelter my brother and I from I
19:46
Speaker 2: guess the hardships that they were facing, but you know,
19:49
Speaker 2: you sort of can't forever unfortunately, and those were the
19:53
Speaker 2: sort of indicators for me where you know, I realized
19:56
Speaker 2: that this was really difficult and this was a really
19:59
Speaker 2: difficult time for my family.
20:01
Speaker 5: It's really interesting because parents want to protect their kids, right,
20:04
Speaker 5: so they never want to offload or talk about it
20:07
Speaker 5: too much. So often when you hear situations like this
20:09
Speaker 5: unfolding in families, the kids are often like, oh, it
20:13
Speaker 5: took us by storm, but you might have, you know,
20:15
Speaker 5: in the background, been like, oh, this actually was a
20:17
Speaker 5: few years coming because we just didn't know. So I
20:20
Speaker 5: find it just genuinely so interesting. But Jess, you have
20:23
Speaker 5: a question to pivot the conversation from here, I do.
20:26
Speaker 4: I want to get really pervy on the work cover situation, because,
20:31
Speaker 4: like Victoria said, it's really front of mine for us.
20:33
Speaker 4: We've spoken to a few dirests recently who have either
20:35
Speaker 4: been through claims or you know, had had things happen
20:38
Speaker 4: and you know, they had maybe not ended up in
20:40
Speaker 4: the ideal situation, and I think it's really interesting because
20:43
Speaker 4: you're kind of on the other side of that, and
20:44
Speaker 4: I want to pick your brain starting with what is
20:48
Speaker 4: your experience like dealing with companies when it comes to
20:52
Speaker 4: insurance claims, because in my mind, it's kind of two
20:54
Speaker 4: sides of the story. Right There's the person who gets injured,
20:57
Speaker 4: and obviously they are trying to get the best resolution
21:00
Speaker 4: for themselves to compensate for whatever they've gone through. But
21:03
Speaker 4: then on the flip side, we're often seeing in our
21:06
Speaker 4: community companies not really wanting to necessarily do the right thing.
21:11
Speaker 4: And I don't know if that's just the minority that
21:13
Speaker 4: we're hearing about, or you know, is it a little
21:17
Speaker 4: bit trickier nowadays to get yourself looked after if something
21:21
Speaker 4: does go wrong.
21:22
Speaker 1: Yeah.
21:22
Speaker 2: Absolutely, Look, I think it's when we talk about I
21:26
Speaker 2: guess that aspect of work cover and employers specifically supporting
21:31
Speaker 2: their injured workers. I guess from what we see in
21:36
Speaker 2: terms of like a pattern, it really does depend on
21:38
Speaker 2: the size of the employer. So I guess I want
21:41
Speaker 2: to highlight that smaller employers may not have experience in
21:45
Speaker 2: that work cover space, and so for them it's a
21:47
Speaker 2: bit daunting when a person gets injured at their workplace,
21:52
Speaker 2: a staff member, and then they are lodging a WorkCover claims.
21:56
Speaker 2: So I think when it is daunting for them, they
21:59
Speaker 2: often ask more questions and potentially question the system a
22:02
Speaker 2: little bit more. Whereas if you have a larger employer,
22:06
Speaker 2: for example, I deal with mainly large employers, they have
22:10
Speaker 2: a designated return to work system. So therefore they've got
22:13
Speaker 2: people working there that know the legislation, that know the
22:16
Speaker 2: system that don't I guess question their workers because they
22:20
Speaker 2: understand the injuries that they can sustain and the nature
22:23
Speaker 2: of them. So I guess it really does come down
22:27
Speaker 2: to the level of experience that the employer has in
22:31
Speaker 2: the workhover space. So from what we see, it varies
22:34
Speaker 2: depending on the size of the employer.
22:36
Speaker 5: Do you think trust comes into it, Because I know
22:39
Speaker 5: I'm a teeny tiny employer, right, And if Jess injured
22:43
Speaker 5: herself knock on wood at work, and something happened and
22:47
Speaker 5: she said I can't return, like I don't know why,
22:49
Speaker 5: I wouldn't believe her, like I don't know why, I'd
22:51
Speaker 5: be questioning the system. I'd be trying really hard to
22:53
Speaker 5: go through that process. I would ask a lot of questions,
22:57
Speaker 5: but it wouldn't be like, oh, is that fair, is
22:59
Speaker 5: that right?
23:00
Speaker 2: Or whatever it is?
23:00
Speaker 5: It it'd be more is just getting what she needs?
23:03
Speaker 5: Do you find that that is often a take or
23:05
Speaker 5: is it a trust issue in organizations?
23:08
Speaker 2: Yeah, I think trust plays a large role in that
23:11
Speaker 2: for sure. I'd say that the relationship that the employer
23:16
Speaker 2: has with the injured worker is huge, and that is
23:19
Speaker 2: a large, I guess, pivotal part of the process and
23:22
Speaker 2: making sure that the worker is supported back to work
23:25
Speaker 2: and back to health. So I would say that is
23:29
Speaker 2: also a large barrier in I guess supporting our injured
23:32
Speaker 2: workers back is that relationship that they've built with their employer.
23:37
Speaker 2: So definitely, as you've said, Jess, if she were injured,
23:41
Speaker 2: you knowing Jess so well, of course you would understand,
23:43
Speaker 2: I guess the nature of her injury and probably where
23:47
Speaker 2: she's at from a personal space as well. And so
23:49
Speaker 2: I would say that having that relationship with your staff
23:53
Speaker 2: members is so important because it definitely brings better outcomes
23:57
Speaker 2: when it comes to supporting them back and then wanting
23:59
Speaker 2: to return as well to work.
24:00
Speaker 5: And what happens if let's say Jess does get injured
24:04
Speaker 5: at work, right, she has a good relationship with me,
24:06
Speaker 5: but what if she doesn't like? What do I, as
24:09
Speaker 5: an employee need to look out for to make sure
24:12
Speaker 5: that I'm in the best possible position. Because as someone
24:14
Speaker 5: who also deals with insurance, sometimes it feels like your
24:18
Speaker 5: employer isn't working with you, they're working against you. What
24:21
Speaker 5: are the things that we can do as employed people?
24:24
Speaker 5: And I'm going to ask the same as a business
24:26
Speaker 5: owner in a hot second, but what are the things
24:28
Speaker 5: that we can do as individuals to protect ourselves and
24:31
Speaker 5: make sure that we're in the best possible position should
24:33
Speaker 5: unfortunately something happen.
24:36
Speaker 2: Yeah, for sure. I mean, look, when you are injured
24:39
Speaker 2: at work and you don't have the best relationship with
24:41
Speaker 2: your employer, it is important to know that there are
24:43
Speaker 2: supports out there. I mean, you may go through solicitors
24:46
Speaker 2: if that does help you, if you feel that that
24:49
Speaker 2: might be I guess easier for you in terms of
24:51
Speaker 2: going through those processes. You may also go through a
24:54
Speaker 2: union representatives if you do have a union rep aligned
24:58
Speaker 2: to your company or extra all of course, so I
25:01
Speaker 2: think making sure that you know the resources out there.
25:04
Speaker 2: I also just want to say that I think there
25:06
Speaker 2: is a huge stigma against insurance companies. And you know,
25:10
Speaker 2: as a person who is injured at work, you will
25:12
Speaker 2: be assigned a case manager from the insurance company. So
25:15
Speaker 2: it's really important that you know your case manager has
25:17
Speaker 2: your best interest at heart. For me, personally, I really
25:20
Speaker 2: do care about my injured workers and I make sure
25:22
Speaker 2: that I build those relationships with them early on in
25:24
Speaker 2: the piece. So for those people that maybe don't have
25:27
Speaker 2: the best relationship with their employers, I build that relationship
25:31
Speaker 2: and trust with them so they know that I'm here
25:34
Speaker 2: for them if they need to fall back on someone.
25:37
Speaker 4: If you get a case manager, it's awesome that you're
25:39
Speaker 4: super passionate, but I am sure like any industry, there
25:42
Speaker 4: are also people who are just like, I've got to
25:44
Speaker 4: get through my work. I've got to get through these people.
25:46
Speaker 4: If you're assigned a case manager and you feel like
25:49
Speaker 4: they're maybe not listening to you or you know, not
25:52
Speaker 4: taking things you say seriously, does an injured person have
25:56
Speaker 4: the option of requesting a different case manager.
25:59
Speaker 2: They definitely, and it certainly does happen in the industry.
26:02
Speaker 2: So if they wanted to change a case manager, they
26:05
Speaker 2: could request it through the insurance company and they will
26:08
Speaker 2: then be assigned to the next best case manager for them. Obviously,
26:12
Speaker 2: we don't want it to lead to that path, but
26:15
Speaker 2: it is an option because we want to make sure
26:18
Speaker 2: that the relationship we're building with our injured workers is
26:21
Speaker 2: also a really strong bond so that we can support
26:24
Speaker 2: them as best as possible because we are dealing with
26:26
Speaker 2: them directly and although they're still dealing with their employers
26:29
Speaker 2: in the background. Often people that are injured at work
26:32
Speaker 2: will come straight to us. Yeah, and they do want
26:34
Speaker 2: us to sort of be the forefront of supporting them.
26:36
Speaker 2: So it's super super important that you know, we're building
26:40
Speaker 2: those relationships with them and making sure that they're happy
26:43
Speaker 2: and that they are feeling supported.
26:45
Speaker 5: Ultimately, I also feel like in all my experience in
26:48
Speaker 5: the insurance space, I actually haven't met a case worker
26:51
Speaker 5: that isn't passionate about their role. Like I mean, insurance
26:54
Speaker 5: can be very cut and dry, and don't get me wrong,
26:57
Speaker 5: I've met a number of underwriters that have come head
26:59
Speaker 5: to head with However, I think once it gets to
27:02
Speaker 5: the point of claim, whether you're dealing with a BDM
27:04
Speaker 5: or directly with a case manager and your client. Given
27:07
Speaker 5: I also have a little bit of experience in that space,
27:10
Speaker 5: I just don't think I've met people who aren't compassionate
27:13
Speaker 5: and excited about it because they genuinely want to be
27:15
Speaker 5: there to put clients in the best possible position. So
27:18
Speaker 5: I want to say that only because obviously we're asking
27:21
Speaker 5: questions that go, oh, if you want to change, is
27:23
Speaker 5: that fine? Like usually the case manager you get assigned
27:26
Speaker 5: is absolutely beautiful and we'll do the right thing for you,
27:28
Speaker 5: but it's important to know where you stand. I think
27:31
Speaker 5: on the flip side as well, the other piece of
27:33
Speaker 5: advice that I always give to my clients, and you know,
27:36
Speaker 5: to anyone I speak to about insurance is document document, document,
27:40
Speaker 5: because even if it's just like the times and the dates,
27:43
Speaker 5: it will really play your role further down the track
27:46
Speaker 5: if your employer isn't as forthcoming with information or says
27:49
Speaker 5: maybe it didn't happen, or puts you in a compromising position,
27:53
Speaker 5: and it can really help your caseworker as well understand
27:56
Speaker 5: what's going on and how you're feeling and what we
27:58
Speaker 5: need to do next. From my perspective, get as much
28:01
Speaker 5: in writing as you possibly can, even if it's just
28:04
Speaker 5: a message where you like, hey, Jess, thanks for that
28:06
Speaker 5: meeting just before just confirming a B C and D.
28:09
Speaker 5: Thanks so much so I just think that that can
28:12
Speaker 5: be really powerful in the circumstance like this, especially when
28:16
Speaker 5: there's not a HR department or there's not you know,
28:19
Speaker 5: someone that's going to help you with your back to work,
28:21
Speaker 5: Like Jess, if you ever get injured to work, you
28:23
Speaker 5: probably should do that to me.
28:24
Speaker 4: And we're texting you get it all.
28:25
Speaker 2: I'm writing, please don't do that to me, test me.
28:29
Speaker 5: But on that, my friend, I think this is the
28:32
Speaker 5: perfect place to leave this.
28:33
Speaker 2: Thank you so much.
28:34
Speaker 5: For sharing some of your money story and some information
28:36
Speaker 5: about work cover and having a general chat with us.
28:39
Speaker 5: I've really enjoyed today.
28:40
Speaker 2: Thank you so much for having me, guys.
28:42
Speaker 5: Oh my gosh, no, we love it. Thank you for coming.
28:44
Speaker 2: Jess.
28:45
Speaker 5: Now it is time. Can you please wrap the boring
28:47
Speaker 5: but important stuff?
28:48
Speaker 4: Of course, don't forget the advice shed on. She's on
28:51
Speaker 4: the Money is generally nature and does not consider your
28:53
Speaker 4: individual circumstances. She's on the money exists purely for educational
28:57
Speaker 4: purposes and should not be relied upon to make an
28:59
Speaker 4: investment or financial decision. And we promise Victoria divine and
29:03
Speaker 4: She's on the Money are authorized representatives of Infocused Securities
29:06
Speaker 4: Australia Proprietary Limited a BN four seven oh nine seven
29:10
Speaker 4: seven nine seven O four nine AFS L two three
29:13
Speaker 4: six five two three.
29:14
Speaker 5: See you on Wednesday.
29:15
Speaker 3: Guys.
29:15
Speaker 5: Bye,