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Transcript

It’s Time to Get SUPER Excited! · She's On The Money

0:00
Speaker 1: Hello, my name is Santasha Nabananga Bamblet. I'm a proud
0:04
Speaker 1: Order 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 through.
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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
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Speaker 1: the storytelling of you to make a difference for today
0:31
Speaker 1: and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it.
0:36
Speaker 3: She's on the Money, She's on the Money.
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Speaker 2: Hello, and welcome to She's on the Money. The podcast
1:02
Speaker 2: a millennials who want financial freedom. Now, my friends, you
1:05
Speaker 2: guys know, I am very wildly passionate about supranuation. So
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Speaker 2: I thought that today I would invite someone who shares
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Speaker 2: my passion for supranuation on the show. Today we have
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Speaker 2: and Fooks joining us, who is the EGM for Advice,
1:20
Speaker 2: Guidance and Education at the Australian Retirement Trust. And welcome
1:24
Speaker 2: to She's on the Money.
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Speaker 4: Oh goodness, gracious, that is a mouthful. And folks, for
1:28
Speaker 4: those listeners who want to learn a bit of German.
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Speaker 4: Fooks means fox, So Victoria, I want you to call
1:33
Speaker 4: me foxy lady anytime.
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Speaker 2: Or off air. The only other German word I know
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Speaker 2: is squirrel, oh, which is like a hechim. Today we
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Speaker 2: are going to be chatting about, arguably one of my
1:45
Speaker 2: favorite topics. Supranuation is one of the biggest investments you
1:50
Speaker 2: will have in your life, and so many of us
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Speaker 2: just don't pay attention to it. How many of us
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Speaker 2: are actually able to say, oh, I save or invest
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Speaker 2: twelve percent of my income. You can't because you don't,
2:00
Speaker 2: but you do inside superannuation. And I get really worked
2:04
Speaker 2: up about this because it is your money and your
2:06
Speaker 2: choice and you should care about it. And I guess
2:08
Speaker 2: that's why you're here today.
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Speaker 4: Can you imagine, like, you know, the average forty year
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Speaker 4: old's got ninety thousand in their super back. Now, if
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Speaker 4: that was ninety thousand dollars sitting in their bank account
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Speaker 4: or like a share account.
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Speaker 2: They'd be bragging about it, checking it all.
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Speaker 5: The time, they'd be bragging.
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Speaker 4: And yet here we are twenty five percent of Australians
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Speaker 4: haven't even checked how much money's in there in the
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Speaker 4: last twelve months.
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Speaker 2: And that's just not in my mind. And the amount
2:31
Speaker 2: of people that are in the same situation that I
2:33
Speaker 2: used to be in, which I share openly because I
2:36
Speaker 2: think it's really your reformed. Yeah, I'm reformed. Before I
2:40
Speaker 2: was a financial advisor now retired financial advisor, I had
2:43
Speaker 2: like six super accounts and I just kept collecting them
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Speaker 2: like they were pokemon or something. And every new job,
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Speaker 2: I was like, Oh, superforms, don't worry, just set put
2:54
Speaker 2: me in. What about I don't care balanced yet whatever
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Speaker 2: you say, that's all good.
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Speaker 4: But then here we are shopping around for deals online
3:00
Speaker 4: to buy this and that, you know, a good deal
3:02
Speaker 4: for our favorite mascara, And yet we're just collecting all
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Speaker 4: these super accounts and paying all these fees mindlessly.
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Speaker 2: And at the same time that I was not caring
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Speaker 2: about my supranuation, I was like on the phone to
3:13
Speaker 2: my phone provider being like, oh, can you give me
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Speaker 2: like a five dollar a month discount?
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Speaker 1: Right?
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Speaker 2: Oh, it's really important. Then superanuation, which was literally my future,
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Speaker 2: I wasn't caring about.
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Speaker 4: Yeah, the concept of compounding interest, and I think that's
3:24
Speaker 4: the thing, right, it's a monster of an investment. It's
3:27
Speaker 4: a huge opportunity and putting like you were all these
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Speaker 4: like little gremlins that you can pile together have one big,
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Speaker 4: happy gremlin that's going to fund holidays and restaurants.
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Speaker 2: And I like the idea of that though.
3:39
Speaker 4: A happy gremlin, a happy little gremlin that you can
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Speaker 4: feed and top up and who can look after you
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Speaker 4: and love you when you're hopefully not loved and decrepit
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Speaker 4: and you're old and fabulous.
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Speaker 2: I love it. I've got a question for you, but
3:51
Speaker 2: before we get there, I'm just gonna let you guys
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Speaker 2: know that after the break, we're going to be talking
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Speaker 2: about the six simple steps that you're able to take
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Speaker 2: to get on top of your super I feel like
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Speaker 2: this episode is all about taking action. Like we're not
4:03
Speaker 2: just here to talk about what superranuation is, because I've
4:06
Speaker 2: done episodes on that. We'll put a few in the
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Speaker 2: show notes to make sure that you've got all the
4:09
Speaker 2: education at your fingertips that you deserve. But we're just
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Speaker 2: talking about how you can get on top of it today,
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Speaker 2: what that looks like before that, and what do we
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Speaker 2: know about how Australians feel about superannuation overall?
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Speaker 5: Victoria, we have a monster problem.
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Speaker 4: With seventy percent of Australians believe they're not confident they're
4:28
Speaker 4: gonna have enough money to retire. And you think about
4:31
Speaker 4: I don't know about your grandpa, but people they finished work, they.
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Speaker 2: Might list the five years and they have thought about superannuation.
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Speaker 5: You didn't have to rely on the pension that long.
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Speaker 5: You just died.
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Speaker 2: In addition to that, superanuation wasn't something that was enforced
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Speaker 2: properly until nineteen ninety.
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Speaker 5: Ninety ninety two.
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Speaker 2: And because of that, it means if I talk to
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Speaker 2: my parents about supranuation, whilst it is incredibly important to them,
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Speaker 2: it's not been a part of their entire working career
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Speaker 2: in the same way it has been for us.
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Speaker 4: This is profoundly impactful. Like most Australians died poor. Unless
5:04
Speaker 4: you came for money, you didn't have any money, where
5:07
Speaker 4: superannuation actually is this huge wealth vehicle that's kind of
5:11
Speaker 4: democratized having comfort and money in retirement.
5:14
Speaker 5: It's three decades.
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Speaker 4: The average person if you're retiring with let's call it,
5:18
Speaker 4: half a million dollars, which is the comfortable amount, and
5:21
Speaker 4: a lot of us are that's extraordinary and why wouldn't
5:23
Speaker 4: we engage with that a quarter haven't even logged in,
5:26
Speaker 4: which is just crazy. And thirty percent of women, which
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Speaker 4: is ten percent less than men, are just feeling completely
5:31
Speaker 4: sad and of despondent about their financials.
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Speaker 2: And I feel like that is really upsetting for someone
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Speaker 2: like me who knows the power of wealth creation and
5:41
Speaker 2: how it's actually not about the big bucks. The idea
5:43
Speaker 2: of a million dollars seems astronomical. If we just sit
5:46
Speaker 2: here and go, how would we get a million dollars?
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Speaker 2: We go, well, that's actually really unreasonable, Victoria. However, I
5:52
Speaker 2: know that if we were able to get people when
5:54
Speaker 2: they were younger, the younger you are, the more time
5:57
Speaker 2: you have for compounding, because we know, based on the
5:59
Speaker 2: rule of two, that money on average is going to
6:02
Speaker 2: double every seven to ten years. So the ten dollars
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Speaker 2: that you have today could be worth twenty dollars. And
6:07
Speaker 2: while that is not that exciting, because what can you
6:10
Speaker 2: buy in this economy with twenty dollars. I can't pay
6:12
Speaker 2: for my groceries with that. I could probably take you
6:15
Speaker 2: out for a coffee, but we are not getting cake.
6:17
Speaker 2: Don't order a cake because we can't afford that. But
6:20
Speaker 2: when it comes to suberinuation, all the small things over
6:24
Speaker 2: our career really build up.
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Speaker 4: And you know, this is where I think we have
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Speaker 4: to recognize that the reality of super is it is
6:31
Speaker 4: linked to what you get paid, right, Yes, And so
6:35
Speaker 4: we know that women are retiring with half in some
6:38
Speaker 4: instances half the balance of men. There is this risk
6:41
Speaker 4: of women really like homelessness at the end of working
6:45
Speaker 4: life really scary right now. The reality is, if you
6:48
Speaker 4: don't advocate for yourself around your take home pay, guess
6:52
Speaker 4: what when you retire that combite you on the bum.
6:55
Speaker 4: Because men are much better at advocating for themselves around
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Speaker 4: what they're worth in terms of their pay, just in general,
7:01
Speaker 4: just in general. And they don't actually go look at
7:04
Speaker 4: the position description. They go, I can do five percent
7:06
Speaker 4: of that. Yeah, I'll put in for the promotion. That's
7:08
Speaker 4: why they're re direct with.
7:09
Speaker 2: More mute feel like they've got a really good sense
7:12
Speaker 2: of what we call in our team de lulu because
7:14
Speaker 2: they think they can do it even if they don't
7:16
Speaker 2: have the credentials to have the confidence.
7:18
Speaker 5: Now, sisters like, let's owe to have the confidence.
7:21
Speaker 2: You're just going to borrow the confidence of a media
7:24
Speaker 2: white man. And then we're just going to.
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Speaker 4: Do that exactly, because the thing is when we don't
7:28
Speaker 4: do that, that means we retire less. Because super annuation
7:32
Speaker 4: is linked to your take home pay. I mean, there
7:34
Speaker 4: are bigger things around job professions that are not recognized.
7:37
Speaker 4: The fitter and turner has the same level of tape
7:39
Speaker 4: qualification as a as an early educator. There's a societal
7:44
Speaker 4: structural thing around remuneration that we're not going to solve
7:47
Speaker 4: in this podcast, unfortunately, unfortunately. But just remember that is
7:51
Speaker 4: that every time you kind of settle for a bit
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Speaker 4: less in terms of what you're getting paid or an
7:55
Speaker 4: opportunity at work, it actually does matter. I'm going to
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Speaker 4: finish work at the end of your life and you
8:00
Speaker 4: probably going to live another twenty thirty years.
8:02
Speaker 2: To add to that, we are in the middle of
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Speaker 2: a cost of living crisis. Money is overwhelming. I know
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Speaker 2: that budgeting to pay for groceries, to pay for energy
8:12
Speaker 2: heating is insane. At the moment, I feel like we're
8:14
Speaker 2: all really stressed about cash. Superinuation is something that you
8:18
Speaker 2: can address here and now. It's not going to cost
8:21
Speaker 2: you a dollar to address it. You're not going to
8:23
Speaker 2: have to shell out anything to get that sorted, and
8:26
Speaker 2: getting that sorted is going to play into your mental
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Speaker 2: and financial well being. You're going to feel so much
8:33
Speaker 2: more financially secure going You know what, I know that
8:36
Speaker 2: my budget is really strict right now. I know that
8:40
Speaker 2: we're living paycheck to paycheck. I know everything's really challenging,
8:43
Speaker 2: but I also know I'm doing the best thing for future.
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Speaker 2: And I think that once we give ourselves a little
8:48
Speaker 2: bit of a light at the end of the tunnel,
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Speaker 2: you go, it's really tough right now, but I've addressed
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Speaker 2: the super side of things, so retirement's not going to
8:54
Speaker 2: look like today. And I think that that is really empowering,
8:57
Speaker 2: especially when so many of us are trying to get
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Speaker 2: on top of our financial health and we're like, I
9:03
Speaker 2: don't want to ask my work for a pay rise
9:05
Speaker 2: because maybe we got one recently and it wasn't enough.
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Speaker 2: We've asked and they have said no, we just don't
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Speaker 2: have the confidence.
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Speaker 4: This is not something thating you can do. It's really
9:12
Speaker 4: no confrontation. It's totally to your point around action. I
9:16
Speaker 4: was whenever I hear the word action, I can hear
9:18
Speaker 4: the war cry from Grade six action action, and so
9:20
Speaker 4: it is actually something you can do that has no
9:22
Speaker 4: barriers attached to it, and we are going to cover
9:24
Speaker 4: the steps you need to do.
9:25
Speaker 2: That on your head, because I'm not excited about it.
9:27
Speaker 4: But I do think there is something around the time
9:30
Speaker 4: of year that it is at the moment, there's some
9:32
Speaker 4: really profound, big picture things happening in the world of
9:36
Speaker 4: personal finances that I think your listeners should use as
9:39
Speaker 4: a chance to reset. If you think about the Stage
9:41
Speaker 4: three tax cuts coming out, superannuation guarantee, your supers going
9:46
Speaker 4: up to eleven and a half percent, there are some
9:48
Speaker 4: energy rebates that I know state governments and federal governments
9:51
Speaker 4: are paying. So I think it's a really good time
9:53
Speaker 4: to go, all right, what are all these big picture
9:55
Speaker 4: things around Stage three tax cuts, the superannuation going up?
9:58
Speaker 4: Because I will say to your subscribers that if you're
10:01
Speaker 4: getting paid as a package rather than your base salary
10:04
Speaker 4: plus super, you might be in a position where your
10:07
Speaker 4: take home pay is going backwards.
10:09
Speaker 2: Yeah, we've talked about this on the podcast. I am
10:12
Speaker 2: wildly passionate about making sure that people know that might
10:15
Speaker 2: be a thing, and maybe having a little bit of
10:17
Speaker 2: a chat today here and now with your employer and going.
10:20
Speaker 4: Through well we just do base salary plus super rather
10:22
Speaker 4: than a package.
10:23
Speaker 5: You're short changing yourself.
10:25
Speaker 2: And I think it's such a small change that it
10:28
Speaker 2: makes sense for your employer to accept it as well,
10:31
Speaker 2: because it's very reasonable. It's not hey, can I have
10:33
Speaker 2: a massive pay rise? It's hey, this is going to
10:36
Speaker 2: be implemented legally, you have to pay it. Can we
10:39
Speaker 2: just do it in a way that benefits me long
10:42
Speaker 2: term so that I'm not put behind because right now
10:45
Speaker 2: you're putting me behind during a cost of living crisis.
10:47
Speaker 4: Yeah, I think that's right. I think taking action looking
10:50
Speaker 4: at what the stage three text cuts can mean for you.
10:53
Speaker 4: We do talk about cost of living crisis, but thinking
10:56
Speaker 4: about well, the subscription services that we're all kind of.
10:59
Speaker 4: You know, some times you don't even you lose track
11:01
Speaker 4: of what you've been where's the unnecessary spending in all
11:04
Speaker 4: of this? Looking at stage three text cards overlaying SG
11:08
Speaker 4: and then try to work out a plan around how
11:10
Speaker 4: you're going to maximize today and also be fabulous and comfortable.
11:14
Speaker 2: Tomorrow exactly now in this team, I don't know how
11:17
Speaker 2: much you know about she's on the money, but I
11:18
Speaker 2: like to refer to myself as stats girl. I want
11:21
Speaker 2: to know, are there some clear stats on how women
11:24
Speaker 2: in particular are putting themselves behind? Because I think sometimes
11:29
Speaker 2: when we talk about super we go more of us
11:31
Speaker 2: are retiring and facing homelessness, more of us are putting
11:36
Speaker 2: ourselves behind. Are there some stats that go, no, actually, X, Y,
11:41
Speaker 2: and Z we have to make We know the.
11:43
Speaker 4: Stat around the gender pay gap, but it's just stuck
11:45
Speaker 4: in that thirteen to nineteen percent gap. We know that
11:48
Speaker 4: only twenty eight percent of us feel financially confident compared
11:51
Speaker 4: to I think it's the high thirties.
11:53
Speaker 2: With the route shocking.
11:55
Speaker 5: This is the whole point.
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Speaker 1: I know.
11:57
Speaker 2: Well, I still find it shocking because I'm in the
12:00
Speaker 2: very privileged position of going this information exists, and it's free.
12:05
Speaker 2: This information is being put out there. How do I
12:08
Speaker 2: basically force it down people's throats so they go.
12:11
Speaker 5: Well, putting the hand up and saying I need some help.
12:15
Speaker 2: And I feel like that's why She's on the money exists.
12:18
Speaker 2: Way back in a past life when I was a
12:19
Speaker 2: financial advisor and she's on the money didn't exist. I
12:22
Speaker 2: used to do these lunch and learns called She's on
12:25
Speaker 2: the money because I used to do lunch and learns
12:28
Speaker 2: to big corporates where I'd sit down with people and go,
12:32
Speaker 2: all right, this is what super is.
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Speaker 1: You know.
12:34
Speaker 2: HR would get me involved, have a chat to them
12:36
Speaker 2: about their super. This is for employee engagement. And the
12:39
Speaker 2: thing that I noticed in those sessions was women would
12:43
Speaker 2: not ask questions. They would not put their.
12:45
Speaker 5: Hands in it's scared of looking silly.
12:46
Speaker 2: Exactly how are we supposed to know if we have
12:51
Speaker 2: never been taught?
12:51
Speaker 5: And this is why it's so amazing what you're doing.
12:54
Speaker 2: Seriously, I know Korean exists. I've never been there. I
12:57
Speaker 2: don't know how to speak Korean. I don't think it's
13:00
Speaker 2: embarrassing if I put my hand up and be like,
13:02
Speaker 2: I know that you know Korean, but I don't. I
13:04
Speaker 2: don't think that's embarrassing. But why do we then think
13:07
Speaker 2: it's embarrassing when we start to talk about finance.
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Speaker 4: Yeah, and again I've like, we're just talking before about
13:12
Speaker 4: kids and whatever. And I've got eighteen, fourteen and sixteen
13:15
Speaker 4: boy girl girl. The girls don't talk enough about the
13:18
Speaker 4: money and the super. Where I listen to the boys
13:21
Speaker 4: when they sit around eighteen having their hard solos, like
13:23
Speaker 4: tough guys, talking about their bitcoin investments and their shares,
13:29
Speaker 4: and I'm like, why you don't.
13:30
Speaker 2: Even know what you're talking about. But there is.
13:32
Speaker 4: Something culturally in that, which is why the people who
13:35
Speaker 4: are listening to this are one step ahead, and they
13:38
Speaker 4: you as listeners, need to be then evangelical and tell
13:41
Speaker 4: people in your world seventy percent of you are doing nothing,
13:45
Speaker 4: and doing nothing will be a self fulfilling prophecy of
13:48
Speaker 4: poverty and retirement.
13:49
Speaker 2: To me, doing nothing is a choice. So you've got
13:51
Speaker 2: a choice to make action or you've got a choice
13:53
Speaker 2: to make no action. And by making no action, that
13:57
Speaker 2: is a choice in itself, and I don't think that
13:59
Speaker 2: that's one you want to be making.
14:00
Speaker 4: You know, when members call us, when the ones that
14:03
Speaker 4: finally go, they'll have a life event, whether it's a divorce,
14:06
Speaker 4: something will happen and then they go, oh.
14:08
Speaker 5: My god, I have to call the super fun Now.
14:10
Speaker 4: It's either embarrassment, shame, fear, and actually when they get
14:14
Speaker 4: told things aren't as bad or there's ways to sart
14:17
Speaker 4: of the relief, and you think, why were you walking
14:20
Speaker 4: around with this?
14:21
Speaker 2: Because we're scared? I know, because it's overwhelming, because it
14:25
Speaker 2: doesn't feel nice and honestly, like We're trying really hard
14:28
Speaker 2: to make superannuations seem really sexy. But if you're not
14:31
Speaker 2: in the industry, not that sexy. It's not a priority.
14:34
Speaker 5: Think of the things that are, but what you're invested with.
14:37
Speaker 4: You know, you invest in trains and data centers and
14:41
Speaker 4: shares and gas pipes and airports.
14:44
Speaker 2: Not helping honestly, like, that's not making it sexier. You
14:48
Speaker 2: know what makes it sexier telling me that I'm going
14:50
Speaker 2: to have financial freedom in the future. I'm going to
14:53
Speaker 2: have a level of financial freedom that I afforded for myself.
14:56
Speaker 4: And this is where you'll bang on Victoria, because even
14:59
Speaker 4: if you feel really trapped financially today, there is something
15:02
Speaker 4: that you can do to make sure you don't feel
15:05
Speaker 4: that way tomorrow.
15:06
Speaker 5: And it's just like clicking up the phone.
15:08
Speaker 4: And talking to you super fun and being one of
15:11
Speaker 4: the thirty percent growing to forty percent and so on,
15:13
Speaker 4: so there's not this big gap at retirement.
15:15
Speaker 2: And I've said it before on the podcast, I am
15:18
Speaker 2: the biggest advocate of getting people to call their super
15:20
Speaker 2: funds because it actually doesn't cost you anything now, and
15:24
Speaker 2: the people at your super fund are so engaged, they
15:28
Speaker 2: are so educated, they have been trained to answer every
15:31
Speaker 2: single question and if you need basic advice that exists
15:35
Speaker 2: there for you too, you can call them and you
15:37
Speaker 2: know what they expect you to not know, Yeah, because
15:40
Speaker 2: most people don't. So you can call and me like, hey,
15:42
Speaker 2: I have a member number. I can share with you
15:44
Speaker 2: my name, but that's about it. Can you actually talk
15:47
Speaker 2: me through what I even hold? How much do I have?
15:49
Speaker 2: What does this look like? Where am I going? Can
15:52
Speaker 2: you help? And they will be like, oh my gosh,
15:53
Speaker 2: I'm so glad you called. Sit down. If you got
15:55
Speaker 2: ten minutes, they will give you all the time in
15:58
Speaker 2: the world to put you in the best possible position,
16:00
Speaker 2: because that's what they do every day.
16:02
Speaker 4: I have to say there is a thing of working
16:03
Speaker 4: in superannuation where there's a sense of service and purpose.
16:07
Speaker 4: There is a higher order social kind of good. The
16:09
Speaker 4: people that work at like Australian Retirement trust you're not
16:12
Speaker 4: doing it to become rich and famous, that you come
16:14
Speaker 4: because you believe in care.
16:16
Speaker 5: Even though it's finances.
16:17
Speaker 4: There is a sense of social purpose and care to
16:20
Speaker 4: what we all do. So I couldn't endorse enough what
16:23
Speaker 4: you just said in terms of them.
16:24
Speaker 2: And even if it's not a conclusive conversation and you're like, oh, really,
16:29
Speaker 2: I feel quite overwhelmed with this conversation. Can you let
16:31
Speaker 2: me go away and do some research? Great, call them
16:34
Speaker 2: back later. You don't have to make big hitting decisions
16:37
Speaker 2: in your first phone call.
16:38
Speaker 4: There's some really good calculators online that you can have
16:41
Speaker 4: a play around with to work out, well, what age
16:43
Speaker 4: am I and what balance should I have? As I said,
16:45
Speaker 4: you know, the average forty year old should probably have
16:48
Speaker 4: about one hundred and fifty thousand. Most only have about
16:51
Speaker 4: ninety thousand, So there's a gap there. But the point is,
16:55
Speaker 4: don't put your head in the sand over the gap.
16:57
Speaker 4: These small steps like you just spoke about with the
16:59
Speaker 4: lots of reblins, everyone consolidating them, bringing them together knowing
17:03
Speaker 4: what you're invested in, or they're.
17:04
Speaker 2: Going to save you money, but it's also going to
17:06
Speaker 2: save you stress and anxiety because you know that there's
17:09
Speaker 2: a light at the end of the tunnel. We actually's
17:11
Speaker 2: on the money are obsessed with the idea of money stories.
17:14
Speaker 2: In fact, my recent book that came out last month
17:16
Speaker 2: is called money Stories. Because we all grow up with
17:20
Speaker 2: different beliefs, values, thoughts.
17:23
Speaker 4: Beliefs around how married to a German, they're much more
17:27
Speaker 4: discipline as opposed to my Irish kind of cultural ways.
17:30
Speaker 5: Well you have a good time.
17:31
Speaker 4: Yeah, So all these things factor into the decision making
17:33
Speaker 4: and reluctance to do something one hundred percent.
17:36
Speaker 2: Let's go to a really quick break. I promised you
17:38
Speaker 2: guys at the start of this episode that we would
17:40
Speaker 2: give you six actionable steps to get on top of
17:42
Speaker 2: your superannuation. So if you stick around, we'll get through
17:45
Speaker 2: those right after this. All right, guys, we are back
17:52
Speaker 2: and I want to have a chat with you. What
17:54
Speaker 2: are the impacts on your super if you have a
17:57
Speaker 2: child as a woman.
17:58
Speaker 4: Well, the good news is that my friend to leave
18:01
Speaker 4: is now superannuation is going to be paid on that.
18:03
Speaker 2: That's sexy.
18:04
Speaker 5: I have to say.
18:04
Speaker 4: We did advocate hard to the government over that, so
18:07
Speaker 4: we were thrilled.
18:08
Speaker 2: Thank you for that.
18:09
Speaker 5: Really, I appreciate you were thrilled to see that.
18:10
Speaker 4: So that's going to put the next generation of sisters
18:13
Speaker 4: in a better place. But there might be men listening
18:15
Speaker 4: to this. My husband was a stay at home dad
18:17
Speaker 4: and I worked and.
18:17
Speaker 2: My husband is currently the day at home.
18:19
Speaker 4: Yeah, so it's whoever is I guess the care but
18:22
Speaker 4: most of the realities, most of it lands on us,
18:24
Speaker 4: and so there'll be a period of time where you're
18:25
Speaker 4: actually not getting paid, which means then you need.
18:27
Speaker 5: To play catch up with Super.
18:29
Speaker 4: Because of the compounding interest, that gap where contributions are
18:32
Speaker 4: not being paid creates a material problem.
18:34
Speaker 2: I think that there's a lot of strategies you can implement.
18:37
Speaker 2: We've spoken about it on the podcast before. You could
18:40
Speaker 2: plan forward and start contributing a tiny bit amount much
18:44
Speaker 2: earlier so that that gap is covered in advance, or
18:47
Speaker 2: you could start contributing after to make up that gap,
18:50
Speaker 2: or even how do you feel about getting your partner
18:53
Speaker 2: to contribute to.
18:54
Speaker 4: Yourself well spouse contributions it's another strategy. With superannuation going
18:58
Speaker 4: up to eleven and a half percent, concessional contributions are
19:01
Speaker 4: going up. And again this is why I think getting
19:03
Speaker 4: advice is really important, because there are tax benefits, whether
19:07
Speaker 4: you're putting in it as part of your take home
19:09
Speaker 4: pay or then after tax, whether it's your spouse is
19:11
Speaker 4: doing it. Again, just recognizing that your take home pay
19:15
Speaker 4: is going to probably materially change after one July, I
19:18
Speaker 4: think it's a chance to really look at could you
19:20
Speaker 4: afford As you've just rightly pointed out to put in
19:22
Speaker 4: a bit extra so that you're not left behind. But
19:25
Speaker 4: recognizing I just want to call out that pay print
19:27
Speaker 4: to leave again with superannuation being paid on that.
19:30
Speaker 2: I also think it's important to remember that these things
19:33
Speaker 2: are also tax effective. So if you're thinking, oh my gosh,
19:38
Speaker 2: I don't know if I can afford to make extra
19:40
Speaker 2: contributions to my super, like what if you bumped up
19:42
Speaker 2: your super one percent over the next ten years. That's
19:45
Speaker 2: going to impact it significantly. But I think we need
19:47
Speaker 2: to go and do some maths, use some of those calculators,
19:50
Speaker 2: because you are going to get in most circumstances, I
19:53
Speaker 2: can't broad brushly say this, but you are going to
19:56
Speaker 2: get some tax benefits from making that decision, and so
19:59
Speaker 2: it's not going to be the whole dollar take home
20:01
Speaker 2: amount that you are contributing towards that it's actually going
20:05
Speaker 2: to be quite beneficial. So I think we need to
20:08
Speaker 2: look into it. Even if you can't factor it into
20:10
Speaker 2: the budget right now, please go and just do the
20:13
Speaker 2: maths so that you understand what that might mean.
20:15
Speaker 5: This is now about the fifteen percent tax percent.
20:18
Speaker 2: Because I am always on top of it, the best
20:21
Speaker 2: example I have is if you're on the standard marginal
20:25
Speaker 2: tax rate of thirty seven and a half percent, and
20:27
Speaker 2: we decide to use the number of ten thousand dollars
20:30
Speaker 2: inside your take home pay. If we transferred it to you,
20:34
Speaker 2: it's worth six seven hundred and fifty dollars. If you
20:37
Speaker 2: put that inside superannuation instead, it's now worth eight and
20:41
Speaker 2: a half thousand dollars because of that fifteen percent tax
20:43
Speaker 2: rate that's supplied. So I don't mean to be dramatic,
20:46
Speaker 2: but that's a twenty two percent difference. And I mean,
20:49
Speaker 2: we all care about our returns in super we're like
20:52
Speaker 2: always I feel like everybody instead of looking at their
20:54
Speaker 2: fees instead of they just go look at, like, what's
20:57
Speaker 2: my super return to me? The amount that is on
21:00
Speaker 2: your return doesn't include the tax benefits, so you might
21:03
Speaker 2: have had, you know, let's say an eight or nine return,
21:06
Speaker 2: but you're also making even more money because of that
21:10
Speaker 2: tax benefit that you probably swept under the rug. So
21:13
Speaker 2: immediately your money is worth twenty two percent more inside superannuation.
21:18
Speaker 2: Does that mean we should throw our money in there,
21:20
Speaker 2: Absolutely not, but it's really important to take that into consideration.
21:24
Speaker 4: We're crunching the numbers and coffee a day if you're again,
21:28
Speaker 4: I'm using forty, a number of things starting to.
21:30
Speaker 2: Comet, Like, that's when people usually start to take control
21:33
Speaker 2: of their finances because they might have and this is
21:37
Speaker 2: very dramatic, but they might have gone through a big
21:39
Speaker 2: life event. Yes, that's where we're starting to talk about
21:42
Speaker 2: inheritances because our parents unfortunately don't live forever. It's when
21:46
Speaker 2: we're starting to see a lot more divorce happening. It's
21:50
Speaker 2: when we're starting to see the kids go off to
21:52
Speaker 2: school and you have an existential crisis because you're like, wait,
21:55
Speaker 2: what am I doing with my career? In terms of
21:57
Speaker 2: career's just so many questions at that age.
22:00
Speaker 4: Your day at forty can work out to sixty thousand
22:02
Speaker 4: dollars income in retirement extra.
22:04
Speaker 2: So exactly. And even if we were just doing like
22:07
Speaker 2: a couple of like roundups, like what if you set
22:09
Speaker 2: up a direct debit of just five bucks.
22:11
Speaker 4: Most people would know about those roundup type services where
22:14
Speaker 4: you can choose to put it in.
22:16
Speaker 2: You can just do it via a direct debit. You
22:19
Speaker 2: don't need a specific service to set up a direct
22:22
Speaker 2: debit to your supernuation fund, which I always mind really funny.
22:27
Speaker 2: You probably are not in this circumstance at all because
22:29
Speaker 2: you fully comprehend the environment. But I think people think
22:32
Speaker 2: that getting money into super is really complex, but it's not.
22:35
Speaker 2: It's b pay. It's the same as transferring money to
22:39
Speaker 2: your friends. People.
22:41
Speaker 4: As I said, the fact that a quarter of Australians
22:43
Speaker 4: haven't even checked their balance in the last year, we're.
22:46
Speaker 2: Doing ourselves a disservice.
22:47
Speaker 4: It's Houston, We've got a problem. So I would just
22:49
Speaker 4: say this's overwhelmingly a problem there.
22:52
Speaker 2: I love that let's get into those simple steps that
22:54
Speaker 2: we promised people. Though we know that on the first
22:57
Speaker 2: of July this year's superinnuation is inc racing to eleven
23:00
Speaker 2: and a half percent, very very attractive. We're going up
23:04
Speaker 2: again the year after, which means that we are putting
23:07
Speaker 2: ourselves in the best possible position. It's automatic, but I
23:11
Speaker 2: think that to put ourselves in the best position for
23:13
Speaker 2: an entire lifetime, we really need to be taking more
23:17
Speaker 2: action than just going great. I'm so glad I'm being
23:19
Speaker 2: paid more Super because even though we are heading towards
23:23
Speaker 2: a higher superannuation rate, because we started at nine and
23:25
Speaker 2: a half percent and the government realized that is just
23:27
Speaker 2: not enough. That hadn't changed in years, and we're now
23:30
Speaker 2: implementing a step by step process to get us up
23:33
Speaker 2: to where they think is fair. But your lifestyle might
23:35
Speaker 2: not be in line with that. You might go, but
23:37
Speaker 2: be I need more than that. We need to take action.
23:39
Speaker 2: What are some really simple steps that we can take
23:42
Speaker 2: right now to get familiar with super and put ourselves
23:45
Speaker 2: in the best possible position.
23:47
Speaker 4: Download your super Fun app and put it on your phone.
23:50
Speaker 4: Log in, check your balance.
23:52
Speaker 2: So many people don't even know that their super funds
23:55
Speaker 2: have apps. It's literally at your fingertips.
23:58
Speaker 4: And then investigate what that's going to translate to. And
24:01
Speaker 4: as a retirement income.
24:02
Speaker 2: I do have to admit I don't have my super
24:04
Speaker 2: fund app on my fine so I feel like the
24:06
Speaker 2: steps might be for meday super Please don't get me wrong,
24:11
Speaker 2: like I do occasionally log in online. Got to be
24:15
Speaker 2: a bit honest here as well. Yeah, it's not always
24:18
Speaker 2: front of mine, but I know from a hygiene level
24:20
Speaker 2: it's doing one. I'm invested in a.
24:23
Speaker 4: New financial year, checking your stage three tex scouts what
24:26
Speaker 4: they mean, doing all of your budgeting, Download your app
24:29
Speaker 4: at the same time, check your balance and then actually
24:32
Speaker 4: going into your super fun websites to see how much
24:35
Speaker 4: money you needed retirement, to see if there's a gap.
24:37
Speaker 2: And what does that look clack. So when we say,
24:41
Speaker 2: and I feel like this is one of.
24:42
Speaker 5: Those things, five hundred and sixty thousands, that.
24:44
Speaker 2: Five hundred and sixty and why is it five sixty?
24:47
Speaker 5: Five sixties?
24:47
Speaker 4: The number where you can have a holiday, you can
24:50
Speaker 4: replace a car if it breaks down, you've got emergency money,
24:54
Speaker 4: you can buy the family presence.
24:55
Speaker 5: That's kind of the number.
24:57
Speaker 2: I love having a number, yeah, because I feel like
24:59
Speaker 2: so many many of us are like, what does that mean?
25:01
Speaker 2: How much do I need in retirement? Five sixty you're saying,
25:05
Speaker 2: that's what we're all working towards.
25:06
Speaker 4: That's a really comfortable retirement where you're not worrying about money.
25:09
Speaker 4: And we all know that at some point if you're
25:11
Speaker 4: rich or rich, it kind of doesn't make you happier.
25:14
Speaker 4: So five sixty is when you don't have to worry
25:16
Speaker 4: about money.
25:17
Speaker 2: I love that idea, but if we wanted to work backwards,
25:20
Speaker 2: I've spoken a number of times on the podcast. Again,
25:22
Speaker 2: we'll put a few in the show notes so that
25:24
Speaker 2: you guys have all the tools and resources I always
25:27
Speaker 2: like to work backwards and go, well, how much am
25:29
Speaker 2: I earning right now? Once I don't have a mortgage
25:31
Speaker 2: to pay, once I'm not covering all of these school fees,
25:34
Speaker 2: once I'm a little bit leaner, which we hopefully will
25:37
Speaker 2: be in retirement, what does that look like? What kind
25:40
Speaker 2: of income am I going for? And if that five
25:42
Speaker 2: to sixty amount which we all should be working towards,
25:46
Speaker 2: isn't enough, we can then go all right, well we
25:48
Speaker 2: need to top up a little bit more. We need
25:50
Speaker 2: to change a bit because you've got complete control. But
25:52
Speaker 2: I think as women we love having a little goal.
25:55
Speaker 4: We love clarity, setting yourself a goal and recognizing, again,
25:58
Speaker 4: depending on what your salaries has been is likely to
26:01
Speaker 4: be it might be.
26:02
Speaker 5: Too hard to hit the five P sixty.
26:04
Speaker 4: But again all is not lost because if you download
26:06
Speaker 4: the app, see how much you've got, actually understand what
26:09
Speaker 4: the gap is. If there is a gap, then go right,
26:11
Speaker 4: well what can I do to fix the gap. Thirdly,
26:13
Speaker 4: I need to look at what I'm invested in now. Obviously,
26:16
Speaker 4: the growthier the investment option, the greater the returns, but
26:20
Speaker 4: also the greater the volatility, which is why you need
26:22
Speaker 4: a greater amount of time. So you need to actually
26:25
Speaker 4: understand and consciously make sure you understand what you're invested
26:28
Speaker 4: in and is that a lever you can pull to
26:31
Speaker 4: bridge the gap. You then need to look at taking cover.
26:33
Speaker 4: So what I mean is if you don't have insurance,
26:36
Speaker 4: that can make you poor at retirement too, because you
26:38
Speaker 4: could have a life event and then you need to
26:40
Speaker 4: call on your super to bail you out of it,
26:42
Speaker 4: which means you have nothing at.
26:43
Speaker 5: The end of your working life.
26:44
Speaker 2: Yea, we don't work this hard to end up with nothing.
26:48
Speaker 2: And it's funny you say insurance. I was having this
26:51
Speaker 2: conversation on the last episode I recorded, because I was
26:54
Speaker 2: saying to Beck, who is a very big part of
26:55
Speaker 2: our show, that if you are traveling and you can't
26:58
Speaker 2: afford travel insurance, you din't be going. And I feel
27:01
Speaker 2: the same way about life, Like you prioritize your car insurance,
27:06
Speaker 2: but you don't prioritize insurance on your literal life, on
27:10
Speaker 2: your ability to generate an income, but you'll ensure an
27:14
Speaker 2: asset that. Let's be honest. And if my car broke
27:17
Speaker 2: down tomorrow and I could not replace it because I
27:19
Speaker 2: didn't have insurance, well I've got an income and I'll
27:21
Speaker 2: save up for a new car. But if my income
27:24
Speaker 2: breaks down because I can't go to work, I can't
27:27
Speaker 2: get a new car. Like it doesn't go both ways.
27:29
Speaker 2: So we need to protect the thing that protects us
27:32
Speaker 2: because I at the end of the day, if you said,
27:35
Speaker 2: ve you have to get rid of every single insurance
27:36
Speaker 2: you have, I love a bit of insurance. Like ex
27:39
Speaker 2: financial advisor, you best believe I have every personal insurance
27:42
Speaker 2: under the sun because I, unfortunately have seen the worst
27:45
Speaker 2: of the worst of the world when it comes to
27:47
Speaker 2: people experiencing trauma, people going through events that could have
27:51
Speaker 2: been covered. So I just go to me, having been
27:53
Speaker 2: through what I've been through, I'm going to have really
27:55
Speaker 2: high levels of all these insurances. But if you said
27:57
Speaker 2: you have to get rid of every single one VEE,
27:59
Speaker 2: I'd just keep my personal insurance. Yeah, totally, Like my
28:02
Speaker 2: current insurance can go the insurance that I was bribed
28:04
Speaker 2: into getting for my iPhone in the bin. I can
28:07
Speaker 2: definitely keep the personal insurance that makes sure that my
28:11
Speaker 2: income is going to be protected in retirement.
28:13
Speaker 4: That's right, I mean, and also too, I mean, just
28:16
Speaker 4: so many of us get cancer and live It's like
28:18
Speaker 4: you don't. Cancer is not a death sentence as it
28:20
Speaker 4: used to be, But you actually might not work for
28:22
Speaker 4: a year.
28:23
Speaker 5: Again, that impacts your Super.
28:24
Speaker 2: It impacts your financial and mental well being as well.
28:28
Speaker 2: You're already going through a trash time. Why make it
28:31
Speaker 2: even higher for yourself?
28:33
Speaker 4: But insurances again, so all of these circumstances are so personal.
28:36
Speaker 4: So as you're going through these steps, downloading the app,
28:39
Speaker 4: looking at what your balance is, understanding what you're invested in,
28:43
Speaker 4: and then looking at your insurance, it is a very
28:45
Speaker 4: much a Goldilock scenario with insurance because it is it
28:48
Speaker 4: could be too hot, too much, not enough, based on
28:50
Speaker 4: your circumstances, who needs you, what debt you've got, Because
28:54
Speaker 4: sometimes super insurance is best outside of super rather than
28:57
Speaker 4: inside of Super. If you've got some pre existing conditions.
29:01
Speaker 4: These things all really matter because it can erode your
29:04
Speaker 4: superbalance as well. So insurance is really important, but it
29:08
Speaker 4: also can detract from the final outcome of what you
29:11
Speaker 4: retire with if you're not actually paying.
29:12
Speaker 2: Attention that as someone who works in super, you're like,
29:15
Speaker 2: not all of them should be held by us, Like
29:17
Speaker 2: we should actually have this conversation.
29:19
Speaker 5: Personal insurance is not inside Super.
29:21
Speaker 2: I can tell you that's not going to mention that
29:22
Speaker 2: if we listen to all my other podcasts, half of
29:25
Speaker 2: my insurances are inside super, half of them are outside
29:27
Speaker 2: Super because it makes the most sense. And that's where
29:30
Speaker 2: you need to call my mate Phil at Sky Insurance
29:33
Speaker 2: and set those up. But you know what Phil does
29:35
Speaker 2: immediately is like, let me look at your Super. Let's
29:37
Speaker 2: see what's in there. Because if there is insurance inside there,
29:41
Speaker 2: that's like gold because if it's pre existing. And you know,
29:45
Speaker 2: you guys are probably not going to want me to
29:46
Speaker 2: say this, but we're all about putting our community in
29:48
Speaker 2: the best possible position. It actually doesn't have a lot
29:51
Speaker 2: of exclusions on it, whereas you might have gone through
29:54
Speaker 2: a life event and that's what triggered you to go
29:56
Speaker 2: and look into insurance in the first place. And that
29:59
Speaker 2: life event means that we can't cover you for that
30:01
Speaker 2: particular area of insurance anymore. But if it was already
30:05
Speaker 2: default in Super, you might be covered. So don't cancel
30:08
Speaker 2: your insurances without getting advice.
30:10
Speaker 5: You definitely need. That is the final step.
30:12
Speaker 4: When I was getting advice consolidating my accounts, and even
30:15
Speaker 4: though you know I'm heading up advice for one of
30:17
Speaker 4: Australia's biggest funds. Insurance is a really niche area. I'm
30:21
Speaker 4: not an expert in insurance, so I went to my
30:23
Speaker 4: insurance advisor and I've got a dodgy thyroid graves disease
30:27
Speaker 4: and I wanted that underwritten, and it was going to
30:30
Speaker 4: be too deer inside Super, so I went and got
30:32
Speaker 4: a retail policy outside of Super on once a year.
30:34
Speaker 4: I just do a lumpsum roll out to fund the
30:36
Speaker 4: insurance premium outside of Super. So it's cost effective from
30:40
Speaker 4: a cash flow point of view for me. So there
30:42
Speaker 4: are all these really good things that you can do,
30:44
Speaker 4: but it's so specific to the individual and your health circumstances,
30:48
Speaker 4: your cash flow. If you don't pay attention, it's eroding
30:51
Speaker 4: your balance. And lastly, is you getting advice which you
30:54
Speaker 4: can do through picking up the phone You mentioned it
30:57
Speaker 4: before and all the simple stuff. This type of thing
30:59
Speaker 4: is super fun. Can help you with forgets a bit
31:01
Speaker 4: more complicated. You've maybe got some shares, some managed funds,
31:05
Speaker 4: you don't know whether to use your Super to put
31:08
Speaker 4: a deposit on a home. That's when your professional advice
31:11
Speaker 4: is really important.
31:12
Speaker 2: So we can call and have a chat and be
31:14
Speaker 2: like Hey, I've heard of the first home super save
31:16
Speaker 2: the scheme. What does that look like? How would I
31:18
Speaker 2: contribute to that? Is that going to impact my future wealth?
31:21
Speaker 2: The answer is no, because you're going to make additional
31:24
Speaker 2: contributions so that we're never putting future us in a
31:27
Speaker 2: worse of position. However, you can put yourself in the
31:30
Speaker 2: best possible position just by calling them. And it's free,
31:34
Speaker 2: just taking action. I think lots of us going It's
31:36
Speaker 2: going to be really complicated, it's going to be really hard.
31:39
Speaker 2: It's not I promise. I've done some maths and this
31:42
Speaker 2: wasn't recent. This is old maths. So I'm just going
31:44
Speaker 2: to spit it out again for the fiftieth time on
31:47
Speaker 2: the podcast. When I had all of those super funds
31:50
Speaker 2: I mentioned at the start of the episode, I did
31:52
Speaker 2: some retrospective maths to work out how much I would
31:55
Speaker 2: have saved over the course of my lifetime if I
31:58
Speaker 2: just kept those any grand I want an additional seventy
32:02
Speaker 2: grand in my super And you know what, I've got
32:04
Speaker 2: an addition in my exactly. But I've got that in
32:08
Speaker 2: my super now over the long term, because I actually
32:11
Speaker 2: took action and I looked at my super and I
32:13
Speaker 2: rolled them together into the right.
32:15
Speaker 4: Fund, which are showing our age a little bit I
32:17
Speaker 4: have even though I'm much older than you. But another
32:19
Speaker 4: good thing the government has done is what's called stapling.
32:22
Speaker 4: If you're listening to this and you've only ever had
32:24
Speaker 4: one job, this probably isn't going to apply to you,
32:28
Speaker 4: because the new law is really that you're super fun
32:31
Speaker 4: is kind of staple to you. Yeah, you've got this
32:34
Speaker 4: little monster stapled onto your back that's called super that
32:37
Speaker 4: follows you around everywhere.
32:38
Speaker 2: It's like a little backpack.
32:39
Speaker 5: Yeah, a little.
32:39
Speaker 4: Backpack that you can feed it up with contributions before
32:43
Speaker 4: or after tax and make sure it's all loved art.
32:45
Speaker 4: So I think that's something to remember. So when you're
32:47
Speaker 4: changing jobs, if you aren't paying attention, you're next employer.
32:51
Speaker 4: It's just going to go with whatever you've got. Now,
32:53
Speaker 4: probably the last thing, just side note, make sure you're
32:56
Speaker 4: with a super fun that is performing. Just a shout
32:59
Speaker 4: out to our investment team number one for growth over
33:01
Speaker 4: ten years.
33:01
Speaker 2: That's pretty sick y, YEA, yeah, it's very enough.
33:04
Speaker 4: Yeah, it's the head of investment strategy, who's an actually
33:06
Speaker 4: with a personality that's rare.
33:08
Speaker 2: I hope you're paying them well, so they stay.
33:10
Speaker 4: Well, it's proper for member, so you know, go and
33:13
Speaker 4: work in industry so to get rich let's put it.
33:15
Speaker 2: No, you definitely don't, and it's well sense of service.
33:18
Speaker 2: But I think that's important as well because for so
33:20
Speaker 2: many of us, our ethics and our morals start to
33:23
Speaker 2: come into play when we're talking about how we invest right,
33:26
Speaker 2: and so many of us think that that just means
33:29
Speaker 2: the product we invest in, So like what is my
33:31
Speaker 2: portfolio made up of? But it's also important to think
33:34
Speaker 2: about the people that are managing that portfolio. I think
33:37
Speaker 2: that's a really good point that you bring up. If
33:40
Speaker 2: that is really important to you, what does that actually
33:43
Speaker 2: look like? How do I pick a team that I
33:46
Speaker 2: think on the same page as me, and then we
33:48
Speaker 2: can pick investments together that make the most sense for
33:51
Speaker 2: my future.
33:51
Speaker 4: Yeah, trust and integrity with something it's almost like a
33:54
Speaker 4: fiduciary because this is money that we're investing for like
33:57
Speaker 4: fifty years on your behalf. When you're downloading the app
34:00
Speaker 4: and you're doing all of those steps of seeing how
34:03
Speaker 4: much you've got in terms of your balance, is it
34:05
Speaker 4: going to be enough?
34:06
Speaker 5: What are you invested in? How much insurance covery.
34:08
Speaker 4: Of your God, could you do a bit more getting
34:10
Speaker 4: some financial advice starting with your super fun just making
34:13
Speaker 4: a conscious decision about you is my fun? Are they
34:15
Speaker 4: providing me the services that I need? And is there
34:18
Speaker 4: investment performance competitive and looking over the three, five, ten years.
34:23
Speaker 4: That's also again things steps you can take today. Doesn't
34:25
Speaker 4: cost anything to do that level of research.
34:27
Speaker 2: And my favorite resource is actually a resource that the
34:31
Speaker 2: government came out with in September twenty twenty two, and
34:34
Speaker 2: that's the my super tool. And I think that that's
34:37
Speaker 2: really sexy. And the reason I like it is because
34:39
Speaker 2: there are lots of other comparison websites that exist, right
34:42
Speaker 2: Like we all know la near Kat and he's really cute.
34:45
Speaker 2: But at the end of the day, lots of super
34:48
Speaker 2: funds are paying to appear in their searchers on those websites.
34:51
Speaker 2: And while that is completely fair, that's how those websites work.
34:55
Speaker 2: I think a lot of us didn't understand that for
34:57
Speaker 2: a long time. Whereas this super comparison and tool that
35:00
Speaker 2: has been brought up by the government, you guys write
35:02
Speaker 2: really well, don't worry, Yeah, I don't worry. You know that,
35:05
Speaker 2: I know that using that is comparing apples with apples.
35:08
Speaker 2: We're not looking at sponsored posts, we're not looking at
35:11
Speaker 2: people who are paying to be on there. That tool
35:13
Speaker 2: shows us the top performing funds, it shows us the
35:17
Speaker 2: low performing funds. Should we be basing our decision on performance, though,
35:21
Speaker 2: absolutely not. We should be basing it on what works
35:23
Speaker 2: with our values, our morals, what we're working towards. But
35:27
Speaker 2: it's a really good base tool that for me is
35:30
Speaker 2: non bias, Like we're not going to your company's website only,
35:34
Speaker 2: we're going to that going okay, cool, hygiene check, They're
35:37
Speaker 2: rating pretty well, and now I want to do a
35:39
Speaker 2: deep dive into individual companies that might suit me.
35:42
Speaker 4: Going back to that stat only twenty eight percent of
35:45
Speaker 4: women feel financially confident. Well, the only way that's going
35:48
Speaker 4: to improve is if people start doing those things that
35:51
Speaker 4: you've just suggested, then doing a bit of reading about
35:54
Speaker 4: that self education. And if you're listening to this, you're
35:57
Speaker 4: already kind of signed up to the principle of self betterment.
36:00
Speaker 2: Biased, but I think you're pretty smart.
36:02
Speaker 4: Yeah, but yeah, I think if the homework you've got
36:04
Speaker 4: is to pass on these steps to your family and
36:06
Speaker 4: friends and help them download the app. Do it together,
36:10
Speaker 4: sit down with a coffee, check your balances, have a
36:13
Speaker 4: little date, have a little super date.
36:15
Speaker 2: You deserve a wine while doing your super Yeah, I
36:18
Speaker 2: think you do.
36:19
Speaker 4: Yeah, it'd be good actually to have a little club
36:20
Speaker 4: where you can hold yourselves to account and share.
36:23
Speaker 2: Go for it. And if you don't have any friends
36:25
Speaker 2: that want to do that, She's on the Money community,
36:29
Speaker 2: so we'll do that.
36:30
Speaker 5: Yes, I love that.
36:32
Speaker 2: And I have adored this chat. I feel like you
36:34
Speaker 2: and I are definitely on the same page. But what
36:36
Speaker 2: if we want to learn more about you? What if
36:37
Speaker 2: we maybe want to check out your fund? Where do
36:40
Speaker 2: we learn?
36:40
Speaker 5: We just go, Well, you go onto the art dot
36:42
Speaker 5: com dot au website.
36:43
Speaker 2: Unfortunately, that is all we have time for today. If
36:46
Speaker 2: you want to check out and and you want to
36:48
Speaker 2: check out art, I am going to put all of
36:50
Speaker 2: the links in the show notes so you don't have
36:52
Speaker 2: to do any other work except for checking your own
36:55
Speaker 2: super balance. Do what do it? See you guys next time?
36:59
Speaker 5: Thank you bro.
37:06
Speaker 2: The advice shared on She's on the Money is general
37:09
Speaker 2: in nature and does not consider your individual circumstances. She's
37:13
Speaker 2: on the Money exists purely for educational purposes and should
37:16
Speaker 2: not be relied upon to make an investment or financial decision.
37:20
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37:22
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