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FRIDAY DRINKS: Check your Superannuation! · She's On The Money

• 0:00
  Speaker 1: She's on the Money.
• 0:02
  Speaker 2: She's on the Money.
• 0:23
  Speaker 3: Hello, and welcome to She's on the Money, the podcast
• 0:26
  Speaker 3: for millennials who want financial freedom.
• 0:29
  Speaker 4: Welcome back to another one of our Friday.
• 0:31
  Speaker 3: Drinks episodes where we celebrate the money wins from our
• 0:35
  Speaker 3: She's on the Money community.
• 0:36
  Speaker 4: Have a chat with Tony and Jeffs.
• 0:38
  Speaker 3: There are so many great wins and confessions that are
• 0:41
  Speaker 3: shared every single week in our She's on the Money community.
• 0:44
  Speaker 3: This week, Tony's going to take us across.
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  Speaker 4: All of them.
• 0:47
  Speaker 3: But before we get there, Tony, what happened this week
• 0:50
  Speaker 3: on Money Diaries.
• 0:52
  Speaker 1: So this week we chatted to a young woman who
• 0:55
  Speaker 1: titled herself late blooming law student, and she kind of
• 0:59
  Speaker 1: shared how she would feeling like she'd been really left
• 1:01
  Speaker 1: behind because she hadn't really settled on a career until
• 1:04
  Speaker 1: a few years after she'd left school, and you know,
• 1:07
  Speaker 1: her friends were buying houses and having babies, and she
• 1:09
  Speaker 1: felt a bit you know, left behind and have that
• 1:12
  Speaker 1: fomo vibe that it's so easy to get, especially with
• 1:15
  Speaker 1: social media. And she also chatted about, you know, going
• 1:19
  Speaker 1: to UNI and growing up with quite a wealthy family
• 1:22
  Speaker 1: and how that's changed her outlook on on life. And
• 1:25
  Speaker 1: what she wants to get out of her career. So
• 1:28
  Speaker 1: it was a really nice change of a money diary
• 1:32
  Speaker 1: to kind of be like, you know what, it's all
• 1:33
  Speaker 1: right to have that fomo sometimes as long as we
• 1:36
  Speaker 1: don't rely on it all the time, and we remember
• 1:38
  Speaker 1: that everyone's running their own race, and it's totally fine
• 1:41
  Speaker 1: if I'm not doing what Jess is doing, or Jess
• 1:43
  Speaker 1: isn't doing what her other friends are doing, it doesn't matter.
• 1:46
  Speaker 1: As long as you're happy with where are at, that's
• 1:48
  Speaker 1: all that matters, agreed.
• 1:49
  Speaker 3: And I really liked that episode for exactly that reason.
• 1:52
  Speaker 3: And I guess overlaid on that she was explaining how
• 1:56
  Speaker 3: her family are actually in the cares of her younger
• 1:59
  Speaker 3: cousin who has significant developmental disabilities, and I just thought
• 2:02
  Speaker 3: it was a really special episode that showed, you know,
• 2:05
  Speaker 3: a number of facets of different areas of life, and
• 2:08
  Speaker 3: you know, it was just a goodie tone.
• 2:10
  Speaker 1: Yeah, it was.
• 2:11
  Speaker 3: And just what happened on Wednesday's episode with Georgia King.
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  Speaker 5: So this week, you guys spoke about one of our
• 2:18
  Speaker 5: favorite things to talk about, which is debt.
• 2:21
  Speaker 3: We talk about it's actually one of our favorite things.
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  Speaker 3: I thought you were gonna be we love to talk
• 2:24
  Speaker 3: about it, or like something else, and you were like, debt, okay.
• 2:29
  Speaker 5: We love to talk about it because we love to
• 2:31
  Speaker 5: see people paying it down. And so we were talking
• 2:33
  Speaker 5: specifically around how to prioritize those debts because there's so
• 2:38
  Speaker 5: many different kinds. You can obviously have good debt, like
• 2:41
  Speaker 5: your hectet or your mortgage, and then you can have
• 2:44
  Speaker 5: things like credit card debt, buying our pay later debt,
• 2:47
  Speaker 5: which is a form of debt. We saw some conversations
• 2:50
  Speaker 5: in our comments on Instagram a couple of weeks ago.
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  Speaker 5: Buying now pay later is a form of debt you
• 2:55
  Speaker 5: owe money to someone. That's kind of what a debt is,
• 2:58
  Speaker 5: but that there's all different kinds and it can sometimes
• 3:01
  Speaker 5: feel overwhelming when you go to pay them down figuring
• 3:04
  Speaker 5: out where to go first. If you have one hundred
• 3:07
  Speaker 5: dollars owings here and a thousand there and five hundred here,
• 3:10
  Speaker 5: it can be very intimidating. And there are a number
• 3:13
  Speaker 5: of different ways that we can prioritize those based on
• 3:15
  Speaker 5: our personalities and our goals and all those kinds of things.
• 3:18
  Speaker 5: So it was a really interesting episode to listen to,
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  Speaker 5: particularly someone who has been in the consumer debt hole.
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  Speaker 3: And it can be really overwhelming when you're in that place.
• 3:27
  Speaker 3: But to have a couple of strategies that can.
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  Speaker 4: Lean on and see which one works for you.
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  Speaker 3: Just knowing that there is a light at the end
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  Speaker 3: of the tunnel and that you're following a plan and
• 3:35
  Speaker 3: that it's going to work out in the end is
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  Speaker 3: definitely something that I think we all deserve, especially while
• 3:39
  Speaker 3: we're in the midst of it, because sometimes it can
• 3:41
  Speaker 3: feel like it's never ever going away.
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  Speaker 4: Yeah, for sure.
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  Speaker 1: Something that you said in that episode V that I
• 3:48
  Speaker 1: really liked and I think will be such a good
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  Speaker 1: way for people to realize what they're actually spending their
• 3:53
  Speaker 1: money on. And it's a great way to reframe it.
• 3:56
  Speaker 1: Is like bad debt is considered bad debt when it
• 3:58
  Speaker 1: isn't contributing to your future wealth. So the way that
• 4:01
  Speaker 1: we say like it's good debt if it's a mortgage,
• 4:03
  Speaker 1: because you're creating an asset for yourself that one day
• 4:06
  Speaker 1: you can live in for free or sell and make
• 4:09
  Speaker 1: a heap of money or whatever. And I think it
• 4:12
  Speaker 1: just makes you so much more aware and conscious when
• 4:15
  Speaker 1: you are spending for people, especially that are thinking, you know,
• 4:18
  Speaker 1: like after pay it's not debt, it's just a borrow
• 4:20
  Speaker 1: or using a credit card isn't really debt because I'm
• 4:23
  Speaker 1: not going to use it for everything, but it's not
• 4:26
  Speaker 1: contributing to your future wealth. And if you look around
• 4:28
  Speaker 1: and you've got heaps of nicer pairs of shoes, but
• 4:31
  Speaker 1: you've got heaps of credit card debt, then it's probably
• 4:33
  Speaker 1: not really going to contribute to your future wealth, unless
• 4:36
  Speaker 1: like you're Michael Jordan or something, and then you can
• 4:39
  Speaker 1: sell your shoes after which someone might be into I
• 4:41
  Speaker 1: don't know.
• 4:42
  Speaker 3: Yeah, well you're completely really rich and you solely invest
• 4:45
  Speaker 3: in Birken handbags and so therefore you're just going to
• 4:48
  Speaker 3: resell them. But that's a really niche investment strategy that
• 4:52
  Speaker 3: I probably wouldn't recommend, so you're not I would recommend though.
• 4:56
  Speaker 3: Moving on, so let's move on to community wins. If
• 4:59
  Speaker 3: the week, Tony, what have you.
• 5:01
  Speaker 4: Got for us?
• 5:02
  Speaker 1: Okay, so Caitlin says, I found a random two six
• 5:06
  Speaker 1: hundred dollars in my account.
• 5:08
  Speaker 4: Oh yeah, so it really happens.
• 5:10
  Speaker 1: All the time, and came home to a letter from
• 5:13
  Speaker 1: NAB saying I had automatically been included in a class
• 5:16
  Speaker 1: action suit that I had been charged too much interest
• 5:19
  Speaker 1: in twenty eighteen, and so they refunded the money automatically,
• 5:23
  Speaker 1: so she ended up with this extra two and a
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  Speaker 1: half grand. Such a good money win.
• 5:27
  Speaker 4: Oh my gosh, that is an epic money win.
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  Speaker 3: I hope that everyone in our community can take a
• 5:32
  Speaker 3: page out of Jessica Riach's book and manifest.
• 5:35
  Speaker 1: That manifested they paid too much interest and hope that
• 5:39
  Speaker 1: they get it back.
• 5:40
  Speaker 4: No, no, just manifest free money.
• 5:42
  Speaker 3: Oh okay, sorry, that amounts of money posited into your account.
• 5:48
  Speaker 1: Tony Melon says sports Girl had fifty percent of already
• 5:52
  Speaker 1: reduced items and bought an eyeshadow palette, a top, and
• 5:56
  Speaker 1: a pair of earrings for ten dollars.
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  Speaker 4: Oh what go win?
• 6:00
  Speaker 1: Basically spare change for new clothes, which we love. Of course,
• 6:05
  Speaker 1: Tess says, money win. It's my husband's birthday next week,
• 6:08
  Speaker 1: and I've been putting money away for a while to
• 6:10
  Speaker 1: cover his presence. It's a milestone birthday, so his presents
• 6:13
  Speaker 1: are more financially significant than usual. I've now been able
• 6:17
  Speaker 1: to buy his presence, organize a cake and a dinner party,
• 6:20
  Speaker 1: and it's all been covered by the specific savings that
• 6:22
  Speaker 1: I had set aside. We get questions about this in
• 6:25
  Speaker 1: the group all the time. How do you put money
• 6:28
  Speaker 1: aside for gifts and how do you prioritize when random
• 6:31
  Speaker 1: birthdays pop up and Christmas especially, which we've talked about
• 6:34
  Speaker 1: how much money we'd need to save. But it's great
• 6:37
  Speaker 1: seeing that people are putting this into practice, because those
• 6:40
  Speaker 1: birthdays do creep up and you think, oh, I'll buy
• 6:42
  Speaker 1: my friend or partner or mum or something like a
• 6:45
  Speaker 1: beautiful gift, and then you're like, hang on, can't afford that.
• 6:48
  Speaker 1: I can't afford that because that's then going to come
• 6:51
  Speaker 1: out of my fun money. And then when I want
• 6:52
  Speaker 1: to go and have fun, I'm going to take that
• 6:54
  Speaker 1: out of my you know, emergency but not really an
• 6:56
  Speaker 1: emergency fund, and then you know, you end up in
• 6:59
  Speaker 1: a bit of a pickle. Literally. We have good advice
• 7:03
  Speaker 1: for how to budget for those things. If it's is
• 7:05
  Speaker 1: it just something that you do need to put into your.
• 7:07
  Speaker 3: Budget, yeah, like the advisor's budget for those things and
• 7:10
  Speaker 3: actually put them in and be realistic about it. I
• 7:13
  Speaker 3: think it's a really romantic way of looking at budgeting
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  Speaker 3: when you're like, oh, right, I'm going to allocate fifty
• 7:18
  Speaker 3: dollars per present when in reality that's not what you do.
• 7:21
  Speaker 3: Like it just sounds easy, but I know, Tony, you're
• 7:24
  Speaker 3: a very big gift giver. You love giving gifts. Yeah,
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  Speaker 3: I think something that you could do is go back
• 7:29
  Speaker 3: and just see what you're spending, not judging yourself, not
• 7:31
  Speaker 3: doing anything other than that, but just saying, all right,
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  Speaker 3: well what am I actually spending on gifts, so that
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  Speaker 3: I can put that aside so that I'm never in
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  Speaker 3: a pickle again, Because if you're budgeting fifty dollars per
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  Speaker 3: gift but you're actually closer to eighty, that's never going
• 7:44
  Speaker 3: to work for you, and you're always going to find
• 7:46
  Speaker 3: yourself dipping into emergency savings or into your savings in general.
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  Speaker 3: And nobody wants to be in that situation. So I
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  Speaker 3: think it's about actually just being quite realistic when we
• 7:56
  Speaker 3: do set a budget, because a budget isn't necessarily about
• 8:00
  Speaker 3: restricting ourselves and saying, oh, this is all we can spend,
• 8:02
  Speaker 3: but more, this is actually what I spend so that
• 8:06
  Speaker 3: I can be in charge of that flow of cash.
• 8:09
  Speaker 3: It's not necessarily saying all right, well, I'm going to
• 8:11
  Speaker 3: restrict myself and save more money. It's actually okay, Well,
• 8:14
  Speaker 3: I know x y Z's birthday is in four months,
• 8:18
  Speaker 3: and I'm gonna want eighty bucks for it. And you
• 8:20
  Speaker 3: know what, if you get around to that point in
• 8:22
  Speaker 3: time and you don't spend that eighty dollars money, win
• 8:26
  Speaker 3: Like you're in a position where you have leftover. But
• 8:29
  Speaker 3: what we don't want is the opposite where you undervalued
• 8:32
  Speaker 3: how much you would spend and then you found that
• 8:34
  Speaker 3: you're actually going over that significantly. So it's just about
• 8:37
  Speaker 3: really keeping track of every dollar that comes in and
• 8:40
  Speaker 3: out of your account.
• 8:41
  Speaker 4: As unsexy as that.
• 8:43
  Speaker 1: Sound, but it is something that we get asked about
• 8:47
  Speaker 1: in the group a lot. How do you budget for gifts?
• 8:49
  Speaker 1: So hopefully people take a bit of a leaf out
• 8:51
  Speaker 1: of Tess's book and caught by surprise when those birthdays
• 8:56
  Speaker 1: come around.
• 8:56
  Speaker 4: Tests is a wizard, Sarah.
• 8:59
  Speaker 1: Says, expected money in moved house and changed my address
• 9:03
  Speaker 1: for my car insurance and they sent me a refund
• 9:05
  Speaker 1: of one hundred and fifty dollars because it's a safer
• 9:08
  Speaker 1: place to live.
• 9:09
  Speaker 5: What this This makes me so mad because I live
• 9:13
  Speaker 5: out in the suburbs and I live like quite like
• 9:17
  Speaker 5: I would say borderline rule. I didn't qualify as regional big,
• 9:21
  Speaker 5: but it's borderline rule. And I pay more money for
• 9:24
  Speaker 5: my car insurance out here than I did i lived
• 9:27
  Speaker 5: closer in. It's just because the insurances, like I suppose
• 9:31
  Speaker 5: they base it off a series of statistics of like
• 9:33
  Speaker 5: crime or I don't know exactly how they come to it,
• 9:36
  Speaker 5: but they will essentially delegate. I believe every like suburb
• 9:41
  Speaker 5: a rating, and based on that rating, that's like you
• 9:44
  Speaker 5: will pay more or less because they determined that if
• 9:47
  Speaker 5: you live in that area it's higher or lower risk,
• 9:50
  Speaker 5: and so if you live in a higher risk area,
• 9:53
  Speaker 5: you're more likely to have your car damage. Thus your
• 9:55
  Speaker 5: premium is higher, which makes me really angry because I
• 9:58
  Speaker 5: feel like, even if it is based on statistics, on
• 10:02
  Speaker 5: some level, I don't know how accurately that like reflects things,
• 10:05
  Speaker 5: because what if you keep a car in a garage
• 10:07
  Speaker 5: or something like that.
• 10:09
  Speaker 1: But because there's now insurance pl like not sponsored, but
• 10:14
  Speaker 1: there's places like UI where they actually take into consideration
• 10:17
  Speaker 1: like how many days a week you drive your car
• 10:20
  Speaker 1: and things like that, that's so yeah, and especially through
• 10:23
  Speaker 1: lockdown when people were like I'm actually only using my
• 10:26
  Speaker 1: car on a Saturday to go and do my groceries. Yeah,
• 10:29
  Speaker 1: would have really affected the way that people drove and
• 10:31
  Speaker 1: used their cars, and they would have been a bit
• 10:34
  Speaker 1: like UJESS and u V, like driving into the office
• 10:36
  Speaker 1: every day where now like your car sits there until
• 10:38
  Speaker 1: you need to go and get groceries or go to
• 10:40
  Speaker 1: the doctors or something like.
• 10:42
  Speaker 5: It's been great for my petrol budget, but now that
• 10:44
  Speaker 5: you mention it is like quite frustrating to go, Oh,
• 10:46
  Speaker 5: like my car is barely being used, like mine does
• 10:49
  Speaker 5: sit in a garage and I drive it, yeah to
• 10:52
  Speaker 5: go calls like two kilometers down the road. And so
• 10:55
  Speaker 5: I'm paying all this money for insurance, and insurance is
• 10:57
  Speaker 5: obviously really worth.
• 10:58
  Speaker 4: It and whatever really worth it.
• 11:00
  Speaker 5: Whatever, it's an annoying thing to pay for sure.
• 11:06
  Speaker 1: Nicky says moneym in. I emailed my gym asking really
• 11:09
  Speaker 1: nicely if I can extend not paying for my membership
• 11:13
  Speaker 1: until at least April next year so I don't have
• 11:15
  Speaker 1: to cancel then rejoin after having my baby, and they
• 11:18
  Speaker 1: allowed it. Saves twenty something dollars a fortnight and no
• 11:21
  Speaker 1: rejoining fees.
• 11:23
  Speaker 4: Hey that's a money.
• 11:24
  Speaker 1: Yes, I'm assuming that their membership is currently on hold
• 11:30
  Speaker 1: because of COVID and she must have just called them
• 11:32
  Speaker 1: and said, hey, I'm not paying that the moment, could
• 11:35
  Speaker 1: you just flick it out a little bit, and they've agreed,
• 11:37
  Speaker 1: which never ever happens.
• 11:39
  Speaker 4: Look, I'm on the Ryan John train here.
• 11:40
  Speaker 3: I don't necessarily believe that that actually happened, because Jim,
• 11:44
  Speaker 3: they don't usually let you get away with not paying
• 11:47
  Speaker 3: for anything. So I don't know how falsified that story was,
• 11:52
  Speaker 3: but I'm willing.
• 11:52
  Speaker 4: To accept it on this occasion.
• 11:54
  Speaker 5: It's a plant by a gym owner to try and
• 11:56
  Speaker 5: make Jims look yeah, like.
• 11:58
  Speaker 3: It was a plan that was a gym I re
• 12:00
  Speaker 3: placing that he would never allow it.
• 12:02
  Speaker 1: The replies were like, oh my gosh, where Jim is this.
• 12:04
  Speaker 3: So it's worked, and it's like wow, the numbers right there.
• 12:09
  Speaker 4: Wow great.
• 12:11
  Speaker 1: Rovnat says, money Win. My work gave us all two
• 12:14
  Speaker 1: hundred and fifty dollars FOS gift cards because we all
• 12:16
  Speaker 1: got vaccinated, which is so cool. I guess it's like
• 12:21
  Speaker 1: nice at they're encouraged to do the right thing for
• 12:24
  Speaker 1: the community and then also like they get a little
• 12:26
  Speaker 1: something out of it, and I think that's pretty cool.
• 12:29
  Speaker 4: Yeah, that is pretty cool.
• 12:31
  Speaker 3: Apologies, so your cards buster got lost in them.
• 12:35
  Speaker 1: I assume it's coming. It's fine. And finally, Ruby says,
• 12:40
  Speaker 1: and jess you'll like this one. A perfect condition white
• 12:44
  Speaker 1: wicker outdoor lounge setting for free on for free the
• 12:50
  Speaker 1: side of the road, just as her and her mum
• 12:54
  Speaker 1: were moving into a new house and all they needed
• 12:58
  Speaker 1: was an outdoors cushions and her rints with a hose.
• 13:04
  Speaker 1: A similar one would be about twelve hundred dollars at
• 13:07
  Speaker 1: amat Manifest.
• 13:09
  Speaker 5: It is so expensive. Pro tip on the cushions. Go
• 13:13
  Speaker 5: to a place like Clark Rubber. Where they do. You
• 13:16
  Speaker 5: can buy foam by the meter, so it's quite affordable. Yeah,
• 13:20
  Speaker 5: you can buy just like foam and the density that
• 13:23
  Speaker 5: I could.
• 13:23
  Speaker 3: Have just asked you instead of calling Freedom a million
• 13:26
  Speaker 3: times asking how I replace the foam or my outdoor lounge.
• 13:30
  Speaker 4: Yes, that is exactly.
• 13:32
  Speaker 5: Go to Clark Rubber or like any kind of similar
• 13:35
  Speaker 5: place and then you can either cut it down to
• 13:37
  Speaker 5: standardized size and just buy pre made outdoor cushion covers,
• 13:40
  Speaker 5: or if you're feeling spicy, you can diy them.
• 13:43
  Speaker 3: And so eah, that's what Jessica reed she would do.
• 13:45
  Speaker 3: She would diy it.
• 13:47
  Speaker 1: And The thing that I've learned from working here is
• 13:49
  Speaker 1: you know, I mean things about finance and insurance or whatever,
• 13:52
  Speaker 1: but it's that before calling anybody, you should call Jess
• 13:56
  Speaker 1: because she's really because she's just always it's got some
• 14:00
  Speaker 1: weird solution to every problem and I just love it.
• 14:04
  Speaker 1: You need phone called Jess. You need to manifest something
• 14:07
  Speaker 1: you called Jes.
• 14:08
  Speaker 3: Do you need to know about Wika on the internet?
• 14:11
  Speaker 3: Jess probably knows. She need eat like literally, she fixes everything.
• 14:15
  Speaker 3: Do you want to know how to grout and retile
• 14:17
  Speaker 3: a bedside table?
• 14:18
  Speaker 1: She got you, She's you got.
• 14:20
  Speaker 3: I didn't even know that that was the information I
• 14:22
  Speaker 3: needed yet.
• 14:23
  Speaker 4: Jess knows like a mom that hasn't had kids yet.
• 14:28
  Speaker 5: But yeah, little fun tip. I would love to see
• 14:30
  Speaker 5: a photo. If you read us, please share it.
• 14:32
  Speaker 3: It will get shared in the She's on the Money
• 14:34
  Speaker 3: newsletter because anything DIY, we are all over.
• 14:38
  Speaker 4: We love to see it.
• 14:44
  Speaker 1: So over the last couple of weeks, I've noticed a
• 14:47
  Speaker 1: lot of people talking about superannuation. And it's one of
• 14:50
  Speaker 1: those things that's not really that sexy, but it is
• 14:52
  Speaker 1: super important and when you know about it and you
• 14:55
  Speaker 1: care about it, which you should, it can be very
• 14:58
  Speaker 1: very satisfying to watch grow. But I know that there's
• 15:01
  Speaker 1: been a few changes coming and a few like upheoples
• 15:04
  Speaker 1: in the industry, Can you explain them because I don't
• 15:07
  Speaker 1: understand words.
• 15:08
  Speaker 4: You don't understand words. I love that for you.
• 15:12
  Speaker 3: So, Tony, a lot has been changing in the superannuation space,
• 15:16
  Speaker 3: and there's not been a recent update per se. But
• 15:19
  Speaker 3: I think that the thing that has been happening recently.
• 15:22
  Speaker 4: Is the ramifications of decisions that were.
• 15:24
  Speaker 3: Made about twelve months ago are starting to come to
• 15:27
  Speaker 3: light for a number of people. And this has meant
• 15:29
  Speaker 3: that a number of superannuation funds over the last few
• 15:32
  Speaker 3: weeks have sent letters to their members to say, hey, yeah,
• 15:36
  Speaker 3: so we're underperforming and the government's going to shut us down,
• 15:40
  Speaker 3: so you're going to have to pick a new superfund.
• 15:43
  Speaker 3: And that obviously sends people into a spin because they're like, what,
• 15:46
  Speaker 3: what like, my superfund's one underperformed, not great? Two I've
• 15:50
  Speaker 3: got to pick a new superfund and I don't know
• 15:52
  Speaker 3: how to do that, but three how do we end
• 15:55
  Speaker 3: up here? So essentially last year, this is like way
• 15:58
  Speaker 3: back in December twenty Australia's biggest superranuation lobby group got
• 16:03
  Speaker 3: together and asked the federal government to impose tougher penalties
• 16:07
  Speaker 3: on super funds that were failing to deliver strong investment
• 16:10
  Speaker 3: returns and ask them to consider immediately shutting down anyone
• 16:14
  Speaker 3: who was an underperformer. So obviously this couldn't happen asap,
• 16:18
  Speaker 3: and a number of super funds have been tapped on
• 16:20
  Speaker 3: the shoulder as being underperforming and having to manage their
• 16:24
  Speaker 3: members out because they can't just delete their superfund and go, oh, great,
• 16:28
  Speaker 3: like Tony's with super fund XYZ and XYZ's done, so
• 16:32
  Speaker 3: we'll just remove it. They've actually got to transition their
• 16:35
  Speaker 3: clients out to new super funds because where's your money
• 16:39
  Speaker 3: going to be managed? And given they are underperforming, it
• 16:42
  Speaker 3: wouldn't be the right decision for them to just choose
• 16:45
  Speaker 3: where you move, Tony, So as a consumer, you're going
• 16:49
  Speaker 3: to have to make.
• 16:50
  Speaker 4: That decision yourself.
• 16:52
  Speaker 3: Admin And yeah, Admin, But I think that that's what's
• 16:55
  Speaker 3: happening at the moment, and that's why you guys in
• 16:58
  Speaker 3: the community are seeing a surge of people asking questions
• 17:01
  Speaker 3: about how do I pick a super fund and what does.
• 17:03
  Speaker 4: That actually mean?
• 17:04
  Speaker 3: Because one it's really stressful, but two it's something you're
• 17:08
  Speaker 3: going to have to do. Like if you're in an
• 17:10
  Speaker 3: underperforming super fund, you have to pick a new one.
• 17:13
  Speaker 3: You don't have any choice. But often, and I'm not
• 17:16
  Speaker 3: going to draw conclusions here, but if you've been in
• 17:20
  Speaker 3: and underperforming super fund, I'm going to assume that superannuation
• 17:24
  Speaker 3: hasn't been a priority of yours until now, because I
• 17:27
  Speaker 3: wouldn't have stayed with that if it was. If that
• 17:30
  Speaker 3: makes any sense, So what does that actually mean? How
• 17:32
  Speaker 3: does that actually work? But recently our friends at Canstar
• 17:35
  Speaker 3: did a really big piece of research and I think
• 17:38
  Speaker 3: it's important to talk about because these are big numbers,
• 17:40
  Speaker 3: like scary numbers, And one of the things that they
• 17:44
  Speaker 3: found was that are staggering three in four Australians are
• 17:49
  Speaker 3: unsure about how much their superannuation balance grew in the
• 17:53
  Speaker 3: past financial year. So they had no idea, which means
• 17:57
  Speaker 3: that these guys could be missing out on hundreds of
• 18:00
  Speaker 3: thousands of dollars going into their supranuation at retirement. Like
• 18:04
  Speaker 3: I'm not being dramatic here when I say hundreds of
• 18:07
  Speaker 3: thousands of dollars, Like you are going to have a
• 18:10
  Speaker 3: massive impact on your supranuation if you pick the right
• 18:13
  Speaker 3: fund for yourself and if you pick the right portfolio
• 18:16
  Speaker 3: for your risk profile. And I'm not saying there's a
• 18:18
  Speaker 3: right and wrong. There are ways that we can do this.
• 18:20
  Speaker 3: There are government comparison tools that you guys can go
• 18:23
  Speaker 3: and have a look at and make a decision based on.
• 18:26
  Speaker 3: But essentially, this survey by can Start really shocked me.
• 18:30
  Speaker 3: Because I don't know, maybe you guys won't be as shocked.
• 18:33
  Speaker 3: So how that I ask you how you feel about
• 18:35
  Speaker 3: the stats? So CANSTA found that forty nine percent? So
• 18:40
  Speaker 3: I'm just going to round that up to half of
• 18:43
  Speaker 3: Australians don't remember the rate of return on their supranuations.
• 18:47
  Speaker 3: Do you guys think that that's about right?
• 18:50
  Speaker 1: I mean, I hate to be a statistic here, but
• 18:56
  Speaker 1: I think we all know where this is going. I
• 18:58
  Speaker 1: don't know.
• 18:58
  Speaker 4: Mine, Tony Louise Lodge, I know.
• 19:02
  Speaker 1: Like, how bad is that? I mean, please just tell
• 19:05
  Speaker 1: me that you're in the same boat so I don't
• 19:06
  Speaker 1: look like a donkey.
• 19:08
  Speaker 5: The only reason that I'm kind of familiar with mine
• 19:11
  Speaker 5: is because I recently changed super funds when I did
• 19:14
  Speaker 5: all my insurances and everything with Zella, So prior to that,
• 19:17
  Speaker 5: I would have been in that boat as well. But
• 19:19
  Speaker 5: think about how many people start working young. Like my
• 19:23
  Speaker 5: super fund that I changed from was the same superfund
• 19:26
  Speaker 5: that I had had since I first started working at
• 19:31
  Speaker 5: like fifteen.
• 19:32
  Speaker 1: Most people would been in the same boat for that,
• 19:34
  Speaker 1: because said and forget yeah, that'd be fine. How much
• 19:37
  Speaker 1: difference can it make?
• 19:38
  Speaker 5: Yeah, or every time you start with a new employer
• 19:41
  Speaker 5: you join their fund. If you're going to do that,
• 19:43
  Speaker 5: please remember to roll over so that you're not paying
• 19:45
  Speaker 5: fees in multiple places. But I can totally see how, like,
• 19:50
  Speaker 5: especially the younger generations, like, it's not something that historically
• 19:54
  Speaker 5: we've been taught. It's not something that I knew a
• 19:56
  Speaker 5: lot about before joining the She's on the money community,
• 19:59
  Speaker 5: and obviously even more so now that I work here.
• 20:02
  Speaker 5: But it doesn't entirely surprise me because even if you
• 20:07
  Speaker 5: do set up you're super and you do the right
• 20:08
  Speaker 5: thing and you roll it all together and blah blah
• 20:10
  Speaker 5: blah blah, you're not necessarily going back in and checking
• 20:14
  Speaker 5: on it.
• 20:14
  Speaker 3: I don't not. So turns out not everyone is like me,
• 20:17
  Speaker 3: an on a weekly basis. They're just checking in on
• 20:20
  Speaker 3: everything and seeing what they's doubt up to and going, oh,
• 20:23
  Speaker 3: that's nice, and.
• 20:25
  Speaker 1: Even if I opened it, to be honest, I don't
• 20:27
  Speaker 1: even know what I'm looking for.
• 20:28
  Speaker 3: Yeah, And that's that's the stecond statistic that I was
• 20:31
  Speaker 3: actually going to bring up, and that is that twenty
• 20:34
  Speaker 3: seven percent of all Australians don't even know where to
• 20:37
  Speaker 3: find that information if they were looking for it.
• 20:40
  Speaker 1: And I'm about to give us another stat and I'm over.
• 20:42
  Speaker 3: Three No, not three for three no, unfortunately not. I
• 20:48
  Speaker 3: won't stats heavy you. I do have an example that
• 20:50
  Speaker 3: I want to give you guys in a second, though,
• 20:52
  Speaker 3: But that really upsets me because at the end of
• 20:55
  Speaker 3: the day, superanuation can be incredibly easy to understand these days,
• 21:01
  Speaker 3: the super platforms that exist, and please don't get me wrong,
• 21:04
  Speaker 3: when you started work, Jess, super would have been really confusing,
• 21:08
  Speaker 3: and it would have been confusing because it was confusing
• 21:10
  Speaker 3: to me as a fourteen years and nine month old
• 21:13
  Speaker 3: child starting work. They didn't really have the online portals
• 21:17
  Speaker 3: that they have today. So I feel like that was
• 21:20
  Speaker 3: our experience and now we've just carried that as it's
• 21:23
  Speaker 3: too hard.
• 21:23
  Speaker 4: It's just confusing.
• 21:24
  Speaker 3: I don't even know where to find my member number
• 21:26
  Speaker 3: to put on my new employe's application, So I'm just
• 21:28
  Speaker 3: going to like not put it there and hope for
• 21:29
  Speaker 3: the best and then you find yourself with another superfund
• 21:31
  Speaker 3: because that's how they fix that situation. But I just
• 21:36
  Speaker 3: genuinely feel like a lot of people feel like it's
• 21:38
  Speaker 3: really overwhelming, when in reality you can just like go
• 21:41
  Speaker 3: log into Australian super and it's like right there on
• 21:44
  Speaker 3: a dashboard and it shows you exactly what you're up
• 21:47
  Speaker 3: to and how that works, and it can actually be
• 21:49
  Speaker 3: really empowering if we take charge of it. Because superannuation
• 21:53
  Speaker 3: is our money, like it is your investment portfolio. I
• 21:57
  Speaker 3: want you to go look at that and see what
• 21:59
  Speaker 3: that means for you because the difference in caring and
• 22:02
  Speaker 3: not caring can be huge. And the way I'm going
• 22:05
  Speaker 3: to explain that in a way that hopefully drives home
• 22:08
  Speaker 3: the impact of this, and this is again going back
• 22:10
  Speaker 3: to research by Canstar, so I'm absolutely not taking credit
• 22:14
  Speaker 3: for this, but essentially Canstar analyzed the estimated retirement balance
• 22:19
  Speaker 3: of a thirty five year old with an annual income
• 22:22
  Speaker 3: of on average seventy four five hundred dollars and a
• 22:25
  Speaker 3: superbalance of sixty one thousand dollars who decided to retire.
• 22:29
  Speaker 4: At the age of sixty seven.
• 22:31
  Speaker 3: So that's pretty realistic for most people in our community,
• 22:34
  Speaker 3: I think, because that's about average in terms of superbalance,
• 22:37
  Speaker 3: but also income. And then the retirement savings were calculated
• 22:41
  Speaker 3: based on a low middle and high performing fund. And
• 22:45
  Speaker 3: those people who were in that situation that that thirty
• 22:48
  Speaker 3: five year old was in, if they had stuck with
• 22:51
  Speaker 3: that low performing fund throughout their working life, not changed it,
• 22:55
  Speaker 3: not gone and had a look at what they can do,
• 22:58
  Speaker 3: or changed it to something that maybe suited their values
• 23:01
  Speaker 3: or their risk profile a bit better, they would retire
• 23:04
  Speaker 3: with a superbalance of approximately six hundred and seventy seven
• 23:07
  Speaker 3: thousand dollars, which doesn't sound too bad like that, all right,
• 23:11
  Speaker 3: That sounds about average.
• 23:13
  Speaker 4: However, somebody in.
• 23:15
  Speaker 3: Exactly the same starting position, had they decided to go
• 23:19
  Speaker 3: and put their money in a high performing fund, would
• 23:22
  Speaker 3: have retired with nine hundred and thirty eight thousand dollars
• 23:26
  Speaker 3: saving by retirement, a whopping difference of two hundred and
• 23:30
  Speaker 3: sixty one thousand dollars. So when I say the difference
• 23:33
  Speaker 3: is literally worth hundreds of thousands of dollars, I'm not
• 23:36
  Speaker 3: overestimating that like that is not a.
• 23:39
  Speaker 4: Joke and it's so much funny.
• 23:41
  Speaker 3: Yes, but you didn't even have to contribute an additional
• 23:44
  Speaker 3: dollar to create that. You just had to care today
• 23:47
  Speaker 3: about where your superannuation is sitting and who's going to
• 23:50
  Speaker 3: manage that, and what type of risk profile you're in
• 23:53
  Speaker 3: and whether it actually suits your age. So I'm not
• 23:55
  Speaker 3: here going, oh, it's wizardry, like joke's on you. You
• 23:58
  Speaker 3: have to work out what fun is actually performing, and
• 24:01
  Speaker 3: you're like Victoria, I don't know how to do that.
• 24:03
  Speaker 3: There are government comparison tools that you can use for
• 24:06
  Speaker 3: free to go and work that out for yourself.
• 24:09
  Speaker 5: I can totally see how someone who hasn't looked into
• 24:13
  Speaker 5: their superhistorically could feel quite overwhelmed if this letter just
• 24:16
  Speaker 5: turns up at their door one day and says, hey, dude,
• 24:19
  Speaker 5: your super fund is closing. Good luck figuring it out.
• 24:23
  Speaker 1: The way it was crap for the last five years.
• 24:25
  Speaker 1: But the people are getting.
• 24:28
  Speaker 4: At the moment, Jess, and that would be so scary.
• 24:32
  Speaker 5: So what would your suggestions be to help people make
• 24:35
  Speaker 5: sure that if they are in that position, or even
• 24:37
  Speaker 5: if they just want to kind of review the super
• 24:39
  Speaker 5: that they have now to ensure that they're finding the
• 24:42
  Speaker 5: best thing for them, Like, is this something I need
• 24:44
  Speaker 5: to go see an advisor for?
• 24:46
  Speaker 3: So yes, Jess, absolutely, you who go see a financial
• 24:49
  Speaker 3: advisor and they could say, Jess, this is a super
• 24:52
  Speaker 3: fund you should be in. And as you mentioned before, Jess,
• 24:54
  Speaker 3: you've literally just done that process. You have a financial
• 24:57
  Speaker 3: advisor through Zella, and she's sat down and explain to
• 25:00
  Speaker 3: you all the insurances you need and all of the
• 25:03
  Speaker 3: investments that we're going to potentially look at, and she's
• 25:06
  Speaker 3: explained what super fun you need to be in. But
• 25:09
  Speaker 3: I mean it works for you because you're an employee
• 25:11
  Speaker 3: if she's on the money, so little as free. But
• 25:14
  Speaker 3: that process of seeing a financial advisor is going to
• 25:18
  Speaker 3: cost you for that recommendation and for the whole statement
• 25:21
  Speaker 3: of advice process a minimum of three and a half
• 25:24
  Speaker 3: thousand dollars. So that is not feasible for everybody. But
• 25:28
  Speaker 3: there is a way that you can make that decision
• 25:30
  Speaker 3: on your own. You don't need to be a financial
• 25:32
  Speaker 3: advisor to work out what your super actually looks like.
• 25:36
  Speaker 3: And if you were going to look at it yourself,
• 25:38
  Speaker 3: the first place I would go is the your super website.
• 25:42
  Speaker 3: So the website is your super dot gov dot au.
• 25:45
  Speaker 3: And you guys know, I absolutely adore government based websites
• 25:49
  Speaker 3: because they're not biased and they're actually existing to put
• 25:51
  Speaker 3: you in a better situation. And there's no sponsors on
• 25:54
  Speaker 3: the back end. And this is absolutely not a sponsored mention,
• 25:57
  Speaker 3: like you're super and not paying me today to say
• 25:59
  Speaker 3: that is a good website by any stretch of the imagination.
• 26:02
  Speaker 4: I mean, at this.
• 26:03
  Speaker 3: Point in my life, I've literally never even spoken to them.
• 26:06
  Speaker 3: But your super website is your super dot gov dot au.
• 26:10
  Speaker 3: And will put the link in the show notes. But
• 26:13
  Speaker 3: essentially it shows you what to look at when you're
• 26:16
  Speaker 3: looking at superranuation funds, and it shows you what the
• 26:19
  Speaker 3: reform is going to look like. It's a super easy
• 26:22
  Speaker 3: website to use, but it also helps you compare superanuation
• 26:27
  Speaker 3: funds with what they call the super Stacker. So they've
• 26:31
  Speaker 3: got this Superstacker tool where you can put your superranuation
• 26:35
  Speaker 3: in and compare it to other super funds to make
• 26:38
  Speaker 3: the right decision for you. But as we've discussed before,
• 26:41
  Speaker 3: go listen to our old Superranuation episodes. Jess and I
• 26:44
  Speaker 3: are talking at the moment about doing some more super
• 26:46
  Speaker 3: episodes because we just think it's about time, and I
• 26:48
  Speaker 3: mean after June thirty, the super guarantee amount changed to
• 26:51
  Speaker 3: ten percent, so I think it's worthy of having an
• 26:53
  Speaker 3: updated discussion. But you can make that decision. So go
• 26:58
  Speaker 3: listen to the episodes about super Go understand what your
• 27:01
  Speaker 3: risk profile is, and if you don't know what I'm
• 27:03
  Speaker 3: talking about, go listen to the risk profile episode. Work
• 27:06
  Speaker 3: out where you sit on that. Have a look at
• 27:08
  Speaker 3: the different superannuation funds, and once you've decided the top three,
• 27:13
  Speaker 3: call them, have a chat with them, say hey, Tony,
• 27:16
  Speaker 3: what's your super fund? Why should I go with you?
• 27:19
  Speaker 3: You have every right in the world. I'm not going
• 27:22
  Speaker 3: to say to waste their time, but to have a
• 27:25
  Speaker 3: chat with them on the phone and say like, hey,
• 27:26
  Speaker 3: I'm just inquiring. I'd love to know a little bit
• 27:28
  Speaker 3: more about your super funds. You don't have to immediately apply.
• 27:31
  Speaker 3: You can go get some advice. You can ask like,
• 27:33
  Speaker 3: what's the difference between the different you know, risk profiles
• 27:36
  Speaker 3: that you have. You know, what percentage is this? What
• 27:39
  Speaker 3: does that look like? You are absolutely well and truly
• 27:42
  Speaker 3: within your rights to ask a million questions before making
• 27:45
  Speaker 3: that decision, because, as we said before, the difference between
• 27:48
  Speaker 3: going into a high performing fund and a low performing
• 27:51
  Speaker 3: fund could literally be about two hundred and sixty thousand
• 27:54
  Speaker 3: dollars in your retirement. I promise you that is worth
• 27:58
  Speaker 3: an additional ten minutes on the phone, Tony.
• 28:00
  Speaker 1: And we've said it a million times as well. Like
• 28:02
  Speaker 1: the people that work in the call centers and are
• 28:05
  Speaker 1: answering the phone when you call your super fund, call
• 28:07
  Speaker 1: your insurance provider, whoever it is, they are real people
• 28:10
  Speaker 1: and they do actually want to help. So I know
• 28:13
  Speaker 1: we say it all the time, but honestly, just call
• 28:17
  Speaker 1: them because they do want to help. And if it
• 28:19
  Speaker 1: makes you a cheeky two hundred and sixty k, I mean, oh.
• 28:22
  Speaker 3: My god, you know what I mean, pick up the
• 28:25
  Speaker 3: phone for two hundred and sixty grand.
• 28:27
  Speaker 1: So there's not a lot I wouldn't do.
• 28:30
  Speaker 3: M need to slide into th dms, but it's one
• 28:34
  Speaker 3: of those things where you actually need to take this
• 28:36
  Speaker 3: stuff seriously. And I don't know how much more I
• 28:38
  Speaker 3: can jump up and down about the importance of superannuation
• 28:42
  Speaker 3: for your future.
• 28:43
  Speaker 4: But my job as.
• 28:44
  Speaker 3: A financial advisor, I've said it before on the podcast,
• 28:48
  Speaker 3: can be distilled down so boringly. My job is to
• 28:51
  Speaker 3: get my clients to a safe and comfortable retirement. And
• 28:55
  Speaker 3: if I could do that for more than just my clients,
• 28:58
  Speaker 3: I would retire a very happy woman, like knowing that
• 29:02
  Speaker 3: our community is in a safer, better, more financially secure
• 29:06
  Speaker 3: situation just because I'm like, call a super fund, have
• 29:09
  Speaker 3: a chat with them. Maybe you didn't know you were allowed,
• 29:12
  Speaker 3: or maybe you thought that call would be charged, or
• 29:15
  Speaker 3: maybe you just weren't sure who to call. I've literally
• 29:18
  Speaker 3: given you a number of options. There is no excuses anymore.
• 29:21
  Speaker 5: My friends question, we said that the government released this
• 29:25
  Speaker 5: report sharing the lowest performing funds. Did that report also
• 29:30
  Speaker 5: share some of the top performing funds? Is that information
• 29:33
  Speaker 5: out there for people to be able to use to
• 29:35
  Speaker 5: maybe assist them and make.
• 29:36
  Speaker 4: Sure absolutely it is.
• 29:37
  Speaker 3: One of the important things, though, is to not just
• 29:40
  Speaker 3: pick a superannuation fund based on its performance, because performance
• 29:45
  Speaker 3: is not the b ll end all.
• 29:46
  Speaker 4: But yes, Jess, that is.
• 29:47
  Speaker 3: Publicly listed information. And in the same way that you
• 29:51
  Speaker 3: can find the bottom performing funds, you can go find
• 29:53
  Speaker 3: the top performing funds, and if you really wanted to,
• 29:55
  Speaker 3: you could just pick based on that if you really
• 29:57
  Speaker 3: wanted to. Would I advise it lutely not? But it's
• 30:02
  Speaker 3: my job to tell you do your research. But as
• 30:04
  Speaker 3: a part of doing your research, you can find that information.
• 30:07
  Speaker 3: I'm not going to be listing it here though, because
• 30:09
  Speaker 3: I genuinely feel like if I started dropping names, it
• 30:13
  Speaker 3: would sway your decision and what you're actually going to choose,
• 30:16
  Speaker 3: and I can't do that, Like feasibly, I can't do that.
• 30:19
  Speaker 3: What I can do is guide you to water. I
• 30:21
  Speaker 3: just can't force you to drink, you know.
• 30:23
  Speaker 1: And on that as well. Just before everybody posts in
• 30:27
  Speaker 1: the group and says, hey, well, I'm with this fund,
• 30:29
  Speaker 1: should I go to this one, we actually cannot have
• 30:34
  Speaker 1: those posts because it is personal financial advice. We need
• 30:37
  Speaker 1: to know your situation and all of that.
• 30:39
  Speaker 4: Oh yeah, it's so hard. Yeah.
• 30:41
  Speaker 1: So even though we would love to sit down with
• 30:43
  Speaker 1: every single person and say go to this fund, go
• 30:45
  Speaker 1: to this fun we actually can't unfortunately. So all we
• 30:48
  Speaker 1: can do is, as you said, lead you to the water,
• 30:51
  Speaker 1: and you can go and make your own decisions. But
• 30:54
  Speaker 1: unfortunately we aren't able to give you that information or
• 30:57
  Speaker 1: allow you to ask those questions.
• 30:58
  Speaker 4: Yeah, but again you can.
• 31:00
  Speaker 3: You can go to your super comparison tool and it
• 31:02
  Speaker 3: will literally compare all of them. You don't even have
• 31:05
  Speaker 3: to pick the fund that you're in. You can just
• 31:07
  Speaker 3: go to your super comparison tool and sort it by
• 31:11
  Speaker 3: performance if you really wanted to. You can sort it
• 31:14
  Speaker 3: by performance. You can sort it by and your fee.
• 31:16
  Speaker 3: You can sort it by the seven year net return.
• 31:18
  Speaker 3: You can even shortlist products and actually come up with
• 31:22
  Speaker 3: a number, like a little shortlist of what you've decided
• 31:25
  Speaker 3: you want to use.
• 31:25
  Speaker 4: And I find it to.
• 31:26
  Speaker 3: Be a really really useful tool. Again, that link is
• 31:30
  Speaker 3: in the show notes.
• 31:31
  Speaker 4: Go and educate.
• 31:32
  Speaker 3: Yourselves on what that means, because I promise it's not
• 31:35
  Speaker 3: nearly as overwhelming as it often feels.
• 31:39
  Speaker 1: So I'm gonna go and have a play with this because,
• 31:41
  Speaker 1: like I said, I don't know anything about my superannuation
• 31:43
  Speaker 1: or my fund. But what should I actually be looking
• 31:47
  Speaker 1: out for, Like, if it's not just based on performance
• 31:49
  Speaker 1: or whatever, what can I how do I like use
• 31:53
  Speaker 1: this information and actually make a decision.
• 31:56
  Speaker 3: Yeah, And obviously performance does come into it because we
• 31:59
  Speaker 3: know that the has said the underperforming fees are being
• 32:02
  Speaker 3: gotten rid of. So obviously performance is a very key
• 32:05
  Speaker 3: factor because if it doesn't perform, we don't get compound interest,
• 32:09
  Speaker 3: and well we don't get compound interest. We're not getting
• 32:11
  Speaker 3: money on the money that.
• 32:12
  Speaker 4: We have earned. We are shooting ourselves in the feet.
• 32:16
  Speaker 4: So what we want to look at is.
• 32:17
  Speaker 3: A number of different things. So the first thing is
• 32:20
  Speaker 3: competitive fees, So we want to make sure that the
• 32:23
  Speaker 3: fees are competitive. But I'm also of the opinion controversially
• 32:28
  Speaker 3: that if you pay peanuts, you get monkeys. So we're
• 32:32
  Speaker 3: not just going for the lowest fee, but potentially you
• 32:36
  Speaker 3: know a fee that is reasonable. And obviously, if you
• 32:39
  Speaker 3: don't have much in your superannuation fund, fees are even
• 32:42
  Speaker 3: more important because fees can eat away at your super
• 32:46
  Speaker 3: fund balance. So have a think about this and make
• 32:49
  Speaker 3: sure that you're choosing a superanuation fund with competitive fees.
• 32:53
  Speaker 3: The next is investment options.
• 32:55
  Speaker 4: So if you've.
• 32:55
  Speaker 3: Listened to our risk profile episode, you would know what
• 32:59
  Speaker 3: you risk profile potentially is because we told you how
• 33:02
  Speaker 3: to ascertain that. And if your superannuation fund doesn't offer
• 33:07
  Speaker 3: a risk profile that's aligned to you, Tony, for example,
• 33:11
  Speaker 3: if you were an aggressive growth but they don't have
• 33:13
  Speaker 3: an aggressive growth portfolio, so maybe that might not be
• 33:16
  Speaker 3: the right fit for you. So having a look at
• 33:18
  Speaker 3: what type of investment options are included in the superannuation
• 33:22
  Speaker 3: fund is really important. So it could include a mix
• 33:25
  Speaker 3: of like bonds, cash, property, Australian shares or international shares,
• 33:30
  Speaker 3: or it might be a mixture of all these different
• 33:32
  Speaker 3: asset classes. There are a lot of superanuation investment options
• 33:36
  Speaker 3: and strategies that are available, so just make sure you
• 33:38
  Speaker 3: do your research before you dive in without any type
• 33:41
  Speaker 3: of plan.
• 33:42
  Speaker 4: The next is track.
• 33:43
  Speaker 3: Record, and that kind of is like performance, but we're
• 33:47
  Speaker 3: not just talking how much did it return last year?
• 33:49
  Speaker 3: How much did it return over the last seven years,
• 33:51
  Speaker 3: over the last ten years. Have they existed in the
• 33:54
  Speaker 3: marketplace for a really long time. I'm not saying that
• 33:57
  Speaker 3: new superfunds are something to be wary of, but but
• 34:00
  Speaker 3: I'm sure that you'd feel a lot more secure if you're, like,
• 34:02
  Speaker 3: you know what, they might be new, they might be shining,
• 34:04
  Speaker 3: they might have really nice like fees, but maybe you'd
• 34:08
  Speaker 3: feel a little bit safer if you knew that they've
• 34:10
  Speaker 3: been in the industry for the last twenty years, doing
• 34:12
  Speaker 3: a good job and had lots of healthy and happy clients.
• 34:15
  Speaker 3: So for me, that would be something to take into consideration.
• 34:19
  Speaker 3: And Jess is going to see this coming a million
• 34:21
  Speaker 3: miles off insurance options on offer, so making sure that
• 34:26
  Speaker 3: you completely understand what types of insurance options would be
• 34:30
  Speaker 3: potentially offered as a part of your superanuation. So sometimes
• 34:34
  Speaker 3: superanuation includes life insurance policies or a TPD policy which
• 34:39
  Speaker 3: is a total and permanent disability insurance, or even income
• 34:42
  Speaker 3: protection insurance. So it is absolutely worth your time looking
• 34:47
  Speaker 3: into that, potentially calling them asking what that means. But
• 34:50
  Speaker 3: also you'll find that information in the PDS, which is
• 34:54
  Speaker 3: the product disclosure statement, and I promise you they are
• 34:57
  Speaker 3: very overwhelming, but you can always have a bit skim
• 35:00
  Speaker 3: and then do a bit of a control f to
• 35:03
  Speaker 3: see control LEF insurance, see if it's included or not.
• 35:06
  Speaker 3: You don't need to read every single I mean I
• 35:08
  Speaker 3: would argue and absolutely recommend that you read every single
• 35:11
  Speaker 3: word in that. You should always read every single word
• 35:13
  Speaker 3: in that, but I know a lot of people aren't
• 35:16
  Speaker 3: going to, so please just do the bare minimum, please,
• 35:21
  Speaker 3: And then obviously take into consideration any other services that
• 35:24
  Speaker 3: are really important to you. So Jess, you might be like, oh,
• 35:27
  Speaker 3: I really want online access, make sure that's there, or
• 35:30
  Speaker 3: maybe you really want the ability to make extra contributions
• 35:33
  Speaker 3: to your superannuation, so make sure that that's easy and accessible.
• 35:37
  Speaker 3: Or maybe you want access to a financial advisor, because
• 35:40
  Speaker 3: some super funds have one on call that you could
• 35:42
  Speaker 3: call and ask questions to. So maybe that's something that
• 35:45
  Speaker 3: you really want included, so make sure it's there. Or
• 35:47
  Speaker 3: maybe you just want calculators or predictions for the future
• 35:51
  Speaker 3: or educational guides. I don't know what you're looking for,
• 35:54
  Speaker 3: but if it is of value to you, write those
• 35:56
  Speaker 3: things down and make sure that that is included in
• 35:59
  Speaker 3: the fund that you pick. And that's my fifty cents,
• 36:03
  Speaker 3: because I was going to say two cents, but I
• 36:04
  Speaker 3: went on for way too long.
• 36:06
  Speaker 1: Hey, you must have had a really good return on
• 36:08
  Speaker 1: your super fun if you put in two and you
• 36:10
  Speaker 1: got fifty back.
• 36:11
  Speaker 4: Yeah.
• 36:11
  Speaker 3: Literally, you guys are above and beyond all right, that
• 36:15
  Speaker 3: is enough from my fifty cents worth of super Jessica
• 36:18
  Speaker 3: and Tony, So I.
• 36:20
  Speaker 4: Think that that is genuinely all we have time for.
• 36:22
  Speaker 3: I've used up all the time talking about superannuation, which
• 36:26
  Speaker 3: not the first time this has happened. But just before
• 36:29
  Speaker 3: we head off, we'd like to acknowledge and pay respect
• 36:31
  Speaker 3: to Australia's Aboriginal and torrest rate islander peoples. They're the
• 36:35
  Speaker 3: traditional custodians of the lands, the waterways and the skies
• 36:39
  Speaker 3: all across Australia. We thank you for sharing at the
• 36:42
  Speaker 3: caring for the land on which.
• 36:44
  Speaker 4: We are able to learn.
• 36:45
  Speaker 3: We pay our respects to elders past and present, and
• 36:48
  Speaker 3: we share our friendship and our kindness.
• 36:50
  Speaker 1: See if I shared on She's on the Money is
• 36:52
  Speaker 1: general in nature and does not consider your individual circumstances.
• 36:56
  Speaker 1: She's on the Money exists purely for educational purposes and
• 37:00
  Speaker 1: should not be relied upon to make an investment or
• 37:02
  Speaker 1: any financial decision. And we promise that Victoria Divine is
• 37:06
  Speaker 1: an authorized representative of Australia Pacific Funds Management Proprietary Limited
• 37:10
  Speaker 1: ABN three four one three two four six three two
• 37:13
  Speaker 1: five seven AFSL three three nine one five one.
• 37:17
  Speaker 4: See you next week, guys.
• 37:18
  Speaker 5: Bye bye bye