Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
the Order, Kernie Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through as this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow.
Let's get into it. She's on the Money.
She's on the Money. Hello and welcome. Just She's on the Money the podcast for millennials who want financial freedom my friends. Today, unsurprisingly is Friday, which means it is time to sit back with the girls with a bev in hand, to unpack our favorite moments of the week and of course to always celebrate you ow incredible. She's on the Money community. As always, we're going to be
sharing our favorite money wins. We're going to discuss what's making news in the finance world, and this week we're going to be helping to answer a juicy money question. This week all about the first Home Super Savor scheme, but before we get there, it is time to recap the week that was. As always, Miss Jizigerichi, what happened on Monday.
This week's diarist was kind of an interesting look at the experience from both sides. So she grew up in a really privileged family. However, in her I think it was her teenage years, they lost their income, they lost their success, and she found herself on the other side of things where she was all of a sudden going from being really privileged to living a much more difficult life.
And as it was very interesting to hear from her how that impacted her money story because now she says, as an adult, her career and her stability is something that she really really valued, which I thought, you know, sometimes we talk about how when you grow up with privilege, sometimes you don't see the value in things, and so that experience kind of had the opposite impact where she said, you know, sometimes that's what she's thinking about, is the
security and making sure that she's set up because she never wants to find herself back in that position that she first was in when she was younger.
That sounds juicy j Rix so interesting hearing from both sides, like having been through both.
It was really interesting.
And as an adult, she works as a work cover case manager, so it really came through how empathetic she was and how much she cared about ensuring the security of the people she was helping as well because she kind of knew what it was like to be in a tough spot, which I thought was really special on that Jess.
In a couple of weeks time, we actually have a deep dive coming up all of financial trauma, so I feel like that could kind of be a nice complimentary piece to that money diary.
Oh, I'm excited to listen coming up.
Speaking of Wednesday episodes, Miss Georgia King, Yes, what happened.
We spoke about the very exciting theme of recession, which was terrifying, but I think we bashed it out. We understood that it's not that scary. It's a little bit scary, but that's.
Scary, Georgia King.
We've been doing this for so long, it's not scary. We just don't have enough information.
Yet exactly right. So hopefully that kind of gave people some clarity. And then next week on the show, we're actually talking about preparing your finances and yourself for the looming recession. We think it's looming. It's not confirmed because we can't actually predict these things.
Am I right for you?
But some really smart economists are saying it's coming, But in saying that, our politicians are.
Like, no, no, no, don't worry. Don't worry, guys.
So who are we going to believe the politicians or the economists.
I'd go with the economists, yeah, but.
Like unbiased because I just like stats in facts and data and not people pleasing so strange.
So just to make that really clear, guys, the best way to listen to the episodes we have coming up is to start with this week's because that explains what a recession is, what the GFC was. It provides that context, got the base. Next week we're going to be telling you exactly how you can navigate the rocky waters ahead rocky waters that's right expression.
But we know what I mean, you know what, We're gonna take it all right? Moving on from the week that was in the She's on the Money Office, I want to know about that She's on the Money community. Can you share with us some of your budget direct money wins.
What have you got this way?
Because I can some absolute crackers as usual, ladies. The first win of the week it comes from Sarah money Win. I was cleaning out my cupboard and found an old going out bag I'd forgotten about and it had two hundred dollars cash.
Hundred dollars.
It comes home from a night out with two hundred dollars. It's impressive. It's very impressive.
Nobody does that what a money win, huge money mean and the bonus wit of finding your old going out bad we I love it. The next wind comes from Selini. I found a huge monsteria plant hidden at the back of the nursery for less than half the price of what it usually is for for that size dollars for a monster hot deal.
Very nice, very nice.
The next wind comes from Gemma money Win. I entered a competition to try, review and keep a Barista coffee machine worth nearly one thousand dollars, and I completely forgot about it and came home from working a thirteen and a half hour nursing shift to a large delivery. I thought maybe I had a secret, Admira. It turns out I won the competition.
How that.
Got to be in it to win it.
That's it. Well done to you, Gemma. The next wind comes from Rachel. I found no limit street parking seven hundred and fifty meters from my work. That means I saved twelve dollars fifty a day and I'm getting some extra steps in.
That's huge.
That is huge. I love when you get extra steps. I make my team get extra steps by walking places. But since we went overseas, Jess, I reckon, we need to use those line scooters more often. They were very fun.
I don't need steps if I'm on a scoop.
Did I tell you guys that Harperbroke is wrists on one of those?
No?
Yeah, but he was drunk and it was two thirty hours.
Yeah, kind deserved it. Four half very harp.
The next weeing it comes from a net money win. I got a free bus ride to my book club's dinner as the Mikey readers were all broken. How good is that?
We love a broke We love tore.
The money on our Mikey cuds as well. So I feel like it drains all the time. I feel like it's every second day. I have automatic like top ups on right, and I feel like I get a notification from mikey like daily being like I have tapped that Mike, stop it, stop taking my money.
The next wind comes from Audrey money whin I landed a full time job. Well done, Audrey. The next one comes from Amara. I started door dash this weekend. I worked six hours on and off and I earned almost three hundred dollars forty four dollars an hour, She's said, and she was really proud of herself.
I was really proud of her.
I didn't know it was lush. I mean, I'm pretty sure it's all about like capacity, like if you're doing a few deliveries, but you might like sign in sometimes and like not be able to get that many because people aren't ordering that many burgers. So I think it's dependent. But like that's pretty good, and on average that would equal out to a nice amount of money, especially as little side hustle side hustle.
The final win slash loss today comes from Jade Guys. It is a loss, but it is very wholesome money loss.
I paid for a.
Stranger's Uber because he was an elderly gentleman who was lost. I gave him my number, so he could call me if he needed me. But I made a friend out of it, so I'm going to count it as a win.
That's so bad and what goes around comes around exactly, it's a good karma coming your way.
I would say that's not a loss. I would say that's just a nice thing to do.
Absolutely, I agree.
I agree, not a loss. That's a win.
I'm celebrating that one this week, Georgia King. As always, it has been great celebrating some of your budget Direct money wins. Budget Direct winner of Canstars in Shue of the Year Award twenty twenty two, Budget Direct Insurance solved. All right with that, my friends, how about we go to a very snappy break and on the flip side, we're going to talk about the first Home super Saver and we have some gender pay gap starts to share with you.
Don't go anywhere.
All right, guys.
The ATO recently shared some information around the top paid jobs, or specifically the top paige jobs for men, and then alongside that, they shared a comparison of how much women in the same role were making, which I thought was really interesting because historically, when we have spoken about the gender pay gap, it's.
Not real, I don't know what you're talking about. Yeah, it wasn't this debunked years ago.
We get met with a lot of resistance, I would say, And I thought, you know, the ATO is obviously the Australian Taxation Office, so they would have the best, most accurate, most up to date information when it comes to income in these roles.
So absolutely, it's August now and all of your employers submitted your income information at the end of June, so those.
Stats are pretty up to date. Guys.
Yeah, so seems pretty legit.
And so I thought maybe I could run you through the top five or so and then give you the interesting insight into just how significant some of the gaps are in those industries.
The thing that annoys me most we were talking about this off air before we got here, is I know you're about to take us through it, but there was not one area on that top paying role where a woman out earned a man.
Yeah, what the hell, guys, it is.
It's pretty wild to think about, And if you want to have a look, definitely head to the AHO website because they put it all together in a nice little graph. For those of us who are visual learners, maybe we'll pop link in the show notes.
Yeah, and we'll pop some stuff on socials as well, because I think it's really important to talk about this.
Yes, So, starting at the tenth highest paying job for men, financial investment advisors or managers. We love to see it. Number nine you had mining engineers. Number eight were barrassed, seven were judicial or other legal professions. Sixth was psychiatrists. Fifth was other medical practitioners. So just I guess general people who maybe didn't make this list. Fifth were finance dealers VD.
I don't know what a financial dealer is, I want to say. I looked at that list and I was like, do you mean like mortgage brokers?
Like finance brokers, but.
Like, I don't know what a finance dealer is. It's very suspicious and there's not enough information on the ATO website to give me a job outline.
So leave it with me, guys, leave it with me.
I feel like I might have got my numbers mixed up. But the next on the list was internal medicine specialists. Okay, Then second highest were anethetists. That right, Oh, I thought they would have been number one. I've always thought that they were the number one paid doctor. It was very very close, So just over ten thousand dollars between them
and the top spot who this year went to surgeons. Okay, al right, doesn't seem super surprising now right at the top, if we're looking at surgeons, the average, which I believe this graph is showing for the income for men was four hundred and forty five thousand dollars, which is an absurd amount of money.
That's so much money. I was very much money for.
Women though, the average income only came out at two hundred and fifty five thousand. That's not on so a huge gap, not quite half, but getting pretty close. And you know, the argument that we hear a lot from people when we're talking about the gender pay gap is people say, oh, it's because women take lower paying jobs.
You know, women are like female surgeon.
Yeah, so through the start, so you know, the roles that historically, you know, have been helped by women are caregivers or teachers or nurses, and so people like to say, oh, but men are surgeons and laborers and all of these things, which is a flawed argument in and of itself, and
I'm not even going to touch it right now. However, we're directly comparing here people doing the exact same job, and there's you know, almost a two hundred thousand dollars disparity between people just because of their gender, and I really can't see any good reason why that might be the case.
It actually really upsets me purely because I look at it and I just go, this is insane to me to think that women are not earning as much as men. But then we go into it, right, and we go, all right, well, there's obviously so much more to it, and I think we need to take a little bit of a step back and actually just talk about what
the difference is. So there's pay gap, and then there's gender pay gap, and then there's equal payday and all of this other stuff, but specifically, when we talk about gender pay gap, we're specifically talking about the difference between the average earnings of women and men in the workforce. And the gender pay gap is essentially an internationally established measure of women's position in the economy compared to a man.
So we're not talking about like, oh, are they putting in more time, energy and effort, or just that argument of like, oh, women take on more caregiving roles. We're just doing like, for like if a woman is a surgeon and a man is a surgeon. On average, female surgeons at the same level get paid less, and it
just it really rough my feathers. And you guys have probably seen it recently on social media when I post about the gender pay gap or anything to do with women's rights and pay, men jump down my throat and they're like, this was debunked. This is because women don't want to work.
No, no, no, the.
Gender pay gap is quite literally like for like roles, and we now have some hard and fast statistics straight from the ato proving that fact. And like, Jess, you're putting them on the table like it is what it is. We're not talking about, Oh, women on average get paid less. They do, and there are a lot of factors at play, but the stats you're bringing to the table, Jess, are really just like, for like jobs, women are earning less than men for doing the same job. I thought that
was illegal though it absolutely is illegal. And that's why we need to be talking about these things because what plays into the gender pay gap, And Jess, you talk about this a lot. Women aren't as confident to negotiate for themselves. Women aren't as likely to be given the promotion when a man is there, because you know, Jess, you and I were talking about unconscious bias yesterday and
it exists for everybody. However, a man is just in general going to be more likely to be picked for a pay rise because that is seen as a better option. It doesn't mean it is the right option. It is just underlyingly from our unconscious bias the right decision to make. Like women are never seen as being as capable in roles like that as men, even though it's unequivocally untrue.
Isn't a big part of the gender pay gap as well? The way that society is structured. So we have roles like teaching nursing for example, they're the two easiest that spring to mind. They're grossly underpaid for what they contribute to society, and we saw that through the pandemic, no one worked harder than those people. Yeah, agreed, and compared to more male dominated fields. So surgeons, for example, they're just there is more male surgence is in it.
You are not wrong, Jooria King.
So isn't it kind of valuing male dominated roles above female dominated industries more so than just a likeful like comparison. That's what I thought the gender pay gap is.
It also, I think goes beyond that, and it starts when we're young. Like if you think about the toys that kids are typically given. I was in came out the other day one of my beautiful friends. Her baby just turned one, little gordous baby boy, and we were looking for gifts, and you know, when you're looking for girls, it's dolls and babies and costumes and little outfits or kitchens, And when you're looking at the toys for boys, there
were medical kids and tool kids. And it starts so young where we're kind of setting up this concept of gender roles, and you know, women are in those caregiving roles and men are in those you know, more complex or quote unquote skilled roles. And it starts really young, you know. And it's when a boy says, oh, I want to be a princess when I grow up, and they're told, oh, no, you can't be a princess, that's not a thing.
But when don't put on a skirt, yeah, But.
When girls say the same thing, absolutely, you know, you're so pretty at it. It starts at such a young age. I think that by the time where adults that unconscious bias is really present, but also so deeply ingrained in us that we're really not aware that it's there. And so that's why these industries are dominated by men rather than women. It's not even necessarily always about women not
asking for the pay rise. Maybe they do ask and they don't get it, but it's you know, when people leave school, we have programs to encourage females to study in industries like tech, women in STEM because they just never thought that they could, because they were never encouraged to do it. That goes for a multitude of industries where it's more socially acceptable or more common for men to go out to be trades people, or for men to go out and be lawyers or surgeons or these
high paying roles. And it comes back to all of those little microaggressions or micro habits that we have all throughout our formative years that by the time we get there go, oh, of course, like men are taking on these roles because they're better at it, but it's not and then I guess not to go on to be grand.
But if you zoom out again, that's what being in a patriarchy is, right, Like there's so many factors in play, and it's that concept of you know, women are going to be the child bearers and at a certain age we're going to step out of the workforce and we're going to raise the babies because that's what we were born to do. But at the same time, men are working on that career trajectory and getting years under their
belt and taking it further. And the whole thing, the whole society, and we've spoken about this before, is really structured to be a man's world and that's what we're working to break. But the statistics show that we're definitely not quite there yet.
Like, there's so much to it, jes Like, I like the rand. I'm going to continue the rant. It's a good place to be. There's just so much to it.
Right.
Like we talk about, you know, men and women earning different amounts of money, I actually don't mind that we earn different amounts of money if we're choosing that, Like, if you want to stay at home and do that, you do you.
What I actually.
Want for our community, and what I actually want for women in general, is equal opportunity. I want my friend to go and work as a surgeon in a hospital and be paid for what the role demands, not necessarily what they think they should pay a female. And inherently, that to me is what we're fighting for. We're not fighting for women to earn the same as men. We're actually just fighting for women to earn what that job demands. And I think that's a really fair position to be in.
But going back to the stereotypes and stuff, Jess, like, I look at my industry and it being twenty twenty two and we're trying to push it forward, and financial advisors have always been men. I think if we look at it, the average financial advisor is a forty five year old male who lives in Melbourne, And like, that's fine and well and good, but there's just this narrative that still that is a manned space. I go to conferences, I go to talks, I talk to people, and it's
just so male dominated. Like the other day I got an invitation in my inbox for a networking event on a golf course. Is that where we're at still? Is that what we're doing? There are only twenty two point five percent of women in my industry like that are authorized accredited financial planners in Australia, Like, what on earth is going on? Because this industry, if you actually know it deeply, I feel like women thrive in it, like we do so well, but we've been consistently told this
isn't really a man's space. And growing up, I didn't think i'd be in finance, like I didn't think that that was even in a career that I was interested as a boy's job. And I know that that's not a good thing to say, but it's just.
The way we grow up. But it's the stories we get told.
And I'm so grateful to have parents who were like, oh, you want trucks, you want lego great, Like I had those things and I had the doctors set and I was just pushed to do whatever I wanted to do. But that's not the narrative that was forced on my parents. That's a narrative my parents genuinely chose for me. And I've had that conversation with my mum. She's like, no, no, no. Growing up, I wanted you to know that you could do whatever a boy could do, and that's a choice
she made and that's so beautiful. But you know, we just get fed it like we get f did it KMA.
Right, Yeah, And it's hard because, like I said, I could and I did buy a kitchen for my friends when year old little boy, but it was in the aisle that was for the girls.
And that's where such.
A joke, right.
For anyone who wants to learn more about this huge topic, and we could talk about it all day, but we have other things to chat about, head to the WGEA website. We're going to link it in the show notes, but all of the starts and figures are there. It provides a lot more context as to why the gap exists, and it goes into a lot of details, so I'd really recommend a read of that after this chat. Shall we now listen to our money dilemma?
Ladies? Let's do it?
Hi?
There have you got up money dilemma you just can't solve that. She's on the Money Team is here to help. Every week we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a quick voice recording and you may just find yourself on the show. Now, let's take a listen to today's Money dilemma.
Hi there, I'm looking to buy a property in the next couple of years, and I was thinking about using the first Home super Saver scheme and Seleary Sacrifice to build up my savings in my superannuation account. But I'm just wondering, given the current state of the market, what are the implications of using that to build up savings and would I be better just keeping my money in a regular based savings account.
Thank you?
Ooh, this is a good question one I can't answer because I can't say, hey, you should do this instead of this.
But do you know what we can do? Guys? What stats and facts and numbers.
But before we get to the stats and facts and numbers, Jess, you're on the first home buying journey. Is this this scheme that you're considering using or using or planning to or what? What are your thoughts as a first home buyer. So I have put money into, utilized the first suation done it?
Yees?
So I maxed out because obviously we've discussed this in more detail previously. But I've maxed out for the last financial year and I probably will do the same this financial year. And the reason that I did that was because there are significant tax benefits. So you know, when you put it in, you get it charged at the fifteen percent tax rate that SUPER is generally taxed at, rather than your marginal tax rate. So for me, that was close to a fifty percent saving on tax.
Which so you make good money. Yeah when shares on the money, must be good employee. D Yeah, she just went wow wow, yeah. So for me it made a lot of sense. And obviously I looked at the bigger picture. I'm not salary sacrificing, so that wasn't something that I considered. But I understand where she's coming from because like, for example, my superannuation is down a little bit from where it was, say a year or two ago, because the market is down, but.
You don't have less shares.
It's just currently valued it less, which is which is fine.
We love that correct.
And so you can withdraw the same dollar value as what you put in. I believe, so if I count fifteen thousand dollars in in a year or two years or whenever I finally get to buy a house, I can withdraw fifteen thousand dollars out. And so theoretically, and I don't know if I'm getting this wrong. Please correct me if I'm wrong. But theoretically, like I'm getting out what I'm putting in. If those shares are valued at less,
it takes a little bit of a hit. But what I already had in super so my superannuation that's actually being in played my actual retirement fund. Yes, those shares shouldn't really have changed too much. Like, even if they're valued it less, I'm not withdrawing those shares specifically, they will sit there and hopefully with time they will recover. But the money that I'm pulling out unless the market fully tanks and goes completely bally up, which is.
Not going to because I've looked at your super my love, you're you're pretty invested in blue chip stocks.
Yeah, like, unless things go right off the rails. I think for me, ultimately, the amount that I was saving in tax seemed like way more than what I was likely to lose even if the market, you know, did it want ady.
Yeah, absolutely so. I think it's interesting because I have been talking to people in our community and some people are like, oh, it's not worth it. You know, it's too much work, it's this, it's that's the other. It's actually not we answered the process question, I think last week or the week before on the show about how you do it and when you need to call your super fund and set it up. When the reality is not,
you just start chucking some money in. And Super is actually much easier to contribute to than a lot of people assume. Right. You actually just need the BSB an account number or just a be paid biller code and you just transfer money there.
Popula.
Yeah, it's actually so easy. That's so weird, it's crazy. Yeah, it's I think that there's just this because Super feels so far away from us and disconnected, we just assume that the process must be really confusing. It's not. You just be pay it over and when bam, thank you, ma'am. I would personally check my account after to make sure that it went through because I'm anxious goal. But at the end of the day, like you just log into your super and they'll give you the deats to transfer
it over. There's no complex forms, there's nothing too hard or heavy about it, which I think is it's interesting in saying that we're not talking about additional contributions to Superhero about whether they're a good idea or not. We're talking specifically about the First Home Super Savior scheme, So even though it's really easy to contribute, you need to work out whether that's a good idea for your financial circumstances or not.
Because as much as Jess you're.
Like, this is a great return and you're able to pull it out for First Home Super Saviors scheme, if you were just additionally contributing to super, you'd need to make sure that that was aligned to your goals and values of it being locked away until age of retirement. So it's not a bad thing, it's just we need
to know the semantics of the situation. But I've done some quick maths for you guys and Jess knowing your marginal tax, right, we're just going to use you as an example here, all right, Jess, Let's say that you have an average income, which means that you are earning
between forty five thousand and one twenty. This, I reckon is where most of our community falls, so this might be a good example, which means that you are going to be paying five thousand and ninety two dollars in tax plus thirty two point five cents for every dollar that you earn over forty five thousand dollars. So that's just the ato's rules. That's our marginal tax rate bracket. So at thirty two point five percent as a marginal
tax bracket. If we use ten thousand dollars as an example, because you know that's a nice, round, easy number, if you earned ten thousand dollars pre super and then took it out and put it into your savings account, that would equate after tax to six thousand, seven hundred and fifty dollars in your bank account. Had you put that money into superannuation instead, that would be worth eight and a half thousand dollars. That is a difference of twenty
one percent. Ye, you got twenty one percent returns this year on your superest freaking weird. No, did you get it in your investment portfolio? Where else can you get a return of twenty one percent? That's basically guaranteed?
Yeah?
Yeah, look, I think that.
You know, I'm not saying, oh my gosh, it'll work for absolutely everybody. But if you're doing the first Home super Savior scheme and you want to put yourself ahead, you're putting yourself twenty one percent ahead on your savings goals if you use that scheme, So extrapolating that out for different marginal tax brackets, if you were at thirty
seven percent, you'd actually be twenty six percent ahead. If you earn more than one eighty you're doing real well, my friend, you're actually thirty five percent ahead by using this scheme, And Jess, if we then add that up and I know that you're not going to use the full amount, so what are you going to use? You're probably going to use two financial years worth of.
Yeah, if I'm able to buy before the end of this financial year, i'll have done two Yeah, two contributions maxed our contributions. Yeah, so you'll be ahead, which is a money win. However, if you're in a circumstance where you're like, I don't know if I should use it or not, the goalposts have recently changed to being fifty thousand dollars instead of thirty, So Jess, in your particular circumstance, I don't know if you've done the numbers yet or not.
But by using it for two financial years, which means you're contributing fifteen thousand each year to a total of thirty thousand dollars when you take that out, Jess, you personally are going to be six thousand, six hundred dollars better off for using that. Extrapolate that out.
And say Jess has even more time up her sleeve and wants to use that cap of the full fifty grand that she can put in super. If she had done that, she'd be eleven thousand dollars better off. That's a whole heap of money, like eleven thousand dollars towards your home deposit. If you're using that scheme, that's like basically free money by popping it through your super fund, if you've got the time to do it. So we're not saying yes or no, is it a good idea?
Is it not?
Do keep in mind that when you put this money into super, you don't actually have to take it out. You could leave it there, You could pull it out later. You do need to do a form. Go back and listen to last week's Friday Drinks if you want some more info on how, when, and what that actually looks like. But when you look at it, just based purely on the numbers, doesn't make sense in the current market to reach for a goal of being able to be twenty
one sent better off when buying a house. I don't know that's up to you, my friend, because I can't say go use it or not. But what I can do is give you some facts and some stats about is it easy to access, is it actually going to put your head?
What are the numbers? If you know. We look at Jess as example.
I think, Jess, you've decided that works really well for you. But it's again a finance decision, which is a personal decision whether you use it or not. I wish i'd used it, but at the point in buying, I just didn't have the ability to do that, so it wasn't an option for me. But do I wish I had an extra you know, six and a half grand?
Of course, I do hate to.
Put a pin in it. Ladies, very interesting chats today, but we have run out of time, so I'm going to wrap us up with the boring but important stuff.
I love that for us.
Please remember, guys, that the advice shed on She's on the Money is general in nature and does not consider your individual circumstances. She's on the Money exists purely for educational purposes and should not be relied upon to make an investment or a financial decision, and we promise Tori divine and she's on the money. Are authorized representatives of in Focused Securities Australia Proprietary Limited ABN four seven zero nine seven seven nine seven zero four nine A four S.
Two three six five two three. We'll see you on Monday, guys. Fine, next week, guys,