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