Oct. 31, 2022

Why you should start investing now with Victoria Devine

Why you should start investing now with Victoria Devine
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Why you should start investing now with Victoria Devine
Why you should start investing now with Victoria Devine
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Season 8 Financial Wellbeing

In this episode, Cass is joined by Victoria Devine, a financial advisor and author helping people change their relationship with money.Cass and Victoria discuss the practical ways you can make impactful changes to your finances, and feel more confident to start investing, how you can start investing with as little as 1 cent, and how to make the most out of your Superannuation.
Connect with Victoria:https://www.shesonthemoney.com.au/
Connect with Cass:www.crappytohappypod.comhello@crappytohappypod.com 
www.instagram.com/crappytohappypodwww.tiktok.com/crappytohappypod
Join the free 7-day Happiness Challenge:www.cassdunn.com/happiness

Connect with Cass:

www.cassdunn.com
www.instagram.com/cassdunn_xo

Contact Crappy to Happy:

Email: hello@crappytohappypod.com
www.crappytohappypod.com
www.instagram.com/crappytohappypod
www.tiktok.com/@crappytohappypod


Are you a coach, therapist, service provider or solopreneur struggling with self-doubt and imposter syndrome? I'd love to talk to you! (for market research purposes only!)

Book a call with me to share your experience.

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Transcript
WEBVTT

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A listener production.

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This is Crappita Happy and I am your host Castunn.

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I'm a clinical and coaching psychologist and mindfulness meditation teacher

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and of.

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Course author of the Crappita Happy books.

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In this show, I bring you conversations with interesting, inspiring,

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intelligent people who are experts in their field and who

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have something of value to share that will help you

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feel less crappy and more happy. Today, I have the

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pleasure of having on the show for the second time

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Victoria Divine. She is, of course, an award winning financial

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advisor and author helping people to change the relationship with money.

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Her podcast is called She's on the Money. It's a

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personal finance podcast for millennial women that helps to empower

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us to make smart money decisions. So in this chat,

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Victoria and I talk about how to get started with investing,

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you can start with as little as one cent, how

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to make the most of your super so important, and

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how to make your money.

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Work for you.

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I really hope you enjoyed this episode. Victoria Divine, Welcome

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back to the Crapy a Happy Podcast.

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Victoria Divine Part two.

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Oh my gosh, thank you for having me Cas. I

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am very, very excited to be back. I feel like

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we got really nice feedback from your community after the

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first one, so when you invited me on for the

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second time, I was like, yes, let me add it.

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Your community are the best.

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They are the best, And I just love this topic too.

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I really really feel like more women need to be

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empowered around money.

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So I know you feel the same way.

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So let's talk today then, specifically about investing. I guess

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we talked generally about finances and budgeting and strategies that

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people can use to set themselves up financially and why

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that's important last time, and anybody can go back and

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listen to that episode.

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But you have written a new book particularly focused on investing.

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Is investing so important for young women in particular?

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It is the thing that is going to create wealth

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for you, which is why it's obviously incredibly important, And

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I mean it was also demanded in a way. I

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feel like that's really self serving. But after I wrote

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the first book, obviously I got to come and chat

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to you and chat to so many beautiful people about this,

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and people would finish the book and go, yeah, okay,

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so more info about investing, where do I find it?

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And I'd be like, oh, that was all I had

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with the first book, Like that's my entire intelligence packed

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into all of those pages. Yeah, let me let me

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go find some more info. So yeah, I spoke to

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lots of people and they just wanted more information about investing,

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and so I decided to write a second book. And

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I guess it comes from us knowing that. You know,

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I think as women, we already feel behind because it's

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not a conversation that we have been welcomed into. In fact,

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even in twenty twenty two, it still feels like a

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conversation we're pushing our way into. And even sometimes as

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much as I adore what I do, I don't feel

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welcome in this space sometimes too. So if you're not

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feeling welcome, or you're not feeling like it's approachable, like

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I hear you, I get you because I am you.

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And I guess that's where this book has come from.

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It's just, as women, we're already behind in so many areas,

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particularly when it comes to finance. I mean I was

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talking the other day to someone about how the gender

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pay gap is still at fourteen point one percent, which

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when you go, oh, that's like a big percent like,

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if I was getting fourteen point one percent return on

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my investment portfolio, I would be stoked. But what does

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that really mean? And cas disgustingly, that means two hundred

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and sixty three dollars each and every single week a

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man takes home above and beyond what you or I

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might to me like, obviously, two hundred and sixty three dollars.

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That could be a family's entire grocery budget. It could

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be someone's entire rent. It could be medication for somebody,

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It could be so many things. And I just think

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that women shouldn't be behind for the same obviously, same

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same job, but also women need to be putting theirselves

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even further ahead because we're already even further behind, which

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is a bit of a joke. So I guess this

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book has come from one my passion for financial literacy

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for women. At this point in time, if you're only

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saving it, honestly, is not enough to be creating financial

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freedom for yourself. Obviously, you know, interest rates are increasing,

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but savings rates when you get your high interest savings

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accounts kind of like a pipe dream. Nowadays, we're really

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going backwards, and I think that the only way for

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women in twenty twenty two, to actually get forward is

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to get investing, and you know, as much as it

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can be overwhelming, I'm hoping, deeply hoping that this book

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kind of demystifies all of that and makes it something

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that you're not only excited and engaged, but really, you know,

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empowered to get involved with.

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I guess I'm actually really encouraged by that, the fact

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that more women are asking and wanting information, and thankfully

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there are people like you her able to provide it.

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So you're quite right. Obviously, saving money is just not enough.

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We have to be finding ways to make our money

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work for us. So I guess for a lot of people,

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the first roadblock is well, number one, not knowing where

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to start and number two feeling like they don't have

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enough leftover to be investing. So can we address both

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of those points? Victoria, Oh, I don't know.

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I don't know.

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I only have a whole book on it. So the

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first place I would start is by answering one of

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your two questions. So answer the question about where do

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we start, obviously with investing with She's on the Money,

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the book that came out on the twentieth of September.

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But in all honesty, you're not actually starting with your outcome.

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You're not starting with you know, if you and I

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sat down cass in a financial advice capacity and you

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said what should I invest in? I'd be like, wait, well, wait, Like,

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that's not the question you need to ask. We actually

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need to look at the when, where, the why, the

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how all that stuff before well what do I invest in? However,

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the most common question is what should I invest in? Right,

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So we actually need to look at your circumstances, your location,

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what you're trying to create, like are you investing for

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one year, are you investing for ten? Are we investing

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for the next thirty? Because those different areas are going

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to determine what you actually invest in. Then we're going

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to look at what's called your risk profile, So that's

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how much risk you're willing to take on, Like are

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we going to go buy a whole heap of direct

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shares or are we going to go buy some ETFs

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or some bonds or are we going to hold money

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in cash? Because if you know on your risk profile

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you come out as a defensive investor, you're not going

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to hold any shares they're not within your risk profile.

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That's not what's right for you. But if you came

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out as an aggressive investor, as someone who's a high

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growth investor, well all of your money would be in

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shares and you wouldn't hold any cash. So we actually

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need to work out one, why are we investing Let's

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be clear on that too, What is our risk profile? Three,

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you know time frame? What does that look like? And

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from there it's kind of like a funnel. We go

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from the top and it kind of gets smaller and smaller,

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and the deeper down into the funnel we get, the

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more directed towards one asset class or another we are. So,

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you know, back to that example of a high growth investor,

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you're going down the route of having shares as your

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predominant asset class insider share portfolio, as opposed to bonds

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or fixed interest or having some you know, savings in

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the bank. You're going to be really directed towards shares.

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At that point, we say, okay, well, what are your ethics?

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What types of shares do you want to buy? And

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you might say, oh, Victoria, like, I really don't want

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to buy oil companies, you know, I want companies that

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are positive for the environment, and then we'll whittle it

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down even further. Then I might say, okay, like how

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much involvement do you want with these shares? And you go, oh,

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I want like kind of like a set and forget strategy,

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at which point we might choose an ETF for an

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exchange trader fund over and above buying direct shares, because

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as much as direct shairs seem really sexy and are

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really exciting from my perspective, they actually involve a lot

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of maintenance in ongoing rebalancing and ongoing management, whereas an

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ETF that does it for you, there's a manager of that.

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So it really depends on I guess the who, what, why?

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When we're in how before what we actually invest comes

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into the conversation, because that's the number one question. But

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in reality, we should have this plethora of questions asked

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to us before and I guess, this is what I

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want to sit down with women in particular with and

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just go this is what you need to do, and

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here's how to create an investment strategy. And because I'm

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an advisor, I'm legally not allowed to tell you what

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to invest in or how. I couldn't even because I

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don't know you well enough, but I think this book

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has really taken you on genuinely a garden path of

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Here is how to do your risk profile. Okay, get

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that information, put it to the side. Here is how

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to pick an investment strategy. Okay, take that information, put

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it to the side. Okay, here's how to work out

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what type of investment asset makes sense for you. Okay,

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put that to the side. And at the end of

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the book we bring it all together and you can

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kind of create your own financial plan. So it's not hey,

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here's what a share is. It's hey, here's how to

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create a plan. That is going to mean that you

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can be an investor. At the end of this you're

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not going to walk away with us. Oh, I think

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I need some more information because, as you know, cas

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as women, we seem to think we need to know

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everything about everything before we make a decision. And sometimes

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you learn most of the information that you need to

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know on the job. So sometimes just getting your feet

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dirty and diving straight in is actually what you need

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to do. And we need to stop pretending that you

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need tens of thousands of dollars to invest. Try it

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with five bucks. You can do it with five bucks

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you can invest. Honestly, it is wild. In twenty twenty two,

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you can invest with as little as one cent. So

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online shares this platform not as sponsored mentioned. They're just

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a platform that my community talk about. You can buy

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fractions of and you can literally invest with as little

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as one cent, and I think that that is wild.

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Like Grner the days of cost being prohibitive for women

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to start investing, because that's as low as you can go.

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Anyway, Yeah, that's amazing.

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Actually interesting that you mentioned ETFs because I hadn't heard

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of them before it came up on this podcast, and

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I remember going, Okay, well, this feels like a really

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safe way to just put a little bit of money

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into shares. And I gathered up a thousand dollars, would

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you actually yeah, like I'd sold off stuff around.

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The house and yeah, good get it. I love this and.

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Got a thousand bucks and put it into an ETF.

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Now I've got a question about that ETFs, because I

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think we could talk more about ETFs, because I do

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think that they are a really they feel like a

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safe investment strategy for somebody who might be a bit

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like I don't know what I'm doing, but they still

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go up and down like they still got stage with

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the markets.

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Right, But yes, ETFs are not.

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I think I'm asking you this more for my own interest, Victoria.

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That's okay, this has become a personal financial planning session

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for cast done.

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Yeah, but it's not. It's not.

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It is not.

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I'm sure other people would be very interested in the

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answer as well.

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No. Absolutely, when it's going up and down. That h

229
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I do with ETFs is that somebody else has taken

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care of it. You just let that sit. That's a

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long term sort of investment, Is that right? Is that correct? Yeah?

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So an ETF is an exchange traded fund, and that

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sounds a little bit more complex than it needs to be,

234
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but essentially it is a basket of shares that are

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pre selected. And there are heaps of different types of

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exchange traded funds or I like to call them baskets

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because one it makes it feel more approachable and two

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that's exactly what it is. There are like stock ETFs

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or share ETFs which have a whole heap of different shares,

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So there is you know, the top two hundred, so

241
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you could go and buy the top two hundred companies

242
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in Australia just by buying an ETF instead of directly

243
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going and buying all of those companies, you buy the

244
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ATF and you get instant diversification. There are bond ETFs,

245
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so these are ETFs that are made up of corporate

246
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or government bonds. They are less risk because obviously bonds

247
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are a little bit more stable than a share, but

248
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you know you can get ETFs made up of them.

249
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There's specialty ETFs nowadays. I was talking to a girlfriend

250
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the other day and she's like, oh, yeah, but like

251
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I've got all these ethics that govern the way I invest.

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And I was like, did you know that there are

253
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ETFs you can buy that are made up of companies

254
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that only invest in women, or that are made up

255
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by companies that are only governed by boards made up

256
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of women. And she's like, what, No, Like they get

257
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so specific. There's just so many different options. Then there's

258
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obviously like sustainable ETFs, which use like environmental, social and

259
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government data to help grow wealth. But you're right, it

260
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doesn't make you immune to what the industry is doing.

261
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But it means that instead of feeling the ebbs and

262
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flows of individual stocks, actually getting the average of what

263
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that basket of stock is returning. So if one stock

264
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is down twenty percent, one's up fifteen percent, one's down

265
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five you are actually just getting the average of that,

266
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so you can feel a bit more like your smooth sailing.

267
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It doesn't mean that you're immune to the market, but

268
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it does mean that you're going to be long term

269
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a little bit more comfortable. And if, as you said before,

270
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you want a hands off approach, that seems to be

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a really popular option for a lot of people in

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my community.

273
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To be honest, like it's actually really fun too.

274
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Well, I find it really fun, But that sounds really

275
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lame to say, so I'm glad you said it first.

276
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No, No, when you look at all of the different options,

277
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like you said, there's an ETA for particular these little

278
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niche categories. So if you particularly interested in some industry

279
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or some ethical perspective or whatever it is, you can

280
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actually go and find a basket that represents that, and

281
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you can choose to put a little bit of money.

282
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Just in to that little sector exactly. And like if

283
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you're a little bit unsure, you can just start doing

284
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some research on like most popular ETFs in Australia or

285
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you know, like I never say rely on performance, So

286
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as a financial advice I always say past performance is

287
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not a reliable predictor of future performance, which is absolutely true.

288
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But you can literally look at them based on performance.

289
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You can look at them based on their performance over one, three, five, ten,

290
00:14:26.919 --> 00:14:29.399
fifteen years, depending on how long they've been around, to

291
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give you a little bit of stability. But in saying

292
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that I would never pick an ETF based on their

293
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past performance, I'd pick it based on do you think

294
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that that ETF is made up of a group of

295
00:14:40.399 --> 00:14:43.679
shares that you want exposure to. So for example, if

296
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you went with the SMP five hundred, that's the top

297
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five hundred companies in a market. If you went with

298
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like the ASX top two hundred, you're buying the top

299
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two hundred Australian companies. You might go and buy a

300
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tech ETF and that's made up of you know, maybe

301
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fIF of the top American tech companies. So there's different

302
00:15:03.399 --> 00:15:06.399
horses for different courses, and a lot of people in

303
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my community don't just pick one. They pick you know,

304
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one or two or even three ETFs that make most

305
00:15:12.480 --> 00:15:14.960
sense to them. So they go, oh, I really want

306
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some exposure to the Australian share market. So I'm going

307
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to buy an Australian Focus one. Then let's get some

308
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global in there. I'm going to buy a global ETF,

309
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and then I might buy one that just tickles my

310
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fancy and I want to follow. So it obviously is

311
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going to look different for everybody. I mean, they're not

312
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the only investment option out there. There's direct shares, there's

313
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robo advice, there's full service financial advice, there's managed funds.

314
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There's literally so many different things. But as you said before,

315
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like ETFs are a good way of introducing yourself to

316
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the market, and they are relatively low cost.

317
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Even as you talk about all of those options, it

318
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becomes very clear why this can feel really overwhelming to people,

319
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because even all of those terms that you're throwing out

320
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of bonds and manage funds and ETFs, like, I totally

321
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understand why anybody, women or men, but women probably particularly

322
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go oh, it's all too complicated.

323
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I've got too much.

324
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I've got too much to think about it, as I

325
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don't have the time to go on research all of that.

326
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No, you do, you absolutely do, because do you know what,

327
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you don't have time for a terrible retime broke, you

328
00:16:22.799 --> 00:16:26.919
don't have time to be homeless in the future. I

329
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think it's you know, it is a very entitled position

330
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to see in the position I'm in where I do

331
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have all this education. But I guess that's why I

332
00:16:34.039 --> 00:16:36.879
put out so much free content on my podcasts, on

333
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my website. I do a whole heap on Instagram. I'm

334
00:16:40.320 --> 00:16:44.759
trying so hard to make this approachable and understandable for

335
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our community, because it is hard. And I mean, if

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you take one thing from this podcast, I want you

337
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to take this note, it is to invest. The second

338
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I want you to take is to care about your

339
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superannuation because if you have a super fund, you're already

340
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an investor and you have one hundred percent control of

341
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that money. And three, an ETF is an exchange traded fund,

342
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which means a basket of shares that you can buy

343
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into for instant diversification. And diversification is just basically not

344
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putting all your eggs in one basket. It's that simple. Yeah,

345
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But I think historically it's funny because we've been pushed

346
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out of this conversation about wealth and wealth creation. But

347
00:17:21.880 --> 00:17:23.559
if I sat down and said, all right, cas, let's

348
00:17:23.559 --> 00:17:26.319
talk about like eyeliner and lipstick and mascara, and you

349
00:17:26.400 --> 00:17:28.480
and I I know that that sounds so flippant, but

350
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you and I know immediately what part of the body

351
00:17:31.160 --> 00:17:33.400
that goes on, how it works, what it means, like

352
00:17:33.480 --> 00:17:36.319
we know the different you know techniques, or you know

353
00:17:36.480 --> 00:17:39.759
you might not be as advanced as somebody else, or I, honestly,

354
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I've got one. Look it is this. We are ride

355
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or die with my makeup. But there are people who

356
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are experts in it. But that seems like a more

357
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I guess, approachable topic because it's been around since we're tiny,

358
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Like it's never been made to feel like it's not

359
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our space. And if you don't know, you're like, oh,

360
00:17:57.119 --> 00:18:01.039
I've never heard of magnetic eyeliner. Like you don't feel

361
00:18:01.279 --> 00:18:05.279
bad about asking because you assume that you're already meant

362
00:18:05.279 --> 00:18:06.880
to be in that space, like, oh, I don't know

363
00:18:06.920 --> 00:18:09.480
what that is? Tell me, whereas you would feel a

364
00:18:09.519 --> 00:18:11.880
little bit off being like, oh, VI, what's the SMP

365
00:18:12.039 --> 00:18:14.680
five hundred? Like for some reason you feel guilt around that,

366
00:18:15.240 --> 00:18:17.559
Like that makes no sense to me. They're both topics

367
00:18:17.599 --> 00:18:20.480
that you just didn't understand, and asking more about them

368
00:18:20.519 --> 00:18:22.920
just means you're going to be more educated. So I

369
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think that you know, mediocre, middle aged white men have

370
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done a really good job of making us feel like

371
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we don't belong there, whereas in reality, they're just a

372
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whole heap of acronyms that you know, we should know

373
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and we deserve to know, and if we don't know,

374
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we should have someone explain them to us in language

375
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that makes sense to us.

376
00:18:40.799 --> 00:18:42.680
That is very true, very true.

377
00:18:43.319 --> 00:18:46.960
Another thing you said earlier, which I thought was really

378
00:18:47.599 --> 00:18:50.799
interesting and relevant, is that you can choose to invest

379
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based on your personal values. Yes, I think this is

380
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something that is really important. We can choose this is

381
00:19:00.200 --> 00:19:03.119
a bigger conversation, but we can choose what industries we're

382
00:19:03.160 --> 00:19:07.400
propping up with our money as well and with our superannuation.

383
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One hundred percent. So it's called a values based investing strategy,

384
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and it's one that I think absolutely every person in

385
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this entire world should implement. And it's basically making sure

386
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that you have alignment in the investment decisions that you

387
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make with your personal ethics or your own values. So

388
00:19:25.000 --> 00:19:28.400
basically what you consider is like that is important to you,

389
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We make important to the investment decisions that you make.

390
00:19:32.039 --> 00:19:37.160
And it's not often actually more complicated, it's not hard,

391
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I promise it's actually quite easy to start investing in

392
00:19:40.440 --> 00:19:42.119
line with your values, because like, do you want to

393
00:19:42.119 --> 00:19:43.319
buy this? And you'll be like, no, I don't really

394
00:19:43.359 --> 00:19:45.880
want to support them? What else can I do? But

395
00:19:46.279 --> 00:19:49.839
the interesting thing about values based investing is that you

396
00:19:50.039 --> 00:19:52.599
do have to have a good understanding of your own values.

397
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And it's not often that we give out ourselves the

398
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time or the grace to sit down and go, well,

399
00:19:57.920 --> 00:20:00.680
what do I care about in this world? Like when

400
00:20:00.759 --> 00:20:03.400
was the last time any of us sat down and said,

401
00:20:03.480 --> 00:20:05.279
do you know what? I'm going to document the things

402
00:20:05.279 --> 00:20:07.640
that are important to me in life. And as much

403
00:20:07.680 --> 00:20:10.200
as we should all do it, I think that first

404
00:20:10.200 --> 00:20:13.119
things first, we'd all go all right, family, our friends,

405
00:20:13.240 --> 00:20:16.880
our loved ones, maybe for me my pets, like and

406
00:20:16.960 --> 00:20:19.799
though that's kind of where that list would stop, whereas

407
00:20:19.839 --> 00:20:21.960
I think that list needs to go on. Like I

408
00:20:22.039 --> 00:20:24.720
care a lot about financial literacy, I care a lot

409
00:20:24.759 --> 00:20:26.960
about the great Barrier reef, I care a lot about

410
00:20:27.000 --> 00:20:29.920
a lot of different things. I care so much about

411
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women in leadership roles, and all of these things can

412
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be supported through investing. And that's really cool, Like I

413
00:20:38.200 --> 00:20:41.000
want to put my money behind companies that are championing

414
00:20:41.079 --> 00:20:44.799
women in senior leadership positions, and I can do that.

415
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And as much as sometimes we feel like really small fish,

416
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women are so powerful, Like we hold the majority of

417
00:20:53.680 --> 00:20:57.279
the purchasing power in this world, and men don't seem

418
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to be worried about our power in the investment world.

419
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Yet move over, like we are coming and I think

420
00:21:02.599 --> 00:21:05.519
we are coming in hot, and they definitely should be worried.

421
00:21:05.680 --> 00:21:08.799
Yeah, for sure, we know that women have the purchasing

422
00:21:08.920 --> 00:21:11.480
power in the home, and yet I still think, to

423
00:21:11.559 --> 00:21:15.559
your point before, when it comes to big decisions around

424
00:21:15.759 --> 00:21:18.759
finance and investing, we still sort of see that as

425
00:21:18.960 --> 00:21:22.839
men's business. Like it's a complete contradiction and it's obviously

426
00:21:23.000 --> 00:21:23.920
it's completely wrong.

427
00:21:24.160 --> 00:21:27.799
Oh, absolutely, it's completely wrong. And studies show that women

428
00:21:27.839 --> 00:21:31.400
spend more time researching their investment choices and are better

429
00:21:31.680 --> 00:21:35.839
investors than men are when they are compared. Really, yes,

430
00:21:36.000 --> 00:21:38.319
the more of us that are in the market, the

431
00:21:38.359 --> 00:21:41.160
more power we are going to have. And I mean literally,

432
00:21:41.200 --> 00:21:43.440
when you base it on gender, which I don't believe

433
00:21:43.480 --> 00:21:46.000
many things should be, but when you base it on gender,

434
00:21:46.200 --> 00:21:48.839
women are more balanced in their decision making. So it

435
00:21:49.000 --> 00:21:51.920
kind of makes sense that we're going to be better investors.

436
00:21:52.400 --> 00:21:54.519
And I mean, yes, we spend a little bit longer

437
00:21:54.640 --> 00:21:57.880
researching our investment choices, and sometimes we have to pull

438
00:21:57.920 --> 00:22:01.319
our fingers out and just get started. But over a

439
00:22:01.440 --> 00:22:03.920
long period of time, women earn up to one percent

440
00:22:03.960 --> 00:22:06.720
better investment returns than men. That's a lot when you

441
00:22:06.759 --> 00:22:09.839
look at the entire investment market across the world.

442
00:22:10.160 --> 00:22:13.160
Yeah. Wow, can we talk about superannuation as well? You

443
00:22:13.279 --> 00:22:16.079
just mentioned before, I think this is super's my favorite thing.

444
00:22:16.160 --> 00:22:17.160
Excellent, well you talk.

445
00:22:17.480 --> 00:22:20.599
I just feel like what you said before is so

446
00:22:20.640 --> 00:22:23.759
true as well, that we absolutely have a choice over

447
00:22:23.799 --> 00:22:25.720
how our super is invested. I think a lot of

448
00:22:25.720 --> 00:22:27.880
people still don't know that that, oh, it just goes

449
00:22:27.920 --> 00:22:30.400
into this super fund and it just builds up or

450
00:22:30.880 --> 00:22:33.920
I don't know, maybe that's old school thinking. But let's

451
00:22:33.960 --> 00:22:36.000
talk about the power we have over our superannuation and

452
00:22:36.000 --> 00:22:37.880
what we should be doing to maximize that.

453
00:22:38.079 --> 00:22:41.680
We have so much power over our superannuation. I guess

454
00:22:41.720 --> 00:22:45.200
to start though, did you know that women have obviously

455
00:22:45.240 --> 00:22:48.920
significantly less saved for their retirement, but half of all

456
00:22:48.960 --> 00:22:52.440
women aged between forty five and fifty nine have eight

457
00:22:52.480 --> 00:22:55.160
thousand dollars or less in their superannuation funds? Is that

458
00:22:55.319 --> 00:22:58.920
a fact that that is messed up right? That can't

459
00:22:58.920 --> 00:23:01.400
support a retirement. I mean, at the end of the day,

460
00:23:01.440 --> 00:23:04.519
we do have to be really clear that superannuation was

461
00:23:04.599 --> 00:23:07.839
only ever man dated from nineteen ninety two. So if

462
00:23:07.880 --> 00:23:11.440
you started working professionally in nineteen ninety two, you would

463
00:23:11.440 --> 00:23:16.559
have started to get superannuation compulsory after that date. Before

464
00:23:16.680 --> 00:23:19.119
it was just like an elective that people could give

465
00:23:19.160 --> 00:23:21.839
you if they wanted to give you. So that like

466
00:23:21.880 --> 00:23:24.160
the numbers check out when it comes to you know,

467
00:23:24.240 --> 00:23:27.720
it wasn't compulsory way back when. But how are these

468
00:23:27.720 --> 00:23:31.279
people building wealth? And why are women so far behind?

469
00:23:31.440 --> 00:23:35.480
Because men in the same category have thirty one thousand dollars.

470
00:23:36.559 --> 00:23:38.920
It blows my mind to think that we are so

471
00:23:39.079 --> 00:23:41.599
far behind. And I mean, there's a lot to discuss

472
00:23:41.599 --> 00:23:44.680
about the gender pay gap when it comes to retirement savings,

473
00:23:45.079 --> 00:23:48.839
but as women we need to care about super. Yes,

474
00:23:49.480 --> 00:23:53.000
that statistic is real. We also know that on average,

475
00:23:53.039 --> 00:23:56.680
women only retire with two hundred and ninety thousand dollars

476
00:23:56.680 --> 00:23:59.440
in SUPER compared to men who retire with three hundred

477
00:23:59.480 --> 00:24:02.759
and sixty thousand dollars, which you know, due to a

478
00:24:02.839 --> 00:24:05.400
plethora of things. And we can't just say, oh, women

479
00:24:05.440 --> 00:24:07.799
get paid less, like that's not it. Like women often

480
00:24:07.880 --> 00:24:10.920
take more unpaid time out of the workforce. Like there

481
00:24:10.920 --> 00:24:12.880
are just so many things that we won't get into

482
00:24:12.880 --> 00:24:14.920
because I could go on and on and on. But

483
00:24:15.039 --> 00:24:18.160
at the end of the day, your superanuation is, as

484
00:24:18.200 --> 00:24:21.200
of today, ten point five percent of your take home

485
00:24:21.240 --> 00:24:23.759
pay being invested on your behalf. And if you're not

486
00:24:23.880 --> 00:24:27.079
caring about it, you're not putting future you first. Like

487
00:24:27.160 --> 00:24:29.720
at the end of the day, if you're not putting

488
00:24:29.720 --> 00:24:33.640
future you first, your retirement is going to be detrimental.

489
00:24:33.759 --> 00:24:36.640
Your retirement is not going to be what you deserve.

490
00:24:37.400 --> 00:24:41.200
And I think people just see retirement or superanuation savings

491
00:24:41.279 --> 00:24:44.319
is completely overwhelming because it is scary, right, if you've

492
00:24:44.359 --> 00:24:46.440
never dealt with super you've got a few accounts, it

493
00:24:46.440 --> 00:24:50.039
feels overwhelming. But I promise it's easy. You can log

494
00:24:50.079 --> 00:24:53.000
into my gov and see everything. In a heartbeat. You

495
00:24:53.039 --> 00:24:56.400
can roll supers over to just one account in a heartbeat.

496
00:24:56.759 --> 00:24:59.440
You can call up Australian Super or whatever super fund

497
00:24:59.480 --> 00:25:01.640
you're with, have a good chat with whoever works in

498
00:25:01.759 --> 00:25:05.440
the call center and talk about what am I invested in,

499
00:25:05.519 --> 00:25:08.160
how am I invested does that align to my risk profile?

500
00:25:08.319 --> 00:25:10.359
You can ask all these questions for free, because that's

501
00:25:10.400 --> 00:25:13.480
what your super fund fees are paying for. And I

502
00:25:13.480 --> 00:25:16.359
would encourage each and every single person to literally pick

503
00:25:16.400 --> 00:25:19.000
up the phone. Like the people at the call center,

504
00:25:19.039 --> 00:25:22.319
they don't buy it. They are trained so well to

505
00:25:22.359 --> 00:25:25.480
put you in the best possible position. They're just like us.

506
00:25:25.839 --> 00:25:28.319
They're regular people who have regular jobs. It's not like

507
00:25:28.319 --> 00:25:30.519
you're picking up the phone and calling the CEO of

508
00:25:30.559 --> 00:25:32.319
your super fund company and they're going to be like,

509
00:25:32.519 --> 00:25:34.880
oh my gosh, Cas, it's been so long since you

510
00:25:35.000 --> 00:25:37.640
last touched bait. They don't care. They just want the

511
00:25:37.680 --> 00:25:39.880
best for you, Do you know what I mean? It's

512
00:25:39.920 --> 00:25:41.160
not scarier promise.

513
00:25:41.720 --> 00:25:43.799
I've never even considered that that you can just call

514
00:25:43.839 --> 00:25:44.200
them up.

515
00:25:44.440 --> 00:25:46.480
You can just call them up. You're paying fees for

516
00:25:46.599 --> 00:25:50.279
what you're paying fees for a call center. You're paying

517
00:25:50.319 --> 00:25:52.559
fees to have your questions answered. And if you're not

518
00:25:52.599 --> 00:25:54.960
having your questions answered, I would be arguing that you

519
00:25:55.039 --> 00:25:56.319
probably with the wrong superfund.

520
00:26:00.000 --> 00:26:03.240
I hope that you're enjoying this conversation and realizing the

521
00:26:03.240 --> 00:26:04.759
benefits of positivity in.

522
00:26:04.720 --> 00:26:05.599
Your own life.

523
00:26:05.720 --> 00:26:07.920
If you are enjoying the show, please be sure to

524
00:26:08.119 --> 00:26:10.319
like and subscribe so that you get notified when you

525
00:26:10.440 --> 00:26:13.039
apps drop and head on over to Apple Podcasts or

526
00:26:13.039 --> 00:26:22.880
wherever you listen and leave us a rating and review.

527
00:26:23.480 --> 00:26:24.880
So what are the things to look for if you're

528
00:26:24.880 --> 00:26:27.359
thinking of moving your money? You know, I guess higher

529
00:26:27.400 --> 00:26:29.240
return is what you're looking for. But what are the

530
00:26:29.279 --> 00:26:31.880
sorts of questions people should be asking of their super

531
00:26:31.880 --> 00:26:35.160
fund or considering if they're thinking, I don't like this fund,

532
00:26:35.160 --> 00:26:37.240
I want to shift to a different fund for example.

533
00:26:37.559 --> 00:26:40.160
Yeah, look, I think first things first, I wouldn't be

534
00:26:40.240 --> 00:26:45.400
chasing chasing higher returns. There's this really great my super

535
00:26:45.440 --> 00:26:49.799
tool nowadays that has come out in Australia that gives

536
00:26:49.799 --> 00:26:54.279
you Apple for Apple comparisons on all my superproducts in Australia,

537
00:26:54.599 --> 00:26:57.680
and up until this point, we haven't had a comparison

538
00:26:58.200 --> 00:27:01.559
website that has been freely accessible by people who aren't

539
00:27:01.599 --> 00:27:07.720
financial advisors that wasn't a advertising platform. So you know,

540
00:27:07.799 --> 00:27:10.640
you look at like can Start and Finder and at

541
00:27:10.640 --> 00:27:13.680
the end of the day, all of them have paid recommendations.

542
00:27:13.720 --> 00:27:17.200
At the top and maybe aren't as clear as they

543
00:27:17.240 --> 00:27:19.279
could be to put you in the best possible position.

544
00:27:19.319 --> 00:27:21.519
You might pick the best one, but it's like rated

545
00:27:21.519 --> 00:27:23.960
five star because they paid to be rated five star.

546
00:27:24.039 --> 00:27:25.880
You know, Like that's just it gives me the ick,

547
00:27:25.920 --> 00:27:28.599
and we're already so far behind. We don't need companies

548
00:27:28.680 --> 00:27:31.960
profiting off us, making comparisons and trying to put ourselves

549
00:27:32.000 --> 00:27:35.079
in the best possible position. So looking at this my

550
00:27:35.240 --> 00:27:38.680
super tools, it's really powerful because it actually puts us

551
00:27:38.680 --> 00:27:40.759
back in the driver's seat to pick the super fund

552
00:27:40.799 --> 00:27:43.799
that makes sense to us. The government is also jumping

553
00:27:43.880 --> 00:27:47.200
down the throats of super funds that aren't performing. Some

554
00:27:47.359 --> 00:27:49.640
people who are listening might have gotten letters from their

555
00:27:49.640 --> 00:27:53.200
super funds literally recommending that they leave because their performance

556
00:27:53.279 --> 00:27:57.000
isn't good, because yeah, the government is making them send

557
00:27:57.079 --> 00:27:59.440
them out. Now they're like okay, cool, Like we haven't met,

558
00:27:59.519 --> 00:28:01.920
Like we're on up to scratch. So the government's told

559
00:28:02.000 --> 00:28:03.519
us that we need to tell you there are better

560
00:28:03.559 --> 00:28:07.720
options out there, which I am all for, like shape

561
00:28:07.799 --> 00:28:11.039
up or ship out my friends. So I think it's

562
00:28:11.079 --> 00:28:14.200
one of those things where do your comparisons, make sure

563
00:28:14.240 --> 00:28:16.519
it aligns to your values, because the more aligned to

564
00:28:16.559 --> 00:28:18.880
your value something is the more you are going to

565
00:28:18.960 --> 00:28:21.079
care about it. It's not me just going oh, it's

566
00:28:21.079 --> 00:28:23.359
such a nice to have thing, like, you are going

567
00:28:23.400 --> 00:28:26.200
to care more. If this is something you're interested in,

568
00:28:26.680 --> 00:28:29.559
I would be looking at I'd look at your insurances.

569
00:28:29.920 --> 00:28:34.079
So most superannuation funds offer default insurance for death and

570
00:28:34.119 --> 00:28:37.079
disablement when you join. If you are over the age

571
00:28:37.079 --> 00:28:39.480
of thirty, it is very likely that you have a

572
00:28:39.599 --> 00:28:44.440
very sexy policy that still exists that has no exclusions

573
00:28:44.480 --> 00:28:46.359
on it. So as we get a bit older, cast

574
00:28:46.440 --> 00:28:49.039
we might have been playing netball. Cough at me. You

575
00:28:49.119 --> 00:28:51.079
roll your ankle and you end up needing a little

576
00:28:51.119 --> 00:28:54.319
bit of surgery, and then when you go to apply

577
00:28:54.440 --> 00:28:57.000
for insurance, they're like, ah, you rolled your ankle, We're

578
00:28:57.000 --> 00:29:00.279
not covering your ankle. That's going to be excluded from insurance.

579
00:29:00.319 --> 00:29:02.720
So if ever anything happens due to that black you're

580
00:29:02.720 --> 00:29:05.920
not covered. So a lot of our insurances are default,

581
00:29:06.240 --> 00:29:08.839
so they don't have any type of exclusions on them.

582
00:29:08.880 --> 00:29:11.319
It doesn't matter when it was written, if you've been

583
00:29:11.359 --> 00:29:13.599
paying for it, it will still be in force. So

584
00:29:13.720 --> 00:29:15.640
that's one thing I want you to look at before

585
00:29:15.680 --> 00:29:18.440
you roll over your super because you might lose that cover.

586
00:29:18.880 --> 00:29:21.400
That cover can be really powerful. Like if we get

587
00:29:21.480 --> 00:29:24.279
a bit older in life happens and you need some

588
00:29:24.319 --> 00:29:27.319
more insurance, well maybe you might not get it. And

589
00:29:27.400 --> 00:29:30.799
sometimes if our BMI is too high, insurance companies these

590
00:29:30.839 --> 00:29:32.480
days are like, no, I'm not going to cover you.

591
00:29:32.519 --> 00:29:34.640
And I just think it is such a joke to

592
00:29:34.680 --> 00:29:37.640
not put yourself first. But we don't know what we

593
00:29:37.720 --> 00:29:41.480
don't know, right, so consider your insurances. I would consider

594
00:29:41.559 --> 00:29:45.079
consolidating your super so having more than one super account

595
00:29:45.119 --> 00:29:49.039
isn't just complicated, it costs more and obviously paying multiple

596
00:29:49.079 --> 00:29:51.160
sets of fees is going to chip away to the

597
00:29:51.200 --> 00:29:54.200
overall balance you have in super. So I would make

598
00:29:54.240 --> 00:29:57.039
sure that you know you have only one super account.

599
00:29:57.279 --> 00:30:00.359
But if you've got to, maybe you've got a alority

600
00:30:00.400 --> 00:30:02.599
of your investment money in one super account and then

601
00:30:02.640 --> 00:30:04.839
you've got like the bare minimum amount in your other

602
00:30:04.880 --> 00:30:07.039
super account, but you're holding onto it to keep that

603
00:30:07.079 --> 00:30:10.480
sexy insurance. So what we want is you in the

604
00:30:10.559 --> 00:30:13.480
best possible position, and you to know why you have

605
00:30:13.599 --> 00:30:16.680
each super fund, not just collecting a plethora of them,

606
00:30:16.759 --> 00:30:19.240
like Baby Victoria did because she worked in retail. Then

607
00:30:19.240 --> 00:30:21.160
she worked in hospitality. Then she went and worked for

608
00:30:21.200 --> 00:30:23.640
a government agency. And then I decided to get another

609
00:30:23.680 --> 00:30:25.519
super fund because it sounded like good. I like a

610
00:30:25.519 --> 00:30:27.720
good one because my girlfriend had it, like I had

611
00:30:27.880 --> 00:30:30.759
so many. I've been there. I've been there exactly, and

612
00:30:30.799 --> 00:30:34.240
I think we all have. And given how you know,

613
00:30:34.440 --> 00:30:37.319
up and down the workforce has been over the last years,

614
00:30:37.359 --> 00:30:40.720
I wouldn't be surprised if most people have numerous super funds,

615
00:30:40.960 --> 00:30:44.079
but I would be consolidating it. Another thing I would

616
00:30:44.160 --> 00:30:48.079
consider is contributing more if you want to, or if

617
00:30:48.079 --> 00:30:50.279
that's in line with your values. Obviously, if it's not

618
00:30:50.359 --> 00:30:53.960
in budget, then don't worry. Stop putting so much pressure

619
00:30:53.960 --> 00:30:56.599
on yourself. We all go through different seasons in our life.

620
00:30:57.160 --> 00:31:00.799
But if you're worried about your superbalance, or you're planning

621
00:31:00.799 --> 00:31:03.400
a child in the future, like, how can we support

622
00:31:03.440 --> 00:31:07.119
ourself now that if you know, I take a year

623
00:31:07.160 --> 00:31:09.480
off in the future to have a child and not

624
00:31:09.559 --> 00:31:12.119
go to work, I don't want to be behind. So

625
00:31:12.160 --> 00:31:14.160
there are a number of things that you can do. Firstly,

626
00:31:14.200 --> 00:31:17.200
you can contribute more to super. Secondly, you could actually

627
00:31:17.279 --> 00:31:20.920
discuss with your employer to pay your superannuation while you

628
00:31:21.000 --> 00:31:24.440
are on leave. And thirdly, you could start a discussion

629
00:31:24.480 --> 00:31:26.200
with your partner because did you know that they can

630
00:31:26.240 --> 00:31:28.440
get a tax rebate for paying some of your super?

631
00:31:28.720 --> 00:31:33.039
Did not know that money win? Money win? And why

632
00:31:33.039 --> 00:31:37.599
should you be financially backwards if you're the one taking

633
00:31:37.640 --> 00:31:39.920
time off to have a family and start a family

634
00:31:39.960 --> 00:31:41.279
when that was a joint decision.

635
00:31:41.440 --> 00:31:44.880
That's what really irks me that women are disadvantage because

636
00:31:44.880 --> 00:31:47.759
of a couple's decision to have a child or she'll

637
00:31:47.759 --> 00:31:52.680
stay home and then she's so much worse off financially.

638
00:31:52.799 --> 00:31:55.720
Yeah, and in my community, it's a really common topic

639
00:31:55.759 --> 00:31:57.640
to now bring up with your partner. Okay, well what's

640
00:31:57.640 --> 00:31:59.680
going to happen with my super? Are you contributing? More

641
00:31:59.759 --> 00:32:02.559
like what are we doing? And to be honest, I

642
00:32:02.599 --> 00:32:05.480
think that partners have just never thought about it because

643
00:32:05.519 --> 00:32:07.240
they haven't been in the position where they've had to.

644
00:32:07.759 --> 00:32:09.839
So now they're thinking about it, they're like, yeah, well, cass,

645
00:32:09.880 --> 00:32:11.680
I don't want you to be behind. Of course we'll

646
00:32:11.680 --> 00:32:14.559
do something to make sure your super is isn't behind.

647
00:32:14.640 --> 00:32:16.200
And to be honest, it's a bit of a red

648
00:32:16.240 --> 00:32:18.279
flag to me if my partner's like, no, you need

649
00:32:18.319 --> 00:32:20.799
to take that here no, sir, sit.

650
00:32:20.680 --> 00:32:23.400
Down, This is probably off topic or out of your

651
00:32:23.480 --> 00:32:25.839
kind of area of expertise, Victoria. But how does the

652
00:32:25.839 --> 00:32:28.119
family court look at super now? Like, if there is

653
00:32:28.160 --> 00:32:31.960
a divorce, is superinuation considered like a joint asset like

654
00:32:32.599 --> 00:32:33.119
a home?

655
00:32:33.440 --> 00:32:36.920
Yeah? Yeah, so it's considered a joint asset in every

656
00:32:36.920 --> 00:32:41.000
other state except Western Australia, where it's considered a personal asset. Right,

657
00:32:41.279 --> 00:32:44.400
So obviously not legal advice. Please go and talk to somebody.

658
00:32:44.440 --> 00:32:48.039
But from my understanding as a financial advisor who's had

659
00:32:48.079 --> 00:32:52.519
a fair bit to do with the legal system, every

660
00:32:52.519 --> 00:32:55.240
other state will take it into consideration when going through

661
00:32:55.279 --> 00:32:58.519
a divorce, except in Western Australia, where they see it

662
00:32:58.559 --> 00:33:03.640
as individual and that can be quite toxic. So from

663
00:33:03.640 --> 00:33:06.960
my perspective, I have seen, you know, not to get

664
00:33:07.000 --> 00:33:08.920
too deep into a bit of a wormhole, but I

665
00:33:08.960 --> 00:33:11.000
have seen people go, oh, well, I don't want my

666
00:33:11.000 --> 00:33:13.960
wife to have you know, that extra hundred grands cash

667
00:33:14.000 --> 00:33:15.720
in it. I also just don't want to lose it,

668
00:33:15.759 --> 00:33:18.079
and they hide it in their super which means the

669
00:33:18.480 --> 00:33:19.559
wife can't get it out.

670
00:33:19.960 --> 00:33:22.279
I think it's important for people to be aware of

671
00:33:22.279 --> 00:33:24.920
that though, because I just remember, I mean years and

672
00:33:25.039 --> 00:33:28.400
years ago. I remember somebody that I knew going through

673
00:33:28.400 --> 00:33:31.920
a divorce and the fights for him to hold on

674
00:33:32.000 --> 00:33:34.720
to his SUPER and I believe in the end that

675
00:33:34.759 --> 00:33:36.799
I think in his case he was allowed to keep it,

676
00:33:37.160 --> 00:33:40.640
which was like really unfair, really really wrong. But anyway,

677
00:33:40.880 --> 00:33:44.119
so just an important thing to consider with regards to super.

678
00:33:44.119 --> 00:33:46.480
Absolutely, And you just don't know what you don't know,

679
00:33:46.599 --> 00:33:48.319
rad Like, no one signs up to a marriage to

680
00:33:48.319 --> 00:33:50.839
get divorced. Why would you be thinking about the superannuation

681
00:33:50.960 --> 00:33:52.880
side of things unless you're me and you made your

682
00:33:52.880 --> 00:33:56.559
partner sign a completely binding financial agreement before you even

683
00:33:56.599 --> 00:33:58.480
moved in together. Like, no one is as crazy as

684
00:33:58.480 --> 00:34:00.759
I am. So I'm here to you.

685
00:34:00.759 --> 00:34:02.920
You know something to be said for that? Isn't there

686
00:34:03.000 --> 00:34:04.279
something to be said for that?

687
00:34:04.359 --> 00:34:07.759
Because that women need to be empowered to protect themselves

688
00:34:07.799 --> 00:34:08.519
and protect their.

689
00:34:08.360 --> 00:34:11.039
Finances, So good for you. Can we just touch on

690
00:34:11.079 --> 00:34:11.840
that point again?

691
00:34:11.960 --> 00:34:14.840
So if a, if your spouse is working or your

692
00:34:14.880 --> 00:34:18.440
partner is working and you're not, he or she can

693
00:34:18.480 --> 00:34:23.519
get a tax rebate for putting money into your super.

694
00:34:23.760 --> 00:34:25.480
I just want to say that again. I think that's

695
00:34:25.519 --> 00:34:27.360
so so important and.

696
00:34:27.840 --> 00:34:30.920
I think it's real, real, hot that's hot stuff. But yeah,

697
00:34:31.000 --> 00:34:34.440
you can contribute to your partner's super by splitting up

698
00:34:34.480 --> 00:34:38.639
to eighty five percent of your before tax super contributions.

699
00:34:38.920 --> 00:34:42.440
So before tax super contributions include like your employee contributions

700
00:34:42.480 --> 00:34:45.880
or salary sacrifice or any contributions that you make like

701
00:34:45.920 --> 00:34:48.800
and then if you make any contributions after tax, you

702
00:34:48.800 --> 00:34:51.480
can then make a claim for a tax deduction, so

703
00:34:51.599 --> 00:34:54.800
like their amounts, and it's called a tax offset for

704
00:34:54.880 --> 00:34:58.119
super contributions on behalf of a spouse. And you can

705
00:34:58.159 --> 00:35:00.400
find a whole heap of information on it on the

706
00:35:00.519 --> 00:35:04.000
ATO website, so that's ATO dot gov dot au and

707
00:35:04.039 --> 00:35:07.320
there is like a limit on it. But in saying that,

708
00:35:07.320 --> 00:35:10.199
that is a very good position to be.

709
00:35:10.840 --> 00:35:13.800
Just while we're on the topic of super, a lot

710
00:35:13.840 --> 00:35:17.760
of interest amongst people that I know in self managed

711
00:35:17.960 --> 00:35:22.000
super in what circumstances. I know you can't give individual advice,

712
00:35:22.039 --> 00:35:25.559
but in what sort of circumstances does self manage super

713
00:35:25.719 --> 00:35:28.599
work for people versus just putting it into a fund.

714
00:35:28.760 --> 00:35:32.239
Yeah, Look, self managed super is for a lot of

715
00:35:32.280 --> 00:35:35.719
people are really attractive opportunity because you go, oh my gosh,

716
00:35:35.760 --> 00:35:38.039
I'm going to have so much control over my super

717
00:35:38.079 --> 00:35:41.400
and it's self managed, right, but it's also twenty twenty

718
00:35:41.400 --> 00:35:43.440
two and twenty years ago that was a really good

719
00:35:43.440 --> 00:35:46.079
idea because you could get into property. But now as

720
00:35:46.199 --> 00:35:49.079
SICK and the ATO are absolutely cracking down on that

721
00:35:49.159 --> 00:35:52.159
and making sure that people are doing an audit on

722
00:35:52.199 --> 00:35:55.960
an annual basis, they are actually well diversified in their

723
00:35:56.000 --> 00:35:58.920
portfolios to make sure that they are saving for retirement,

724
00:35:59.320 --> 00:36:01.840
and there's a lot less flexibility than there used to be.

725
00:36:02.239 --> 00:36:04.920
There's also a lot more flexibility in the pre existing

726
00:36:05.000 --> 00:36:07.599
superannuation funds than there used to be. So most of

727
00:36:07.639 --> 00:36:11.519
them enable you to obviously pick your risk profile, but

728
00:36:11.719 --> 00:36:14.719
some of them, like Australian Super Obviously I've mentioned this

729
00:36:14.800 --> 00:36:17.239
twice now, it's just because I was reading about them today,

730
00:36:17.400 --> 00:36:20.360
not because I'm endorsing it by any stretch of the imagination.

731
00:36:20.760 --> 00:36:22.800
But they actually enable you to take a portion of

732
00:36:22.840 --> 00:36:24.880
your super and invest it in whatever you would like,

733
00:36:24.960 --> 00:36:27.039
and they help you enable that, and I think that

734
00:36:27.039 --> 00:36:31.239
that's really powerful At this point in time. I would

735
00:36:31.280 --> 00:36:33.400
never let a client who didn't have a fair few

736
00:36:33.599 --> 00:36:37.920
hundred thousand dollars in super considerate because as much as

737
00:36:37.960 --> 00:36:41.440
you will quote save on fees, the thing you save

738
00:36:41.519 --> 00:36:44.159
on super fees, you have to spend on accounting fees.

739
00:36:44.360 --> 00:36:47.519
So the average cost of an SMSF or a self

740
00:36:47.519 --> 00:36:50.599
managed super fund would be three to six thousand dollars

741
00:36:50.599 --> 00:36:53.320
for accounting fees, and then another three thousand dollars each

742
00:36:53.360 --> 00:36:55.519
and every single year on top of that for the

743
00:36:55.599 --> 00:37:00.840
ATO and a six audit that is as mandatory option.

744
00:37:01.199 --> 00:37:03.559
Yes there's a lot more flexibility, but it's not the

745
00:37:03.599 --> 00:37:06.920
flexibility you think it might be. And I do find

746
00:37:06.960 --> 00:37:09.840
them quite risky because the owners is then on you

747
00:37:09.920 --> 00:37:13.280
to manage it properly, and there are pretty big ramifications

748
00:37:13.280 --> 00:37:16.800
if you don't do that correctly. So yeah, from my perspective,

749
00:37:17.159 --> 00:37:19.480
they're not something that I see a lot of people

750
00:37:19.519 --> 00:37:22.400
these days go into. When I first came into the

751
00:37:22.400 --> 00:37:25.320
financial advice space, like seven years ago, the practice I

752
00:37:25.360 --> 00:37:27.840
worked for was writing them all the time because they

753
00:37:27.840 --> 00:37:31.440
were really good. But nowadays they are few and far between,

754
00:37:31.480 --> 00:37:34.280
and I just can't write a statement of advice that

755
00:37:34.840 --> 00:37:38.039
you actually puts a client in the best position having

756
00:37:38.039 --> 00:37:41.760
an SMSF unless they are big business owners who want

757
00:37:41.760 --> 00:37:44.280
to own a whole heap of commercial property inside that.

758
00:37:44.519 --> 00:37:48.039
And I mean, again, that's clearly not personal advice like

759
00:37:48.199 --> 00:37:50.679
go talk to your accountant, talk to your financial advisor.

760
00:37:50.840 --> 00:37:53.559
But from my perspective, I just think there are so

761
00:37:53.679 --> 00:37:57.159
many options out there that carry so much less risk

762
00:37:57.320 --> 00:38:00.000
that put you in a good position. Yeah.

763
00:38:00.119 --> 00:38:04.320
I actually know some people who have got property in

764
00:38:04.400 --> 00:38:06.360
a self managed super fund, and this is something that

765
00:38:06.440 --> 00:38:08.559
I found really interesting, so I thought i'd mention it.

766
00:38:09.079 --> 00:38:13.119
They bought this holiday home in New Zealand. He's a

767
00:38:13.199 --> 00:38:18.440
Kiwi and apparently legally they're not allowed to spend time

768
00:38:18.480 --> 00:38:20.079
in that holiday home.

769
00:38:20.199 --> 00:38:22.320
No, they're not because it's an investment asset.

770
00:38:22.440 --> 00:38:22.679
Yeah.

771
00:38:22.719 --> 00:38:24.480
So even though it does a rental like it is

772
00:38:24.519 --> 00:38:28.400
a holiday home that other people can rent down.

773
00:38:28.280 --> 00:38:31.440
Yep, they're not allowed to use it for personal use. Yeah.

774
00:38:31.519 --> 00:38:33.599
Yet I think a lot of people wouldn't realize that

775
00:38:33.639 --> 00:38:35.000
because I had no idea.

776
00:38:35.159 --> 00:38:37.880
No, it's crazy, right yeah yeah.

777
00:38:37.960 --> 00:38:38.480
Yeah.

778
00:38:38.800 --> 00:38:40.960
So if you're thinking you can just use you stupid

779
00:38:40.960 --> 00:38:42.800
to buy a holiday home so you can have your weekend,

780
00:38:43.039 --> 00:38:45.719
you know weekends and your Christmas can't unless you're going

781
00:38:45.760 --> 00:38:46.719
to get in big trouble.

782
00:38:47.239 --> 00:38:49.679
Sad, isn't it, because you're like that plugger that could

783
00:38:49.679 --> 00:38:50.440
have been really good.

784
00:38:51.639 --> 00:38:53.559
Yes, And I think there's probably a lot of people

785
00:38:53.880 --> 00:38:56.360
trying and find a way around that or just like

786
00:38:56.480 --> 00:38:59.440
not telling anybody but legally you're not allowed to.

787
00:39:00.159 --> 00:39:03.440
In an SMSF, they can be super colorful casts. I

788
00:39:03.440 --> 00:39:06.559
have seen it all. I have seen people have luxury

789
00:39:06.639 --> 00:39:10.880
car collections. I have seen people own artwork and like

790
00:39:10.960 --> 00:39:15.480
e collectic and you know, rare wine in their SMSF.

791
00:39:15.800 --> 00:39:17.480
The thing with that is it all needs to be

792
00:39:17.559 --> 00:39:21.360
documented and audited and kept at a location because it's

793
00:39:21.360 --> 00:39:23.800
an investment, Like you can't drink the wine if it's

794
00:39:23.800 --> 00:39:27.039
an investment inside your SMSF. Like it's not as sexy

795
00:39:27.079 --> 00:39:29.639
as you think it is, I promise. In fact, we

796
00:39:29.760 --> 00:39:32.800
even had one client who had Irme's Burken in her

797
00:39:32.920 --> 00:39:35.639
SMSF and she was like, oh my gosh, I'm going

798
00:39:35.679 --> 00:39:37.760
to do this because she just thought it was really fancy.

799
00:39:38.039 --> 00:39:40.280
And then you know a few years later we'll like,

800
00:39:40.360 --> 00:39:42.079
you know, you can't use that right, Like it literally

801
00:39:42.119 --> 00:39:44.199
has to go and sit in a vault, like you

802
00:39:44.239 --> 00:39:47.199
can't have that. So, yeah, it came out of the

803
00:39:47.320 --> 00:39:48.599
SMSF pretty quickly.

804
00:39:48.800 --> 00:39:51.119
Yeah, I think that a lot of people wouldn't realize that.

805
00:39:51.159 --> 00:39:52.880
So that is good information to have.

806
00:39:52.840 --> 00:39:56.840
Good tips don't keep a burken inside your SMSF. I

807
00:39:56.840 --> 00:39:59.320
mean they're a great They're a great investment. Like have

808
00:39:59.400 --> 00:40:03.400
you seen her bags sometimes, especially luxury ones. I think

809
00:40:03.400 --> 00:40:05.760
it was like five years ago a Chanel bag costs

810
00:40:05.760 --> 00:40:08.639
six thousand dollars. Today are the same Chanel bag costs

811
00:40:08.639 --> 00:40:11.119
eleven thousand dollars. That's a pretty good return on investment

812
00:40:11.159 --> 00:40:11.840
if you ask me.

813
00:40:11.840 --> 00:40:12.800
Yeah, it actually is.

814
00:40:12.960 --> 00:40:14.039
It actually is interesting.

815
00:40:14.159 --> 00:40:16.599
Like Victoria, as always, you are such a wealth of

816
00:40:16.639 --> 00:40:19.639
information and I need to thank you for the work

817
00:40:19.679 --> 00:40:22.960
that you do in empowering women financially. Anybody listening to

818
00:40:23.039 --> 00:40:26.440
this now who feels empowered to do something about their investments,

819
00:40:26.440 --> 00:40:29.760
about their super what should their next step be.

820
00:40:30.199 --> 00:40:34.159
I mean cas to be a little bit self promotional

821
00:40:34.199 --> 00:40:36.480
for a hot second. Obviously, go check out my book

822
00:40:36.679 --> 00:40:40.119
Investing with Sheese on the Money, obviously, But to be honest,

823
00:40:40.159 --> 00:40:42.519
I said this year before we started recording, I don't

824
00:40:42.519 --> 00:40:44.639
even mind what book you're reading, as long as you're

825
00:40:44.679 --> 00:40:46.679
reading a book that is putting you in the best

826
00:40:46.719 --> 00:40:49.440
possible position. There are so many good investment books out

827
00:40:49.480 --> 00:40:53.079
there these days. Find one that resonates with you and start, like,

828
00:40:53.119 --> 00:40:55.599
if you do one thing after listening to this podcast,

829
00:40:55.639 --> 00:40:57.559
it's just going and checking your super account like you

830
00:40:57.599 --> 00:40:59.840
don't have to do anything, just check that it's there

831
00:40:59.880 --> 00:41:01.840
and it's what you thought it was going to be.

832
00:41:02.239 --> 00:41:05.239
Too many times employeers aren't paying our super. And I

833
00:41:05.280 --> 00:41:08.719
promise if every single person listening to this podcast goes

834
00:41:08.719 --> 00:41:10.599
and looks at their super, I promise we're going to

835
00:41:10.599 --> 00:41:12.840
find at least one or two of you who are

836
00:41:12.880 --> 00:41:14.960
missing a few payments that we need to follow up.

837
00:41:14.960 --> 00:41:18.280
And you deserve to follow up. So from my perspective,

838
00:41:18.280 --> 00:41:20.880
care about your super, have a check out of your insurances,

839
00:41:21.360 --> 00:41:24.440
and start really thinking about investing, because you are putting

840
00:41:24.480 --> 00:41:26.559
yourself behind by not Yeah.

841
00:41:26.599 --> 00:41:32.119
Absolutely, Victoria, thank you so much. And obviously also apart

842
00:41:32.119 --> 00:41:35.480
from reading books, consuming podcasts is also a great way

843
00:41:35.519 --> 00:41:35.920
to just.

844
00:41:36.239 --> 00:41:39.360
Of course, I have a whole podcast as well.

845
00:41:40.239 --> 00:41:41.400
So she's on the money.

846
00:41:41.679 --> 00:41:46.679
Unsurprisingly very popular winner of all the podcast awards, and

847
00:41:46.719 --> 00:41:49.760
congratulations to you on that. But thank you so much again,

848
00:41:49.800 --> 00:41:51.360
and we will make sure we put in the show

849
00:41:51.360 --> 00:41:53.400
notes where to find you can people book an appointment

850
00:41:53.400 --> 00:41:54.039
with you, Victoria.

851
00:41:54.119 --> 00:41:55.320
Is that something that you still do?

852
00:41:55.639 --> 00:41:58.840
It's not I'm sorry, I spend my life advocating for

853
00:41:58.920 --> 00:42:01.880
financial literacy. See I do have a mortgage broking firm

854
00:42:01.920 --> 00:42:06.199
called Zella Money these days, where I get my community

855
00:42:06.280 --> 00:42:09.000
into their first homes or their next home. But I

856
00:42:09.039 --> 00:42:12.480
have really stepped back from the financial advice space because,

857
00:42:12.719 --> 00:42:15.239
to be honest, I think that empowering people on a

858
00:42:15.239 --> 00:42:17.599
platform like this is just so much more powerful than

859
00:42:17.599 --> 00:42:19.599
one on one advice in saying that if you are

860
00:42:19.760 --> 00:42:22.000
looking for an advisor, head to my website and I

861
00:42:22.039 --> 00:42:24.400
can point you in the right direction of an advisor

862
00:42:24.440 --> 00:42:26.199
that would be the right fit for you. I have

863
00:42:26.320 --> 00:42:28.079
a whole heap of friends in the space, and I

864
00:42:28.079 --> 00:42:31.760
can make a recommendation that would be the right fit. Perfect.

865
00:42:31.920 --> 00:42:34.239
Thank you, Victoria, Thank you so much for your time again.

866
00:42:34.480 --> 00:42:36.519
Thank you for having me. It's been a pleasure.

867
00:42:36.559 --> 00:42:44.840
As always, that was an absolutely fascinating chat. I'm so

868
00:42:44.920 --> 00:42:48.559
glad the Victoria came on the podcast again to share

869
00:42:48.599 --> 00:42:50.239
all of that info with.

870
00:42:50.119 --> 00:42:51.079
Me and with you.

871
00:42:51.519 --> 00:42:54.760
Finances can sometimes be really confronting, so it's amazing to

872
00:42:54.800 --> 00:42:58.480
have someone who can break it down so simply. Victoria's

873
00:42:58.519 --> 00:43:01.880
new book, Investing with She's on the Money helps young

874
00:43:01.960 --> 00:43:04.880
women take control of their finances, and it is available

875
00:43:05.000 --> 00:43:06.760
now in all good bookstores.

876
00:43:07.280 --> 00:43:08.519
As always, if.

877
00:43:08.400 --> 00:43:10.639
You enjoy Crappy to Happy, please do make sure you

878
00:43:10.679 --> 00:43:12.719
subscribe wherever you get your podcasts.

879
00:43:12.880 --> 00:43:14.800
Give us a five star rating and a review.

880
00:43:14.920 --> 00:43:17.000
It really does help us get in the ears of

881
00:43:17.079 --> 00:43:20.199
more listeners and I can't wait to catch you on

882
00:43:20.239 --> 00:43:22.320
the next episode of Crappy to Happy.

883
00:43:26.800 --> 00:43:27.280
Listener