September 3, 2026 • 38 mins
Towards, away, or rotisserie-chicken style? It’s Friday Drinks time, and this week the gang are discussing all of the important issues; namely which direction they face in the shower.
Join Victoria, Jess and Bec for this week’s best Money Wins, Broke Tips and community dilemmas that you might find particularly useful if you’ve been sleeping on super. Hear from the gang about whether it’s most fruitful to salary sacrifice weekly or monthly and what to do if you find that you’ve got multiple super accounts. Come for the juicy superannuation tips, stay for a continental cucumber redux.
CLASS ACTIONS: Read ‘em and weep (happy tears, sad tears, you decide) over at the Fed list of current class actions fedcourt.gov.au/law-and-practice/class-actions/class-actions.
SEEK AND YOU SHALL FIND… LOST SUPER: The ATO Lost Super Lookupis here to help you be reunited with any lost super.
COMPARE YOUR SUPER: Select up to four comparable products to view side-by-side against your current situation over here: ato.gov.au/single-page-applications/yoursuper-comparison-tool
New here? Follow us on Instagram (@shesonthemoneyaus) for Q&As, bite-sized advice, daily money inspo... and relatable money memes that just get you.
Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au)
The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 4451289
See omnystudio.com/listener for privacy information.
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Speaker 1 (00:00):
My name's Tatasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country t glennyan Ganya, Niana,
Kaka yah Ya Binahaka nian arka In Mbini, yakarum Jar,
Doumayagumika Umaga Ihowaka, Nile, waman dam and immalan umabang gadabama
In and naw In Waka Ghana and yak rum jar Watanadaa. Hello,
(00:22):
beautiful friends, we gather on the lands of the Aboriginal people.
We thank acknowledge and respect the Aboriginal people's land that
we're gathering on today. Take pleasure in all the land
and respect all that you see. She's on the Money
podcast acknowledges culture, country, community and connections, bringing you the tools,
knowledge and resources for you to thrive.
Speaker 2 (00:44):
She's on the Money.
Speaker 3 (00:46):
She's on the Money.
Speaker 4 (00:50):
Hello, and welcome to She's on the Money, the podcast
where we usually discuss all the issues concerning your wealth
goals so that you can feel more in control of
your financial future. But on Fridays we loosen our ties
in favor of something a little bit more casual. Here
on Friday Drinks, you can expect entertaining questions from our community,
the odd money related dilemma and insightful yaps with our
(01:11):
two favorite podcast co hosts, Miss beck Sayed and Miss Garci.
Beck is a quotable, conversational preserver of continental cucumbers.
Speaker 5 (01:23):
And a voice of the people.
Speaker 6 (01:25):
Oh that's so nice.
Speaker 5 (01:26):
I do like a pickle.
Speaker 3 (01:27):
I do like a pickle.
Speaker 4 (01:28):
And Jess is a partnership's savant pilate is enthusiast and
sometimes soer. Together, they'll be bringing you some money wins
and broake tips from the community because knowledge is power.
Up my friends, I'm so welcome to Friday Drinks Beautiful VD.
Speaker 5 (01:46):
Did you know that you're a preserver of continental cucumbers?
Speaker 3 (01:50):
Oh yeah, call back to episode you missed, Miss It's
a very lovely hand jestures.
Speaker 6 (01:58):
Yes, well, in order to explain a cucumber, Unfortunately, we
need to know.
Speaker 4 (02:02):
You don't just say hey, guys, cucumbers and people go, yes,
I do. Because I don't live.
Speaker 5 (02:08):
Under a rock. You don't need me to know. Especially fine.
Speaker 4 (02:13):
Anyway, moving on, today is super In fact, today's episode
is super No really, it is giving superanuation, specifically what
you might do if you find that you have multiple
Superanuation accounts and you just don't know what to do.
Turns up, we do, from comparison and consolidation to closing
extra accounts. We're going to be covering what to look
(02:33):
out for in that process. We're also going to be
discussing this week's money dilemma, which concerns Superanuation. Told you
it was a super episode and investing for retirement. Does
it beat the share market? You're going to have to
wait and find out.
Speaker 7 (02:48):
This week.
Speaker 5 (02:48):
We are living in the future and we actually can't
wait to see what it holds.
Speaker 4 (02:52):
Right after this break, Welcome back, my friends, and you
you're back just in time for a five star review?
Speaker 3 (03:02):
Are you ready?
Speaker 4 (03:03):
I know that I said we are living in the future,
but this segment is all about looking fondly at the
past and how you our lovely listeners have been receiving
our podcast. If you have a five star review that
you are dying to be shared on the show, please
leave it wherever you get your podcasts.
Speaker 5 (03:18):
My friends. This comes from someone with a great name.
Their name is Beck. Oh are you ready ready?
Speaker 4 (03:24):
Beck wrote, I just wanted to send a shout out
to you, Jess and Beck and thank you for a
seriously awesome podcast. I started listening to your show in
early twenty twenty five when I was trying to find
a particular podcast to show my eleven year old daughter
to show her how annoying it was. Don't worry, it
wasn't yours. I played one of your pods, thinking it
was the one I was searching for, then five minutes
(03:46):
in realized it wasn't and it was really good, and
I got completely hooked.
Speaker 3 (03:49):
Oh my god, that's so good.
Speaker 5 (03:50):
That's a niche way of finals.
Speaker 3 (03:53):
We got cha.
Speaker 4 (03:54):
You cover topics that other finance podcasts I listened to
don't when it comes to things like the vaginant attacks,
interviewing money darists from all walks of life like the
sex industry, and I couldn't love it more. I'm now
listening to the back catalog. Guys, I'm up to June
twenty twenty one. Hello from five Years in the Future,
and you've quickly become my favorite podcast of all time.
Speaker 5 (04:17):
Oh isn't that so sweet?
Speaker 4 (04:19):
That I am so thrilled for you and also thrilled
that we made the cut of not being the annoying
podcast that you were going to show your eleven year
old Toyah.
Speaker 6 (04:26):
That's so nice.
Speaker 3 (04:27):
I first, we want to know what this podcast is?
Speaker 5 (04:29):
Can you dam me? Because I just feel like that
wasn't enough information. Yeah, I won't share it on the podcast. No, no, no,
maybe I will imagine if it was really really annoying.
Speaker 6 (04:38):
Yeah, well then we please. I wonder how long, because
it took five minutes. I wonder if that she was
like for a little while, I was like, yeah, this is.
Speaker 7 (04:44):
It, this is it?
Speaker 5 (04:47):
Five minutes were listening to? And what were you listening for?
Speaker 3 (04:50):
Anyway?
Speaker 6 (04:51):
I'm so excited to find out what the anyway, I
just want the Jews.
Speaker 4 (04:54):
So if you found it and you showed her, please
also show us please right moving on to think of it,
it would be a very spicy question of the week,
like what's the most annoying podcast you've ever listened to?
We not really do that, but here's one we've prepared earlier.
This one actually comes from a lovely friend called Nikita,
and she asks, are you ready when you get in
(05:15):
the shower in the mornings?
Speaker 5 (05:17):
All the evenings they go, We're ready.
Speaker 4 (05:20):
Already, all right, haven't even got them? Okay, I'll add that,
do you face the shower head so that the water
is on your chest. Or do you have the water
falling on your back while you face away, I think?
Or do you have a third routissery chicken option and
(05:40):
you go between the two.
Speaker 6 (05:43):
I was gonna say rutissary chicken, but I think I'm
mainly away away into the side. Oh yeah, I'm a
side like side, I think side. I think I'm not
facing the head and I'm facing sideways outside.
Speaker 3 (05:57):
But also have a bath shower, you know, So.
Speaker 5 (05:59):
I feel like a lot of limiting your options limiting.
Speaker 6 (06:02):
It's quite limiting. So yeah, I think, but I also
do dabble in a rots three chicken.
Speaker 5 (06:07):
Yeah, okay, okay, all right, mister.
Speaker 3 (06:10):
Rotesar your chicken all the way.
Speaker 7 (06:12):
I think like I've got to wash my face and
I've got to wash my hair, and I need to
be facing two different directions due each those activities. I
think I mostly face the front, like face the shower
with like a little wishy washy motion.
Speaker 5 (06:24):
Oh yeah, yeah, moving because you need to get one
shoulder under ye.
Speaker 7 (06:28):
I'm in there to be warm. You know, it's ten
thousand degrees in my shower. I want to feel it.
So no standing to the side for me. But yeah,
I think it depends on what part of my body
i'm washing. Washing my face, I'm facing the thing. If
i'm washing my hair, I'm facing away. If I'm washing
my back, I'm facing away. If I'm washing my legs,
I'm facing the thing.
Speaker 3 (06:47):
Don't know why.
Speaker 5 (06:48):
It's really insightful.
Speaker 6 (06:49):
Yeah, oh actually no, Yeah, you want to get the
front leg? Yeah, yeah, okay, And it's so funny because
it's like the shower it will reach your front leg
either way, but something about it psychologically, like you won't
reach the front leg unless you're facing it.
Speaker 3 (07:02):
Yeah. I don't know what it is.
Speaker 5 (07:03):
I don't know, I get it.
Speaker 3 (07:04):
It's a very particular thing. Did you say, if you're
a morning or a night shower.
Speaker 6 (07:08):
Sometimes I forget for days and so, and then it's
like middle of the day because I'm like, oh my god,
I haven't done.
Speaker 3 (07:12):
This in a while, and so it's the middle of
the day.
Speaker 5 (07:14):
I can't exist without a shower.
Speaker 6 (07:16):
At night when I'm doing a bit of self care,
it's a nighttime. But if it's like you know, functional,
it's probably morning time and.
Speaker 7 (07:23):
I can't get into the bed dirty. Yeah, it's like
a decontamination like shower and hair wash day, like only
every power of me days.
Speaker 5 (07:31):
I see, I see, yeah, so oh, thank you for asking.
I have been waiting for this time to shine.
Speaker 4 (07:37):
So I shower every single night before bed because same
as you, I just can't get outside germs in my bed.
I also have to wear pajamas in bed. That's a
completely separate segue. We can ask the team about that
another day if anyone's interested. But if I'm washing my hair,
it's in the morning, so like I would never wash
my hair at night, and I'm a bougie lady.
Speaker 2 (08:00):
Guys.
Speaker 4 (08:00):
I actually have two different shower heads in my shower.
We have the rainfall shower and then we have the
like hand held shower head. So at nighttime, I'm only
using the hand held because I do not want the
rain shower stuff because I I'll end up with a
sore neck if I'm like trying.
Speaker 5 (08:12):
To keep my hair out of that rain. Yes, anyway,
the shower cat so wildly out of touch, but that
is fine.
Speaker 4 (08:19):
No, No, I'll just use the shower head one and
so I use that like it's obviously still attached to
the wall. And then yeah, shower at night, get out
deodorant at night, yes, yeap, and then getting bed cool,
and then in the morning if I need to wash
my hair, I will wake up an hour earlier, Oh no,
(08:40):
and wash my hair and blow dry my hair and
do everything that I need to do, because I just
want to make sure that I'm not like trying to
rush my hair so that I can get out. But
I only wash my hair like once or twice a week,
if that so fair?
Speaker 3 (08:52):
But what about Rich's through chicken?
Speaker 5 (08:55):
Yeah, I feel like.
Speaker 4 (08:56):
With the shower head thing, I like face it, okay,
like I'll turn to like rinse my back and stuff.
But like if I'm getting in the shower at night
time because I've had day germs on me, I get in,
I face the shower heads, yes, and I washed my face.
Speaker 5 (09:12):
I brush my teeth because I brush my teeth in
the shower.
Speaker 6 (09:14):
Is that no I do?
Speaker 5 (09:15):
That's acceptable?
Speaker 3 (09:16):
I don't think jolly, But I think yes, no.
Speaker 1 (09:20):
Not.
Speaker 7 (09:21):
The only time I ever do it is if I'm
a rush, in which case I will, But otherwise I
don't love leaving it in there. What brush my teeth
over the sink?
Speaker 4 (09:30):
No, my toothbrush lives in the shower and there's like
a whole oral care process. Yes, of tongue scraping, water flossing,
normal flossing, toothbrushing. That all happens every single night in
the shower.
Speaker 3 (09:40):
Yes, shower is so interesting.
Speaker 5 (09:42):
Enjoy it more. Yeah, because you can get hanging.
Speaker 4 (09:47):
No no, no, no, I'm not getting but I'm like
just hanging in the shower because like my oral care
takes a long time. Yeah, because I have a proper
like copper tongue scraper, then I have my water flosser,
then I do not more floss.
Speaker 5 (10:01):
That's a whole five minutes in itself.
Speaker 3 (10:04):
Because it's a very water efficient. It's not that's true that.
Speaker 5 (10:07):
I wouldn't have existed well in a drought.
Speaker 6 (10:10):
That's a really good point. Actually we don't think about
the environment. But sometimes, like when I clean the bathroom
or the shower or something, I'm like fully naked because
you want to get like you wanted things everywhere the
same when you're like brushing your teeth, you're like you
don't want to be making sure that you're not getting
too much of things, so get you stripped down and
you go crazy in the mouth.
Speaker 5 (10:29):
Do you know what?
Speaker 4 (10:30):
I always and like I hadn't really thought about this
until I made that video on me cleaning my toilets
that somehow went viral and made the Daily Mail. I've
done so much in my life, and yet that's what's
helping me shine. I usually clean my toilet right before
I get in the shower, yes, like, because I'm just like, oh,
(10:51):
I don't really want to clean the toilet. And I
actually clean the toilet a couple of times a week,
so I always like, do the bleach and the scrubby
scrub as the shower is heating up, and then I
get it, and I feel like none of the toilet
germs or on me anymore because I've had a full shower. Anyway,
I feel like that's enough toilet talk.
Speaker 5 (11:06):
What do you reckon?
Speaker 3 (11:07):
Agreed?
Speaker 4 (11:09):
But also it turns out I've never had an original
experience in my life. Like I was like, Oh, it's
real niche that I brush my teeth in the shower,
and you're like.
Speaker 3 (11:16):
No, it's not sick.
Speaker 6 (11:18):
Hey, maybe we're both unique.
Speaker 4 (11:20):
Now we are.
Speaker 5 (11:20):
We're unique in exactly the same way.
Speaker 4 (11:22):
We're so nice anyway, we're always on the hunt for
more questions of the week. We're actually insatiable like that,
please send them on in Our dms are always open.
Speaking of which, this week we'd actually received a money
in our voicemail inbox too, so we've got a little
voicemail box on. She's on the money website where you
leave your money dilemma, but this person left us a
money win, which I absolutely loved. So occasionally the inbox
(11:45):
where we get our money dilemma features the odd review
and casual tip bit rolls in as well. But this
week one community member told us via voicemail that then
negotiated a point two percent drop of their mortgage interest rate.
It doesn't sound like much, but in this economy that
is massive.
Speaker 5 (12:00):
That is huge.
Speaker 4 (12:01):
So I just wanted to remind people that that exists,
and you can call up your mortgage issuer at any
point and ask whether they're willing to negotiate.
Speaker 5 (12:10):
Good idea. But jess, what money wins can you share
with us? From the week that was.
Speaker 3 (12:14):
Well, lots made it to the thread this week.
Speaker 7 (12:16):
First they've got one from Ashley who said my husband
entered a competition through the Good Guys a couple of
months ago. We received a call recently saying you'd one
we got a new LGTV a sound system worth over
five thousand dollars on its way to us.
Speaker 3 (12:29):
And we cannot wait for the upgrade. Amazing. Love that.
Speaker 7 (12:32):
Then Amy said she had a promo for new customers
at Woolies where you would get fifty dollars off and
an apt promo for twenty dollars off if you spent
two hundred dollars. Needless to say, her partner now has
a Wooli's account. They click and collected the order and
with the usual specials, those extra deals, et cetera, they
saved over one hundred dollars on their groceries this week.
(12:53):
Love of all say how good when things stack? Madison said,
money win. One of my lovely neighbors dropped off a
wheelbarrow of hardwood for us to use in our fire.
We have the best street and I love all of
my neighbors so much.
Speaker 3 (13:04):
I just thought that sounded very wholesome.
Speaker 5 (13:06):
That is very wholesome.
Speaker 3 (13:07):
I love the idea of that.
Speaker 5 (13:08):
It is so expensive.
Speaker 7 (13:10):
Yeah, like you said, someone who's got extra stuff left
over from something, or it's just nice to check in
on your neighbors see if they need it. Jamie said
she lives off the disability pension and her shared dividends,
and when she worked out her budget for the last
financial year, it looked like she was basically going to
break even. Turns out she earned more than she spent,
so that extra money has now gone into her emergency
(13:31):
fund and she officially has her first emergency file. Well done, Jamie,
that's sick.
Speaker 5 (13:37):
That's my favorite one. Yeah, favorites.
Speaker 3 (13:40):
I don't big favorites, but you can rue. It's like
I can't pick a favorite child, you know exactly.
Speaker 5 (13:45):
You don't even have children.
Speaker 7 (13:47):
Yeah, you guys, what's weird to call you my children?
But I feel a lot of love towards you anyway.
Cue Jill said money when she.
Speaker 3 (13:55):
Catched her cans and got over.
Speaker 7 (13:56):
One hundred dollars back, which is crazy. I can really
imagine how many garbage bags full of cans that is.
And then lastly this week, Jazz Pretz said they set
up a compost heat for the beginnings of a terrace garden,
and with all of the grass clippings and the greenways
from the kitchen, there's a really nice compost pile for
spring gardening. Combos is so expensive when you get it
from Bunnings and garden stores and it very quickly adds up.
(14:18):
And she also used chicken wire that she found on
the side of the road.
Speaker 4 (14:22):
Win.
Speaker 7 (14:22):
Hell, I love to see that and a good way
to use all your scraps and turn it into something good.
Speaker 6 (14:27):
For sure, love to catch in these cans, that's for sure.
Speaker 5 (14:32):
Okay.
Speaker 3 (14:33):
Do you guys want some brick tips? Absolutely?
Speaker 6 (14:35):
Thank you. What I'll do is I'll start with one
from someone that we maybe know, Indy, who used to produce.
Speaker 5 (14:42):
She can come back to Indie because I could have
Indi back. I absolutely would have Indie backs.
Speaker 3 (14:46):
Well, we make a call for this, okay, thank you.
So India has a really clever wise.
Speaker 6 (14:51):
So she says that she checks what class actions are
out and about and joins all of them.
Speaker 3 (14:55):
You never know what you could get.
Speaker 6 (14:56):
So, like, let's say right now, there's a class action
for robodebt as well contests and some random ones for
Jbhi fi like bits and pieces like that. And it's
often for your bigger products like let's say like MacBook
or something like that, and you know who knows what
they're for and why they exist. But sign the hell
(15:17):
up and you never know you might get twenty bucks
here or there.
Speaker 3 (15:20):
You know, I've got to be payout from OPTAs actually
really one thousand this year. Yeah, how did you get that?
Speaker 7 (15:25):
Well, so this is have I mentioned this on the
show four years ago when we went to Europe, there
was this all this drama because I went in they
told me that my SIM, Like I went to pause
my SIM because I was going out seas and I
was going to get like a different They're like, oh,
you can just use the one you have And I
was like, won't that be really expensive? They said, oh,
you'll get updates like as you've used your data, so
you can decide. And remember, we would get home at
(15:45):
the end of the day and I'd get like, all
of a sudden fifty text being like, you've used twenty
five percent of your data, you've used fIF percent of
you've one hundred percent of your.
Speaker 3 (15:51):
Data without a ten dollars fifty yeah.
Speaker 7 (15:53):
Yeah, And so like I came home and my phone
bill was nearly one thousand dollars WHOA, and I free
down and I called them and I tried to negotiate
it down, and they negotiated it down, but they didn't
like get rid of the full cost, right there's also
been like issues for me with like coverage and all
the other sources. Anyway, I filled out the form, somebody
called me. I wasn't really sure if it would work
(16:14):
or not, and then yeah, I got I think like
three thousand dollars.
Speaker 3 (16:18):
Wow, great, even incredible. That's so good. Well stoked for you,
thank you. So there you go.
Speaker 6 (16:24):
There's an experience firsthand. I actually don't know where you'd
find them, but maybe just google class action and see
how you go. The next one comes from Ria, who
says Plex or Streamio are free and you can basically
get any movie or series on there.
Speaker 3 (16:36):
I always use Streamio. You guys probably have heard of Streamio.
Speaker 4 (16:39):
I have not.
Speaker 3 (16:41):
I heard a plea you've heard.
Speaker 6 (16:43):
I've heard of Plex before, but Streamo, I guess combined
the two and they're free and you just like go
on you search something, you'll find it.
Speaker 3 (16:51):
I mean, they're legal, but some things.
Speaker 6 (16:53):
On there are like bootleg, so who knows ever with
those ones, but it's incredible, So get it of Netflix.
Speaker 5 (16:58):
Well streaming services add up? Do I know these subscriptions
like I do not like subscription culture?
Speaker 3 (17:05):
No exactly.
Speaker 6 (17:07):
And then my one, you can now transfer your existing
bond to your new bond. This is victoria, I should say,
So you don't have to pay bond and then wait
for your last bond to come back through, so that yes,
I think that was July one. Jewel sounds like I
was saying that backwards and reverse. July one, I think
(17:27):
is when they started doing that. So, yeah, you can,
you know, sign up for a least. I hate that
feeling of when you're moving into a new house and.
Speaker 4 (17:33):
You've got to come up with a whole head. Yeah,
just a period of time that you arguably don't even have.
Speaker 6 (17:38):
Exactly and also like double rent probably at the same time. Yeah,
it's just exorbitant. So now you can transfer that bond over.
Speaker 3 (17:44):
That's awesome.
Speaker 5 (17:45):
I love that.
Speaker 4 (17:46):
I feel like that's a very good tip back, and
I love what you come up with and what the
community dms you. Yeah, sometimes very unhinged, but also sometimes
perfectly positioned for the show.
Speaker 5 (17:56):
I keep them coming in.
Speaker 4 (17:58):
And also for those of you who don't know where
to send a broke tip, we have a whole thread
every single week on the Facebook group that BET gets
to peruse and have a look at, where everybody shares
their broke tips and If you haven't joined my friends,
you are missing out all right after the break something super,
So don't go anywhere.
Speaker 3 (18:19):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 8 (18:24):
Hi, there, have you got a money dilemma you just
can't solve? The Sheese on the Money team is here
to help. Every week we tackle your dilemmas, both big
and small, to answer your most burning money, career and
life questions. To get involved, simply head to our website
and leave us a short voice recording and you might
just find yourself on the show.
Speaker 5 (18:42):
Now, let's take a listen to this week's money dilemma.
Speaker 2 (18:47):
Hey, longtime listener, I love you guys. I got a
question about superannuation and investing. Am I better off just
putting money into my super weekly or monthly and sotead
of investing? Because at the end of the day, if
I grow my investment portfolio, isn't that just going to
get taxed a lot compared to my Super which I
(19:08):
want to use that investment to retire early anyway, So
what's the difference between that and am I better off
just putting it in my Super?
Speaker 3 (19:16):
Thanks?
Speaker 4 (19:17):
I told you we had a super question. But I'm
not going to answer first, even though I really want to.
I'm not even going to ask you. You're eating a lolly.
It's just grichy.
Speaker 3 (19:28):
Yes, are you also eating lollss No, I ate minority.
I was very quick. I'm not even efficient. My mouth
is already. You had me until you said you wanted
to retire early.
Speaker 7 (19:37):
Yes, I am safe. So the thing with super innuation
you need to do the math. Obviously, there are tax
benefits contributing to SUPER. You're correct that any dividends or
income derived from your owned investments you owe tax on.
You do also technically pay tax.
Speaker 3 (19:51):
On them, and you're super. You just don't see you
paid fifteen percent. Yes, exactly right.
Speaker 7 (19:55):
But outside of all of that, the big thing is
any money you contribute to SUPER, generally speaking, you can't
access it until you reach the age of retirement, which
I think is currently sixty five.
Speaker 5 (20:05):
Yes, the age of sixty five. The age of preservation
is sixty seven.
Speaker 3 (20:08):
Oh, there we go.
Speaker 7 (20:09):
So if you want to retire at say forty, that's
but you can't access the money that's in there. And
so if the goal is to be able to fund
early retirement, I think that investing probably is the way
to go. That's not to say that you might not
contribute to SUPER at all. It might still be a
part of your strategy because, like I said, there are
tax benefits, but not being able to access those funds
(20:30):
puts a bit of a kink in the plan.
Speaker 6 (20:32):
Yeah, absolutely, absolutely, Beck, I'm just going to say what
she said. I'm going to say exactly what Jess said,
and I agree with Jess, and why not split up
the two because sometimes it is nice. We won't think
it's good to just in case have access, but if
you're anything like me, it's not good to have access.
Speaker 4 (20:48):
And so you know, bit a half half I like
that as well, because you're like, if I can't be
trusted with it, lock it away exactly what Jess said, Like,
you're not going to be able to access that money
into your present age and your preservation age is when
you don't have to pay tax on your super to
access it early. Obviously you could access it from sixty five,
but for me personally, I don't want to have all
(21:10):
my eggs in that basket and have to wait. Like,
as I've said a million times, age is a privilege
that is denied to many people, and I feel like
having an investment portfolio outside superannuation is really powerful. Like
in a perfect world, guys, I'll be retirement ready by
the age of forty five, and that would you be
really nice. But that means from the age of forty
(21:32):
five to the age of sixty five, I've got to
be completely self funded if i wanted to retire, like
I have to, you know, have that money in an
investment account or in savings to be able to retire
because I can't touch my soup yet, So it's completely
up to you what you do. You might go back Victoria,
I just don't want to touch it until then. And
this works for my goals and my system and my
(21:53):
strategy go off. You can make concessional contributions to superannuation,
which is really cool, and you could get some tax
back in In fact, Beck and I recently recorded a
whole episode on doing supernuation contributions and what that could
look like for retirement. So that might be of interest
to you. But investing early for retirement for early retirement
(22:13):
would mean that you're probably not using the superannuation environment
just because purely they don't work together. Early retirement and
superannuation reliance like, don't it doesn't work. It just doesn't work.
And that's not advice, that's just fact true.
Speaker 3 (22:25):
There you go.
Speaker 4 (22:26):
Anyway, the super slew thing has continued into our DMS guys,
where one of our community members has I'm going to
make this sound illegal, found themselves in possession of multiple
superannuation accounts.
Speaker 7 (22:39):
Ah.
Speaker 3 (22:39):
Yes, we've been there.
Speaker 4 (22:40):
It happens, honestly more than you think. It happened to me.
Pretty sure Jess was in that situation. I wouldn't be
surprised if Beck has had that too.
Speaker 5 (22:47):
Why are you laughing? You still got more than one
super account?
Speaker 3 (22:49):
Possibly? No, I don't think.
Speaker 5 (22:50):
I don't. I think we fixed that ages ago.
Speaker 3 (22:52):
I think so.
Speaker 4 (22:52):
I mean we. I mean you fixed that with absolutely
no external advice, no advice, no advice, no, no, no, no, anyway.
Speaker 5 (23:01):
Would you like me to read it out? Yes? Please?
Speaker 4 (23:03):
Okay, Hi, Victoria, Beck and Jess And there is six
exclamation points. I have a money dilemma. I desperately want
to hear your thoughts on. I'm in my late twenties
and I recently started a new job after a few
years of bouncing between casual and contract roles.
Speaker 6 (23:18):
Congratulations.
Speaker 4 (23:19):
Well, filling out all of the paperwork, I realized I
actually have three different superannuation accounts from old employers. I
always hear Victoria mentioned that having multiple super accounts can
mean that you're paying extra fees, so I know it's
something that I probably should sort out. The problem is
I have no idea what I should actually be comparing
between each of the accounts before making any decisions, and
it feels really overwhelming, so much so that I have
(23:40):
done nothing.
Speaker 5 (23:41):
Has anyone else been through this? What did you check? First?
Six question marks?
Speaker 6 (23:47):
Love?
Speaker 3 (23:48):
I'm feeling the enthusiasm and I'm loving it.
Speaker 5 (23:50):
I am here.
Speaker 4 (23:51):
Well that's why I had to read out the question
marks and the exclamation points, because I was like, this
even is help a sap?
Speaker 3 (23:57):
Yeah?
Speaker 5 (23:58):
Five exclamation points.
Speaker 3 (24:00):
And we are here exclam so fair.
Speaker 6 (24:04):
I think, like, I can't remember what I checked when
I consolidated. This definitely is not the way to go.
But I think I went with Vibe, you know, and.
Speaker 5 (24:13):
Oh yes, yes, we should manage our finances based on Vibe.
Speaker 3 (24:18):
So I went with host plus.
Speaker 6 (24:19):
But it was Vibe but also like something about an
industry super fund I quite like, and maybe someone else
said that maybe that was you, Victoria.
Speaker 5 (24:25):
No, no, that didn't It was not mean, not Victoria.
If you went with host plus, that wasn't me.
Speaker 4 (24:30):
I don't like them, but I wouldn't have made a
product recommendation, and that's not who I'm with, So I
actually don't know where that would have come from.
Speaker 6 (24:36):
Not host plus, industry. Sorry, that was my other smart friend.
Oh yeah, something about industry funds. Anyway, so I went
an industry fund and also went with host plus. But
I think then also I was like, I didn't really
look at fees, which is probably a bad idea. I
did look at the rate of return on some of
their but you know, they've got their like their ETFs.
(24:57):
I guess I want to say, there's like their funds,
their funds, you know, your high growth et cetera, et cetera.
And I guess like at that time, I didn't really
know you might just I was like, oh, this this
returns a lot, and I kind of joined based on
the returns of their funds and I'm happy with it.
Speaker 3 (25:12):
So far, so good, so far, so good.
Speaker 6 (25:14):
But I think, yeah, you can look at the insurances
that it comes with and the fees, and you know,
I'm definitely not this kind of person. But you could
also call up and have chance to a few places
if you wanted to. Yeah, I probably wouldn't do what
I did.
Speaker 7 (25:31):
Yeah, we've all been there. Like when you start a
new job and they say do you want to use
our super fund? You just tick the S box and
suddenly find yourself with five different super funds exactly.
Speaker 3 (25:40):
There's a tool on the mygarvel Ato website.
Speaker 5 (25:44):
It's on the Australian Taxation Office website. It's going to
be your super comparison to Yeah.
Speaker 3 (25:47):
Ah, nope, not what I was going to say, but yes,
there is, are you going to say?
Speaker 7 (25:50):
I think it is on the ASIA website. When you
log into your account that will check if you have
bolto yeah. Yeah, yeah, you haven't been keeping track of
all the details of everything. If you into your yeah,
your mygvel your eightier platform and you plug your information in,
it will run a search for you and list all
of the superannuation funds that exist under your name. Yes,
now there is a button there that says consolidate all.
(26:12):
We would typically recommend you don't do that until you've
done your research, looked at your fees, looked at your
insurances is a big one. We talk about a lot,
because you know, if I got put in a super
fund when I was eighteen years old and I just
got the you know, the young, healthy, great insurances.
Speaker 5 (26:29):
The default stuff that you can't just get anymore, Yeah.
Speaker 7 (26:32):
Probably a lot more appealing than what they would give
to me now at the ripe old age.
Speaker 3 (26:35):
Of thirty two.
Speaker 4 (26:36):
No, but I used to give insurance away in a
cereal box basically. Yeah, and now you've got to jump
through a million hoops. Yeah.
Speaker 7 (26:43):
So I would look at what is covered in your
existing funds because that may play a factor. If there's something,
as Victoria said, that exists there now that you wouldn't
be able to get absolutely to move funds, it might
be worth preserving that. So there's lots of things to
look at. But it's not as hard or as over
well as you think. I will say, like, don't let
it sit on your to do list because it seems
(27:04):
really hard. It's truly very easy.
Speaker 4 (27:07):
Also, do you want to know a little fact? Absolutely,
I still have and will continue to have two superannuation funds.
Speaker 3 (27:13):
There you go, because one of them has good insurance.
Speaker 4 (27:15):
One of them has insurance in it, and I've left
enough money in that super fund to maintain my insurance
and like pay the insurance fees, I don't contribute to it.
And then I have the superannuation fund that aligns with
my values and my goals and I'm really happy with
and that's the one I contribute to.
Speaker 5 (27:31):
But I didn't want to get rid of my insurance
is in my first super.
Speaker 4 (27:34):
Yes, so we're always like, don't pay multiple fees on
multiple super accounts. And by lowering the amount of money
that I had in there, because I'm only paying fees
based on how much like funds I have in there,
and I get to keep my insurances. That actually works
out really well, but that's not my main like super fund.
Speaker 7 (27:51):
Yeah, and if you're not sure what to do, I
should say as well, because I actually had mine looked at.
When I did all of my insurances, I did it
with our friend Phil from Skywealth. You know we love
his wonderful Yeah, Piel did all of that for me just.
Speaker 3 (28:04):
You would have done it yourself.
Speaker 4 (28:05):
But so I did, like do it, but when I
moved over to Phil, because like, honestly, the plumber always
has a leaky tap. So I just think that even
though I can do it myself. Having a professional manager,
I was like, pop off, phel you do everything. He
manages everything for me, and I am much happier knowing
that his finger is always on that pulse because mine
(28:25):
is gone slip.
Speaker 1 (28:26):
Yeah.
Speaker 7 (28:27):
So if you are thinking about doing your insurances anyway,
or if you want somebody to look at it, they
can do stuperanuation as well as what they did for me.
And so it was really handy because they kind of said,
this is what we would recommend for you, this is
why we would recommend it. You can absolutely do it yourself,
but if you're someone who does go, oh, I needed
experts opinion, it might be worth speaking to them. It's
a lot more affordable than you know, normal financials for
(28:48):
your bucks.
Speaker 5 (28:49):
Absolutely.
Speaker 4 (28:49):
And then also I'll go back to that tool I
accidentally plugged the Losso the one that you were talking about,
and that is the your super Comparison tool, which is
on the ATO website and it helps you compare super
funds based on their performance. And I think that this is,
from my perspective, one of the best comparison tools because
it is not product based. Now, I just googled it
(29:11):
because I was like, I wonder what comes up when
I google ATO super Comparison tool, because like, that's what
a lot of people are going to do. The first
few results are sponsored, and they are sponsored by products
adding those links. Don't click those links because they are
just going to show you either their product or their
comparison website which only has marketed super funds on there
(29:36):
that are paying to be on those comparison websites. True,
scroll down past the sponsored results, and then you're going
to see THEATO dot gov dot AU website and have
a look at that tool because from my perspective, it's
not going to be biased, not even from my perspective,
just it's a fact it's not going to be biased
because it's just run by the government. And the cool
thing about your super Comparison tool is you can select
(29:59):
up to four different products to comparing contrast on the
one page and it'll like kind of just do apples
with apples instead of like comparing apples with oranges, which
can happen. And when I say that, I mean one
super fund on their website might say, oh, yes, the
fees are x amount, and on another website it might say, oh,
the fees on this different super funder why and you're
(30:20):
a well, why is much less? But the first website
had included their insurance fees and all of their fees,
whereas the second website was only comparing one fee, So
like you're not getting the full picture. So anyway, your
super comparison tool works. You can also, and this is
where Jess's tip and my tip actually linked together, you
can log in to your MyGov website on this website
(30:43):
and it will prefill your supervalance for tailored results very clear.
And you can access your super accounts all in one
place through the MyGov website, and you can also transfer
your super and consolidate your super or change funds through
that in a very very easy way. And obviously I'm
not going to recommend it without looking at your insurances
and stuff, but that's a really easy way to do it.
(31:03):
And then the ATO also issue the top five performing
funds each year and then the bottom five performing funds
each year, so like I would every year if I'm
doing it myself, check the bottom five performing funds and
make sure mine isn't one of those.
Speaker 5 (31:18):
Yeah, And then if you've really.
Speaker 4 (31:20):
Got analysis paralysis, have a look at what most people
are looking at go all right, well, I know that
the top five funds of this, I'm going to start
there and do my research based on that. Cool, which
kind of helps the other thing I would say, and
I wrote this in my very first book, and I've
said this for a really long time, don't base your
decision just on fees.
Speaker 5 (31:42):
Yes, pay peanuts, get monkeys.
Speaker 4 (31:45):
I would prefer to pay a moderate fee and get
really good performance and really good benefits, then try and
get the cheapest super fund that ultimately impacts my returns
over the long term.
Speaker 7 (31:55):
Yeah, especially a lot of the instability in the superworld
as well. We've seen a lot of fun close over
the years, so it's again not the right choice to make.
But looking at really established funds might be something that
you take into consideration.
Speaker 3 (32:08):
Yeah.
Speaker 4 (32:08):
True, yeah, one hundred percent. And it's going to look
different for everybody, But that, my friend, is where I.
Speaker 3 (32:13):
Would start, right everybody else say.
Speaker 4 (32:15):
We obviously asked the community, and the first question I
wanted to know was have you ever discovered that you
had more than one super account?
Speaker 5 (32:22):
This shocked me. Only fifty one percent of you said yeah.
Speaker 7 (32:26):
Really right, Maybe some of you just don't know when
you all to go log into your ASIO accout today,
had check.
Speaker 3 (32:34):
And report back true. Maybe not yet discovered exactly.
Speaker 4 (32:37):
Then I asked, if you were comparing super funds, what's
the first thing you would look at?
Speaker 5 (32:42):
My queens, my queens, jess, guess what what? Forty two
percent said investment, performance, insurance and options.
Speaker 3 (32:49):
Right, we love this.
Speaker 4 (32:51):
Thirty percent said fees, which important but not the most important.
Speaker 5 (32:55):
Like, again, that's my personal opinion.
Speaker 4 (32:57):
Maybe fees are the most important for you, in which case,
keep going on, and twenty six percent of you you said,
I have no idea.
Speaker 5 (33:04):
Honestly, fair enough, Yeah, transparent queen.
Speaker 7 (33:06):
Yeah.
Speaker 4 (33:07):
We then asked have you ever delayed sorting out your
super because it felt overwhelming? At sixty two percent of
you said, heck, yes, I have. We then asked my friends,
what is your two cents? A lot of people said ethics,
It's really important for me to weigh those up, and
then I look at performance options and fees pop off.
Someone else said, when my GUV came about it made
(33:28):
it way easier to roll over and review things before
that not so much. So maybe if you haven't experienced
it recently, go back and look.
Speaker 3 (33:35):
Yep.
Speaker 5 (33:36):
Another person said, it's super easy to consolidate super in
my GUV.
Speaker 3 (33:39):
There you go a surprise.
Speaker 5 (33:41):
Another person said.
Speaker 4 (33:42):
I actually used AI to help me evaluate fees, performance
and insurances to simplify my understanding.
Speaker 3 (33:48):
Just remember sometimes AI gets it wrong.
Speaker 7 (33:50):
Yes.
Speaker 3 (33:51):
I was about to say, have it started sources please
and cross check them.
Speaker 4 (33:54):
Yes, yeah, and don't rely on it for recommendations. I
am seeing so many people go I just got chat
GPT to do a financial plan, and I'm.
Speaker 5 (34:03):
Like, oh, pop up. Like at the start, when I
first started hearing this, I was.
Speaker 3 (34:06):
Like, that's genius.
Speaker 5 (34:08):
Why didn't I think of that?
Speaker 4 (34:10):
And then I started looking at the financial plans that
you guys are sending me because you're like, oh, hey,
I did my financial plan via you know, Chat GPT,
and I can't give you advice. But if we're having
a YAP and you're like, i'll send it to you,
I'm like, yeah, i'll have a look.
Speaker 5 (34:22):
Thanks.
Speaker 4 (34:23):
I'm like, oh, this is not good, Like I'm really sorry,
but like this actually is not good advice. In fact,
some of them that I've seen the tax was completely out,
completely incorrect. I've seen ones recommend funds just because they
came up as like the first options on Google and
platforms like chat GPT and I don't know if everybody
(34:44):
knows this, but chat GBT just sources all the information
from Google.
Speaker 5 (34:48):
Yeah, amazing.
Speaker 4 (34:49):
And sometimes when you Google something, the first web pages
that come up are Reddit forums. It then uses the
opinions that are shared on Reddit forums as gospel and
then uses those as facts that it then feeds back
to you which are completely inaccurate. Oh okay, so let's
be really careful when using AI. I think is a
great research tool, but it's just a step in the process.
Speaker 5 (35:10):
It is not the process.
Speaker 4 (35:12):
Someone else said, use an advisor. Then they said, use
an advisor. I spoke to Phil from sky well out.
Another person said, would love to know how you can
build super, how you can invest your super further? And
I think that's a great question, my friend. And why
we have a whole playlist on Spotify about helping your superannuation.
(35:33):
Another person said, research, research, research. You don't have to
make the decision in a day, which I thought was
really cool.
Speaker 3 (35:40):
Yeah, because like.
Speaker 4 (35:40):
I think a lot of us go this afternoon, I'm
going to sit down and do my super fund. Like,
why don't you sit down and just like, have a
look at a few different super fund websites and start
the thought process instead. Another person said I would always
look at performance, then weigh up the cost, then check cups.
Speaker 5 (35:56):
To my happiness, I always google the fund to see review.
Speaker 3 (36:00):
Yeah it's a good call.
Speaker 5 (36:01):
That's a good call.
Speaker 4 (36:02):
But also again, I feel like I'm caveating everything today. Beck,
When have you ever left a review on something on Google?
Only when you're really really happy or really really unhappy,
run true, not when you're like, yeah, it's a great
super fun.
Speaker 5 (36:15):
I've got not much more to say because it did
what it said it was going to do.
Speaker 3 (36:17):
True, getting the extremes.
Speaker 5 (36:19):
Yes, yeah, let's just be careful with reviews.
Speaker 4 (36:21):
And then someone else said, please please please double check
the insurances inside your super before consoled dating.
Speaker 5 (36:28):
If I've listened to enough, she's on the money. I
know this to be true.
Speaker 4 (36:32):
Thinknas you Fred that my friend is where we're going
to leave it. And I mean, there's so many resources
out there. As I mentioned, there's a whole Spotify playlist
on Superannuation. We've done whole episodes on super we talk
about it all the time. But you're super comparison tool,
I think is a really great place to start because
it's run.
Speaker 5 (36:49):
By the government.
Speaker 4 (36:50):
It's not going to give you advice, but it's going
to help lead you down the garden path in the
nicest possible way. And like, sometimes we don't realize how
hard it is to do these things until we start
to get into the weeds of it, and that's where
we can rely on tools like that to help keep
things clear. All right, well, thank you for joining us
for this. Can I say supercharged session.
Speaker 3 (37:11):
For one more in there?
Speaker 1 (37:12):
Go on?
Speaker 4 (37:14):
Thank you, guys. I really hope that this episode has
left you feeling inspired to revisit your investments and maybe
triple check whether you have lost.
Speaker 5 (37:22):
Super lingering in there as well, and.
Speaker 4 (37:24):
Please make sure that you're subscribed so that you never
miss an episode. And we'll be back next week bright
and early for a brand new Money Diary and then
some cheers, guys, and have a great weekend, my guys.
By the advice sheared on She's on the Money is
general in nature and does not consider your individual circumstances.
(37:45):
She's on the Money exists purely for educational purposes and
should not be relied upon to make an investment or
financial decision. If you do choose to buy a financial product,
read the PDS TMD and obtain appropriate financial.
Speaker 5 (37:58):
Advice tailored towards your needs.
Speaker 8 (38:00):
Victoria Divine and She's on the Money are authorized representatives
of Money. Shepper p T Y L t D A
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My name's Tatasha Bamblet. I'm a proud First Nations woman
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(00:22):
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We thank acknowledge and respect the Aboriginal people's land that
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Speaker 2 (00:44):
She's on the Money.
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She's on the Money.
Speaker 4 (00:50):
Hello, and welcome to She's on the Money, the podcast
where we usually discuss all the issues concerning your wealth
goals so that you can feel more in control of
your financial future. But on Fridays we loosen our ties
in favor of something a little bit more casual. Here
on Friday Drinks, you can expect entertaining questions from our community,
the odd money related dilemma and insightful yaps with our
(01:11):
two favorite podcast co hosts, Miss beck Sayed and Miss Garci.
Beck is a quotable, conversational preserver of continental cucumbers.
Speaker 5 (01:23):
And a voice of the people.
Speaker 6 (01:25):
Oh that's so nice.
Speaker 5 (01:26):
I do like a pickle.
Speaker 3 (01:27):
I do like a pickle.
Speaker 4 (01:28):
And Jess is a partnership's savant pilate is enthusiast and
sometimes soer. Together, they'll be bringing you some money wins
and broake tips from the community because knowledge is power.
Up my friends, I'm so welcome to Friday Drinks Beautiful VD.
Speaker 5 (01:46):
Did you know that you're a preserver of continental cucumbers?
Speaker 3 (01:50):
Oh yeah, call back to episode you missed, Miss It's
a very lovely hand jestures.
Speaker 6 (01:58):
Yes, well, in order to explain a cucumber, Unfortunately, we
need to know.
Speaker 4 (02:02):
You don't just say hey, guys, cucumbers and people go, yes,
I do. Because I don't live.
Speaker 5 (02:08):
Under a rock. You don't need me to know. Especially fine.
Speaker 4 (02:13):
Anyway, moving on, today is super In fact, today's episode
is super No really, it is giving superanuation, specifically what
you might do if you find that you have multiple
Superanuation accounts and you just don't know what to do.
Turns up, we do, from comparison and consolidation to closing
extra accounts. We're going to be covering what to look
(02:33):
out for in that process. We're also going to be
discussing this week's money dilemma, which concerns Superanuation. Told you
it was a super episode and investing for retirement. Does
it beat the share market? You're going to have to
wait and find out.
Speaker 7 (02:48):
This week.
Speaker 5 (02:48):
We are living in the future and we actually can't
wait to see what it holds.
Speaker 4 (02:52):
Right after this break, Welcome back, my friends, and you
you're back just in time for a five star review?
Speaker 3 (03:02):
Are you ready?
Speaker 4 (03:03):
I know that I said we are living in the future,
but this segment is all about looking fondly at the
past and how you our lovely listeners have been receiving
our podcast. If you have a five star review that
you are dying to be shared on the show, please
leave it wherever you get your podcasts.
Speaker 5 (03:18):
My friends. This comes from someone with a great name.
Their name is Beck. Oh are you ready ready?
Speaker 4 (03:24):
Beck wrote, I just wanted to send a shout out
to you, Jess and Beck and thank you for a
seriously awesome podcast. I started listening to your show in
early twenty twenty five when I was trying to find
a particular podcast to show my eleven year old daughter
to show her how annoying it was. Don't worry, it
wasn't yours. I played one of your pods, thinking it
was the one I was searching for, then five minutes
(03:46):
in realized it wasn't and it was really good, and
I got completely hooked.
Speaker 3 (03:49):
Oh my god, that's so good.
Speaker 5 (03:50):
That's a niche way of finals.
Speaker 3 (03:53):
We got cha.
Speaker 4 (03:54):
You cover topics that other finance podcasts I listened to
don't when it comes to things like the vaginant attacks,
interviewing money darists from all walks of life like the
sex industry, and I couldn't love it more. I'm now
listening to the back catalog. Guys, I'm up to June
twenty twenty one. Hello from five Years in the Future,
and you've quickly become my favorite podcast of all time.
Speaker 5 (04:17):
Oh isn't that so sweet?
Speaker 4 (04:19):
That I am so thrilled for you and also thrilled
that we made the cut of not being the annoying
podcast that you were going to show your eleven year
old Toyah.
Speaker 6 (04:26):
That's so nice.
Speaker 3 (04:27):
I first, we want to know what this podcast is?
Speaker 5 (04:29):
Can you dam me? Because I just feel like that
wasn't enough information. Yeah, I won't share it on the podcast. No, no, no,
maybe I will imagine if it was really really annoying.
Speaker 6 (04:38):
Yeah, well then we please. I wonder how long, because
it took five minutes. I wonder if that she was
like for a little while, I was like, yeah, this is.
Speaker 7 (04:44):
It, this is it?
Speaker 5 (04:47):
Five minutes were listening to? And what were you listening for?
Speaker 3 (04:50):
Anyway?
Speaker 6 (04:51):
I'm so excited to find out what the anyway, I
just want the Jews.
Speaker 4 (04:54):
So if you found it and you showed her, please
also show us please right moving on to think of it,
it would be a very spicy question of the week,
like what's the most annoying podcast you've ever listened to?
We not really do that, but here's one we've prepared earlier.
This one actually comes from a lovely friend called Nikita,
and she asks, are you ready when you get in
(05:15):
the shower in the mornings?
Speaker 5 (05:17):
All the evenings they go, We're ready.
Speaker 4 (05:20):
Already, all right, haven't even got them? Okay, I'll add that,
do you face the shower head so that the water
is on your chest. Or do you have the water
falling on your back while you face away, I think?
Or do you have a third routissery chicken option and
(05:40):
you go between the two.
Speaker 6 (05:43):
I was gonna say rutissary chicken, but I think I'm
mainly away away into the side. Oh yeah, I'm a
side like side, I think side. I think I'm not
facing the head and I'm facing sideways outside.
Speaker 3 (05:57):
But also have a bath shower, you know, So.
Speaker 5 (05:59):
I feel like a lot of limiting your options limiting.
Speaker 6 (06:02):
It's quite limiting. So yeah, I think, but I also
do dabble in a rots three chicken.
Speaker 5 (06:07):
Yeah, okay, okay, all right, mister.
Speaker 3 (06:10):
Rotesar your chicken all the way.
Speaker 7 (06:12):
I think like I've got to wash my face and
I've got to wash my hair, and I need to
be facing two different directions due each those activities. I
think I mostly face the front, like face the shower
with like a little wishy washy motion.
Speaker 5 (06:24):
Oh yeah, yeah, moving because you need to get one
shoulder under ye.
Speaker 7 (06:28):
I'm in there to be warm. You know, it's ten
thousand degrees in my shower. I want to feel it.
So no standing to the side for me. But yeah,
I think it depends on what part of my body
i'm washing. Washing my face, I'm facing the thing. If
i'm washing my hair, I'm facing away. If I'm washing
my back, I'm facing away. If I'm washing my legs,
I'm facing the thing.
Speaker 3 (06:47):
Don't know why.
Speaker 5 (06:48):
It's really insightful.
Speaker 6 (06:49):
Yeah, oh actually no, Yeah, you want to get the
front leg? Yeah, yeah, okay, And it's so funny because
it's like the shower it will reach your front leg
either way, but something about it psychologically, like you won't
reach the front leg unless you're facing it.
Speaker 3 (07:02):
Yeah. I don't know what it is.
Speaker 5 (07:03):
I don't know, I get it.
Speaker 3 (07:04):
It's a very particular thing. Did you say, if you're
a morning or a night shower.
Speaker 6 (07:08):
Sometimes I forget for days and so, and then it's
like middle of the day because I'm like, oh my god,
I haven't done.
Speaker 3 (07:12):
This in a while, and so it's the middle of
the day.
Speaker 5 (07:14):
I can't exist without a shower.
Speaker 6 (07:16):
At night when I'm doing a bit of self care,
it's a nighttime. But if it's like you know, functional,
it's probably morning time and.
Speaker 7 (07:23):
I can't get into the bed dirty. Yeah, it's like
a decontamination like shower and hair wash day, like only
every power of me days.
Speaker 5 (07:31):
I see, I see, yeah, so oh, thank you for asking.
I have been waiting for this time to shine.
Speaker 4 (07:37):
So I shower every single night before bed because same
as you, I just can't get outside germs in my bed.
I also have to wear pajamas in bed. That's a
completely separate segue. We can ask the team about that
another day if anyone's interested. But if I'm washing my hair,
it's in the morning, so like I would never wash
my hair at night, and I'm a bougie lady.
Speaker 2 (08:00):
Guys.
Speaker 4 (08:00):
I actually have two different shower heads in my shower.
We have the rainfall shower and then we have the
like hand held shower head. So at nighttime, I'm only
using the hand held because I do not want the
rain shower stuff because I I'll end up with a
sore neck if I'm like trying.
Speaker 5 (08:12):
To keep my hair out of that rain. Yes, anyway,
the shower cat so wildly out of touch, but that
is fine.
Speaker 4 (08:19):
No, No, I'll just use the shower head one and
so I use that like it's obviously still attached to
the wall. And then yeah, shower at night, get out
deodorant at night, yes, yeap, and then getting bed cool,
and then in the morning if I need to wash
my hair, I will wake up an hour earlier, Oh no,
(08:40):
and wash my hair and blow dry my hair and
do everything that I need to do, because I just
want to make sure that I'm not like trying to
rush my hair so that I can get out. But
I only wash my hair like once or twice a week,
if that so fair?
Speaker 3 (08:52):
But what about Rich's through chicken?
Speaker 5 (08:55):
Yeah, I feel like.
Speaker 4 (08:56):
With the shower head thing, I like face it, okay,
like I'll turn to like rinse my back and stuff.
But like if I'm getting in the shower at night
time because I've had day germs on me, I get in,
I face the shower heads, yes, and I washed my face.
Speaker 5 (09:12):
I brush my teeth because I brush my teeth in
the shower.
Speaker 6 (09:14):
Is that no I do?
Speaker 5 (09:15):
That's acceptable?
Speaker 3 (09:16):
I don't think jolly, But I think yes, no.
Speaker 1 (09:20):
Not.
Speaker 7 (09:21):
The only time I ever do it is if I'm
a rush, in which case I will, But otherwise I
don't love leaving it in there. What brush my teeth
over the sink?
Speaker 4 (09:30):
No, my toothbrush lives in the shower and there's like
a whole oral care process. Yes, of tongue scraping, water flossing,
normal flossing, toothbrushing. That all happens every single night in
the shower.
Speaker 3 (09:40):
Yes, shower is so interesting.
Speaker 5 (09:42):
Enjoy it more. Yeah, because you can get hanging.
Speaker 4 (09:47):
No no, no, no, I'm not getting but I'm like
just hanging in the shower because like my oral care
takes a long time. Yeah, because I have a proper
like copper tongue scraper, then I have my water flosser,
then I do not more floss.
Speaker 5 (10:01):
That's a whole five minutes in itself.
Speaker 3 (10:04):
Because it's a very water efficient. It's not that's true that.
Speaker 5 (10:07):
I wouldn't have existed well in a drought.
Speaker 6 (10:10):
That's a really good point. Actually we don't think about
the environment. But sometimes, like when I clean the bathroom
or the shower or something, I'm like fully naked because
you want to get like you wanted things everywhere the
same when you're like brushing your teeth, you're like you
don't want to be making sure that you're not getting
too much of things, so get you stripped down and
you go crazy in the mouth.
Speaker 5 (10:29):
Do you know what?
Speaker 4 (10:30):
I always and like I hadn't really thought about this
until I made that video on me cleaning my toilets
that somehow went viral and made the Daily Mail. I've
done so much in my life, and yet that's what's
helping me shine. I usually clean my toilet right before
I get in the shower, yes, like, because I'm just like, oh,
(10:51):
I don't really want to clean the toilet. And I
actually clean the toilet a couple of times a week,
so I always like, do the bleach and the scrubby
scrub as the shower is heating up, and then I
get it, and I feel like none of the toilet
germs or on me anymore because I've had a full shower. Anyway,
I feel like that's enough toilet talk.
Speaker 5 (11:06):
What do you reckon?
Speaker 3 (11:07):
Agreed?
Speaker 4 (11:09):
But also it turns out I've never had an original
experience in my life. Like I was like, Oh, it's
real niche that I brush my teeth in the shower,
and you're like.
Speaker 3 (11:16):
No, it's not sick.
Speaker 6 (11:18):
Hey, maybe we're both unique.
Speaker 4 (11:20):
Now we are.
Speaker 5 (11:20):
We're unique in exactly the same way.
Speaker 4 (11:22):
We're so nice anyway, we're always on the hunt for
more questions of the week. We're actually insatiable like that,
please send them on in Our dms are always open.
Speaking of which, this week we'd actually received a money
in our voicemail inbox too, so we've got a little
voicemail box on. She's on the money website where you
leave your money dilemma, but this person left us a
money win, which I absolutely loved. So occasionally the inbox
(11:45):
where we get our money dilemma features the odd review
and casual tip bit rolls in as well. But this
week one community member told us via voicemail that then
negotiated a point two percent drop of their mortgage interest rate.
It doesn't sound like much, but in this economy that
is massive.
Speaker 5 (12:00):
That is huge.
Speaker 4 (12:01):
So I just wanted to remind people that that exists,
and you can call up your mortgage issuer at any
point and ask whether they're willing to negotiate.
Speaker 5 (12:10):
Good idea. But jess, what money wins can you share
with us? From the week that was.
Speaker 3 (12:14):
Well, lots made it to the thread this week.
Speaker 7 (12:16):
First they've got one from Ashley who said my husband
entered a competition through the Good Guys a couple of
months ago. We received a call recently saying you'd one
we got a new LGTV a sound system worth over
five thousand dollars on its way to us.
Speaker 3 (12:29):
And we cannot wait for the upgrade. Amazing. Love that.
Speaker 7 (12:32):
Then Amy said she had a promo for new customers
at Woolies where you would get fifty dollars off and
an apt promo for twenty dollars off if you spent
two hundred dollars. Needless to say, her partner now has
a Wooli's account. They click and collected the order and
with the usual specials, those extra deals, et cetera, they
saved over one hundred dollars on their groceries this week.
(12:53):
Love of all say how good when things stack? Madison said,
money win. One of my lovely neighbors dropped off a
wheelbarrow of hardwood for us to use in our fire.
We have the best street and I love all of
my neighbors so much.
Speaker 3 (13:04):
I just thought that sounded very wholesome.
Speaker 5 (13:06):
That is very wholesome.
Speaker 3 (13:07):
I love the idea of that.
Speaker 5 (13:08):
It is so expensive.
Speaker 7 (13:10):
Yeah, like you said, someone who's got extra stuff left
over from something, or it's just nice to check in
on your neighbors see if they need it. Jamie said
she lives off the disability pension and her shared dividends,
and when she worked out her budget for the last
financial year, it looked like she was basically going to
break even. Turns out she earned more than she spent,
so that extra money has now gone into her emergency
(13:31):
fund and she officially has her first emergency file. Well done, Jamie,
that's sick.
Speaker 5 (13:37):
That's my favorite one. Yeah, favorites.
Speaker 3 (13:40):
I don't big favorites, but you can rue. It's like
I can't pick a favorite child, you know exactly.
Speaker 5 (13:45):
You don't even have children.
Speaker 7 (13:47):
Yeah, you guys, what's weird to call you my children?
But I feel a lot of love towards you anyway.
Cue Jill said money when she.
Speaker 3 (13:55):
Catched her cans and got over.
Speaker 7 (13:56):
One hundred dollars back, which is crazy. I can really
imagine how many garbage bags full of cans that is.
And then lastly this week, Jazz Pretz said they set
up a compost heat for the beginnings of a terrace garden,
and with all of the grass clippings and the greenways
from the kitchen, there's a really nice compost pile for
spring gardening. Combos is so expensive when you get it
from Bunnings and garden stores and it very quickly adds up.
(14:18):
And she also used chicken wire that she found on
the side of the road.
Speaker 4 (14:22):
Win.
Speaker 7 (14:22):
Hell, I love to see that and a good way
to use all your scraps and turn it into something good.
Speaker 6 (14:27):
For sure, love to catch in these cans, that's for sure.
Speaker 5 (14:32):
Okay.
Speaker 3 (14:33):
Do you guys want some brick tips? Absolutely?
Speaker 6 (14:35):
Thank you. What I'll do is I'll start with one
from someone that we maybe know, Indy, who used to produce.
Speaker 5 (14:42):
She can come back to Indie because I could have
Indi back. I absolutely would have Indie backs.
Speaker 3 (14:46):
Well, we make a call for this, okay, thank you.
So India has a really clever wise.
Speaker 6 (14:51):
So she says that she checks what class actions are
out and about and joins all of them.
Speaker 3 (14:55):
You never know what you could get.
Speaker 6 (14:56):
So, like, let's say right now, there's a class action
for robodebt as well contests and some random ones for
Jbhi fi like bits and pieces like that. And it's
often for your bigger products like let's say like MacBook
or something like that, and you know who knows what
they're for and why they exist. But sign the hell
(15:17):
up and you never know you might get twenty bucks
here or there.
Speaker 3 (15:20):
You know, I've got to be payout from OPTAs actually
really one thousand this year. Yeah, how did you get that?
Speaker 7 (15:25):
Well, so this is have I mentioned this on the
show four years ago when we went to Europe, there
was this all this drama because I went in they
told me that my SIM, Like I went to pause
my SIM because I was going out seas and I
was going to get like a different They're like, oh,
you can just use the one you have And I
was like, won't that be really expensive? They said, oh,
you'll get updates like as you've used your data, so
you can decide. And remember, we would get home at
(15:45):
the end of the day and I'd get like, all
of a sudden fifty text being like, you've used twenty
five percent of your data, you've used fIF percent of
you've one hundred percent of your.
Speaker 3 (15:51):
Data without a ten dollars fifty yeah.
Speaker 7 (15:53):
Yeah, And so like I came home and my phone
bill was nearly one thousand dollars WHOA, and I free
down and I called them and I tried to negotiate
it down, and they negotiated it down, but they didn't
like get rid of the full cost, right there's also
been like issues for me with like coverage and all
the other sources. Anyway, I filled out the form, somebody
called me. I wasn't really sure if it would work
(16:14):
or not, and then yeah, I got I think like
three thousand dollars.
Speaker 3 (16:18):
Wow, great, even incredible. That's so good. Well stoked for you,
thank you. So there you go.
Speaker 6 (16:24):
There's an experience firsthand. I actually don't know where you'd
find them, but maybe just google class action and see
how you go. The next one comes from Ria, who
says Plex or Streamio are free and you can basically
get any movie or series on there.
Speaker 3 (16:36):
I always use Streamio. You guys probably have heard of Streamio.
Speaker 4 (16:39):
I have not.
Speaker 3 (16:41):
I heard a plea you've heard.
Speaker 6 (16:43):
I've heard of Plex before, but Streamo, I guess combined
the two and they're free and you just like go
on you search something, you'll find it.
Speaker 3 (16:51):
I mean, they're legal, but some things.
Speaker 6 (16:53):
On there are like bootleg, so who knows ever with
those ones, but it's incredible, So get it of Netflix.
Speaker 5 (16:58):
Well streaming services add up? Do I know these subscriptions
like I do not like subscription culture?
Speaker 3 (17:05):
No exactly.
Speaker 6 (17:07):
And then my one, you can now transfer your existing
bond to your new bond. This is victoria, I should say,
So you don't have to pay bond and then wait
for your last bond to come back through, so that yes,
I think that was July one. Jewel sounds like I
was saying that backwards and reverse. July one, I think
(17:27):
is when they started doing that. So, yeah, you can,
you know, sign up for a least. I hate that
feeling of when you're moving into a new house and.
Speaker 4 (17:33):
You've got to come up with a whole head. Yeah,
just a period of time that you arguably don't even have.
Speaker 6 (17:38):
Exactly and also like double rent probably at the same time. Yeah,
it's just exorbitant. So now you can transfer that bond over.
Speaker 3 (17:44):
That's awesome.
Speaker 5 (17:45):
I love that.
Speaker 4 (17:46):
I feel like that's a very good tip back, and
I love what you come up with and what the
community dms you. Yeah, sometimes very unhinged, but also sometimes
perfectly positioned for the show.
Speaker 5 (17:56):
I keep them coming in.
Speaker 4 (17:58):
And also for those of you who don't know where
to send a broke tip, we have a whole thread
every single week on the Facebook group that BET gets
to peruse and have a look at, where everybody shares
their broke tips and If you haven't joined my friends,
you are missing out all right after the break something super,
So don't go anywhere.
Speaker 3 (18:19):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 8 (18:24):
Hi, there, have you got a money dilemma you just
can't solve? The Sheese on the Money team is here
to help. Every week we tackle your dilemmas, both big
and small, to answer your most burning money, career and
life questions. To get involved, simply head to our website
and leave us a short voice recording and you might
just find yourself on the show.
Speaker 5 (18:42):
Now, let's take a listen to this week's money dilemma.
Speaker 2 (18:47):
Hey, longtime listener, I love you guys. I got a
question about superannuation and investing. Am I better off just
putting money into my super weekly or monthly and sotead
of investing? Because at the end of the day, if
I grow my investment portfolio, isn't that just going to
get taxed a lot compared to my Super which I
(19:08):
want to use that investment to retire early anyway, So
what's the difference between that and am I better off
just putting it in my Super?
Speaker 3 (19:16):
Thanks?
Speaker 4 (19:17):
I told you we had a super question. But I'm
not going to answer first, even though I really want to.
I'm not even going to ask you. You're eating a lolly.
It's just grichy.
Speaker 3 (19:28):
Yes, are you also eating lollss No, I ate minority.
I was very quick. I'm not even efficient. My mouth
is already. You had me until you said you wanted
to retire early.
Speaker 7 (19:37):
Yes, I am safe. So the thing with super innuation
you need to do the math. Obviously, there are tax
benefits contributing to SUPER. You're correct that any dividends or
income derived from your owned investments you owe tax on.
You do also technically pay tax.
Speaker 3 (19:51):
On them, and you're super. You just don't see you
paid fifteen percent. Yes, exactly right.
Speaker 7 (19:55):
But outside of all of that, the big thing is
any money you contribute to SUPER, generally speaking, you can't
access it until you reach the age of retirement, which
I think is currently sixty five.
Speaker 5 (20:05):
Yes, the age of sixty five. The age of preservation
is sixty seven.
Speaker 3 (20:08):
Oh, there we go.
Speaker 7 (20:09):
So if you want to retire at say forty, that's
but you can't access the money that's in there. And
so if the goal is to be able to fund
early retirement, I think that investing probably is the way
to go. That's not to say that you might not
contribute to SUPER at all. It might still be a
part of your strategy because, like I said, there are
tax benefits, but not being able to access those funds
(20:30):
puts a bit of a kink in the plan.
Speaker 6 (20:32):
Yeah, absolutely, absolutely, Beck, I'm just going to say what
she said. I'm going to say exactly what Jess said,
and I agree with Jess, and why not split up
the two because sometimes it is nice. We won't think
it's good to just in case have access, but if
you're anything like me, it's not good to have access.
Speaker 4 (20:48):
And so you know, bit a half half I like
that as well, because you're like, if I can't be
trusted with it, lock it away exactly what Jess said, Like,
you're not going to be able to access that money
into your present age and your preservation age is when
you don't have to pay tax on your super to
access it early. Obviously you could access it from sixty five,
but for me personally, I don't want to have all
(21:10):
my eggs in that basket and have to wait. Like,
as I've said a million times, age is a privilege
that is denied to many people, and I feel like
having an investment portfolio outside superannuation is really powerful. Like
in a perfect world, guys, I'll be retirement ready by
the age of forty five, and that would you be
really nice. But that means from the age of forty
(21:32):
five to the age of sixty five, I've got to
be completely self funded if i wanted to retire, like
I have to, you know, have that money in an
investment account or in savings to be able to retire
because I can't touch my soup yet, So it's completely
up to you what you do. You might go back Victoria,
I just don't want to touch it until then. And
this works for my goals and my system and my
(21:53):
strategy go off. You can make concessional contributions to superannuation,
which is really cool, and you could get some tax
back in In fact, Beck and I recently recorded a
whole episode on doing supernuation contributions and what that could
look like for retirement. So that might be of interest
to you. But investing early for retirement for early retirement
(22:13):
would mean that you're probably not using the superannuation environment
just because purely they don't work together. Early retirement and
superannuation reliance like, don't it doesn't work. It just doesn't work.
And that's not advice, that's just fact true.
Speaker 3 (22:25):
There you go.
Speaker 4 (22:26):
Anyway, the super slew thing has continued into our DMS guys,
where one of our community members has I'm going to
make this sound illegal, found themselves in possession of multiple
superannuation accounts.
Speaker 7 (22:39):
Ah.
Speaker 3 (22:39):
Yes, we've been there.
Speaker 4 (22:40):
It happens, honestly more than you think. It happened to me.
Pretty sure Jess was in that situation. I wouldn't be
surprised if Beck has had that too.
Speaker 5 (22:47):
Why are you laughing? You still got more than one
super account?
Speaker 3 (22:49):
Possibly? No, I don't think.
Speaker 5 (22:50):
I don't. I think we fixed that ages ago.
Speaker 3 (22:52):
I think so.
Speaker 4 (22:52):
I mean we. I mean you fixed that with absolutely
no external advice, no advice, no advice, no, no, no, no, anyway.
Speaker 5 (23:01):
Would you like me to read it out? Yes? Please?
Speaker 4 (23:03):
Okay, Hi, Victoria, Beck and Jess And there is six
exclamation points. I have a money dilemma. I desperately want
to hear your thoughts on. I'm in my late twenties
and I recently started a new job after a few
years of bouncing between casual and contract roles.
Speaker 6 (23:18):
Congratulations.
Speaker 4 (23:19):
Well, filling out all of the paperwork, I realized I
actually have three different superannuation accounts from old employers. I
always hear Victoria mentioned that having multiple super accounts can
mean that you're paying extra fees, so I know it's
something that I probably should sort out. The problem is
I have no idea what I should actually be comparing
between each of the accounts before making any decisions, and
it feels really overwhelming, so much so that I have
(23:40):
done nothing.
Speaker 5 (23:41):
Has anyone else been through this? What did you check? First?
Six question marks?
Speaker 6 (23:47):
Love?
Speaker 3 (23:48):
I'm feeling the enthusiasm and I'm loving it.
Speaker 5 (23:50):
I am here.
Speaker 4 (23:51):
Well that's why I had to read out the question
marks and the exclamation points, because I was like, this
even is help a sap?
Speaker 3 (23:57):
Yeah?
Speaker 5 (23:58):
Five exclamation points.
Speaker 3 (24:00):
And we are here exclam so fair.
Speaker 6 (24:04):
I think, like, I can't remember what I checked when
I consolidated. This definitely is not the way to go.
But I think I went with Vibe, you know, and.
Speaker 5 (24:13):
Oh yes, yes, we should manage our finances based on Vibe.
Speaker 3 (24:18):
So I went with host plus.
Speaker 6 (24:19):
But it was Vibe but also like something about an
industry super fund I quite like, and maybe someone else
said that maybe that was you, Victoria.
Speaker 5 (24:25):
No, no, that didn't It was not mean, not Victoria.
If you went with host plus, that wasn't me.
Speaker 4 (24:30):
I don't like them, but I wouldn't have made a
product recommendation, and that's not who I'm with, So I
actually don't know where that would have come from.
Speaker 6 (24:36):
Not host plus, industry. Sorry, that was my other smart friend.
Oh yeah, something about industry funds. Anyway, so I went
an industry fund and also went with host plus. But
I think then also I was like, I didn't really
look at fees, which is probably a bad idea. I
did look at the rate of return on some of
their but you know, they've got their like their ETFs.
(24:57):
I guess I want to say, there's like their funds,
their funds, you know, your high growth et cetera, et cetera.
And I guess like at that time, I didn't really
know you might just I was like, oh, this this
returns a lot, and I kind of joined based on
the returns of their funds and I'm happy with it.
Speaker 3 (25:12):
So far, so good, so far, so good.
Speaker 6 (25:14):
But I think, yeah, you can look at the insurances
that it comes with and the fees, and you know,
I'm definitely not this kind of person. But you could
also call up and have chance to a few places
if you wanted to. Yeah, I probably wouldn't do what
I did.
Speaker 7 (25:31):
Yeah, we've all been there. Like when you start a
new job and they say do you want to use
our super fund? You just tick the S box and
suddenly find yourself with five different super funds exactly.
Speaker 3 (25:40):
There's a tool on the mygarvel Ato website.
Speaker 5 (25:44):
It's on the Australian Taxation Office website. It's going to
be your super comparison to Yeah.
Speaker 3 (25:47):
Ah, nope, not what I was going to say, but yes,
there is, are you going to say?
Speaker 7 (25:50):
I think it is on the ASIA website. When you
log into your account that will check if you have
bolto yeah. Yeah, yeah, you haven't been keeping track of
all the details of everything. If you into your yeah,
your mygvel your eightier platform and you plug your information in,
it will run a search for you and list all
of the superannuation funds that exist under your name. Yes,
now there is a button there that says consolidate all.
(26:12):
We would typically recommend you don't do that until you've
done your research, looked at your fees, looked at your
insurances is a big one. We talk about a lot,
because you know, if I got put in a super
fund when I was eighteen years old and I just
got the you know, the young, healthy, great insurances.
Speaker 5 (26:29):
The default stuff that you can't just get anymore, Yeah.
Speaker 7 (26:32):
Probably a lot more appealing than what they would give
to me now at the ripe old age.
Speaker 3 (26:35):
Of thirty two.
Speaker 4 (26:36):
No, but I used to give insurance away in a
cereal box basically. Yeah, and now you've got to jump
through a million hoops. Yeah.
Speaker 7 (26:43):
So I would look at what is covered in your
existing funds because that may play a factor. If there's something,
as Victoria said, that exists there now that you wouldn't
be able to get absolutely to move funds, it might
be worth preserving that. So there's lots of things to
look at. But it's not as hard or as over
well as you think. I will say, like, don't let
it sit on your to do list because it seems
(27:04):
really hard. It's truly very easy.
Speaker 4 (27:07):
Also, do you want to know a little fact? Absolutely,
I still have and will continue to have two superannuation funds.
Speaker 3 (27:13):
There you go, because one of them has good insurance.
Speaker 4 (27:15):
One of them has insurance in it, and I've left
enough money in that super fund to maintain my insurance
and like pay the insurance fees, I don't contribute to it.
And then I have the superannuation fund that aligns with
my values and my goals and I'm really happy with
and that's the one I contribute to.
Speaker 5 (27:31):
But I didn't want to get rid of my insurance
is in my first super.
Speaker 4 (27:34):
Yes, so we're always like, don't pay multiple fees on
multiple super accounts. And by lowering the amount of money
that I had in there, because I'm only paying fees
based on how much like funds I have in there,
and I get to keep my insurances. That actually works
out really well, but that's not my main like super fund.
Speaker 7 (27:51):
Yeah, and if you're not sure what to do, I
should say as well, because I actually had mine looked at.
When I did all of my insurances, I did it
with our friend Phil from Skywealth. You know we love
his wonderful Yeah, Piel did all of that for me just.
Speaker 3 (28:04):
You would have done it yourself.
Speaker 4 (28:05):
But so I did, like do it, but when I
moved over to Phil, because like, honestly, the plumber always
has a leaky tap. So I just think that even
though I can do it myself. Having a professional manager,
I was like, pop off, phel you do everything. He
manages everything for me, and I am much happier knowing
that his finger is always on that pulse because mine
(28:25):
is gone slip.
Speaker 1 (28:26):
Yeah.
Speaker 7 (28:27):
So if you are thinking about doing your insurances anyway,
or if you want somebody to look at it, they
can do stuperanuation as well as what they did for me.
And so it was really handy because they kind of said,
this is what we would recommend for you, this is
why we would recommend it. You can absolutely do it yourself,
but if you're someone who does go, oh, I needed
experts opinion, it might be worth speaking to them. It's
a lot more affordable than you know, normal financials for
(28:48):
your bucks.
Speaker 5 (28:49):
Absolutely.
Speaker 4 (28:49):
And then also I'll go back to that tool I
accidentally plugged the Losso the one that you were talking about,
and that is the your super Comparison tool, which is
on the ATO website and it helps you compare super
funds based on their performance. And I think that this is,
from my perspective, one of the best comparison tools because
it is not product based. Now, I just googled it
(29:11):
because I was like, I wonder what comes up when
I google ATO super Comparison tool, because like, that's what
a lot of people are going to do. The first
few results are sponsored, and they are sponsored by products
adding those links. Don't click those links because they are
just going to show you either their product or their
comparison website which only has marketed super funds on there
(29:36):
that are paying to be on those comparison websites. True,
scroll down past the sponsored results, and then you're going
to see THEATO dot gov dot AU website and have
a look at that tool because from my perspective, it's
not going to be biased, not even from my perspective,
just it's a fact it's not going to be biased
because it's just run by the government. And the cool
thing about your super Comparison tool is you can select
(29:59):
up to four different products to comparing contrast on the
one page and it'll like kind of just do apples
with apples instead of like comparing apples with oranges, which
can happen. And when I say that, I mean one
super fund on their website might say, oh, yes, the
fees are x amount, and on another website it might say, oh,
the fees on this different super funder why and you're
(30:20):
a well, why is much less? But the first website
had included their insurance fees and all of their fees,
whereas the second website was only comparing one fee, So
like you're not getting the full picture. So anyway, your
super comparison tool works. You can also, and this is
where Jess's tip and my tip actually linked together, you
can log in to your MyGov website on this website
(30:43):
and it will prefill your supervalance for tailored results very clear.
And you can access your super accounts all in one
place through the MyGov website, and you can also transfer
your super and consolidate your super or change funds through
that in a very very easy way. And obviously I'm
not going to recommend it without looking at your insurances
and stuff, but that's a really easy way to do it.
(31:03):
And then the ATO also issue the top five performing
funds each year and then the bottom five performing funds
each year, so like I would every year if I'm
doing it myself, check the bottom five performing funds and
make sure mine isn't one of those.
Speaker 5 (31:18):
Yeah, And then if you've really.
Speaker 4 (31:20):
Got analysis paralysis, have a look at what most people
are looking at go all right, well, I know that
the top five funds of this, I'm going to start
there and do my research based on that. Cool, which
kind of helps the other thing I would say, and
I wrote this in my very first book, and I've
said this for a really long time, don't base your
decision just on fees.
Speaker 5 (31:42):
Yes, pay peanuts, get monkeys.
Speaker 4 (31:45):
I would prefer to pay a moderate fee and get
really good performance and really good benefits, then try and
get the cheapest super fund that ultimately impacts my returns
over the long term.
Speaker 7 (31:55):
Yeah, especially a lot of the instability in the superworld
as well. We've seen a lot of fun close over
the years, so it's again not the right choice to make.
But looking at really established funds might be something that
you take into consideration.
Speaker 3 (32:08):
Yeah.
Speaker 4 (32:08):
True, yeah, one hundred percent. And it's going to look
different for everybody, But that, my friend, is where I.
Speaker 3 (32:13):
Would start, right everybody else say.
Speaker 4 (32:15):
We obviously asked the community, and the first question I
wanted to know was have you ever discovered that you
had more than one super account?
Speaker 5 (32:22):
This shocked me. Only fifty one percent of you said yeah.
Speaker 7 (32:26):
Really right, Maybe some of you just don't know when
you all to go log into your ASIO accout today,
had check.
Speaker 3 (32:34):
And report back true. Maybe not yet discovered exactly.
Speaker 4 (32:37):
Then I asked, if you were comparing super funds, what's
the first thing you would look at?
Speaker 5 (32:42):
My queens, my queens, jess, guess what what? Forty two
percent said investment, performance, insurance and options.
Speaker 3 (32:49):
Right, we love this.
Speaker 4 (32:51):
Thirty percent said fees, which important but not the most important.
Speaker 5 (32:55):
Like, again, that's my personal opinion.
Speaker 4 (32:57):
Maybe fees are the most important for you, in which case,
keep going on, and twenty six percent of you you said,
I have no idea.
Speaker 5 (33:04):
Honestly, fair enough, Yeah, transparent queen.
Speaker 7 (33:06):
Yeah.
Speaker 4 (33:07):
We then asked have you ever delayed sorting out your
super because it felt overwhelming? At sixty two percent of
you said, heck, yes, I have. We then asked my friends,
what is your two cents? A lot of people said ethics,
It's really important for me to weigh those up, and
then I look at performance options and fees pop off.
Someone else said, when my GUV came about it made
(33:28):
it way easier to roll over and review things before
that not so much. So maybe if you haven't experienced
it recently, go back and look.
Speaker 3 (33:35):
Yep.
Speaker 5 (33:36):
Another person said, it's super easy to consolidate super in
my GUV.
Speaker 3 (33:39):
There you go a surprise.
Speaker 5 (33:41):
Another person said.
Speaker 4 (33:42):
I actually used AI to help me evaluate fees, performance
and insurances to simplify my understanding.
Speaker 3 (33:48):
Just remember sometimes AI gets it wrong.
Speaker 7 (33:50):
Yes.
Speaker 3 (33:51):
I was about to say, have it started sources please
and cross check them.
Speaker 4 (33:54):
Yes, yeah, and don't rely on it for recommendations. I
am seeing so many people go I just got chat
GPT to do a financial plan, and I'm.
Speaker 5 (34:03):
Like, oh, pop up. Like at the start, when I
first started hearing this, I was.
Speaker 3 (34:06):
Like, that's genius.
Speaker 5 (34:08):
Why didn't I think of that?
Speaker 4 (34:10):
And then I started looking at the financial plans that
you guys are sending me because you're like, oh, hey,
I did my financial plan via you know, Chat GPT,
and I can't give you advice. But if we're having
a YAP and you're like, i'll send it to you,
I'm like, yeah, i'll have a look.
Speaker 5 (34:22):
Thanks.
Speaker 4 (34:23):
I'm like, oh, this is not good, Like I'm really sorry,
but like this actually is not good advice. In fact,
some of them that I've seen the tax was completely out,
completely incorrect. I've seen ones recommend funds just because they
came up as like the first options on Google and
platforms like chat GPT and I don't know if everybody
(34:44):
knows this, but chat GBT just sources all the information
from Google.
Speaker 5 (34:48):
Yeah, amazing.
Speaker 4 (34:49):
And sometimes when you Google something, the first web pages
that come up are Reddit forums. It then uses the
opinions that are shared on Reddit forums as gospel and
then uses those as facts that it then feeds back
to you which are completely inaccurate. Oh okay, so let's
be really careful when using AI. I think is a
great research tool, but it's just a step in the process.
Speaker 5 (35:10):
It is not the process.
Speaker 4 (35:12):
Someone else said, use an advisor. Then they said, use
an advisor. I spoke to Phil from sky well out.
Another person said, would love to know how you can
build super, how you can invest your super further? And
I think that's a great question, my friend. And why
we have a whole playlist on Spotify about helping your superannuation.
(35:33):
Another person said, research, research, research. You don't have to
make the decision in a day, which I thought was
really cool.
Speaker 3 (35:40):
Yeah, because like.
Speaker 4 (35:40):
I think a lot of us go this afternoon, I'm
going to sit down and do my super fund. Like,
why don't you sit down and just like, have a
look at a few different super fund websites and start
the thought process instead. Another person said I would always
look at performance, then weigh up the cost, then check cups.
Speaker 5 (35:56):
To my happiness, I always google the fund to see review.
Speaker 3 (36:00):
Yeah it's a good call.
Speaker 5 (36:01):
That's a good call.
Speaker 4 (36:02):
But also again, I feel like I'm caveating everything today. Beck,
When have you ever left a review on something on Google?
Only when you're really really happy or really really unhappy,
run true, not when you're like, yeah, it's a great
super fun.
Speaker 5 (36:15):
I've got not much more to say because it did
what it said it was going to do.
Speaker 3 (36:17):
True, getting the extremes.
Speaker 5 (36:19):
Yes, yeah, let's just be careful with reviews.
Speaker 4 (36:21):
And then someone else said, please please please double check
the insurances inside your super before consoled dating.
Speaker 5 (36:28):
If I've listened to enough, she's on the money. I
know this to be true.
Speaker 4 (36:32):
Thinknas you Fred that my friend is where we're going
to leave it. And I mean, there's so many resources
out there. As I mentioned, there's a whole Spotify playlist
on Superannuation. We've done whole episodes on super we talk
about it all the time. But you're super comparison tool,
I think is a really great place to start because
it's run.
Speaker 5 (36:49):
By the government.
Speaker 4 (36:50):
It's not going to give you advice, but it's going
to help lead you down the garden path in the
nicest possible way. And like, sometimes we don't realize how
hard it is to do these things until we start
to get into the weeds of it, and that's where
we can rely on tools like that to help keep
things clear. All right, well, thank you for joining us
for this. Can I say supercharged session.
Speaker 3 (37:11):
For one more in there?
Speaker 1 (37:12):
Go on?
Speaker 4 (37:14):
Thank you, guys. I really hope that this episode has
left you feeling inspired to revisit your investments and maybe
triple check whether you have lost.
Speaker 5 (37:22):
Super lingering in there as well, and.
Speaker 4 (37:24):
Please make sure that you're subscribed so that you never
miss an episode. And we'll be back next week bright
and early for a brand new Money Diary and then
some cheers, guys, and have a great weekend, my guys.
By the advice sheared on She's on the Money is
general in nature and does not consider your individual circumstances.
(37:45):
She's on the Money exists purely for educational purposes and
should not be relied upon to make an investment or
financial decision. If you do choose to buy a financial product,
read the PDS TMD and obtain appropriate financial.
Speaker 5 (37:58):
Advice tailored towards your needs.
Speaker 8 (38:00):
Victoria Divine and She's on the Money are authorized representatives
of Money. Shepper p T Y L t D A
B N three two one six four nine two seven
seven zero eight a F s L four five one
two eight nine
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