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

Episode Date: October 28, 2021

Happy Friday! We have a friendly reminder to check on your superannuation and make sure you're on track! Check out the Government Super Comparison Tool here.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. Victoria Devine is an Authorised Representative of Australia Pacific Funds Management Proprietary Limited ABN 34 132 463 257 - AFSL 339151.See omnystudio.com/listener for privacy information.

She's on the money. She's on the money. Hello and welcome to She's on the money, the podcast for millennials who want financial freedom. Welcome back to another one of our Friday Drinks episodes where we celebrate the money wins from our She's On The Money community, have a chat with Tony and Jess. There are so many great wins and confessions that are shared every single week in our She's On The Money community.

This week, Tony's going to take us across all of them. But before we get there, Tony, what happened this week on Money Diaries? So this week we chatted to a young woman who titled herself Late Blooming Law Student. and she kind of shared how she was feeling like she'd been really left behind because she hadn't really settled on a career until a few years after she'd left school and you know her friends were buying houses and having babies and she felt a bit you know left behind and had that FOMO vibe that it's so easy to get especially with social media yes and she also chatted about you know going to uni and growing up with with quite a wealthy family and how that's changed her outlook

on on life and what she wants to get out of her career so it was a really nice change of a money diary to kind of be like you know what it's all right to have that FOMO sometimes as long as we don't rely on it all the time and we remember that everyone's running their own race and it's totally fine if I'm not doing what Jess is doing or Jess isn't doing what her other friends are doing it doesn't matter as long as you're happy with where you're at that's all that matters agreed and i really liked that episode for exactly that reason and i guess overlaid on that she was explaining how her family are actually the carers of her younger cousin who has significant developmental disabilities and i just thought it was a really special episode that showed

you know a number of facets of different areas of life and you know it was just a goodie tony yeah it was and just what happened on wednesday's episode with georgia king so this week you guys spoke about one of our favorite things to talk about which is debt um we talk about it actually one of our favorite things i thought you're gonna be like we love to talk about it like something else exciting and you were like debt okay we love to talk about it because we love to see people paying it down and so we were talking specifically around um how to prioritize those debts because there's so many different kinds you can obviously have good debt like your HECS debt or your mortgage and then you can have things like credit card debt buy now pay

later debt which is a form of debt we saw some conversations in our comments on Instagram a couple of weeks ago buy now pay later is a form of debt you owe money to someone that's kind of what a debt is but that there's all different kinds and it can sometimes feel overwhelming when you go to pay them down figuring out where to go first if you have hundred dollars owing here and a thousand there and 500 here, it can be very intimidating. And there are a number of different ways that we can prioritize those based on our personalities and our goals and all those kinds of things. So it was a really interesting episode to listen to, particularly as someone who has been in the consumer debt hole. And it can be really overwhelming when you're in that place,

but to have a couple of strategies that you can lean on and see which one works for you, just knowing that there is a light at the end of the tunnel and that you're following a plan and that it's going to work out in the end is definitely something that I think we all deserve, especially while we're in the midst of it because sometimes it can feel like it's never, ever going away. Yeah, for sure. Something that you said in that episode, V, that I really liked and I think will be such a good way for people to realise

what they're actually spending their money on, and it's a great way to reframe it, is like bad debt is considered bad debt when it isn't contributing to your future wealth. So the way that we say like it's good debt if it's a mortgage because you're creating an asset for yourself that one day you can live in for free or sell and make a heap of money or whatever. And I think it just makes you so much more aware and conscious when you are spending for people, especially that are thinking, you know, like after pay, it's not debt, it's just a borrow or using a credit card isn't really debt because

I'm not going to use it for everything. But it's not contributing to your future wealth. And if you look around, you've got heaps of nicer pairs of shoes, but you've got heaps of credit card debt then it's probably not really going to contribute to your future wealth unless like you're Michael Jordan or something and then you can sell your shoes after which someone might be into I don't know yeah yeah or you're like really really rich and you solely invest in book and handbags and so therefore you're just going to resell them but that's a really niche investment strategy that I probably wouldn't recommend um so you know what I would recommend though moving on um so let's move on to community wins of the week tony what have you got for us okay so caitlin says

uh i found a random two thousand six hundred dollars in my account oh yeah so which happens all the time uh and came home to a letter from nab saying i had automatically been included in a class action suit that i had been charged too much interest in 2018 um and so they refunded the money automatically so she ended up with this extra two and a half grand such a good money win oh my gosh that is an epic money win i hope that everyone in our community can take a page out of jessica rich's book and manifest that manifest that they paid too much interest and hope that they get it back no no just manifest free money oh okay sorry yeah it might be that It's like random amounts of money being deposited into your account, Tony.

Melon says Sports Girl had 50% off already reduced items and bought an eyeshadow palette, a top, and a pair of earrings for $10. Oh, what? Money win? Basically spare change for new clothes, which we love, of course. Tess says money win. It's my husband's birthday next week, and I've been putting money away for a while to cover his presents.

it's a milestone birthday so his presents are more financially significant than usual i've now been able to buy his presents organize a cake and a dinner party and it's all been covered by the specific savings that i had set aside we get questions about this in the group all the time how do you put money aside for gifts and how do you prioritize when random birthdays pop up and christmas especially which we've talked about how much money we'd need to save um but it's great seeing that people are putting this into practice because those birthdays do creep up and you think oh i'll buy my friend or partner or mom or something like a beautiful gift and then you're like hang on can't afford that i can't afford that because that's then going to come out of

my fun money and then when i want to go and have fun i'm going to take that out of my you know emergency but not really an emergency fund and then you know you end up in a bit of a pickle literally do you have good advice for how to budget for those things if it's is it just something that you do need to put into your budget. Yeah. Like the advice is budget for those things and actually put them in and be realistic about it. I think it's a really romantic way of looking at budgeting when you're like, all right, I'm going to allocate $50 per present. When in reality, that's not what you do. Like it just sounds easy, but I know Tony, you're a very big gift giver. You love giving gifts. I think something that you could do is go back and just see what you're spending, not judging

yourself, not doing anything other than that, but just saying, all right, well, what am I actually spending on gifts so that i can put that aside so that i'm never in a pickle again because if you're budgeting 50 per gift but you're actually closer to 80 that's never going to work for you and you're always going to find yourself dipping into emergency savings or into your savings in general and nobody wants to be in that situation so i think it's about actually just being quite realistic when we do set a budget because a budget isn't necessarily about restricting ourselves and saying, oh, this is all we can spend, but more, this is actually what I spend so that I can be in charge of that flow of cash. It's not necessarily saying, all right, well, I'm going to

restrict myself and save more money. It's actually, okay, well, I know XYZ's birthday is in, you know, four months and I'm going to want 80 bucks for it. And you know what? If you get around to that point in time and you don't spend that $80, money win. Like you're in a position where you have leftover but what we don't want is the opposite where you undervalued how much you would spend and then you found that you're actually going over that significantly so it's just about really keeping track of every dollar that comes in and out of your account as unsexy as that sounds but it is something that we get asked about in the group a lot how do you budget for gifts so hopefully people take a bit of a leaf out of Tess's book and aren't caught by surprise when

those birthdays come around tess is a wizard sarah says unexpected money win moved house and changed my address for my car insurance and they sent me a refund of 150 because it's a safer place to live what this this makes me so mad because i live out in the suburbs and i live like quite like i would say borderline rural i didn't qualify as regional vic but it's borderline rural and i pay more money for my car insurance out here than I did when I lived closer in it's just because the insurances like I suppose they base it off a series of statistics of like crime or I don't know exactly how they come to it but they will essentially delegate I believe every like suburb a rating and based on that rating that's like you will pay more or less because they determine that

if you live in that area it's higher or lower risk and so if you live in a higher risk area you're more likely to have your car damaged thus your premium is higher which makes me really angry because i feel like even if it is based on statistics on some level i don't know how accurately that like reflects things because what if you keep a car in a garage or something like that um but because there's now um insurance play like not sponsored but there's places like ue where they actually take into consideration like how many days a week you drive your car and things like that that's so yeah and especially through lockdown when people were like i'm actually only using my car on a saturday to go and do my groceries yeah would have really affected the

way that people drove and used their cars and they would have been a bit like you jess and uv like driving into the office every day when now like your car sits there until you need to go and get groceries or go to the doctors or something like it's been great for my petrol budget but now that you mentioned it is like quite frustrating to go oh like my car is barely being used like it mine does sit in a garage and I drive it yeah to go Coles like two kilometers down the road and so I'm paying all this money for insurance and insurance is obviously really worth it and whatever really worth it and whatever but it's an annoying thing to pay for sure um Nikki says money win I emailed my gym asking really nicely if I can extend not paying for my membership

until at least April next year so I don't have to cancel then rejoin after having my baby and they allowed it saves 20 something dollars a fortnight and no rejoining fees um hey that's yeah so i'm assuming um that their membership is currently on hold because of covid and she must have just called them and said hey i'm not paying it at the moment could you just flick it out a little bit and they've agreed which never ever happens look i'm on the ryan john train here i don't necessarily believe that that actually happened because gyms they don't usually let you get away with not paying for anything so I don't know how falsified that story was but I'm willing to accept it on this occasion it's a plant by a gym owner to try and make gyms look yeah like it

was a plant that was a gym owner placing that he would never allow that the um the replies were like oh my gosh which gym is this so it's worked um and it's like this gym wow the numbers right there wow great um ravneet says money win my work gave us all 250 f pos gift cards because we all got vaccinated oh which is so cool i guess it's like nice that they're encouraged to like do the right thing for the community and then also like they get a little something out of it and i think that's pretty cool yeah that is pretty cool apologies uh your f pos cards must have got lost in the yeah i assume it's coming it's fine and finally ruby says and jess you'll like this one a perfect condition white wicker outdoor lounge setting for free on for free on the side

of the road just as her and her mom were moving into a new house and all they needed was an outdoor setting just needs cushions and a rinse with a hose a similar one would be about twelve hundred dollars at amart manifested yeah they're so expensive pro tip on the cushions um go to a place like clark rubber where they do you can buy foam by the meter so it's quite affordable yeah you can buy just like foam and they have different densities and i could have just asked you instead of calling freedom a million times asking how i replace the foam on my outdoor lounge yes that is exactly it go to clark rubber or like any kind of similar place and then you can either cut it down to standardized size and just buy pre-made outdoor cushion covers or if you're feeling spicy you can

diy them and so yeah that's what jessica reed she would do she would diy it and the thing that i've learned from working here is you know i mean things about finance and insurance or whatever but it's that before calling anybody you should call jess yeah because she's actually because she's just always got some weird solution to every problem and i just love it you you need phone call jess you need to manifest something you call jess do you need to know about wicker on the internet jess probably knows exactly like literally she fixes everything do you want to know how to grout and retile a bedside table she got you she's your gal i didn't even know that that was information I needed yet Jess knows Jess is like a mum that hasn't had kids yet but yeah

little fun tip I would love to see a photo if she reads it herself please share it it will get shared in the she's on the money newsletter because anything DIY we are all over we love to see it so over the last couple of weeks I've noticed a lot of people talking about superannuation and it's one of those things that's not really that sexy but it is super important and when you know about it and you care about it which you should um it can be very very satisfying to watch grow um but v i know that there's been a few changes coming and a few like upheavals in the industry can you explain them because i don't understand words you don't understand words i love that for you so tony a lot has been changing in the superannuation space and there's not been

a recent update per se but i think that the thing that has been happening recently is the ramifications of decisions that were made about 12 months ago are starting to come to light for a number of people and this has meant that a number of superannuation funds over the last few weeks have sent letters to their members to say hey um yeah so we're underperforming and the government's gonna shut us down so you're gonna have to pick a new super fund and that obviously sends people into a spin because they're like what what like my super funds one underperformed not great two i've got to pick a new super fund and i don't know how to do that but three how do we end up here so essentially last year this is like way back in december 2020 australia's biggest

superannuation lobby group got together and asked the federal government to impose tougher penalties on super funds that were failing to deliver strong investment returns and asked them to consider immediately shutting down anyone who was an underperformer so obviously this couldn't happen asap and a number of super funds have been tapped on the shoulder as being underperforming and having to manage their members out because they can't just delete their super fund and go oh great like tony's with super fund xyz and xyz's done so we'll just remove it they've actually got to transition their clients out to new super funds because where's your money going to be managed and given they are underperforming it wouldn't be the right decision for them to just choose

where you move tony so as a consumer you're going to have to make that decision yourself admin and yeah admin but i think that that's what's happening at the moment and that's why you guys in the community are seeing a surge of people asking questions about how do i pick a super fund and what does that actually mean because one it's really stressful but two it's something you're going to have to do like if you're in an underperforming super fund you have to pick a new one you don't have any choice but often and i'm not going to draw conclusions here but if you've been in an underperforming super fund i'm going to assume that superannuation hasn't been a priority of yours until now because i wouldn't have stayed with that if it was if that

makes any sense so what does that actually mean how does that actually work but recently our friends at canstar did a really big piece of research and i think it's important to talk about because these are big numbers like scary numbers and one of the things that they found was that a staggering three in four australians are unsure about how much their superannuation balance grew in the past financial year so they had no idea which means that these guys could be missing out on hundreds of thousands of dollars going into their superannuation at retirement like i'm not being dramatic here when i say hundreds of thousands of dollars like you are going to have a massive impact on your superannuation if you pick the right fund for

yourself and if you pick the right portfolio for your risk profile and i'm not saying there's a right and wrong there are ways that we can do this there are government comparison tools that you guys can go and have a look at and make a decision based on but essentially this survey by CanStar really shocked me because I don't know, maybe you guys won't be as shocked. So how about I ask you how you feel about the stats? So CanStar found that 49%, so I'm just going to round that up to half, of Australians don't remember the rate of return on their superannuations. Do you guys think that that's about right? I mean, I hate to be a statistic here, but I think we all know where this is going um I don't know mine Tony Louise Lodge I know like

how bad is that I mean please Jess tell me that you're in the same boat so I don't look like a donkey the only reason that I'm kind of familiar with mine is because I recently changed super funds when I did all my insurances and everything with Zella so prior to that I would have been in that boat as well but think about how many people start working young like my super fund that i changed from was the same super fund that i had had since i first started working at like 15 and most people would be in the same boat for that because it's set and forget yeah that'll be fine how much difference can it make yeah or every time you start with a new employer you join their fund if you're going to do that please remember to roll over so that you're not paying fees in multiple

places but i can totally see how like especially the younger generations like it it's not something that historically we've been taught it's not something that i knew a lot about before joining the she's on the money community and obviously even more so now that i work here um but it it doesn't entirely surprise me because even if you do set up your super and you do the right thing and you roll it all together and blah blah blah you're you're not necessarily going back in and checking on it I don't think not so it turns out not everyone is like me and on a weekly basis they're just checking in on everything and seeing what their super's up to and going oh that's nice but even if I opened it to be honest I don't even know what I'm looking for yeah and that's that's

the second statistic that I was actually going to bring up and that is that 27% of all Australians don't even know where to find that information if they were looking for it and you're about to give us another stat and I'm over three no no three for three no unfortunately not I won't stats heavy you I do have an example that I want to give you guys in a second though but that really upsets me because at the end of the day superannuation can be incredibly easy to understand these days the super platforms that exist and please don't get me wrong when you started work Jess super would have been really confusing and it would have been confusing because it was confusing to me as a 14 years and nine month old child starting work. They didn't really

have the online portals that they have today. So I feel like that was our experience. And now we've just carried that as it's too hard. It's just confusing. I don't even know where to find my member number to put on my new employer's application. So I'm just going to like not put it there and hope for the best. And then you find yourself with another super fund because that's how they fix that situation. But I just genuinely feel like a lot of people feel like it's really overwhelming when in reality you can just like go log into Australian super and it's like right there on a dashboard and it shows you exactly what you're up to and how that works and it can actually be really empowering if we take charge of it because superannuation is our money

like it is your investment portfolio I want you to go look at that and see what that means for you because the difference in caring and not caring can be huge and the way I'm going to explain that in a way that hopefully drives home the impact of this. And this is again, going back to research by CanStar. So I'm absolutely not taking credit for this, but essentially CanStar analyzed the estimated retirement balance of a 35 year old with an annual income of on average $74,500 and a super balance of $61,000 who decided to retire at the age of 67. So that's pretty realistic for most people in our community I think because that's about average in terms of super balance but also income and then the retirement savings were calculated based on a low

middle and high performing fund and those people who were in that situation that that 35 year old was in if they had stuck with that low performing fund throughout their working life not changed it not gone and had a look at what they can do or changed it to something that maybe suited their values or their risk profile a bit better they would retire with a super balance of approximately six hundred and seventy seven thousand dollars which doesn't sound too bad like that all right that sounds about average however somebody in exactly the same starting position had they decided to go and put their money in a high performing fund would have retired with nine is $138,000 saving by retirement, a whopping difference of $261,000. So when I say the

difference is literally worth hundreds of thousands of dollars, I'm not overestimating that. Like that is not a joke. That is so much money. Yes. But you didn't even have to contribute an additional dollar to create that. You just had to care today about where your superannuation is sitting and who's going to manage that and what type of risk profile you're in and whether it actually suits your age so i'm not here going oh it's wizardry like jokes on you have to work out what fund is actually performing and you're like victoria i don't know how to do that there are government comparison tools that you can use for free to go and work that out for yourself i can totally see how someone who hasn't looked into their super historically could feel quite overwhelmed

if this letter just turns up at their door one day and says hey dude your super fund is closing good luck figuring it out the way it was crap for the last five years but that's exactly the letter people are getting at the moment jess and that would be so scary so v what would your suggestions be to help people make sure that if they are in that position or even if they just want to kind of review the super that they have now to ensure that they're finding the best fit for them? Like, is this something I need to go see an advisor for? Yes and no. So yes, Jess, absolutely. You could go see a financial advisor and they could say, Jess, this is a super fund you should be in. And as you mentioned before, Jess, you've literally just done that process.

You have a financial advisor through Zella and she sat down and explained to you all the insurances you need and all of the investments that we're going to potentially look at. And she's explained what super fund you need to be in. But I mean, it works for you because you're an employee if she's on the money so it was free but that process of seeing a financial advisor is going to cost you for that recommendation and for the whole statement of advice process a minimum of three and a half thousand dollars so that is not feasible for everybody but there is a way that you can make that decision on your own you don't need to be a financial advisor to work out what your super actually looks like and if you were going to look at it yourself the first

placed I would go is the Your Super website. So the website is yoursuper.gov.au. And you guys know I absolutely adore government-based websites because they're not biased and they're actually existing to put you in a better situation. And there's no sponsors on the backend. And this is absolutely not a sponsored mention. Like Your Super are not paying me today to say that this is a good website by any stretch of the imagination. I mean, at this point in my life, I've literally never even spoken to them, but the Your Super website is yoursuper.gov.au and we'll put the link in the show notes. But essentially it shows you what to look at when you're looking at superannuation funds and it shows you what the reform is going to look like.

It's a super easy website to use, but it also helps you compare superannuation funds with what they call the super stacker so they've got this super stacker tool where you can put your super annuation in and compare it to other super funds to make the right decision for you but as we've discussed before go listen to our old super annuation episodes jess and i are talking at the moment about doing some more super episodes because we just think it's about time and i mean after june 30 the super guarantee amount changed to 10 so i think it's worthy of having an updated discussion but you can make that decision so go listen to the episodes about super go understand what your risk profile is and if you don't know what i'm talking about go listen to the risk

profile episode work out where you sit on that have a look at the different superannuation funds and once you've decided the top three call them have a chat with them say hey tony what's your super fund do why should i go with you you have every right in the world i'm not going to say to waste their time but to have a chat with them on the phone and say like hey i'm just inquiring i'd love to know a little bit more about your super funds you don't have to immediately apply you can go get some advice you can ask like what's the difference between the different you know risk profiles that you have you know what percentage is this what does that look like you are absolutely well and truly within your rights to ask a million questions before making that decision

because as we said before the difference between going into a high performing fund and a low performing fund could literally be about $260,000 in your retirement. I promise you that is worth an additional 10 minutes on the phone, Tony. And we've said it a million times as well, like the people that work in the call centers and are answering the phone when you call your super fund, call your insurance provider, whoever it is, they are real people and they do actually want to help. So I know we say it all the time, but honestly, just call them because they do want to help and if it makes you a cheeky 260k I mean oh my god I would absolutely pick up the phone for 260 grand so there's not a lot I wouldn't do for 260 grand you need to slide into my dms but it's

one of those things where you actually need to take this stuff seriously and I don't know how much more I can jump up and down about the importance of superannuation for your future But my job as a financial advisor, I've said it before on the podcast, can be distilled down so boringly. My job is to get my clients to a safe and comfortable retirement. And if I could do that for more than just my clients, I would retire a very happy woman. Like knowing that our community is in a safer, better, more financially secure situation, just because I'm like, call a super fund, have a chat with them. Maybe you didn't know you were allowed, or maybe you thought that call would be charged, or maybe you just weren't sure who to call. I've literally given you a

number of options. There is no excuses anymore, my friends. Question. We said that the government released this report sharing the lowest performing funds. Did that report also share some of the top performing funds? Is that information out there for people to be able to use to maybe assist them in making this decision it is one of the important things though is to not just pick a superannuation fund based on its performance because performance is not the be-all end-all but yes jess that is publicly listed information and in the same way that you can find the bottom performing funds you can go find the top performing funds and if you really wanted to you could just pick based on that if you really wanted to would i advise it absolutely not but it's my job to tell you do your

research but as a part of doing your research you can find that information i'm not going to be listing it here though because i genuinely feel like if i started dropping names it would sway your decision and what you're actually going to choose and i can't do that like feasibly i can't do that but what i can do is guide you to water i just can't force you to drink you know and on that as well um just before everybody posts in the group and says hey well i'm with this fund should i go to this one we actually cannot have those posts because it is personal financial advice we need to know your situation and all of that oh yeah it's so hard yeah so even though we would love to sit down with every single person and say go to this one go to this one we actually

can't unfortunately so all we can do is as you said v lead you to the water and you can go and make your own decisions but unfortunately we aren't able to give you that information or allow you to ask those questions yeah but again you can go to the your super comparison tool and it will literally compare all of them you don't even have to pick the fund that you're in you can just go to the your super comparison tool and sort it by performance if you really wanted to you can sort it by performance you can sort it by annual fee you can sort it by the seven year net return you can even shortlist products and actually come up with a number like a little short list of what you've decided you want to use and i find it to be a really really useful tool again that link is

in the show notes go and educate yourselves on what that means because i promise it's not nearly as overwhelming as it often feels so v i'm gonna go and have a play with this because like i said i don't know anything about my superannuation or my fund um but what should i actually be looking out for like if it's not just based on performance or whatever what can i how do i like use this information and actually make a decision. Yeah. And obviously performance does come into it because we know that the government has said the underperforming fees are being gotten rid of. So obviously performance is a very key factor because if it doesn't perform, we don't get compound interest. And when we don't get compound interest, we're not getting money on the money that we have

earned. We are shooting ourselves in the feet. So what we want to look at is a number of different things so the first thing is competitive fees so we want to make sure that the fees are competitive but i'm also of the opinion controversially that if you pay peanuts you get monkeys so we're not just going for the lowest fee but potentially you know a fee that is reasonable and obviously if you don't have much in your superannuation fund fees are even more important because fees can eat away at your super fund balance. So have a think about this and make sure that you're choosing a superannuation fund with competitive fees. The next is investment options. So if you've listened to our risk profile episode, you would know what your risk profile potentially is because we told

you how to ascertain that. And if your superannuation fund doesn't offer a risk profile that's aligned to you, Tony, for example, if you were in aggressive growth, but they don't have an aggressive growth portfolio. So maybe that might not be the right fit for you. So having a look at what type of investment options are included in the superannuation fund is really important. So it could include a mix of like bonds, cash, property, Australian shares or international shares, or it might be a mixture of all these different asset classes. There are a lot of superannuation investment options and strategies that are available. So just make sure you do your research before you dive in without any type of plan. The next is track record. And that kind of

is like performance, but we're not just talking how much did it return last year? How much did it return over the last seven years, over the last 10 years? Have they existed in the marketplace for a really long time? I'm not saying that new super funds are something to be wary of, but I'm sure that you'd feel a lot more secure if you're like, you know what? Like they might be new, they might be shiny they might have really nice like fees but maybe you would feel a little bit safer if you knew that they've been in the industry for the last 20 years doing a good job and had lots of healthy and happy clients yeah so for me that would be something to take into consideration and jess is going to see this coming a million miles off insurance options on offer so making

sure that you completely understand what types of insurance options would be potentially offered as a part of your superannuation. So sometimes superannuation includes life insurance policies or a TPD policy, which is a total and permanent disability insurance or even income protection insurance. So it is absolutely worth your time looking into that, potentially calling them, asking what that means. But also you'll find that information in the PDS, which is the product disclosure statement. And I promise you they are very overwhelming, but you can always have a bit of a skim and then do a bit of a control F to see control F insurance, see if it's included or not. You don't need to read every single, I mean, I would argue and absolutely recommend that you

read every single word in that. You should always read every single word in that. But I know a lot of people aren't going to, so please just do the bare minimum, please. And then obviously take into consideration any other services that are really important to you. So Jess, you might be like, oh, I really want online access. Make sure that's there. Or maybe you really want the ability to make extra contributions to your superannuation. So make sure that that's easy and accessible. Or maybe you want access to a financial advisor because some super funds have one on call that you could call and ask questions to. So maybe that's something that you really want included. So make sure it's there. Or maybe you just want calculators or predictions for the future or

educational guides. I don't know what you're looking for, but if it is of value to you, write those things down and make sure that that is included in the fund that you pick and that's that's my 50 cents because i was going to say two cents but i went on for way too long hey you must have had a really good return on your super fund if you put in two and you got 50 back yeah literally you guys are above and beyond all right that is enough from my 50 cents worth of super jessica and tony so i think that that is genuinely all we have time for i've used up all the time talking about superannuation which not the first time this has happened but just before we head off we'd like to acknowledge and pay respect to australia's aboriginal and torres

strait islander peoples they're the traditional custodians of the lands the waterways and the skies all across australia we thank you for sharing and for caring for the land on which we are able to learn we pay our respects to elders past and present and we share our friendship and our kindness the advice shared on she's on the money is generally 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 any financial decision and we promise that victoria divine is an authorized representative of australia pacific funds management proprietary Limited, ABN 34132463257, AFSL 339151. See you next week, guys. Bye.