She's On The Money - Shake that tax for me

Episode Date: July 23, 2019

HAPPY HUMP DAY lovely SOTM fam! Today, we're talking all things tax and and and don't switch off yet! We've received dozens of DMs about this one: a three-letter word that sparks fear into the average millennial. So, let's get right back to basics and try not to fall asleep through it, OK? Kidding, none of us are doing that. Do you love the podcast SICK and want more SOTM? Of course you do! Join our Facebook page to share your money wins and money confessions, follow us on Insta for daily inspo to keep you on track and DEFINITELY subscribe to our newsletter, the written recap of the pod's key takeaways, including some bonus bits you won't want to miss... In a money mess and need help untangling the muddle? We've got you sorted - simply record your qualm and send it through to us at [e-mail] and you may end up on the podcast! 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 only and should not be relied upon to make an investment or financial decision. Victoria Devine is an Authorised Representative of Consultum Financial Advisers Proprietary Limited ABN 65 006 373 995 I AFSL 230323.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. My name is Annabelle Lee. If you're a diligent pod listener, you'd know that by now, but if you're not, that's okay, I forgive you. Welcome, greetings, all that. And as always, I'm joined by my lovely friend and money expert, Victoria Devine.

Hello there. Hello. Can I just say, firstly, I'm so impressed with how responsive you are on our Facebook page. Thank you. To every She's On The Money community member, you're just like, hi there, and you just give them your advice and it's brilliant. I love it. I think it's more opinion than advice. Not sure if I would take it as advice but yes I do love talking to everybody in the group. I absolutely appreciate all of the messages I get and the Instagram stories that get sent to me like keep them coming. Thank you. So on behalf of all of the shoes and the money community members thank you. No thank you. Victoria today we're going to

talk about something we've received dozens of DMs about. A three-letter word that sparks fear into the average millennial, myself included. What is it? Tax. But before we really dig in, let's kick things off by sharing a money win or a money confession from the week. You first. Why do I always have to go first? I'm the first one to be thrown under a bus. Okay, so backing up last week's confession, I have another confession for you guys. So on the weekend, I went to Adair's with the purpose of purchasing a brand new doona because Adair's had their 50% off sale and that's incredibly exciting. Doonas are really expensive. They are so expensive so I had worked out that this doona was probably going to go on sale so I've been hanging out for it to be marked down

so off I go to Adair's and I pick the doona that I knew I wanted 50% off what a money win but instead I picked the more deluxe version of the doona and spent what I would have spent on the full-priced cheaper doona on this more deluxe doona therefore still fancy very fancy but now I spent what I was going to spend on a full-priced doona to begin with and didn't actually save any money oh no well mine is also money confession this week unfortunately I have I think done the opposite of what most people do in that I have become a coffee drinker and I used to not drink coffee I used to be very caffeine sensitive but now I think maybe it's because whenever I come here you make me this really fancy soy latte and I just can't say no it is really fancy there's a

heart on hers today oh I know I need everybody to know that but now every morning I'm going walking to the cafe I live in Richmond so there are lots of choices I'm walking to a cafe and I'm buying a coffee and it's not good for the bank have I been an enabler in this because when I met you you're like oh I'm sorry I don't drink coffee and now every time you come into the office you are two soy lattes deep before 10am. I'm like give it to me, pump it into my veins. Okay with coffee in my system let's get straight into it. We all know the Australian income year ends on June 30 and that you generally have from July 1st to October 31st to lodge your return from the previous year. Now that we're in the middle of July we suppose lots of you are thinking the same thing as am I. Where

the hell do I start and what am I owed? Victoria let's start with just that. There's an attitude out there that we should be getting cash injections back into our accounts at tax time. Is that actually accurate? Does the average working Australian get a refund on their tax return? This is such a complex area to start talking about. And I think the first thing I need to do is disclaimer that I am not an accountant. I am a financial advisor. So all of the opinions I'm going to give you guys are just based on my interpretation of tax law. Fun, right? Yeah. So yes, generally Australians do get a refund, but they don't get a massive one. I think it's also a really backwards way of thinking to think that every time you submit

your tax return, you are owed something. So we pay tax in a country to live in this country and have all the things that we have and access to all of these beautiful things that enable our world to keep going around. But a tax return is actually just you submitting your claim of, I earned this much per year. Please compare this to what my employer said. you are claiming anything that you spent money on in relation to you deriving a taxable income. So is it normal to get zero dollars back? It is quite normal to get zero dollars back. Yeah. And as much as it sounds a little bit depressing, it's actually a money win

for the government and for your employer and for you because it means that the right... Win, win, win. Yeah, win, win, win. Because it means that the right amount of tax was taken out of your take-home pay for you to give to the government and they didn't owe you anything back. So often when you get a tax return, it means one of two things. It either means that you got a pay rise in that year and you had more taxable income than you did before, or it could mean that you had a second job. You might be driving Ubers on the side and you've derived some more income, or you might have expenses that you're able to claim that are related to you deriving your income. So I think that there's a real sense of entitlement around tax. you know, you go to brunch with friends and they'll say, oh, I feel like I'm paying too much

tax or the government is taking so much of my income, that's my income. To put this in perspective for you guys, if you go back 20 years and you are earning more than $50,000, you are actually in the highest marginal tax bracket. So that means that your tax rate was effectively 47%. So you were nearly paying half of your income to the taxman. Whereas now, if you are earning $50,000, you are in the lower marginal tax bracket, so not the lowest, which is people who don't have to pay tax, but you were in the lower marginal tax bracket of only paying 32% tax. So I think it's really important to realise that over time, the marginal tax bracket has been declining as our incomes have been increasing. Right, so let's talk horror stories for a second. What are the

most glaring mistakes you've seen with clients at tax time? So at the end of the day, so many taxpayers are making incorrect claims. And as much as we've previously been able to get away with these claims, the technology that the ATO now has is so far advanced that it's now not about if you get caught, but when you get caught. So we're talking about all of this robo advice with Centrelink and the data matching has happened and now all of these people owe money that they thought that they either got away with or didn't know about. And the ATO was essentially doing the same thing. So I think the missteps that people are making now is just assuming that they are able to claim for things that they don't need to produce receipts for. So for example, I had a

friend the other day say, hey, Victoria, but I can claim up to $300 on work-related expenses without producing receipts. And whilst this is absolutely true, the issue here is you actually have to have incurred those costs to be able to claim them. And the ATO can audit you ad hoc if they decide to do so and you need to be able to justify those costs. So as much as people are saying hey I am able to claim up to $300 without receipts, you're not actually able to claim it at all unless you've actually spent it. What about self-employed people in particular? So I think self-employed people are in a bit of a sticky situation where they are often not earning enough income or they feel like they're not earning enough income to justify the expense of having an accountant on their team.

so that means that they are either guesstimating how much tax they are paying or overestimating what they can claim so something that the ATO is cracking down on more recently is your home expenses so your internet and electricity charges that people are saying well I am a sole trader and I work from home 100% of the time therefore I'm going to claim 100% of my electricity or mobile bill or phone bill or internet whereas this is not actually the case you can only claim what you are entitled to and that is a percentage of your phone or internet bill not the entire amount. You've got to be pretty specific with that then because how do you even calculate when you're using it for work expenses and when it's for personal use? So this is one of those things

where it's sometimes easier to have two separate plans so you'll see some people having two separate mobile phones because it's easier to say one is solely used for work and the other is solely used for personal. If you aren't in that situation though, I'm not in that situation. I use my mobile for work and for personal. It just means going through a couple of statements and working out on average what percentage am I using my phone for? Is it 75% work, 25% personal? Is it 50-50? What does that actually look like? And then justifying that to the ATO. So as much as you don't have to always provide receipts, make sure you've got them for your own personal records. So speaking more generally then, what are the big things people can claim like travel expenses or

work clothes? Is that a tax miss? So if you are a PAYG employee, so it means pay as you go. Oh, really? Yes. So if you're a pay as you go tax employee, this means that there's probably not a lot of things you can actually claim on. And I know that this is not what people want to hear out of this podcast. You're probably on this podcast because you're like, oh, Victoria is going to give me all the gossip and the things that I can claim to get money back when it's actually not the case. If you are a PAYG employee there's not a lot you can claim on unless you are incurring costs that are directly related to you deriving an income. So that could be travel so if you had to go to Sydney for the week for work anything related to that would be claimable

however going to and from work in the car is not a claimable expense whereas if you get in the car at 11 o'clock to go get the mail from the post office that is claimable. I know that a lot of people have gotten in trouble previously because they're trying to claim their work kilometres, but they're actually travelling to and from work, not during work times. Right. Yes. I actually read, this is maybe a bit of a tangent, that people who work in the sun a lot can claim some protection, like sunglasses, sunscreen.

For some industries and some roles, you can claim those things, but that's because it is directly related to you deriving an income. So in your opinion, Victoria, why is your tax return so important? How far in advance should you maybe be preparing for it? I know these are boring, but it's actually a legal requirement for you to fill in a tax return each year. And if you aren't filling in a tax return each year, there are actually fees and penalties that will apply. So doing it is actually in your best interest to not incur any kind of fine. You should be preparing for your tax return always.

If you're incurring a cost related to your employment, just make sure you take note of it. So whether that's you keeping a shoebox under your bed of receipts that at tax time you pull out and work out what you need to claim, that's fine. I know a lot of people also take photos and create an album on their phone to keep track of these things. But at the end of the day, I think always having in the back of your mind that tax is important will definitely keep you on the right track. So in your opinion then, do you think it's worth getting your tax return done by an accountant or a tax agent or through MyTax? So I think that this is a bit of a fickle question to answer because at the end of the day, tax agents and accountants are specialists in their area. So

if anyone is going to know what you can and can't claim, it is them. It's not up to, you know, the discretion of you saying, well, I feel like I should be able to claim it. It might not actually be a legitimate claim. I think if you're earning less than $25,000 a year, though, you should probably be able to work out the my tax portal on your own because you're not actually going to be paying any tax to begin with. So to pay someone to claim any small amount for your tax that you didn't actually ever pay seems a bit redundant to me. If you are earning over $25,000 though and you feel like you have some legitimate claims that's probably when I'd start talking to an accountant but again discretionary going to a tax agent means you're getting advice and they're

more likely to prepare your tax return in a legal way but if you feel like you are you know a salary and wage earner you only have one stream of income and you know you didn't spend anything to derive your income you can again probably work out the my tax portal on your own. I also read that apparently if you used a tax agent or etax.com.au to lodge your tax return last year you can claim the amount. Yes so that's something you can claim. I didn't know that. You can. Often people actually forget that that's a claimable expense because it happened in the previous financial year. But yes, you can claim your previous tax preparation fees from the previous financial year. Because it's to do with work. Yes. Yes. Great. I'm getting it. So what's the

likelihood of being audited to go down a dark, dark route? It's certainly tempting to exaggerate a little when you're doing your tax return at the chance of maybe getting a higher refund. but is that really dangerous absolutely it is so the likelihood of you being audited increases each year because of technology so the ATO is now able to do what's called a desktop audit so it's where they don't actually call in your information it's where they just in their office go through all of your stuff because no longer do you have to provide them with group certificates it's all online so they already have access to the ATO portal they already have access to all of the group certificates. The business you work for has submitted. They have access to your Medicare

records. They have access to your super. That sounds so scary. It is somewhat scary, but also it's a really nice thing to have in place because it means that more people are doing the right thing because there's less chance of you being in a position where you can evade tax. What the ATO is doing is more desktop audits, which means just auditing people in general. And because this is more efficient, it's happening more often. And with their data matching software, they're able to just lump a lot of people together and audit them all at one time moving on from that is it true that the gig economy has changed the way the government monitors our tax returns absolutely it has and I feel like I say absolutely a lot in this podcast but absolutely it is good I'm so

certain about this because it's happening with a lot of my clients as well as you know we see a lot in the news about what's going on with the gig economy the economy is fantastic because it's enabling people to derive more income and, you know, have more control over the income that they are producing for themselves. So for something like Uber, it's in your hands. So you can go and set up an Uber account, become a driver, and you're in control of how many hours a day you're working, how much extra income you are producing. The thing with the gig economy, though, is a lot of people are starting these side jobs, creating income, but they're not declaring the income they're making. So if you're a graphic designer and you're doing a couple of jobs on the side,

I think it's becoming more and more likely that you're going to be audited and the ATO is going to find out that you are not declaring that income because of data matching. Now the ATO is going directly to the employers or the businesses that are paying for invoices and saying, hey, how much have you paid this year and to who, and data matching it to what you have said you have earned. So this has been happening for a number of years in the building industry. So they've done something called the taxable payment reporting scheme or the tprs for short and it's been in play since 2012 and it actually means that the ato is able to cross-check between what people say they've earned versus what they've actually earned and this is the type of thing that's going

on in the gig economy now so whether you're working as a freelance graphic designer or you're working for a larger company like uber now everything is actually being taken into consideration and cross-checked and as much as that sounds like okay they're cross-checking it it maybe isn't that important. As a result of the TPRS, in only one year, it increased the ATO's revenue by $2.7 billion. I thought you were going to say million, but no, it's the other one. Billion dollars. So you best believe that they're definitely investing in making sure they're capturing all income from all places as they're building a more fair tax system for everyone. Oh my goodness, I just can't get over that number. It's actually crazy. So it's obviously

in the government's best interest to make sure that people aren't not declaring income because at the end of the day the tax that we have builds our economy and it supports us follow the law people it's important oh says the law student hi there you've called the she's on the money hotline do you have a money problem you want help solving do you have a money dilemma you just want to chat about victoria is here to help every week we'll be playing your hotline questions to help make sense of the money mess you may have found yourself in give us a call on 0435 293 886 and you might find yourself on the show and over to today's listener questions

hi she's on the money i started working full-time at the end of last july on a wage of fifty thousand dollars i've also done some freelance writing work over the last year uh which i've only kind of occasionally paid for i do a lot of free work um so even though i don't pay a lot i didn't it doesn't pay a lot sorry it's probably less than 500 it is all done through an abn so i guess my question is how do i work out my tax um around this kind of small side gig income on top of my actual income um and if i am going to be charged extra tax because i haven't really declared it of a year, can I offset this by claiming some home office expenses? All right. Thank you. What should she do, Victoria?

So I think that she really needs to have a look at the ATO website, actually, because that has a number of really good tax calculators, which will actually tell you how much tax you need to be saving from each pay to go towards tax and having a look at how she wants to pay that. So I know there are a number of different ways that you can pay tax. You can either hoard it all until the end of the year and work out what your tax return is going to ask of you or you can do what's called a BAS which you do every quarter and you essentially make sure that you're on track with your tax every single quarter. So each three months you'll do a BAS statement which is a business activity statement to make sure that you are paying the tax that you need to be paying

and paying it in advance. So can I do a BAS myself online or do I need help with it? Absolutely you can so you can just do it through the ato.gov.au website or you could talk to an accountant about setting that process up. In relation to the question about additional office expenses if you incur those expenses in direct relation to the money that you are earning then it could be a claim that you can make but I think that to make sure that that's 100% on track you need to have a chat with an accountant just to work out what those percentages are and what those claims actually look like. Let's roll straight into our next question. Hey guys, Taylor here.

So I'm two years behind on my tax returns because I started working in an ongoing role a few years ago for the government earning over the HECS threshold for the first time and they weren't actually taking my HECS out of my salary, which I didn't know at the time. So when I went to submit my tax in the MyGov portal, it was like, you're going to have a huge debt. So I just didn't submit my tax.

And I've been told by someone that if I do submit my tax and I get the tax debt, it'll have a really high interest. So I was like, no, just don't submit it. Really, really good solution. So from there, I've not done it for two years. This will be my third year. And I want to submit my taxes this year, basically. And I'm just wondering, I know I can do them through the MyGov portal,

but as a student working in an admin type role, is it worth getting an accountant? I know they're really good for, like, businesses and things because I know how to claim back, like, lots for the business or for an individual with business-related costs. But for someone like myself who doesn't have any business costs and who just has, like, personal costs and maybe some student costs and, like, the very basic admin role type costs, is there any value in getting an accountant or should I just submit them myself through the MyGoth portal? Thank you. So, Victoria, how'd she do? Should she get an accountant, do you reckon? I think because she's behind in her tax returns it would be a really good idea to consult with

an accountant so that she can get on top of it and so she can completely understand what she needs to pay for her HECS but then also what kind of fees and charges are associated with late submission of a tax return which is something that can happen so if you lodge your tax return late as an individual there will be fees and charges associated so talking to an accountant will mean that they'll be able to work it all out for you and let you know what you do owe for your PECS, but then also help you get your head around all of the other fees and charges that might be associated with the late submission of a tax return. So Victoria, do you see this kind of thing a lot? Because I feel like a lot of people maybe put their head in the sand when it comes to

getting their tax returns in on time. I think so. I think a lot of women put their heads in the sand because it seems overwhelming and too much for them to do. And it often feels like something that we can just do later. But you have from the 1st of July to the 31st of October each year to lodge your tax return and if you're too overwhelmed during that period of time you can actually talk to an accountant because they have extended deadlines so they are able to submit your tax return by the 15th of May the following year. And you can claim those fees on your next year's tax return. You absolutely can. God I'm good. And now it's time for the pervy stuff. Today's money diary is from a 28 year old PhD student who didn't have the easiest upbringing when it came to her family

situation. My main thing is that I never well I try not to buy anything new so I basically buy everything off Facebook marketplace like I'm obsessed a lot of my friends actually think I have a problem but it is a really good way to save money and my entire house is furnished from Facebook marketplace. All the clothes I get including like I have an absolute obsession with Gorman I hope that's okay to say that brand so I get like most of my Gorman stuff from Facebook marketplace and I save loads of money. I suppose like I come from a pretty low SES background. SES means socioeconomic status and so I suppose from my mum and my dad. I grew up with my dad so it's kind of always been like single income and then my mum's perpetually been unemployed basically on

and off throughout my whole life so never too much money coming in and I think yeah as a result I've just been super thrifty but also when I was 18 because I kind of lived out in the country I had to move out of home to go to uni and then so I was forced to kind of live off Centrelink and like hospitality jobs stuff and so basically from when I've been 18 till now which is 28 so 10 years I've been like a student the entire time I think there was maybe one and a half years where I was like working proper jobs but yeah because of that I've just always been living off super low income I think now I have a pretty good relationship like sometimes I get a bit stressed about it like like if I have a friend's birthday and I'm like want to buy them a present it's like okay I'm

going to do this but as a result I'm going to have to live off me going for the next couple of days you know what I mean stuff like that so it's okay but yeah sometimes it can be stressful at the moment I feel like I'm in a really good place though so much better now than even two years ago I was like struggling okay so we know 28 and 50 has had it tough but let's hear the nitty-gritty stuff how much does she earn and how much is sitting in her bank account right now okay so it's complicated so I'm on a PhD scholarship but a specific one through a different university so it's slightly higher than the average Australian PhD scholarship so that's 32,000 a year and that's tax-free and that is like my base salary but then on top of that I do what's called RA work and

consulting work so RA work is like research assistant work so that's like casual research work where you might work for another academic and that's like 40 bucks an hour in general and then my consulting work that's really good money but it's really sporadic so I had a look like last year in consulting, I got $16,000, which is brilliant, but that's actually not tax free. So I'd actually don't know how much of that I'm going to the accountant tomorrow to figure out how much of that I actually get to take back. But what I do is I put that immediately into savings. So I didn't even touch that. So even though I'm going to lose some of it to tax, I'm still earning interest on it while I was in savings. So before tax, I'm earning around

$48,000 a year and after tax it's about $44,000. Yeah and how much I have in savings I've actually got $30,000 so I've been like steadily working on that I'm super proud of it so this is why I say I'm really thrifty because I basically live off my PhD salary and then everything else I basically consulting work I put straight into savings don't touch it and if I get RA money that's a real bonus So I might use that to spend like week to week. So we know how 28 and Thrifty gets paid, but what exactly happens to that money after it's deposited into her account? Because it's a bit complicated before how I was mentioning,

I have the base salary. So that works out as about $1,200 a fortnight. So that's my base salary, what I live off. And then with the consulting, it's kind of really sporadic when I get paid. So basically I get paid when the company gets paid. So I was checking last year, I got paid once in January and once in April. And that's it. but I don't even look at that so it's okay. So $1,200 a fortnight base salary and then

occasionally if I get RA work it might be a bit higher but basing everything on the base salary $1,200 a fortnight and then straight away I put $250 of that into my like ultra savings account and that's the savings account I can't touch. Then $250 I put into like my accessible savings account. So that leaves $700. Unfortunately, then rent and internet is $550. That automatically goes away. Then that leaves me with $150 for the fortnight. So you can see why I really rely on my RA work or my consulting work, because basically if I have another bill, like a gas bill or whatever, I have no money. So a lot of the time what happens is I end up dipping into my accessible savings account, like to the point where I've had a lot of bills recently. So at the moment, my accessible

account is only at like $400. So we know she's pretty damn good with saving but what about investing? I have a raise account thanks to you shameless girls and that's it. I only started that up in May but I did have a I used to have an everyday roundup account but I was finding I was like getting no money from it and the interest was crappy so I moved it into raise and so far it's been pretty good. Apart from that nothing else but like long term my goal is to eventually put some into proper stocks but don't really understand how to do that. And where does 28 and thrifty sit with her debts okay so i officially have no credit card or kind of personal loan debt which is fantastic but my hex debt is hefty at fifty thousand dollars so does 28 and thrifty

have any good money habits that she's especially proud of the best one is probably that i live off my base salary and everything else is a bonus my savings like my consulting money i don't even look at it i just put it straight into savings and what about her worst money habit splurging on occasion when I really shouldn't so sometimes I'll dip into my accessible savings account and get something like I really shouldn't uh mainly clothes it's the main weakness yeah what's 28 and thrifty actually saving for what's her big money goal so my main savings goal at the moment is for a house and the reason really is I've been renting for so long now that I've just been having lots of issues with renting like so for example a few places like homeowners just decided to up

and sell the house so we had to find a new place in 30 days so I just really hate the insecurity of renting so I just want to kind of have our own place and be like okay we can stay here so how would today's money diarist rate her own relationship with money if we forced her to give herself a grade let her grade I'd probably give myself a maybe a b plus because I'm super thrifty maybe an a based on your faces I don't think like what I'm doing is like it's not really sustainable like and it's really hard because I don't have this consistent income I find it really hard to plan long term so like this fortnight I had no RA work so it was literally $1,200 for the fortnight which so I had $150 left but then I'm taking like the dog to be groomed

because she needs to be groomed and that's like there goes 60 bucks and it's like I've got nothing left so I definitely have to dip into that saving so I sometimes wonder if I'm putting too much pressure on myself how much I save and maybe I should pull some more out to be like less stressed week to week. Victoria, what do you think she's doing well? I think that she's really good with her money. She sounds like she's being incredibly frugal. I love that she's on Facebook marketplace, even though she thinks her friends are probably not on the same page. She said that she loves Gorman. So do I. And I'd like to say to anyone else who loves Gorman, follow the Facebook group Gorman-esque. It's great. Hashtag not sponsored. I think it's really important to actually point

out how frugal she's being whilst also still enjoying things in life that she wants to enjoy so like Gorman is a really expensive clothing brand but if she's able to go through you know Facebook marketplace or these Facebook groups that you're mentioning and you know still wear the things that she wants to wear and feel nice and have access to these things she's being a lot more savvy than most of us like I know I'm guilty of it like if I would like to purchase something I don't think of an alternative way to purchase that I just go all right I want a new dress I probably want it from this place and I go to the shop work out what I want it's something I want to get better at so I hope that I can learn from her. So what should she improve on then? I think

that her education around investing could be improved just education around what she can do with her money potentially learn a little bit more about home ownership so what type of deposit does she need at what point should she be talking to you know a mortgage broker at what point should she be starting to look at property? Has she thought about how much the property she wants to purchase is going to cost her and what associated costs are going to come along with that? So I think that, you know, it's one thing to have a goal of purchasing a home, but I really like tangible goals. And we'll go back to that thing that we spoke about, you know, when we're all in university about setting smart goals and making sure they're

realistic and time relevant and all of that other fun stuff. But, you know, really mapping out, all right, I want to purchase a home. What does this home actually look like? How much can I actually forward? Is this going to be a $500,000 home? Is it going to be a $700,000 home? Those two things are very different in terms of saving goals and the amount of time it's going to take her to achieve that. So I think if she can work out exactly what she's aiming for and create a goal that is incredibly clear, she's going to be able to achieve it, one, in a shorter period of time, but two, know when she's achieving it, not just go, okay, well, I've saved $30,000, which by the way, is incredible. Incredible, especially for her salary. She's saved a year's worth of

salary. I'm so proud of her. Who else can say, hey, I've got a year's worth of my salary sitting in a savings account? That's so great. Not many. So I think that's really impressive. But yeah, just that education piece and, you know, really refining her goals and picking that up. So how would you consider her grade then? A B plus to A? I think she can keep the A. I think she's doing really well i think it's really impressive especially given her history and you know what she shared with us about her money story where she's gone and where she's going it's actually quite inspirational very motivational that's all we have time for today just before we head off as always let's quickly wrap the boring but important stuff the advice shared

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