She's On The Money - We Asked a Financial Advisor Your Most-Asked Money Questions

Episode Date: February 25, 2025

If you’ve ever wondered "Should I pay off my mortgage or invest?" or "How do I even find a good financial advisor?" this episode is for you! We’re putting financial advisor Daisy Magor in the hot seat, tackling the biggest money dilemmas our community is facing right now (in a way that actually makes sense). 🔥 Should you pay for financial advice using your super?🔥 Why do different advisors give completely different recommendations?🔥 What’s the biggest money mistake even smart people make?🔥 Is debt recycling as good as TikTok makes it sound?🔥 Is leasing a car ever a good idea? And we've got even more of your questions. Plus, if you've ever thought about becoming a financial advisor yourself, Daisy shares exactly what it takes! Find Daisy and the Everest Wealth team here. Our last episode with Daisy, What to Expect When Meeting a Financial Advisor is here. P.S. We’ve got more Q&A episodes coming up, so if you want your money questions answered, make sure you’re following us on Instagram—that’s where we do our call-outs for listener questions!  Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements. 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 - 451289.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on Awadjeri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money. She's on the money.

hello and welcome to she's on the money the podcast where no money question is too big too small or too embarrassing to ask. I'm Victoria Devine and if you've ever found yourself stuck on a money decision, whether it's picking the right financial advisor, paying off debt or investing or figuring out what to do with a lump sum, my friend you are in exactly the right place because today we are going to be answering your biggest financial questions and breaking it down judgment free, of course. And to help me is someone our community loves and is obsessed with and begged me to bring back. And I'm a girl that likes delivering. You've quickly become a very integral part of the She's On The Money family, Miss Daisy Major from Everest Wealth. Welcome

back to the show. Thank you for having me again. I'm very excited. Oh, I'm so excited. But I think my favorite thing ever is like I get DMs all the time and they're like, hey, so I just listened to Daisy's episode and I'm like, that was ages ago. If you got her email, I'd love to talk to her. It's the best thing ever. This time round though, Daisy, we're mixing it up. Instead of just talking about financial advisors in general and what they do and how they do it, I've actually decided to turn the tables and we have asked you guys to send in a heap of your biggest money questions and there were some good ones and you get to answer them. I feel like we've got an ex-financial advisor and a financial advisor just answering people's dirty DMs. It's going to be great.

Now, I wanted to start by saying that we had heaps of questions come through about what it's actually like to see a financial advisor, like how to choose the right one, what happens in the first meeting and how much it costs. And if that's something that you are currently wondering, I actually recommend going back to our previous episode with Daisy because it's basically a step-by-step guide of exactly what to expect. And I've linked it in the show notes so that you're able to check it out. But that was a good one. That was our first one. We tested the waters together. Yeah. But let's dive straight into, I guess, the proper questions. Daisy, our first question is from a community member who's going to see a financial advisor and thinking

about paying for it from their superannuation. A lot of people don't know that you can actually do this. So can you explain, I guess, how that works and whether it's something that you would actually recommend as a financial advisor? Yeah, absolutely. So most super funds in the market will allow us to charge a fee. Some definitely don't, but most do in the market. I suppose there's a few reasons as to why we would recommend that you do charge through super. One of them is that you do get a 15% tax deduction through the super fund. It's very sexy. Yep. So it makes it 15% cheaper for you. It's like a discount code, but you just have to use your super. And then yeah, for a lot of our clients that we see, it means that there's more money that they have to

invest, pay off debt, keeping cash for a house deposit. But I suppose one of the big caveats is that we can't charge everything through super we have to meet what's called a sole purpose test so that just means that like we have to charge a percentage through super of the percentage of advice that we're providing around your super fund yeah and i don't know if you do this but way back in the day when i used to be a financial advisor sometimes as a part of our strategy we would recommend that clients made an additional contribution to their super to pay for their advice because at tax time they get a deduction on it so we're not just talking about using, I guess, your super fund savings or your super fund investments to pay. We're talking

about using that as a tool to pay and get a refund. But then also if you don't have the cash for financial advice, but you're like, I really need it. That's also an option. Yeah. A hundred percent. And there's definitely talks at the moment around making our fees tax deductible personally. So that will definitely change kind of how we propose it to clients. That would be so sexy. Genuinely life changing. Like go see an accountant tax deductible. Go see a financial advisor, we literally can't let you claim your statement of advice on tax at the moment. And that makes no sense. No. Like at a deeper level, the government is benefiting when people are individually taking care of their own retirement. Yeah. Why wouldn't you make that more attractive

for us? Yeah. And it's just really strange how there's different tax laws with super compared to personally around this. So like the super fund can claim the tax deduction, but we can't personally. It doesn't really make a heap of sense, but hopefully they're changing it shortly. the rules. We're just playing within the rules and we're helping you understand them. So next one I've got, one of our community members shared how she saw two different financial advisors and then got two completely different sets of advice from each of them, which is obviously relatively confusing. What do you think about that? And how can someone tell which advice to follow? And I would say more importantly, how do you know if a financial advisor is even good? We definitely see

people that come to us who have seen a financial advisor before and maybe our advice is different. A lot of it lands on kind of the advisor's philosophy. Some may be more pro-property, some may be more pro the share market. But I suppose what I recommend for people is that they try and find a financial advisor that deals with people that are in kind of their similar situation. So I wouldn't recommend a 28-year-old single female go see a pre-retiree advisor. like you want to be dealing with somebody that deals in your realm and is used to providing advice in your area I think that's why you're so popular with our community Daisy and then yeah I suppose like how you know an advisor is good I mean there's plenty of different websites where

there's advisor ratings on there just ask me I'll tell you and that's what I say go the cheese on the money community and yeah google reviews things like that and I suppose a lot of advisors do provide that free of charge initial meeting and it's just really like you get a vibe check pretty quickly. But for that community member that's received kind of contradicting advice, it'll definitely be kind of what feels better in your gut as to which one you would go with. I mean, we have a best interest duty that we need to provide to our clients. I wouldn't say necessarily one's right, one's wrong. Yeah. I was going to say this sounds relatively strange because financial advice we know isn't cheap. And to get two pieces of advice, that's a relatively

expensive task. Like I'm like, hold on, what are you doing? But I would say, and I love saying on the podcast when in doubt, zoom out, but like, let's look at the bigger picture. It might be completely different, like asset recommendations, but like, where are you going to land in the future? Like what's the big picture here as opposed to what is the like short-term picture? Cause you might go, oh my gosh, I don't have enough information here, but like this particular advisor suggested property and direct shares. And this other one said, Oh, more, you know, ETF based portfolio. There's actually not a right or wrong. There's what that advisor is more comfortable with. And like, if I go back to when I was a financial advisor, I dealt a lot with

direct shares. So like I would construct portfolios for clients made of eight to 12, I would say basic shares that we had constructed and spoken about. But then I would have girlfriends who were also financial advisors and they're like oh my gosh Victoria no absolutely not I just do ETFs or you know another financial advisor's like oh my god no like I work for a financial advice firm that also has buyers agents and like we do a lot of property like that doesn't mean that you're worse off from any we all just have different methodologies and honestly interests like I loved that share side of it took me longer but it was like something that I was passionate about so I think it's important to remember that doesn't mean it's wrong 100% yeah and as long as they've met

your goals, explain the advice to you, then yeah, I think you really just go with your gut there. All right. We have a lot of questions from our community about lump sums and, you know, choosing between, I guess, two different financial options like, do I pay off my HECS or do I start investing or do I put extra money into my mortgage or my superannuation or do I start saving for a house, Daisy, or should I just, you know, go and buy an ETF? What does that look like? These decisions I would say are not one size fits all. So how do you actually work out what the hell is best for you? Yeah so I think a lot of it comes down to your goals and your time frames as well as kind of where you're at in life. So in terms of paying off your help debt compared to investing I

mean with the changes with help indexing at CPI or wage growth compared to investing in the market like investing in the market historically has done seven to ten percent whereas putting a lump sum off your HECS could be two to 3%. But then I suppose if you're looking at buying a house, like you may need to pay off some of your help debt. Hopefully again, that changes with what the government's proposing, but like that may be a consideration that we take into overall goals in terms of kind of putting money in super compared to paying it off your mortgage. That could depend a lot on where you're at with your life stage. So if you're getting closer to retirement age, closer to when you can access your super, it may make a lot more sense to put

money into super and then it's in a more tax effective environment. Whereas if you're planning on starting a family and need to kind of pay down your home mortgage or pay off some of your debt quicker, then it might make more sense to put it into debt. So there's not really a one size fits all there. And it's all about like strategy as well. It all links back to your goals and where you want to be, what you want to be doing and also your timeframes. Because if you came to me and said, Hey Daisy, I want to buy a house in 18 months. I'm going to chuck all my money in the share market for my deposit. Terrible idea. Bye. Don't do that. The volatility that comes with that just isn't worth it. And it may be super boring, but it's just keep it in cash. You know

that that's safe. Sometimes the most boring answer is the right one. Exactly. Yeah. I have clients that come to me and I'm like, look, keep it in cash. And I'm like, I know that it's boring and it's very unsexy. I think they want a sexy answer. Yeah, it's very unsexy. I mean, we can find a high interest savings account. Yeah. That could be fun. But yeah, don't invest it if it's a year. there's not one size fits all for that answer, but it's just working around kind of how much we can allocate in each area. Can I ask pervy questions? Is that allowed? Absolutely. I like this. Do you still have a hex debt? No. Oh, I'm very envious. I do. It's really big. I want to know, did you have a hex debt?

I was blessed single child. Oh my goodness. Okay. Well, in that case, hypothetically, if you had a hex debt, my husband still has a hex debt. Okay. All right. Let's talk about him. Let's talk about him. Are you guys paying that off at more than what the like base repayments are? No. Oh, so you're not adding extra contributions as a financial advisor. Interesting. Yeah. All right. Next question. Someone has asked, as a financial advisor, what is the most common mistake you see people making with their money?

I suppose for me, it's not understanding their cashflow. So not understanding what's coming in, what's going out not understanding kind of yeah where their surplus or where they're going to direct their money and they sit on it and it's that whole analysis paralysis thing where they sit on it they know they need to do something with it but it's like there's so many options and I don't know where to start and it's kind of taking that first step and it may be the wrong one but at least taking a step in one direction means that you're not just sitting there stagnating doing nothing yeah but then also understanding where your money's going each pay cycle is something that like people don't really understand. So then they don't kind of seek advice or take

that first step. Yeah. And I feel like that analysis paralysis is a choice. Like I'm not saying it's an easy choice. Like we're just burying our head in the sand, but like not making a decision is still a decision. A hundred percent. Yeah. And we need to just like move past that. And especially women, we're so, I won't say bad, but we're just so good at going, oh, great, I'm ready. And then you hear one word that you're like, I'm going to have to start again. I'm going to have to do some more research. Or like you finally made a decision. Maybe you want to buy a house and you've picked. And then a friend is like, have you thought about, and you're like, oh no, I don't know anything. And I think we don't back ourselves in our own research and making a

decision that's right for us because we're so good at crowdsourcing. Like if we've got a problem, we take it to the community. But also sometimes we just need to be a little bit insular and run our own race. And that's to me really important. Daisy, this has been so good so far, but I really want to go to a quick break because I feel like I need a breather, a little cup of tea. After the break, we're going to dive into a topic that a lot of people are really curious about, and that is debt recycling. So we're going to discuss what it is, how it works, why it might actually be a strategy that could work for you. So guys, don't go anywhere. All right. Welcome back, my friends. We have Daisy from Everest Wealth talking all things

finance, answering all of your questions. And a lot of people in our community, Daisy, they were like, what is debt recycling? I feel like it started to trend a little bit on TikTok and they're like, hold up. What is this? How does it work? Can you break it down for us? what is debt recycling? What are your thoughts on it? Is it a good strategy? Who could this work for? A hundred percent. Yeah, I do agree with you that it's definitely become a lot more prevalent question, mainly due to the TikToks and stuff that I'm seeing. So I love when a client would bring like an Instagram video or something. They're like, look, I've seen this. And I'm like thinking, yeah, same, but mine was at 11 PM. I'm not going to mention that.

No, a hundred percent. So try and explain it as simply as possible, but it's effectively that you're taking your non-deductible debt, so your home mortgage, and kind of redrawing on that and turning it into deductible debt, which you then normally invest in the share market. Say that you have 200 grand home mortgage and your house is worth 800 grand. You could effectively pull out 100 grand of your equity and turn that into effectively an investment loan, which then means that the interest on that $100,000 investment loan becomes tax deductible for you. You can claim it on tax. Yes. And then you would invest that normally in the share market, which then historically has

done kind of 7% to 10% and use the returns on that normally to then pay off your home loan quicker. That sounds relatively sexy. Yes. And at the moment, all positive. Yes. Is this a strategy that you implement as a financial advisor? It's a lot more risky than just taking 10 grand and putting it in an investment portfolio. So I suppose because you're leveraging or taking out debt to then go invest in the share market,

obviously the share market comes with volatility. Like we don't have a crystal ball. We don't know what it's going to do, but you're still going to have those debt repayments to pay. So I suppose it's really a strategy if people have a large surplus each year. So usually like 20 to 30 grand surplus already before the investment loan is taken out. And they understand the risk that comes with it. Like it is one of the more higher risk strategies that we implement for some clients. And a lot of people just think it's kind of free money that they can take out and invest without understanding the implications of having to repay it. It can definitely work well in a tax reduction strategy, but yeah, there's certainly a lot of risks that come with it that maybe a lot

those TikToks don't really explain. Those TikToks drive me batty. Most finance content on TikTok drives me insane because I just look at it and go, oh my goodness, like I know that you have just learned this and it's a very sexy thing, but you haven't taken this into consideration or haven't talked about capital gains on that and actually brings that down and doesn't make it as an attractive opportunity as you're saying it is. Or you haven't spoken about the fact that you have to pay tax on that income. Yeah. And a lot of people, they come to us and they really want to implement this strategy but they may not have a large surplus yeah and it's like a lot of people believe withdrawing equity from their house just means free money without

actually understanding the implications of doing that but yeah it certainly has worked in some clients cases and like they fully understand it and they have the surplus and they want that tax reduction but a lot of clients once we actually explain it and run through it with them they're like, oh, that's too risky for me. Yeah. I found that when I was a financial advisor, I did use it for a few clients. It wasn't something that I recommended consistently again, because it was relatively high risk. Like, you know, you do your client risk profile and, you know, you're only really even talking about this if they come back as a high risk client to begin with. But I found that younger clients with really high incomes and debt, it worked really well for because, you know,

I'm just thinking of this one client I used to have a couple both lawyers really really like career driven no kids no plans for kids and you were like okay cool this is going to work really well because you guys are just saving so much money anyway and we also have another 30 years in the share market and like our plan was to do that essentially extinguish all of that debt I think it was like more like 15 years earlier because of that strategy but it was a privilege like it wasn't a oh yeah you can do this and it's going to be better for you financially it was like because they had a lot of money we could do that because if at the end of the day they were strapped for cash I knew they were sitting on way more yeah and 100% like the clients that I can

think of that have implemented a very similar situation where they're both high income earners no plans for children or career breaks so yeah it definitely has made sense in those scenarios I think we're on the same page about who we would recommend that for. All right, let's flip the narrative. We're no longer talking about houses. We're going to talk about cars. Car leasing is one of those things that sounds good in theory. You get a new car, no upfront payment, very nice. Maybe I'll get myself a nicer car, but is it actually a good financial move? What are the pros and cons and who does this make sense for? Yeah, definitely. So car leasing is one that pops up a lot. I suppose the first discussion is, do you even need a new car? Don't humble us.

That's what we have with people because you buy a car and yeah, it's kind of a spent expense, but you do need a car to get around. So. I agree. I'm going to sidetrack this for a hot second. Do you buy brand new cars as a financial advisor? No. No, I know. Like why? I don't know. It's that whole thing of as soon as you drive out of the dealership, you lose like 15%. We just can't do I bought my car secondhand too, don't worry. Like I'm not saying that I bought a cheap car, like don't get me wrong. I want to be really clear that I'm not pretending that's a super budget decision, but I'm definitely not spending the extra money. Like someone else, you drive it, you make the loss, I make the gain. Talk to me about why people think that leasing a car is a

good idea if they've decided that a new car is in line with their goals and their values. Yeah, 100%. So people see, as you said, they don't have to fork out that big lump sum payment to start with and they can just kind of have some money come out of their salary each fortnight without understanding kind of the balloon payment at the end of most leases. Oh, the balloon payment kills people. So yeah, a lot of people don't understand that, yeah, you're paying money each fortnight or each pay cycle, pre-tax and post-tax, but every lease has a balloon payment at the end of it, depending on how long the lease is for, depending on how big the balloon payment is,

but it's usually a fair sum of money. Usually like 30 or 40% of the car's value. Yeah. So then it's planning for that. So then you're receiving less in your pay each fortnight, but then having to save money for this balloon payment at the end of the lease, unless you roll it into a new lease. So balloon payment is number one that we highlight to clients that are looking at a lease. Usually the inbuilt interest rate is a lot higher than other loans that you could get for a car. And there's usually an admin fee that the leasing company is charged as well. They're so sneaky, aren't they? They know what they're doing. Yeah. So they will present to you how much the tax saving is and all of that. And again,

that looks really sexy. But if you actually drill down into it, you kind of look at comparing it to a personal loan, redrawing on your home mortgage, if you can, or using cash for it, it usually ends up kind of better off doing one of the other options over leasing. I suppose there is a caveat to that though for electric vehicles or plug-in electric vehicles. So I'm not talking about hybrids or anything. This wasn't around when I was doing advice, tell me. Yeah, full EVs or plug-in EVs. With leasing, it just means that you can take 100% of the lease payment pre-tax. Sorry, what? yeah so no post tax comes out except I don't like Elon you don't have to buy a Tesla it's true there's plenty of other ones all right I don't know enough about cars to have a proper opinion

here so yeah that for high income earners definitely has shown a better result but I suppose yeah you need to want an EV or a plug-in EV and understand the costs that come with that yeah but in those cases when we've done the numbers it has actually worked out better off taking a lease, but yeah, they're kind of far and few between. That is good to know. And I feel like so many people are like, oh, I'll just lease it as though that's a flippant decision, but long-term it could actually cost you so, so much more. I want to flip the script again. So we've cars, we've done homes, now we're going to do education. Education bonds aren't talked about as much as other investment options, but a few of our members have been relatively curious recently, I think

potentially because I have been talking a lot about investment bonds because that's something that I invest in and something that I have been using. But a few of our community members want to know, what are they? How do they work? Are they actually a good strategy for saving for kids education? Yeah, absolutely. And I feel like I'm getting a lot more education bond questions. So again, that might be coming from TikTok. We're all in the same era right now. We're thinking about having kids or we've just got kids or like we're all growing together. Yeah, 100%. So an education bond is effectively a tax structure, similar to an investment bond where the tax is paid within the bond, but then there's an additional education bond tax saving on top of

this. With an education bond, they operate quite similar to an investment bond, like you either put in a lump sum or put in a regular amount each year, but the purpose of it is for the beneficiary's education. So whether that's schooling, tertiary, there's no requirement for it to be one over the other. I suppose a lot of people do it if both parents say are high income earners, grandparents want to set up for their grandchildren, they will do it because it is taxed internally. So if I set up an education bond for one of my children, like nothing would be taxable in my own name. It's all taxed within the bond. Which is sexy. Yeah. So a lot of people ask, well, what if my child doesn't go and do tertiary education? What

if I end up sending them to my local public school instead? Can I take the money out? The answer is yep, absolutely. The amount that you're putting in each year or if you put in a lump sum, you can take that out tax-free. It just depends on how long you've had it in there for the earnings that is accumulated in that account as to whether you can then pull that out tax-free. Yeah. It can be a very tax beneficial way of saving for your children's education. We mainly implement them for high income earners where if there's two parents, one maybe on a lower income, not planning on kind of returning to work full time until the kids finish school, it might make more sense to set up an investment account in their name for the kid's education, for example. So yeah, again,

they come with additional admin fees and stuff like that, but yeah, they can be very beneficial in some cases. If you had kids, Daisy, what would your plan be when it comes to investing for them? I would probably set up an education bond just purely due to my situation but yeah I suppose if I wasn't planning on working kind of full-time when I had kids in school then I'd probably look at setting something up in my own name. I can't see that happening I know you well enough to know she's gonna be a working mum guys. Yeah definitely but like there are so many other options as well so like. Oh there's six million and I feel like I'm thinking about it now I have a baby and I'm like well what do I do and we ended up going down the investment bond route because it just worked

best for us and I like the flexibility afforded with it and like I just didn't want him to in the future feel like he was being pressured down the education pathway and don't get me wrong like love education but I don't know who he is yet or like what he's going to be interested in or who he wants to become and I just was like oh I like the idea that that could benefit him in a number of different ways but do you have clients picking between an education bond or an investment bond is that a conversation you have often yeah definitely and I suppose a lot of people probably feel similar to you where they don't necessarily want to put it into an education bond if they don't know like yeah what their child's going to be like long there's extra benefits for sure yeah

there's definitely extra benefits and I suppose like some people do come to us and they're like nope I want to send my child to the school that I went to I know it's going to cost me 30 grand a year and I want to save for that and that's like a no-brainer in that situation if both parents are high income earners whereas some people are like oh I may move house into a better catchments then they may go to a public high school I don't know really if they're going to do any tertiary education you just don't know yeah so if the unknowns are there then yeah probably an investment bond would be more beneficial if you're pretty set on what your child's education is going to look like, then an education bond may be a better option. Smart. Good chat. I feel like that one is

a good topic. Let's talk about singles. Do you have any advice for our listeners who are currently going, you know what, money's really hard at the moment. I'm single. What would you say? What do you do? I know you give advice to single women all the time because I keep sending them to you. Yeah. So I suppose a lot of people are worried about seeking advice as a single person because they feel like maybe they don't have the cash flow there or something like they feel like as though they need dual income to be able to kind of do anything with their finances, which is just absolutely not correct. So as you mentioned, we see a lot of single females mainly who just want to kind of take a step in the right direction. So like coming and seeking advice shouldn't be scary.

You actually are quite scary. So I don't know. Well, a lot of people do say that. No, they don't. Do they actually? I don't find Daisy scary. I find Daisy lovely and you should definitely talk to her. No, maybe you can ask my husband that, but. Okay, don't ask my husband about opinions if that's who we're going to. But no, seeking advice as a single person shouldn't be scary. We do it all the time and just making a few small tweaks can mean that, yeah, like you can reach a few of these goals. I mean, so many single females that I see, they're worried about like investing in the share market, having stability, having like a bit of a nest egg

there as an emergency fund. So we work through all of that and like we understand there's a single income. We understand all of that. But even like little things like putting in place some insurance, looking at their super, making sure they have a will. All of that is all part of what we do as financial advisors and assist with. So like at least then you're ticking off a few things there. You make me miss my job. I am very envious. I'm not going to lie. I do like this a lot but you know when someone's like oh yeah also I do this I'm like ah what did I do why did I get out of that all right let's talk about like obviously being single there's a lot of pressure but there's also a lot of pressure as you feel as though you're getting older and

you might have missed the boat or you like haven't done enough and actually a lot of our community members wrote in and said that they were feeling like it's a little bit too late for us like I don't know if it's even worth trying to start to build wealth or like is it only worth just investing in my super because like I'm you know getting really old and I think I've missed the boat. What's your advice there? You're absolutely never too old to start and put in place some good money structures yeah and it may be let's chuck it all into super because you are getting closer to retirement age but at least you know that's the right answer. The right decision yeah. Or it might be yeah just having a discussion around all right let's smash down the mortgage so that yeah you can

retire early if you want to but you're absolutely never too old to get advice you're never too young to get advice either. That's what I see quite a bit is, yeah, they feel like we should have done this 10 years ago. I'm like, yeah, but you're doing it now. So that's great. Because in five years time, you would have gone, oh, I should have done it 15 years ago. Whereas it's like, don't worry about that. We're doing it now. And we can still make some really good changes and mean that kind of long term, you are going to be better off. Yeah. And like, don't get me wrong, you're not going to see the same compounding impact that investing over 40 years has. totally but you're still going to see some of that like yes it's not going to be as dramatic as

the Instagram pictures or you know the examples that I sometimes use on this podcast but like even if you've got three or four years before retirement you are literally going to be tens of thousands of dollars better off because you're making changes now and I can promise you future you even if it's a five thousand dollar difference a ten thousand dollar difference like just because it's not hundreds of thousands of dollars. I promise you're going to be so much more comfortable just having that, even if it's like structuring your emergency fund for what that looks like and making sure that we can get a pension and making sure that we can do all of the things that give you a comfortable life. Like I promise you it's not too late because the worst thing is getting

to the very like end of your career and going, I would like to retire tomorrow and being told, oh, actually, like if you'd come five years ago, we could have structured you so that you retired today, but it's going to take another five years. Like, let's just get it together. Yeah. Because it's like, no one regrets having a few more dollars in their account. Yeah. And it's giving people that peace of mind and knowing what the future looks like as well. Because yeah, as you said, if you're three, four years off retirement, you want to know that that is achievable. You don't want to be like that person who comes and says, I want to retire tomorrow. And then it's like, no, it's going to be a few more years. Yeah, exactly. So yeah, you're definitely never

too old to seek advice. And yeah, as I said, you're never too young either. I feel like I've learned a lot about that, obviously, when I was an advisor. But now even in the She's on the Money community, people write in and they're like, oh, my gosh, Victoria, I'm in my 70s. And I'm like, slay, queen. Like, that's so cool. All right. We are running out of time very quickly. But finally, we had a few people ask, Daisy, your job sounds really cool. How do I also become a financial advisor and do you have any advice for anyone who's like oh maybe that's a career pathway for me yeah so I suppose a little bit of history of why I got into financial advice was that I wanted to help people so I really wanted to help care for people but I didn't want to go into the medical

field so I was like I thought I wanted to be a doctor and then I realized you actually have to do like blood and guts and stuff yeah yeah so very similar to me where I was like I want to help people I want to make sure that yeah I'm doing something good for people but I didn't want to go into the medical field. So I was like, I can help people set themselves up, feel good about their goals, know they're going to reach them. I suppose becoming a financial advisor, there's definitely some education requirements now, which is awesome. So yeah, there's relevant degrees that you need to do as well as potentially some post study as well as a financial advisor exam and a professional year. Sounds very overwhelming and daunting when we say it like that, but I suppose

find a financial advice practice that has a really good grad program yeah so like we have three graduates at the moment that we're working through very structured graduate programs they feel as though they're growing in their role they feel as though they're learning all the different aspects so cool I remember when it was just the boys and now you've got three graduates what are you talking about yeah so like when they came and interviewed with us we laid out that graduate structure and we were like look this is where you're going to be if you stay with us if you want to move as quickly or as slowly as you want to. Finding a good financial planning practice that has some structure in place to make sure that you are growing and are hitting those milestones

because I interview so many people that have been in financial advice for a few years and they're like I just feel like I'm stagnating in my role. I feel as though I'm not going to be able to start my professional year or I feel as though even if I start it that it's going to take me a few years and I'm not going to have the support there. Whereas like we're very big on support and making sure that you kind of are hitting those milestones. I mean, I finished my professional year with Everest Wealth when I moved over and yeah, having a good supportive employer is really important. But yeah, being a financial advisor is awesome. It's very rewarding, makes me feel nice when I come home at nights and helping people in a similar kind of age bracket to me is also really

nice I feel as though I feel like you've lucked out at Everest and I'm not saying it's a bad thing but like that's why I got she's on the money right like I was working with beautiful clients they were so nice but they were high income earners who were not in my demographic I didn't have a lot in common with them they were my parents age and that's fantastic but I just didn't resonate with them yeah and I wanted to work with women I wanted to work with young but you've like literally got my dream financial advice job they're going through similar life stages to me. Like, yeah, they're maybe getting married, wanting to start a family. I've got tips and tricks too. Yeah. Like wanting to like purchase their first home. Like it's all really awesome

goals that we're trying to reach and watching people tick those off is really nice. Like we've had clients recently that have come back and they're like, cool. So when we first saw you, we wanted to get married and buy our first house and have a baby. We've ticked all those things off. So let's come check in again. And I'm like, oh, that's so nice. Like I like being part of like the pervy journey as well. Just knowing how they're tracking, what they're doing. Like I'm a planner at heart. Like you give me a plan, you give me a list I'm in and like you get to do that as a career is really cool. Yeah. It's very rewarding. Daisy, I have adored this chat as always. Thank you so much for agreeing to come back on the show. I feel like I might've scared

you off the first time, but apparently I didn't, which is great because it means that I can ask you again and again. I feel like you've shared so much wisdom and I know our community is going to be like, we love this, get Daisy on again. I feel like I could keep, sorry, I feel like I could keep asking questions literally all day and I kept having to keep myself on track. But if people are like, oh, I like the sound of Daisy or I like the sound of Everest Wealth and want to learn more, where can we find you? On our website, we have a booking link where you can have an intro. Can I request Daisy? Yes. So the introductory call will be done by one of the teams. So it won't be done by me necessarily. But if you absolutely do want to work with me, you can. We have kind of seven

awesome advisors as well. Seven now. Yes. It is growing. Yes. I knew that already. I'm just so impressed. So yeah, we have seven awesome advisors. I'm one of them. So you can book in through our website for an introductory call with the team. We'll kind of take you through a little bit more about our process, gather a bit of information about you and then book you in for an initial meeting. I love it. I love the rest of the team too. Like Daisy's cool. She's willing to go on the pod, but the rest of the team are equally as cool. And for those of you who have been loving our Q&A style episodes, don't worry. I have a lot more coming your way. We'll be diving into investing and property in some upcoming episodes. And if you've got questions that you really,

really want answered, I want you to go and follow us on Instagram because that's where we do our listener call out some pop-up question boxes and like get all of the information the link to that is in our show notes so make sure you're following us the link to everest wealth is in our show notes you can follow daisy but daisy thank you so much for hanging out i have adored this and i know that the community are going to love it as much as i have yeah thank you so much for having me on again Have a good day, guys. 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 321 649 27708 AFSL 451 289.