Beyond the Signboard with Amy Bennett
Welcome to Beyond the Signboard; where you get the opportunity to learn all there is to know about your real estate journey from professionals who are passionate about property.
Beyond the Signboard with Amy Bennett
Transforming Your Financial Landscape with Di Scott
What if you could transform your financial future with expert insights from a seasoned strategist? Join me, Amy Bennett, as I engage in a captivating conversation with Di Scott from Nestworth Financial Strategists. Discover the nuances of financial planning and real estate through Di's transformation from a legal secretary to a financial strategist, driven by her passion for helping people achieve their financial goals. Dive into the fascinating world of financial planning as we explore the importance of collaboration with accountants and solicitors for comprehensive client services.
Get ready to learn about the art of personalized financial planning. We discuss how strategies adapt to suit various life stages, from debt reduction for younger clients to retirement planning for those approaching their golden years. Our discussion touches on the impact of the Global Financial Crisis, emphasizing the need for stable investments and economic foresight. We also address the importance of diversifying financial strategies and staying informed about legislative changes that could affect your plans, all while navigating the complexities of self-managed super funds.
As we wrap up, we reflect on the significance of financial literacy, especially in the education system, and the enduring value of human interaction in an increasingly AI-driven world. Di shares personal stories and quotes that shaped her perspective, underscoring the critical balance between professional success and personal fulfillment. Don't miss this opportunity to gain practical insights and be inspired to take control of your financial journey. Listen in and let us know what topics you'd love us to tackle next!
Welcome to Beyond the Signboard, where you get the opportunity to learn all there is to know about your real estate journey from professionals who are passionate about property. I'm Amy Bennett, your host, and I look forward to providing you with education, inspiration and a behind-the-scenes look at the world of real estate. Hi everyone, it's Amy Bennett here, host of Beyond the Signboard, Delighted to welcome an amazing guest. Her name is Di Scott. She's a financial strategist from Nestworth Financial Strategists. Welcome, Di.
Speaker 2:Hi, amy, thanks for inviting me.
Speaker 1:Oh, my pleasure. I always say I just said off air. It's always a brave step in jumping in front of the microphone, but I know you're going to offer our listeners so much information. I hope so. I know so Before we get into it. I just asked you about your title. So financial strategist I've heard financial planner advisor. Do you want to just give us a little bit of an insight? Are they all different?
Speaker 2:They're exactly the same, so it's really just a preference.
Speaker 1:Yeah.
Speaker 2:We like the word strategist because it shows that we're going beyond just the investments. It's about making your life richer.
Speaker 1:Amazing, and it is certainly a hot topic at the moment. We've got so much to delve into. You have such a wealth of knowledge. Pardon the pun. I had the privilege of joining you at a seminar recently and I learned so much. I've always been a bit of a finance and superannuation nerd, so I've really enjoyed getting to know you. We actually met through your member of a B&I group, that's correct.
Speaker 2:Yep Team Momentum Go, go go.
Speaker 1:And you know obviously a really good contributor to that. Before we kind of get into it, you know how long have you been in BNI?
Speaker 2:So this is my third year in the group and, wow, it's been a journey, definitely just the self-confidence and getting what we do out to the broader network, and it's amazing how much people or little people know about their finances and just different ways they can help themselves.
Speaker 1:Yeah, absolutely. And so what I love most about your group, so you meet every week. You've got, you know, 29, so 28 other advocates for your business, and it's just really interesting. I quite often come in as a substitute and just learning the, I guess, the width and the breadth of how those connections go. And you know, I have no doubt that you've helped many people in the group, but also that you also work alongside, like accountants and everything as well, don't you? Yeah?
Speaker 2:that's right. It's a really important part of our business is to be able and for us to be able to help our clients much more broader. So if we can get in front of your accountant and sometimes the solicitor if it's around state planning, we can make sure those pieces all slot together perfectly, because it can get really confusing if the accountant doesn't know what you're doing and vice versa.
Speaker 1:Yeah Well, we're going to delve deeper about that, because I know that that's really important too, is that holistic strategy and working with other professionals. But before you're a financial strategist, let's go back to chat us through your career journey from then to now.
Speaker 2:So I started as a legal secretary.
Speaker 1:Amazing.
Speaker 2:Yes, yep, so personal injury was working for a local firm and I mean it was fast paced. I loved it. I loved that we were helping people who were in a vulnerable situation. And then I decided to go travelling. So I went off to London and met my now husband and stayed for four years. So during that period did all the backpacking stuff and worked in a pub and then back to legal and then I ended up in corporate investigations.
Speaker 2:So, that was really interesting Once again, as, like a personal assistant, it wasn't till I got back to Australia and I was like I need a change. What am I going to do now that I literally stumbled into financial planning. I wasn't sure what I was doing and what was going on, but I very quickly learnt that they were helping people to see their life be the way they wanted it to be, and it was just. It felt like a light bulb went off.
Speaker 1:It's amazing and I'm always curious because obviously you know the path that we're led into. Sometimes it's based on our own personal circumstances and so often I know, you know, when I speak to people, if they've got a financial strategist or planner, you know they kind of think, hey, that's when I'm older or due to, you know, get closer to retirement, so I'm, you know, really interested in when you were growing up, did you kind of have a passion for finance and interest there?
Speaker 2:No, not really.
Speaker 1:To spending money? Yeah, no.
Speaker 2:Saying that I would always very carefully plan my $15 a fortnight pocket money and make sure that I was thinking hey, you did well.
Speaker 1:$15.
Speaker 2:Yeah thinking what I was going to do and what was coming up and what. I had to save for. So I guess I've always had that mindset. Didn't grow up in an overly you know wealthy family or anything. We were very, you know, just a normal Australian family, so things like budgeting was always something that was part of my life. I guess from listening to my mother and you know what we could have and what we couldn't have and things like that.
Speaker 1:I think it gives you a really good grounding. It's funny you say that I was thinking about when you were saying your pocket money. I always remember mum had this book of money that I would loan out. You know, I would go to the movies, go to the Sunshine Plaza and go to see a movie, and we'd sort of $20 out, and at that stage I was working in pharmacy about $6 an hour so I could tell you, I learnt really quickly where money went from. So you know, obviously you know, having those beginnings allows you to understand truly the value of every dollar and then obviously now the ability to help many people as well.
Speaker 2:Yeah, it's definitely important, and the sooner the better.
Speaker 1:Absolutely. So what do you love most about your role at Nestworth?
Speaker 2:So my most favourite thing to do in everything I do is to say to my client you can resign, now it's time to retire.
Speaker 1:I love that. That's a good catchphrase, isn't it?
Speaker 2:It's my favourite thing to do and I've done it many, many times over the years and it never gets old because it's their first time of retiring. So for them it's just the most incredibly can be nerve wracking and emotional, but exciting. You know, it's just, it's beautiful, it really is.
Speaker 1:Yeah, it's. You know. I know that you and I have spoken, you know, recently. You know, my parents have just been through. You know, both sets of parents have been through retirement life now and it's been really interesting to watch their journey and I guess that's why, you know, I really wanted to have you on was just to understand the value of, you know, people not having to necessarily wait until pension age or and we'll break down those misconceptions but, yeah, what an amazing gift to people. I met up with a friend yesterday. He's one year retired and he says he's actually got more money in the bank than what he'd drawn out. So there really are a lot of misconceptions. Do you know why that is? Is it lack of education?
Speaker 2:I think people get quite fearful of getting other people to help them with their finances. A lot of people seem to think that advisors, strategists, are for rich people, people with lots of money, but the most change and the most amazing uplifts I get are for people who aren't. That's amazing, Good advice. It's the people who might consider themselves just to be normal people with you know they might have 500 grand between them in super or even less.
Speaker 2:There's some fantastic strategies that we can use. You know, use everything that's in my tool belt, throw everything at it, particularly if we have five to 10 years prior to retirement, we can go really hard on that. That's your ideal time frame would be 10, would be brilliant, you know. But obviously at any point I've had people walk into me and say I'm retiring on Monday and I go okay, great, if we'd known this maybe a couple of years ago, this would have been maybe a different conversation. But hey, you know, there is really no late time. Just get to an advisor while you can.
Speaker 1:Anytime. It's so important, isn't it? So tell us about your role and your team as well.
Speaker 2:Yeah, horton, isn't it? So tell us about your role and your team as well. Yeah, so Nesworth was a Brisbane firm and then now they've started to spread their wings. So now we have Sydney and Melbourne and Canberra, gold Coast and, most recently, the Sunshine Coast. So that's me. I'm in the Sunshine Coast and we're about 60 plus now, so it's a great team. There's so much education and just in the team. So if you've got a curly one, you just pick the phone up on Teams and call someone who you know in your circle that can help you with that.
Speaker 1:It's such a great feeling to be part of a team, isn't it? You're not operating in isolation and certainly you can brainstorm, and you know that shared collective knowledge is so powerful it really is, yeah. So team members sort of behind the scenes as well, or do you kind of do an A to Z of a transaction with a client?
Speaker 2:So I do have a great team behind me. So the main things for me is making sure that I'm really clear about what the client needs. So that is all face-to-face or, if we need to, over the phone or on video, but then I have my client service manager and then we have all of the people behind that help with the paperwork and then, when it comes to implementing, you've got your person as well as me to help you through that and we obviously the main goal there is the little that the client needs to do, the better.
Speaker 1:Yes, I'm sure that they would appreciate it. So how often would you see a client? I'm curious, you know, say annually or more?
Speaker 2:Yeah. So if they go on an ongoing service, there is definitely that one year, sometimes more, but my door's open. So if my client needs me more than that, then they come to me. More than that, and particularly in those first few years of retirement, things can change and we need to make sure that everything's working the way it is. Once we put someone into a plan, we do catch up with them afterwards. So there is lots of touch points there. But, as I say officially, yes, once a year for an annual review. Obviously, behind the scenes, we're monitoring the investments and making sure that everything's doing as it should and letting them know if anything needs to change. But, as I say, my door is always open.
Speaker 1:It's a wonderful thing, and especially the ability in this day and age to have face-to-face meetings as well. It's really important. I can imagine as well it's a very sensitive conversation for a lot of clients. I know speaking about money is a really trusted conversation to have, so I imagine you have to build that trust. So you chatted about your toolbox die. So chat about some of those options that you've got for your clients.
Speaker 2:So when we see a client, we are always formulating in the back of our minds what we could use for that particular client. Now, it depends with whether they're still working, young children or are they getting closer to being empty nesters. And then we're starting to talk about, you know, being mortgage free and then potentially in retirement. So what we're trying to always look is what are we doing?
Speaker 2:So things for the younger clients salary sacrifice, debt reduction, you know, maybe looking at wealth creation and using some debt strategies around that we want to make sure they're protected. So we want to make sure that they've got some life cover, et cetera, to make sure that if something terrible happens, we don't have to throw the whole strategy in the bin and start again, and we want to make sure that people are safe in their homes. For our older clients we start to really start to look at, you know, is is one spouse only working part-time? Can we use spouse contributions? Is there things like salary sacrifice and, once I get to 60, transition to retirement strategies, things like that. So it's all about what can we make and save between now and then.
Speaker 1:So it's a really lifelong journey I love. I'm really grateful that you actually broke down each of those I guess touch point or time timeline components for each client, because obviously I can think of people that fit into each of those and I can imagine if you're already gearing up and having that conversation and doing that that's going to hold you in, you know, really high stead as well With your tools. You also I said to you just off air that I had never heard of say annuities.
Speaker 2:Annuities yeah, Annuities.
Speaker 1:So that was really exciting for me to learn more from you, and what I really took from you know your talk at the seminar is really you are a wealth of knowledge. Again, pardon the pun, but really you're going to really take on and personalise the experience for the client. Everybody's different Really have a look at everything that's going on in their life and I mentioned to you off air as well we don't have kids, so it kind of changes the strategy as well. So you know how long does that sort of timeframe take to build a strategy for a client? Do you mean the?
Speaker 2:actual building.
Speaker 1:Like a plan yeah.
Speaker 2:So what happens is they come and we sit down and we talk through. Now, as I said, there's facts and figures. That's easy, that's a bit simple, but I need to get into the psyche of the client. Are they risk adverse? Are they got any fears? Have they got any big goals or dreams or things that could change how we would look at the long-term strategy? So then, once they leave my office, I then have the opportunity to delve into what they've already got. So we get all the research from all of their super funds and investments, and then I start to literally sit and think about how.
Speaker 2:I can best make that work. Sit and think about how I can best make that work. Once I get that clear, I put that down on paper and then my paraplanners will put that through all of our projection tools and make sure that what I've thought in my head is actually going to work, which, I have to say, touch wood nine times out of 10, it does work, and I think that just comes with time and experience.
Speaker 1:Yeah, so how many years now doing what you're doing?
Speaker 2:So I started being a financial planner in 2013.
Speaker 1:Yeah, amazing, that's awesome. So, coming up to 12 years now, amazing. And what changes have you seen in the industry?
Speaker 2:Oh wow, so I actually started way back in around. Oh no, oh sorry, 05, 06. Yes, so just before GFC. Yes, I was client service during that period and obviously the biggest learnings we took from that was you know, things that go up have to come down, and when a client is receiving 30% returns every year, that that is not sustainable. So what I did learn very quickly and has helped me with future planning being a planner is you have to think about what happens when things go down. Yes, okay, so you know, making sure we bucket out money, making sure that we've got, you know, stable investments in there with their jobs to do.
Speaker 1:And also you mentioned as well about diversifying what people are doing with their money as well, so I'd love you to delve into that, because I think you know that's generally a misconception, isn't it, that people have.
Speaker 2:Yeah, so diversification can work across your whole.
Speaker 2:You know strategy when it comes to your whole amount of money that you have in all your different areas. A lot of people forget about their super. They don't see it as a real thing, and that's something that really needs to change, because that's invested, that's in your name and that's your pot of money for your 60 plus. So we want to look at what have you got in the bank, what debt have you got, what investments do you have, things like that, so making sure and then what properties you have. So you might have investment properties. There's lots of different asset classes. So we have Australian shares, international shares, property, and then you've got your fixed interest components, which are your more safer side of things. But you've got to remember that property can be international and it can be Australian, it can be commercial, it can be residential. There's so many different versions of it.
Speaker 2:So when we see our clients who come in and they've started the journey with investment properties, we then say, great, good on you. Fantastic, let's start building out something on the side that gives you some diversification into those other areas.
Speaker 1:Yeah, amazing, and I think that's probably something that I've enjoyed in self-educating and, you know, learning from people like yourself is that you know thinking of different options or, I guess, not having to. You know, create your own milestones, which is, you know, I'll think about that when I'm 60 and everything as well. We are going to chat a little bit about property and self-managed super funds. I got the impression that's an exciting topic for you.
Speaker 2:It's an interesting area for me and it's a very hot topic at the moment. Yes, Wonderful I'm seeing a lot of people coming through asking the question.
Speaker 1:Yeah, I'm seeing a lot of ads on TV and everything as well, so chat us through how that works and, I guess, ultimately how that can help people in their portfolio.
Speaker 2:So I think the biggest thing for investing in property, in a self-managed, is one you have to be conscious of the costings, so you know it's not a cheap way to establish a self-managed and ongoing. You've got to think about auditing and things like that. You also have to be very educated in what it is, what it is, how it's set up and how it works, because you are solely responsible for that you can't palm the ATO off to your accountant or your advisor to answer your questions.
Speaker 2:They want you to answer the question, so if you can't, then there's a risk there. So for people who want property, we're seeing a really big uplift in people putting commercial property into self-managed, where they own a business like a plumbing company and they decide to buy a shed. So that's a really great strategy to allow them to do that. For me, a self-managed super fund is all fine, as long as we do build out that extra fund of money in those other areas. The main reason for that is you can't take a brick out of a property to pay something, and so liquidity is the biggest risk that we see, particularly when they start to get ready for retirement. Where are they going to pull those pension payments from? Because you have to have a minimum drawdown every year if the rent is not covering. So my goal for most of my clients would be how debt-free can we get you before then to start? Because that helps. You've got the income coming in yes, yes.
Speaker 2:But if there's still debt, there is some real risk there and that's why I always suggest that earlier the better, because you know. But at the same time you need a good chunk of money in super to start as well. So it's sort of that 35 to 45-year age group is sort of the ultimate time that you would start looking at that.
Speaker 1:Yeah, no, it's fascinating and you know again, this is why it's about having professionals in your corner and making sure that obviously you're engaging, you know, with a financial strategist, but also your accountant, and just making sure that everybody is in agreeance with decisions that ultimately, you know, impact your future. And I'm not afraid to say that it's not going to work.
Speaker 1:Yeah, I think that's what people need, isn't it, ultimately, is you know that's ultimately, what they're engaging you with is to obviously carry that risk as well. There's been lots of changes in your industry as well, with legislation, I believe.
Speaker 2:Yep, lots of changes. It's always a completely evolving story and I'm very thankful I have a really great team behind me who keeps me abreast of anything that I need to physically be doing. Yes, but you know, we are always conscious of changes to tax rates, we're conscious of things that might be coming up, like with aged care and things like that. So it's it's always learning now, part of being a professional. We have to do that CPD. We have to do 40 hours a year. So that's really us delving into those changes.
Speaker 1:Yeah, it's wonderful, it's so important. I mean, look, we have, you know, impending legislation changes with the now industry, my backgrounds in corporate pharmaceuticals, which was obviously, I would suggest, a lot more regulated. So it's very much how much my brain works. We did meet and hosted the seminar and really spoke to people about that transition to aged care as well and you know, I think that there's a lot of misconceptions in that space as well, and you know around being able to sell properties to move into aged care, gifting to loved ones. Can we chat about that a little?
Speaker 2:bit. Well, we can. I'm not actually a specialised age care financial planner but I have other people in my business so I know enough to be dangerous. But the main things are is to pick up where are they getting the money from? What is the best way for that to be structured? So should they pay all of it up front? Should they pay half of it up front? Is there some other things like annuities that could help with bringing some of those costings down and helping to fund? So that's when I would pull in my specialist and say here's my client.
Speaker 2:please help me and they would help me get that structured put together and help my client.
Speaker 1:Yeah, cause it's an interesting thing. I mean, I've had you know obviously specialise in that downsizing space and I've certainly heard you know clients, or even you know people outside of work that have sort of spoke about that. Oh look, we'll just sell a property and give everything to our kids, and there's obviously lots of ramifications.
Speaker 2:Yes, there's definitely ramifications.
Speaker 1:Has that always been the case or has it been tightened over time?
Speaker 2:It depends where you're in, where you're at with your wealth. So once we are in the Centrelink world, there's just so many rules that we have to abide by, the gifting rule being the biggest one. So you know Centrelink doesn't want you giving away your money, so you get more from Centrelink.
Speaker 1:That's the basic upshot of that.
Speaker 2:So you know there's a lot of restrictions around that, and so it's really about what are they trying to achieve? Because I'm a big believer that if we can get you a little bit more Centrelink, great, but let's not detriment our wealth, for the sake of a few dollars, wonderful.
Speaker 1:And you're able to do that analysis of what's the best way.
Speaker 2:So if you're going to lose some pension, say you get an inheritance and it's going to reduce. What are we doing with that money to bridge that?
Speaker 1:gap. Yeah, amazing, and I think that's the thing. That's probably where people don't have that education and what we've learned, you know very much from that seminar is people just don't know where to turn. Obviously, you know they've spent years, you know, working and accumulating wealth, but then obviously not knowing what to do, or using more traditional methods as well, you know whether it's just sitting in a normal bank account.
Speaker 1:In a term deposit just rolling over. Your worst nightmare? Yeah, and I think again it's you know, just genuinely people not knowing where to turn and that's why you know I love this podcast series is just helping people. So if you could go back, I guess even you know in your own journey you've obviously been educated with wealth. Are there things that you would have changed with your you know, financial strategy?
Speaker 2:I would have started earlier. Yeah, so if I had known more about this industry earlier then, I would have entered the industry from school. Yeah, it's amazing. So back then you could become an advisor very easily. Obviously, there's been a lot of changes and tightening of education standards, which I think is absolutely brilliant.
Speaker 1:Yeah, chat us through that. So is that? What qualifications did you need to? And I guess you know you spoke about your ongoing education, but in that initial stage.
Speaker 2:So literally, you could just get a few subjects of a diploma and you know. Then you could start practicing.
Speaker 1:Yes, terrifying.
Speaker 2:Terrifying. And you know it wasn't until I entered the banks as far as planning in a bank that I really started to learn my craft, and you know I'd been a planner already for a year or so and in the industry for another big chunk of time before that. So it was terrifying. And what we did see during GFC or prior to GFC was it was so easy to make money that nobody really got caught out of being a bad advisor until after. Yeah, because it was so simple. You could put your money in anything and you made money after you couldn't.
Speaker 1:Yeah, and look, it's interesting. You say that it's a little bit like I mean, I've been in real estate a long time but we definitely had a period of a number of years there where it was pretty simple to be able to transact real estate just due to the genuine demand and obviously people's access to. You know what was essentially almost free money at that stage as well, so I can relate to that. You know coming off the tail end of that as well and certainly seeing loss as well, you know, from inflated prices. Any other misconceptions or myths about your industry you'd like to dispel?
Speaker 2:well, as I said before, you know, people just think we're doing numbers. We're talking about your super or your investments or shares. You know it's a lot more bigger than shares. There's a lot of tools in our toolbox, as we talked about before. Um, it's really, you know, when they're just those, things are just literally tools. So super shares, investments, property ETFs, annuities, bonds, they're all literally the tools. They're not the actual job, the job is what do you want from life? What are your goals? How are we going to get you there?
Speaker 1:in the most you know, my biggest thing is work smarter, not harder, absolutely so I was just saying to you I've just finished a book called Die With Zero and in that and don't quote me a hundred percent on the figures but he says that if you die with $150,000, it's 2.7 years of sitting at your desk on average and it's just, it's just a figure that just keeps sitting with me and it's a really interesting, you know, component and I think it's, you know, we do need to really have a look and you've got a family, I do.
Speaker 2:I have a son who's almost 16, which is very terrifying because that means we'll be getting learners very soon and my husband I met him when we were in England. Yeah, is he English? He's English Great. Yeah, my husband, I met him when we were in.
Speaker 1:England. Yeah, is he English. He's English Great. Yeah, my husband is too so to give approval.
Speaker 2:Yeah, yeah.
Speaker 1:So I asked about your son because I'm curious about your. I guess, educating him around finances, Is that something that you've been passionate.
Speaker 2:Yeah, definitely yep. So we use an app which has a bank account attached to it that allows you to set goals. Yes, and he is learning because he's very, very tight with his money.
Speaker 1:Yeah, there you go. Let me tell you, yeah, amazing.
Speaker 2:If he can get mum and dad to pay for it, he will. So he's a strategist. Yeah, he's already a strategist. But, yeah, I really encourage parents to look into looking at those platforms where you can have those goals you know, and it can be as simple, like at the moment he's saving up to get a gaming PC yeah, great. So you know he's got the gold in there. He puts money against the gold and you know when it gets there he can move it to the card and he can buy it.
Speaker 1:So you know we've been doing that for years, that's incredible and I think that you know there is a real trend towards that gamification of it. I know that's very much my husband and I that motivates us. So you know, when we were doing some debt consolidation, we literally had, you know, not an app but some pen and paper and we would literally just highlight off, you know each, you know $100 or whatever the achievement was. I'd never done that before and it was so much fun.
Speaker 2:It's very. You just get really good feeling when you get to wipe that off.
Speaker 1:Yeah that's exactly right. And then tear the sheet up was a big moment. And again, you know I grew up. It was, you know, basically just my mum and I, so you know there was never a surplus of funds or anything like that. So to be in that scenario was really amazing.
Speaker 2:The to-do list is goals and objectives you know, in our world, but it is as simple as your to-do list.
Speaker 1:Yeah, and your ideal client. What do they look like?
Speaker 2:Oh look, I'm happy to look after anyone, but my favourite is definitely that 50 to 60. And I do love my retirees.
Speaker 2:Yes, oh my goodness and hearing all their adventures and things like that. I love it. But you know, 50 to 60, we're starting to see kids leaving the nest or finishing school. We always get an influx of people who, like kids, have finished private school and the next thing they've got like $15,000 a year. That is now surplus. So there's so much that can be done in that age group and you know, once you start saying, well, your super's currently available to you at 60, if you retire then, then it starts to become really close.
Speaker 2:Yeah, that's right when you're 55 and it's only five years away. You can really start dreaming about that.
Speaker 1:And is that a surprise to a lot of people? Yeah, it is. Yeah, that's amazing.
Speaker 2:They're kind of thinking that they've still got another. You know whatever.
Speaker 1:Got to work till 67, because that's when age pension starts. Yes, and for my generation, I mean, you know I'm, you know, astute enough to know that there may not be one. And also, like I said, you know I've always had an interest in super and you know I'm a bit of a nerd for that as well. I check it, you know, sometimes every day. During COVID it was just growing at such a great rate but probably needed to get more of a live. But yeah, it's been amazing to have a look and kind of you know, benchmark what you should have Exactly and you know, to be in that sort of fortunate position to have had that education from a long time ago.
Speaker 2:What we're really starting to see now. Traditionally we would see the man would have the most and the woman would have very little okay, because of that whole childbearing area part, and then it wasn't really seen that women really needed to go back into the workforce. So they're sort of now in the retirement. So they're there. We're now starting to see these beautiful super funds starting to come through, because the compulsory has been there for a lot longer. Yes, so the good news is for any of us who are, you know, had super from when we started our working careers because of that compulsory super we were already way ahead.
Speaker 1:Yeah, and it's been growing each year yeah, that's it. Percentage, yeah, yeah, no, I think that's been a really remarkable change to see, and you know, I think of my parents generation, when it wasn't compulsory as well.
Speaker 2:Um, so you know, that's definitely something it's your second largest asset behind your home, so you know, by the time you get to retirement generally. So we, you need to look after it and you need to own it. Yes, it's yours, it's real money. It's invested in, you know, whichever way you've got it invested, do you know that? Do you know what it's doing? Is your beneficiary set up? What happens if you?
Speaker 1:die. I was going to ask about that because that's probably you know something that I hear so often that people haven't got beneficiaries set up yeah, out of date. What happens if that's the case?
Speaker 2:So basically it's the discretion of the fund. So they will normally go looking. Someone will normally go looking for the money yes, most people do but then they'll have to go through the whole process of you know if there's a will or whatever. Now, if there is no will, then it gets really complicated and expensive for the family because then they have to do that all this extra. The solicitors have to do so much extra work.
Speaker 1:Yeah, and just with regards to the beneficiaries, are we able to speak about tax implications?
Speaker 2:for that?
Speaker 2:Yeah, so inside of a super fund there is a taxable and a tax-free component, and that's something that most people don't look at or are aware of.
Speaker 2:It's something that it's really become a bit of a pet project for me and my clients. So if you pass away and your super goes to your partner or a child who is financially dependent on you, then the tax there is no tax, so we don't have to worry. But if you're single or you know widowed or you choose to give that money to your children and they're grown and they're making their own money, then that taxable component is going to be taxed to them when they receive those funds. Now if a binding nomination or a nomination is on the super, it doesn't go through your will unless you ask it to. So it's something that once we get our clients into retirement phase and we open the restriction up, we can do some really great strategies around stripping out some of that taxable component and putting it back in as tax free. So that's becomes really important, particularly around that single with adult children or even not having any children and wanting to leave that money to maybe nieces or nephews or charity, then that's all going to be really important.
Speaker 1:Amazing. I remember when I heard you discussing that. I mean I had no idea of all of these things that are possible and, like I said, I think there's just a lack of education. Do you think that there's adequate education around? You know financial components with schooling, definitely not, I would adore it.
Speaker 2:I would love to get into a school and teach us, you know, a term of just financial literacy. You know they do talk a little bit around. You know loans and credit cards and things like that, but they don't. As far as I'm listening to my son, it doesn't sound like they're still not doing much around that super and really getting people to understand wealth creation and things like that. And you know, trying to create those income streams where you don't physically have to work. You know, so there is so many different ways that you can do things.
Speaker 1:Yeah, I'm just always perplexed with the amount of life skills and things like that that aren't taught. Is there places that people can find that information, the Money, smart?
Speaker 2:website, the government one, is actually really helpful Okay excellent. There's some great calculators on there, particularly around you know, like debt reduction and things like that how to pay off your home loan sooner. It also, you know, there is some calculations for our retirement and things like that in there as well, and there's lots of educational pieces in there.
Speaker 1:Excellent, so it's good to know that it's there. It's just perhaps people's, you know, not knowing that they can access that as well. Yeah, it is an easy reading website. Well, I would imagine most people need that because it is a complex world, isn't it? It sure is, that's for sure, wonderful. So we've got an idea of, I guess, your ideal client. What does a day in the life look like?
Speaker 2:Well, I have one child, so that makes things a little bit simpler. So, after we get him to school, and then it really looks at what's my day for today. So, have I got clients? Have I got staff meetings and things like that so really office-based in that respect. So get behind my computer and then the day starts. So, you know, in a normal day I might have a review and a new client appointment, so it will be sitting down with those people. So, new clients who are they? What's going on with them? What do they need to achieve? For my review clients is everything okay. Have you got enough money Is okay. What are you doing for the next year? Do we need to factor in that you're going on a cruise or something like that? And then the rest of the day is that note-taking strategy, work, um, delving into the, the back end of it and, you know, making sure that everybody's got everything happening the way they should.
Speaker 1:yeah, that's awesome. Look, that was something I had no idea. I hadn't really thought of that. I guess I assumed you sat down and maybe you put it into a computer and it kind of spat out a plan. So I'm sorry that I had that. Yeah, we do have projection pieces, of course, but we still have to have that human overlay.
Speaker 2:Yes, we are definitely moving towards more of an ai environment and there is going to be tools that do do that type of thing, but it is definitely still in my mind, and I think still in the broader industry, that nothing beats a human.
Speaker 1:yeah, it sounds like it especially to be able to navigate such a complex One person can have.
Speaker 2:This is the perfect way to create your wealth.
Speaker 1:Yes.
Speaker 2:And this is the one that gives you a better lifestyle. This one helps you sleep at night.
Speaker 1:Yes.
Speaker 2:So a computer doesn't know that you're scared of that one. Correct, that's exactly right. It just knows, that's the best.
Speaker 1:Yeah, that's exactly right, it's really interesting. And then, yeah, without taking, and I guess geographically and everything as well, you know, property investing here versus, you know, overseas, or residential versus commercial is obviously, you know, higher risks involved. Yep, that's right. Yeah, amazing, wow. Well, we have covered off so much. If you weren't, I can't even imagine that you wouldn't be doing anything than what you are because you're so passionate. But if you weren't, what would you like to do?
Speaker 2:Oh look, I do have a dirty little secret. I love those. I do love pimple popping videos. I probably would have been a dermatologist, I reckon, if I'd thought about it sooner.
Speaker 1:That's fantastic. You're either into it or you're not right, so don't judge me, you're either the popper or the one that's being popped as well. No, I love that Good that there's a job for it. Right, you mentioned about your family, but I'd love to know what's been the best day of your life.
Speaker 2:Well, I mean, as most mothers would say, the day that they give birth. I mean my birth story wasn't very pleasant, so I guess maybe the day after that's a common theme on the podcast.
Speaker 1:Yeah, yeah.
Speaker 2:Look, you know, it's all those big time things. I think getting on the plane to London was very. It was, you know, liberating to after living in. You know, liberating to after living in. You know Sunshine Coast back then was very sleepy.
Speaker 1:Yeah, because you were a born and bred local as well. Yeah, born and bred local.
Speaker 2:Not many of us here, not many left, so getting on that plane and becoming the die I wanted to become was really liberating.
Speaker 1:That's amazing. So brave because it is. It's a huge undertaking, isn't it? Yeah, yeah, and family were supportive of the move, 100%, oh, that's amazing.
Speaker 2:So I mean now I think back and think, oh my God, they let their daughter get on a plane to London by herself.
Speaker 1:Yeah, no phone or internet. Well, I'm making that presumption. Well, I had to catch a bus to the next town to go to an internet cafe.
Speaker 2:Yes, so it was. Yeah, it was definitely like that. But yeah, obviously, meeting my husband, getting married, having Chase was, you know, they're all just massive highlights.
Speaker 1:That's amazing, and he enjoys Australia, your husband.
Speaker 2:Yeah, yeah, of course he's not going back.
Speaker 1:Yeah, a lot of people go this way, don't they? They don't go the other way. So you obviously spent time in London, but where would be your ideal holiday destination?
Speaker 2:So funny story was that I went to London and part of my ticket was a return trip to Rome and it was coming up to it expiring and I said to my boyfriend at the time I need to do this trip to Rome and we were doing some other stuff and he says I'll take you another time. We never went, so I put my foot down and so my long service leave is now for when I'm 55, I will be going to Italy and I've said I'm going to spend the whole three months of that visa in Italy living it up and he can come if he wants. Amazing.
Speaker 2:But if he doesn't want, to then I'll go by myself, You're happy.
Speaker 1:So it's always stuck there as something to do? Yeah, it's got to be something. I need to live it. Yes, that's amazing. So is it? Eat, pray Love? Did she go to Italy?
Speaker 2:Yes, that definitely didn't help the situation, but we're big travellers so we try and travel as much as we can.
Speaker 1:It's so important and Chase enjoys travelling. Oh my goodness, yeah, yeah.
Speaker 2:His first plane trip he was seven months old, Amazing To Thailand. He popped five teeth on that holiday and anyway, Thailand has really good pain relief For mum as well. So he's used to planes.
Speaker 1:Yeah, awesome.
Speaker 2:He's used to airports. He walks through an airport like he owns it. Yeah, he could probably get me wherever I wanted now because he's just so confident.
Speaker 1:That's amazing. Oh, you must be so proud. Yeah, I am. He's a lovely boy. What's his?
Speaker 2:plans post-school. So he is avid soccer player, or football as he would say.
Speaker 1:Yes.
Speaker 2:And so his big goal? He's going to work towards going into a trade, yes, but he wants to go spend some time in the UK Amazing and play football over there Awesome and hang out with his cousins. So that's his goal for the next, probably, year. So he's nearly 16. So, yeah, that'll probably be the next sort of five to six years of his life, so you might be sending him off to London as well. Yeah, no, I'm heartbroken already at the thought of it. Oh bless.
Speaker 1:What is your favourite food and drink to enjoy?
Speaker 2:So my favourite food is a bit strange. I'm just addicted to duck liver pate.
Speaker 1:It's really bad for my stomach and I shouldn't eat it.
Speaker 2:Yeah, but if it's on the menu, I'm going to order it.
Speaker 1:That's amazing, I don't know.
Speaker 2:I don't know that's come from London.
Speaker 1:Yeah, I've never really, to be honest, I've never tried it. Yeah.
Speaker 2:Yeah, I didn't eat it before I went there and whereabouts is your favourite duck liver pate? So it's a big. It's either Boat Shed, yes, and Uba Deco at Yandina, Okay.
Speaker 1:They're the two favourites. You know where your duck liver pate is? Yeah, I do.
Speaker 2:And to go alongside it to drink. So I'm a pinot grigio girl, yes, and that's pretty much my staple. Now. It's, yeah, gone past and don't really do the spirits or anything like that, but yeah, a good crisp Italian Pinot Grigio.
Speaker 1:There you go, Girl knows her wine Di. It's been a pleasure to have you. I always love to ask the guests as we finish up what your favourite quote or saying is Don't sweat the small stuff. Hey, that's a good one, isn't it? Yeah, so so true. Life is so precious, isn't it? Well, Ms Tyscott, that was absolutely beautiful to have you. I could have delved so much deeper, so I'm no doubt we'll have to have you back to have more finance chats, but it's been an absolute pleasure to have you here. Thank you for all of your knowledge, your openness to share and how you're incredibly changing your client's life.
Speaker 2:Thank you, amy, I appreciate it.
Speaker 1:Thank you for listening to this episode of Beyond the Signboard. We trust you enjoyed it as much as we enjoyed making it for you. If there are any topics you want covered in the future, make sure you reach out and let us know. Also, feedback and suggestions are appreciated almost as much as likes, shares and downloads.