Owen Raskovich

I think there's more scope to make a meaningful impact on a person who's on a lower wage than it is on a higher wage because obviously that's – to say to someone that's earning $180,000, we'll give you a $10,000 pay increase.

Yes, it's huge.

It's meaningful.

Absolutely.

Yeah.

But for them, in just terms of relative gains, it's not that high.

But if you're on $40,000 and you get a $10,000 pay rise, that's massive, right?

But the thing is, from the other side of the table, from the point of view of the employer, it's actually still just $10,000.

And so you're right too.

These things have a compounding effect because if you can get this pay rise as a person new to the workforce now, you might also find that in a year from now, you can attract another...

pay increase on top of the already increased pay.

So it definitely has a compounding effect.

Okay, Kate, now that we've got through that one, we've so far covered pay down, obviously all of your nasty debts, anything that's above 10% in interest, super, get it sorted.

So make one investment, which is pretty exciting, a side hustle or get a pay rise.

What is the next one?

Yeah, that's true.

And if you own a home or something like that, there is obviously things like redraws and offset accounts.

So you can go and Google them or we have explainers on the websites, but an offset account effectively after tax as well can attract a significantly higher interest rate than you might get from just putting your money in a regular savings account.

So if you're a homeowner, you probably know what I'm talking about.

If you're a homeowner and you don't know what I'm talking about, there could be a massive opportunity there for you.