MY MONEY

'I'm only leaving money to the women in my family': Amanda Young

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Amanda is chief executive of First Nations Foundation. She is a lawyer and entrepreneur who has worked in the indigenous space for many years in Queensland and Victoria. Through the foundation, she connects indigenous opportunities to enablers and is passionate about the economic future of first Australians.

What was your first job?
At 14 years and seven months, the first day I could legally work, I got a job at Hungry Jack's Carindale in Brisbane.

My job paid for school books and a little something left over for clothes shopping.

What's the best money advice you've received?
Not quite advice, but when superannuation started in Australia in 1992 and I started working as a lawyer in 1993, human resources asked me if I wanted to contribute to my super.

Amanda Young is chief executive of the First Nations Foundation.

I literally had no idea what that meant but said, "Uh, yeah, sure, how about $25 a week?"

Fast-forward 20 years and I have the type of super balance that is the envy of many.

What's the best investment decision you've made?
Education by a mile. I put myself through law, then self-funded my executive education at Harvard and Stanford.

It changed my world view and my awareness of what "impact" truly means.

What's the worst investment decision you've made?
Buying a ton of Mexican art under the misapprehension that it was a smart way to start a business.

My family is possibly quite tired of Frida Kahlo themed gifts for birthdays, Christmas and baby showers.

What is your favourite thing to splurge on?
Overseas travel to non-English-speaking countries.

If you had $10,000 where would you invest it?
Into my superannuation or share portfolio.

What would you do if you had only $50 left in the bank?
Get another job.

Do you intend to leave an inheritance?
Yes, I regularly update my will. I am leaving my inheritance exclusively to the females in my family.

I chose females in my family to offset the patrilineal tendency which has prevailed over many generations in which males are the recipients of testamentary gifts. This is not so much in my family (which did not have a lot of money to start with!) but as a rebalancing effect.

I feel strongly that the females in my family deserve to be advantaged as they face lower wage parity, lower job security and lower superannuation outcomes.

Female economic participation has been shown repeatedly to benefit society in many ways.

What's the first step to better financial literacy?
A curious mind! Isn't it interesting to see what relationship money has to the rest of the world?

Finish this sentence: money makes ...
... sense and nonsense simultaneously.

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