“Try Not To Let Money Run Your Life”
Before entering federal parliament as a senator for Tasmania, Jacqui Lambie spent more than a decade in the army. She grew up on a housing estate and founded the Jacqui Lambie Network in 2015.
Describe your relationship with money
I’m not stuck on money because I spent so many years of my life going without it. I’d rather not have to deal with money, to be honest. It’s lovely to be on a big wage, don’t get me wrong, but it’s not a focus point. I know a lot of people are out there doing it tough, but even when I was doing it tough, you survive. I’ve always been able to get by, even if it means eating Vegemite on toast for a few weeks. To me, money means wealth, and wealth means: are you healthy, are you happy in your life?
Are you financially better or worse off now than you were a decade ago?
Oh yes, better. In 2010 I was just coming out of the psych unit. During that 10 years [2000-2010], when I was fighting the Department of Veterans Affairs [over a compensation claim], I was living on a single mum’s pension and paying house commitments of $300 a week. I was that far gone, my son, who was 12 or 13, was actually doing my finances for me. I couldn’t deal with all that stuff over that 10 years because I was on so many pharmaceuticals, but he was amazing … it was like, take a bit from one [credit] card and top it up with this one.
What’s your greatest financial regret?
A couple of weeks ago I got dudded when I bid in an auction. I needed a wood box and looked at the pictures the night before and saw a really nice Oriental wood box. I bid for it – I thought it was this great big thing – and got it for $160. It ended up being so small you couldn’t even put a stick in it. My advice is to get to the auction early and go and check out what you want to buy!
Describe a difficult financial moment and how you managed that
My mum went back to school when I was 13 because she couldn’t work on the factory floors anymore. She had to go on a single mum’s pension for three years, so that was tough. Then I had 10 years [involved with the] DVA and 20 months on the sidelines [in 2017 Lambie resigned from the Senate after revealing she held both British and Australian nationality, prohibited under Section 44 of the Australian Constitution]. But I was really lucky to get my job back. I love … when you are in trouble, how my girlfriends will be chucking you meat out of their freezer and fruit and vegetables, which is good for them cause it’s usually me helping them out. What goes around comes around. When I went to parliament at 43, I had no superannuation, so I don’t look at money as an enemy or a friend.
What’s the biggest money win that you have had in your life?
I’ve had a Tatts card since 2001, so I am waiting for the big one.
If you were in charge of the finances of our nation, where would you invest?
First of all public housing, because when people have got a roof over their heads they are more satisfied in their lives and will go out and spend that extra little bit of money in the local community. Also, our TAFEs and then manufacturing. Bring those jobs back so people who aren’t educated have that opportunity to go back into that sort of environment. I know they’re not going to be like the old factory jobs but [it’s helpful to them] just to get their foot in the door so they can start building up their confidence and self-esteem. It’s all about health and education. You have a small town that has a decent hospital and has decent education going on and that town is more likely to succeed.
How would you address the gender pay gap if the decision sat with you?
I’d be looking at superannuation entitlements, making sure that when those ladies take a year off [after having a child] the government is still paying them some kind of super. And childcare costs a fortune … nearly 65 per cent of my wage used to go on childcare, so I think there needs to be a few more incentives there.
Is there anything that worries you about your financial future?
Not really. My kids are all grown up and I just figure, well, I have that opportunity in Parliament now, I will make my own way. If for some reason I lose my job there again, if that happens tomorrow, I will deal with it then but it’s not worth worrying about it.
If you won Lotto, would you spend or invest it?
I would probably give half away to charity – there are veterans’ charities, and, one close to my heart, Teen Challenge. I mean, what do you do with $10 or $20 million bucks?
What does financial independence mean to you?
It means I have a lot more room to move, especially as a female. It’s nice to think I’ll have some super to pay for my aged care. Going through those years when we had nothing and having a wage now, I’m just really grateful for that. Sometimes, even though I work a lot, you feel guilty and think, mmm, that is a substantial bit of money compared to when you’ve lived on $30,000 a year raising two kids. But you don’t know what’s going to happen. It’s like Section 44 – one minute you’re there, next day you’re gone for 20 months and you’re back out there surviving. I tell you what, going back out there surviving again hasn't done me any harm. It’s made me more grateful for what I do have and to realise these things happen in life. Try not to let money run your life because it destroys it.
Interview with Jacqui Lambie by Patricia Sheahan
Photos_ Shutterstock + Supplied