WEBVTT - The cost of putting it off 0:00:01.760 --> 0:00:03.960 Welcome to How Do They Afford That? The podcast that 0:00:04.000 --> 0:00:06.600 peaks into the financial lives of every day Australians. I'm 0:00:06.640 --> 0:00:08.480 Uchaele Thompson. I'm an author and the co host of 0:00:08.480 --> 0:00:11.760 the business news podcast Fear and Greed. As always, I'm 0:00:11.760 --> 0:00:14.800 with Canna Campbell, financial planner, founder of Sugar Mumber TV, 0:00:14.880 --> 0:00:19.120 the financial literacy platform covering YouTube, podcast, Instagram, threads, TikTok. 0:00:19.720 --> 0:00:22.880 Books like our book Twelve Months of Financial Freedom, coming 0:00:22.880 --> 0:00:25.600 out a little bit later this year in September. 0:00:25.760 --> 0:00:27.600 Hello, Canna, good morning, how are you. 0:00:27.960 --> 0:00:30.080 I am well? Today is going to be a little 0:00:30.080 --> 0:00:31.000 bit uncomfortable. 0:00:31.080 --> 0:00:33.159 Oh I am feeling uncomfortable already. 0:00:33.360 --> 0:00:36.080 That's just because you're in the studio with me. Oh rubbish. 0:00:36.159 --> 0:00:37.519 I tend to have that effect on you. 0:00:37.640 --> 0:00:40.760 I feel like this this episode's going to be confronting. 0:00:41.040 --> 0:00:43.280 It's going to make people feel uncomfortable. It's going to 0:00:43.320 --> 0:00:45.280 call people to action. It's going to make people really 0:00:45.280 --> 0:00:48.080 reflect and look at themselves. But hopefully it makes some 0:00:48.159 --> 0:00:51.520 important change, and that's what we're really here to help 0:00:51.560 --> 0:00:52.520 people with. Make change. 0:00:52.560 --> 0:00:54.480 It's going to help I love how much you're hyping 0:00:54.520 --> 0:00:54.880 this up. 0:00:55.000 --> 0:00:57.240 I am I have to do because I find this. Yeah, 0:00:57.240 --> 0:01:00.760 I've got some I've got some sins to expose some demons. 0:01:00.840 --> 0:01:05.679 Yeh oh, we're going to do an in studio exorcism. Okay, 0:01:05.720 --> 0:01:08.200 it's not quite that serious. But everyone has something that 0:01:08.240 --> 0:01:12.720 they are avoiding financially, right, whether it's getting involved with 0:01:12.760 --> 0:01:17.640 your super or getting started investing, or sorting out your 0:01:17.640 --> 0:01:20.240 insurance or something. I'm feeling a little bit fut and 0:01:20.240 --> 0:01:22.479 guilty on a few of these ones. A credit card 0:01:22.560 --> 0:01:25.679 statement that you're just ignoring, even just opening up the 0:01:25.720 --> 0:01:28.960 banking app to see what's going on. It's always something 0:01:28.959 --> 0:01:33.759 that you'll deal with later, right. The intention is there 0:01:33.800 --> 0:01:35.440 to do it at some point, but it just keeps 0:01:35.440 --> 0:01:36.520 getting pushed. 0:01:36.800 --> 0:01:37.840 To the bottom of the list of things. 0:01:38.120 --> 0:01:41.320 Absolutely, there's always something more important. Today we are tackling 0:01:41.400 --> 0:01:46.759 financial avoidance, and perhaps optimistically we are going to overcome it. 0:01:47.000 --> 0:01:51.360 Ye of course we are. Don't even question it. 0:01:51.520 --> 0:01:55.200 Okay, all right, So I'm clearly glass half empty, whereas 0:01:55.200 --> 0:01:57.920 you are very much you're more than glass half full, 0:01:59.080 --> 0:02:00.760 permanently overflowed in us. 0:02:00.680 --> 0:02:02.480 To make huge transformations. 0:02:02.480 --> 0:02:05.000 In today's episode, what are the things that people most 0:02:05.120 --> 0:02:08.600 commonly put off? I feel like I gave a good 0:02:08.639 --> 0:02:09.680 list there, but there's more. 0:02:09.800 --> 0:02:12.720 It goes far and wide, So make yourself a snack, 0:02:12.840 --> 0:02:15.360 get comfortable, because the list is long of all the 0:02:15.400 --> 0:02:17.480 excuses that we've come up with and all the things 0:02:17.480 --> 0:02:20.000 we actually put off. So as you mentioned, like just 0:02:20.080 --> 0:02:24.080 doing a budget, getting started with investing, fixing, or just 0:02:24.120 --> 0:02:28.640 maybe reviewing your superannuation. Then there's personal insurance and general insurance, 0:02:29.400 --> 0:02:33.760 writing a will perhaps or updating your will. Even going 0:02:33.760 --> 0:02:36.200 and seeing a financial planner or something people often put 0:02:36.200 --> 0:02:38.239 off because they're worried about what the financial planner might 0:02:38.520 --> 0:02:41.920 say or think. Or even seeing your accountant, yeah, which 0:02:41.960 --> 0:02:43.640 is one that I think a lot of people also 0:02:43.760 --> 0:02:48.040 put off. Even seeing a mortgage broker, maybe asking for 0:02:48.040 --> 0:02:52.440 a pay rise, paying off pesky debt credit cards or 0:02:52.440 --> 0:02:55.440 buy it now pay later. Now. These are all high 0:02:55.480 --> 0:02:58.200 impact decisions and that's why they get delayed. 0:02:58.880 --> 0:03:02.240 It's interesting. It's when you go and see a financial planner, 0:03:02.800 --> 0:03:05.320 or you sit down and you sort out your insurance 0:03:05.320 --> 0:03:07.880 and you put that in motion, or you log into 0:03:07.919 --> 0:03:10.080 your super app and you start kind of having a 0:03:10.080 --> 0:03:13.080 poke around. So it's like going to the gym or 0:03:13.080 --> 0:03:14.959 something after you put it off for a long time. 0:03:15.520 --> 0:03:17.520 The do you know what I mean like. 0:03:17.480 --> 0:03:19.960 These I'd say this to Tom all the time after 0:03:20.000 --> 0:03:21.960 going to the gym. I'm so glad I did that. 0:03:21.960 --> 0:03:23.320 Why did I put it off? Why did I put 0:03:23.320 --> 0:03:23.560 it off? 0:03:23.600 --> 0:03:26.280 The endorphins are actually there right, the same as kind 0:03:26.280 --> 0:03:28.920 of like a post workout thing. But you get the 0:03:28.919 --> 0:03:32.160 same thing from knowing that you've actually put in place 0:03:32.200 --> 0:03:34.760 and put in motion some change. And some of those 0:03:34.800 --> 0:03:36.840 are big things, like if you are suddenly writing a 0:03:36.840 --> 0:03:39.160 will or updating a will that you haven't done, or 0:03:39.360 --> 0:03:42.480 kind of put in place a plan with your financial planner. 0:03:42.800 --> 0:03:45.400 But what is it that makes us do this? Is 0:03:45.720 --> 0:03:48.720 it this feeling that we are is it fit or 0:03:48.760 --> 0:03:50.080 is it just being overwhelmed? 0:03:50.280 --> 0:03:51.920 I think it's a combination of different things, and it's 0:03:51.960 --> 0:03:54.120 very much reflective as to what it is you're actually 0:03:54.160 --> 0:03:56.480 putting off. So, you know, for some people, yes, there's 0:03:56.480 --> 0:03:58.520 the fear of getting it wrong, you know, so, and 0:03:58.560 --> 0:04:01.320 they put so much pressure on themselves, you know. And 0:04:01.360 --> 0:04:04.080 then there's obviously feeling overwhelmed thinking, oh, this is too 0:04:04.160 --> 0:04:06.160 much of a big task for me to handle or 0:04:06.200 --> 0:04:08.400 do right now. I just don't know where to start, 0:04:08.560 --> 0:04:11.720 so I'll just let it be undone for a bit more. 0:04:12.040 --> 0:04:14.560 Then there's obviously the lack of clarity, not actually knowing 0:04:14.640 --> 0:04:16.880 practically what to do to do this or get started 0:04:16.960 --> 0:04:20.760 or fix this. There's also the emotional discomfort because sometimes 0:04:21.000 --> 0:04:23.720 we do have to face something that's actually hiding behind 0:04:23.760 --> 0:04:25.760 the reason why we haven't gotten started, which I'm going 0:04:25.839 --> 0:04:27.719 to share something with you in a little bit about 0:04:27.920 --> 0:04:31.520 where this where my procrastination boils down to a bit 0:04:31.520 --> 0:04:34.400 of an emotional discomfort. But then there's also I think 0:04:34.440 --> 0:04:38.400 the one that gets missed as well is the financial savings. 0:04:38.800 --> 0:04:42.000 So for example, someone knows they need income protection, they 0:04:42.000 --> 0:04:46.119 know that they're walking around exposing their family to unnecessary risk, 0:04:46.640 --> 0:04:48.240 but they also know that the premiums are going to 0:04:48.240 --> 0:04:50.000 be expensive. It's going to have to mean that they 0:04:50.400 --> 0:04:51.960 more money comes out at our account and we gn 0:04:52.040 --> 0:04:55.040 to review the budget. So they're just trying to just 0:04:55.080 --> 0:04:56.920 get through another month perhaps before they have to go 0:04:56.920 --> 0:05:00.720 and take out that policy. So it really does come 0:05:00.760 --> 0:05:05.360 down and obviously that avoidance creates that sense of temporary relief, 0:05:05.480 --> 0:05:10.320 but that also creates even greater long term pressure that 0:05:10.440 --> 0:05:13.240 builds up over time. And you know, it feels good 0:05:13.240 --> 0:05:16.840 in the moment, but it actually can become incredibly expensive. 0:05:18.640 --> 0:05:22.719 Do you think it's more common with the big decisions, 0:05:22.960 --> 0:05:26.719 because for me, a lot of it is a feeling 0:05:26.800 --> 0:05:29.039 of being a little bit overwhelmed by some of these 0:05:29.080 --> 0:05:32.719 things and not actually knowing where to start. The smaller 0:05:32.760 --> 0:05:34.760 things I understand, like if it's just about opening up 0:05:34.760 --> 0:05:37.039 my banking app and seeing where things are out looking 0:05:37.080 --> 0:05:39.640 at my credit card, all right, that's not so much 0:05:39.680 --> 0:05:43.200 being overwhelmed. But you get something big and chunky, like 0:05:43.240 --> 0:05:50.760 your superannuation or trying to unravel the density of insurance 0:05:50.839 --> 0:05:54.760 policies and things, those things just feel too big. So 0:05:55.080 --> 0:05:56.880 is it more common with those big decisions? 0:05:57.480 --> 0:06:01.720 Yes and no. So of course those bigger, more complicated, 0:06:01.839 --> 0:06:05.880 heavier tasks. You know, there are higher stakes involved, there's 0:06:05.960 --> 0:06:09.640 more risk involved, and there's obviously that greater emotional weight 0:06:09.720 --> 0:06:12.960 to get it right, get it perfect. But also, at 0:06:13.000 --> 0:06:16.520 the same time, interestingly, I think that smaller decisions can 0:06:16.560 --> 0:06:20.760 also get ignored for the longest because there's no pressing 0:06:21.040 --> 0:06:23.440 urgency behind it, and so it's very easy just to 0:06:23.800 --> 0:06:26.240 do it next week, do it next month. But at 0:06:26.279 --> 0:06:29.000 the end of the day, the problem isn't actually the task, 0:06:29.040 --> 0:06:31.400 whether it's big or small, it's the time that we 0:06:31.480 --> 0:06:35.280 are robbing ourselves of by avoiding it. And then, of course, 0:06:35.600 --> 0:06:38.679 even if it's smaller, it's big, it still gets longer, 0:06:38.760 --> 0:06:40.480 it gets heavier, it gets. 0:06:40.279 --> 0:06:43.960 Bigger, It accumulates, right exactly, Okay, And that's the thing 0:06:44.000 --> 0:06:46.080 that even if you've got a series of small things 0:06:46.120 --> 0:06:49.080 that you're putting off, they hang over. 0:06:48.960 --> 0:06:50.520 Your head, they keep you up at night. 0:06:50.720 --> 0:06:54.039 Yeah, and then you do it just like the gym example, 0:06:54.080 --> 0:06:56.080 and you're like, that was actually a whole lot easier 0:06:56.080 --> 0:06:58.200 than I thought it was going to be. I don't 0:06:58.200 --> 0:06:59.440 know why I put it off, and I don't know 0:06:59.440 --> 0:07:03.200 why I held this, held onto this angst for so long. 0:07:03.240 --> 0:07:05.680 You can tell I'm talking from personal experience here, right. 0:07:06.120 --> 0:07:10.280 Have you heard of Alex's whole mosey? I think is 0:07:10.280 --> 0:07:11.920 how you pronounce it, Alex hole mosey. 0:07:12.240 --> 0:07:14.680 Well, considering I'm not even one hundred percent sure that's 0:07:14.680 --> 0:07:16.640 how you say it, no, I can safely say no, 0:07:16.760 --> 0:07:17.200 I haven't. 0:07:17.520 --> 0:07:21.040 So. He is a famous entrepreneur, and he's famous for 0:07:21.200 --> 0:07:26.200 scaling businesses, particularly gyms and gyms yeah in the American 0:07:26.320 --> 0:07:29.200 And I have listened to him on a podcast with 0:07:29.360 --> 0:07:33.560 Chris Williamson, and he says something that really stuck with 0:07:33.600 --> 0:07:36.520 me about this concept of you know, putting things off 0:07:36.520 --> 0:07:41.120 and procrastinating, and he said, we often spend more time procrastinating, 0:07:41.240 --> 0:07:45.840 thinking about something, avoiding it, feeling stressed about it, than 0:07:45.880 --> 0:07:48.960 it would actually take to actually do the task. And 0:07:49.000 --> 0:07:53.360 it really hit me because money, like budgeting, checking our 0:07:53.440 --> 0:07:56.520 super asking for a better deal with our bank, or 0:07:56.520 --> 0:07:59.960 speaking to a mortgage broker, those tasks in the rear 0:08:00.000 --> 0:08:03.200 reality of life actually really take just a couple of minutes, 0:08:03.200 --> 0:08:06.360 sometimes even a couple of seconds, but we delay them 0:08:06.680 --> 0:08:10.680 for weeks or some months or sometimes in my pace, 0:08:11.200 --> 0:08:12.120 years years. 0:08:12.480 --> 0:08:17.920 Yeap, what have you delayed? I have an image of 0:08:17.960 --> 0:08:20.040 you right built up over the last few years of 0:08:20.040 --> 0:08:23.800 doing this podcast as someone who is very proactive, obviously 0:08:23.840 --> 0:08:27.840 with your finances. You are very accountable to yourself and 0:08:27.880 --> 0:08:30.440 to others around you in terms of what you want 0:08:30.480 --> 0:08:32.360 to do. You do it, You say what you're going 0:08:32.400 --> 0:08:34.440 to do, and then you get it done right. I'm 0:08:34.440 --> 0:08:37.960 a do I have therefore, I have assumed that there 0:08:38.080 --> 0:08:40.440 is nothing that you will not tackle when it comes 0:08:40.520 --> 0:08:43.080 to money. But I can tell by the look on 0:08:43.080 --> 0:08:44.360 your phone I'm so ashamed. 0:08:45.240 --> 0:08:50.920 So my will is really outdated. It needs to. I 0:08:50.960 --> 0:08:54.319 created my will before I had my two daughters, Tom, 0:08:54.840 --> 0:08:58.960 and I am fully aware of the stupidity of this 0:08:59.440 --> 0:09:03.160 and there is and I have been putting it off. 0:09:03.200 --> 0:09:05.840 And even though I've actually eve had meetings with listeners 0:09:05.840 --> 0:09:07.760 to talk about my wills and what my wishes would 0:09:07.760 --> 0:09:10.800 be and all the nitty gritty pieces of information that 0:09:11.280 --> 0:09:13.640 is needed and the conversations I have to have with Tom, 0:09:14.360 --> 0:09:20.000 I have been putting it off embarrassingly for seven years. 0:09:21.440 --> 0:09:22.800 Yeah, that's a long time. 0:09:22.840 --> 0:09:25.240 It's a long time, and I'm you know what, in 0:09:25.559 --> 0:09:29.200 preparing for this interview today. In this episode, it was 0:09:29.840 --> 0:09:33.560 quite a confronting experience I went through. But also I 0:09:33.559 --> 0:09:36.120 had to really explore, like I am, of all the 0:09:36.120 --> 0:09:38.800 people I know, how dangerous is this house, foolish this is, 0:09:39.480 --> 0:09:42.200 and how much stress I'm putting on my family if 0:09:42.240 --> 0:09:45.800 I die without a current will. And I really had 0:09:45.800 --> 0:09:47.920 to sort of see what was going on. And what 0:09:48.040 --> 0:09:51.240 I got down to was two key blocks, and they 0:09:51.280 --> 0:09:54.600 were very much emotional. One was the fact that I 0:09:54.640 --> 0:09:57.000 was frustrated that what I actually want to set up 0:09:57.000 --> 0:10:00.800 for my will isn't actually possible. For example, I have 0:10:00.840 --> 0:10:04.160 one thousand dollars project, and it's a diversified share portfolio. 0:10:04.200 --> 0:10:06.800 It's quite big. It's just under four hundred thousand dollars, 0:10:06.840 --> 0:10:09.439 and all the dividends, well, the equivalent of the dividends 0:10:09.520 --> 0:10:12.480 go to World Vision's one thousand goal project. What I 0:10:12.600 --> 0:10:14.880 wanted to is if something happened to me that that 0:10:15.000 --> 0:10:17.920 portfolio is held in trust and the dividends can continue 0:10:17.920 --> 0:10:20.960 on being paid to World Vision. Apparently that's not possible, 0:10:21.040 --> 0:10:24.439 So I'd have to basically transfer the whole portfolio over 0:10:24.480 --> 0:10:26.120 to a World Vision and they could if they wanted to. 0:10:26.160 --> 0:10:27.959 They were at there is that their discretion as to 0:10:28.040 --> 0:10:29.480 what they did with the portfolio could be sold down, 0:10:29.480 --> 0:10:32.800 which goes against my wishes. So I had that frustration 0:10:32.920 --> 0:10:35.200 that is not what I want. I'm not happy, So 0:10:35.240 --> 0:10:37.520 I didn't want to proceed ahead, and I spoke to 0:10:37.559 --> 0:10:39.680 a few different people who said the same. If someone's 0:10:39.720 --> 0:10:41.160 listening to this and says, actually I know how to 0:10:41.200 --> 0:10:44.160 fix this, please let me know. The other situation was 0:10:44.400 --> 0:10:47.360 I obviously my number one parody is looking after Tom 0:10:47.360 --> 0:10:49.959 Everything happens to me or my children, and my children 0:10:50.120 --> 0:10:50.800 or my children. 0:10:51.080 --> 0:10:53.240 It was not an either or situation. He can look 0:10:53.280 --> 0:10:54.000 after both. 0:10:54.520 --> 0:10:56.480 But I also wanted to make sure that my parents 0:10:56.480 --> 0:10:59.439 were taken care for in my will should they ever 0:10:59.480 --> 0:11:02.120 need to financially independent, separate to me. But I just 0:11:02.400 --> 0:11:04.120 always wanted to have a bit of a backup plan 0:11:04.200 --> 0:11:07.839 that if they have something happened and they needed funds 0:11:07.960 --> 0:11:11.800 or they needed extra help support, I was my estate 0:11:12.080 --> 0:11:16.320 could also take care of them. And again the advice was, 0:11:16.679 --> 0:11:20.080 you're making it too complicated. This is not necessary. And 0:11:20.120 --> 0:11:22.839 so coming to that place of acceptance and realizing sort 0:11:22.840 --> 0:11:27.400 of the complexities of this, I've just really avoided it 0:11:27.720 --> 0:11:30.120 and that's not good enough anymore, and it needs to 0:11:30.120 --> 0:11:32.240 be fixed. So I'm going to be making some phone 0:11:32.240 --> 0:11:37.000 calls today and I feel good about making that decision 0:11:37.000 --> 0:11:39.600 and going, all right, that's enough, like draw a line 0:11:39.600 --> 0:11:42.600 in the sand, like it's selfish what I'm doing and 0:11:42.640 --> 0:11:45.400 what I've done, see and irresponsible. 0:11:45.480 --> 0:11:48.319 It does, though, come from a place you have tried, 0:11:48.400 --> 0:11:50.920 you have attempted it, and you've hit roadblocks. Which is 0:11:51.240 --> 0:11:53.160 my common problem is that as soon as I hit 0:11:53.160 --> 0:11:56.400 a roadblock, it is enough for me to just push 0:11:56.480 --> 0:11:56.880 it away. 0:11:57.120 --> 0:11:59.360 But the thing is, I'm calling it a roadblock, but 0:11:59.360 --> 0:12:01.920 I think that's a lot crap. It just cannot be done. 0:12:02.000 --> 0:12:04.120 It's not a road block. I just need to work 0:12:04.120 --> 0:12:08.120 around it. So it's not an excuse for stopping. I 0:12:08.160 --> 0:12:10.320 just have to accept that that's the And also, you 0:12:10.360 --> 0:12:13.720 want a will to be reasonably clean and transparent and 0:12:14.000 --> 0:12:16.040 not be questioned, and you know, have to go through 0:12:16.080 --> 0:12:18.920 the courts. You want it to be very very clear. 0:12:19.120 --> 0:12:22.400 So I need to stick with waking it clear. 0:12:23.360 --> 0:12:27.080 It will not surprise you to learn will really know 0:12:27.280 --> 0:12:31.320 I do, I do all. I mean, it hadn't been 0:12:31.400 --> 0:12:36.080 updated for fourteen years, so I don't actually think Sean 0:12:36.160 --> 0:12:39.440 and I were married at the time that we that 0:12:39.480 --> 0:12:41.600 we made our wills, and now there's kids and everything 0:12:42.120 --> 0:12:45.360 as different now. But I don't know what it was about. 0:12:45.400 --> 0:12:47.920 Maybe it was knowing that this episode was coming up 0:12:47.920 --> 0:12:51.720 two nights ago. We sat down and went through everything 0:12:51.880 --> 0:12:54.480 in a great amount of detail, and working through it 0:12:54.520 --> 0:12:57.400 with the solicitors now in order to do it, and 0:12:58.000 --> 0:13:01.600 just the knowledge that you have started. It's not finished yet, 0:13:02.120 --> 0:13:05.920 but just the knowledge that it is underway is just 0:13:06.040 --> 0:13:06.840 such a relief. 0:13:07.559 --> 0:13:10.400 And you've got something documented that someone can refer to 0:13:10.960 --> 0:13:15.040 if you're not around to do so that it stipulates 0:13:15.120 --> 0:13:19.560 your ultimately wishes and dreams for all the things you've 0:13:19.559 --> 0:13:22.120 built from doing, from working so hard and being responsible 0:13:22.120 --> 0:13:22.520 with money. 0:13:22.760 --> 0:13:25.520 And honestly, it wasn't as hard as I was expecting. 0:13:25.720 --> 0:13:27.800 I'd built it up in my head to be something 0:13:27.920 --> 0:13:31.200 just so much more intense and so much more convoluted, 0:13:31.640 --> 0:13:33.680 and it doesn't need to be. And the fact is, 0:13:33.679 --> 0:13:36.600 as soon as you start taking some action, the problem 0:13:36.640 --> 0:13:37.280 gets easier. 0:13:37.559 --> 0:13:39.960 The layers kind of fall back, and then the barriers. 0:13:40.679 --> 0:13:43.120 And that's why you use someone like a solicitor, because 0:13:43.160 --> 0:13:44.520 they are able to help you through the bits that 0:13:44.559 --> 0:13:48.640 you find too hard. Right anyway, Okay, it's really become 0:13:48.679 --> 0:13:51.000 a personal kind of counseling session here and now. 0:13:52.000 --> 0:13:53.040 Like a confessional booth. 0:13:53.120 --> 0:13:55.080 Yeah, this is good. This is good where you're going 0:13:55.120 --> 0:13:57.320 to take a quick break. On the other side, I 0:13:57.360 --> 0:13:59.600 want to run through I'm going to give you the 0:13:59.720 --> 0:14:02.520 ultimate much challenge, right. I'm going to go through say 0:14:02.679 --> 0:14:06.920 four or five of the key areas where decisions are 0:14:06.920 --> 0:14:11.839 commonly avoided, right, and you are going to be given 0:14:11.880 --> 0:14:16.559 one minute per area to tell us how to resolve 0:14:16.679 --> 0:14:19.400 the block on that and to get some action in 0:14:19.400 --> 0:14:20.600 place today. Can you do that? 0:14:20.680 --> 0:14:20.920 Yes? 0:14:21.040 --> 0:14:24.160 I can love your confidence. I'm going to be timing you. 0:14:24.480 --> 0:14:27.360 I don't think you can. Okay, quick break back in 0:14:27.400 --> 0:14:36.640 a moment Cana. Today we are talking about the really 0:14:36.680 --> 0:14:39.080 what we're calling the old deal with it later problem. 0:14:39.200 --> 0:14:43.280 Everyone has one, right and we've discussed yours. We've discussed 0:14:43.520 --> 0:14:46.760 one of mine. I can assure you that there are others, 0:14:46.800 --> 0:14:48.960 but I have worked through them all. As a result, 0:14:49.400 --> 0:14:52.920 largely of doing this podcast. You have motivated me to 0:14:53.320 --> 0:14:59.000 get action in place, get things going. So we are 0:14:59.040 --> 0:15:02.000 now going to go through some of the most avoided 0:15:02.280 --> 0:15:06.240 things and in just one minute each you're going to 0:15:06.240 --> 0:15:08.400 tell me how to get started. If this is something 0:15:08.440 --> 0:15:13.480 that someone listening to this is avoiding, superannuation. Sorry, let 0:15:13.480 --> 0:15:15.600 me get my timer going, because I am going to 0:15:16.920 --> 0:15:18.360 crack if we at the time. 0:15:18.520 --> 0:15:21.160 I'm actually going to suggest that the listeners everyone right 0:15:21.160 --> 0:15:23.880 now that has a particular area where they need to 0:15:23.920 --> 0:15:27.280 confront something that they've been putting off, is they set 0:15:27.360 --> 0:15:30.520 a timer themselves. Great idea, and I'm going to suggest 0:15:30.520 --> 0:15:33.200 that they put their phone on aeroplane mode, so now 0:15:33.240 --> 0:15:35.400 I can call them and they go and leave their 0:15:35.440 --> 0:15:38.720 phone in another room and they set a timer for 0:15:38.760 --> 0:15:40.160 ten minutes. We're going to make this a game. 0:15:40.480 --> 0:15:42.880 Okay, all right, than and then they take this and 0:15:42.920 --> 0:15:46.360 then do their own work on that within that ten minutes. Yes, perfect, okay, 0:15:46.360 --> 0:15:50.760 all right, in one minute, How do you get started? 0:15:50.960 --> 0:15:53.640 If you've been putting off your superannuation. 0:15:53.480 --> 0:15:57.600 So log in, check your balance, review the fees, review 0:15:57.640 --> 0:15:59.600 the transactions so you know that you've been paid the 0:15:59.600 --> 0:16:03.560 correct amount and on time, review the investment portfolio, and 0:16:03.600 --> 0:16:08.720 then do a quick search for any missing old superinneration accounts. 0:16:09.680 --> 0:16:11.160 Okay, that was fifteen seconds. 0:16:11.240 --> 0:16:11.800 Yes, I thank you. 0:16:12.120 --> 0:16:14.080 That's very impressive. And this is the thing that I 0:16:14.160 --> 0:16:18.400 suppose every super account now really you're able to access 0:16:18.400 --> 0:16:21.360 it through an app usually online. You can see all 0:16:21.360 --> 0:16:23.080 of these things. You don't need to wait for your 0:16:23.360 --> 0:16:26.400 statement to be mailed to you. You can see your fees, 0:16:26.560 --> 0:16:28.880 you can see your returns, you can see all of it, 0:16:28.920 --> 0:16:31.840 and most importantly, you can see to make sure that 0:16:32.320 --> 0:16:35.040 the contributions that have to be paid by your employer 0:16:35.160 --> 0:16:39.440 are going into your account. Exactly, great starting point. 0:16:40.080 --> 0:16:44.120 Just log in, right, so it's engagement. You know, we're 0:16:44.120 --> 0:16:47.880 not looking to perfect something here. It's about that TLC 0:16:47.960 --> 0:16:48.560 if you're super. 0:16:49.040 --> 0:16:52.440 Okay, that was under one minute. Even with my little contribution. 0:16:53.320 --> 0:16:56.600 Next one, good luck getting this one done in a minute. 0:16:56.800 --> 0:17:00.840 Insurance all right, Checking what cover you already have, which 0:17:00.880 --> 0:17:03.720 includes checking your superannuation because a lot of us have 0:17:03.880 --> 0:17:07.440 life cover, TPT cover, and sometimes even income protection okay, 0:17:07.680 --> 0:17:10.960 Then sitting down and looking at what your biggest financial 0:17:11.200 --> 0:17:14.080 risk is, so often your biggest responsibility, like you know, 0:17:14.119 --> 0:17:16.200 a mortgage is the one that keeps you up at night. 0:17:16.880 --> 0:17:20.679 And then start with the most important personal insurance, and 0:17:20.720 --> 0:17:24.399 that is income protection. So looking at whether you've got it, 0:17:24.960 --> 0:17:28.280 whether what the waiting period is, the benefit period is, 0:17:29.119 --> 0:17:31.919 and then making an appointment seeing insurance broker or financial 0:17:31.960 --> 0:17:34.080 planner to help make sure there's no gaps. 0:17:35.240 --> 0:17:38.400 It's remarkable how much a financial plan it can help 0:17:38.400 --> 0:17:44.400 you with insurance. And I don't think that's well understood 0:17:44.600 --> 0:17:47.280 enough that mostly you think it's investment and everything, but 0:17:47.440 --> 0:17:49.879 insurance there's just so much peace of mind and speaking 0:17:49.880 --> 0:17:52.800 to a professional that can talk you through it, particularly. 0:17:52.400 --> 0:17:54.640 Right now because a lot of people's person insurance policies 0:17:54.680 --> 0:17:58.159 have with everyone's type of insurance policies, they've increased dramatically 0:17:58.560 --> 0:18:01.280 and quite often, assuming you haven't had a change in health, 0:18:01.800 --> 0:18:04.840 often a financial planner can find you a new replacement 0:18:04.920 --> 0:18:08.680 policy to apply for that actually will be better value 0:18:08.680 --> 0:18:11.560 for money. So if anyone whose insurance premiums have gone 0:18:11.560 --> 0:18:14.280 through the roof and they're worried about that, see a 0:18:14.280 --> 0:18:16.080 financial planner because they be able to shop around and 0:18:16.080 --> 0:18:19.680 find you a more competitive premium. But obviously course make 0:18:19.720 --> 0:18:21.160 sure you get them to do it for you, because 0:18:21.160 --> 0:18:23.399 you never want to walk around expose. You never want 0:18:23.440 --> 0:18:26.000 to counsel any policies until you've got a new policy 0:18:26.560 --> 0:18:29.240 in force, but also in writing in force. 0:18:29.359 --> 0:18:32.159 Indeed, that was a minute thirty. 0:18:32.000 --> 0:18:34.960 Sorry, well okay, well it's a cumulative a minute. 0:18:35.040 --> 0:18:37.119 Yeah, okay, all right, that's fine. Yeah, yeah, you can 0:18:37.240 --> 0:18:38.040 use your surplus. 0:18:38.200 --> 0:18:40.160 I do want to say this though, you shouldn't be 0:18:40.240 --> 0:18:43.919 looking to ensure absolutely everything in life, particularly right now 0:18:43.920 --> 0:18:46.119 with everything being so expensive. You want to focus on 0:18:46.160 --> 0:18:47.359 what you can't afford to lose. 0:18:48.119 --> 0:18:53.720 Okay, great tip, investing one minute? How do you This 0:18:53.880 --> 0:18:56.320 is asking you to kind of distill your entire life's 0:18:56.359 --> 0:18:58.440 work into one minute. 0:18:58.680 --> 0:19:01.600 Good luck invest So start small. I don't care if 0:19:01.600 --> 0:19:03.439 it's ten dollars a week. The fact you're getting started 0:19:03.520 --> 0:19:06.240 is so important. But of course, like continue on leveling 0:19:06.359 --> 0:19:09.840 up and focus on the long term growth assets, you know, 0:19:09.920 --> 0:19:13.720 the shares, Australian shares, International shares, property, and then set 0:19:13.800 --> 0:19:17.199 up a regular contribution plan, a regular investment plan that is, 0:19:17.240 --> 0:19:19.680 so it's ten dollars per week, one hundred dollars per month, 0:19:19.880 --> 0:19:22.560 but reviewed on a regular basis. You continue on upping 0:19:22.560 --> 0:19:26.040 the ante. You're doing what you can safely afford, and 0:19:26.080 --> 0:19:29.440 of course make sure those dividends are reinvested automatically. 0:19:29.520 --> 0:19:33.080 Ideally, Okay, that was thirty seconds. You've banked an extra 0:19:33.119 --> 0:19:35.280 thirty seconds for the next one. Credit card debt. If 0:19:35.320 --> 0:19:38.040 you have been putting off dealing with a credit card debt, 0:19:39.000 --> 0:19:40.800 how do you just deal with it? How do you 0:19:40.800 --> 0:19:41.320 do it today? 0:19:41.359 --> 0:19:43.280 All right, stop using your credit card immediately, because at 0:19:43.359 --> 0:19:45.560 least that quarantines the debt. But I also recommend taking 0:19:45.640 --> 0:19:48.440 it off your phones, out of your Apple wallet, taking 0:19:48.480 --> 0:19:51.320 it off your computers, so nothing's automatically saved. That will 0:19:51.320 --> 0:19:52.879 make it so much hardest. You want to create some 0:19:53.440 --> 0:19:56.679 friction between going to buy something and then going and 0:19:56.720 --> 0:19:58.639 having to find your car, because you'll go, oh, you know, 0:19:58.680 --> 0:20:01.120