WEBVTT - Choosing between competing money goals 0:00:01.639 --> 0:00:04.000 Welcome to How Do They Afford That? The podcast that 0:00:04.040 --> 0:00:07.440 peaks into the financial lives of everyday Australians. I'm Michael Thompson. 0:00:07.560 --> 0:00:09.600 I'm an author and the co host of the podcast 0:00:09.640 --> 0:00:12.440 Fear and Greed business news. As always, I'm with Canna Campbell, 0:00:12.560 --> 0:00:16.079 financial planner and founder of Sugar Mamma TV, the financial 0:00:16.120 --> 0:00:21.119 literacy platform covering YouTube, podcast books, Instagram threads, TikTok and more. 0:00:21.360 --> 0:00:22.200 Hello Canna. 0:00:22.239 --> 0:00:22.479 Hello. 0:00:22.880 --> 0:00:26.000 Every time I start that, I now laugh about about 0:00:26.000 --> 0:00:29.440 the time that I accidentally called you sugar mummy. Anyway, 0:00:30.040 --> 0:00:33.640 moving very quickly along from that, today's topic deals with 0:00:33.680 --> 0:00:36.880 something that I suspect that we have all struggled with 0:00:37.360 --> 0:00:39.120 at some point. I know I certainly have, and that 0:00:39.280 --> 0:00:42.720 is deciding what to tackle first when you are trying 0:00:42.760 --> 0:00:46.360 to come up with your financial goals. For instance, you 0:00:46.720 --> 0:00:49.000 pay down the mortgage first, or do you build up 0:00:49.000 --> 0:00:52.240 emergency money? Or do you start investing? Do you add 0:00:52.280 --> 0:00:54.960 to your super do you save for your kids education? 0:00:55.080 --> 0:00:57.280 Do you save for a holiday? Do you try and 0:00:57.320 --> 0:01:01.800 do everything all at once? Which is probably pretty unlikely 0:01:01.840 --> 0:01:03.760 because there is just a limited amount of money In 0:01:03.800 --> 0:01:05.560 the end, it would be great to do it all 0:01:05.560 --> 0:01:08.080 but when there is only kind of that certain amount 0:01:08.080 --> 0:01:10.560 of cash, then you need to start making some decisions 0:01:10.560 --> 0:01:13.959 and start prioritizing some life goals. Can we are going 0:01:13.959 --> 0:01:16.759 to get some help today in talking about this topic. 0:01:16.920 --> 0:01:19.680 It is an interesting one. Lucy Winship is the head 0:01:19.720 --> 0:01:22.360 of Ventures at Noble Oak which is a supporter of 0:01:22.400 --> 0:01:25.640 this podcast. She's also the founder of Wealth Maximizer, which 0:01:25.640 --> 0:01:28.720 is a program that we've talked about before on this podcast, 0:01:28.840 --> 0:01:33.360 which is basically helping people set and reach their financial goals. Lucy, 0:01:33.480 --> 0:01:35.000 welcome to how do they afford that? 0:01:35.120 --> 0:01:36.160 Thanks so much for having me. 0:01:36.480 --> 0:01:39.280 Now, Before we get into this, obviously, we just need 0:01:39.319 --> 0:01:42.080 to mention that this information is of a general nature 0:01:42.200 --> 0:01:45.880 only and doesn't take into consideration your objectives, financial situation 0:01:46.000 --> 0:01:47.720 or needs. Consider if it's right for you, read the 0:01:47.800 --> 0:01:50.840 Financial Services Guide and tees and c's on site before proceeding. 0:01:51.080 --> 0:01:54.840 Wealth Maximizer is operated by Noble Oaks Services Limited ACN 0:01:54.920 --> 0:01:57.520 one one two nine eight one seven one eight AFSL 0:01:57.600 --> 0:02:02.960 two eight six seven nine eight. Wealth Maximizer took a 0:02:03.040 --> 0:02:06.640 very big breath really announcing this, making giving it a 0:02:06.640 --> 0:02:09.600 bit of grandeur around it. Wealth Maximizer, can you give 0:02:09.639 --> 0:02:14.160 us the elevator pitch basically what it does, how does 0:02:14.320 --> 0:02:15.440 it actually work? 0:02:15.680 --> 0:02:16.160 Totally. 0:02:16.360 --> 0:02:19.480 So our mission is to make financial advice affordable, accessible 0:02:19.520 --> 0:02:23.560 and easy to use for Australians, noting there's a big 0:02:23.760 --> 0:02:26.880 gap in the industry basically because most people can't afford 0:02:26.919 --> 0:02:29.520 to pay the four K that it costs for plus 0:02:29.760 --> 0:02:34.959 yeah aiding from yeah traditional advice. So we've tried to 0:02:35.000 --> 0:02:37.960 make it a lot more affordable accessible by building a 0:02:38.000 --> 0:02:40.799 digital platform that does a lot of the maths, the 0:02:41.280 --> 0:02:43.800 cash flow projections and working out if you can actually 0:02:43.840 --> 0:02:46.520 afford your goals, and combining it with one to one 0:02:46.600 --> 0:02:50.960 wealth coaching so that you actually get supported education that 0:02:51.000 --> 0:02:55.359 you need and and empathetic support as you actually follow 0:02:55.400 --> 0:02:56.160 your financial plan. 0:02:56.400 --> 0:03:00.000 Yeah. It's a really interesting business model because I never 0:03:00.360 --> 0:03:02.959 I think it's brilliant and I think it's very much 0:03:03.120 --> 0:03:06.840 needed to help, I guess, ease people into financial planning. 0:03:07.240 --> 0:03:10.880 You know, it's like it can be very intimidating and overwhelming, 0:03:10.880 --> 0:03:13.200 and this is a really gentle approach, which I love. 0:03:13.960 --> 0:03:16.560 It's also incredibly unique. I don't know if any other 0:03:16.880 --> 0:03:20.640 financial planning times that offer this, Like where did the 0:03:20.680 --> 0:03:21.880 idea come from? 0:03:22.200 --> 0:03:23.959 I think it's kind of there was a combination of 0:03:24.400 --> 0:03:27.400 people having a similar idea at the same time. The 0:03:27.440 --> 0:03:30.560 core of making it more affordable is just something I 0:03:30.560 --> 0:03:32.280 think a lot of people in the industry want to do. 0:03:32.440 --> 0:03:35.600 Oh it's so important, I just need to otherwise people 0:03:35.680 --> 0:03:37.640 can't access it. Most people can't. 0:03:37.760 --> 0:03:40.800 It makes the situation worse, and ironically, people who need 0:03:40.840 --> 0:03:43.280 it the most people who can't afford it. So this 0:03:43.400 --> 0:03:46.360 is I think this is so honorable and admirable that 0:03:46.400 --> 0:03:48.120 you're doing this. We like to think, so. 0:03:50.440 --> 0:03:55.160 Look, can I ask you then? The reason why we 0:03:55.480 --> 0:03:57.560 want to talk to you about this is because it 0:03:57.640 --> 0:04:02.640 is so easy to be overwhelmed with options. And I 0:04:02.640 --> 0:04:05.200 mean I am a very aspirational person. I have a 0:04:05.240 --> 0:04:10.240 lot of big dreams and big goals financially, but it 0:04:10.280 --> 0:04:12.840 is hard to choose what to do. And I mentioned 0:04:12.880 --> 0:04:14.640 in the intro that in the end, there's only so 0:04:14.720 --> 0:04:17.520 much money, like your pay packet has to kind of 0:04:17.520 --> 0:04:21.080 be split so many different ways, right how. 0:04:21.400 --> 0:04:23.800 But also to point out you've only got so much time. 0:04:23.880 --> 0:04:26.359 There's only sort of hours per day, like are you 0:04:26.400 --> 0:04:30.000 going to spend your time learning and education about VESTA 0:04:30.080 --> 0:04:31.880 or are you going to focus on superannuation? Or are 0:04:31.920 --> 0:04:33.400 you going to spend your time doing a budget and 0:04:33.960 --> 0:04:35.120 looking at how to pay off the mortgage? 0:04:35.160 --> 0:04:35.360 Sudent? 0:04:35.520 --> 0:04:37.680 Like, sorry, I do not need to interject over you. 0:04:37.600 --> 0:04:40.080 But you actually know me better than I know myself, 0:04:40.120 --> 0:04:42.120 because that is probably that is the big issue. 0:04:42.160 --> 0:04:42.520 And I have. 0:04:42.560 --> 0:04:44.960 Complained to you about this in the past that in 0:04:45.000 --> 0:04:48.479 the end, it's the it's the time, and it's these 0:04:48.560 --> 0:04:50.719 money blocks and things that you go, Okay, I know 0:04:50.839 --> 0:04:52.560 I need to be doing all of these things, but 0:04:52.600 --> 0:04:54.719 I just don't even know where to get started. Why 0:04:54.800 --> 0:04:57.599 is it so hard to choose between these big goals 0:04:57.640 --> 0:04:59.200 and actually to say, Okay, I'm just going to focus 0:04:59.200 --> 0:05:00.960 on one and get going. But why is it's so 0:05:01.040 --> 0:05:02.000 hard to peak? 0:05:02.400 --> 0:05:05.000 Yeah, I think it's a really interesting problem because it 0:05:05.080 --> 0:05:07.160 feels like if you've got a long list, like we 0:05:07.240 --> 0:05:09.440 should just go through it. But all of your goals 0:05:09.440 --> 0:05:13.440 are super emotional, so it's like, how do you actually choose, 0:05:13.800 --> 0:05:16.200 Like wanting to own a home is actually a sense 0:05:16.240 --> 0:05:19.400 of security, and wanting to give you know, private education 0:05:19.440 --> 0:05:22.200 to your kids is like love and legacy and yeah, 0:05:22.279 --> 0:05:26.160 so like how can you actually choose between those? And 0:05:26.200 --> 0:05:28.960 I think that can be really overwhelming for people and 0:05:29.200 --> 0:05:31.719 not being able to kind of pinpoint exactly how much 0:05:31.920 --> 0:05:34.160 they're going to need to achieve these goals and when 0:05:34.240 --> 0:05:36.440 they want to achieve them means that people, I think 0:05:36.520 --> 0:05:39.039 just get completely overwhelmed and just don't know where to start. 0:05:38.800 --> 0:05:41.080 And then they don't do anything. They just stuck. And 0:05:41.120 --> 0:05:43.559 then two three is time has gone past and you're thinking, 0:05:43.560 --> 0:05:46.000 why am I in the same situation and which I've 0:05:46.000 --> 0:05:48.920 made no progress? Yeah, exactly, which then can make you 0:05:48.960 --> 0:05:51.200 even feel worse and even more stuck. 0:05:51.360 --> 0:05:52.280 Yeah. 0:05:52.320 --> 0:05:54.360 And there's also the big question of kind of what 0:05:54.400 --> 0:05:56.800 do you want to achieve? What's your goal that you 0:05:56.839 --> 0:05:59.320 want to achieve? And if someone kind of you have 0:05:59.440 --> 0:06:01.720 asked me that on this podcast in the past, and 0:06:01.760 --> 0:06:05.640 I'm like, you're in the headline and I have no 0:06:05.800 --> 0:06:10.520 idea because you go, okay, I want financial freedom. Great, 0:06:10.560 --> 0:06:12.640 that's a big that's a big picture goal. But what 0:06:12.800 --> 0:06:13.040 is it? 0:06:13.360 --> 0:06:13.760 Yeah? 0:06:13.800 --> 0:06:15.359 And that is one of the things that I like 0:06:15.400 --> 0:06:19.560 about wealth Maximize it because almost as a as a 0:06:19.600 --> 0:06:22.920 thought starter, like as to help with the process, you 0:06:23.000 --> 0:06:29.080 actually have a list of dozens of potential financial goals 0:06:29.360 --> 0:06:30.960 that you can just go through it. And there are 0:06:31.040 --> 0:06:34.360 things like kind of build an emergency savings fund, improve 0:06:34.400 --> 0:06:37.120 your credit score, pay off a student debt if that's 0:06:37.160 --> 0:06:40.200 relevant to you, go on holidays, move overseas to live, 0:06:40.920 --> 0:06:44.360 start a new or purchase an existing business. And they 0:06:44.400 --> 0:06:47.839 are really quite specific and they cover a huge range 0:06:47.960 --> 0:06:50.919 of things. It's really valuable that kind of thing, just 0:06:50.960 --> 0:06:54.400 to help you go all right, that is actually how 0:06:54.480 --> 0:06:58.239 I kind of verbalize, how I actually put into words 0:06:58.520 --> 0:07:00.040 what I want to achieve. 0:07:00.400 --> 0:07:02.719 And what we've tried to approach as well. Is I 0:07:02.720 --> 0:07:04.240 think a lot of the time people think a goal 0:07:04.480 --> 0:07:06.800 is actually more of a hope or a dream. It's 0:07:06.800 --> 0:07:09.320 a bit like nebulous, and you don't you can't really 0:07:09.320 --> 0:07:12.520 pinpoint it. So I'm sorry. 0:07:13.000 --> 0:07:16.880 You can see that I'm classic client seeing right here 0:07:16.880 --> 0:07:17.200 in front. 0:07:17.720 --> 0:07:19.880 That's right. And also I'm hearing things coming out of 0:07:19.920 --> 0:07:21.960 your mouth that I've heard coming out of Cana as well. 0:07:22.160 --> 0:07:24.440 When you were talking about the fact that I say, yeah, 0:07:24.440 --> 0:07:27.280 I want kind of financially no, be specific, what do 0:07:27.320 --> 0:07:28.360 you actually want? 0:07:28.800 --> 0:07:32.360 Money loves definition and clarity exactly. We don't do flaky. 0:07:32.680 --> 0:07:32.800 No. 0:07:34.600 --> 0:07:36.520 It feels like I'm a high risk of getting ganged 0:07:36.600 --> 0:07:40.720 up on in the studio. And sorry, Lucy, I interrupted you. 0:07:40.800 --> 0:07:43.080 That's so, how do you go from kind of a 0:07:43.120 --> 0:07:46.160 nebulous hope or dream into a goal? And that's all about, 0:07:46.200 --> 0:07:48.440 you know, the smart goals approach that I think people 0:07:48.680 --> 0:07:50.760 use at work. Sometimes they don't tend to use it 0:07:50.800 --> 0:07:56.320 in their own life as much. So yeah, specific, measurable, achievable, relevant, 0:07:56.440 --> 0:07:58.920 and time time specific as well. 0:08:00.040 --> 0:08:02.520 Acronym Yeah, why kind of Actually this is now a 0:08:02.640 --> 0:08:05.720 question for you. Why is that so important to actually 0:08:05.840 --> 0:08:08.960 nail down a specific goal in terms of, say you 0:08:08.960 --> 0:08:10.840 want to pay your mortgage off by the time you're 0:08:10.880 --> 0:08:13.920 fifty or something like that. Is it because you can 0:08:13.960 --> 0:08:16.560 actually be more deliberate in the actions that you take 0:08:16.640 --> 0:08:19.400 towards it. Because I know that you've told me again 0:08:19.400 --> 0:08:21.600 and again just don't be vague, be specific. 0:08:21.920 --> 0:08:25.440 If you take this like scatter gun approach, you're going 0:08:25.520 --> 0:08:29.240 to make barely any progress. The results are going to 0:08:29.280 --> 0:08:31.760 be I don't mean to be harsh, but maybe a 0:08:31.800 --> 0:08:37.320 little bit like poor and pathetic, underwhelming. Yes, mean today, 0:08:37.400 --> 0:08:40.480 Oh my god, what's happened? Or maybe yeah, maybe that's 0:08:40.520 --> 0:08:44.240 normal to be mean, And you also can be lacking 0:08:44.240 --> 0:08:47.920 a huge amount of inefficiency, whereas if you actually pause, 0:08:49.200 --> 0:08:54.080 add some details and definitions and apply the smart acronym, 0:08:54.440 --> 0:08:57.880 you know, application to your goals. You'll see greater progress, 0:08:57.880 --> 0:09:01.200 which I always say fuels even you know, further progress. 0:09:01.520 --> 0:09:04.760 It's like, Okay, this is working. I'm inspired, I'm excited. 0:09:04.760 --> 0:09:07.160 I'm going to keep going with this, and you can 0:09:07.240 --> 0:09:09.719 start to almost form like like I always call like 0:09:09.760 --> 0:09:11.679 a hit list. You go, all right, I'm going to 0:09:11.720 --> 0:09:14.679 tackle the budget first, and then once I've done that, 0:09:14.760 --> 0:09:17.120 I will then move on to looking at the home 0:09:17.160 --> 0:09:19.640 loan and negotiating a better deal with my homelan. Once 0:09:19.679 --> 0:09:21.400 I've done that and got that out of the way, 0:09:21.480 --> 0:09:23.720 I'll then look at investing. You can kind of have 0:09:24.440 --> 0:09:27.640 a bit of an order of events and almost like 0:09:27.679 --> 0:09:30.520 a schedule or an itinery, you know, like you would 0:09:30.559 --> 0:09:33.120 do for a holiday, and you're going to just have 0:09:33.480 --> 0:09:36.679 far better outcome within the year. And if you think 0:09:36.720 --> 0:09:39.840 about the course of investing in you know it's thirty years, 0:09:40.000 --> 0:09:43.720 it's just very different where you end up and what 0:09:43.800 --> 0:09:47.640 you the confidence you build along the way with education 0:09:47.840 --> 0:09:50.400 that you gain from a financial planner or a wealth coach, 0:09:50.800 --> 0:09:52.600 as well as the experience. 0:09:53.840 --> 0:09:57.199 Okay, so we've kind of we've established the basis for this. 0:09:57.240 --> 0:09:59.720 Then you need to have goals, and you need to 0:09:59.720 --> 0:10:02.559 not be vague with your goals. You need to be specific. 0:10:03.080 --> 0:10:05.240 The big question and I keep coming back to this, 0:10:05.480 --> 0:10:07.960 and this is one now for you, Lucy, how do 0:10:08.000 --> 0:10:11.080 you decide which goal is first, and which goal is second, 0:10:11.160 --> 0:10:14.160 and which god is third? How do you actually prioritize 0:10:14.160 --> 0:10:14.680 these things. 0:10:14.760 --> 0:10:18.040 Yeah, it's a good question. So I think, well, how 0:10:18.080 --> 0:10:21.880 we've built it a wealth maximizer is that you think 0:10:21.920 --> 0:10:24.040 of it more about kind of what is time sensitive? 0:10:24.160 --> 0:10:26.000 What are the things that you actually do need to 0:10:26.000 --> 0:10:28.440 do in a certain timeframe. Is it having a child 0:10:28.480 --> 0:10:33.200 because there's a biological clock, And also considering things like 0:10:33.880 --> 0:10:37.680 is one goal going to enable another? So yes, maybe 0:10:37.720 --> 0:10:39.920 I can't afford buy a property now and I won't 0:10:39.920 --> 0:10:43.439 be able to for four or five years, but if 0:10:43.480 --> 0:10:46.719 I start investing, that actually can contribute towards that other 0:10:46.800 --> 0:10:49.800 goal as well. So there's a couple of factors that 0:10:49.800 --> 0:10:53.920 you can think about when you're balancing them. What we 0:10:54.000 --> 0:10:56.040 do as well is we offer a free goal setting 0:10:56.080 --> 0:10:58.800 session with our West coaches so that you can actually 0:10:58.800 --> 0:11:02.120 talk through those options. They can balance those things with people. 0:11:02.400 --> 0:11:05.720 That's so valuable. How does one sign up to that 0:11:07.120 --> 0:11:08.040 asking for a friend. 0:11:08.200 --> 0:11:12.880 Of course, it's the friend Michael Thompson or Canon Campbell. 0:11:13.080 --> 0:11:14.959 Okay, I've got goals coming out of my ears. 0:11:15.280 --> 0:11:18.040 You have no problem for goals? Yes, yes, we've established 0:11:18.040 --> 0:11:20.200 who the target in this room is right now. 0:11:21.640 --> 0:11:24.079 So if you go to wealthmaximizer dot com, dot au 0:11:24.480 --> 0:11:27.160 forward slash, how do they afford that you can actually 0:11:27.160 --> 0:11:27.839 just book on there? 0:11:28.160 --> 0:11:29.720 That's an exclusive we're doing for you guys. 0:11:29.800 --> 0:11:32.320 At the moment, I love any website with How do 0:11:32.360 --> 0:11:34.360 they afford that a bargain? 0:11:36.520 --> 0:11:38.040 What a great inspira session. 0:11:38.679 --> 0:11:40.200 Now we're going to take a quick break. When we 0:11:40.240 --> 0:11:42.440 come back, I want to talk about them the financial side, 0:11:42.520 --> 0:11:45.600 cash flow and savings and those things, how you work 0:11:45.720 --> 0:11:48.800 those into the goals as well, and how Wealth Maximizer 0:11:49.160 --> 0:11:51.560 can kind of factor all of those into achieving some 0:11:51.600 --> 0:11:59.920 of these goals. We'll be back in a second. We 0:12:00.120 --> 0:12:03.960 are talking today about competing life goals and basically how 0:12:04.000 --> 0:12:06.839 to decide what on earth you are supposed to do first, 0:12:06.880 --> 0:12:09.600 and we are joined in the studio by Lucy Winship 0:12:09.800 --> 0:12:11.920 from Noble Oak, which is a supporter of this podcast, 0:12:11.960 --> 0:12:14.840 and we've been talking about the Wealth Maximizer program and 0:12:16.200 --> 0:12:18.320 the part that I really love and I just keep on. 0:12:18.440 --> 0:12:20.400 Like even just then during the break, I was just 0:12:20.440 --> 0:12:23.840 scrolling through the list of potential goals. Kind that's a 0:12:23.840 --> 0:12:28.680 good one anyway, And to me that is really valuable, 0:12:29.040 --> 0:12:33.960 those potential goals because it crystallizes kind of and really 0:12:34.040 --> 0:12:38.480 targets where you are heading. How does the money side 0:12:38.600 --> 0:12:42.880 of at work in terms of your cash flow, your savings, 0:12:43.320 --> 0:12:45.440 all of these little bits and pieces. How does Wealth 0:12:45.480 --> 0:12:49.760 Maximizer then actually work with your current circumstances to actually 0:12:49.760 --> 0:12:51.080 help you achieve these goals. 0:12:51.440 --> 0:12:54.440 So what we do is that you, as customers start 0:12:54.480 --> 0:12:56.719 to get going with Wealth Maximizer, you put in a 0:12:56.720 --> 0:13:00.680 bit about your financial situation, so income, your expense, any 0:13:00.760 --> 0:13:03.280 assets you have, any debt you hold, and then if 0:13:03.320 --> 0:13:05.120 you choose to sign up for one of our packages, 0:13:06.040 --> 0:13:10.440 we put all that information into our smart platform and 0:13:10.480 --> 0:13:12.880 it calculates how likely you are to achieve your goals 0:13:12.960 --> 0:13:15.280 in the time frame and to the amounts that you've 0:13:15.360 --> 0:13:15.960 kind of set. 0:13:16.320 --> 0:13:16.800 Wow. 0:13:16.960 --> 0:13:19.880 Yeah, it's cool, and it considers like competing ones as well, 0:13:19.920 --> 0:13:21.839 So can you actually take time off or print or 0:13:21.920 --> 0:13:24.840 leave at the same time as you know, planning to 0:13:24.920 --> 0:13:27.959 buy an investment property? Is that that we've put quite 0:13:28.000 --> 0:13:28.959 a lot of it into. 0:13:28.920 --> 0:13:31.360 So kind of peels back the layers and allows you 0:13:31.400 --> 0:13:35.680 to go, actually, how realistic is this? But also you've 0:13:35.720 --> 0:13:39.320 got the benefit of heart, not hindsight. Foresight, Yeah we 0:13:39.360 --> 0:13:41.760 can go you know what, Okay, these conflict or I'm 0:13:41.760 --> 0:13:43.720 trying to do too much? Yeah, this is unrealistic. I'm 0:13:43.720 --> 0:13:46.800 sitting myself up a failure. I'm now going to pick 0:13:46.880 --> 0:13:49.440 one or two as a priority and just maybe park 0:13:49.520 --> 0:13:51.560 that for in say three is time or four years 0:13:51.600 --> 0:13:53.960 time exactly. So you're still committed to your journey of 0:13:53.960 --> 0:13:57.360 financial wellbeing and improving your financial situation, but you're it's 0:13:57.400 --> 0:14:00.480 not like you're sacrificing or you're wasting time. You're actually 0:14:00.520 --> 0:14:02.720 still progressing on in the right direction to you today. 0:14:02.880 --> 0:14:05.760 And it's also like once you have a conversation with 0:14:05.760 --> 0:14:08.800 your wealth coach, you can work out how to maybe 0:14:08.800 --> 0:14:12.679 you want to reset expectations. Maybe it's it is important 0:14:12.720 --> 0:14:14.280 for you in that timeframe, so maybe you want to 0:14:14.280 --> 0:14:15.880 bring them out and things like that. 0:14:15.920 --> 0:14:19.200 And that's such a good point because your financial strategy 0:14:19.280 --> 0:14:22.520 and journey should evolve with you because we go through 0:14:22.560 --> 0:14:27.040 different life stages. But also things happen in life, good 0:14:27.080 --> 0:14:29.160 and bad, and you have a bit of a shake up, 0:14:29.920 --> 0:14:32.640 or you know, you step into on a different path 0:14:32.680 --> 0:14:35.560 that you'd never expect to do, and your value system changes, 0:14:35.600 --> 0:14:38.760 and what you thought was important isn't anymore. Like I know, 0:14:38.800 --> 0:14:40.920 when I was younger, if I had kids, I was 0:14:40.960 --> 0:14:43.680 so motivated to invest and build wealth. But when I 0:14:43.720 --> 0:14:48.360 had children, it was such an awakening and suddenly it 0:14:48.400 --> 0:14:52.280 was more about protection and about stability, and about time 0:14:52.320 --> 0:14:54.960 and peace of mind. So it's so important that you 0:14:54.960 --> 0:14:59.320 can allow people to adjust their goals safely without feeling like, 0:14:59.600 --> 0:15:01.680 you know, they've made a mistake and got to start 0:15:01.680 --> 0:15:04.440 it all over again. They can tweak it and keep 0:15:04.480 --> 0:15:07.280 heading in the right direction. Is that what I'm saying? Absolutely? 0:15:07.360 --> 0:15:09.480 Yeah, And really, at the end of the day, money 0:15:09.520 --> 0:15:11.360 is just supposed to be the enabler that helps you 0:15:11.400 --> 0:15:13.400 live the life you want. Yeah, And the life you 0:15:13.440 --> 0:15:15.680 want will change, and that's okay. You just need to 0:15:15.680 --> 0:15:19.160 be able to adapt adapt. I like that, not sitting stone. 0:15:18.920 --> 0:15:22.000 No, that's good. A quick question for you, Kenna. In 0:15:22.040 --> 0:15:24.640 the midst of all of this, I really like the 0:15:24.640 --> 0:15:26.280 fact that Lucy, as you're saying this, so that you 0:15:26.320 --> 0:15:28.520 can kind of model these things and see how it's 0:15:28.560 --> 0:15:31.000 going to go, because there would be a risk Canna 0:15:31.120 --> 0:15:33.400 that if you were trying to do too many things 0:15:33.440 --> 0:15:35.440 at once and without being able to see how it 0:15:35.440 --> 0:15:39.000 would play out, that you can actually spread yourself too thin. 0:15:39.200 --> 0:15:43.880 Right, and then you're burnt out and you're not engaged 0:15:43.880 --> 0:15:46.640 anymore with your finances, and you know, it can be 0:15:46.680 --> 0:15:49.480 a bit of a downward spiral, you know, on many 0:15:49.520 --> 0:15:51.920 different levels, not just financially, and. 0:15:51.880 --> 0:15:54.280 Also there would come a point where you actually need 0:15:54.320 --> 0:15:56.240 to be putting a certain amount of money into make 0:15:56.560 --> 0:15:58.720 a meaningful impact. Right, if you were trying to do 0:15:58.760 --> 0:16:00.880 a little bit on a whole bunch things, then you're 0:16:00.920 --> 0:16:03.040 not actually going to reach that kind of critical mass 0:16:03.120 --> 0:16:06.120 point at which it starts to make a difference to 0:16:06.160 --> 0:16:08.360 your financial future. You've just done a whole like ten 0:16:08.400 --> 0:16:11.800 different little things and not actually achieved anything on any 0:16:11.880 --> 0:16:14.880 of them, rather than focusing on one or two goals 0:16:15.080 --> 0:16:18.040 and using this tool, for instance, using wealth Maximizer to 0:16:18.080 --> 0:16:19.720 actually model how that would look. 0:16:19.760 --> 0:16:22.520 Particularly when you think about investing. You know, if you've 0:16:22.520 --> 0:16:25.480 got ten different savings accounts, but really what would work 0:16:25.520 --> 0:16:28.880 for you is actually not saving But you know, doing 0:16:28.880 --> 0:16:31.680 a different split of say seventy percent investing thirty percent 0:16:31.680 --> 0:16:34.560 of saving. Where's that going to end up in the 0:16:34.600 --> 0:16:36.360 long run? And particularly you look at you know, the 0:16:36.400 --> 0:16:39.440 magic of compounding interests of a long run, it can 0:16:39.720 --> 0:16:42.120 take you into it you're landing in a very different destination, 0:16:42.480 --> 0:16:48.080 a much more stable, safer, secure, and even more luxurious destination. 0:16:48.600 --> 0:16:50.960 What's the take home, Like, if you could get one 0:16:51.040 --> 0:16:55.440 message out there, is it about taking action now? Because 0:16:55.960 --> 0:16:58.320 as you just alluded to, kind of the power of 0:16:58.400 --> 0:17:01.040 kind of compounding interest and everything is get started early, 0:17:01.720 --> 0:17:04.520 get these goals set in place, because while it's never 0:17:04.520 --> 0:17:07.480 too late to get started, there is an obvious benefit 0:17:07.520 --> 0:17:08.560 to getting started earlier. 0:17:08.640 --> 0:17:13.200 Right, Yeah, so yeah, definitely take action now, get proper clarity, 0:17:13.359 --> 0:17:16.399 really set clear goals for yourself. And then also you 0:17:16.440 --> 0:17:19.560 don't have to do it alone, like maxpens, we can help, 0:17:19.600 --> 0:17:22.640 but there's yeah, actually making sure that you've got you're 0:17:22.640 --> 0:17:23.720 turning your goals into a plan. 0:17:23.840 --> 0:17:26.399 Yeah, it's the most important thing. And someone's holding your hand, 0:17:27.680 --> 0:17:29.520 listening to you, and you've got a human being that 0:17:29.520 --> 0:17:31.960 you can call and they've. 0:17:31.640 --> 0:17:34.320 Seen it from other people's perspectives. 0:17:33.680 --> 0:17:39.240 And no judgment, Okay, so, and that's it's impossible to 0:17:39.320 --> 0:17:42.439 kind of overstate how much of a relief it is 0:17:42.480 --> 0:17:45.080 when you actually do talk to somebody when you go 0:17:45.160 --> 0:17:47.520 through this and start to clarify, because I'm talking like 0:17:47.560 --> 0:17:51.360 a new convert having recently gotten gone through a similar process, 0:17:52.480 --> 0:17:55.479 when you actually do have these conversations about your money, 0:17:55.880 --> 0:17:58.040 and when you actually say, hey, I would love to 0:17:58.040 --> 0:18:00.480 be able to travel overseas every two years, or I 0:18:00.520 --> 0:18:02.440 would love to be able to pay off the home line. 0:18:02.480 --> 0:18:06.359 I'd love to be able to have schooling options open 0:18:06.480 --> 0:18:10.680 to us for the kids and not limited because of finances. 0:18:10.920 --> 0:18:13.160 Once you actually start talking about these things and once 0:18:13.200 --> 0:18:17.360 you start going through this list of goals and clarifying it, 0:18:17.359 --> 0:18:20.480 it is actually an incredible feeling to have that out there. 0:18:20.480 --> 0:18:23.560 And that's what I love about wealth maximizers. It actually 0:18:23.560 --> 0:18:27.480 does open that up to more people because of the 0:18:27.560 --> 0:18:31.119 system that is in place that it is targeting a 0:18:31.160 --> 0:18:34.440 group of people who may not be able to afford 0:18:34.480 --> 0:18:39.280 the full four five six thousand dollars package, which is 0:18:39.280 --> 0:18:41.640 a lot of money, particularly in a cost of living crisis. 0:18:41.800 --> 0:18:43.400 Yeah, absolutely, all. 0:18:43.359 --> 0:18:47.840 Right, if people want to talk to you, chat more 0:18:48.040 --> 0:18:51.080 about all of this, talk to one of Wealth Maximizers 0:18:51.160 --> 0:18:54.320 wealth coaches. It is the website is the best place 0:18:54.359 --> 0:18:54.560 to go. 0:18:54.760 --> 0:18:58.320 Yes, so Wealthmaximizer dot com dot au and then slash 0:18:58.400 --> 0:19:00.199 how do they afford that to get access? So the 0:19:00.200 --> 0:19:03.080 goal setting call, You can also call us on one 0:19:03.119 --> 0:19:05.920 three zero zero two four nine zero eight four. 0:19:07.400 --> 0:19:10.040 Just remember that went straight off the top of your head. 0:19:10.800 --> 0:19:12.960 I can barely remember my own phone number, let alone 0:19:13.040 --> 0:19:15.520 kind of if you asked me to call the station 0:19:15.640 --> 0:19:17.920 that we're recording in right now, I have no idea 0:19:18.000 --> 0:19:22.280 of what the number is. That's quite quite impressive, Canna. 0:19:23.000 --> 0:19:25.240 This is very much aligned with what we talk about, 0:19:25.400 --> 0:19:26.200 isn't it with it. 0:19:26.160 --> 0:19:27.520 Just about it's really cool. 0:19:27.600 --> 0:19:30.080