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Speaker 1: Seven too, we gave breakfast personal Finance with Paul Rule

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Speaker 1: of Sir. Thank you.

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Speaker 2: Something It's all about the money at twenty five, twenty

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Speaker 2: six minutes past seven o'clock and your seven two weekend breakfast,

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Speaker 2: time for us to talk personal finance and this week

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Speaker 2: were asking the question is it all about the money

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Speaker 2: or is it about what money can do for you?

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Speaker 2: And so we're joined on the line by a resident

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Speaker 2: cechified financial advisor, Paul Rule of Sir. Paul A very

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Speaker 2: good morning to you.

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Speaker 1: Good morning Gogo, and just great to talk about this.

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Speaker 1: You know, it's a it's a reflection point I think

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Speaker 1: in personal finance, where we spend a lot of time

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Speaker 1: putting together a sound financial plan, protecting our assets, protecting

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Speaker 1: our families, making a decision, you know, to provide for

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Speaker 1: us in the future. But I guess along the way

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Speaker 1: we might very well lose the actual meaning of it.

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Speaker 1: It's all about the money, yes, I suppose it is,

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Speaker 1: but it's not just the money alone. It's what the

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Speaker 1: money translates into, what the money becomes. Money is basically

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Speaker 1: a means to an end, or should be. I think

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Speaker 1: just listening to the stories that you brought up earlier

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Speaker 1: before the session, you know, reading through those cases in

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Speaker 1: the press, our question, you know, there's a lot of

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Speaker 1: money that's that's involved in all all those cases and

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Speaker 1: those that corruption and whatever else. And the question is

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Speaker 1: really what is what is enough? You know, is it

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Speaker 1: just the money or how do we then translate to

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Speaker 1: a point where we say we have enough? And at

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Speaker 1: this point we're not manifest our outcomes in terms of

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Speaker 1: what the money can provide. And there are many many

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Speaker 1: pathways into this conversation, I know, and I fully understand it,

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Speaker 1: but my point is really how do we get distracted

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Speaker 1: so easily into just focusing on money and not really

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Speaker 1: what it means in terms of a final end.

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Speaker 2: And so then I guess the end would be different

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Speaker 2: for each person. So for one person, the end might be,

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Speaker 2: you know, I want my kids to go to good schools,

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Speaker 2: I want to pay off my debts. For someone else,

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Speaker 2: it might be I want to retire early, so retire

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Speaker 2: before the age of fifty five. The end could be

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Speaker 2: a different thing for different.

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Speaker 1: People, but most certainly, and you know, there are different courses,

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Speaker 1: different lifestyles, different objectives. But I think the real for me,

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Speaker 1: the common ground that any situation should meet is really

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Speaker 1: finding the peace of mind, the peace of mind that

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Speaker 1: whatever my plans are, whatever my objectives I set out

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Speaker 1: to meet, when I sleep well at night, when I'm

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Speaker 1: sitting around, you know, with my family and friends, I'm

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Speaker 1: not worrying about money. I am actually in a position

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Speaker 1: where I've got this peace of mind that says I

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Speaker 1: can't maintain the lifestyle quite comfortably that I've set out

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Speaker 1: to achieve. Where it goes wrong, I think, is where

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Speaker 1: we set those targets unrealistically. We chase higher bars, we

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Speaker 1: lift the standards of our living, and the bottom line

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Speaker 1: there is that the more that you aim for, the

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Speaker 1: more pressure you're going to put on yourself in terms

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Speaker 1: of making the right, adequate provisions to maintain that lifestyle,

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Speaker 1: which turns the question around again to how much is enough? Google?

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Speaker 2: Yeah, and then I guess there's also the idea of

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Speaker 2: you know, do you aim for enough or do you

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Speaker 2: aim for excess? And what does enough look like?

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Speaker 1: Well, that's the question, you see, and that's the the

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Speaker 1: heart to hard question you have with yourself and your

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Speaker 1: and your your family. The more you stretch up, the

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Speaker 1: more you have to provide. You know, you go to

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Speaker 1: There is a point. Obviously we don't all see it,

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Speaker 1: and there is a point where this extremely wealthy carry on,

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Speaker 1: don't there. I mean, if you go to Elon Musk,

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Speaker 1: for example, and he's got billions and billions of dollars,

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Speaker 1: and at what point does he turn around and say, well,

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Speaker 1: I've got enough, Maybe I should not change course, maybe

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Speaker 1: I should now find a new direction. It doesn't land

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Speaker 1: that way. There's something beyond, you know, that that extreme

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Speaker 1: wealth where wealthy people just carry on. But I think

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Speaker 1: we talked to the average household here. Don't be disillusioned.

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Speaker 1: Not all of us are going to want to be

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Speaker 1: an Elon Musk. We want to just get through our lives,

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Speaker 1: our lives with comfortably, with the real things that matter.

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Speaker 1: And invariably it's a family that come to the and

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Speaker 1: how can I maintain that lifestyle, a nice, comfortable, realistic

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Speaker 1: lifestyle without putting extra pressure points. And those those pressure

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Speaker 1: points will also take away and rob us of the

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Speaker 1: real special things that families need to have, and they

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Speaker 1: are distracted. So the point I think you've got to

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Speaker 1: have this conversation with yourself and your family to say, well,

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Speaker 1: come vicious, enough is that house on the hill that

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Speaker 1: worth it that much more than the one we've already got.

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Speaker 1: Is the car that we're driving at the moment enough

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Speaker 1: or do we need that extra vehicle that's just come

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Speaker 1: onto the market right now that's going to put pressure

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Speaker 1: on our bank account again.

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Speaker 2: And I guess that also requires a difficult conversation that

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Speaker 2: many people don't want to have, and it's a conversation about,

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Speaker 2: so what happens when you die, because not only do

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Speaker 2: you need to take care of your family while you're alive,

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Speaker 2: you probably need to take care of your family even

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Speaker 2: more if you as the breadwinner, someone who contributes to

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Speaker 2: the income if you were to pass away, And so

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Speaker 2: it requires that you have a very difficult conversation or

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Speaker 2: very awkward Most people would rather not have that conversation.

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Speaker 1: Well, it's a super point and another realistic life changing

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Speaker 1: event that does impact on our financial planning and death,

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Speaker 1: you know, it's all it's again we'll look at the money.

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Speaker 1: It's going to come down to an amount in a

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Speaker 1: bank account for a beneficiary. And then it extends the question.

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Speaker 1: You know, you've worked all your life very hard to

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Speaker 1: build up a legacy for your children. Are they going

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Speaker 1: to continue with that same attitude or do they have

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Speaker 1: a different direction and invariably, and I've seen some very

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Speaker 1: sad cases where parents have built up quite a nicest state,

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Speaker 1: handed it over to children, and the children just don't

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Speaker 1: respect it as much as the parents did, and the

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Speaker 1: money goes back, goes back into the system very easily,

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Speaker 1: it gets spent very easily, and it's not as contained

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Speaker 1: with the same attitude and intention for their children. So

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Speaker 1: you know, it's horses for courses and I'm certainly I'm

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Speaker 1: pointing figures. I'm just bringing up the reality of what

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Speaker 1: money means to people. And it's a it's a tough

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Speaker 1: conversation when you really look at it money. If you

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Speaker 1: look at money all your life, at the end of

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Speaker 1: your life, giggle, all are you going to have is money?

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Speaker 1: So what did you do with it along the way?

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Speaker 1: Is the big question? And how meaningful can I actually create,

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Speaker 1: you know, the outcomes that I really deserve and want

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Speaker 1: to do, rather than just looking at a bank account

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Speaker 1: and seeing if I can get more of it.

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Speaker 2: Paul, is always a great pleasure having you on the show.

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Speaker 2: Thank you so much for your time.

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Speaker 1: Thanks googo, enjoy the rest of the weekend. You too.

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Speaker 2: That's our resident Certified Financial Advisor, Paul Rulesa. There's a

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Speaker 2: personal finance question you'd like for us to deal with,

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Speaker 2: send it through to us on through on seven oh

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Speaker 2: two or oh seven two seven oh two one seven

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Speaker 2: oh two Coming up, We look at World Zero Waste Day,

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Speaker 2: which is happening tomorrow. We speak to doctor LESE. Barclay.

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Speaker 2: She's seeing her lecture and future Studies and Systems Thinking

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Speaker 2: at Stelle and Bush Business School to talk to us

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Speaker 2: about how we can deal with our issues of food waste,

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Speaker 2: which is the theme for this year's International Day of

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Speaker 2: Zero Waste. But first lots to check in with and

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Speaker 2: your lass I Witness New Sport with Anthony the Schader